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	<title>Comments on: Bear Stearns, Lehman Execs Kept Billions . . .</title>
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	<link>http://www.ritholtz.com/blog/2009/11/bear-stearns-lehman-execs-kept-billions/</link>
	<description>Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media</description>
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		<title>By: DeDude</title>
		<link>http://www.ritholtz.com/blog/2009/11/bear-stearns-lehman-execs-kept-billions/comment-page-1/#comment-236850</link>
		<dc:creator>DeDude</dc:creator>
		<pubDate>Tue, 24 Nov 2009 14:46:35 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=44451#comment-236850</guid>
		<description>As they artificially pumped up the value of their companies stocks by extremely risky bets, they dumped most of their own holdings.  Who would have thought that these people that where payed all that money for their “skills”, would be all skills and no morals.  Does anybody know of a mutual fund that uses a screen of “less than average excecutive compensation”.  I bet it could outdo the indexes by a fine margin.</description>
		<content:encoded><![CDATA[<p>As they artificially pumped up the value of their companies stocks by extremely risky bets, they dumped most of their own holdings.  Who would have thought that these people that where payed all that money for their “skills”, would be all skills and no morals.  Does anybody know of a mutual fund that uses a screen of “less than average excecutive compensation”.  I bet it could outdo the indexes by a fine margin.</p>
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		<title>By: Its Me</title>
		<link>http://www.ritholtz.com/blog/2009/11/bear-stearns-lehman-execs-kept-billions/comment-page-1/#comment-236812</link>
		<dc:creator>Its Me</dc:creator>
		<pubDate>Tue, 24 Nov 2009 13:01:03 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=44451#comment-236812</guid>
		<description>@mathman, good point

At this time in November of George Bush&#039;s first term he was directing the wealth of our nation towards a war.  Security alerts, orange code and red codes we didn&#039;t know what to believe.  Were you a terrorist was I?  

But the banks rolled on

Now with Obama its the same play book, the wealth of the nation is being directed towards health care.  H1N1 alerts, crisis stories about no health care for the unemployed.

But the banks roll on.

There is little churning within the government class and there is only one play book.  Direct the nations wealth towards the programs that best suit the constituents that re-elect your party.</description>
		<content:encoded><![CDATA[<p>@mathman, good point</p>
<p>At this time in November of George Bush&#8217;s first term he was directing the wealth of our nation towards a war.  Security alerts, orange code and red codes we didn&#8217;t know what to believe.  Were you a terrorist was I?  </p>
<p>But the banks rolled on</p>
<p>Now with Obama its the same play book, the wealth of the nation is being directed towards health care.  H1N1 alerts, crisis stories about no health care for the unemployed.</p>
<p>But the banks roll on.</p>
<p>There is little churning within the government class and there is only one play book.  Direct the nations wealth towards the programs that best suit the constituents that re-elect your party.</p>
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		<title>By: PithyDog</title>
		<link>http://www.ritholtz.com/blog/2009/11/bear-stearns-lehman-execs-kept-billions/comment-page-1/#comment-236804</link>
		<dc:creator>PithyDog</dc:creator>
		<pubDate>Tue, 24 Nov 2009 12:11:25 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=44451#comment-236804</guid>
		<description>@ Mark,

Excellent article.thanks.

  I will forever think of it every time I go to wash a dogs behind and see the occasional tapeworm excreteing from the butt- hole.

BTW the article doesn&#039;t mention tapeworms result from FLEAS, who cause much pain and suffering to the unhealthy host.  Fleas also causing bubonic plague. 
FYI- I own a pet styling business.</description>
		<content:encoded><![CDATA[<p>@ Mark,</p>
<p>Excellent article.thanks.</p>
<p>  I will forever think of it every time I go to wash a dogs behind and see the occasional tapeworm excreteing from the butt- hole.</p>
<p>BTW the article doesn&#8217;t mention tapeworms result from FLEAS, who cause much pain and suffering to the unhealthy host.  Fleas also causing bubonic plague.<br />
FYI- I own a pet styling business.</p>
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		<title>By: Mark E Hoffer</title>
		<link>http://www.ritholtz.com/blog/2009/11/bear-stearns-lehman-execs-kept-billions/comment-page-1/#comment-236800</link>
		<dc:creator>Mark E Hoffer</dc:creator>
		<pubDate>Tue, 24 Nov 2009 11:47:10 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=44451#comment-236800</guid>
		<description>mathman, 

good point, but to keep it simple, at an earlier stage in our History, We called it, out, as: &quot;No Taxation, without Representation.&quot;

maybe, these daze, to fit it on a bumper sticker, or T-Shirt, We should go w/ &quot;Defund to Defend.&quot;

in the meantime, start practicing &#039;building your Social Credit&#039;..

see if you like this Thesis..
&quot;...In a tapeworm economy a small group of insiders centralize political and economic power at the expense of people, living things and the environment, in a manner that destroys real wealth. A tapeworm economy is one in which it is considered acceptable to make money from our popsicle index going down. In investment terms, it is an economy with a negative return on investment. It is parasitic in nature. 

The way an actual tapeworm operates is to inject its host with a chemical that makes the host crave what is good for the tapeworm and bad for the host. So the Tapeworm Economy is adept at using media and education and numerous financial incentives to get us acting against our own strategic interests and instead supporting and depending on the Tapeworm. 

The symptoms of the Tapeworm are many - narcotics trafficking that targets our children, runaway exploitive and predatory corporate practices such as the patenting of life, terminator seed and the destruction of our topsoil and food supply, fraudulent inducement of debt to homeowners, students and consumers, suppression of knowledge and renewable energy technology, criminal mismanagement of government credit and resources, black budget operations and the manipulation of currency, financial and precious metal prices and markets. These practices introduce organized crime throughout all aspects of our lives... these transactions drain our families and neighborhoods on a daily basis – much like a tapeworm drains its host. 

As we understand the history of these drains in our lives – who is doing them and how we are complicit – we begin to understand the power of the opportunity to transform them in a manner that is safe and profitable for ourselves and those we love.

As we begin to pull our resources out of the Tapeworm, and learn to invest our time and assets in building the world we want, by building real wealth and financial liquidity outside the Tapeworm, and by raising our popsicle index without putting others&#039; at risk, the Tapeworm stronghold will weaken and the excellence of local living economies and diversified enterprises will prosper worldwide – one neighborhood, one enterprise and one investment at a time...&quot;
http://solari.com/realdeal.htm</description>
		<content:encoded><![CDATA[<p>mathman, </p>
<p>good point, but to keep it simple, at an earlier stage in our History, We called it, out, as: &#8220;No Taxation, without Representation.&#8221;</p>
<p>maybe, these daze, to fit it on a bumper sticker, or T-Shirt, We should go w/ &#8220;Defund to Defend.&#8221;</p>
<p>in the meantime, start practicing &#8216;building your Social Credit&#8217;..</p>
<p>see if you like this Thesis..<br />
&#8220;&#8230;In a tapeworm economy a small group of insiders centralize political and economic power at the expense of people, living things and the environment, in a manner that destroys real wealth. A tapeworm economy is one in which it is considered acceptable to make money from our popsicle index going down. In investment terms, it is an economy with a negative return on investment. It is parasitic in nature. </p>
<p>The way an actual tapeworm operates is to inject its host with a chemical that makes the host crave what is good for the tapeworm and bad for the host. So the Tapeworm Economy is adept at using media and education and numerous financial incentives to get us acting against our own strategic interests and instead supporting and depending on the Tapeworm. </p>
<p>The symptoms of the Tapeworm are many &#8211; narcotics trafficking that targets our children, runaway exploitive and predatory corporate practices such as the patenting of life, terminator seed and the destruction of our topsoil and food supply, fraudulent inducement of debt to homeowners, students and consumers, suppression of knowledge and renewable energy technology, criminal mismanagement of government credit and resources, black budget operations and the manipulation of currency, financial and precious metal prices and markets. These practices introduce organized crime throughout all aspects of our lives&#8230; these transactions drain our families and neighborhoods on a daily basis – much like a tapeworm drains its host. </p>
<p>As we understand the history of these drains in our lives – who is doing them and how we are complicit – we begin to understand the power of the opportunity to transform them in a manner that is safe and profitable for ourselves and those we love.</p>
<p>As we begin to pull our resources out of the Tapeworm, and learn to invest our time and assets in building the world we want, by building real wealth and financial liquidity outside the Tapeworm, and by raising our popsicle index without putting others&#8217; at risk, the Tapeworm stronghold will weaken and the excellence of local living economies and diversified enterprises will prosper worldwide – one neighborhood, one enterprise and one investment at a time&#8230;&#8221;<br />
<a href="http://solari.com/realdeal.htm" rel="nofollow">http://solari.com/realdeal.htm</a></p>
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		<title>By: mathman</title>
		<link>http://www.ritholtz.com/blog/2009/11/bear-stearns-lehman-execs-kept-billions/comment-page-1/#comment-236792</link>
		<dc:creator>mathman</dc:creator>
		<pubDate>Tue, 24 Nov 2009 10:45:48 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=44451#comment-236792</guid>
		<description>@ mock turtle:  That would only happen if we had a working democracy instead of the oligopoly we&#039;re stuck with.  We vote for change and get more of the same.   What&#039;s the use in paying taxes, when &quot;our&quot; government no longer responds to the needs of &quot;we the people&quot; and in fact spends &quot;our&quot; money propping up insolvent banks and extends wars we voted to end?  Now the value of our homes, our pensions and even our currency is being debased so that for many of us there will be no &quot;retirement&quot; (except death), while the fraudsters and sharks continue living &quot;the good life&quot;.   The American dream has become a nightmare.</description>
		<content:encoded><![CDATA[<p>@ mock turtle:  That would only happen if we had a working democracy instead of the oligopoly we&#8217;re stuck with.  We vote for change and get more of the same.   What&#8217;s the use in paying taxes, when &#8220;our&#8221; government no longer responds to the needs of &#8220;we the people&#8221; and in fact spends &#8220;our&#8221; money propping up insolvent banks and extends wars we voted to end?  Now the value of our homes, our pensions and even our currency is being debased so that for many of us there will be no &#8220;retirement&#8221; (except death), while the fraudsters and sharks continue living &#8220;the good life&#8221;.   The American dream has become a nightmare.</p>
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		<title>By: mock turtle</title>
		<link>http://www.ritholtz.com/blog/2009/11/bear-stearns-lehman-execs-kept-billions/comment-page-1/#comment-236781</link>
		<dc:creator>mock turtle</dc:creator>
		<pubDate>Tue, 24 Nov 2009 07:50:31 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=44451#comment-236781</guid>
		<description>a government of the people, by the people and for the people

could rectify this travesty in short order

with legislation and enforcement

designed to capture taxes levied against &quot;windfall profits&quot;  

ie proceeds emanating from bailouts and flow thrus</description>
		<content:encoded><![CDATA[<p>a government of the people, by the people and for the people</p>
<p>could rectify this travesty in short order</p>
<p>with legislation and enforcement</p>
<p>designed to capture taxes levied against &#8220;windfall profits&#8221;  </p>
<p>ie proceeds emanating from bailouts and flow thrus</p>
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		<title>By: Mark E Hoffer</title>
		<link>http://www.ritholtz.com/blog/2009/11/bear-stearns-lehman-execs-kept-billions/comment-page-1/#comment-236770</link>
		<dc:creator>Mark E Hoffer</dc:creator>
		<pubDate>Tue, 24 Nov 2009 05:20:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=44451#comment-236770</guid>
		<description>as others have noted, ~&quot;How is this, even, News?&quot;
~~
on other facets &quot;Just when you thought that the dust had settled from the scandals of Wall Street (at least temporarily), details come out of another Ponzi scheme by the titans of banking, this time with student loans. According to recently released court documents, Citigroup, JP Morgan and the education finance company Nelnet are being sued by the federal government for fraud of nearly $280 million from their participation in the Department of Education’s Federal Family Education Loan program (FFEL). FFEL provides billions in annual bank subsidies to private lenders for making student loans –the same subsidies that the student aid bill currently in Congress looks to abolish. 

According to court filings:

“Nelnet, JP Morgan Chase and Citigroup caused false certifications, records or other statements to be made and used to get false claims paid and approved.” 

“Nelnet’s fraudulent course of conduct consisting of brazenly offering inducements to its employees and schools for loan applicants while keeping the DOEd in the dark by virtue of its implied and express certifications of compliance.” 
http://www.ourfuture.org/blog-entry/2009104319/big-bank-fraud-time-student-loans

When Dick Thornburg was talking about &#039;Crime in the Suites&#039; being a bigger problem than &#039;Crime in the Streets&#039;, maybe we should have paid attention..</description>
		<content:encoded><![CDATA[<p>as others have noted, ~&#8221;How is this, even, News?&#8221;<br />
~~<br />
on other facets &#8220;Just when you thought that the dust had settled from the scandals of Wall Street (at least temporarily), details come out of another Ponzi scheme by the titans of banking, this time with student loans. According to recently released court documents, Citigroup, JP Morgan and the education finance company Nelnet are being sued by the federal government for fraud of nearly $280 million from their participation in the Department of Education’s Federal Family Education Loan program (FFEL). FFEL provides billions in annual bank subsidies to private lenders for making student loans –the same subsidies that the student aid bill currently in Congress looks to abolish. </p>
<p>According to court filings:</p>
<p>“Nelnet, JP Morgan Chase and Citigroup caused false certifications, records or other statements to be made and used to get false claims paid and approved.” </p>
<p>“Nelnet’s fraudulent course of conduct consisting of brazenly offering inducements to its employees and schools for loan applicants while keeping the DOEd in the dark by virtue of its implied and express certifications of compliance.”<br />
<a href="http://www.ourfuture.org/blog-entry/2009104319/big-bank-fraud-time-student-loans" rel="nofollow">http://www.ourfuture.org/blog-entry/2009104319/big-bank-fraud-time-student-loans</a></p>
<p>When Dick Thornburg was talking about &#8216;Crime in the Suites&#8217; being a bigger problem than &#8216;Crime in the Streets&#8217;, maybe we should have paid attention..</p>
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		<title>By: DL</title>
		<link>http://www.ritholtz.com/blog/2009/11/bear-stearns-lehman-execs-kept-billions/comment-page-1/#comment-236767</link>
		<dc:creator>DL</dc:creator>
		<pubDate>Tue, 24 Nov 2009 05:01:23 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=44451#comment-236767</guid>
		<description>It’s bad enough that this happened once.    What is much worse is that, even with the benefit of hindsight, Obama will probably not support a bill that includes a “clawback” provision for executives of bailed-out companies.                    If we’re going to have a President who’s a socialist, at least he could do something useful.</description>
		<content:encoded><![CDATA[<p>It’s bad enough that this happened once.    What is much worse is that, even with the benefit of hindsight, Obama will probably not support a bill that includes a “clawback” provision for executives of bailed-out companies.                    If we’re going to have a President who’s a socialist, at least he could do something useful.</p>
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		<title>By: YourPortlandFinancialAdvisor</title>
		<link>http://www.ritholtz.com/blog/2009/11/bear-stearns-lehman-execs-kept-billions/comment-page-1/#comment-236766</link>
		<dc:creator>YourPortlandFinancialAdvisor</dc:creator>
		<pubDate>Tue, 24 Nov 2009 04:54:58 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=44451#comment-236766</guid>
		<description>I&#039;ve said it before and I&#039;ll say it again,
disgorgement.</description>
		<content:encoded><![CDATA[<p>I&#8217;ve said it before and I&#8217;ll say it again,<br />
disgorgement.</p>
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		<title>By: bsneath</title>
		<link>http://www.ritholtz.com/blog/2009/11/bear-stearns-lehman-execs-kept-billions/comment-page-1/#comment-236764</link>
		<dc:creator>bsneath</dc:creator>
		<pubDate>Tue, 24 Nov 2009 04:39:58 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=44451#comment-236764</guid>
		<description>Geithner Is Stalking Horse for Rage at Wall Street: Albert Hunt 

“Marie Antoinette would be embarrassed by these guys,” 

http://www.bloomberg.com/apps/news?pid=20601070&amp;sid=anqEJS65F3Wg</description>
		<content:encoded><![CDATA[<p>Geithner Is Stalking Horse for Rage at Wall Street: Albert Hunt </p>
<p>“Marie Antoinette would be embarrassed by these guys,” </p>
<p><a href="http://www.bloomberg.com/apps/news?pid=20601070&#038;sid=anqEJS65F3Wg" rel="nofollow">http://www.bloomberg.com/apps/news?pid=20601070&#038;sid=anqEJS65F3Wg</a></p>
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