Re: The Old Boy Network
-
southpaw
- Official BleacherCoach
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Re: The Old Boy Network
Amen.
Last edited by southpaw on September 20th, 2011, 12:48 am, edited 1 time in total.
"I'm your huckleberry"
Re: The Old Boy Network
How about that Southpaw we agree again. This bubble has burst, it will not be inflated again.
This knucklehead still does not know what all the fuss was about. At least he resigned...
Stephen Friedman, the chairman of the Federal Reserve Bank of New York, abruptly resigned on Thursday, days after questions arose about his ties to Goldman Sachs.
Mr. Friedman was chairman of the New York Fed at the same time he was a member of Goldman’s board. He also had a substantial stake in the firm as the Fed was crafting a solution to keep Wall Street banks afloat. Denis M. Hughes, deputy chair of the board, will take over as the interim chairman, the New York Fed said in a statement. (Read Mr. Friedman’s letter after the jump.)
Because the New York Fed approved a request by Goldman to become a bank holding company, the chairman’s involvement in Goldman was a violation of Fed policy, The Wall Street Journal said in an article earlier this week.
http://dealbook.blogs.nytimes.com/2009/ ... rk-fed/?hp
This knucklehead still does not know what all the fuss was about. At least he resigned...
Stephen Friedman, the chairman of the Federal Reserve Bank of New York, abruptly resigned on Thursday, days after questions arose about his ties to Goldman Sachs.
Mr. Friedman was chairman of the New York Fed at the same time he was a member of Goldman’s board. He also had a substantial stake in the firm as the Fed was crafting a solution to keep Wall Street banks afloat. Denis M. Hughes, deputy chair of the board, will take over as the interim chairman, the New York Fed said in a statement. (Read Mr. Friedman’s letter after the jump.)
Because the New York Fed approved a request by Goldman to become a bank holding company, the chairman’s involvement in Goldman was a violation of Fed policy, The Wall Street Journal said in an article earlier this week.
http://dealbook.blogs.nytimes.com/2009/ ... rk-fed/?hp
Last edited by Lemmy on September 20th, 2011, 12:48 am, edited 1 time in total.
To give anything less than your best is to sacrifice the gift. Pre
Re: The Old Boy Network
And how about Actually It's Government (AIG)...I know it went down like 2 months ago but Dodd is lying scum & Vman screamed from jump re.Treasury Secretary Timothy Geithner. Olde Timmy confirmed in mid March that the department did talk to Sen. Chris Dodd about a clause he put forth in the stimulus legislation that would have strictly limited executive bonuses.Timothy Geithner says the Treasury was worried about legal challenges to limiting contractual bonuses. A loophole in the bill allowed bailed-out insurance giant American International Group to keep its bonuses.
The Treasury Department was concerned that legislation that would restrict contractual bonuses would not hold up to legal challenges, Geithner said.
"We expressed concern about this specific version. We wanted to make sure it was strong enough to survive legal challenge," Geithner said.
Dodd, chairman of the Senate Banking Committee, also acknowledged at that time his role in controversy, after previously denying having anything to do with crafting language that permitted the bonuses.....
Geithner said he learned the full scale of the bonus problems on March 10.
"It's my responsibility; I was in a position where I didn't know about those sooner. I take full responsibility for that," he said.
Congress passed the $787 billion stimulus bill in Feb. that President Obama signed into law.
The bill had included a measure from Dodd to limit executive bonuses. But slipped inside at the last minute was an exemption for bonuses agreed to "on or before February 11, 2009." That allowed AIG to go ahead with its controversial extra pay.
For days, no one would say who was responsible for the loophole that let that happen.
Earlier in March, Dodd denied that he had anything to do with adding the language......"When I left the Senate, it was not in there. So when I wrote the language, there was no such language like that," he said then.
But, saying his previous comments had been misconstrued, Dodd said the very nextday that he added the exemption after getting pressure from the Treasury Department.
"I agreed reluctantly," Dodd said. "I was changing the amendment because others were insistent."
Dodd, a Connecticut Democrat, told CNN's Dana Bash and Wolf Blitzer that Obama officials pushed for the language to an amendment designed to limit bonuses and "golden parachutes" at those companies.
He said that the "grandfather clause" language "seemed like innocent modifications" at the time.
But that change ultimately allowed AIG to go ahead with doling out $165 million in bonuses. The federal government rescued the company from financial ruin with more than $170 billion in taxpayer assistance. Taxpayers now own nearly 80 percent of AIG.
Dodd said he did not speak to high-ranking administration officials, and the change came after his staff spoke with staffers from Treasury.
In a statement , Dodd said that his amendment allows the Treasury Department to review bonus contracts such as AIG's and seek ways to get the money back for taxpayers.
Speaking about the ability to try to get back payments, Geithner said Thursday, "we're going to explore that, but in any case we're going to make sure that the American people are compensated for any payments we can recoup."
Propelled by the outrage across the country, the House of Representatives passed a bill that would apply a 90 percent tax to bonuses paid out of the Troubled Asset Relief Program, which was approved last year to stabilize the financial sector.
The bill affects companies getting $5 billion or more in TARP funds and bonuses paid out by Fannie Mae and Freddie Mac. It would apply to people making more than $250,000 a year.
Trying to quell the outrage and move the country forward, Obama said to put the blame on him.
"Everybody's pointing fingers at each other and saying it's their fault, the Democrats' fault, the Republicans' fault. Listen, I'll take responsibility. I'm the president," he said at a town hall meeting in Costa Mesa, California.
The president did not directly address the language change.
AIG's derivatives branch is in Dodd's home state. Many of the bonuses in question were awarded to executives at that branch. But in his statement, Dodd said he had no idea the legislation would affect the company.
"Let me be clear -- I was completely unaware of these AIG bonuses until I learned of them last week," he said......"I answered a question by CNN [Tuesday] night regarding whether or not [an exemption before] a specific date was aimed at protecting AIG," he said. "When I saw that my comments had been misconstrued, I felt it was important to set the record straight -- that this had nothing to do with AIG."
According to a transcript of the interview, Dodd was asked about an executive-compensation provision "that exempts everything prior to February 11, 2009 -- any contracts prior to that date."
He said that language was not in the version of the bill that left the Senate and that he was not one of the negotiators who hammered out a compromise between the House and Senate versions of the plan.
"I can't point a finger at someone who offered a change at all," he said.
Asked whether he later had been able to figure out who added the language, he said, "I really don't know."
In Wednesday's interview, Dodd never said his Tuesday comments had been misunderstood.
"Going back and looking, I apologize," he said when questioned about his words from the day before.
On Capitol Hill, AIG chief executive Edward Liddy called the roughly $165 million in bonuses "distasteful" but necessary because of legal obligations and competition......
Geithner has since pushed the Obama administration to approach the banking crisis not in response to the needs of destitute homeowners but rather from the side of the bankers who are seizing their homes. Instead of keeping people in their homes with a freeze on foreclosures, he has rewarded the unscrupulous lenders who conned ordinary folks.
He still wants to give more money to Citigroup, which has just been found woefully short of cash by Treasury's auditors, and has not stopped Fannie Mae, Freddie Mac and some other big banks ostensibly under government influence, and indeed sometimes ownership, from recently ending their temporary moratoriums on housing foreclosures. Geithner has been in the forefront of coddling the banks in the hopes that welfare for the rich will trickle down to suffering homeowners, but that has not happened.
I know that the conventional wisdom among Democrats is that the Clintonistas were wildly successful in running the economy when they had their turn, and that Rubin and his proteges Lawrence Summers and Geithner deserve a lot of the credit. But that view is dead wrong. The seeds of the current economic chaos were planted in those years, in which Wall Street lobbyists were given everything they wanted in the way of radical deregulation, and hence was born the madcap world of credit swaps and other unregulated derivatives.
The Treasury Department was concerned that legislation that would restrict contractual bonuses would not hold up to legal challenges, Geithner said.
"We expressed concern about this specific version. We wanted to make sure it was strong enough to survive legal challenge," Geithner said.
Dodd, chairman of the Senate Banking Committee, also acknowledged at that time his role in controversy, after previously denying having anything to do with crafting language that permitted the bonuses.....
Geithner said he learned the full scale of the bonus problems on March 10.
"It's my responsibility; I was in a position where I didn't know about those sooner. I take full responsibility for that," he said.
Congress passed the $787 billion stimulus bill in Feb. that President Obama signed into law.
The bill had included a measure from Dodd to limit executive bonuses. But slipped inside at the last minute was an exemption for bonuses agreed to "on or before February 11, 2009." That allowed AIG to go ahead with its controversial extra pay.
For days, no one would say who was responsible for the loophole that let that happen.
Earlier in March, Dodd denied that he had anything to do with adding the language......"When I left the Senate, it was not in there. So when I wrote the language, there was no such language like that," he said then.
But, saying his previous comments had been misconstrued, Dodd said the very nextday that he added the exemption after getting pressure from the Treasury Department.
"I agreed reluctantly," Dodd said. "I was changing the amendment because others were insistent."
Dodd, a Connecticut Democrat, told CNN's Dana Bash and Wolf Blitzer that Obama officials pushed for the language to an amendment designed to limit bonuses and "golden parachutes" at those companies.
He said that the "grandfather clause" language "seemed like innocent modifications" at the time.
But that change ultimately allowed AIG to go ahead with doling out $165 million in bonuses. The federal government rescued the company from financial ruin with more than $170 billion in taxpayer assistance. Taxpayers now own nearly 80 percent of AIG.
Dodd said he did not speak to high-ranking administration officials, and the change came after his staff spoke with staffers from Treasury.
In a statement , Dodd said that his amendment allows the Treasury Department to review bonus contracts such as AIG's and seek ways to get the money back for taxpayers.
Speaking about the ability to try to get back payments, Geithner said Thursday, "we're going to explore that, but in any case we're going to make sure that the American people are compensated for any payments we can recoup."
Propelled by the outrage across the country, the House of Representatives passed a bill that would apply a 90 percent tax to bonuses paid out of the Troubled Asset Relief Program, which was approved last year to stabilize the financial sector.
The bill affects companies getting $5 billion or more in TARP funds and bonuses paid out by Fannie Mae and Freddie Mac. It would apply to people making more than $250,000 a year.
Trying to quell the outrage and move the country forward, Obama said to put the blame on him.
"Everybody's pointing fingers at each other and saying it's their fault, the Democrats' fault, the Republicans' fault. Listen, I'll take responsibility. I'm the president," he said at a town hall meeting in Costa Mesa, California.
The president did not directly address the language change.
AIG's derivatives branch is in Dodd's home state. Many of the bonuses in question were awarded to executives at that branch. But in his statement, Dodd said he had no idea the legislation would affect the company.
"Let me be clear -- I was completely unaware of these AIG bonuses until I learned of them last week," he said......"I answered a question by CNN [Tuesday] night regarding whether or not [an exemption before] a specific date was aimed at protecting AIG," he said. "When I saw that my comments had been misconstrued, I felt it was important to set the record straight -- that this had nothing to do with AIG."
According to a transcript of the interview, Dodd was asked about an executive-compensation provision "that exempts everything prior to February 11, 2009 -- any contracts prior to that date."
He said that language was not in the version of the bill that left the Senate and that he was not one of the negotiators who hammered out a compromise between the House and Senate versions of the plan.
"I can't point a finger at someone who offered a change at all," he said.
Asked whether he later had been able to figure out who added the language, he said, "I really don't know."
In Wednesday's interview, Dodd never said his Tuesday comments had been misunderstood.
"Going back and looking, I apologize," he said when questioned about his words from the day before.
On Capitol Hill, AIG chief executive Edward Liddy called the roughly $165 million in bonuses "distasteful" but necessary because of legal obligations and competition......
Geithner has since pushed the Obama administration to approach the banking crisis not in response to the needs of destitute homeowners but rather from the side of the bankers who are seizing their homes. Instead of keeping people in their homes with a freeze on foreclosures, he has rewarded the unscrupulous lenders who conned ordinary folks.
He still wants to give more money to Citigroup, which has just been found woefully short of cash by Treasury's auditors, and has not stopped Fannie Mae, Freddie Mac and some other big banks ostensibly under government influence, and indeed sometimes ownership, from recently ending their temporary moratoriums on housing foreclosures. Geithner has been in the forefront of coddling the banks in the hopes that welfare for the rich will trickle down to suffering homeowners, but that has not happened.
I know that the conventional wisdom among Democrats is that the Clintonistas were wildly successful in running the economy when they had their turn, and that Rubin and his proteges Lawrence Summers and Geithner deserve a lot of the credit. But that view is dead wrong. The seeds of the current economic chaos were planted in those years, in which Wall Street lobbyists were given everything they wanted in the way of radical deregulation, and hence was born the madcap world of credit swaps and other unregulated derivatives.
I have to say thank you to me ..." for not being stupid enough to go to Penn State."