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« Dylan Ratigan: Goldman Get Your Guns | Main | Congress Is Blowing It On Financial Reform (Again): Where Are The Limits On Leverage? »
Monday
Dec142009

Ratigan To Senator Merkley: "How About A Bankers' Bonus Tax"

Video: Ratigan Reality Check On Shaming The Banks -- Aired December 14, 2009

Fixing financial reform - Ratigan discusses President Barack Obama’s frustrations with “fat cat bankers on Wall Street.”

Video: Dylan Ratigan with Sen. Jeff Merkley (D-OR) on financial reform legislation (Dodd's proposal) -- Aired December 14, 2009

Are big banks still exhibiting bad behavior?  New analysis by the Wall Street Journal shows Goldman Sachs was fueling AIG’s bad mortgage bets and played a bigger role in the insurance company’s risky gambling than previously disclosed.  Sen. Jeff Merkley, D-Ore., discusses.

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Reader Comments (11)

If Congress and the administration let the big banks pay back the tarps before they get concessions and reform's in place do they have the power to do anything for the American Taxpayer? Our Government people who are supposed to be very bright would know that, would'nt they? Then why did they do this? I'm beginning to believe bottom to top we have the most corrupt government and financial industry on the planet. Maybe they want to set things up to steal as much as possible before 2010 and 2012 because they know if the Middle Class wakes up they are history in the coming elections.


<iframe src="http://www.businessinsider.com/embed?id=4b263e5e00000000002031b3&width=600&height=430" width="600" height="430" border="0" frameborder="0"></iframe>
Dec 14, 2009 at 6:21 PM | Unregistered CommenterSagebrush
Somebody's got to put this conspiracy theory out there....

These TARP banks have all had incredible stock runs, wildly successful secondary offerings, and now they want to pay back TARP so they can keep their big, fat bonus checks. I, for one, am wondering who these idiots were.....

....meanwhile we have absolutely NO IDEA what's on the Fed's balance sheet, or where all the money from the sale of US treasuries is going.

Am I the only one who suspects we've been "paid back" with our own money?
Dec 14, 2009 at 7:58 PM | Unregistered Commentermark mchugh
Heh heh, I was thinking about this in the shower this morning. WhoTF are these idiots buying C and BAC? Yes, it could be the Fed -- after all, it's the NY Fed that plans to purchase those AIG assets (say wha?!).

And it's not even a "theory" anymore, really, because the Fed has been buying MBS like crazy. I just can't imagine that they're buying them at a discount. And who are they buying them from?

Aside from the Fed, however, it's possible that institutionall investors are buying the banks because they expect a further run-up in this idiot rally, especially as TARP gets paid back (sort of). At some point, they'll dump this stuff on UBS clients or the idiot uber-bull mutual fund managers. Count on it.

On the other hand, who was buying the banks back in March-April? Options traders? When I first saw the Jeff Macke meltdown clip, I assumed it was 'shrooms or acid (seriously), but now I'm pretty sure he just couldn't take the madness anymore. The March lows just didn't seem like a real capitulation-type event. It seemed more like Looney Tunes when they put on the "air brakes" and the crashing plane stops in mid air.
Dec 14, 2009 at 9:27 PM | Unregistered CommenterJames H
And what happened to the FASB regs on off-balance sheet items? Did I miss it somewhere that they caved again and the banks can keep on lying? That process should be going on RIGHT NOW, otherwise. Does all this TARP pay-back have anything to do with that? (Wells just announced they're paying back TARP, too.)
Dec 14, 2009 at 9:33 PM | Unregistered CommenterJames H
FASB off-balance sheet rule on QSPE's begins next month but Sheila bair has said that banks will get a few years to raise capital levels....

meanwhile they can huge bonuses this year, but can't raise the capital for 3 years...what a crock of bullshit...

http://dailybail.com/home/off-balance-sheet-nightmares-set-to-begin-costing-banks-shei.html

wrote about it last week...there's some good info there...
Dec 14, 2009 at 11:52 PM | Registered CommenterDailyBail
and i still am unsure what possessed Macke...

it was right after lunch...i think he had a few cocktails and then became too cryptic to understand...

still waiting for Makce to give an interview and explain it himself...
Dec 14, 2009 at 11:54 PM | Registered CommenterDailyBail
Who is Makce?
Dec 15, 2009 at 12:05 AM | Unregistered CommenterGobiasBestFriend
re FAS 166, 167: I knew some kind of muddle had been worked out, but couldn't remember exactly what. Thanks for the reminder.
Dec 15, 2009 at 12:35 AM | Unregistered CommenterJames H
Dec 15, 2009 at 1:56 AM | Registered CommenterDailyBail
Pittsburgh Ponders "Fair Share" Tuition Tax To Fund Pensions

Instead of addressing pension problems escalating out of control, Pittsburgh Sets Vote on Adding Tax on Tuition.
The mayor of Pittsburgh calls it the “Fair Share Tax.” But to officials at the city’s 10 colleges and universities and many of their 100,000 students, it is anything but.

On Wednesday, the City Council is expected to give preliminary approval to Mayor Luke Ravenstahl’s proposal for a 1 percent tuition tax on students attending college in Pittsburgh, which he says will raise $16.2 million in annual revenue that is needed to pay pensions for retired city employees.

The tax would be the first of its kind in the nation, and other cities are watching closely as they try to find ways to close their own budget gaps.

“City officials see this as an untapped revenue source, and if Pittsburgh succeeds, I think you will see a lot of other cities immediately move to do the same,” said Terry Hartle of the American Council on Education, a lobbying group for universities. He added that if the Pittsburgh City Council approves the mayor’s proposal, the matter will surely go to the courts.

Taxman

Let me tell you how it will be,
There’s one for you, nineteen for me,
‘Cause I’m the Taxman
If you drive a car, I’ll tax the street,
If you try to sit, I’ll tax your seat,
If you get too cold, I’ll tax the heat,
If you take a walk, I’ll tax your feet.
Dec 16, 2009 at 10:28 AM | Unregistered CommenterKen
Mark, please don't talk about Obama in here. He is the same a Dubya, it isn't worth talking about him. It's Bush 3. Obama and Dubya may even be the same person, I have never seen them at the same time. Why do you think we never see Dubya out and about? Why do you think we have never seen Obama's birth certificate. Um, because it would say G.W. Bush. It is a right wing conspiracy. Only Ron Paul and Jon Leibowitz can help us now.
Dec 16, 2009 at 11:18 PM | Unregistered CommenterGobiasBestFriend

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