Update: Lynch (D-MA) unloads on Geithner; Market Mover Wednesday: Geithner, Paulson AIG testimony on the Hill…

Gee Lynch in Massachusetts seems a little edgy wonder why?!

CNBC will carry the hearings on livestream here (10:00am EST) . WSJ covers the emails here. Lots of previous posts on the AIG bailout. FD-We are former employees/shareholders…

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January 27, 2010. Tags: , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Wall St. Comments off.

Financial Regulatory Reform: Did Jamie Dimon stop the re-enactment of Glass-Steagall?

Vodpod videos no longer available.

Update: Oh this is  rich, Andy Stern and SEIU are having an ‘end too big to fail’ rally outside Golden Slacks, it sounds like they are actually supporting the Dodd position which the WH is NOT supporting but we know Andy Stern is there (WH) more than anyone else…so are they ‘accidentally’ using the same words as Jamie? Are they helping to keep Golden Slacks’ negative profile so high they don’t bid on taking any of the assets in the FDIC bank seizure sales? (Jamie is against the Dodd too big to fail legislation because he reportedly wants to buy some of those assets and Golden is a competitor…is the WH not really against the Dodd legislation and lying to Jamie? Is Stern just greedy or is this planned? man oh man…)

…a couple hundred of them — led by Service Unions International Union president Andy Stern — plan to gather outside of Goldman Sachs’ Washington offices Monday morning to protest the firm’s mega-bonuses, and demand the end of the “too big to fail” doctrine, according to a press release.

The event will be held outside 101 Constitution Ave. N.W., an office building that’s home to many of the most powerful lobbyists and corporations in town, including Goldman. It’s also where you can find POLITICO’s Capitol Hill bureau (in the basement).

Among their demands, the protesters will say that Goldman bankers should donate their reported $23 billion in bonuses to foreclosure prevention programs….

jamieboxing

wow. We supported Jamie Dimon for Treasury Secretary. Face it Geithner already gave billions to the banks via AIG and CITI, may as well have a TOUGH fox guarding the hen house, and Jamie is the toughest. Paul Volcker who gets wheeled out for the occasional photo-op is clearly being ignored, treated like the ‘crazy Uncle’,  as Charlie Gasparino puts it.  Obama is listening to only one banker it seems, Jamie who has vested interests in keeping things as they are.

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Airtime-Fri. Nov. 13 2009 – 12:50 PM ET – CNBC’s Charlie Gasparino has the details on whether Jamie Dimon is too powerful.

Jamie Dimon-  ‘No Bank Should be Considered Too Big to Fail’

…Dimon, in a Washington Post opinion piece, said the government shouldn’t provide artificial life support to banks that don’t perform. “The term ‘too big to fail’ must be excised from our vocabulary,'” Dimon wrote in Friday’s Post.Yet he said it shouldn’t be the size of the institution that drives the new regulatory policies being considered in Congress but rather their ability to manage risk and provide the best services for customers.

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November 13, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , . Economy, FDIC, Finance, Obama Administration, Politics, TARP, Wall St. 1 comment.

Repost: AIG Bonuses…

I love when Dunlap does his AIG impression GIVE ME MY M-F BONUSES!!!

FD: MiM are former employees and shareholders of AIG, we are quite biased :0) We have written about the bailouts at length here at MiM

We love this clip. We agree the employees at this unit NOW deserve these contractually obligated non performance bonuses.

The original (March) performance bonus loophole fiasco engineered by Chris ‘Countrywide VIP – seen my lovely Irish cottage’ Dodd and the payment of the CDS in full to Golden Slacks was just total BS. What a clusterfxck AIG is. But the still dark waters of AIG run deep, they will get their money…

Courtesy of travisandjonathan

Jackie and Dunlap express America’s outrage over the AIG bonuses in their interview with one of the most hated men in America… Shimmysham the AIG Dummy.

And the take on the G8 carbon goals:

July 12, 2009. Tags: , , , , , . Comedy, Economy, Entertainment. Comments off.

Sen. Mike Johanns (R-NE) on FoxBiz on his legislation in re Congressional Oversight of TARP takeovers of private firms…

Senator Mike Johanns (R-NE) is interview on Fox Business on June 4, 2009, on his proposed legislation to assert Congressional oversight over the nationalizatoin of companies using TARP funds.

June 5, 2009. Tags: , , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Uncategorized, Wall St. Comments off.

Breaking: US Regulators to announce OTC Derivative Regulations at 4:00pm EST….

Derivative regulation, what a concept!!!

Markets on their lows DOW now down 191…Gold at 926.30 now….

Kucinich ripping AIG CEO Ed Liddy on the Hill right now…

May 13, 2009. Tags: , , , , , , , , . Economy, Finance. Comments off.

Update 2 : Clips of Hearing…Market Mover Tuesday: Timmeh and Ben back on the Hill…

Update 2: Have to add Donald Manzullo R IL, he was all over Ben and Timmeh like a cheap suit LOL, he is of course perfectly correct, taxpayers who lost 50% of their IRA/401K value are having their future tax dollars used to prop up AIG so AIG can pay on those same type of losses in certain funds…ghastly…

Update:1:39 pm EST: DOW down 16 to 7759. some hearing highlights..also the unintended consequences of Card Check have begun, via CNBC Chyron, WSJ reports FEDEX may put off jet purchases if Card Check passes..

Maxine Waters D-CA wants to know why only 5 firms will get to manage this program and if Golden Slacks will make yet MORE money off it, LOL, she should ask about PIMCO too..

Brad Sherman D CA on Kabuki Theatre (Sherman is a HARDliner who would like to put paycaps on everyone, gotta watch this Critter he is unpredictable LOL)

Castle R-ME when did you know what on AIG?

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March 24, 2009. Tags: , , , , , , , , , , , , , , , , , , , . Economy, Entertainment, Finance, Music, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized, Wall St. Comments off.

Beltway Chatter: Tim Geithner’s (*Paulson’s) plan;Obama Budget and AIG ‘bonus shock and awe’ campaign, TOTUS Spring Tour Continues ..

Krugman gives the Treasury toxic asset plan two thumbs down, he didn’t like it when Hank Paulson tried to sell it many moons ago with TARP One, neither did we, LOL…Billions later we are laughing with the tears of a taxpaying clown….

The Geithner plan has now been leaked in detail. It’s exactly the plan that was widely analyzed — and found wanting — a couple of weeks ago. The zombie ideas have won. The Obama administration is now completely wedded to the idea that there’s nothing fundamentally wrong with the financial system —

Treasury has decided that what we have is nothing but a confidence problem, which it proposes to cure by creating massive moral hazard. … And I fear that when the plan fails, as it almost surely will, the administration will have shot its bolt: it won’t be able to come back to Congress for a plan that might actually work.

Krugman  on further review of the plan:

Why was I so quick to condemn the Geithner plan? Because it’s not new; it’s just another version of an idea that keeps coming up and keeps being refuted. It’s basically a thinly disguised version of the same plan Henry Paulson announced way back in September.

Krugman today on the plan.

Sen. Gregg confirms CBO is right, (ironic no?) and says Obama Budget will bankrupt us:

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March 22, 2009. Tags: , , , , , , , , , , , , , , , . Economy, Finance, Motown, Music, Obama Administration, Politics, TARP, Taxes, Wall St. Comments off.

Welcome to the Machine: Team Obama goes after ALL Executive Pay…

As MM said two weeks ago, first they came for AIG…..She was right, again…

This is a trial balloon that MUST BE SHOT DOWN IMMEDIATELY

CALL YOUR CRITTERS, TELL THEM TO JUST SAY NO TO SOCIALISM, NO REGULATION OF EXECUTIVE PAY, that is for shareholders

NYT (ugh):

The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said…

…The administration has been considering increased oversight of executive pay for some time, but the issue was heightened in recent days as public fury over bonuses spilled into the regulatory effort. The officials said that the administration was still debating the details of its plan, including how broadly it should be applied and how far it could go beyond simple reporting requirements. Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation….

…The new rules will cover all financial institutions, including those not now covered by any pay rules because they are not receiving federal bailout money. Officials say the rules could also be applied more broadly to publicly traded companies, which already report about some executive pay practices to the Securities and Exchange Commission….

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March 22, 2009. Tags: , , , , , , , , , , , , , , , . Finance, Music, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized, Wall St. Comments off.

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