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« Michael Lewis: Beware of Greeks Bearing Bonds | Main | $1.4 MILLION PER PAGE: How Ireland Paid Merrill Lynch For "Advice" That Bankrupted A Nation »
Friday
Nov112011

Jon Stewart: "On Wall Street, Gambling Is Called Innovation And Clients Are Called Idiots"

The Daily Show With Jon Stewart Mon - Thurs 11p / 10c
Exclusive - Bethany McLean & Joe Nocera Extended Interview
www.thedailyshow.com
Daily Show Full Episodes Political Humor Rally to Restore Sanity

 

This discussion is outstanding.  Please set aside 15 minutes and watch the entire segment.  There's much more below.  This clip is the unedited, extended version that was not televised.

Daily Show Video - Jon Stewart interviews Joe Nocera & Bethany McClain, authors of All The Devils Are Here - Aired Nov. 16, 2010

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More videos...

The Daily Show With Jon Stewart Mon - Thurs 11p / 10c
Joe Nocera
www.thedailyshow.com
Daily Show Full Episodes Political Humor Rally to Restore Sanity

 

Video:  Joe Nocera on the AIG bailout, Rick Santelli & CNBC - 2009

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The Daily Show With Jon Stewart Mon - Thurs 11p / 10c
Bethany McLean
www.thedailyshow.com
Daily Show Full Episodes Political Humor Rally to Restore Sanity

 

Daily Show Video:  Bethany McClain with Stewart in 2009

Topics are bailouts and financial corruption...

---

The Daily Show With Jon Stewart Mon - Thurs 11p / 10c
Bethany McLean
www.thedailyshow.com
Daily Show Full Episodes Political Humor Rally to Restore Sanity

 

Video:  Bethany McClain with Stewart all the way back in 2002

McClain broke the Enron corruption story long before anyone else.  This is an excellent look back with detail on how Ken Lay and other Enron execs tried to stop her article from being published.

 

 

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Reader Comments (39)

« Jon Stewart Vs. Larry Leibowitz: Brother Of Daily Show Host Is President Of The NYSE »

http://dailybail.com/home/jon-stewart-vs-larry-leibowitz-brother-of-daily-show-host-is.html
Nov 21, 2010 at 12:41 AM | Registered CommenterDailyBail
WASHINGTON -- The Republican campaign to take away all federal funding from National Public Radio (NPR) was over before it began, with GOP lawmakers' procedural trick to force a vote on the issue failing on Thursday. It was the first GOP-ordered House vote since the election.

The proposal to defund NPR was the latest winning item on the Republicans' gimmicky YouCut site, which allows the public to pick the cuts they would like to see receive an up-or-down vote on the House floor. In order to get these votes, they try to make a procedural vote on an unrelated piece of legislation the vote on the YouCut item.

http://www.huffingtonpost.com/2010/11/18/republican-defund-npr-fails_n_785453.html

i enjoy npr usually but not always...but i had no idea it was costing taxpayers maybe as much as $100 million...i tend not to believe the figure quoted...
Nov 21, 2010 at 12:47 AM | Registered CommenterDailyBail
http://www.huffingtonpost.com/2010/11/19/keith-olbermann-to-jon-st_n_785995.html

Keith Olbermann To Jon Stewart: 'I Told You So!' (VIDEO)
Nov 21, 2010 at 12:50 AM | Registered CommenterDailyBail
http://www.huffingtonpost.com/2010/11/19/rick-scott-playboy-que-pasa_n_785902.html

Rick Scott's Playboy Connection Gets Him In Trouble With Conservative Group
Nov 21, 2010 at 12:52 AM | Registered CommenterDailyBail
Alaska Senate standstill divides GOP

http://www.politico.com/news/stories/1110/45442.html
Nov 21, 2010 at 12:53 AM | Registered CommenterDailyBail
'Sh*t My Kids Ruined': 7 Pictures Of Things My Children Messed Up (PHOTOS)

http://www.huffingtonpost.com/julie-haas-brophy/sht-my-kids-ruined_b_784957.html#s184817

This is funny...
Nov 21, 2010 at 1:19 AM | Registered CommenterDailyBail
Nov 21, 2010 at 1:29 AM | Registered CommenterDailyBail
Nov 21, 2010 at 1:31 AM | Registered CommenterDailyBail
In their new book, All the Devils Are Here: The Hidden History of the Financial Crisis (Portfolio Hardcover, November 16), V.F. contributor Bethany McLean and Joe Nocera, of The New York Times, go back two decades to expose how the market, the mortgage industry, and the government conspired to change the way Americans bought their homes and invested their nest eggs. In the excerpt below (also featured in V.F.’s November issue), McLean takes us inside Merrill Lynch to explain how, under C.E.O. Stanley O’Neal, it developed a raging case of Goldman Sachs envy, and pursued unprecedented risk to a point that would eventually sink an American institution.

http://www.vanityfair.com/online/daily/2010/10/bethany-mclean-reads-from-all-the-devils-are-here.html

Bethany McLean Reads from All the Devils Are Here
Nov 21, 2010 at 1:35 AM | Registered CommenterDailyBail
What comes next for S.510


On Monday, November 29, a vote will be taken on the Harkin amendment, which is merely a rephrasing of the bill with some new wording that came out of committee.

After that, a vote is planned for the bill itself, meaning S.510 could be passed into law on November 29th.

Additional debate time might be invoked for various amendments to the bill, as there are some motions still pending (Johanns, Baucus, Coburn). So it's not a given thing that a final vote will happen on Nov 29th.

http://www.govtrack.us/congress/bill.xpd?bill=s111-510

http://www.libertynewsonline.com/article_301_29693.php
Nov 21, 2010 at 1:36 AM | Unregistered CommenterS. Gompers
gomp..i've been following s 510 out of the corner of my eye...what are the issues at stake there?
Nov 21, 2010 at 2:04 AM | Registered CommenterDailyBail
Lots of excellent material in McLean and Nocera's All the Devils are Here. In addition to devils there are also a few skeletons: in 1990, for example, Fannie paid Paul Volcker to defend and endorse its low capital standards.

http://www.marginalrevolution.com/marginalrevolution/2010/11/all-the-devils-are-here.html
Nov 21, 2010 at 2:37 AM | Registered CommenterDailyBail


As i can realize, you became a digital-news economy editor. I´m very happy hearing of you working very hard and hope you are sucessful, because you are worth!.
It´s awfully difficult for me to understand pieces of news and economic reports, because of the vocabulary and expressions you use.
I dare sending you this video, which I hope you enjoy and don´t give me the sack!!: http://www.ecologistasenaccion.org/spip.php?article19094

Please write back and tell me of you, it´s very long (...longer than 20 years!) I don´t hear of you. I have many things to tell you, here in Spain and in Europe we (they) growed our own perfect crisis, ...and the crop was excellent!

Very happy to hear of you!!!
Miguel
Nov 21, 2010 at 4:13 AM | Unregistered CommenterMiguel
Nov 21, 2010 at 10:37 AM | Unregistered CommenterS. Gompers
thanks gomp...good links...
Nov 21, 2010 at 12:12 PM | Registered CommenterDailyBail
I have many things to tell you, here in Spain and in Europe we (they) growed our own perfect crisis, ...and the crop was excellent!

Very happy to hear of you!!!
Miguel

---

Miguel...I'm just waking up on a Sunday morning...I want my regulars to know this story and I will explain it in more detail in later posts...23 years ago I spent my 3rd-year abroad from the university of virginia and studied in spain instead...i lived in a dorm that is more akin to american fraternitites...there was a 'rush' period, pledges, etc...and this dorm had it's own bar, soccer-bullfighting field, movie room and dorms for about 250 people i think...it was co-ed...

And on the first night i arrived there, Miguel came walking up to me and he said "Hi, I am Cartagena, I'm from Mississippi..."

Which of course was complete bullshit i knew immediately because of his thick accent...but he had an open spot in his suite and he graciously offered the spot to me...over time i will tell some of the crazy stories...but suffice it to say, that miguel found me about a month ago thru this website, and sent me an email..we had not spoken in 23 years...

he is a pharmacist (owns his own) and almond farmer in southern spain...are you still growing olives, miguel?...He has advanced degrees in science...he's brilliant but also very funny and sarcastic...

i never have time to email back and forth with him and so i told him to come to the site and we could talk here...

So miguel thank you for coming...
Nov 21, 2010 at 12:26 PM | Registered CommenterDailyBail
http://www.ecologistasenaccion.org/spip.php?article19094

Miguel...Is your farmacia open on weekends? OR do you shut down every Friday until Monday...
Nov 21, 2010 at 12:29 PM | Registered CommenterDailyBail
All the Devils are Here must be THE definitive book because Stewart got only about three tepid laughs which must be a record. And it was pretty clear he wanted it that way.

As I said before, with more colorful language, if we let economic man shove everyone else out of the room, including government regulators, then we deserve what we get.

I agree with the Wall Street guys who blame all the people who took out mortgages they knew they couldn't afford and I agree with Jon Stewart that the Wall Street guys are immoral bastards.

What I would like to know is, when are people going to stop ONLY writing and reading books and griping to each other on the internet, and start doing something?
Nov 21, 2010 at 2:31 PM | Unregistered CommenterJames Street
It was a long time ago, how can you remember the first words I told you???

That´s true, first I told you my nickname at fraternity "Cartagena", and said the words that came to my mind in that exact moment in the fiesta prepared to welcome all you (becuase a group of American students had come to stay with us for just the middle of our course), and as I red in childhood Lucky Luke comics, I flashed you..."I´m from Missisipi", Je, Je, !!!

My doble room was in one of the two towers of that lovely old building, and was the most quiet and best place to study hard. The academic course had just started and people there had their own rooms assigned at the long corridors. That same day, the director told me that I had to look for a partner no longer to share my doble room, as my before partner had finished studying Medicine and had become a Doctor and had gone away to work in hospital. Therefore, of all the American students group, something told me you would be an excellent partner and that´s why you stayed at the dorm sharing my room, not for just half corse, but all year. We worked hard, and lived in Granada for that year learning like good university students, you came home and we enjoyed so much, because we did not lose time and we had a very useful year.

I close my Pharmacy at saturday afternoon until sunday (if I have not to work when it is urgency turn), and then go farming. We still can grow our own almonds, olives (pure olive oil), lemon, oranges, prickly pear and carobs (200 hectars)... as Monsanto and other specimen, do not annoy us directly yet.

You start remembering, and things seem to have happened yesterday, but I am thinking in this menwhile, of what it happens today all over the world, and is that all our best wishes of all people who were born in 60´s and 70´s, who went to university or worked for an encouraging and hopeful future, some few fucking stupid people want to wrench from all us.
I hope after 23 years we´ve encountered again, we shall be able to net work for another world... I believe it, and I shall.

Warmly,
Miguel
Nov 21, 2010 at 2:33 PM | Unregistered CommenterMiguel
Miguel wrote...as Monsanto and other specimen, do not annoy us directly yet.

---

you are going to have a friend here, Miguel...his name is S. Gompers...he is one of the regulars...and he farms...

and yes of course i remember that first party when all of us american students arrrived at the dorm....you were hilarious...
Nov 21, 2010 at 2:58 PM | Registered CommenterDailyBail
Therefore, of all the American students group, something told me you would be an excellent suitemate, not for just half course, but all year. We worked hard, and lived in Granada for that year learning like university students, and partying like rock stars.

I close my Pharmacy at saturday afternoon until sunday (if I have not to work when it is urgency turn), and then go farming. We still can grow our own almonds, olives (pure olive oil), lemon, oranges, prickly pear and carobs (200 hectars)... as Monsanto and other specimen, do not annoy us directly yet.

---

Miguel...your english really is excellent mi amigo...muy bien...

Yo llevo 23 anos sin hablar ni escribir el espanol, pero se me ha quedado bastante...
Nov 21, 2010 at 3:00 PM | Registered CommenterDailyBail
Hello Miguel, unfortunately we cannot grow olives in Southwest Ohio, winters are to harsh. But I do love those rascals. We either grow or kill about 80% of our food.
Nov 22, 2010 at 2:03 AM | Unregistered CommenterS. Gompers
Even if you take a mulligan on Joe Nocera, this is by far the best looking journalistic duo around. ;-)
Nov 22, 2010 at 3:18 AM | Registered CommenterDr. Pitchfork
yep...bethany is definitely cute...
Nov 22, 2010 at 4:40 AM | Registered CommenterDailyBail
Thank you S. Gompers, I clicked on the link you proposed and I liked it very much. I am very interested and I enjoy learning about food sovereignty, sustainability, green energy sources...

It is said in Europe that this subjetcs are connected with banks and big corporations´s intentions, as they are expoilling and accaparating thousands of hectars all over the world (mainly in Africa and South America), kicking local inhabitants to poorness, transforming into monocolour transgenic and bio-oil all landscape, and loosing (for ever) agrobiodiversity because of transgenics.
Recently (this last summer) essential food like wheat, was target for investers in Wall street, so speculation with lives, land and hunger, is on the share holders minds as a sweet bussiness. So, if you buy your own home, you´ll be owe banks for many years, but if you save and keep money into the bank, they will invest in this or another dark kind of businesses.
Thank you,
Miguel
Nov 22, 2010 at 5:33 AM | Unregistered CommenterMiguel
miguel...that was a great response...your english is phenomenal...

the irish bailout should make yields on spanish and portuguese bonds fall...it will calm everyone down...but portugal is the next country to need a bailout...

have you seen my ex-spanish girlfriend around, the once, very-hot ada reyes lopez...i heard from her recently...she is divorced now and living in Granada...she is a professor of music...there are a few youtube videos i've seen her in...

do you have any youtube videos of you and your children...?...

i'm going to sleep for a few hours...I have been awake all night...
Nov 22, 2010 at 6:06 AM | Registered CommenterDailyBail
MUST SEE VIDEO.....

Enron, World Com, Tyco vs. Fannie/Freddie

http://www.youtube.com/watch?v=KQtq77RQRf0&feature=related
Feb 26, 2011 at 9:00 AM | Unregistered Commenterjohn
NALCO postpones board meeting after chairman's arrest

http://www.hindustantimes.com/NALCO-postpones-board-meeting-after-chairman-s-arrest/H1-Article1-667190.aspx

[snip]

Search of a bank locker used by them and personal search of his wife led to a total recovery of more than 10 kg of gold and Rs 29 lakh in cash – the overall value of which came approximately to Rs 2.43 crore at the current prices of gold, the CBI release said.

A CBI official said the CMD always preferred taking gold in bribe because it, unlike cash, never depreciated in value and hence was a better investment option.

Nalco has a total investment of about Rs 30,000 crore in aluminium sector, most of which is in Orissa.

Srivastava’s arrest has come at a time Nalco had drawn up ambitious plans to transform itself from being only an aluminium producer to become a global metal producer and energy provider.
Feb 26, 2011 at 9:45 AM | Unregistered Commenterjohn
With $38 billion cash, Warren Buffett looking for deals

http://www.reuters.com/article/2011/02/26/us-buffett-idUSTRE71P16020110226

[snip]

Buffett gave an aggressive earnings forecast for Berkshire's collection of businesses, said the company would engage in record capital spending and forecast a recovery in the housing market would start within a year.

Foremost, though, was his acknowledgment of the need for Berkshire to expand its non-insurance businesses, a broad collection that most prominently includes the railroad Burlington Northern and the electric utility MidAmerican.

"Our elephant gun has been reloaded, and my trigger finger is itchy," Buffett said. The letter was released just before 8 a.m. EST Saturday, as it is in most years -- and many large investors say they get up early that day to read it the moment it comes online.

Flashback: "There is a class war on and we are winning"

Comment: You don't have to rub it in Warren.
Feb 26, 2011 at 10:59 AM | Unregistered Commenterjohn
The clients-are-idiots mentality reminds me of phone calls I used to get at work from salesmen from Northwestern Mutual trying to convince me that I desperately needed their help investing.

NM: Mr. Cheyenne, do you have an investment advisor?

C: Of course. Tannoo. He got me into Philip Morris, Merck, Conoco Phillips, you name it. Guy's a genius. Heard of him?

NM: Ahhh, not... Where is he out of?

C: He's at Ashland and 17th, runs the car wash there. For $11, I get Tannoo's top stock picks and a spotless Benz with a super shine on the tires. Talk about value.

That generally ended those discussions. The $1000 cocktails offered by those salesmen is a curious mix of stupidity and hubris. Of course the guys who had their money with those over-the-hill frat boys got annihilated in 2008.
Feb 26, 2011 at 11:09 AM | Unregistered CommenterCheyenne
@ Cheyenne, my request last night is this, where can I find more info on this case?

http://caselaw.findlaw.com/ma-court-of-appeals/1015872.html
Feb 26, 2011 at 11:41 AM | Unregistered Commenterjohn
I'm in North Korea, Indiana right now, john, so I'm not even gonna click the link out here. So I'll answer generally about court cases.

The best resource is a PACER account. This gives you access to all court filings and rulings. Jurisdictions vary, but in general you can get into the briefs and supporting documents (depo's, aff's, company docs + emails).

Next best, imo, is google scholar. But unless the court has issued an opinion of some sort (e.g., a summary judgment ruling), you're not likely to get much.

In either case, having the case no., e.g., 09-C-0235, is very helpful.

Hope that helps.
Feb 26, 2011 at 12:32 PM | Unregistered CommenterCheyenne
A third, less conventional approach to a legal article like the one you appear to have linked here, is to call the author on the telephone after hitting the "record" button. Identify yourself as David Koch and explain that you are disheartened by this legal development and ask what's being done about it. Say "beautiful" a lot.
Feb 26, 2011 at 1:03 PM | Unregistered CommenterCheyenne
Feb 26, 2011 at 1:43 PM | Unregistered Commenterjohn
Islam and Shariah Law are Running Wall Street , heres the evidence, This violates US Constitutional Monetary Policy, its time to End the Federal Reserve

Sharia Law Financing (Wall Street) Selling Our Souls
http://www.youtube.com/watch?v=12rYtc1Ss9k

[edited]

What do ya think about this ???

[Editor: I think you need to stop spamming the comments section. This is the 2nd or 3rd time you've posted this novel-length comment about Sharia. Enough.]
Feb 26, 2011 at 2:00 PM | Unregistered Commenterhungry4food
What exactly do you mean by "dealing with"? Studying? Preparing for litigation against? The article you linked is from Sicily, where I am not licensed. I'm unclear on what it is you want.
Feb 26, 2011 at 4:22 PM | Unregistered CommenterCheyenne
Sorry to be 'cryptic' ... It involves stolen proprietary information used to develop several domestic projects (none in your region)worth about $1 Billion. Without that information these projects could never have happened. The proprietary information was mine.... That is all I will say on the matter at this time as this is not the appropriate forum.
Feb 26, 2011 at 5:38 PM | Unregistered Commenterjohn
"this is not the appropriate forum."

Glad not to have opened the door on that one.

Speaking generally, I can tell you two things. One, trade secret cases are a bitch to prove up. Two, the Sword of Damocles over a naughty (American) corporation's head is a jury trial.

Make it past summary judgment and odds are you'll be happy.
Feb 26, 2011 at 6:33 PM | Unregistered CommenterCheyenne
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