The Feinberg Report and "The Wisdom of TARP"
Ken Feinberg appears on stage Friday to announce that 2008 bank bonuses were "ill-advised," but assures us of "the wisdom of TARP."
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Posted by Dr. Pitchfork.
I didn't want to cover the Feinberg Report on 2008 Bank Bonuses. For one thing, as much as I relish the idea, the pre-release rumors of "clawback" were obviously unfounded -- obvious, because there is NO WAY IN HELL the Bush-Obama regime is going to do jack squat about the (ongoing) bank bailouts. Ever. Trust me, "[y]ou can take that to the bank." The Feinberg Report is just one more sorry act in the sordid bailout drama, and the report's sole focus on 2008 is itself a typical Kabuki maneuver (What about 2007 and 2009?). Just as farcical is Feinberg's contention that since many of the banks have paid back their bailout money, we can now rest assured of "the wisdom of TARP." Oh dear. Pass the puke bucket, s'il vous plait.
Nonetheless, the Feinberg Report provides us an occasion to revisit (once again) the scene of the crime. In particular, let's just take a moment to remember which crooks made off with how much, because they all got off scot-free. (Well, maybe Obama is right after all -- maybe they really are "very savvy businessmen.")
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N.B. These are just off the top of my head, in no particular order. Feel free to add any names and numbers in comments.
- Jamie Dimon (JPM): $27.8M in 2007; $17M in 2009
- Ken Lewis (BAC): $20.4M in 2007; $9M in 2008; retires w/ $53.2M pension in 2009
- Dick Fuld (Lehman): $34M in 2007
- Lloyd Blankfein (GS): $70M in 2007; $9M in 2009
- Gary Cohn (GS): $72.5M in 2007; $15.1M in 2009
- John Winkereid (GS): $71M in 2007;
- Martin Sullivan (AIG): $14M in 2007
- John Mack (MS): $1.6M in 2007; $0.9M in 2009
- Colin Kelleher (MS): $21M in 2007;
- Stan O'Neal (Merrill): $160M in 2007
- John Thain (Merrill): $17M in 2007;
- Daniel Mudd (Fannie Mae): $11.6M in 2007
- Richard Syron (Freddie Mac): $18M in 2007
- G. Kennedy Thompson (Wachovia): $21M in 2007
- Chuck Prince (Citi): $38M in 2007
- Jeffrey Edwards (Merrill): $14.7M in 2006;
- Tom Montag (BAC): $29.9M in 2009
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Dr. Pitchfork is Ivy educated, has 2 advanced degrees, is completing a PhD, and has a keen taste for truth, rebellion, and occasionally some tea. He recently returned from a family trip to Ireland, where he became intimate with the Irish medical system.
Jul 24, 2010 at 11:07 AM
Reader Comments (15)
Oh-oh. I can picture MMc foaming at the mouth as we speak.
:-)
The law defends the plunderer...
I must admit, I didn't really know anything about Feinberg until today:
http://en.wikipedia.org/wiki/Kenneth_Feinberg
Seems his only area of expertise is distributing other people's money, so TARP is right up his alley. No indication that he has the foggiest notion how to run a business, let alone an entire nation's economy. So I'm pretty comfortable ignoring what he says, except that he's one more voice trying to add credence to a completely ficticious narrative.
It's like whack-a-mole, or perhaps more accurately whack-a-shill.
But here's a question that eveybody should be asking now: "Who exactly has been buying all this new US debt?"
It ain't China
It ain't Japan
Apparently the UK, but aren't they as broke as us?
"Carribean Banking Centers"????
But the lion's share, seems to be getting "purchased" by insolvent US banks. Of course, this would mean our entire economy has degenerated into one big Ponzi scheme. What could the exit strategy for that possibly be?
http://www.economicpopulist.org/content/tic-report-december-2009
http://www.zerohedge.com/article/chinese-treasury-dump-brings-its-total-holdings-one-year-low-uk-continues-exponential-accumu
Ah, yes... you mention the Treasury-Fed-TARP bank circle jerk. Just another way to transfer our wealth to them. And granny has no idea why she can't earn more than 1.6% on her life savings. Makes one want to do very un-Christian things. Even on the Sabbath.
Focus on Real actions. Posting and debating is worthless now; USA republic is Iron Fist Control of HOME GROWN FINANCIAL AL QAEDA
[edited]
WHAT DO YOU NEED MORE TO ACT???? SHARING OPINIONS ARE NOT ENOUGH ANYMORE!
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Ken, just let us know when you start the revolution. Thanks.
Documents detail $4.3B in Goldman Sachs payouts after government's bailout of AIG
http://finance.yahoo.com/news/Documents-detail-43B-in-apf-1876299268.html?x=0&.v=4
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Thanks for the link. Chuck Grassley is about a year and a half behind the ball, but better late than never.
Love affair with euro is over
Wednesday, 21 July 2010 10:47 BJS Business
Support for euro has evaporated as export firms view currency crisis
Thanks to the debt crisis in southern Europe and doubts about the long-term future of the common European currency, many export companies no longer want to replace the kroner with the euro.
A Rambøll/Jyllands-Posten poll found that 57 percent of export companies back the introduction of the euro to Denmark while 20 percent are against the move.
That figure is down from the 74 percent positive response for the European currency in June 2009, when just 14 percent gave the idea the thumbs down.
The new study also revealed that less than half of all the firms surveyed now believe that joining the euro would have a positive effect. Last July, the figure was close to 70 percent.
Danske Bank chief economist Steen Bocian was not surprised by the change in sentiment.
‘Enthusiasm for the currency has disappeared because of the crisis in southern Europe,’ he said. ‘The thinking is why should Denmark join a club whose members have such big problems? But in practical terms, Denmark already is a member. Whether we have formal membership or not won’t make a lot of difference if the euro falls apart.’
The krone has been closely tied to the euro through the European Exchange Rate Mechanism since 1999.
The Confederation of Danish Industry, which has been an enthusiastic supporter of the European currency, does not think that increased scepticism about the euro is justified.
‘The discussion of the euro tends to dwell on the irresponsible financial policies that many European countries have implemented,’ said DI’s chief business financial manager, Kent Damsgaard.
http://www.infowars.com/federal-government-working-to-remove-sovereignty-of-states/
& thats the scarry part. & DB, that "Chic" with the Blond Hair, with the "Nice Boobs" is a tough one for me to get past. You doin that on puorpous...............! ?
http://www.youtube.com/watch?v=NGwj9a0Bwv4
I will click on the piece and see whats thAre. I just may learn something. Its like she is looking right at us. Maby its the red dress. Great Pic DB !
Hey DB. Whatta mean 'they came after me & my site"? What happened? WHEN was this? I knew nothing.
http://dailybail.com/home/the-mother-of-all-irony-playboy-magazine-targets-the-daily-b.html