Bailout Godfathers, Rodgin Cohen & John Thain, Discuss Wall Street's Record Bonuses And The Public Backlash (Includes An Appearance From WalStreetPro)
Video: Jan. 11 (Bloomberg) -- John Thain, former chief executive officer of Merrill Lynch & Co., and Rodgin Cohen, chairman of Sullivan & Cromwell LLP, talk with Bloomberg's Erik Schatzker and Deirdre Bolton about Wall Street bonuses.
(Response video below)
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DB here. You know John Thain; Cohen you've probably never heard of. H. Rodgin Cohen is principal of the leading Wall Street law firm, Sullivan and Cromwell. It wouldn't be fair to say that he was 'involved' in the creation of TARP and the myriad government guarantees for Wall Street; such phrasing would be selling him woefully short. Cohen was actually THE bailout man behind the scenes and was nominated to be Turbo Tiny Tim's #2 at Treasury.
We've added a very special clip from WalStreetPro2 in response to John Thain. Both are inside. If you need a good laugh, this is your ticket.
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From Daily Intel:
But Rodge, as he is known to his high-placed pals, has a dark side.
It was he who negotiated "unconditional" guarantees of support from the U.S. government on behalf of the majority of TARP-receiving financial institutions last year, and who demanded and received exceedingly favorable terms for said institutions that put the taxpayer at risk.
His role in those negotiations ultimately forced him to drop a bid for Treasury secretary, and earned him the nickname “overlord and viceroy of all Western capitalism" from Zero Hedge and "evil troll with steel balls" from Above the Law.
As the Journal put it succinctly last October:
He helped mold the financial system that is now under assault. He helped draft the rules that led to the emergence of powerful national banks, waged the first hostile bank takeover in the U.S. and lobbied, in the early 1990s, to expand the Federal Reserve's power to provide the emergency loans now being employed by the government.
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Our friend Walstreetpro had a few thoughts on John Thain that you might enjoy.
Warning: extreme anger and profanity (but ridiculously funny). It starts slow, so give him a few seconds to get warmed up. If you haven't seen this yet, you have been warned.
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Jan 14, 2010 at 2:15 PM
Reader Comments (5)
Trauma Surgeon of Wall Street, Rodgin Cohen
So Why DID H. Rodgin Cohen Withdraw as Treasury's No. 2? Press Is Curiously Not Curious
H. Rodgin Cohen, Top Treasury Pick, Withdraws From Consideration
thats funny!! lol!!