Blog on the Run: Reloaded

Thursday, August 11, 2011 8:41 pm

If you want to go after waste, fraud and abuse in government spending …

Filed under: I want my money back. — Lex @ 8:41 pm
Tags: ,

… you could go after nickel-and-dime food-stamp and unemployment fraud. Or, you could take Willie Sutton’s advice and go where the money is, i.e., the Pentagon. But if you can’t or won’t go after the Pentagon, there are other forms of cost-efficient, low-hanging fruit, and it looks like we just found some:

The Department of Justice and four states on Monday filed a multibillion-dollar fraud suit against the Education Management Corporation, the nation’s second-largest for-profit college company, charging that it was not eligible for the $11 billion in state and federal financial aid it had received from July 2003 through June 2011.

While the civil lawsuit is one of many raising similar charges against the expanding for-profit college industry, the case is the first in which the government intervened to back whistle-blowers’ claims that a company consistently violated federal law by paying recruiters based on how many students it enrolled. The suit said that each year, Education Management falsely certified that it was complying with the law, making it eligible to receive student financial aid.

“The depth and breadth of the fraud laid out in the complaint are astonishing,” said Harry Litman, a lawyer in Pittsburgh and former federal prosecutor who is one of those representing the two whistle-blowers whose 2007 complaints spurred the suit. “It spans the entire company — from the ground level in over 100 separate institutions up to the most senior management — and accounts for nearly all the revenues the company has realized since 2003.”

Let’s say that again: the fraud “accounts for nearly all the revenues the company has realized since 2003.” In other words, this corporate entity you’ve probably never heard of was set up for the specific and sole purpose of stealing more than a billion dollars a year from taxpayers, the government alleges.

That’s pretty breathtaking. Who would have the wherewithal, the ingenuity, the resources and the sheer gall to attempt something like that?

Education Management, which is based in Pittsburgh and is 41 percent owned by Goldman Sachs, enrolls about 150,000 students in 105 schools operating under four names: Art Institute, Argosy University, Brown Mackie College and South University.

Did I even need to ask?

(Disclosure: I work for a private, not-for-profit institution of higher education that is at least theoretically a competitor of Education Management Corp. Not being directly involved in admissions, I have no idea whether we actually compete with them in real life.)

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Tuesday, June 7, 2011 7:47 pm

This is not difficult

Goldman Sachs CEO Lloyd Blankfein has broken the law and should go to prison for five years.

I don’t mean in terms of conspiring to commit fraud or other complicated areas, although I personally believe he has broken the law there, too. I mean he has done the same simple, stupid thing that got former baseball star Roger Clemens indicted: He lied to Congress.

Matt Taibbi helpfully explains:

Though many legal experts agree there is a powerful argument that the Levin report [a report stemming from an investigation led by Sen. Carl Levin — Lex] supports a criminal charge of fraud, this stuff can keep the lawyers tied up for years. So let’s move on to something much simpler. In the spring of 2010, about a year into his investigation, Sen. Levin hauled all of the principals from these rotten Goldman deals to Washington, made them put their hands on the Bible and take oaths just like normal people, and demanded that they explain themselves. The legal definition of financial fraud may be murky and complex, but everybody knows you can’t lie to Congress.

“Article 18 of the United States Code, Section 1001,” says Loyola University law professor Michael Kaufman. “There are statutes that prohibit perjury and obstruction of justice, but this is the federal statute that explicitly prohibits lying to Congress.”

The law is simple: You’re guilty if you “knowingly and willfully” make a “materially false, fictitious or fraudulent statement or representation.” The punishment is up to five years in federal prison.

When Roger Clemens went to Washington and denied taking a shot of steroids in his ass, the feds indicted him — relying not on a year’s worth of graphically self-incriminating e-mails, but chiefly on the testimony of a single individual who had been given a deal by the government. Yet the Justice Department has shown no such prosecutorial zeal since April 27th of last year, when the Goldman executives who oversaw the Timberwolf, Hudson and Abacus deals arrived on the Hill and one by one — each seemingly wearing the same mask of faint boredom and irritated condescension — sat before Levin’s committee and dodged volleys of questions. …

Lloyd Blankfein went to Washington and testified under oath that Goldman Sachs didn’t make a massive short bet and didn’t bet against its clients. The Levin report proves that Goldman spent the whole summer of 2007 riding a “big short” and took a multibillion-dollar bet against its clients, a bet that incidentally made them enormous profits. Are we all missing something? Is there some different and higher standard of triple- and quadruple-lying that applies to bank CEOs but not to baseball players?

In fairness to both Taibbi and Sen. Levin and his investigators, there appears to be ample proof on the record that Goldman as a corporation and its individual officers committed a multitude of crimes — enough that any sane state would give Goldman the death penalty and lock the officers up for the rest of their natural lives. But those are, to a greater or lesser degree, complicated charges, challenging to prove. Lying to Congress? No-brainer.

They got Al Capone not for murder but for tax evasion. Lloyd Blankfein doing five years for lying to Congress wouldn’t be justice, but it would be a start.

One other question, perhaps more difficult: Why is it that you, I, Carl Levin and some scruffy reporter for Rolling Stone can see this but the Attorney General of the United States cannot? Are we just smarter, or what?

UPDATE: Apparently we’re smarter than the Attorney General on the John Ensign case, too.

Thursday, July 15, 2010 11:06 pm

Hope that wrist tap doesn’t leave a bruise

Filed under: Evil — Lex @ 11:06 pm
Tags:

The government settled its mortgage-fraud suit with Goldman Sachs today for $550 million. Company stock went up about 4.5% before close and another 5% in after-hours trading, which tells you all you need to know.

This is a company, remember, whose annual profits are in the $16 billion range. A settlement worth a damn would’ve left enough blood on the balance sheets to cut the the stock price 30%.

So they got away with it. And they’ve got plenty of money left over to hire the people now working for the government who “cracked down” on them so.

Wednesday, June 30, 2010 7:44 pm

Financial-regulation reform?

Eh, not so much.

Wednesday, June 16, 2010 10:49 pm

Show me the money

When I woke up this morning, America was all abuzz over the notion that President Obama expects BP to put up a $20 billion escrow fund to cover the damages resulting from the Deepwater Horizon environmental disaster.

My first thought: Given the ever-increasing amounts of oil flow being reported (which may not be just the results of more accurate measurement but may in fact be ever-increasing amounts), what in pluperfect hell is the basis for presuming that $20 billion will be sufficient?

My second thought? Obama needs to get the money up front. In cash:

With BP’s shares plummeting, the embattled oil company is reportedly concerned about a hostile takeover. So who’s BP turning to for help? Goldman Sachs, of course. Not to mention The Blackstone Group and Credit Suisse.

Fox Business Network’s Charlie Gasparino reported yesterday that Goldman was one of “the lead advisers for BP in trying to figure its way financially out of this mess, and it’s raising a lot of eyebrows.”

Gasparino had reported earlier that three banks had been hired to help BP develop plans to deal with its financial liabilities, and that “the top contingency plan is clearly a potential hostile takeover. If the stock keeps falling, are they basically susceptible to a hostile takeover.”

The people running BP do not care whether BP is susceptible to a hostile takeover. They care about not going to prison and getting a bunch of money. Period. And the less money gets forked over to the government and put in escrow for people harmed by the oil eruption, the more money there is for them to steal, whether or not the company gets taken over.

Because here’s the thing: You may or may not retain Goldman Sachs, the Blackstone Group or Credit Suisse to fend off a hostile takeover. But you definitely do NOT retain any of those outfits if your primary concern is protecting the interests of those physically and economically harmed by your negligence and crimes.

Friday, May 14, 2010 11:07 pm

Good news, bad news

Wednesday, May 12, 2010 8:53 pm

The more, the merrier

Filed under: Hold! Them! Accountable! — Lex @ 8:53 pm
Tags: , ,

Morgan Stanley joins Goldman Sachs under the microscope of federal criminal prosecutors. Meanwhile, the SEC has issued subpoenas to Citi and Deutsche Bank. Depending on what it finds, it might or might not refer those cases to Justice for criminal probes.

Tuesday, May 11, 2010 8:45 pm

It could happen. Again.

I mentioned yesterday that Goldman Sachs lost money exactly zero out of 63 trading days in the first quarter of 2010. That odds against that are astronomical.

So what do you suppose the odds were against both Goldman Sachs AND J.P. Morgan running the first-quarter table — and Morgan Stanley making money on 59 out of 63 trading days in that same quarter?

I’m no mathematician, but whatever number you think goes in the denominator of THAT fraction, I’m guessing you’re gonna need more zeros.

UPDATE: And even more: Bank of America was perfect in Q1, also.

Monday, May 10, 2010 10:53 pm

It wasn’t an accident, it wasn’t suicide and it damn sure wasn’t natural causes

Filed under: I want my money back.,We're so screwed — Lex @ 10:53 pm
Tags: ,

Quoth Max Keiser:

“May 6th was an unequivocal act of domestic financial terrorism in America. A day that will live in infamy.

To scare the lawmakers, themselves large owners of the very banks and stocks that they are supposed to be regulating, a financial Weapon of Mass Destruction was put to their head and they acquiesced.

As the inventor of the continuous double-auction, market-making technology (VST tech. US pat. no. 5950176) that is referenced 132 times by program trading and HFT patents since 1996, I can tell you that Goldman, JP Morgan and the gang simply pulled the ‘buys’ from their computer trading programs and manufactured a crash. And when the coast was clear, and it was clear the politicians were not going to vote for anything that would break up the ‘too big to fail’ banks; all the ’sells’ were pulled from the computers and the market roared back.

This is a Manchurian Candidate market where program trading bots start the ball rolling in whatever direction Wall St. wants the market to go – and then hundreds of thousands of day-traders watching Cramer on CNBC jump on the momentum bandwagon and commit the crime for the Wall St. financial terrorists, who then say, ‘It wasn’t us, it was ‘the market!’”

Stacy Herbert also notes:

Other than the two major operations carried out on 9/29/08 and 5/6/10, we must also recall a smaller attack on January 21st and 22nd of 2010, when Obama had a press conference and came out in favor of the Volcker Rule, which would have limited these HFT and “proprietary trading” schemes. At that time, the market dropped 430 points. Soon after this attack, all follow-up talk on the Volcker Rule faded away and this reform has not been seriously addressed by Obama since then.

Game over.

It could happen

Filed under: We're so screwed — Lex @ 10:32 pm
Tags:

There were 63 trading days in the last quarter. Guess on how many of those trading days Goldman Sachs lost as much as 1 cent?

That’s right. Quoth Tyler Durden:

The statistic probability of this event is itself statistically undefined. Goldman is now the market — or, in keeping with modern market reality, Goldman is the house, it controls the casino, and always wins. Congratulations, America: you now have far, far better odds in Las Vegas than you have making money with your E-Trade account.

Adding to the alice in wonderland insanity of this announcement, the firm made over $100 million daily on 35 different days. Of Goldman’s $9.7 billion in total Q1 revenue, 76% came from trading. Forget investment banking, forget underwriting, forget advisory: over three quarters of the firm’s value is based on being the house to the biggest corrupt casino in existence. Ever.

Wednesday, April 28, 2010 11:13 pm

Speaking, as I was earlier, of “Oh, please, oh, please” …

… is SIGTARP — the Special Inspector General at the Treasury Department who is responsible for rooting out waste, fraud and abuse in the federal bank bailout, going to throw the book at Tim Geithner??

[Neil Barofsky] has also criticized Treasury Secretary Timothy F. Geithner in reports and in congressional testimony for his handling of the process by which insurance giant American International Group Inc. was saved from insolvency in 2008, when Geithner was head of the Federal Reserve Bank of New York.

The secrecy that enveloped the deal was unwarranted, Barofsky says, adding that his probe of an alleged New York Fed coverup in the AIG case could result in criminal or civil charges.

In Senate Finance Committee testimony on April 20, Barofsky said SIGTARP would investigate seven AIG-linked mortgage-related securities similar to Abacus 2007-AC1, the instrument underwritten by Goldman Sachs Group Inc. that is at the center of a U.S. Securities and Exchange Commission lawsuit filed against the investment bank on April 16.

Leading the Charge

“I’ve been in contact with the SEC,” he told the committee. “We’re going to coordinate with them, but we’re going to lead the charge. We’re going to review these transactions.”

Barofsky and Geithner’s offices have gone toe-to-toe over AIG, alleged lax oversight of TARP funds and even over the question of whom Barofsky reports to.

Barofsky, a former federal prosecutor who was once the target of a kidnapping plot by Colombian drug traffickers, says he’s also looking into possible insider trading connected to TARP.

But that’s absurd, because no American banker would be such a cad and bounder as to run out and buy stock in his own bank before word of an impending federal bailout of that bank became public, would he?

Naaah.

A Patriots’ Day call to arms

I’m way late to this, but it’s so good it’s still worth repeating in its entirety even as parts get overtaken by events. The author is MSNBC’s Dylan Ratigan:

This letter is a call to (electronic) arms on Patriots’ Day.

Mr. President, please show the American people the AIG emails.

In the wake of the disclosures associated with Friday’s government fraud accusations against Goldman, Sachs & Co., one of our nation’s wealthiest, largest and most politically well-connected banks, it is inexcusable the U.S. government still refuses to release the thousands of emails that exist between AIG and Goldman Sachs.

Unlike the Icelandic volcano, this was no natural disaster. Trillions of dollars have been defrauded from the U.S. taxpayer by a banking scam run by the top 1% of our country.

The mark for this con game has been and continues to be every teacher, cop, firefighter, nurse, conservative saver, small investor, student and retiree. People whose pensions, homes, jobs and monthly retirement stipends have been and continue to be deprived — so these people can use our government to transfer money from your work to themselves.

We also know that the same people responsible for this failed system are STILL RUNNING IT, leaving obvious conflicts of interest everywhere you turn.

But the American people still have one tremendous ally in not letting them get away with the fraud — a SEC law that forces these companies to keep records of all of their communications coupled with the most sophisticated, extraordinary ability to use 21st century technology to quickly harvest relevant information out of billions of pieces of data.

And even by barely scratching the surface, this is what we already find:

A Goldman Sachs vice president accused of fraud, writing “more and more leverage in the system, The whole building is about to collapse anytime now…

An S&P ratings agent saying “Let’s hope we are all wealthy and retired by the time this house of cards falters.”

Our government is in a position to grant access to a vast pool of information that could answer so many questions about why all our money was taken. But flush with money from these potentially fraudulent institutions, politicians have systematically gutted the very people charged with investigating these crimes.

As a final insult, they provide 23.7 trillion in direct and implied support for these bankers to keep bonusing themselves billions, yet offer a paltry 0.0000003% of that amount to investigate how this incredibly un-American event happened in the first place.

To add insult to injury, we the people now OWN the company at the center of much of the alleged fraud. Currently, you, the U.S. taxpayer, own 80 percent of AIG and there are now 5 people who represent us as trustees at the company.

Please Mr. President,

Show the American people the AIG emails. Many are suffering, our young are without work, our middle class is stuck in houses they can’t sell, making it impossible to move to new jobs for the future of our country, and our retirees who, at their most vulnerable, find the custodians of their life savings as either crooks or suckers for the bankster scams.

As our president, you are in charge of AIG. That means that without even a court order, the American people can see every email and it is long past due for you to release those 10 years of AIG emails to the people.

Today, in honor of our ongoing fight against tyranny, let’s send a plea to all our elected officials, Treasury Secretary and president to fulfill their custodial obligation to those they represent and show the American people the AIG emails.

And just to prove a point, look into your old email files and find some innocuous email from the past 10 years to attach to the bottom… perhaps if we show them ours, they will show us theirs.

Here is how to do it:

Your Representative http://www.house.gov/

Your Senator http://www.senate.gov/general/contact_information/senators_cfm.cfm

Treasury Secretary Timothy Geithner

President Barack Obama

Crime upon crime

Filed under: Hold! Them! Accountable! — Lex @ 5:03 am
Tags: ,

I hadn’t seen this anywhere else: Apparently Goldman Sachs not only misled investors about its position with respect to some mortgage-backed securities (telling them it was long when it in fact was short), which is a “material misrepresentation” and therefore fraud; it also neglected to inform its own shareholders that it was notified by the SEC as long ago as August 2008 that it was under investigation.

It is conceivable that every individual and entity that has done business with Goldman Sachs since it received that letter has grounds for a civil fraud suit.

Fun fact: The judge in the SEC lawsuit against Goldman used to prosecute mafiosi.

Friday, April 16, 2010 8:35 pm

It looks like a penis law enforcement …

… only smaller:

Goldman Sachs Group Inc. was sued by U.S. regulators for fraud tied to collateralized debt obligations that contributed to the worst financial crisis since the Great Depression. The firm’s shares tumbled 13 percent and financial stocks slumped.

Goldman Sachs created and sold CDOs tied to subprime mortgages in early 2007, as the U.S. housing market faltered, without disclosing that hedge fund Paulson & Co. helped pick the underlying securities and bet against the vehicles, the Securities and Exchange Commission said today. Billionaire John Paulson’s firm earned $1 billion on the trade and wasn’t accused of wrongdoing. The SEC also sued Fabrice Tourre, a Goldman Sachs vice president who helped create the CDOs, known as Abacus.

“The product was new and complex but the deception and conflicts are old and simple,” SEC Enforcement Director Robert Khuzami said. “Goldman wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party.”

So: Who shorted Goldman Sachs before today?

Also: I’m going to hit the Eternal Snooze button here by asking to be awakened when, and only when, criminal trials of individual, high-ranking Goldman Sachs executives begin. This is all for show, just like the “finance reform” Congress is playing at. If it goes anywhere, it’ll be settled for a few lousy million without any individual or corporate admission of wrongdoing.

If Matt Taibbi, the Rolling Stone writer, were U.S. attorney for the Southern District of New York, he could’ve gotten two dozen Goldman execs indicted by now. And if Eliot Spitzer, instead of becoming governor and purchasing hookers by the litter, were still New York State AG, he’d already have done it.

Monday, February 15, 2010 9:56 pm

Vampire squid in the searchlights

Filed under: We're so screwed — Lex @ 9:56 pm
Tags: , ,

Goldman Sachs apparently played a larger and more nefarious role in Greece’s economic crisis than had been clear earlier (although Zero Hedge argues that Goldman’s role and intentions were, in fact, made perfectly clear in a February 2009 prospectus). Which means that Goldman Sachs may yet end up killing us all, financially speaking, because, as Simon Johnson observes, “a single rogue bank can bring down the world’s financial system.”

Which is, you know about par for the course for a Monday, but still.

Johnson believes — no doubt because European governments aren’t quite the regulatorily captured whores of their American counterpart — that the European Commission will investigate Goldman’s actions. He offers 10 sets of questions. Nine of them are beyond my ken, but the tenth seems pretty straightforward: “Did any responsible official really think that what Goldman was constructing was really some sort of productivity-enhancing financial innovation – as opposed to a sophisticated form of scam?”

To which my answer would be, “Define ‘responsible official.'”

Saturday, February 13, 2010 12:24 pm

Goldman Sachs is now a monopoly

Filed under: I want my money back. — Lex @ 12:24 pm
Tags: ,

And we have a process for dealing with monopolies. Let’s follow the process.

Wednesday, February 3, 2010 12:00 am

Odds and ends for 2/2

Punxsutawney Phil weighs in on this whole Groundhog Day thing. Spoiler: He is, profanely, obscenely, NSFW-ly not a fan.

Bestest snow in a decade: The night we moved into our current house in January 2000, we got what likely will be a strong contender for snowstorm of the century. This past weekend’s storm, which dumped better than 6″ on us and close to a foot not far north of here, was almost as good. Got to go sledding and have a snowball fight with the kids — they killed me. Enjoyed Cajun crab-corn chowder and other good eats with good friends. Settled into a warm armchair Sunday night with a great novel and some Nattie Greene’s Red Nose winter ale. Ahhhhh.

Bad news, worse news for banking: The current commercial real-estate bubble could take down the banking system when it pops. And CRE ain’t the only potentially lethal problem out there. I’ll say one good thing about the free-marketeers: They can certainly f\/(% up a banking system.

Goldman Sachs to tell THE president to get bent, pay ITS president a $100 million bonus: Someone explain to me again why we don’t want to punish the banksters.

More insider trading that the SEC somehow manages to overlook.

While Jim Bunning does the taxpayers a few favors on his way out the door, Chris Dodd is throwing Molotov cocktails: Dodd, along with Richard Shelby and Paul Kanjorski, has pretty much killed the proposed ban on proprietary trading by banks. Because the one thing we desperately needed was even more taxpayer money at risk. Or has he? Goldman Sachs’ stock price seems to think Dodd hasn’t killed it after all.

Has prop trading really killed even one bank? Tennessee Sen. Bob Corker asked that question today. The answer is yes: Merrill Lynch, which the Fed bribed Bank of America to take over. (That transaction itself has raised all manner of, for BAC officers/directors, ugly questions about what stockholders were and weren’t told about the ML takeover.)

The Fed: One big counterfeiter, basically. Which, honestly, is sort of what I had thought, except that I figured there were important distinctions that were eluding me on account of I’ve got the economic skillz of a cinder block. Turns out I was more right than I knew, which does NOT make me feel as good as you’d think.

Not that what people want actually matters, but health-care reform with a public option is more popular even among Republicans in swing districts than the current Senate bill, which lacks one. And to no one’s surprise, although at least 51 Democratic Senators are on record as supporting a public option, now that reconciliation (i.e., simple majority vote) could make it happen, some of those “backers” are backpedaling, lest they upset their corporate overlords.

As is often the case, The New York Times’ David Brooks is guilty of slopping thinking. Matt Taibbi dopeslaps him back in the direction of reality and, in the process, puts in a shout-out for factual journalism over the false equivalence of “objective” journalism.

If you believe this, 26 states, including North Carolina, are insolvent. I don’t know whether to believe it or not, but, lord, it wouldn’t surprise me at this point.

I suppose it’s possible that repealing “don’t ask, don’t tell” will disrupt some military units … which is what desegregation opponents in the military warned Harry Truman 60 years ago. And as the fictitious Chairman of the Joint Chiefs on “The West Wing” observed, “You know what? It did disrupt the unit. The unit got over it.” More to the point, so, basically, did all the senior witnesses who testified before Congress on the matter today.

Why the hell isn’t someone under indictment for this?: The CIA is allowing some of its personnel to moonlight for private, for-profit corporations. This isn’t bad only because it divides CIA staffers’ focus/attention, although that division is, indeed, a bad thing; it’s bad because it gives certain corporations access to government secrets they’re not entitled to have.

Why, it’s almost as if someone’s looking out for the taxpayers’ interests: Defense Secretary Robert Gates has fired the head of the $350 billion F-35 program because of cost overruns and performance issues. He also has withheld hundreds of millions in payments to Lockheed Martin, the prime contractor on the fighter jet. There’s gotta be a catch; I just haven’t figured out yet what it is.

I personally think Khalid Sheikh Muhammad should be tried in New York City, and I think people who think otherwise for any reason other than the cost of security are incontinent. And here’s what I would call a conservative argument in favor of trying KSM in, if not in New York City proper, at least in a civilian federal court elsewhere within the Southern Judicial District of New York. And here are some other reasons why letting the White House, Congress and local officials butt into this is a bad idea.

Colorado Springs tries an interesting social experiment: Rather than raise taxes, the city is letting a third of its streetlights go dark, letting dozens of police and firefighter positions go unfilled, not paving any streets and cutting all kinds of other services. I am sincerely interested in seeing what happens with this.

The NFL may well be the most popular sports operation in America, but they still desperately need competent public-relations counsel.

As do Senate Democrats, who spent the weekend schmoozing with bank lobbyists in Miami. No way that could go wrong for the taxpayer.

Supposedly we now have a study that says abstinence-only sex education works: Except for the part where the program studied — which might, in fact, work, although I’d say more study is needed — was not, in several important ways, abstinence-only. More details here. This isn’t just apples to oranges, it’s apples to mountain oysters.

As does Sarah Palin, whose PAC spent more money in the last half of 2009 on copies of her book than it did in contributions to other political candidates, ostensibly the PAC’s primary purpose. For those of you following along at home, this is a way of funneling political contributions to her PAC straight into her own pockets.

Question of the day, from Eli: “… if only one political party’s base gets to be taken seriously, does it really have to be the one that parades around with pictures of the President Of The United States dressed as a witch doctor?”

What could possibly go wrong? A Michigan man with a sled tried to fashion a rocket pack out of an old car muffler, gasoline and gunpowder. Police say he had been … wait for it … drinking. (h/t: Nance)

Thursday, January 28, 2010 9:24 pm

We wuz robbed; or, “These CDOs have ‘cliff risk,’ as in falling off of one.”

On Wednesday, an unredacted list was finally released of what toxic assets the New York Federal Reserve took off AIG’s hands in 2008 for 100 cents on the dollar of our money. Financier Janet Tavakoli has reviewed the list and tells us what we can learn from it.

How badly did this deal screw taxpayers? Horribly:

… at the time of the November 2008 buyout, some CDOs had implied prices of around 60 cents on the dollar. Others had implied prices of around 20 cents on the dollar. Not revealed by the new report is that many of the assets backing some of the CDOs have a high risk of severe or total principal loss (many have actual losses). These CDOs have “cliff risk,” as in falling off of one. (There is currently no reliable secondary market, and similar CDOs have traded as low as one penny.) [To clarify, that’s not one penny on the dollar, that’s one penny per security — Ed.]

Among her other findings:

  • Although AIG’s Joe Cassiano has claimed that the company was out of the mortgage-security protection business by the end of 2005, about 14 percent of the CDO tranches, nominally constituting $21 billion of the $62 billion in assets the New York Fed bought from AIG, originated later.
  • Although Blackrock’s managed investments included a AAA-rated June 2007 CDO that had deteriorated to C (junk) status by December 2008, Blackrock got no-bid contracts to manage investments that the New York Fed bought from AIG.
  • The high-dollar bailout of AIG, the insistence that the situation was too critical to allow for negotiations, and the subsequent secrecy all directly and significantly benefited Goldman Sachs.

She adds:

The fact that the Fed and SEC suppressed potentially explosive facts is bad enough, but the delay in making the information public has given interested parties a window of opportunity to cover their tracks by dumping the worst of the assets, thus hiding them forever from public view.

Suppressing the details of AIG’s trades made it easier for AIG’s counterparties to cover-up profiteering and then exploit public funds. If details of these trades had been made public in September 2008, a reasonable negotiator would have demanded that the billions of dollars that had been extracted from AIG (including the $7.5 billion Goldman extracted by then) should be recharacterized as a loan.

Instead, the Fed gifted tens of billions of dollars to banks that supplied the financing for bad loans that damaged the U.S. economy. More than that, these banks engaged in suspect deals that covered up losses and allowed them to continue to report apparent “profits” and pay inflated bonuses. Meanwhile, their securitization activities continued to harm the economy during a period at which the United States was at war.

Goldman is not solely responsible, but it had a large role in AIG’s crisis and a unique position of conflicted interest and influence over the terms of the bailout. Now that the crisis is over, this issue should be reopened, and billions in collateral should be clawed back to pay down public debt, before Goldman Sachs pays more than $16 billion in taxpayer subsidized bonuses to its employees.

And this, folks, was only one bailout.

During his State of the Union address Wednesday night, President Obama reportedly said, “I don’t want to punish the banks.” I think MikeElk speaks for roughly 300 million Americans when he asks why the hell not.

I’ll go a step further: Mr. President, I don’t give a damn what you don’t want. What matters is what we want and what the law says we are owed: Investigations. Indictments. Convictions. Restitution. You want to stimulate the economy? Create the biggest freakin’ law-enforcement task force in this country’s history and turn them loose on the banksters.

Oh, and one other thing we want, Mr. President: fines so big those jackals will never get out from under them. Because tens of millions of Americans will never get out from under what they did. They ought to know, at least, what that feels like.

Wednesday, January 27, 2010 11:06 pm

Odds and ends for 1/27

And people think I’m crazy for suggesting that Obama is as bad as Bush: Marcy flags something that the Washington Post’s Dana Priest wrote down but apparently failed to grasp the significance of: “Somewhere there’s a list of Americans who, the President has determined, can be killed [by their own government] with no due process.” OK, I’ll say it: Impeach him. I’m dead serious. Because if what Priest reports is true, the president has illegally and extraconstitutionally conspired to commit murder.

Think George W. Bush will watch on teevee?: Britain’s former prime minister Tony Blair testifies Friday in the inquiry into that country’s decision to join the war in Iraq. Even if he escapes indictment — and that is far from certain — Blair’s place in British history appears sure to fall into the Brit equivalent of Warren Harding country.

Cue ominous music: The SEC voted 4-1 today to suspend automatic redemptions from money-market funds. People who value these investments for their liquidity now have no reason to value them. Let the stampede begin. What’s the larger meaning? I have no idea, but I’m about 98% sure it ain’t good.

The banksters screw us again: Citi temporarily tamped down some of the criticism of its big bonuses by announcing that every part of anyone’s bonus over $100,000 would be paid in stock, not cash. The idea is, you tie employees in to the company’s goal of long-term growth and profitability. Which would be great if the stock weren’t redeemable for a couple or three years. But this stock? Will be redeemable in April. As stock bonuses go, that’s practically cash.

How the banksters screwed us the first time: The so-called “Schedule A,” the list of crap mortgage-backed securities that the New York Fed took off AIG’s hands at 100 cents on the dollar when they were actually worth around half that, has finally been made public. Not sure exactly what it will mean, but inasmuch as the NYFRB tried to keep this list secret until 2018, you can be reasonably sure it’s nothing good.

Smoking gun: Goldman Sachs could and should have had to eat some of its bad investments in 2008, but the New York Fed let it off the hook, documents show. That’s the same New York Fed then run by our current SecTreas, who REALLY needs to be returned to the private sector posthaste. Oh, wait: He has been a “public servant” his whole life. Well, that’s OK. After what he appears to have done for Goldman, they should pay him a princely sum for life and not even require him to show up for work. Then they’d have a slight taste of how we taxpayers feel, except for the part where they NEVER ACTUALLY DID ANYTHING FOR US, not that I am bitter.

Cops bumping into each other: Joining the House Oversight Committee in looking into the New York Fed’s bailout of Goldman Sachs and AIG is Neil Barofsky, Special Inspector General for the Troubled Asset Relief Program, better known as the bank bailout program, who testified today before Congress.

Oh, and lookee what Mr. Barofsky had to say: “According to these [Federal Reserve Bank of New York] executives, then-President [Tim] Geithner ‘acquiesced’ to the executive’s proposal. When asked by [Barofsky’s office]  if the executives felt they had received their ‘marching orders’ from then-FRBNY President Geithner to pay the counterparties par [instead of the roughly 48 cents on the dollar they actually were worth], one FRBNY official responded ‘yes, absolutely.'” But … but … Geithner and the White House both say Geithner wasn’t involved in the decision to screw taxpayers by paying AIG customers (including Goldman Sachs) more than they should have. So somebody’s lying. And Barofsky’s the one under oath.

And the hits just keep on coming: A report from Rep. Darrell Issa, ranking Republican on the House Oversight Committee, nails Tim Geithner’s butt to the wall.

Memo to commenters on this article: Genocide is not a contest. There is no prize.

If Steven Pearlstein were president, he’d say the state of the union sucks.

Mixed blessing: In his article “Appalled in Greenwich Connecticut [sic],” downloadable (.pdf) from his site StumblingonTruth.com, Clifford Asness of AQR Capital Management, whom I have not read before, combines grossly unfortunate metaphor (“Unfortunately for this President, he will, I hope, find the financial community not cowering from his Cossacks on a shtetl in the Pale of Settlement (Greenwich, CT), but meeting his accusations with logic and patriotism.”) with both an entitlement mentality AND common sense (“So, how do you fix too-big-to-fail? Well, this is complicated, give me a moment. I got it. You let them fail.”). For a quant, he manipulates words real purty. I may return.

The problem with cutting Medicare and Medicaid: Abe Sauer explains.

Tax the rich! Tax the rich! Oregon’s doing it. Sort of. A little. For the first time in 80 years. But the media is all Scott “Our Next President” Brown, so if you don’t hear about this, that’s why.

Wrong AND lame: President Obama’s proposed 3-year freeze on domestic discretionary spending is not only exactly not what the economy needs in a time of depressed consumer demand, it’s also almost meaningless in its effects on the budget deficit, given that it doesn’t affect big-ticket items like defense, wars, interest on the national debt or entitlements. It’s one more example of trying to appear to people who believe you incapable of doing the right thing that you’re doing the right thing. You will never win those people over, so you ought to just go ahead and do the right thing. Simpler. More effective. Pisses off the people who are wrong. Everyone’s a winner.

Rhodes Scholar tackles spending freeze, president loses.

Related: A roundup of amusing reactions to the quote freeze unquote.

And if you want to look for budget savings, here’s a suggestion. Even George W. Bush’s last Defense Secretary thinks we’re spending too much on defense, and spending it the wrong way. Observes Spencer Ackerman, who covers this stuff for a living, “Everyone in Washington who studies the Pentagon budget quickly finds gobs and gobs of wasteful spending. Not some people. Not dirty hippies. Every. Single. Defense. Analyst.”

Can we like ACORN again? Reminder: O’Keefe’s videotapes were doctored. And August J. Pollak’s commentary on the case is short enough and good enough for you to hie thee hence and read it in its entirety. Go on. I’ll wait.

(pause)

Oh, good, you’re back. Moving on, then …

Conflict of interest: Tyler Durden points out reason to believe that Senate Majority Leader Harry Reid has a quite personal reason for wanting to see Bumbling Ben Bernanke reconfirmed as Fed chairman as early as Thursday.

Whoops! Not so fast, there, Fast Harry: Sen. Jim Bunning, R-Ky., claims to have documents showing that Bernanke overruled his advisers in approving the AIG bailout. And here we thought Harry Reid was just venal. Y’know, nothing is becoming Jim Bunning’s Senate career like his leaving of it. Maybe the old guy is going senile, but he’s actually, at long last, acting in the public interest here. Or maybe he just hates Democrats. Either works for me.

Hard cases make bad law, and this hard case has led a judge to make some awful case law.

You might want to put down the knife, Ms. Quinn, because the Secret Service does NOT mess around: Obama has been advised to make sure the bunny is secure. Commenter El Cid at Balloon Juice adds, “I think it’s kind of funny that Sally Quinn goes to the trouble of asking her readers to ‘indulge [her] for a moment’, as if that woman spends the tiniest femtosecond of her life not being indulged.” And this would be funny if every other Washington journalist weren’t just like her.

The teabaggers are “good Republicans even if they don’t know it.” That’s about the best description I’ve seen.

Speaking of good Republicans, the ones doing PR for the party are just top-notch: The GOP response to the State of the Union tonight was given in — I am not making this up — the hall where Jefferson Davis was inaugurated.

The public option: C’est popular. Corporations: pas tellement: In a Research 2000 poll in 10 swing congressional districts whose seats are currently held by Democrats, a majority of Republicans favor a public option, and a plurality of Republicans, 43%, say Democrats need to do more to fight big corporations.  In the single N.C. district polled, Larry Kissell’s NC-08, voters overall favor a public option by 73% to 16%, with 11% undecided, and a 59% majority of voters, the biggest majority of any of the 10 districts, said Democrats need to do more to fight big corporations. It’d be interesting to see the results if the vague “big corporations” was changed to “banks” or “health-insurance companies” or both.

Against it for all the wrong reasons: Polling ace Nate Silver points out that part of the reason health-care reform isn’t polling as well as its supporters wish is that sizable chunks of the population believe (bad) things about the bill that are objectively untrue.

Why wouldn’t a combination of high-deductible health-insurance plans and Health Savings Accounts fix the problem? That’s pretty much the question one of my cousins asked me in an e-mail the other day. Well, Nancy, here’s your answer.

It would be funny if these people didn’t effectively control the entire U.S. school textbook market: The Texas Board of Education [sic] bans Bill Martin Jr.’s Brown Bear, Brown Bear, What Do You See? from its third-grade reading list after confusing its author with that of the book Ethical Marxism.

Afghanistan Fail: The guy who once held Stanley McChrystal’s job running the U.S. military in Afghanistan and is now ambassador to Afghanistan says McChrystal’s anti-insurgency effort in Afghanistan is doomed.

Good news, for a change, for vets: Iraq and Afghanistan vets suffering from post-traumatic stress disorder but denied monthly disability benefits from the VA can join a class-action lawsuit to get their disability ratings increased to the level required by law, which will make them eligible for benefits. The relevant law was quite clear on what disability rating vets with PTSD are supposed to be assigned, so the fact that someone even had to sue over the issue is a disgrace and an outrage.

CBS: Morons: They won’t let people run factual advertisements about George W. Bush’s war crimes, but they’ll let Christianist wingnuts Focus on the Family run a forced-pregnancy ad during the Super Bowl. I think maybe I’ll just skip the game, then — all the best parts (i.e., the other commercials) will be on YouTube next day anyway. Also, I hope all the fans of Tim Tebow, who’ll star in the commercial, read this. The money quote comes from “an NFC South talent evaluator” who is most likely with the Bucs, since the Saints and Falcons are fixed for starting QBs and the Panthers have neither the money nor the draft pick to go after a potential first-round QB.

Don’t don’t-ask-don’t-tell: That well known military-hater, retired Gen. John Shalikashvili, who implemented “Don’t Ask, Don’t Tell” as chairman of the Joint Chiefs of Staff, says it’s time to repeal the military’s ban on openly gay people. I’d say that time actually was 1775, but I’m happy to welcome J-Shal to the bandwagon.

The lessons of Stuyvesant Town: But by all means, let’s re-confirm Ben Bernanke. Jesus wept.

Rush Limbaugh confesses that he AND the world would be better off if he killed himself: Only on The Onion, unfortunately.

Why Howard Zinn and not Rush Limbaugh?: Zinn, who came up with the radical idea that the history of a democracy shouldn’t be by and for aristocrats only, is dead at 87.

Would it be irresponsible to speculate that since he’s getting a divorce, Karl Rove is now free to woo and wed Jeff Gannon? It would be irresponsible not to.

OK, this is just weird:

You’re looking at the performance of Apple stock earlier today. That big dip came right around the announcement of the iPad. I’m not sure what it means, but I’m pretty sure it ain’t what the Apple board expected.

Best. Apple. Humor. Ever.: The Wikipedia Entry for the iPad (until today): “iPad was a prototype for a feminine hygiene product that purported to digitize a woman’s menstruation cycle and store it on a password-protected Web server.[1]” More iPad humor here, but guys may want to give it a miss.

Keith Richards, sober? Because he was so upset by how hard Ron Wood fell off the wagon? I think The Awl says it all: “If Keith Richards stops drinking because he thinks you have a problem, well, you have a problem.”

This cannot possibly end well: George Lucas is producing a computer-animated musical.

And you thought Blog on the Run was minor-league: I’ll have you know this blog has just 35 fewer paying customers than Newsday.com, so there. And that’s after spending $4 million less on my site design than Newsday spent on theirs!

And you thought my carpal-tunnel syndrome happened because I type a lot.

How Japan intends to win the World Cup (this one goes out to my friend Beau):

(Note that the numbers on the radar are kph, not mph.)

And, finally, things journalists should know about polls:

Tuesday, January 26, 2010 12:17 am

Odds and ends for 1/25

Enron may be dead, but its ghost continues to mess with us: “White House and Congressional Democratic leaders say they now believe that they have the 60 votes needed to block a filibuster of Mr. Bernanke’s reappointment.” … “… strategy on the Bernanke confirmation was being led by former Enron lobbyist Linda Robertson, who is viewed as an effective advocate for the banking chief on Capitol Hill.” But don’t worry — the president’s going on TV Wednesday night to assure us he feels our pain.

Heckuva job, Bernanke: The Fed is required by law  (12 U.S.C. § 225a) to manage monetary policy so as to create jobs for as many people as possible. True story. It also is required to report semiannually on what steps it has taken to comply with this and other requirements. What did its most recent report say about creating jobs? Not bloody much. So explain to me again why this guy should get another four years in the job.

You can pay me now or pay me (a lot more) later: Cutting early-childhood programs hurts jobs now, costs society more later, research shows. My experience covering politics leads me to believe that the kind of people who oppose this sort of spending are not, in general, the type who tend to be convinced by science/research, but, what the hell, I’ll post it anyway.

Yo, Pat, it wasn’t the devil who cursed Haiti. It was Thomas Jefferson. (h/t: Jill)

How could we help Haiti long-term? Cancel its debt, for one thing.

If anything more progressive than the Senate health-care bill is politically dangerous for Democrats, then why is the guy charged with getting Democrats elected to Congress telling Obama and the Senate to shove it?: Maybe because he has seen this polling. Retiring Rep. Marion Berry, D-Ark., on the other hand, clearly has not.

Memo to HuffPo: Your games are no fun when you let the irony-impaired play. (h/t: Beau)

Holy crap: December existing-home sales, expected to be down 10% (or, per Goldman, 15% at worst), were in fact down 16.7% from November, the biggest one-month decline in history.

Speaking of real estate, the biggest real-estate transaction in history has gone into default. Corollary: Apparently it’s OK for real-estate giant Tishman Speyer to walk away from its debts, but don’t try this with your underwater home, kids.

Prisoner’s dilemma, in that everyone who doesn’t work for Goldman Sachs is kind of a prisoner of everyone who does: Goldman Sachs’s chief bull, Jim O’Neill, has gotten somewhat ursine. So does that mean that they know the economy’s going to get worse because they’re running it, or does it mean they want us to think they think it’s getting worse so that they can bet on improvements, engineer those improvements, and win? Decisions, decisions.

Priorities in a post-peak-oil reality, from James Kunstler: “The money that went into propping up the automobile companies could have been used to rebuild the entire railroad system between Boston and the Great Lakes, and the capital squandered on AIG and its offshoot claimants could have rebuilt everything else the rest of the way to Seattle. Is it really so hard to imagine what history requires of you?”

Classifying information to cover up a crime is, itself, a crime. So it makes me very curious to know not only what about the New York Fed’s plans to bail out AIG was kept secret from the SEC on “national-security” grounds, but also why that was done.

Health-care reform: a pictorial timeline (w/generous dollops of snark).

Shorter Michael Barone: How DARE we let the people who actually know what they’re doing decide things? Bonus Stoopid: He talks about knowing how to “manipulate words” like it’s a BAD thing.

We are a polarized nation, and because that’s the case, anyone hoping to prevail in an off-year election probably needs to forget about trying to appeal to the “broad middle” because there ain’t one.

Question for Sen. Bill Nelson: What, exactly, does “the left” control? Because it sure ain’t the White House, Congress or the Supreme Court.

Memo to Andrew Breitbart: Insisting that your questions are serious is no substitute for asking serious questions.

Memo to Harold Ford: Hell, no, we’re not going to cut taxes for you and your rich friends. In fact, jackhole, you’re lucky this country does not tax Stoopid. Hey, do me a favor, dude: PLEASE run for Senate from New York with that platform. I could do with a laugh.

The stimulus saved 1.2 million jobs, but the government needs to do even more, according to a USA Today survey of 50 economists.

They say hope is not a plan, but apparently, for the Obama administration (shorter WaPo), hope was a plan. Oy.

Which is more of a plan than Congressional Democrats have on finance reform.

If you’re going to believe Hitler was a leftist, then you also have to believe … Oh, the places you’ll go!

How to steal a trillion (and a half): John Hussman explains how it’s done.

Pity the rich and their oh, so difficult lives.

Prince Charles is part switchblade. Almost literally.

Friday, January 22, 2010 8:21 pm

Odds and ends for 1/22

Double dip: There were 482,000 new unemployment claims for the week ending 1/16, which was 36,000 more than the previous week and 42,000 more than expected. Worse, new emergency unemployment claims, for those who’ve exhausted regular benefits, were up 652,364 to 5,654,544. If this is a green shoot, it’s the kind of green you see when things are rotting.

Theft of a lifetime: The chief strategist for a major international bank accuses the U.S. and U.K. central banks of conspiring to steal wealth from their respective countries’ middle classes. It’s actually a little more complicated than that, but only a little.

Risky business: President Obama has proposed ending proprietary trading by bank holding companies to reduce the level of risk in the market and, therefore, the risk that taxpayers will have to bail out more banks, something Paul Volcker supports. Banks have protested that this is unnecessary on the grounds that prop trading really isn’t a big part of their business (Goldman Sachs puts its prop-trade revenue at 10% of the total). However, observes Zero Hedge with a nice little chart, “the market begs to differ.” Goldman’s own analysis suggests that while prop trading accounts for perhaps 10% of Bank of America’s revenues, because of prop trading’s high margins it accounts for up to 45% of BAC’s earnings. If that’s true, BAC stock, which is supposed to double in price by the end of 2011, could fall 50% instead.

Related: Real conservatives like Obama’s proposal. American “conservatives,” however, not so much.

So, will Goldman Sachs stop being a bank holding company so that it can continue its proprietary trading?: Probably, although it’s kind of in a pickle because currently it has almost 21 billion reasons not to.

Best health-care reform political analysis. Ever: I don’t think it’s correct on the substance, but whether it is or not, I just love the pretty words: “The only path to national health care reform is to pass the Senate bill. Unless Nancy Pelosi and the House leadership can herd three distinct groups of cats — the Blue Dogs, the Stupak coat-hanger crowd and the progressives — HCR is going down in flames, quite possibly for another generation. This is where we’re at. It sucks. It also blows, a seemingly self-canceling phenomenon that is only witnessed in the rarest, most [rear-end]-tasting conditions. And we are witnessing such conditions this very day — a perfect storm of sucking and blowing. That said, if passing the Senate bill verbatim is a once-in-a-lifetime Suckicane meeting a Category 5 Blowphoon head-on, then NOT PASSING ANYTHING AT ALL takes us into the Bruckheimer-Emmerich territory of summer blockbuster-class suckstinction-level blowvents.”

Quote of the day, from Matt Taibbi, on the prop-trading restrictions: “Obviously this is good news, but what I find irritating about it is that the government only starts listening to its voters once the more corrupt option turns out to be untenable.” Yo, Matt, that ain’t true only about banking, either.

The New York Fed and AIG: A timeline, by Bloomberg. Nice.

People thought Rupert Murdoch wouldn’t ruin the Wall Street Journal. People were wrong, although the author concedes the problem is a bit more nuanced than he first claimed.

So if Glenn Beck isn’t talking about going after progressives through the political process, then what’s he talking about? Because when you say you’re going after your political opponents like the Israelis went after Eichmann, you probably know your audience understands that what awaited Eichmann was a gallows.

Barney Frank may actually have a good idea: Blowing up Fannie Mae and Freddie Mac and creating a new system of housing finance. F&F didn’t cause as much of the current housing-bubble crisis as most of their critics claim, but they did contribute, oh, yes, they did.

And they say this like it’s a bad thing: ABC thinks there may not be enough votes in Congress to reconfirm Ben Bernanke. Let’s hope they’re right. Bernanke is a big reason we’re in as much trouble as we are right now.

They’re the Christian Taliban, they’re stone (no pun intended) killers, and they’re based in Newark: Yeah, that’s right: Read about the connections between the PrayforNewark social-action group, the bill in Uganda to execute gays, and the Dominionist movement in the U.S. These are scary people.

If this had been my daughter, the lawsuit would’ve been filed before the sun went down: TSA employee plants bag of white powder in college student’s carry-on luggage. Plenty of witnesses — who were afraid to speak up. Excellent! Just what you want when you’re trying to prevent terrorism — people who see something hinky but are afraid to speak up for fear of being arrested!

Apparently they can use lasers to zap away fat!: Which sounds cool, and I am so on board (assuming I can find the money) … just as soon as they figure out where the fat goes.

Odds and ends for 1/21

Does Rielle Hunter know?: Former presidential candidate John Edwards finally admits that he is the father of a former campaign staffer’s daughter. I would say “Stop the presses!” except that the presses stopped on this one a long time ago.

One last party before the walls come down: Morgan Stanley has earmarked 62% of revenues for employee compensation. Not earnings, revenues. Which is good if you’re an employee, because there were no earnings; the company posted an annual loss for the first time in its 74-year history. Goldman Sachs will be paying its employees a comparatively modest 36% of annual revenue, although that amounts to 121% of earnings. Question: What do the (non-employee) stockholders think of this?

What part of “all” did you not understand?: Rep. Darrell Issa, ranking Republican on the House Oversight and Government Reform Committee, is asking committee chairman Edolphus Towns, D-N.Y., to hold Federal Reserve Bank of New York officials in contempt for turning over only some, but not all, subpoenaed documents relating to the AIG bailout. Zero Hedge, which has been on this subject for close to a year, helpfully offers some other questions Issa could raise.

Why do teabagger leaders hate America?: Tea Party leader arrested on first-degree rape charge; search turns up stolen Army grenade launcher; YouTube video features him planning to be a “domestic terrorist.”

Remind me again who’s not being bipartisan enough?: I happen to think the proposed commission is a horrible idea, if not unconstitutional, but still: Congressional Republicans have demonstrated repeatedly that they cannot take “yes” for an answer. Jackasses.

So. Um. Troops to Haiti — why, exactly?: Two possibilities, neither flattering.

OK, maybe the Mayans were right: Quoth DougJ at Balloon Juice, “With unlimited corporate money fueling crazed Nixon-style anger, things are going to get very, very ugly.”

I sort of want to know what exactly Spencer is talking about and I sort of don’t.

Finally, the people who know what they’re talking about get a turn: Obama pushes a Paul Volcker-backed plan to limit the size of banks, so as to eliminate the possibility of “too big to fail.” The idea here is to reduce the taxpayer’s exposure to any privately incurred risk in the financial industry. And that’s a good idea. (Know who else thinks so? Mark Zandi, the guy who advised McCain’s presidential campaign on economics.)

Purse v. policy-making: The pants-wetters want the Khalid Sheikh Muhammad trial not to be held in civilian court. Congressional Republicans are plotting to get some moron Dems to go along with them on barring funding for it. Now, why is it that the existing appropriation is in such a condition that that approach is even possible? And who would know enough about the appropriations process to have made this possible to begin with? Hint: it ain’t anyone with an R after his name.

As Alannis said, this could get messy: Sen.-elect Scott Brown got a lot of support from teabaggers, and he very quickly and publicly blew them off. We know how Rush reacts to that treatment. Let’s see how the teabaggers do.

And people wonder why I think Christianists and Islamists are essentially the same species.

Ethnic profiling won’t help: “An additional concern, [a Senate Intelligence Committee report] says, ‘is a group of nearly 10 non-Yemeni Americans who traveled to Yemen, converted to Islam, became fundamentalists, and married Yemeni women so they could remain in the country.’ One U.S. official, it reports, described them as ‘blond-haired, blue-eyed types’ who ‘fit a profile of Americans whom al-Qaeda has sought to recruit over the past several years.'”

Related: More pants-wetting. C’mon, America, man/woman up, will ya?

And even more pants-wetting, called out by Digby: “Everyone seems to forget that a year ago, Obama only had 58 votes in the Senate and everyone was in a state of near hysteria over his massive institutional power and soaring mandate. Now he has 59 and he’s suddenly impotent.”

As we turn more security operations in Afghanistan over to that country, we need to beware of residual problems.

AWOL pirate: Well, skull of pirate. Skull of total butt-kicking 14th century German pirate Klaus Störtebeker, who — and I must admit this even though I’m from North Carolina — makes Blackbeard look like Richard Simmons. Reward.

Awwww: Shiba Inu puppycam!

Monday, January 18, 2010 8:53 pm

Odds and ends for 1/18

Memo from the NY Times to the Financial Crisis Inquiry Commission: Public hearings are good, but subpoenaing documents is better. Yup. Banksters committed fraud on a massive scale. This commission isn’t a law-enforcement agency, but what it finds can help Justice and SEC investigators do their jobs. In fact, it may force them to do their jobs, which a mere sense of duty has not, so far, sufficed to do.

More from the FCIC: The head securities regulator for the state of Texas testifies about how the feds have kneecapped state investigators/investigations, not because they would do a better job but to protect the very people they’re supposed to be regulating. Biggest. Fraud. In. History.

Memo to right-wing nuts (and anyone else, although I suspect only the wingnuts would be stupid enough to try this): Do not invite journalists into your home, sit for an interview and then demand their tapes at gunpoint, because your ass will go to prison and your wallet will go to the journalists. Having once covered the Klan, I’m taking particular satisfaction in the outcome of this case.

The Fed elides oversight and political meddling because it thinks you and I are too stupid to know the difference. Stupid Fed.

Darrell Issa wants Ben Bernanke and Hank Paulson to testify about the AIG bailout. So do I, but Issa has a little more leverage than I do. Uh, Democrats, that slamming sound you hear is Issa walking out the back door with your populist mandate for 2010.

More fraud uncovered: This time, short-sale fraud. And wonder of wonders, it’s CNBC that has uncovered it. Memo to Mary Schapiro: When CNBC looks both more honest and more industrious than the SEC, then you are officially Teh Suck.

For once, J.P. Morgan outperforms Goldman Sachs … if, by “outperform,” you mean, “directs an even more inexcusably large percentage of its total revenues to banker bonuses”64 percent of revenues. Not of profits, of revenues. Remember, Morgan, like the other 37 banks reviewed by the WSJ, has significant amounts of crap disguised as assets on its balance sheets, and even more crap off the sheets that soon will have to be moved onto the sheets. And are the banks setting aside capital to cover the inevitable write-downs? No, they’re buying helicopters and Hamptons houses.

If voters could vote on Obama’s financial appointments they way they can vote on Chris Dodd, Obama would be paging a lot of empty offices. For good reason.

Liberal academia? Yes — because conservatives choose disproportionately not to become college professors. These findings, albeit not yet published, are consistent with some earlier research.

Who killed Pat Robertson? Why, it was Lily Coyle, in the Minneapolis Star-Tribune (2nd letter down), with a clue.

Freedom’s just another word for no one left to screw: Retiring Sen. Chris Dodd could be scrapping the proposed Consumer Financial Protection Agency before he goes.

Well, it’s a step: The U.S. releases the names of 645 detainees at Bagram. Good. But some  of those people have been held for years without even being told why. Not good.

PhrMA theatens to blow up health-care reform. A friend of mine has proposed that any attempt to make a profit off health care should be made a crime. I think that’s extreme, but when stuff like this happens, I understand the anger that gives rise to such suggestions.

Dawn Johnsen might say torture is illegal. Therefore, she cannot possibly be allowed to run Justice’s Office of Legal Counsel, or else the terrorists win.

Memo to special prosecutor John Durham: In the marathon investigation of the destruction of CIA torture videos, the DFHs are eating your lunch. Bet they aren’t charging the government as much as you, too.

All of a sudden, “conservatives” are in favor of privacy. And it’s interesting how the kind of privacy they favor dovetails neatly with protecting them from being held accountable for their actions. Just a coincidence, I’m sure.

If you’re following Perez v. Schwarzenegger and it sounds awfully like Dover v. Kitzmiller, well,  there’s a reason for that: In both cases, science is/was under siege. Science won in Dover. Let’s see what happens in Perez.

Republicans, having fed off the productive among us for so long, are now simply outraged that one of their own is doing it to them. More specifically, their cynical selection of Michael Steele as national chairman to try to appeal to African American voters now means that even though he needs firing and is daring them to fire him, they can’t do it.

Why does Rush Limbaugh hate the troops? And why do the troops continue to air him on Armed Forces Radio when he hates them?

More map pr0n! Geocurrents has created a map blog tied to news events.

Thought for the day: Requiring drug tests for welfare recipients makes sense only if we also drug-test recipients of federal earthquake relief, tax credits and bank bailouts. Despite what you may have been told, your odds of getting into Heaven do NOT increase in direct proportion to the number of times you kick poor people.

“Never (annoy) a walrus.” Because if you do, the bucket is the least of your problems.

Thursday, January 14, 2010 9:57 pm

Odds and ends for 1/14

First, the important stuff: Links where you can contribute to Haiti earthquake relief:

Oxfam
American Red Cross
AmeriCares
Médecins Sans Frontières/Doctors Without Borders

As in most other major disasters, the main thing these organizations need right now is money.* Their experts will know how best to spend it, what’s needed where, etc. In other words, right at the moment, rounding up clothing or canned food or bandages or what-have-you, although certainly well-intentioned, is less helpful than giving these groups the resources to do what they know best how to do. As they identify particular needs, they’ll publicize them.

Anything you can give will help. And please give something. The suffering there is already horrendous, and it will quickly get even worse than most of us can possibly imagine.

*Unless you have a helicopter.

OK, then …

HUNGRY vampire squid: Goldman Sachs didn’t get just 100 cents on the dollar on its exposure to AIG, courtesy of the taxpayers. No, by reselling its AIG credit-default obligations while knowing the taxpayers were going to bail out AIG, but before that info became public, it effectively got more. About $1.2 billion more.

Which is a big part of the problem: Pat Robertson is far more important than you will ever be.

Remember, she reads every newspaper, too: Glenn Beck: Who’s your favorite Founding Father? Sarah Palin: All of ’em.

Which dinosaur?: A shark described as “dinosaur-sized” attacked and apparently ate a swimmer Tuesday off Cape Town, South Africa. But they didn’t say whether they meant this dinosaur or this one.

Lighter backpacks: Obviously, colleges are going to switch to electronic textbooks to save students money. That move now has a deadline in California: 2020, which seems a bit far off considering that almost two-thirds of the roughly 13,000 textbook titles published by the six largest U.S. publishers already are available electronically.

“If you are watching this video, then I have been murdered by the president of Guatemala hit men I hired myself”: A UN commission concludes that the “assassination” of a lawyer, alleged in a posthumous video to have been ordered by Guatemala’s president, actually was arranged by the lawyer himself in an attempt to destabilize the government. Dude, if you wanted him out, why not just run against him?

You know that scene in “Waterworld” where Kevin Costner drinks his own pee?: The astronauts are feeling his pain.

China vs. Google: Is it really China vs. the U.S.? And was this hack attack, if not a cyber-Pearl Harbor, at the least a dangerous breach of national security?

Senate health-care bill: “A teacher tax, not a Cadillac tax.”

Related: Who needs Republicans when the unions are just as willing to screw the middle class?

Um, ‘cuz they’re, I don’t know, WHORES?!?: Retiring Republican Rep. John Shadegg, asked whether he supports a public option: “Well, you could better defend a public option than you could defend compelling me to buy a product from the people that have created the problem. America’s health insurance industry has wanted this bill and the individual mandate from the get go. That’s their idea. Their idea is, ‘Look, our product is so lousy that lots of people don’t buy it. So we need the government to force people to buy our product.’ And stunningly, that’s what the Congress appears to be going along with. Why would they do that?”

Except it wasn’t hindsight, jackass: I could’ve told you this on Jan. 20 and saved everyone a lot of time: Harry Reid has just now figured out that Sen. Olympia Snowe, R-Maine, was never going to vote for health-care reform.

AIG tick-tock: Firedoglake, which has published valuable analysis on such issues as torture and the Scooter Libby case by means of creating documented timelines, applies the technique to the federal government’s bailout of AIG (and its use of AIG to indirectly bail out Goldman Sachs), working with a cache of e-mails obtained and posted online by The New York Times. FDL cautions that it ain’t complete, and I haven’t even begun reading it yet, but if you’re interested in the subject, this is sure to be a valuable resource.

Speaking of torture: The brother of the Crown Prince of the United Arab Emirates is caught on videotape torturing and attempting to murder a guy he thought had screwed him in a business deal, but the court let him off anyway after he claimed he was too whacked on medication to know what he was doing. I’ll just say he must have been pretty damn whacked to run over a guy repeatedly without actually quite managing to, you know, kill him.

SCOTUS vs. the U.S.: As I suggested on Monday, the Supreme Court isn’t going to sign off on anything that could be a basis for its having to allow itself to be televised someday. Jackasses. Go ahead and keep talking about how this court’s majority is so strict-constructionist and all, but speak up: I’m going to have trouble hearing you over my own laughter.

Allegany County, Maryland, needs more alligators: Andy says so, and he’s there so he should know.

The Internet — the greatest collection of knowledge in history: How can I make my chicken taste just like the junk they serve at school?

Rupert Murdoch: plagiarist.

Teddy Pendergrass: RIP.

Wednesday, January 13, 2010 7:16 pm

Odds and ends for 1/13

Espwa: Our church supports an orphanage in Haiti, Espwa (which means “hope”). The orphanage has a blog. The residents and staff, through (literally) shaken by the earthquake, escaped injury, although several lost loved ones elsewhere in the country. Moreover, the orphanage gets all its food and supplies overland from Port-au-Prince, and it’s not clear right now whether the roads are passable, let alone what shape the city’s shipping infrastructure is in. You can contribute online here.

Goldman Sachs CEO admits under oath to fraud, walks free anyway. No, that’s pretty much what happened. (UPDATE: But Jack Welch calls this “uneventful,” which tells you all you need to know about Jack Welch.)

Jackasses: The SEC, which ought to be clearing up the mysteries around AIG’s use of taxpayer money, instead is trying to bury them. And make no mistake: This would not be happening without the knowledge and approval of Barack Obama. Memo to the Democrats: One real good way to lose Congress is to let hosers like Rep. Darrell Issa play the good guy.

Steepening curve … and not in a a good way: A month ago, the Mortgage Brokers Association was predicting that its members would originate 24% less in mortgages in 2010 than 2009. Now, they’re saying that figure will drop 40%, from $2.11 trillion in 2009 to $1.28 trillion in 2010. That’s the lowest level since $1.14 trillion in 2000.

A clawback, but not for the taxpayers: A large pension fund has sued Goldman Sachs over its bonus policy, asking that money that would be going to Goldman employees go instead to it. Where that budgeted $22 billion in bonus money really needs to be going is the taxpayers, inasmuch as fully two-thirds of Goldman’s 2009 revenues were more or less directly attributable to taxpayers. But I suppose the retirement savings of cops and firefighters is a more productive place for it than Goldman execs’ pockets. And that is where the money (much of it, at least) will go, because Goldman will settle this toot de suite. It does not want its folks answering questions under oath.

A nation of pants-wetters, or, that high-pitched whine you hear is Ben Franklin (“He who would give up liberty for safety deserves neither … and shall have it”) spinning in his grave fast enough to light up Pittsburgh: A majority of Americans want to give up civil liberties to make themselves safer. Cheese and crackers, people, what are all the GUNS for … to HIDE BEHIND? MAN. UP. Or else the terrorists really do win.

Memo to aides to Massachusetts Dem Senate candidate Martha Coakley: I realize that losing Ted Kennedy’s Senate seat to a guy who posed nude for Cosmo might make one’s candidate a bit, um, testy, but still, don’t shove reporters. Or move to China if you want to do that stuff.

Jan. 23 is National Pie Day. I think I may head over to K&W and have some of the chocolate-creme to celebrate.

From Facebook’s Overheard in the Newsroom: Design Editor: “I want the font that makes people addicted to reading newspapers again.” Commenter Bruce Reuben: “The font would have to be made of crack.” Lex: “The font that looks like kick-ass, take-names accountability journalism. Yeah. That. Also.”

Harold Ford: Strikingly un-self-aware. I’m not a huge fan of Sen. Kristen Gillebrand, but having lived in NY I think she’s far more in tune with people than Ford is. As someone else put it, there’s a reason Alabama doesn’t send gun-confiscating atheists to the Senate.

Nobody does human like Tolstoy, as Ishinoy reminds us.

Tucker Carlson won’t tell you, so I (and Crooks & Liars) will: His new site, The Daily Caller, will have a whole section devoted to “environmental scepticism” [sic]. His primary funder — $3M in the first year alone — is a huge global-warming denier.

Now it’s up to Harry Reid … and Barack Obama: Arlen Specter says he’ll back Dawn Johnsen to head Justice’s Office of Legal Counsel. So that’s 60 votes. Let the flushing of the Aegean stables begin.

Somali pirates have scared off shipping … including the illegal trawlers that had depleted fisheries, so that legit fisherpeople are having a great year. Hey, you take your good news where you can find it.

Shorter WSJ: Watching TV will kill you dead. (I was never allowed to summarize medical research like this when I was a professional medical writer. I must say, this is fun.)

Bitters shortage: Does anyone who is not either a watcher of or a character on the AMC series “Mad Men” even drink Manhattans? And if so, why?

It’s over: Dan Rather’s lawsuit against CBS has been tossed, probably for good. In effect, the state court system’s Appeals Division identified problems in his case, then refused to allow any depositions or discovery, which could have, as the lawyers say, cured those deficiencies. Oh, well. Sucks to be him. That said, regardless of Rather’s error in relying on documents whose provenance he couldn’t/didn’t verify, other evidence indicates quite clearly that Bush was, in fact, AWOL.

What I’ve learned from reading about “Game Over” (besides the fact that I don’t want to read the whole book): You can make a lot of money publishing anonymous, 2-year-old gossip. And in real life, people who are dying of cancer and whose spouses are cheating on them don’t always behave as nicely as their Movie of the Week counterparts. OK, I already knew that last one.

I think this comment from liveblogger Teddy Partridge tells you all you need to know about the competence of counsel for the bigots defense in the California gay-marriage trial: “Sorry, this lawyer is asking really long questions and requiring YES or NO answers which makes liveblogging almost impossible”

Busted: The American insurance industry, while publicly claiming it favored health-care reform, was giving money to the Chamber of Commerce to produce and air anti-reform TV commercials. I am shocked, shocked, etc. Someone explain to me again why it’s a good idea to point a gun to American taxpayers’ heads and make them give these companies money. Someone else explain to me why the Chamber and the insurance trade group should get to keep their tax exemptions, kthxbai.

Speaking of health care, there’s this notion floating around that taxing health benefits will lead employers to give more to employees in the form of wages. However, this notion is not true.

Quote of the day, from Sen. Harry Reid: “I have no regret over calling [former Fed chairman Alan] Greenspan a political hack. Because he was. The things you heard me say about George Bush? You never heard me apologize about any of them. Because he was. What was I supposed to say? I called him a liar twice. Because he lied to me twice.” Cue Republican efforts to frame this comment as a “gaffe” in 3 … 2 …

This thing where Giuliani said there were no terrorist attacks on the U.S. under Bush? That was no one-time bit of misspeaking. That was an emerging Republican meme. Guys, Goebbels was a cautionary tale, not an exemplar.

Some judges just need impeachin‘, starting with Warren Wilbert, the Kansas judge in the murder trial of Scott Roeder, who assassinated* abortion doctor George Tiller. Wilbert will let Roeder argue that his killing of Tiller actually was voluntary manslaughter because, in some parallel universe, Roeder wordlessly put the barrel of a .22 to Tiller’s head and pulled the trigger because Tiller was doing something besides providing a legal and needed medical service. I hope I’m wrong, but I fear Wilbert just declared open season on abortion providers.

*He has signed a statement admitting to the shooting.

How Lucky could save the planet!


Monday, December 7, 2009 9:57 pm

Odds and ends for 12/7

It’s not a game, but somebody forgot to tell the Labor Department:

The real Climategate. ‘Nuff said.

Remembering Mark Pittman: This guy was the real deal.

And if we follow this line of logic to its painfully obvious conclusion, we learn …: Warren Buffett thinks federally subsidizing a competitor of his Business Wire would be bad. How long before he concludes the same thing about subsidizing another of his key investments, Goldman Sachs?

Fire ’em. And lock ’em up: Someone at the FDIC is passing inside information. Mary Schapiro needs to be fired, beaten and driven across the landscape like a mangy bison.

Clarity: This is bizarre, in a good way — Zero Hedge and Google have formed a partnership to, among other things, translate government financial info into plain English.

Your flawed premise. Let me show you it: Two (out of the more than 6,000) members of the Academy of Motion Picture Whozawhatsis call for Al Gore’s Oscar to be rescinded in light of the hacked e-mails about global warming. Which would be fine except that Al Gore never got an Oscar. The Oscar went to the director of “An Inconvenient Truth.” Who was not Al Gore.

Opaque is the new transparent: A government meeting on open records and transparency is closed to the media and public. Write your own punchline.

Bummer: Obama rules out drugs, hookers as economic stimuli. Dang.

Someone remind me again who the terrorists are?: AIG execs threaten to walk out en masse if they don’t get their bonuses. Door. Ass. Quoth Digby: “This could be Obama’s equivalent of Reagan and the air traffic controllers if he wants it to be.” Precisely.

Well, yeah, if, by “narrow, ideological interest group” you mean “three-fourths of voters”: Sen. Joe Lieberman, I-Conn., says only a few politically motivated people want a public option for health insurance.

How did I miss this?: Slate had a “Write Like Sarah Palin” contest. On the down side, to be competitive I’d’ve had to drink at least a case in one sitting.

Silenced: Former Guantanamo prosecutor Morris Davis, who once resigned rather than run what he thought was a rigged system of justice at Guantanamo, has been fired from the Library of Congress for continuing to criticize the military-commission system publicly and calling former AG Mike Mukasey out for the pants-wetting anti-American baby he is. The ACLU has taken Davis’s case. Good.

Blessings: Former Fox “News” host Eric Burns counts his: “I have several. Among them is that I do not have to face the ethical problem of sharing an employer with Glenn Beck.”

Quote of the day: From Balloon Juice’s John Cole, on “bipartisan” health-care reform: “You know, as much as our national political chattering classes are enamored with the baby Jesus, I find it amazing that none of them ever managed to hear the story of King Solomon. … every Senator apparently [is] eager to rush home to show off their half of the bloody baby.”

Quote of the day runner-up: From Doc at First Draft, on the Dallas Morning News’ plan to have its news editors reporting to advertising execs: “You can say that there’s a line that’s drawn and that we don’t cross it. That’s all fine and good, but when you keep moving the line the way the DMN has now, you are never sure if you’ll cross the line or the line will cross you.”

Uh, dude?: Sen. Max Baucus, D-Mont., nominated his girlfriend to be a U.S. attorney. That’s not good, but as Marcy points out, Baucus is responsible for an even bigger screwing than that.

So, Bowl Championship Series, how’s that Jenna Jameson-led abstinence campaign going?: Former Bush White House spokesliar Ari Fleischer compares the current college-football bowl system, now despised by a miniscule 85% of Americans, to the Macy’s Thanksgiving Day parade as an irreplaceable tradition.

Inevitable headline: Doh!: Cartoon character C. Montgomery Burns outpolls Rudy Giuliani in NYC mayoral race.

Monday, November 23, 2009 9:56 pm

Odds and ends for 11/23

  • Critics of the health-care reform bills complain that the government will start paying for it years before people actually begin to receive services. And that’s a valid complaint. But if it all started together, wouldn’t they be complaining about that, too, because that would represent a failure to get the money in place first?
  • House Appropriations Chairman David Obey warns the president that if the U.S. wants to send more troops to Afghanistan, he won’t approve funding (which could be $40B) without a “war surtax” to pay for it. Obey absolutely opposes sending more troops, so that’s what this is really about for him, but the fact is, we shouldn’t be paying for wars off budget, as we have been doing.
  • There’s a huge bloc of voters out there for the grabbing for any politician willing to champion consumers’ rights and fight stuff like this.
  • A couple of months old but still noteworthy: Almost 1 in 4 U.S. households has suffered a layoff during the current recession; 44% have either lost a job or had their wages or hours cut; 53% of those polled (including majorities of both Republicans and Democrats) call unemployment the nation’s top problem; 51% said this year’s stimulus bill was the right thing to do and 81% said Obama has not done enough to help the economy.
  • How did I miss this — and when did Muammar el-Qaddafi go to work for The Onion? (h/t: Jill)
  • Some people just flat shouldn’t be allowed to be cops. Joe Apaio is definitely one of them.
  • Yet more on how the Fed, and Tim Geithner in particular, screwed up its handling of AIG. If it seems like I’m harping on this subject, it’s because I think it contains important lessons that I’m terrified we’re not going to learn.
  • Sewage? You’re drinking it, and there’s almost a 1-in-10 chance it made you sick last year.
  • Congresswoman and raving lunatic Michele Bachmann, R-Minn., says she can’t understand “why the Democratic Party would be opposed to me.” The appropriate question is why any sentient life form would not be opposed to her.
  • And, finally, advice for journalists, from Athenae at First Draft: “Mourning the death of hard news? Go do some.”

Thursday, November 19, 2009 9:47 pm

Odds and ends for 11/19

Good news, bad news: The good news: The S&P 500 is sitting on a ton of cash. The bad news: The cash came from being overleveraged and from failure to invest in existing business and/or growth, which will lead to bad future news on both revenues and employment.

It’s OK if you’re a Republican: The Obama White House gets criticized for attempting to manage the news cycle … by Karl Rove.

Shorter Peter Wehner: Sarah Palin hasn’t an idea in her head, but just because she’s both stupid and a whiner is no reason to criticize her. (No, I’m not making this up. Even better: I’m linking to Commentary.)

Why competence matters: New Orleans flooded after Hurricane Katrina because the Army Corps of Engineers messed up, a federal judge rules. Cue the lawsuits, and this is one case in which I don’t want to hear any whining about tort reform.

If you want to make an omelette heal a soccer player, you have to break a few eggs birth a few horses: This is the kind of alternative medical treatment for which I might well look for an alternative … any alternative. (h/t: friend and former co-worker Christie on Facebook)

Texas declares war on marriage: Does mathematics’ reflexive property of equality (a = a) apply to Texas family law? If so, then in banning gay marriage, the state might have outsmarted itself and banned all marriage when it added this phrase to its constitution: “This state or a political subdivision of this state may not create or recognize any legal status identical or similar to marriage.” And one of the legal statuses identical to marriage is, well, marriage. At least, so says the Democratic candidate for attorney general.

If you’re going to hire a hack, at least hire a talented hack: President Obama has named former Bush White House spokesbot Dana Perino to the Broadcasting Board of Governors, which oversees civilian U.S. government broadcasts. I’m trying to decide whether to be outraged or to conclude that it’s a good idea to have a propagandist in charge of propaganda. Or to conclude that it’s a good idea to have a propagandist in charge of propaganda but wish for a GOOD propagandist rather than Perino.

North Carolina’s Mel Watt is on the side of the demons in the audit-the-Fed debate. Those of you in the 12th District, which includes many of us right here in fair Greensboro, need to get in his face about this. Whether you’re in NC-12 or elsewhere, you can petition the appropriate committee leaders here. More background here.

Because Goldman Sachs didn’t have enough people qualifying for big, taxpayer-financed bonuses already: The vampire squid is promoting 272 people to managing director.

Sen. Thad Cochran, R-Banksters. (Bonus: background info on how U.S. credit card fees paid by merchants and passed on to consumers, are some of the world’s highest.) Memo to the Democrats, which will cost them far less than the advice they get from professional consultants: When your political opponent starts gouging the public, during the holidays, in the middle of a recession — when he basically hands you a chair and says “Hit me over the head with this!” — if you want to win elections, you hit him over the head with it. (Key phrase there being, “If you want to win elections …”)

“Nothing bespeaks personal character like the volatile use of violence on your opponents”: Chuck Norris confesses that anger-management issues rule out a political career for him. Hey, the first step is admitting you have a problem.

Why does Glenn Beck hate America? No, really.

Remember: Conservativism cannot fail, it can only be failed: Bonus fun: Fairness and Accuracy in Reporting is a “registered hate group.” Where do you register as a hate group? How much does it cost? How often does the magazine come? Do you get movie passes?

And, finally …

Today’s Quote of the Day, on how conservatives are blaming all electoral ills, including legitimate Republican losses, on ACORN, from Hullabaloo commenter “Pseudonymous in NC” (and, no, that’s not me; I only wish I had thought of this): “For wingnuts, ‘ACORN’ rhymes with ‘trigger’. That’s what this poll tells you.”

 

Friday, November 13, 2009 8:49 pm

Odds and ends, Nov. 13

  • Typing Under Ladders: Today’s Friday the 13th. I have exactly no interesting Friday-the-13th stories to tell. To the extent that I can remember the dates at all, two of the unluckiest days of my life, one involving romantic failure and one involving serious physical injury, occurred on the 4th of a month.
  • Home Game: Khalid Sheikh Muhammad and four other accused planners of the 9/11 terror attacks will be tried in civilian federal court in New York, just blocks from Ground Zero. The wingnuts are soiling their drawers at the thought of terrorists (accused, but still) on U.S. soil. Me? I think the U.S. court system can handle the case and that the FBI and NYPD are more than up to handling the security. This ain’t, in other words, an issue over which I’m going to lose any sleep. Nor should you.
  • Bloviation By Other Means: I watched CNN’s Lou Dobbs only enough to determine that he was a pompous, phony ass upon whom none of my time should be wasted, and so I don’t care that he left CNN except that I think he’s planning to run for president. Or for governor of Alaska. Whichever.
  • Nice Guys: Married women who learn they have a serious illness are seven times as likely as married men to end up separated or divorced.
  • Back from the Dead: Under the guise of deficit reduction, the rich are coming after your Social Security again. Don’t let them get away with it.
  • Undessicated after all: You remember when we rammed our manly missile into the moon a few weeks ago? Turns out the moon was wet. All innuendo aside, while this doesn’t throw everything we thought we knew about the moon up for grabs, it changes quite a lot, including the consensus on whether there ever might have been life on the moon. Cool.
  • Double Standard: If pro-choice women are considered immoral for threatening to oppose any health-care reform that bans spending federal money on abortion, what does that make the Roman Catholic Church?
  • Delay, Deny & Hope That I Die: Why would Senate Republicans delay extending unemployment benefits for weeks and weeks, and then finally vote unanimously in favor of them? Because procedural rules made delay the functional equivalent of denial, so they could screw people and still look good as far as the voting record went. Bastards.
  • Listening to the People Who Were Right: Ten years ago, Sen. Byron Dorgan, D-N.D., correctly told his colleagues that repealing the Glass-Steagall Act was a bad idea, one that within 10 years we would come to regret. So why is it that Byron Dorgan isn’t running all things financial in Washington today? Did you not just hear what I said? He correctly told his colleagues that repealing Glass-Steagall was a bad idea.
  • Cyber Pearl Harbor has already happened. Twice. Both times on George W. Bush’s watch, although so far as anyone can tell, it doesn’t look like Obama has learned anything from his predecessor’s mistakes.
  • I Believe the Technical Term for This Is “Fraud”: One reason Chrysler got a lot of taxpayer money was that it was going to produce greener cars. Only now that it has actually gotten the money, guess what it’s not doing?
  • Another Sin to Lay at the Feet (Tentacles?) of the Vampire Squid: Oh, nothing much, really. Just an oil scam. A $2.5 trillion oil scam.
  • Relatedly, and finally, Why Goldman Sachs Should be Broken Up, by, interestingly enough, Goldman Sachs.

Thursday, November 5, 2009 10:09 pm

Tell Goldman Sachs to take a f***ing number

Honestly. Not even a real vampire squid would steal flu vaccine from kids.

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