Obama went down to Wall Street…

Update: Team Obama brought their own cheering section into the audience for the speech, heh. You can tell b/c I have watched these addresses forevah and never evah have I seen a Wall St investment bank crowd full of women hollering WOOT! and Yeah!, That’s more my style, lol….the professional women I know who work on Wall St have worked incredibly hard to be taken seriously in a business still dominated by men in Brooks Brothers suits (was not too many years ago that Morgan Stanley settled their lawsuit, they had breast shaped cakes brought in for women associates birthday’s isnt that lovely?), they do not ‘Woot!’ at these events…now me, you can’t take me anywhere without a holla, woot or some sort of hell yeah, but then I am a middle class recovering Democrat tree hugger which proves my point, lol..the big execs may donate DEM but they don’t emote like we in the middle do…the ones emoting in this audience are plants by Team O.

Look at him yammering away. He has two teleprompters and you KNOW he practiced this speech many times but he STILL cannot say he supports free markets and profits without stumbling and bumbling…goes against the grain eh Freud?

Obama does kabuki today. What a joke

…”I am sure that many of those lobbyists work for some of you,” he will say, according to the excerpts. “But I am here today because I want to urge you to join us, instead of fighting us in this effort. I am here because I believe that these reforms are, in the end, not only in the best interest of our country, but in the best interest of our financial sector.”…

…The legislation would grant the federal government the power to seize teetering financial giants and dismantle them the same way the Federal Deposit Insurance Corporation now can seize failing banks….

April 22, 2010. Tags: , , , , , . Economy, Finance, Music, Obama Administration, Politics, Popular Culture, TARP, Wall St. Comments off.

He’s baack! John Thain takes reins at CIT Group…

Happier Days

Hardly seems fair does it? Ken Lewis loses his spot at BofA, gets civil complaints filed against him by Cuomo, gets grilled by CongressCritters as attorneys drool on their TVs hoping for a magical shareholder class action suit, and Thain walks into a new CEO suite with hardly a scratch.

Vagaries of the dice toss or a deal with Beelzebub? Maybe it’s just that Ken is from Charlotte and John is from The Street? Must be his ‘Goldman’ parachute, heh. FD-MiM are Merrill/BofA shareholders….Our multitude of posts on the BofA Merrill merger and post merger brouhaha here..

Mashup by BluTaiger


John Thain has been chosen to run lender CIT, after a year in which he was ousted from Merrill Lynch and the business lender teetered on the brink.  Thain will start as chairman and chief executive immediately, CIT said late yesterday, replacing interim head Peter Tobin.

Thain, 54, led Merrill for a year, when he was shoved out in January 2009 after the company was bought by Bank of America in a controversial merger. The former president of Goldman Sachs and the New York Stock Exchange has been out of work since.  CIT, a major business lender that expanded into subprime mortgages and student loans during the boom, filed for bankruptcy last year after the government refused to give it a second infusion of rescue funds.

It emerged from bankruptcy in December, after managing to unload more than $10 billion in debt. “Much has been accomplished in recent months to position CIT for renewed success,” Thain said.  CIT executives face compensation restrictions because it received funds from the Troubled Asset Relief Program. According to reports, Thain will receive $500,000 in salary and $5.5 million worth of restricted CIT shares. He could also earn another $1.5 million in restricted shares.

That’s a pittance compared to what he was making at Merrill Lynch. When he joined, the bank agreed to a $44 million compensation package…

You know who should pay the shareholder suits? STANLEY O’NEIL, he destroyed Merrill IMO….

February 8, 2010. Tags: , , , , , , , , . Economy, Finance, Politics, Popular Culture, TARP, Wall St. Comments off.

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