Mike Capuano's Bank CEO Beatdown: "I'm Amazed That None Of You Have Been Prosecuted Yet!" (VIDEO)

Video:  Rep. Mike Capuano takes on bailed-out bank CEOs - Flashback

Jamie Dimon, Lloyd Blankfein, Ken Lewis, John Thain, Vikram Pandit sit slack-jawed.  Start watching at the 1:20 mark.  Part of this clip was included in Charles Ferguson's Oscar-winning Inside Job.

• "Basically you come to us today on your bicycles, after buying Girl Scout cookies and helping out Mother Theresa."

Comments

[DailyBail]

BoA sees US double-dip danger from `fiscal chicken'

Bank of America has accused the Democrats and Republicans in Congress of endangering the US economy in a game "fiscal chicken", risking a grave policy error by tightening too early.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7960441/BoA-sees-US-double-dip-danger-from-fiscal-chicken.html

Ambrose Evans Pritchard doesn't agree...

[DailyBail]

California will delay paying $2.9 billion of subsidies to schools and counties in September, a month earlier than projected, to save cash amid an impasse that has left the state without a budget for 54 days.

http://www.bloomberg.com/news/2010-08-23/california-delays-2-9-billion-school-county-payments-amid-budget-impasse.html

[DailyBail]

The Hindenburg Omen reared its ugly head late last week, signaling more doom and gloom as stocks plod along amid the dog days of summer.

The Omen, a technical indicator which uses a plethora of data to foreshadow a stock-market crash, was tripped again on Friday, marking the second time since Aug. 12 it has occurred. (It also came close on Thursday, but one of its criteria fell short.)

The latest trigger has prompted the Omen’s creator, Jim Miekka, to exit the market. “I’m taking it seriously and I’m fully out of the market now,” Miekka, a blind mathematician, said in a telephone interview from his home in Surry, Maine. “I would’ve probably stayed in until the beginning of September,” depending on how the indicators varied. “That was my basic plan, until the Hindenburg came along.”

The Omen has been behind every market crash since 1987, but significant stock-market declines have followed only 25% of the time. So there’s a high likelihood that the Omen could be nothing more than a false signal.

http://blogs.wsj.com/marketbeat/2010/08/23/yes-folks-hindenburg-omen-tripped-again/

[DailyBail]

Hitler 'had Jewish and African roots', DNA tests show

http://www.telegraph.co.uk/news/newstopics/world-war-2/7961211/Hitler-had-Jewish-and-African-roots-DNA-tests-show.html

[DailyBail]

Dow Faces Bouncy Ride to 5,000: Strategist

http://www.cnbc.com/id/38826988

[DailyBail]

UCubed, a group representing unemployed and underemployed workers, sharply criticized Treasury Secretary Timothy Geithner for his handling of the economy after the Labor Department last week announced that jobless claims had unexpectedly jumped to 500,000.

"The pace of job losses is increasing, and Secretary Geithner doesn't have a clue on how to end this grave recession," said Rick Sloan, the group's acting executive director, in prepared remarks.

http://thehill.com/blogs/on-the-money/801-economy/115459-unemployed-group-blasts-geithners-handling-of-economy

[DailyBail]

WASHINGTON (MarketWatch) -- The sale of existing U.S. homes sank 27.2% in July -- the biggest one-month drop ever -- largely because of the phase-out of a federal tax credit, according to an industry trade group.

http://www.marketwatch.com/story/existing-home-sales-plunge-272-in-july-2010-08-24-101400

[DailyBail]

Teenage girl kidnapped in texas...dumped in Mexican desert...

http://www.themonitor.com/articles/san-42116-juan-teen.html

[Z]

THEN...

Fabrice Tourre, the Goldman Sachs bond trader embroiled in the SEC fraud case against the bank, sent a number of conflicted emails to his girlfriend about his role in creating ultimately doomed securities, referring to them as "like a little Frankenstein turning against his own inventor."

In his emails to his girlfriend, Marine Serres, the London-based Tourre appeared somewhat conflicted about his work, but his tone could also be dismissive, at one point joking that he sold risky bonds to "widows and orphans."

In June 2007, Tourre wrote in an email to his girlfriend: "Just made it to the country of your favorite clients!!! I'm managed (sic) to sell a few abacus bonds to widow and orphans that I ran into at the airport, apparently these Belgians adore synthetic abs cdo2,"

http://www.cbsnews.com/8301-503983_162-20003402-503983.html

AND NOW...

http://blogs.forbes.com/streettalk/2010/07/15/goldmans-settlement-four-days-worth-of-2009-revenues/

Fabrice Tourre, the Goldman employee who arranged the transaction at the center of the case, remains on the hook, the SEC says. The agency accused the firm of arranging a deal with a hedge fund to create a pool of mortgage securities the hedge fund could short against. Goldman sold that pool to two European banks with the help of an agent.

Goldman employees are going to get some new training, too, perhaps in e-mail etiquette? One of the more salacious details to come out of the SEC’s original case was Tourre’s boastful January 2007 e-mail to a friend saying “more and more leverage in the system, the entire system is about to crumble any moment … the only potential survivor the fabulous Fab.” Guess again, Fabrice.

SO, WHAT IS GOING TO HAPPEN TO THAT PIECE OF EUROTRASH, FABRICE TOURRE???

[DailyBail]

Great post z...obviously we'll report this story as soon as there's something substantial...fab tourre deserves a big fine and a lifetime ban from the industry...but he won't get either one...

[john]

Feds join lawsuit targeting company with ties to McKernan

http://new.bangordailynews.com/2011/05/05/business/feds-join-lawsuit-targeting-company-with-ties-to-mckernan/

[snip]

The lawsuit alleges that Pittsburgh-based Education Management illegally paid recruiters based on the number of students they enrolled, the company said in a Securities and Exchange Commission filing Monday. The government, in most cases, forbids such incentive compensation for colleges accepting federal aid because of concern the practice will encourage companies to enroll unqualified students.

NOTE: John McKernan is a former Maine Governor and the husband of Senator Olympia Snowe............... Dianne Feinstein's husband also is involved with such dealings....see my comments here:

http://dailybail.com/home/senators-husbands-firm-cashes-in-on-crisis.html



Ponzi schemer with ties to MDI gets 17 years in prison

http://new.bangordailynews.com/2011/05/05/news/ponzi-schemer-with-ties-to-mdi-gets-17-years-in-prison/

[snip]

A con man with former ties to Mount Desert Island who preyed upon investors he met at polo and yacht clubs along the East Coast was sentenced Thursday in Philadelphia to spend 17½ years in prison for running a $23 million pyramid scheme.

[brooke]

And yet, Mikey doesn't think the Federal Reserve should be audited.