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Ratigan: Credit Rating Theater (5 Star)
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Rep. Kaptur Sticks An IED Inside Paulson And Then Presses 'KABOOM'
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Friday, March 20, 2009 at 7:05PM
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Reader Comments (9)
"There's just really a lot of questions to ask," Sen. Bob Duff, D-Norwalk, Banks Committee co-chairman said in an interview.
Duff said the committee is also going to subpoena AIG CEO Edward Liddy for questioning over why the bonuses were paid with federal bailout money. But Duff acknowledged unless Liddy owns property in Connecticut, the move is more a symbolic because the Banks Committee's authority ends at the borders.
http://www.greenwichtime.com/ci_11958924
An employee of Bernard Madoff’s legitmate brokerage operations, which were described by the fraudster in his plea agreement as being “successful and profitable,” has told The Daily Beast that they were in fact money-losers that acted as a front for his Ponzi scheme.
http://www.thedailybeast.com/blogs-and-stories/2009-03-19/madoff-employee-breaks-silence/
By SERENA NG and LIZ RAPPAPORT
Credit-rating companies, widely assailed for their role in fueling the financial crisis with overly rosy debt ratings, stand to make a billion-dollar windfall in the government's latest attempt to heal the credit markets.
The new rescue effort, run by the Federal Reserve, kicked off Thursday with bond deals totaling more than $7 billion. Each bond issue will need to be blessed by at least two of the three big rating firms: Moody's Investors Service, Standard & Poor's Ratings Services and Fitch Ratings.
http://online.wsj.com/article/SB123751980140092361.html
CARACAS, March 19 – Venezuela will go ahead with the nationalisation of the local unit of Spanish bank Grupo Santander, president Hugo Chávez said on Thursday, weeks after officials said the purchase was on hold.
Since first winning office a decade ago, Mr Chávez has nationalised large swathes of the Opec nation’s economy and this year has moved to increase state control of farms and food production inspite of a sharp drop in oil income.
http://www.ft.com/cms/s/0/43484914-14fa-11de-b8b1-0000779fd2ac.html?nclick_check=1
Terrific comments as usual. These bailouts have the possibility of destroying the positive American spirit and work ethic that have survived world wars and the great depression.
If the public doesn't soon see a change I fear there will be riots in this country.
I am sure there will be riots all throughout europe as we get towards summer.
I am afraid it's going to get very ugly.
But stop fucking bitching about salary when your bank is on taxpayer life support.
These folks deserve the hatred.
By Elizabeth Hester
March 20 (Bloomberg) -- Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., recipients of more than $100 billion in U.S. rescue funds, criticized congressional proposals to tax Wall Street bonuses.
Bank of America Chief Executive Officer Kenneth Lewis called the tax “unfair” in a memo to employees today, while Citigroup’s Vikram Pandit said his bank is “working in every appropriate way with policymakers.” JPMorgan’s Jamie Dimon held a conference call with about 200 executives, saying the firm is concerned about retention and is working with lawmakers.
The banks are responding to an outcry in Congress over $165 million in bonuses paid by American International Group Inc. after the insurer received $173 billion in federal bailout funds. The Senate will vote next week on levies on bonuses after the House of Representatives approved a 90 percent tax on bonuses at companies that received bailout funds.
“People are very anxious about this getting too widespread, this notion that no one on Wall Street or in banking deserves any money,” said Seamus McMahon, a consultant with Booz & Co. in New York, who works with financial firms.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aPe8yIbgLpto&refer=worldwide
By Greg Stohr
March 20 (Bloomberg) -- Courts probably will uphold Congress’s effort to tax employee bonuses at American International Group Inc. and other companies receiving federal bailout funds, several legal experts said.
The House yesterday voted 328-93 in favor of a 90 percent tax on bonuses, including the $165 million insurer AIG paid last week after receiving $173 billion in bailout funds. The Senate plans to vote next week.
The measure raises a number of legal questions, and New Hampshire Republican Senator Judd Gregg yesterday said the legislation was unconstitutional. Still, any legal challenge will meet a significant obstacle: the historic reluctance of the Supreme Court to second-guess Congress on tax issues.
“Given the state of the law, it will be unlikely that the Supreme Court will strike down this legislation,” said Edward McCaffery, a University of Southern California tax-law professor who says he questions the wisdom of the proposal.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aC_hgTeumc70&refer=worldwide
Bankers on Wall Street and in Europe have struck back against moves by US lawmakers to slap punitive taxes on bonuses paid to high earners at bailed-out institutions.
Senior executives on both sides of the Atlantic on Friday warned of an exodus of talent from some of the biggest names in US finance, saying the “anti-American” measures smacked of “a McCarthy witch-hunt” that would send the country “back to the stone age”.
http://www.ft.com/cms/s/0/4ff2f77e-1584-11de-b9a9-0000779fd2ac.html