It's unreal isn't it? There is a company who knows they need to force hair cuts and here's our "government" killing the deal?
If Obama has any clue whatsoever (which I know seriously doubt) that keeping Geithner will guarantee him a 1 term presidency, we will see.
Or does he believe his rhetoric machine will pull him through like it did the election.
I get really pissed actually because I ignored the rhetoric, maybe it's because I have a little awareness of public relations and marketing techniques....and I was digging around in those policy statements, the advisers, the connections and the votes....
and I saw this coming! When I pointed it out, well, I didn't even bother to post on dailykos for I know what the "tribe" would say, but on Open Left (a much better political blog IMHO) there were many aware of what was really happening, but still, so many got the "fever" and ignored all of these warning signs!
How can one expect to change the nation when during an election the entire blogosphere goes into denial because they wish it to be so so badly?
I'm going off on a tangent, but this is yet another reason to stay objective and fact based and find out the details and write about them, even if it's your favorite Rep. out there or your political party or even just blows your mind on your own values system and turns your world upside down.
I completely agree on Dodd and glad to see CT finally getting a clue on their representatives. Too bad they are way too late on Leiberman, although Ned Lamont was a terrible candidate. Sorry but he was that classic liberal crud with no economic meat based on reality, I'm super rich, now I want a seat in the Senate, I want to "help people" but make sure I enable policies which will in reality screw the middle class, elitist type.
Ya know, the type who enables more offshore outsourcing yet wants to send billions to some African country on some education program, meanwhile we have pockets of poverty so deep in the U.S. only 50% graduate from high school and are malnourished....
hopefully this describes what I'm referring to, that super rich "we want to help people" feel superior and push their world view onto the middle class, but if their corporate pals want something, absolutely no problem there type....
i.e. DLC leadership types.
Lieberman's approval ratings are now ~25%.
On Dorgan, I'd glad he's got one of the best records on sane econ of them all, maybe Bernie Sanders tops him, but he's been dead on.
While others will claims he's against something because of "such and such" say coal of his state....there are a host of economics bloggers pointing out cap& trade isn't going to do much but create another fictional market place where Goldman Sachs is going to get a whole lot of money from a whole lot of fees.
I believe Dorgan signed onto a host of legislation that of course was buried in committee on offshore outsourcing and I know he has been seriously involved trying to do something about trade for a very long time, long before he wrote his book.
Who wonders if Dorgan kind of said "you just screwed me" Obama administration, Democrats and as a result, since you just put your corporate deeds, twist my arm votes on me....
which cause my seat to now be in jeopardy (unfairly), I'm going to give you payback as my last exit. Lose the super majority you @&*)s.
I really wonder but I wish so much Dorgan had the leadership role in the Senate and/or ran for Pres.
Seriously click on the emails, go full screen and enlarge.
ok,
Note there should be no discussion that AIG and the NY Fed. are working to structure anything else at this point
The scribbled notes also clearly show Geithner telling AIG not to release an amendment which shows more risk exposure.
You can clearly see Geithner not only stopping the public exposure that AIG wants many of these contracts plain terminated, but he's trying to hide the NY Fed's involvement, period.
Generally, for all stories, please use the "file attachments" button and upload the original document, paper.
The reason for this is because many documents magically disappear from their original links.
In this case, we're stuck, scribd has downloads disabled, although I can probably grab it if folks want me to.
But generally I hate scribd. It adds another layer of crap when pdf readers work just great and make it much easier to read as well as to quote.
But if you notice, in EI releases, I'm uploading the reports. The reason is and this is especially true on any employment statistics, is the report disappears by the next month or even week.
So, when you're checking statistics, it's hard to go back and find the original, not "revised" and check the actual numbers for consistency. (most interesting!)
So, EP is very different in this regard, in that you can have file attachments to posts and thus reference and save the original document, study, report you're referring to.
We need to watch out for copyright, sometimes someone posts a doc. that's protected and by uploading over here, that gets me an email saying we're violating copyright. but don't worry, if I get those I remove the "offending" document right away and point out that we found it publicly originally.
Using the file attachments also really helps on "shocking details" that the entire Internet is hunting for. Examples are we've had the Congressional websites crashed so you can't read something on them and other sites crashed....
so by putting it locally (always reference the paper and authors, also with graphs, if "borrowing" an original graph from another blog, please give them a link and say who make it) it's much easier to read and load.
We have "unlimited" storage on here so don't worry about that.
of protecting financial oligarchy. I forget until I read Chris Bowers story that Geithner and the Obama Administration outreach to protect Wall Street bonuses.
What has happened in this last year to cause such large variances from the ADP and BLS is an exercise for another post.
I don't have a link, but I recall reading a biz article around a year ago that an increasing number of companies were outsourcing their payroll bookkeeping to ADP, which should work to increase the accuracy of their payroll inventory tracking.
it might be because JPMorgan Chase and the Rockefeller family own over half the existing pharmaceutical companies, last time I checked.
Now, the Rockefeller family is the single largest shareholder in JPMorgan, so one might wonder if they own even more of the pharma industry through JPMorgan, but that has been more difficult to track down?
Dorgan had a mixed record, I greatly appreciated his stand against the passage of the Financial Services Modernization Act (Gramm-Leach-Bliley Act to demolish Glass-Steagall), but thought he came onboard against jobs offshoring rather late in the game ("Take This Job and Ship it"); as it's been going strong for well over thirty years now.
But he has been more consistently populist, or progressive, than Sherrod Brown and a number of others who are frequently cited as liberal!
Dodd, on the other hand, I've always considered to be in the pockets of Wall Street! At least two, perhaps three, specific pieces of legislation were passed in congress to curb the greed of his father, the former Senator Dodd (he made a fortune as a foreign registered agent when he was in the senate --- instead of spending his time as he was paid to -- working on behalf of the US citizenry!).
No, Dodd's record is far from sterling...he only began to more left as his polls dropped.
I disagree with you on Hillary and Obama, they both had execrable campaign aides and managers working on their behalf. Since Hillary has been Sec'y. of State she has supported the overthrow of the democratically-elected president of Honduras, who was starting to move in a populist direction (via her position as chair of the Millennium Change Corporation, where Geithner serves as second chair); also (as you mention) her strong support for offshoring to India (where she gave a speech to them, on her second trip there, promising more Americans to be laid off and their jobs offshored there -- what absolutely treasonous behavior!!!), her speech before the Council on Foreign Relations and numerous other BS on her part.
Also, President Obama has done exactly what Hillary did with regard to this "healthcare reform" (despite all the revisionism history to the contrary): he had secret meetings with members of the health insurance and pharmaceuctical industries, then put forth legislation which would aid and abet them. Recall that Hillary held confidential meetings with members of the health insurance and pharmaceutical industries, then generated a 1,000 plus page report, favoring the HMOs, to the detriment of the citizenry.
And I would submit both Hillary's, Obama's and Edwards' voting records all sucked to a great degree [disclaimer: I voted for McKinney in 2008, Nader in 2000].
People keep yearning for the good old days, but forget that the two VPs who ran back in 2000 were clones of each other: Cheney and Lieberman!
We kind of have known this, that the "Pay Czar" was just for show and no real action on executive compensation could really happen, but he's going to be interviewed this weekend on Bloomberg.
We covered some of this earlier but Bloomberg's new story, with the corresponding emails, puts more direct evidence on Geithner.
Here's the thing I find interesting, if one notes, this is the Federal Reserve, where Bernanke has claimed they were not involved in the BoA-Merrill Lynch deal.
hmmmmm, if they are this involved in AIG, why would they not have been involved in that as well?
Geithner should be fired. He should have never been hired.
Note the date of the press release, Dec. 24, 2008.
Now what news was released this year on Christmas Eve.?
The Fannie/Freddie unlimited bail out.
Then this line:
The e-mails span five months starting in November 2008 and include requests from the New York Fed to withhold documents and delay disclosure
and then Geithner said AIG should not release any information on synthetic CDOs?
reflects your client’s desire that there be no mention of the synthetics in connection with this transaction,” Shannon wrote to Davis Polk on Dec. 2, 2008. “They will not be mentioned at all
My question is how do we see the original emails?
Is this part of Bloomberg's FOIA or are they somewhere?
As long as our corporate masters throw us a bone now and then we will be OK. Corporate governance and proxy system favors entrenched executive management.
Here is the thing either we continue the notion that markets can self-correct and do nothing or government steps in via SEC regulations to do something to open up access to proxy statement and nomination of board members. There is NO middle ground or 'third way' here. Things have gotten so bad that half-ass measures like the ones we are seeing now will only make things worse.
Time to hold CEO's and their crony boards accountable with changes in the law to empower shareholders. Good for FDIC. Some pension plans should join in.
The problem I have with a CDS on a mortgage or group of mortgages is the incentive that the lender, or trustee or servicer, has to make the mortgage, or X number of mortgages, fail for a quick cash payoff, which they have the ability to do by jacking up interest rates and refusing to consider modification, short sales, deed in lieu, or any other possible alternative to foreclosure.
It's unreal isn't it? There is a company who knows they need to force hair cuts and here's our "government" killing the deal?
If Obama has any clue whatsoever (which I know seriously doubt) that keeping Geithner will guarantee him a 1 term presidency, we will see.
Or does he believe his rhetoric machine will pull him through like it did the election.
I get really pissed actually because I ignored the rhetoric, maybe it's because I have a little awareness of public relations and marketing techniques....and I was digging around in those policy statements, the advisers, the connections and the votes....
and I saw this coming! When I pointed it out, well, I didn't even bother to post on dailykos for I know what the "tribe" would say, but on Open Left (a much better political blog IMHO) there were many aware of what was really happening, but still, so many got the "fever" and ignored all of these warning signs!
How can one expect to change the nation when during an election the entire blogosphere goes into denial because they wish it to be so so badly?
I'm going off on a tangent, but this is yet another reason to stay objective and fact based and find out the details and write about them, even if it's your favorite Rep. out there or your political party or even just blows your mind on your own values system and turns your world upside down.
about AIG negotiating haircuts and Geithner stepping in and killing the haircuts.
RebelCapitalist.com - Financial Information for the Rest of Us.
I completely agree on Dodd and glad to see CT finally getting a clue on their representatives. Too bad they are way too late on Leiberman, although Ned Lamont was a terrible candidate. Sorry but he was that classic liberal crud with no economic meat based on reality, I'm super rich, now I want a seat in the Senate, I want to "help people" but make sure I enable policies which will in reality screw the middle class, elitist type.
Ya know, the type who enables more offshore outsourcing yet wants to send billions to some African country on some education program, meanwhile we have pockets of poverty so deep in the U.S. only 50% graduate from high school and are malnourished....
hopefully this describes what I'm referring to, that super rich "we want to help people" feel superior and push their world view onto the middle class, but if their corporate pals want something, absolutely no problem there type....
i.e. DLC leadership types.
Lieberman's approval ratings are now ~25%.
On Dorgan, I'd glad he's got one of the best records on sane econ of them all, maybe Bernie Sanders tops him, but he's been dead on.
While others will claims he's against something because of "such and such" say coal of his state....there are a host of economics bloggers pointing out cap& trade isn't going to do much but create another fictional market place where Goldman Sachs is going to get a whole lot of money from a whole lot of fees.
I believe Dorgan signed onto a host of legislation that of course was buried in committee on offshore outsourcing and I know he has been seriously involved trying to do something about trade for a very long time, long before he wrote his book.
Who wonders if Dorgan kind of said "you just screwed me" Obama administration, Democrats and as a result, since you just put your corporate deeds, twist my arm votes on me....
which cause my seat to now be in jeopardy (unfairly), I'm going to give you payback as my last exit. Lose the super majority you @&*)s.
I really wonder but I wish so much Dorgan had the leadership role in the Senate and/or ran for Pres.
Seriously click on the emails, go full screen and enlarge.
ok,
The scribbled notes also clearly show Geithner telling AIG not to release an amendment which shows more risk exposure.
You can clearly see Geithner not only stopping the public exposure that AIG wants many of these contracts plain terminated, but he's trying to hide the NY Fed's involvement, period.
That's how it reads to me.
My question is.....is this plain illegal?
Generally, for all stories, please use the "file attachments" button and upload the original document, paper.
The reason for this is because many documents magically disappear from their original links.
In this case, we're stuck, scribd has downloads disabled, although I can probably grab it if folks want me to.
But generally I hate scribd. It adds another layer of crap when pdf readers work just great and make it much easier to read as well as to quote.
But if you notice, in EI releases, I'm uploading the reports. The reason is and this is especially true on any employment statistics, is the report disappears by the next month or even week.
So, when you're checking statistics, it's hard to go back and find the original, not "revised" and check the actual numbers for consistency. (most interesting!)
So, EP is very different in this regard, in that you can have file attachments to posts and thus reference and save the original document, study, report you're referring to.
We need to watch out for copyright, sometimes someone posts a doc. that's protected and by uploading over here, that gets me an email saying we're violating copyright. but don't worry, if I get those I remove the "offending" document right away and point out that we found it publicly originally.
Using the file attachments also really helps on "shocking details" that the entire Internet is hunting for. Examples are we've had the Congressional websites crashed so you can't read something on them and other sites crashed....
so by putting it locally (always reference the paper and authors, also with graphs, if "borrowing" an original graph from another blog, please give them a link and say who make it) it's much easier to read and load.
We have "unlimited" storage on here so don't worry about that.
of protecting financial oligarchy. I forget until I read Chris Bowers story that Geithner and the Obama Administration outreach to protect Wall Street bonuses.
RebelCapitalist.com - Financial Information for the Rest of Us.
I updated the story.
RebelCapitalist.com - Financial Information for the Rest of Us.
I don't have a link, but I recall reading a biz article around a year ago that an increasing number of companies were outsourcing their payroll bookkeeping to ADP, which should work to increase the accuracy of their payroll inventory tracking.
I strongly suspect this might be the answer.
That's "chains you can believe in" -- everyone appears to be mixed up about his phrase.....
(Also, that was supposed to be: "Yes, we've been canned!")
it might be because JPMorgan Chase and the Rockefeller family own over half the existing pharmaceutical companies, last time I checked.
Now, the Rockefeller family is the single largest shareholder in JPMorgan, so one might wonder if they own even more of the pharma industry through JPMorgan, but that has been more difficult to track down?
Dorgan had a mixed record, I greatly appreciated his stand against the passage of the Financial Services Modernization Act (Gramm-Leach-Bliley Act to demolish Glass-Steagall), but thought he came onboard against jobs offshoring rather late in the game ("Take This Job and Ship it"); as it's been going strong for well over thirty years now.
But he has been more consistently populist, or progressive, than Sherrod Brown and a number of others who are frequently cited as liberal!
Dodd, on the other hand, I've always considered to be in the pockets of Wall Street! At least two, perhaps three, specific pieces of legislation were passed in congress to curb the greed of his father, the former Senator Dodd (he made a fortune as a foreign registered agent when he was in the senate --- instead of spending his time as he was paid to -- working on behalf of the US citizenry!).
No, Dodd's record is far from sterling...he only began to more left as his polls dropped.
I disagree with you on Hillary and Obama, they both had execrable campaign aides and managers working on their behalf. Since Hillary has been Sec'y. of State she has supported the overthrow of the democratically-elected president of Honduras, who was starting to move in a populist direction (via her position as chair of the Millennium Change Corporation, where Geithner serves as second chair); also (as you mention) her strong support for offshoring to India (where she gave a speech to them, on her second trip there, promising more Americans to be laid off and their jobs offshored there -- what absolutely treasonous behavior!!!), her speech before the Council on Foreign Relations and numerous other BS on her part.
Also, President Obama has done exactly what Hillary did with regard to this "healthcare reform" (despite all the revisionism history to the contrary): he had secret meetings with members of the health insurance and pharmaceuctical industries, then put forth legislation which would aid and abet them. Recall that Hillary held confidential meetings with members of the health insurance and pharmaceutical industries, then generated a 1,000 plus page report, favoring the HMOs, to the detriment of the citizenry.
And I would submit both Hillary's, Obama's and Edwards' voting records all sucked to a great degree [disclaimer: I voted for McKinney in 2008, Nader in 2000].
People keep yearning for the good old days, but forget that the two VPs who ran back in 2000 were clones of each other: Cheney and Lieberman!
including Larry Summers. This of course assumes that Pres. Obama wants real Change.
RebelCapitalist.com - Financial Information for the Rest of Us.
We kind of have known this, that the "Pay Czar" was just for show and no real action on executive compensation could really happen, but he's going to be interviewed this weekend on Bloomberg.
according to Bloomberg report:
RebelCapitalist.com - Financial Information for the Rest of Us.
We covered some of this earlier but Bloomberg's new story, with the corresponding emails, puts more direct evidence on Geithner.
Here's the thing I find interesting, if one notes, this is the Federal Reserve, where Bernanke has claimed they were not involved in the BoA-Merrill Lynch deal.
hmmmmm, if they are this involved in AIG, why would they not have been involved in that as well?
Geithner should be fired. He should have never been hired.
Note the date of the press release, Dec. 24, 2008.
Now what news was released this year on Christmas Eve.?
The Fannie/Freddie unlimited bail out.
Then this line:
and then Geithner said AIG should not release any information on synthetic CDOs?
My question is how do we see the original emails?
Is this part of Bloomberg's FOIA or are they somewhere?
I remembered we are in the Era of No Accountability. He will continue in his job so why waste the bytes. Oops.
RebelCapitalist.com - Financial Information for the Rest of Us.
As long as our corporate masters throw us a bone now and then we will be OK. Corporate governance and proxy system favors entrenched executive management.
Here is the thing either we continue the notion that markets can self-correct and do nothing or government steps in via SEC regulations to do something to open up access to proxy statement and nomination of board members. There is NO middle ground or 'third way' here. Things have gotten so bad that half-ass measures like the ones we are seeing now will only make things worse.
RebelCapitalist.com - Financial Information for the Rest of Us.
Time to hold CEO's and their crony boards accountable with changes in the law to empower shareholders. Good for FDIC. Some pension plans should join in.
The problem I have with a CDS on a mortgage or group of mortgages is the incentive that the lender, or trustee or servicer, has to make the mortgage, or X number of mortgages, fail for a quick cash payoff, which they have the ability to do by jacking up interest rates and refusing to consider modification, short sales, deed in lieu, or any other possible alternative to foreclosure.
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