Entries by DailyBail (6219)
New Bank Bailout Bloomberg Video: Complete Interview With Bank of America CEO Ken Lewis. Broadcast Feb.25
Embattled Bank of America CEO Ken Lewis took his confidence game to the air earlier today, sitting down with Bloomberg reporter Margaret Popper. Among Lewis' claims were that the Countrywide division is doing some nice business with the recent re-finance boomlet and that Merrill's asset management and brokerage businesses are also performing well.
The money snip from the companion article published later by Bloomberg:
Bank Bailout Abuse Caught On Tape: TMZ & NBC Videos: Northern Mis-Trust Responds To Allegations Of Wasteful Behavior On The Taxpayer Dime. Millions Spent In 7 Day PGA Tour and Oscar Extravaganza
This 2 minute clip is Bloomington, Indiana native David Shuster with his take on the outrage in a segment called Hypocrisy Watch.
Pooled capital is back as Northern Trust makes the Erin Burnett bogus claim that no taxpayer bailout funds were utilized for their recent high-profile corporate events. TMZ first broke the story yesterday that Northern Trust Bank, a recipient of $1.6 billion in taxpayer largesse from the first round of the government bailouts (TARP 1.0), spent over $10 million throwing lavish parties for employees and clients as part of their sponsorship of a PGA Tour event last week in Los Angeles. Here are some of the details: as lead sponsor of the golf tournament, they ponied up over $5 million in prize money; an additional $5 million was spent on concerts by Sheryl Crowe and Chicago, luxury gifts from Tiffany plus 7 days of parties and resort lounging for hundreds of guests and employees.
After the recent outrage over corporate-shindig malfeasance by AIG and Wells Fargo, one would think Northern Trust might have cancelled this golf-event sponsorship, around the time they decided to accept operating capital from you. Instead, they forged ahead with Phil and Oscar, and now, in response to the growing outrage from taxpayers and Congress, they offer the following lie presented in picture by MSNBC:
Investment Bank Bailout: PBS Videos: Charlie Rose Interviews Morgan Stanley Chairman and CEO John Mack. Broadcast Monday Feb. 23
Updated on Apr 8, 2009 at 5:59 AM by
DailyBail
I will have more commentary on these 2 videos later, but for now here is the converstaion as Charlie interviews Morgan Stanley Chairman and CEO John Mack. Their broad financial discussion touches upon the almost collapse of Morgan Stanley in late September, the fall-out from the failure of Lehman Brothers, the abysmal state of the economy and the current global financial crisis. Morgan Stanley has received $25 billion in taxpayer funds as part of the broad capital injections into troubled banks conducted by former Treasury Secretary Hank Paulson under the auspices of TARP.
Bailout News Round-Up: AIG Needs More Cash, Citigroup Needs a Friend, George Soros Can't See The Bottom And Hillary Clinton is in China Requesting That They Continue To Fund Our Debt.
Cnbc's David Faber reported last night that AIG will show a loss of $60 billion for the quarter when they release their numbers next week, due to substantial asset writedowns particularly in their commercial real estate portfolio Discussions are apparently ongoing with the Treasury and Fed for additional taxpayer funds needed to keep the company in operation beyond next Monday. Seriously, how much of your money does Goldman Sachs deserve? If the connection isn't automatic, please consider that GS hedged their entire portfolio of questionable assets with AIG. Thus, as these assets plunge in value, GS looks to AIG for payment. When AIG runs out of money, they return to the Treasury begging for more of your cash. Pretty sweet work if you can find it.
Other stories early this morning include more hand-wringing over the banks plus reaction to and analysis of the home foreclosure mortgage bailout model that the Obama administration is pushing. Several more analysts say the plan will not work. In other news police in the UK prepare for a summer of economic protests and riots, Hillary Clinton is in China requesting nicely that they buy more of our soon-to-be worthless treasuries, and George Soros says he sees no bottom yet in the current economic crisis.
Tuesday's 50 Best Financial Stories Inside 1 Link
The Bank Bailout Verdict: We Are A Nation Led By Idiots
The financial lunacy continues this morning. Despite growing calls from a chorus of economic thought leaders, President Obama and his minions of malfeasance and denial (Tim Geithner and Lawrence Summers) remain steadfast in their support of propping up our 4 largest zombie banks, Citi, Bank of America, JP Morgan and Wells Fargo.
Let's take a moment to review the action. The once great now reprobate Alan Greenspan says nationalize.
This Week With George Stephanopoulos ABC Video: Nationalizing The Banks With Nouriel Roubini, Paul Krugman, George Will and Suzy Welch From Sunday Feb. 22nd
This morning on ABC's This Week with George Stephanopoulos, there was an outstanding economic roundtable discussion featuring Paul Krugman, Nouriel Roubini, George Will and Suzy Welch. Bank nationalization, the Obama home foreclosure mortgage bailout plan and the generally sick state of the economy were the central themes. Sadly, Krugman again refrained from leaping across the table and smashing George Will's head into the table. We remain vigilant as we believe physical violence is inevitable between these two.
Bailout News Video PBS Charlie Rose: Economic Discussion With Nouriel Roubini, Fred Mishkin, Mark Zandi and Nina Easton
This 40 minute clip from The Charlie Rose Show on PBS features Dr. Nouriel Roubini, former Fed Governor Dr. Frederic Mishkin, Dr. Mark Zandi and journalist Nina Easton. The discussion on the state of the economy and the ongoing government bailouts was broadcast Wednesday, Feb. 18th.
Home Foreclosure Mortgage Bailout CNBC Kudlow Video: Rick Santelli Responds to White House Press Secretary Robert Gibbs. Chicago Tea Party
I'll have commentary later but for now enjoy the battle of words. Gibbs is not going to last long. He is condescending and annoying. A quick word for you, Robert. Santelli will eat your lunch before you even unfurl your napkin. Don't forget Santelli's mind is wired differently than yours. His operates in warp speed and yours seemingly doesn't operate at all.
Reuters says Obama's Home Foreclosure Mortgage Bailout Plan will cost taxpayers $275 billion to help the least deserving 9 million Americans. Let that sink in please. Obama is going to spend $275 billion on 3% of our population. And it has absolutely zero chance of success. Housing prices have much further to fall nationwide. The market is inexorable. He can delay the inevitable decline at great expense until he has proven to the world that we are the new Japan. Where is the change Team Obama. Everyday your administration look more and more like the past 20 years of Bush-Clinton incest.
Please visit chicagoteaparty.com and register your email with them. Finally our day is coming.
Debating Obama's Home Mortgage Bailout Plan: Video NBC: Brian Williams Interviews Santelli and Liesman
This is an interesting 6 minute clip from Friday morning's Today Show. NBC's Brian Williams makes a rare morning appearance as host of the deabte. This is the 4th of our series of videos chronicling the rise of a taxpayer revolution. The issue being debated is Obama's proposal to bailout struggling homeowners at the expense of everyone else, including renters who made a conscious choice NOT to participate in the real estate bubble game, yet now are being asked to subsidize the mistakes of those who did.
It strikes at the core of who we are as Americans. For most taxpayers, the ongoing bank and auto bailouts, though more costly and extremely un-popular, do not resonate personally. But bailing out an irresponsible neighbor, who purchased more house than he could afford, is understood by everyone. I noted this peculiarity previously in our story on Citi and Bank of America, advantage commode.
Home Foreclousre Bailout News Video MSNBC: Hardball's Chris Matthews Interviews CNBC's Rick Santelli
The Rick Santelli video tour continues. We are huge fans of Mr. Santelli and could not be more pleased that he and his viewpoints are finally getting their deserved attention. Eventually, I'll get around to posting some of his older videos so readers will understand that rants of this sort are par for the course he plays.
Richard has been telling the truth to CNBC viewers for almost a decade. The rant is his natural style. His daily reports from the CBOT are shouted into a faraway camera that captures the trading bustle on the floor around him. The producer of his segments deserves substantial credit for having determined the best way to capture Rick's genius. The appearance to viewers is a lone, loud voice of reason emanting from a sea of substantial human chaos. Sometimes it's difficult to tell where he is visually in the shot, but you can always hear him. It makes for great viewing and daily learning.
Before any of the Chicago Tea Party mania got started, Rick was simply the best analyst on financial televison anywhere. Start watching his daily reports and listen closely as he analyzes the numbers. I'm convinced Santelli could explain any topic in less than 60 seconds. Barely slowing to breathe, this guy nails it day after day. His best work can be seen when it's 8:29:59 on a normal morning and the day's economic numbers are being released. He will get you the numbers, the reaction, and the anlysis seemlessly, again almost breathlessly. It's 60 seconds of intensity. Santelli is a fat high-speed broadband pipe straight to your brain while the other analysts are still dithering around with dial-up.
The above video clip is 6 minutes and is from an appearance on Hardball with Chris Matthews Friday evening. For reference, the plan from Team Obama to bailout your asshat neighbor is the core of the discussion. I'll say it again for the record, I voted for Obama. I still have great hope that he and Geithner will reverse direction on the bailouts. I'm praying Roubini is correct when he claims that Geithner is crazy like a fox. But Chris Matthews is an absolute Obama apologist and has lost substantial industry credibility with his fawning. Matthews gets his panties in a bunch when he thinks Santelli is atttacking Obama. Somewhat sickening to watch.
There are several more Santelli interviews coming. Please visit chicagoteaparty.com and register your email with them. It will be the most important day for taxpayers in 236 years.
More Mortgage Bailout CNBC Video: Things Get Very Heated Between Santelli and Liesman. Santelli Launches ChicagoTeaParty.com
This is more video of Rick Santelli and Steve Liesman from yesterday. Things get heated and Liesman tells Santelli to shut up as they shout over each other. The question is simple: bailout your asshat neighbor or not?
How accidents can chage the course of history. I'm sure we will hear the details in the fullness of time, but $20 bucks says Rick Santelli had no intention whatsoever of disclosing his private idea for a Chicago Tea Party on the air yesterday. I've watched the video several times and it is certain that his emotion got the better of him and he let forth his siren call in frustration. It's very unlikely that Rick or anyone else can yet grasp the magnitude what has now been unleashed. Sadly for him, I believe his life has been forever altered. If this unfolds as I suspect it will, a taxpayer revolution was born yesterday and he is the self-appointed leader.
Once his guard was lowered and his heart was in control, he shared an idea so fundamental and so in-tune with America's thinking that within 12 hours an official website had been launched at chicagoteaparty.com and a revolution born. On CNBC's website this morning, there is a very popular poll. The question is straightforward: would you join Rick Santelli's Chicago Tea Party?
A mind-blowing 200,000 of you have already responded to the poll. Let that sink in. CNBC polls normally tally 15,000 respondents according to their site. Currently 95% of voters have said 'yes'. This is pure supposition, but I suspect that if it were held on a Saturday and somehow all 310 million of us lived within 100 miles of Chicago, that 200 million Americans would attempt to attend such a tax revolt. Let's not kid ourselves, we have all wanted to do something symbolically defiant to our government at some point in the last few months, and a modern day Chicago Tea Party is pretty much the coolest idea we've ever heard.
Santelli gave birth to the most beautiful accident in the history of our republic. Finally, someone with a pulpit has taken their moral responsibility seriously and done something.
Absolutely Must See CNBC Bailout Video: A Call To Arms From Your Leader: A Few Words From General Rick Santelli. Chicago Tea Party
Updated on Mar 1, 2009 at 2:54 AM by
DailyBail
Many of you are visiting this article from a link at Playboy magazine. The accusations the authors make about our site are categorically untrue. Neither of the writers made any attempt to contact me prior to posting their article. We are a completely independent news site focused exclusively on the bailouts. We have no absolutely no affiliation with or funding from any right-wing political groups. We have no relationships with any centrist or liberal groups either. Did I mention that we are independent. Sheesh.
All readers are invited to visit our offices in Bloomington, Indiana to see for yourselves. Thank you for having an open mind until you have read my response. I extend the same invitation to the Playboy writers Mark Ames and Yahsa Levine. I wish you had offerred me the courtesy of contacting me before you dragged our name through the mud.
Take a moment to consider the glorious irony of Playboy magazine accusing someone else of being fake. Thank you for that collective moment, as you became me for a second.