Let’s see if this turns out to be true: Obama Administration Pushes Back at Bank Lobbying on Regulation
Or if its more of this:
John Darkow
SEPTEMBER 26, 2009
http://www.columbiatribune.com/news/commentary/darkow/
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Overall household indebtedness is up from $7 trillion to almost $10 trillion since 2000. On this sum, we estimate, the American consumer has an annual interest bill of more than $500 billion; a sum, by the way, that vastly exceeds his current income growth." —Kurt Richebacher
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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October 17th, 2009 at 4:56 pm
The problem is that the dependence of the political parties on corporate campaign contributions has grown Too Big To Fail – no party can afford to alienate the hand that holds the dollar bills. Businesses do not invest that kind of money out of sense of national obligation – they expect a return on that investment.
And around and around we go on the Oligarch Merry-go-Spiel.
October 17th, 2009 at 5:29 pm
The “Oligarch Merry-go-Spiel” is too big to fail, but the economy is not.
Wealth continues to concentrate and as the middle class continues to wither.
This is not going to turn out well.
October 17th, 2009 at 5:41 pm
Yet, they allow the SEC to hire for the COO position a 29 year old kid, GS former employee, of course, to head the agency’s enforcement division.
So this kid, who is not old enough to have wrinkles, is the COO for the SEC’s enforcement division. He isn’t old enough to be Madoff’s son. Truthfully, this is just another example of how the foxes who are in charge of the hen house, put one of their own into the position of regulating his former employer, colleagues, and future job prospects. I have tulip bulbs that are older than this guy.
No conflict of interest, here, no sir.
————————–
The Securities and Exchange Commission hired a 29-year-old former employee in Goldman Sachs Group Inc.’s business intelligence unit as the first chief operating officer in the agency’s enforcement division, according to people familiar with the decision.
—————————-
I feel so much safer now that the Obama administration has things under control. Can we take bets where is next job will be? Or how many investigations against his former employer are undertaken? And we are supposed to believe that he will be the tough regulator that is needed?
October 17th, 2009 at 6:37 pm
Ha Ha HA Ha ha ha ha…ha….ha….HA HA HA HA…ha…ha….
October 17th, 2009 at 6:45 pm
bsneath:
There will be another American Revolution. It’s just a matter of whether it’s in the next 5 years, or 50. It all depends on when Americans will finally say enough is enough.
October 17th, 2009 at 6:46 pm
DSS:
Why does the SEC need a COO in the enforcement division for? Is this the remaking of government to be like business?
October 17th, 2009 at 7:28 pm
Who Is Adam Storch and Is Mary Schapiro Really the Right Person to Head the SEC?
http://www.senseoncents.com/2009/10/who-is-adam-storch-and-is-mary-schapiro-really-the-right-person-to-head-the-sec/
You must be kidding me.
for SEC Head Mary Schapiro and SEC Director of Enforcement Robert Khuzami to hire Mr. Storch as COO within this division raises serious questions that deserve to be addressed. What are those questions?
1. If the SEC is in need of experienced people, how does a 29 year old fit that bill?
2. If Uncle Sam in general has been tainted by a perceived cozy relationship with Goldman Sachs, how is it that one of the first key senior hires at the SEC comes from Goldman Sachs?
October 17th, 2009 at 7:29 pm
Don’t let banks borrow 40 to 1. There it’s done.
October 17th, 2009 at 7:40 pm
This new COO Of The SEC will strike fear in Wall St. – see picture
http://www.businessinsider.com/found-photo-of-adam-storch-29-year-old-goldman-guy-who-is-now-coo-of-the-sec-2009-10
I don’t know whether to laugh or shed a tear for the demise of this once great country….
October 17th, 2009 at 9:44 pm
@ dss Says:
October 17th, 2009 at 5:41 pm
Yet, they allow the SEC to hire for the COO position a 29 year old kid, GS former employee, of course, to head the agency’s enforcement division.
So this kid, who is not old enough to have wrinkles, is the COO for the SEC’s enforcement division. He isn’t old enough to be Madoff’s son. Truthfully, this is just another example of how the foxes who are in charge of the hen house, put one of their own into the position of regulating his former employer, colleagues, and future job prospects. I have tulip bulbs that are older than this guy.
No conflict of interest, here, no sir.
———
TakBak04 says:
You got it “dss.” They aren’t even “pretending” to “do their job, anymore.” It’s in your face that they continue to hire Goldman Employees…I wonder when they’ll get to the 22 year old newbies and slap lipstick on them…because “Daddy” want’s “The Kid” to get that job to get some training.
It’s really disgusting…but, I’ve used “disgusting” since Georgie stole that election….so I’m a broken record and no one want’s to hear that “old stuf.” Let’s just move along. Maybe they can even find some bright 17 year old who will take the job. Does Loyd Blankenfield have a son he can put in there? Maybe there’s another kid in the “Top Tier” of Goldman Kids or their cronies who can fill in. Must be quite a few and let’s not limit it to SONS…let’s put in some Daughters …and on the side they can do shows on CNBC like Trump’s daughter. Double income for nepotism for the entitled.
The steam comes from my ears. Is this kid a “Quant?” Someone who knows where the bodies are buried in the Math & Models who can “shock & awe” the Elders? Is that what it’s come to?
October 17th, 2009 at 9:48 pm
@reply to “dss:”
In my hasty, steamy, reply I mispelled “King, Lloyd Blankenfeld (Goldman-Sachs) name incorrectly. I apologize.
October 17th, 2009 at 10:19 pm
The fact that he knows precisely where the bodies are buried is why he was chosen, the fact he came from GS, and the fact that he is unbelievably under qualified for this position is very telling. If they really wanted to put the teeth back into the SEC they would hire
someone like Harry Markopolus.
He found the Madoff fraud all by himself!
And to think, he was never a GS employee.
http://www.americanfreepress.net/html/man_who_exposed_madoff_190.html
As a portfolio manager for a large equity derivatives asset management firm in Boston, Markopolos had sharpened his insight in this venue far beyond that of any ordinary detective. When his firm’s partners returned with literature from a New York conference where they had learned of Madoff’s remarkable success, they asked him to reverse-engineer this high performing strategy in order that the Boston firm might offer this successful product to their own customers.
Speaking to a crowd of more than 2,000 at the American Certified Fraud Examiner’s conference in Las Vegas in July, Harrry Markopolos explained how it took him but a few minutes to determine that “Madoff didn’t know the first thing about portfolio construction mathematics” and that he could not have been using this described strategy to earn the returns he was advertising.
When he reported what he suspected to his superiors in early 2000, they deep-sixed the whole plan, but Harry did not. There were too many red flags. His sleuthing had just begun, and his eventual team was made up of “four ordinary men” who were not paid for their after-hours endeavor but whose persistence finally paid off with the public exposure of a ponzi scheme magnified far beyond the imagination of even Charles Ponzi himself.
Hire a few of the millions who are unemployed CPA’s and who surely could be trained to be “COO” within a few short years to do the work with no conflicts of interest.
October 18th, 2009 at 1:42 am
You’re right, dss. The administration should be bending over backwards to put Markopolos in charge. Of anything important. But especially the SEC.
You know what? Fuck it. Put Sullenberger in charge. I’d prefer someone who’s smart, who can learn, but who doesn’t have roots on Wall Street.
October 18th, 2009 at 2:01 am
Ted Turner on the fallout: http://www.bloomberg.com/apps/news?pid=20601109&sid=afyLWnoS2WlA
Turner said he has learned to live with less, yet he still bemoans the decline in his net worth.
“To drop out of that league[the elite top of the fortune 400], that was hard to do,” Turner said. “I’ve had the experience of being on top and riding the roller coaster down again, nearly to the bottom. You know, if you economize and don’t buy new airplanes or long-range jets, or that sort of thing, you can get by on a billion or two.”
October 18th, 2009 at 3:25 am
So how long do We the People sit here and watch the Losers make the Rules?
General Strikes can be Lucky even if no one calls them and they happen spontaneously. Deciding to do all new banking away from the TBTF that seem to have sucked up most of the rest of the top 15 with Treasury Secretary best practices engineering feels like a small but useful contribution. Let them live by misappropriation alone ’till they choke on their good fortune.
October 18th, 2009 at 7:27 am
I don’t believe in Too Big to Fail (TBTF) but I do believe in Too Big to Subsidize (TBTS).
Uncle Sam, I don’t want a handout, I want a payback!
October 18th, 2009 at 12:01 pm
According to Axelrod this morning, even the Obama Administration is unable to take on the power of the investment banking lobby.
Who rules this Country anyways?
October 18th, 2009 at 1:59 pm
The New York Times
Op-Ed Columnist
Goldman Can Spare You a Dime
By FRANK RICH
Published: October 17, 2009
http://www.nytimes.com/2009/10/18/opinion/18rich.html?_r=1