Thursday
Sep172009
Erin Burnett, (Former) Banking Apologista, Grows A Sack
Chris Whalen and Paul Miller discuss the health of the banking sector, deleveraging, credit destruction and new capital requirements with Burnett. Near the end, the focus shifts to Goldman Sachs, where Whalen says their future is bright without Lehman and Bear Stearns as competitors, but cautions about the massive political risk:
- "The political risk is the wildcard with that firm. They are so over-exposed politically. There's nobody even in their league right now in terms of political risk."
The interplay ends and as they head to break, Erin Burnett mumbles the following to co-anchor Kristi Yamaguchi:
- "The AIG payback, the $13.2 billion...it's just there. People, it just raises questions."
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A rare, CNBC-induced Bailout Hallelujah...!
Sep 17, 2009 at 1:19 AM
Reader Comments (29)
http://dailybail.com/home/2009/3/8/bailout-truth-video-hey-tim-do-us-all-a-favor-and-step-down.html
http://dailybail.com/home/whalen-regulators-banking-a-deal-with-the-devil-truth-bomb-c.html
http://dailybail.com/home/banking-crisis-chris-whalen-vs-goldilocks-pollyanna-cnbc-cli.html
http://dailybail.com/home/chris-whalen-united-states-risks-credit-rating-downgrade-wit.html
“Hell is empty and all the devils are here.” William Shakespeare
“Greed is a bottomless pit which exhausts the person in an endless effort to satisfy the need without ever reaching satisfaction.” Fromm, Erich
The world is a dangerous place to live, not because of the people who are evil, but because of the people who don't do anything about it. Albert Einstein
“He who does not punish evil, commands it to be done.” Da Vinci
“Organized crime constitutes nothing less than a guerrilla war against society.” LB Johnson
Elaborate, Gobias...
Don't be too upset DailyBail, I think she is more into women.
A I G
Don't you remember???
No wonder I love this site!!!!!
LOL! x10 on CQ.
American International Group Inc. bowed to increasing pressure in Congress on Sunday and disclosed the names of dozens of banks and other institutions that benefited from the first chunk of $180 billion in bailout funds it received. AIG said it shelled out nearly $100 billion in the final few months of the year to satisfy some of the contracts it had outstanding under credit default swaps and other insurance and investment agreements (LA Times Article).
Don't you remember???
Of course I remember...i am haunted by it...I was asking about NEW info on AIG writing CDS...not the old stuff...but thanks for confusing me anyway...
Kristi Yamaguchi?
"I've watched the clip and I don't get the significance of Erin's comment. Help "
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Perhaps it was the effect of the wee hours, but I was impressed to hear Erin Burnett say that Goldman needs to payback the $13.2 billion...for a CNBC reporter to make that statement was a positive change...I have never heard it before from anyone at the network...
Good for Erin. I hereby nominate Carl Quintanilla to replace her as CNBC's reigning money dummy.
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Quintanilla has a degree from HBS...that should have been the first tell...
No one on CNBC has even the beginning of a spine and/or a sack. Pardon my impudence, but that bit of fluff about GS "political risk" was not worthy of approbation.
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I was not lauding Whalen for his comment on Goldman's political risk...I was highlighting that Erin Buirnett, the banking apologista and former Goldman employee (did she even last the entire 2 years of the I-banking program?), had the gumption to say it out loud...
I understand where you guys are coming from...I made it sound like a huge deal and perhaps it is not...But at the same time, it is undoubtedly PROGRESS for our side that Burnett of all anchors made this comment...
She had never before even mentioned the $13 billion that I'm aware...and she does, albeit in mumbled speak, say that Goldman needs to pay it back...It is progress of some sort...
I love you guys...we are making itty, bitty steps of progress...
Your first instincts were right. It's a big deal. Notice she did NOT defend Goldman. She pointed out that they got a $13B windfall from the taxpayer. Big difference. Moreover, it wasn't like Whalen mentioned any numbers or counterparties -- the AIG counterparty outrage is a part of how she now views the financial landscape. It's a gestalt shift and it's important.
Dear Madam Speaker:
I will contribute to the Democratic Party when they start practicing a Democratic form of Government. Bring HR-1207 to a vote as written for starters. Every poll taken shows that 75 to 80 percent of the American people want this done and I believe that is a majority! I voted for the Democrats in the last election. That won't happen in 2010, most of my friends and I will be voting as Independents. And any Incumbent that has backed the special interests is out period. I am now donating to any group that will put special interest lobbyists out of business or is pushing for real campaign finance reform. The TARP, bailing out the crooks who caused this economic mess and refusing to stand up for the American People is pushing the Republican and Democratic middle class to go Independent. 2010 and 2012 are going to be real eye openers for you politicians from both parties. A lot of you will be joining the unemployment lines you helped create.
I have always liked Joe Biden. I'm speaking personally not really politically...he's a thousand times more interesting than most of the drones around Congress. A republican I've always admired was John Kasich who is no longer in the House. They are similar guys in terms of personality.
Who remembers the Penny-Kasich bill from the 1980s that came within one vote of being passed if I'm not mistaken...?
It was the greatest bi-partisan effort to control Federal spending we've ever seen...
Anyone remember the details...?
Excellent reply to Madam Speaker.
Yes, John Kasich and Tim Penny, Senators proposed 103 billion in Federal cuts over 5 years
It was a risky reduction of Medicare payments for recipients who earn $75,000 or more in adjusted gross income, and failed by only six votes.
At 26 Kasich was the youngest ever elected to the Ohio Senate and is currently Governor of Ohio.
Last I heard Kasich was dating the founder of Cheryl's Cookies, Cheryl Kreuger.
On a different note, found this today:
http://www.nakedcapitalism.com/2012/10/mar…