Obama throws the Tall Man under the bus…

As any Gen X-er can tell you, you gotta be really careful with the Tall Man…he comes back….

Volcker is back under the bus (for now). As we  noted here last November, Jamie Dimon among others killed the return of Glass Steagall once already (and I am in no position to challenge Jamie’s call on this, the CDS issue is much more problematic IMO, THAT is where they take the proprietary info and make bets against their clients IMO)…

After the EPIC FAIL in Massachusetts, Obama dragged Volcker out of the closet they were keeping him in and tried to look ‘tough’ on bankstas….that is of course short lived since Jamie and Blankfein funded Obama’s campaign….now the WH has rolled over and showed its belly to the bankstas for some more scratches….hard to have sympathy for Volcker, he is one of the fools who backed Obama early and made him look moderate as a result.

Charlie Gasparino has it at DailyBeast:

Barack Obama owes Paul Volcker a lot, but he apparently owes the fat cats on Wall Street even more. That’s the only reasonable conclusion that can be made from the president’s timely and, in some ways, bizarre about-face on the former Fed chairman’s plans to reform the financial industry and prevent another meltdown.

As first reported by the New York Post, Volcker’s bank-reform idea—the one trotted out by the president with Volcker standing at his side just hours after Republican Scott Brown won Teddy Kennedy’s seat and vowed to help crush Obama’s economic agenda—has been nixed in favor of a watered-down version that bank chiefs like J.P. Morgan CEO Jamie Dimon and other Obama supporters on Wall Street are advocating.

…Sources tell me a coalition of Wall Street heavyweights from Dimon to people like Larry Fink, the head of money-management powerhouse BlackRock—Obama supporters all—made their opposition to the plan well-known to the administration. The message was clear: Wall Street, which helped elect Barack Obama with an unprecedented support for a Democratic presidential candidate (Goldman Sachs was the second largest contributor to the president’s campaign), was ready to start backing the opposition of the so-called Volcker Rule….

(more…)

Advertisements

February 26, 2010. Tags: , , , , , , , , , , , . Finance, Obama Administration, Politics, Popular Culture, Wall St. 5 comments.

FOXBiz signs Charlie Gasparino?

Charlie rumoured to be leaving CNBC for FOXBiz…our previous posts on Charlie and the CNBC crew here and some video highlights of Charlie/assorted other CNBC hosts here

NYPost:

Fox Business Network is near a deal to steal Charlie Gasparino away from rival CNBC.

The famously feisty Wall Street reporter has officially departed from CNBC after being largely absent for several weeks, and is expected to be announced as the latest hire by Fox Business before this week is out.

Gasparino did not respond to an e-mail seeking comment.

But a representative for CNBC confirmed his departure, saying, “We thank Charlie for all his quality contributions and wish him the best.”

A Fox Business representative further confirmed that the network is in talks with Gasparino. News of Gasparino’s leaving CNBC to join Fox Business was first reported by the Web site TVNewser. (Fox Business, like The Post, is owned by News Corp.)

Gasparino’s would mark the third high-profile hire by Fox Business in the last few months, following the luring of Don Imus and John Stossel to the network. Though he lacks the national profile of Imus or Stossel, Gasparino is one of the most recognizable faces in television business news, and his joining Fox Business will be a major coup for the nascent network….

February 16, 2010. Tags: , , , . Celebrities, Entertainment, Finance, Politics, Popular Culture, Wall St. Comments off.

Update: CNBC reports Lewis to step down by end of year; Cuomo/BofA Smackdown: It’s On! (again)

Update 09/30: Charlie Gasparino is reporting that Ken Lewis has been pushed out (the stmt says he stepped down but I call BS)!! This is HUGE! WOTS was he had TOTAL BACKING OF THE BOARD! Recall BofA is centred in Charlotte, NC far from the Wall St shenanigans but Lewis got sucked into the ‘eeeevil banker’ canard PLUS the added bonus of ‘hide the bonuses’ with Thain. I for one would never want Andy Cuomo on my trail if I had a blessed thing to hide!

Vodpod videos no longer available.

(Reminder FD- MiM are shareholders in both BofA and were MER shareholders as well pre merger)

CNBC:

Bank of America’s CEO Ken Lewis, the embattled head of the nation’s biggest bank, told the board he plans to step down by the end of the year.

Lewis wasn’t asked to step down and the decision was not the result of any regulatory action, sources told CNBC. No successor has been named yet….

Original post after the break:

(more…)

September 16, 2009. Tags: , , , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Wall St. Comments off.

Update: CIT Group files bankruptcy; No Government aid for CIT….Thursday Market Mover: Paulson on the Hill…

Update: 11/2/09:  Bad, sad news, CIT Group went belly-up this weekend despite the 2B taxpayer infusion and the Carl Icahn offer. Bad news for small business. But it is an attempt to dump the debt and live on, so maybe it will live to fight another day.

WSJ:

CIT Group Inc. filed for bankruptcy protection Sunday, in a final attempt to restructure and keep the doors open at the century-old commercial lender.

Now, the lender to nearly a million small and midsize businesses must maintain its customer base as it tries to rehabilitate under Chapter 11 protection. Most financial firms sell off assets or liquidate in bankruptcy amid fears that customers will draw down credit lines and spark a run on the bank.

But CIT garnered support from about 90% of voting debt holders for a prepackaged reorganization plan that could allow the lender to speed through Chapter 11 and emerge with a new business model by year’s end. Under the plan, bondholders will exchange their debt for new debt that matures later, as well as nearly all the equity in a reorganized CIT.

The bankruptcy stay would eliminate some $10 billion in debt from the lender’s balance sheet, the company said. CIT has been weighed down by more than $30 billion in bond debt.

A $2.3 billion taxpayer bailout extended to CIT late last year under the Bush administration will be wiped out in the bankruptcy. Common shareholders will be wiped out, too.

The plan is among the first attempts to restructure a financial firm in bankruptcy court and have it emerge relatively intact. The board approved CIT’s decision to seek Chapter 11 protection in a meeting Sunday. “The board appreciated that this is a [historic] sort of filing,” said a person close to the lender. “It is clearly unprecedented.”…

____________________

Charlie Gasparino is reporting on CNBC’s Kudlow that Sheila (Bair of FDIC) brought the hammer down and drew the line in the sand saying NO MORE BAILOUTS…shxt it would have to be on small business that the money train dried up eh?

Well, we love Sheila here at MiM (we wanted her or Jamie Dimon of JPMC for Treasury)and Timmeh was saying from Saudia Arabia that he was confident they would find a way to do the bailout, so we enjoy it when his toes are stepped on, bitter and petty that’s us today fer shure, BWAAAAHAAAA.

Hope Sheila’s foot met Timmeh’s axx on this one, FDIC should have the too big to fail wipeout authority IMO not the Fed and for Gawds sake not the Treasury….

CNBC on imminent CIT bankruptcy following FDIC and Treasury decision not to bailout…

CIT Group, a major lender to small- and mid-sized U.S. businesses, said on Wednesday that talks with the government to bail out the company had ended, a development that could make bankruptcy likely.

…”Discussions with government agencies have ceased,” the New York-based company said in a statement. “There is no appreciable likelihood of additional government support being provided over the near term.”

The announcement came after last-ditch talks in which Treasury Department had been concerned about a worsening liquidity crunch at CIT over the last few days, and that government aid would not put the lender on a path to recovery….

Tomorrow BIG NEWS will be HANK PAULSON testifying on Capitol Hill about the Merrill BofA shenanigans, should be lots of fun. Hanks is the man who handed free market capitalism over to the government and then retired with hundreds of thousands of Golden Slacks shares…..Hank Hank Hank, when he sees whatis happening now how does he feel? He opened this door and TOTUS swagga’d through it….

Our MANY posts on Hank, Timmeh, AIG, Merrill, BofA, CITIBANK, Sheila, are too numerous to link…

071025_paulson_0

Smashing Pumpins fan made video with footage of Tours in France, courtesy of buissonland

July 15, 2009. Tags: , , , , , , , , , , , , . FDIC, Finance, Music, Obama Administration, Politics. 1 comment.

Making Their Move against the Fed: Bernanke under fire on BofA/Merrill: Email trail…

Okay Ben is under attack, and like it or not, with him the independence of the Federal Reserve. These emails were  leaked to CNBC by Congressional Investigators.

Our previous posts on Thain/Lewis here and here and here

Vodpod videos no longer available.

Insight on the emails leading up to the Bank of America-Merrill deal, with CNBC’s Scott Cohn; Joe diGenova, diGenova & Toensing; and CNBC’s Rick Santelli, Charlie Gasparino & Larry Kudlow.

Team TOTUS would like nothing better than to get Larry Summers in there in 2010, and Congress is lending a helping hand, issuing subpoenas and scheduling hearings, taking testimony from Ken Lewis. AG Cuomo was all over this commensurate with his role as NY AG in training to be Governor…this is going nowhere good…

Happier Days

Happier Days

(more…)

June 10, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Wall St. Comments off.

Golden Slacks, JPMorgan Chase and Morgan Stanley apply to repay TARP….spark monster rally….

Bloomberg:

DOW closed up a monster 200 off the news; still awaiting okay from FED

more about “Left Holding the TARP? – CNBC.com“, posted with vodpod

May 18, 2009. Tags: , , , , , , , , , . Economy, Finance, Politics, Popular Culture, Wall St. Comments off.

Homage to Dylan Ratigan’s CNBC Days…

While we wait to see where Dylan appears next, the WOTS is  ABC ,

I refreshed before publishing and Dylan has Tweeted confirmation he is moving to ABC,

Okay, Najarian says it is a fake Twitter, LOL!! Hey he has a non compete clause so they can’t say much…we know he will go somewhere :0)

Business Insider:

Former CNBC anchor Dylan Ratigan is probably headed to ABC News. When? We don’t know.

Earlier, “Ratigan” confirmed the move on Twitter: “yes, going to ABC stay tuned,” he said.

But CNBC regular Jon Najarian says the “dylanratigan” account on Twitter is fake.

Earlier: This move, which has been rumored since Ratigan quit his job at CNBC last week, could give Ratigan a much larger, broader audience than he had at NBC’s business cable network.

Reached for comment, ABC rep Jeffrey Schneider wouldn’t discuss the supposed deal, probably because he can’t: Ratigan reportedly has a six-month noncompete clause with CNBC. Schneider did tell us the same thing he told the AP last week: “We think the world of Dylan Ratigan.”..

A look back at some of our favorite Dylan moments on CNBC..

The remake of the Charlie/Dylan ‘What I Got’ episode just splits my sides every frakkin time….

10/7/08

Holiday Fave Carol of the Trades

10/19/08

(more…)

April 9, 2009. Tags: , , , , , , . Economy, Entertainment, Finance, Popular Culture, Uncategorized, Wall St. 2 comments.

Deputy Treasury Secretary Nominee Rodgin Cohen, AIG, Goldman Sachs and “What’s Really Scaring Wall St.”

Airtime: Fri. Mar. 6 2009 | 5:04 PM ET The inside scoop of what’s happening at the Treasury, with CNBC’s Charlie Gasparino.

Vodpod videos no longer available.

Kudlow and Gasparino are pretty excited here about WOTS that Rodgin Cohen is being vetted for Deputy Treasury Secretary. WSJ is also excited about it. But several noted voices on the street have a totally different view and note connections to the counterparty risk on AIG ie Golden Slacks, and really can’t we all agree until AIG counterparties are released to the public no more GS employees running Treasury, please?

A MUST READ is Barry Ridholtz’ piece in the Big Picture:

My recent tirade against bailing out the hedge fund half of AIG makes much more sense when you consider who is actually getting all of the taxpayer largesse: Counter-parties of AIG, especially one Goldman Sachs. Some estimates have been in excess of $25 billion to GS.

As AIG ran into the arms of the Fed for the first of 4 bailouts, Bloomberg reported:

“As much as $37 billion from federal bailout loans to American International Group Inc. has gone to investment banks including Goldman Sachs Group Inc., the firm Treasury Secretary Henry Paulson used to run.

-snip-

Could Goldman Sachs dig in any deeper at Treasury?

Yes they can. Over at naked capitalism, Yves has the story of yet another highly conflicted Treasury nominee, Sullivan & Cromwell chairman H. Rodgin Cohen:

Sullivan & Cromwell has long been the outside counsel for Goldman, and outside counsel is a vastly more important role for a securities firm than just about any other type of business. In the stone ages, when I worked for a few years at Goldman, certain S&C partners had so much clout at Goldman that they could get a mid-level banker fired. And even then, “Rodg”, head of the banking practice, was a very influential figure at Goldman.

All for the greater glory of Goldman . . .

From Naked Capitalism:

So Cohen is not only deeply tied to entrenched interests, but he plays a ruthless game, with a mild manner that would lead you not to suspect him of that sort of behavior.

In case you think this reaction is extreme, some e-mail comments from reader Marshall:

We should operate from the assumption that Geithner will always surround himself with the most awful Wall Street cronies imaginable. He’s totally captive to that ideology. This Administration is going to make Warren Harding’s Administration seem like a convention of nuns by comparison.

WSJ has another view entirely:

The news shook us like a thunderclap: banking-lawyer-extraordinaire H. Rodgin Cohen is being considered for a high-ranking role in the Treasury Department. A move would likely mean a departure — at least for now — from Sullivan & Cromwell, where the legendary Cohen has hung his hat for nearly 40 years.

Reports WSJ: “Treasury has identified and is vetting other people for top slots, including H. Rodgin Cohen, chairman of Sullivan & Cromwell LLP and advisor to virtually every firm on Wall Street, for the deputy secretary position, two people familiar with the matter said.”

We placed a call to Cohen, but have yet to hear back.

As noted in this WSJ profile of Cohen last year, he spent one stretch of the fall —“five weeks in hell,” as he put it — advising Fannie Mae, Lehman Brothers., Wachovia, Barclays, AIG, J.P. Morgan and Goldman in a “blitz of mergers, rescues and cash infusions.” Largely for this, he was awarded a, um, highly-coveted slot as one of the LB’s newsmakers of the year.

IOW Cohen knows where the bodies are buried because he helped bury them all.

There was a point at TARP One when it first failed the House when I wanted someone like that.  Not any more, not after the shxtstorm of plans coming down the pike in the Obama Budget, please no more raids.

We do feel under attack, because the middle class is taking it from both sides;  the top clutching their hands around the last vestiges of wealth, while the social engineers in the Capitol plan to take the secret ballot and unionize the country,  will we or nil we, leaving the middle class gasping for oxygen and space in the shrinking economy. Where the hell is the non government GROWTH in the 10 yr Obama Budget?

If they would leave us alone we would buckle down and cut back and get through it like Americans always do, at this point I don’t want any more of their ‘help’, it mostly seems to involve injecting tons of liquidity into institutions that refuse to sell toxic assets for what vultures capital will pay, while the government shovels cash straight from the Federal Reserve with no taxpayer input via Congress, directly into the gaping maw that is the black hole known as AIG.

All to cover the counterparty losses to the very firms who wrote the stupid toxic instruments, ie Goldman Sachs.

Why don’t we call the bluff and try to go it alone now? After throwing 11 trillion in and seeing no end in sight the government needs to force the banks to sell the assets at whatever the vultures will pay, take the losses so we can get past this.

Clearly Team Obama, in their zeal for socialized medicine and welfare programs is afraid to look TOO socialistic upfront on the banks.

They like a more backdoor socialization model which they are working on the stimulus and budget levels, so they won’t do the ONE aspect of socialism that needs doing, taking the banks like the RTC did with Bill Seidman in the 80s selling off the bad paper and putting it back out healthy and whole…

Ironic no?

March 9, 2009. Tags: , , , , , , , , , , , , , . Politics. 1 comment.

Next Page »

%d bloggers like this: