Notes from Howard's Sabbatical from Working. The name comes from a 1998 lunch conversation. Someone asked if everything man knew was on the web. I answered "no" and off the top of my head said "Fidel Castro's favorite color". About every 6-12 months I've searched for this. It doesn't show up in the first 50 Google results (this blog is finally first for that search), AskJeeves says it's: red.
Fine. Let's go to court. I want these people to prove they deserved these bonuses. Should take about 5 years to finish the case. The best part is that it would rip open the books and e-mails, and dirty little secrets of these firms, etc....
That's why this won't happen. The current administration clearly does not want this out there for all to see. I would really love to know why.
What is the evidence that they are doing anything at all to bring out the truth of the financial meltdown.
Nothing.
We own 80% of the goddamn company. Just fire the people in the Derivatives Group....open the books and the e-mails...do something to show the American people that it is not business as usual. Why not lay bare the actions of AIG for all to see, and where illegal activities took place, bring charges against the people responsible. I'm not holding my breath.
The administration's complete lack of any meaningful or real action to investigate the financial meltdown is all the evidence that is needed. Why is it up to Attorney General of the State of New York to take the first legal action against AIG? Is the Justice Department too busy? I do realize the SEC is too incompetent. Although, I suppose since we are now the majority owner of AIG we would be investigating ourselves. Fine.
And by the way, much of the Taxpayer money that AIG has already received has gone directly to third parties, several from outside of the US. I think us taxpayers just bailed out some foreign financial institutions for about 30 billion dollars through AIG payments.
By the way the largest third party payee of AIG was Goldman Sachs...12.5 billion dollars. But I guess that doesn't mean that they got government money directly so they can keep paying their executives outrageous bonuses too. I'm beginning to think that Goldman Sachs and Morgan/Chase are actually running the bailout.
The President has the entire executive branch, and with his approval ratings, the legislative branch as well, at his disposal. Why is Barney Frank apparently leading the "investigation" into the financial meltdown. Tens of Trillions of dollars of wealth was destroyed so that several thousand people could enrich themselves at the expense of the rest of us. I, for one, would like some answers.
Not very eloquent I realize, but I'm spitting mad at the whole sordid affair.
Just one investigation, is that too much to ask for.
I suggest some deep breaths and less invective. Cuomo is investigating as *states regulate insurance companies* not the SEC. Shareholders don't usually fire employees. I've seen that bailout money paid off 3rd parties, but I don't know the details. if it's as part of insurance contracts that are due, I think I'm ok with that. The reason we bailed them out was so that they would be able to pay. And a big cause of the problem was the inter-connectedness of everything, that includes worldwide and is the reason it's a global crisis. And Barney Frank is leading things from Congress because that's his role.
What I want to see is more appointments to treasury to give Geithner more help. He's trying to come up with a plan to deal with horribly devalued illiquid assets. Mark-to-market is a relatively new rule, what should be done? He's trying to fix the problem, not assign blame. There's probably room to do both, but part of the problem is that most of the actions that got here probably wasn't illegal. And fixing it, will probably help us more than lengthy trials.
Oh and I think this bonus money is 2/100 of 1% of the bailout money. I'd rather not see Geithner and Frank spending so much time on it. If only they had others to delegate to.
Yes, everything will be fine if Geithner only performs more financial gyrational gymnastics. Really, trying to save the global banking system can't be simple.
Horribly devalued illiquid assets.......sounds like something Greenspan would say when attempting to cover his failure as Fed Chairman. Do you mean worthless crap MBS/CDS fraudulent investment vehicles based upon liar loans that Wall Street encouraged the retail mortgage industry criminals to make again and again. I'm sorry but collateral damage, enemy combatants and retention bonuses are phrases I have trouble with too.
Who is to blame because the treasury is not properly staffed? I think there must be a few honest bankers in the US, looking for work since the fall.
The argument that the administration can't walk and chew gum at the same time is straight out of the right wing talking points. I'm sorry, that one is not flying either.
Oh yeah and I heard the less than two-tenths of one percent argument. That misses the entire point. Yes, these crooks, in order to make/steal billions, caused the loss of trillions of dollars in wealth. Just because they only got billions while causing damage to global economy in the trillions somehow makes it less of a crime, and not worthy of investigation?
Yes, this is about truth and retribution and not about "gettng the money back". If done properly, this will serve as a deterent for at least a generation to this type of theft. I have no doubt that good people with real jobs, who actually make things, provide services, create novelty, etc... will "rebuild" the global economy.
Hopefully, it will be done without the assistance of the financial wizards.
And by the way, if you think we will get our money back from AIG forget about it....it's gone. Who are you gonna get it back from... some French Bank...good luck!
The bonuses are but a window into the mind and soul of these people. You are correct, financially a drop in the bucket, unless you are one of the 73 wizards getting a "bonus" of at least 1,000,000 dollars for 2008. Sounds like a lot of money to me.
If the company I worked for was bought at a fire sale because it had passed bankruptcy and went directly to being owned by the US government,,,,but don't say nationalized, I can guarantee you I would not be receiving any bonus.
Sorry for the tone. I am way past intellectual subtlety on this topic, but I do appreciate the responses.
The president seems to be making much more headway in the areas of Guantanimo Bay, Unlimited Detentions without due process, Enemy Combatants, etc.... For that he should be commended. I am very upset at CNN for giving him a platform, and at John King for not challenging Cheney at all during the interview. I thought I was watching FOX News.
In fact, thanks to some recent activity by the current administration, there's a nice facility, in a lovely tropical location, that will soon be available for long-term vacations for some former wall street executives.
8 comments:
Fine. Let's go to court. I want these people to prove they deserved these bonuses. Should take about 5 years to finish the case. The best part is that it would rip open the books and e-mails, and dirty little secrets of these firms, etc....
That's why this won't happen. The current administration clearly does not want this out there for all to see. I would really love to know why.
Obama could tout it as Stimulus for lawyers.
On what evidence can you support "The current administration clearly does not want this out there for all to see."?
What is the evidence that they are doing anything at all to bring out the truth of the financial meltdown.
Nothing.
We own 80% of the goddamn company. Just fire the people in the Derivatives Group....open the books and the e-mails...do something to show the American people that it is not business as usual. Why not lay bare the actions of AIG for all to see, and where illegal activities took place, bring charges against the people responsible. I'm not holding my breath.
The administration's complete lack of any meaningful or real action to investigate the financial meltdown is all the evidence that is needed. Why is it up to Attorney General of the State of New York to take the first legal action against AIG? Is the Justice Department too busy? I do realize the SEC is too incompetent. Although, I suppose since we are now the majority owner of AIG we would be investigating ourselves. Fine.
And by the way, much of the Taxpayer money that AIG has already received has gone directly to third parties, several from outside of the US. I think us taxpayers just bailed out some foreign financial institutions for about 30 billion dollars through AIG payments.
By the way the largest third party payee of AIG was Goldman Sachs...12.5 billion dollars. But I guess that doesn't mean that they got government money directly so they can keep paying their executives outrageous bonuses too. I'm beginning to think that Goldman Sachs and Morgan/Chase are actually running the bailout.
The President has the entire executive branch, and with his approval ratings, the legislative branch as well, at his disposal. Why is Barney Frank apparently leading the "investigation" into the financial meltdown. Tens of Trillions of dollars of wealth was destroyed so that several thousand people could enrich themselves at the expense of the rest of us. I, for one, would like some answers.
Not very eloquent I realize, but I'm spitting mad at the whole sordid affair.
Just one investigation, is that too much to ask for.
I suggest some deep breaths and less invective. Cuomo is investigating as *states regulate insurance companies* not the SEC. Shareholders don't usually fire employees. I've seen that bailout money paid off 3rd parties, but I don't know the details. if it's as part of insurance contracts that are due, I think I'm ok with that. The reason we bailed them out was so that they would be able to pay. And a big cause of the problem was the inter-connectedness of everything, that includes worldwide and is the reason it's a global crisis. And Barney Frank is leading things from Congress because that's his role.
What I want to see is more appointments to treasury to give Geithner more help. He's trying to come up with a plan to deal with horribly devalued illiquid assets. Mark-to-market is a relatively new rule, what should be done? He's trying to fix the problem, not assign blame. There's probably room to do both, but part of the problem is that most of the actions that got here probably wasn't illegal. And fixing it, will probably help us more than lengthy trials.
Oh and I think this bonus money is 2/100 of 1% of the bailout money. I'd rather not see Geithner and Frank spending so much time on it. If only they had others to delegate to.
Yes. Deep breathes......
Yes, everything will be fine if Geithner only performs more financial gyrational gymnastics. Really, trying to save the global banking system can't be simple.
Horribly devalued illiquid assets.......sounds like something Greenspan would say when attempting to cover his failure as Fed Chairman. Do you mean worthless crap MBS/CDS fraudulent investment vehicles based upon liar loans that Wall Street encouraged the retail mortgage industry criminals to make again and again. I'm sorry but collateral damage, enemy combatants and retention bonuses are phrases I have trouble with too.
Who is to blame because the treasury is not properly staffed? I think there must be a few honest bankers in the US, looking for work since the fall.
The argument that the administration can't walk and chew gum at the same time is straight out of the right wing talking points. I'm sorry, that one is not flying either.
Oh yeah and I heard the less than two-tenths of one percent argument. That misses the entire point. Yes, these crooks, in order to make/steal billions, caused the loss of trillions of dollars in wealth. Just because they only got billions while causing damage to global economy in the trillions somehow makes it less of a crime, and not worthy of investigation?
Yes, this is about truth and retribution and not about "gettng the money back". If done properly, this will serve as a deterent for at least a generation to this type of theft. I have no doubt that good people with real jobs, who actually make things, provide services, create novelty, etc... will "rebuild" the global economy.
Hopefully, it will be done without the assistance of the financial wizards.
And by the way, if you think we will get our money back from AIG forget about it....it's gone. Who are you gonna get it back from... some French Bank...good luck!
The bonuses are but a window into the mind and soul of these people. You are correct, financially a drop in the bucket, unless you are one of the 73 wizards getting a "bonus" of at least 1,000,000 dollars for 2008. Sounds like a lot of money to me.
If the company I worked for was bought at a fire sale because it had passed bankruptcy and went directly to being owned by the US government,,,,but don't say nationalized, I can guarantee you I would not be receiving any bonus.
Sorry for the tone. I am way past intellectual subtlety on this topic, but I do appreciate the responses.
Too Tall
I understand. I get as excited about investigating Cheney and cohorts.
The president seems to be making much more headway in the areas of Guantanimo Bay, Unlimited Detentions without due process, Enemy Combatants, etc.... For that he should be commended. I am very upset at CNN for giving him a platform, and at John King for not challenging Cheney at all during the interview. I thought I was watching FOX News.
In fact, thanks to some recent activity by the current administration, there's a nice facility, in a lovely tropical location, that will soon be available for long-term vacations for some former wall street executives.
I say why let it go to waste.
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