Archive for banking
It’s a Wonderful Life
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Some of the Billion dollars Jon Corzine misplaced may have ended up at JP Morgan.
The WSJ recalls the shocking, shocking forgetfulness of other Wall Street old fools from Lehman to Goldman Sachs.
Port Authority
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Dockworkers and truckers on the west coast were largely ungracious about the Occupy movement’s efforts on their behalf. Protesters attempted to disrupt capitalism by shutting down ports from San Diego to Anchorage, causing workers to be sent home without pay.
The president, who disrupted the the Keystone Pipeline and the jobs that go with it, has previously said of the protesters, “you are the reason I ran for office“.
Obama to Serfs: Drop Dead
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If it’s President Obama against the fat cats and now Obama against the serfs, who’s left to re-elect him? Here’s a breakdown by Jay Cost. Here’s the s original New York Times piece by Thomas Edsall that created all the fuss:
“All pretense of trying to win a majority of the white working class has been effectively jettisoned in favor of cementing a center-left coalition made up, on the one hand, of voters who have gotten ahead on the basis of educational attainment — professors, artists, designers, editors, human resources managers, lawyers, librarians, social workers, teachers and therapists — and a second, substantial constituency of lower-income voters who are disproportionately African-American and Hispanic.”
Game Plan
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After three years of anger over ObamaCare and the housing crisis, the Republican nomination is boiling down to RomneyCare vs The Freddie Mac water boy. Here’s Krauthammer.
Banking on Europe
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The Fed sent a gusher of cheaper dollars to European banks. Robert Samuelson tells us what this means.
Bye Bye, Barney
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We won’t have Barney Frank to kick around any more and vice versa – here’s Dana Milbank on Barney the Bully.
This was inspired by one of my favorite Don Wright cartoons. Unfortunately I can’t seem to find a link to it. The cartoon featured a Vietnamese family standing in a landscape of bomb craters waving thanks to American jets as they flew away at the end of the war.
I’ve always considered Barney Frank just as much a friend to the poor as we were to the Vietnamese.
Newt Loot
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As surprise front-runner Newt Gingrich begins unpacking his baggage in Iowa the first item up for inspection is his $1.8 million dollar punched ticket on the Freddie Mac gravy train.
The figures in the chart for Franklin Raines and James Johnson are from IBD. Gorelick’s $26 mil came from CNSnews.
Watch Your Step
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Jon Stewart explores inequality inside Occupy Wall Street. OWS didn’t quite achieve a classes society but it can point with pride to a few classless people. You can watch one here but it’s kind of gross.
Real Scandal
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Politico had over 90 stories last week about the Herman Cain sexual harassment allegations. It’s still unclear just what is being alleged but it doesn’t appear to include pulling down his pants and ordering a subordinate to “kiss it”. That would be the charge against President Bill Clinton from about the same era.
Oddly, women’s groups swarmed to the defense of the “lovable rogue” and, after being impeached, he weathered the storm – minus his Arkansas law license.
None of us, however (at least not the 99%), weathered the storm caused by another scandal with racial overtones. Paul Sperry reported in IBD, how Clinton pressured financial institutions to make home loans to the un-creditworthy. Meanwhile, MSN Money quotes David Weidner, of Marketwatch, saying Clinton’s biggest mistake was the repeal of Glass-Steagall.
Business Week reported this week that, after stating a $4.4 billion loss for the third quarter, Freddie Mac will seek an additional 6 billion dollar bail-out from taxpayers.