Friday
Jul242009
July Update From Elizabeth Warren & The Congressional Oversight Panel (TARP Repayment & Warrant Repurchase)
This month's update from site favorite, Elizabeth Warren, top COP of TARP.
Entries by DailyBail (6219)
Jul 24, 2009 at 6:51 PMFriday
Jul242009
Eliot Spitzer: "The Federal Reserve Is A Ponzi Scheme" - Inside The Fed's Secret Pile Of TRASH Assets
Extremely important clip. Please share it anywhere and everywhere across the net. Our only hope to stop the heist will come from greater awareness.
Special request from the publisher of The Daily Bail. I am asking each and every one of you to send this video to 2 people. This is a rare instance in life where just 60 seconds of your time can help change the course of history in the fight against the Fed. Either we win, or Wall Street wins. It's that simple. PLEASE click here to pass it on to the next person. That's all I politely ask.
Thank you so much!
The Federal Reserve is a Ponzi Scheme
Thursday
Jul232009
Thursday
Jul232009
Kanjorski Asks Paulson To Describe His Greatest Fears From The Financial Meltdown (Congressional Clip)
(More from Hank Paulson's Congressional testimony last week.)
The following exchange is extremely important, especially considering this background of Kanjorski on C-Span discussing the closed-door Congressional meetings where Paulson made threats of chaos and Martial Law if the bank bailout (TARP) were not passed.
Rep. Kanjorski: "Please describe the meltdown. I'm hoping that you may remember whether questions of law and order were asked. Whether questions of the capacity to feed the American people, and for what period of time, were asked? I'm not going to say what I remember the answers to be."
Thursday
Jul232009
President Obama Discusses Goldman Sachs, Wall Street Compensation & Financial Regulation (PBS Jim Lehrer Video 7-20)
The first 13 minutes are a discussion of Obama's health care proposal. Honestly, I skipped it.
Wait for the video to finish streaming, and then you can fast-forward it. While discussing Wall Street pay and bonus structure, the Prez says that once-failed banks "feel no remorse", and have done little to alter the compensation culture which helped create the crisis. Excellent discussion.
Thursday
Jul232009
Complete Congressional Testimony From SIGTARP Neil Barofsky
I did not watch the entire 2 hours of video. I don't know if anyone else will either. If you're a glutton for details and oversight, by all means, get to watching. There is some excellent testimony and discussion of TARP and transparency, including criminal investigations.
Thursday
Jul232009
CNBC's Melissa Francis Might Be Overstating Her Intelligence (Video)
No way in Pamplona I could watch this entire clip. Not because of any chip I have with Francis; I actually think she does a decent job. Not spectacular intelligence or delivery, but she's tolerable. Honestly, I don't watch her enough to have an opinion. The discussion is the financial news biz and CNBC, and I just listened to random sections. I heard her mention that she was smart, or wanted to be smart, or wanted a dumb poolboy co-host (12:50 mark).
Thursday
Jul232009
Thursday Morning Links (Bill Clinton Edition July 23, 2009)
No special reason for the Clinton photos. Inisde I placed my favorite "I feel your pain" picture of Bill. I have included the famous black & white of a teenage Clinton, meeting and shaking hands with JFK. Those photos and 27 links are after the jump.
Thursday
Jul232009
Bonus & Compensation Watch: Morgan Stanley, Goldman Sachs and JPMorgan Compared
So you thought Wall Street's days of surreal compensation structures had become forgotten because of the bailouts and near collapse of all the majors last Fall. Think again. Today we had news that Morgan Stanley has set aside 72% of total revenues from the 2nd quarter for employee compensation. And this in a Q where Morgan Stanley reported a net loss to shareholders of $1.3 billion, and a $159 million loss from continuing operations.
This 72% figure compares to a decade-long street average of 48% of revenues being set aside for pay, bonuses and benefits. Bloomberg has a nice compensation breakdown comparing Morgan Stanley to Goldman Sachs and JP Morgan.
First-Half Revenue, Compensation and Head Count from Bloomberg:
Revenue Comp Employees Comp/Employee
Morgan Stanley $8.36 bln $5.91 bln 62,215 $95,009
Goldman Sachs $23.2 bln $11.4 bln 29,400 $386,429
JPMorgan $15,7 bln $6.01 bln 25,783 $232,983
Wednesday
Jul222009
Ratigan, Nassim Taleb & Stephen A. Smith Discuss Too Big To Fail
Dylan Ratigan's new MSNBC show Morning Meeting is proving to be the spot for discussion of our favorite issues. Political capture, too big to fail, financial regulation, the Wall street bailout, failed banks, failed risk management, Goldman Sachs, Citigroup, AIG, compensation and bonus structure, it's all in here. Another outstanding discussion. This clip includes the Black Swan and Stephen A Smith.
Wednesday
Jul222009
More From SIG TARP Barofsky: Bloomberg Interview (July 21 Video)
Many have rightfully complained (see SD's detailed transcript of the exchange in comments) about the tone that CNBC anchors Becky Quick, Carl Quintanilla and reporter Steve Liesman adopted in their interview of TARP Inspector General Neil Barofsky yesterday morning, prior to his testimony before the House Government Oversight Committee yesterday.
We present a Bloomberg discussion with Barofsky also aired yesterday as evidence that not all financial news is as warped as CNBC. Barofsky is proving to be an outstanding steward of the taxpayer's interest and this discussion should not be missed. Try to make time to watch the whole thing.
Wednesday
Jul222009
The Governator Wants Your Help With California's Budget Crisis
Short, somewhat funny (slightly strange) video that Governor Arnold Schwarzenegger posted on his twitter page yesterday afternoon. The massive knife represents Arnold's predisposition to cutting, we suppose.
Tuesday
Jul212009
Bernanke On Inflation: We Have Ways Of Sucking It Back In (Video)
More from today's Congressional hearings. Here Bernanke is being questioned by Bill Posey of Texas and when discussing the excess reserves in the system and the potential for inflation, B-52 says we have ways of "sucking it back in." Comes sometime near the 45-second mark.
Tuesday
Jul212009
Neil Barofsky, Gentleman Inspector General (SIG TARP CNBC Video)
Former prosecutor and current Special Inspector General Neil Barofsky was a guest of CNBC's Squawk Box this morning ahead of his later Congressional testimony, which we will post as soon as it becomes available. This is an outstanding interview. Covered: bailout arbitrage, Treasury transparency, TALF, TARP, bailout totals, fungible assets, Fannie, Freddie, $23.7 Fracking Trillion in total commitments. Try to make time to see this one.