Update: Frank introduces new, more broad, TARP recipients bonus ban and compensation limits bill..

Update: CNBC

The House Financial Services Committee will consider legislation to prohibit any bonus payments by companies who have received government bailout funds, until investments are repaid in full, chairman Barney Frank said on Thursday.

The measure, to be considered next Tuesday, would prohibit any compensation arrangements that are unreasonable or excessive for these companies, the panel said in a statement.

The bill would also bar bailed-out companies from paying any bonus to any employee, regardless of when any bonus was agreed to, the statement said.

The panel said the full House of Representatives would be able to consider the legislation the following week.

Via CNBC Chyron..not on wires yet..hey Congress get off of my cloud…

Okay so apparently someone on the Hill caught on to the fact that the AIG bonus retroactive tax bill they passed today is unConstitutional what with it being a Bill of Attainder..

So Rep. Frank D-MASS has a new bill that will be more broad thus not directed punitively at a group of people..

Instead CNBC Melissa Lee reports this bill will totally prohibit any bonus at any TARP recipient AND allow the Treasury to SET PAY for executives at TARP receiving firms.

Way to kill the lending from banks Barney!

Sadly this will KILL TALF totally kill it…

But I suspect Team Obama doesn’t care or really is clueless..the populist anger they are stoking is dangerous and an economy killer…

When I see the taxman cometh I hoard and save I don’t feel relaxed n groovy and spend…

I don’t feel better seeing this attack against Wall St and I don’t think the rest of America does either…

Look for a slew of  top talent to go to Deutsche Bank who ironically got WAY MORE TAXPAYER TARP dollars, but theirs was laundered through AIG instead via CDS payouts okayed by Timmeh…

Also when asked about the ridiculous AIG bonus tax bill instead of having a Sistah Soljah moment, Team Obama says the President looks forward to receiving a bill. Great, good to know he sees nothing wrong with this he being a Constitutional Law Professor and all…

Today Team Obama came out claiming credit for a surge of refis created by the FED and Bernanke yesterday. Unbelievable, and I saw a clip of TOTUS coming onstage at Leno and the screaming crowd is beyond creepy…yep stockin up on supplies and GLD looks better every day…

Hey does anyone check where was Timmeh at the time the FED notified Treasury the bonus payments were due? I BETCHA ANYTHING HE WAS AT THE HEALTH CARE SUMMIT or some other NON EMERGENCY NON TREASURY priority Team Obama says can all be handled at once

Too many balls in the air and not enough balls in the leadership

/rant off

Remember to set for BSG marathon all day tomorrow leading to 2 HOUR SERIES FINALE tomorrow night, w00t!

March 19, 2009. Tags: , , , , , , , , , , , , , , , , , , , . Cabinet, Economy, Finance, Healthcare, Music, Obama Administration, Politics, TARP, Taxes, Wall St. Comments off.

DeMint and Bunning, Isakson call for Geithner to Resign..

Yowsa…Bottom line, the public/private partnership was not announced or moved forward today because of fallout over this AIG bonus fiasco. Geithner has no confidence with the people and members of the Senate have begun to call for him to resign as well. With the Turbo Tax Tag and his atrocious public performances as well as AIG and CITI under his belt he is simply unable to be effective in a time in which we need an individual with the know how AND the how to AND the damn guts and confidence. Jamie Dimon or Sheila Bair not Tiny Tim…

Read HA for the full scoop..

Jamie Dimon/Sheila Bair  for Treasury Secty please…

March 19, 2009. Tags: , , , , , , , , , . Cabinet, Economy, Finance, Obama Administration, Politics, TARP, Taxes, Uncategorized, Wall St. 1 comment.

BSGcast: Review 4.20 Daybreak PT I…

We are sticking with Matt and Nat post BSG, they also produce YourGeekNews thankfully we don’t have to say goodbye to them also after tomorrow…

BSGcast/YourGeekNews:

We were in Austin for South by Southwest and got to watch Part 1 of Daybreak at the Alamo Drafthouse! We managed to shoot in the lobby of the Hilton across from SXSW and got some great theories from fans like us after this doozy of an episode! Esoteric and tense, Daybreak Part 2 is shaping up to be one hell of knock-down drag-out battle from front to back!

~Matt + Nat

March 19, 2009. Tags: , , . Battlestar Galactica, BSG, Caprica, Entertainment, Fantasy, Popular Culture, Sci Fi, Uncategorized. Comments off.

BREAKING:Senate GOP blocks first attempt to pass AIG Bonus Bill…

Update: 842pm EST the wire story:

Republican Senator Jon Kyl on Thursday blocked to an initial attempt by Senate Democrats to pass a bill aimed at recouping some $165 million in bonuses paid to American International GroupS….enate Majority Leader Harry Reid asked senators to agree by unanimous consent to approve a Senate version to recoup the bonuses, but Kyl objected saying more time was needed to review the legislation which was introduced earlier on Thursday. (Reporting by Jeremy Pelofsky, Editing by Sandra Maler)

…Breaking on CNBC Chyron.

Watch the Senate floor LIVE CSPAN

See Senate GOP presser on the AIG Bonus Taxation Bill today via CSPAN here

March 19, 2009. Tags: , , , , , , , , , . Finance, Politics. Comments off.

Breaking: AIG gives Bonus Names to Cuomo….

CNBC: NY AG Cuomo has the list of names, he is ‘being sensitive to security concerns’

they named names! no more Hop Sing for them! Hey if you can’t laugh then you won’t make it through this economy…

Lew: Ah, I knew it was you! You tried to trick Hop Sing! You are on our list, Elaine Benes! And now you are on our list, Ned Isakoff.
Ned: You got me blacklisted from Hop Sing’s?
Lew: She named name!

George: Your boyfriend reads the Daily Worker? What is he? A communist?
Elaine: HE reads everything, you know, Ned’s very well read.
George: Maybe he’s just very well… red?

Elaine: Oh well nothing wrong with that. Gotta make those big bucks. . . . money money money money money money money . . . ha ha ha ha ah . . . are you a communist?
Ned: Yes, as a matter of fact I am.

Courtesy of danere1

A frenetic mashup of many, many random clips from the legendary sitcom about ‘nothing’.

SEINTOLOGY
Audio compiled by MIX96 (www.themix.com)
Video compiled by danere1
Music: “Time is Tight” by Booker T & The MG’s

March 19, 2009. Tags: , , , , . Politics, TARP, Taxes, Wall St. 1 comment.

Market Update: Financials lead the way down…

wall-street21

Congress Critters Crazed over bonuses at one firm, passing Rangel Tax in House today left capital feeling cold and they responded in kind fleeing the companies that have over 5 billion in TARP which includes such well run firms as JPM Chase and Morgan Stanley..

DOW closes down 86 to 7400

S & P down 10 to 784

NAS down 7 to 1483

GOLD up 70 today

Oil hits 2009 high back over 50

We can’t even have our bear market rallies without the maroons on the Hill and then Team Obama stomping all over it ..

The business headlines make it clear why private capital is on strike..

and not a word from Timmeh who was supposed to talk about the public/private partnership for the bad paper today

Gee do you suppose the private part is like ‘frak you get the money from Charlie Rangel’, I would say just that, why be a glutton for punishment?

We had such a nice lift from Big Ben yesterday with the massive expansion of the Fed balance sheet, well a refi-ing MiM will go when we hit 4.5% and gold continues to be a safe place to hedge against the falling dollar in 15-20% of the savings I manage for the family, ( despite Jon Stewart thinking Americans are too stupid to do so)   the insurance against future inflation is something I sleep better having, but my risk tolerance is always low…

March 19, 2009. Tags: , , , , , , , , , , , . Doo Wop, Obama Administration, Politics, TARP, Taxes, Wall St. Comments off.

Memo to Team Obama: Two Top Bracket Picks for Secretary of Treasury: Sheila Bair and Jamie Dimon..

jamieboxing1

Jamie Dimon, JPMorgan Chase

Stop worrying about March Madness TOTUS, we have NO CONFIDENCE in Timmeh. Give us Jamie or Sheila, ASAP..

Sheila Bair was our top pick for Treasury. We have covered her here

Sheila Bair - FDIC Chief

Sheila Bair - FDIC Chief

Here is current FDIC Chariman Bair today on regulatory practices over non banking financial institutions..

Vodpod videos no longer available.

Jamie Dimon, JPMC CEO, everybody loves him on the street and he is pro Team Obama and has the authority, background, and frankly personality and leadership Timmeh does not

Vodpod videos no longer available.

Both Sheila and Jamie saw the housing meltdown and credit crisis coming and both sounded alarms, Sheila to regulators and Congress, Jamie to financial conferences. They kept their institutions whole through this and have served to help the rest of the financial sector get back on its feet as well as instilling confidence, something the Street needs from the Treasury.

Sheila managed the successful closures of failing banks, daily, especially IndyMac and has been fighting for housing mortgage modifications first. with Paulson and Geithner then with Geithner…October of 08…

From Bair’s prepared testimony (Senate Banking Committee):

The EESA, recently passed by Congress, includes a number of provisions to encourage loan modifications. In particular, EESA addresses the issue of foreclosure mitigation and provides authority that could hold significant promise for future loan modifications. The statute grants authority to the Secretary of the Treasury to use loan guarantees and credit enhancements to facilitate loan modifications to prevent avoidable foreclosures.

. Specifically, the government could establish standards for loan modifications and provide guarantees for loans meeting those standards. By doing so, unaffordable loans could be converted into loans that are sustainable over the long term. The FDIC is working closely and creatively with Treasury to realize the potential benefits of this authority.

Paulson and Geithner blocked FDIC every step of the way on this Congress Critters like Frank and Waters routinely yell at Kashkari to implement Sheila Bair’s plan monthly…we have posted those clips here at MiM, search Kashkari to view..

As you know, a number of steps have already been taken in this direction. But I think it is clear by now that a systematic approach is needed to help us finally get ahead of the curve. The FDIC is working closely and creatively with Treasury on ways to use the recent financial rescue law to create a clear framework and economic incentives for systematically modifying loans. The aim is for loan servicers to offer homeowners more affordable and sustainable mortgages. In sharing ideas with the Treasury, we have drawn from the program that we are using for modifying loans at IndyMac Federal Bank since we took control of that bank in July.

Bair also managed the only successful takeovers with government aid ie Wells Fargo Wachovia when Timmeh was trying to give it to CITI with loss of taxpayer money,(and no doubt to temporarily cover the horror of CITI  losses then, distract, merge, merge, bailout) Sheila got in Timmeh and Paulson’s way bigtime on that and saved tapayers money and refused to back down...IT WAS BEAUTIFULLY DONE!

Jamie took TARP he didn’t want so CITI wouldn’t collapse after he took on Bear Sterns in disarray when Paulson and Timmeh begged him to help save the financial system.(disclaimer MiM has worked at JPMC)…And scooped up WaMu...

March 19, 2009. Tags: , , , , , , , , , , , , , , , . Cabinet, Economy, FDIC, Finance, Housing, Obama Administration, Politics, TARP, Taxes, Uncategorized, Wall St. 5 comments.

Save the Bankers-Hulu – Late Night with Jimmy Fallon:

Late Night with Jimmy Fallon

Vodpod videos no longer available.

more about "Save the Bankers-Hulu – Late Night wi…", posted with vodpod

March 19, 2009. Uncategorized. Comments off.

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