Video: President Obama speaks about the federal response to the Deepwater BP disaster and answers questions from the media -- May 27, 2010
Video: Go to 2:55 of the clip ------>!
Quote is transcribed inside for those who can't watch.
It's very funny. I was there at Assembly Hall when this happened.
As I wrote at the time, it wasn't just Lehman Brothers. Eventually, I'm sure we will learn that Goldman Sachs, Morgan Stanley and JPMorgan were doing the same. The good news is that there's a new FASB Rule just now being implemented that makes these practices explicitly forbidden. So the loophole should be closed.
Hiding true leverage ratios and debt at quarter's end is FRAUD.
It's but one of many Wall Street practices federal prosecutors should be examining. And it wouldn't hurt if Robert Khuzami at the SEC started to make some noise about this blatantly corrupt accounting. And while we're at it, why did the auditors sign off on these techniques? Where are the investigations of KPMG and others?
Nothing as thrilling as asking my questions into an echo chamber of enforcement. Now on to the story.
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Press conference is now over. I will post a video when one becomes available.
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And here it is:
CLICK HERE to watch a video of the press conference >>
Includes a transcript of the speech and reporters' Q&A.
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Video: Author Matthew Simmons with Spitzer & Dylan Ratigan -- May 26, 2010
Watch the entire clip if your time allows. Otherwise start at 6:30 or so, when Simmons begins. He estimates that if BP's top kill fails, and no other alternative is found, that the ruptured well could leak for 9,000 days (24 years).
At the start of my career I was an oil & gas analyst for Alex Brown (now part of Deutsche Bank). I still follow the industry and have been emailing a few old drillers about solutions. I've been advocating, and shown in a second clip (inside), the solution is to drop a bomb down into the pipe that is big enough to collapse the sea floor and smother the leak. The Russians have done it at least 6 and possibly as many as 9 times, and they did it with nuclear weapons. Simmons advocates for the same.
It might sound radical, but so does 9,000 days of gushing oil. After top kill, the next option is firing golf balls and debris into the leak. After golf balls and tire shreads fail, there is no other option besides collasping the sea bed. And that will require that a nuclear bomb be detonated beneath the ocean floor.
And Obama must be aware of it as an option, as he sent an advance team of nuclear scientists to the Gulf a few days ago.
Simmons also mentions a Purdue analysis showing possibly as much as 120,000 barrells leaking daily, just a tad higher than BP's marketing lie of 5,000.
Great interview.
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Video: Nuke the leak and collapse the sea bad
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Check Out 11 Extreme Oil Spill Solutions >>
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All day UPDATES on the Success (or Failure) of Top Kill
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Updated on May 21, 2010 at 5:06 PM by
DailyBail
Updated on May 27, 2010 at 4:55 PM by
DailyBail
UPDATE: Though I believed I had made myself clear in the original story, I am not making fun of Dale Peterson. I like the AD and the candidate. I have received several emails from readers who thought I was criticizing Peterson.
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AWESOME -- Make Goldman Sachs Give Back the $13 Billion!!!
TABLES TURNED -- Activists blast Mexico's immigration law (GREAT READ)
CHINA -- Prostitutes to Blame for Housing Bubble
NEW TOKYO SPEECH -- Bernanke Says Fed Must Be Free from Meddling
NEW WARNING -- Moody's Says Debt Level, Spending Pose Risk to U.S. AAA Rating
Sestak-Obama White House scandal called 'impeachable offense'
Ambac closer to paying billions of dollars to banks
Regulators Push for Coordinated Global Rule on Bank Capital
FBI Arrests 2 for Trying to Sell Disney Earnings Info (Idiots Sent Letters!)
Detroit Mayor Kwame Kilpatrick Gets Multi-Year Prison Sentence
New York Pension Scandal -- Outrageous (must see)
If 'Top Kill' Fails, BP Will Resort To Firing Golf Balls Into The Leak
12 Senators named to work out bank reform bill in Conference with House
Larry Summers -- Second Stimulus Plan on the Horizon
ING Says Paying Principal on Mortgage Loans is Unnecessary (MISH)
Fed's Bullard: Euro crisis no Lehman-style shock
GOP Senator -- Obama Needs Valium
SC SCANDAL -- Purported Haley Text: 'You're The One Who Screwed Her'
Author writing about Sarah Palin moves NEXT DOOR to her
Rand Paul Plans Staff Shake Up after Gaffes
Exclusive: FBI details surge in death threats against lawmakers
O'Keefe -- Conservative Phone Hack Plotters Plead Guilty
Tony Blair to earn millions as climate change adviser
Defiant Gov. Christie -- We're Not Raising Taxes!
Arizona Gets Border Soldiers; None for Texas
WOW: Researchers Achieve Quantum Teleportation Over 10 Miles of Empty Space
America's Most Dangerous Airlines
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This post has turned into a round-up with 7 important clips and several links. I spent a few hours on this one, so check it out. Make sure you see the BP revenge photo.
Video: Education Secretary Arne Duncan -- May 25, 2010
While it's difficult to criticize funding for educators, this would be the 2nd bailout for state teachers' unions who already received $40 billion as part of last January's stimulus package.
Two clips, several links, full story treatment.
Video: Animated footage of the 'top kill' procedure which BP will perform later this week at the Deepwater Horizon site in an effort to stop the leak.
Links and complete story from the Oil Drum.
Notice the finger. A loving gesture for Hillary Clinton in Campaign 2008.
The newest attempt at a citizen's arrest of Karl Rove is classic.
