Saturday, May 15, 2010
Free manuretv: Sunday's bobblehead show
Here are the line-ups for the Sunday talk shows this weekend:
• ABC, This Week: Sen. Patrick Leahy (D-VT), Sen. Jeff Sessions (R-AL).
• CBS, Face The Nation: Sen. Dianne Feinstein (D-CA), Senate Minority Whip Jon Kyl (R-AZ)
• CNN, State Of The Union: Sen. Arlen Specter (D-PA), Rep. Joe Sestak (D-PA), Sen. Bob Bennett (R-UT).
• Fox News Sunday: Former First Lady Laura Bush, former Speaker Newt Gingrich (R-GA).
• NBC, Meet The Press: Senate Minority Leader Mitch McConnell (R-KY), Sen. Chuck Schumer (D-NY).
• ABC, This Week: Sen. Patrick Leahy (D-VT), Sen. Jeff Sessions (R-AL).
• CBS, Face The Nation: Sen. Dianne Feinstein (D-CA), Senate Minority Whip Jon Kyl (R-AZ)
• CNN, State Of The Union: Sen. Arlen Specter (D-PA), Rep. Joe Sestak (D-PA), Sen. Bob Bennett (R-UT).
• Fox News Sunday: Former First Lady Laura Bush, former Speaker Newt Gingrich (R-GA).
• NBC, Meet The Press: Senate Minority Leader Mitch McConnell (R-KY), Sen. Chuck Schumer (D-NY).
Friday, May 14, 2010
US probing Morgan Stanley deals
US federal prosecutors are investigating whether Morgan Stanley misled investors about financial derivative deals against which it sometimes bet, The Wall Street Journal reported Wednesday.
The suspicions were similar to civil fraud charges faced by Goldman Sachs, which is also under investigation for how it designed and sold mortgage-related products before the financial crisis.
But Morgan Stanley chief executive James Gorman said he was not aware of any federal investigation into the investment bank's practices involving the complex financial products.
"We've not been contacted by the Justice Department about any transactions that were raised in the Wall Street Journal article and we have no knowledge whatsoever of a Justice Department investigation," he told reporters in Tokyo.
"We have looked into the situation internally in some detail."
Read on.
The suspicions were similar to civil fraud charges faced by Goldman Sachs, which is also under investigation for how it designed and sold mortgage-related products before the financial crisis.
But Morgan Stanley chief executive James Gorman said he was not aware of any federal investigation into the investment bank's practices involving the complex financial products.
"We've not been contacted by the Justice Department about any transactions that were raised in the Wall Street Journal article and we have no knowledge whatsoever of a Justice Department investigation," he told reporters in Tokyo.
"We have looked into the situation internally in some detail."
Read on.
40 Members Of Congress Reportedly Sleep In Their Capitol Hill Offices
WASHINGTON (AP) ― It's going on 10 p.m. when House Democrat Mike Quigley, in track pants and a T-shirt, tosses a flimsy mattress on the floor of his congressional office and prepares to call it a night.
The 51-year-old Democrat from Chicago regularly sleeps there. Several other members of the House of Representatives, perhaps as many as one in 10, also bunk out in their offices, according to estimates.
Quigley and other House members, who earn $174,000 a year, cite two reasons for taking advantage of this little-known perk. One is frugality. The other is image.
With two daughters in private college, Quigley says his home in Chicago's Lakeview neighborhood is all he can afford. Moreover, planting roots in the nation's capital -- a place plenty of Americans love to hate -- doesn't seem like good politics to Quigley, who is fifth from the bottom of the House seniority list.
"I like to think that this reinforces the point that I live in the district, that I spend most of my time in the district, and I'm trying to be in solid contact with my constituents," he said.
Read on.
The 51-year-old Democrat from Chicago regularly sleeps there. Several other members of the House of Representatives, perhaps as many as one in 10, also bunk out in their offices, according to estimates.
Quigley and other House members, who earn $174,000 a year, cite two reasons for taking advantage of this little-known perk. One is frugality. The other is image.
With two daughters in private college, Quigley says his home in Chicago's Lakeview neighborhood is all he can afford. Moreover, planting roots in the nation's capital -- a place plenty of Americans love to hate -- doesn't seem like good politics to Quigley, who is fifth from the bottom of the House seniority list.
"I like to think that this reinforces the point that I live in the district, that I spend most of my time in the district, and I'm trying to be in solid contact with my constituents," he said.
Read on.
SPB News for Friday
Scott Horton: Arrest of 13 CIA agents sought in Spain
Toyota economic damages could surpass $7 billion
Plaintiff's counsel could seek as much as $7.35 billion from Toyota Motor Co. to compensate consumers for the diminished value of their vehicles in light of problems with sudden unintended acceleration, one of those lawyers said on Wednesday.
The Los Angeles City Council voted 13-1 yesterday to ban most city travel to Arizona, and asked the city attorney to review all $58 million in existing contracts with companies in the state to see which could be canceled in protest of Arizona's new immigration law. Councilman Ed Reyes said Arizona's law is "not American." Read more.
And finally: "When President Obama was asked if he would play a round of golf" with Rush Limbaugh, his response -- according to "a top Democrat" quoted in a new book about the hate radio host -- was that "Limbaugh can play with himself." Read more.
BP finally releases oil spill video, but lies about delay; Experts say criminal charges 'just a matter of time
Read more
Harry Reid Subpoened By Blagojevich Defense Team
Toyota economic damages could surpass $7 billion
Plaintiff's counsel could seek as much as $7.35 billion from Toyota Motor Co. to compensate consumers for the diminished value of their vehicles in light of problems with sudden unintended acceleration, one of those lawyers said on Wednesday.
The Los Angeles City Council voted 13-1 yesterday to ban most city travel to Arizona, and asked the city attorney to review all $58 million in existing contracts with companies in the state to see which could be canceled in protest of Arizona's new immigration law. Councilman Ed Reyes said Arizona's law is "not American." Read more.
And finally: "When President Obama was asked if he would play a round of golf" with Rush Limbaugh, his response -- according to "a top Democrat" quoted in a new book about the hate radio host -- was that "Limbaugh can play with himself." Read more.
BP finally releases oil spill video, but lies about delay; Experts say criminal charges 'just a matter of time
Read more
Harry Reid Subpoened By Blagojevich Defense Team
Thursday, May 13, 2010
Open thread for Thursday
Good morning/afternoon/evening JL readers:I have experienced a major computer virus which made me unable to post any articles for Wednesday. My favorite laptop is in the shop. Posting will resume tomorrow and will be back to normal on Friday.
JPM Chase Warns Investors About Underwater Homeowners Walking Away
The nation's second-biggest bank is warning investors that underwater homeowners may walk away from their mortgages.
In a Monday filing with the Securities and Exchange Commission, JPMorgan Chase told investors and regulators that homeowners who owe more on their mortgages than their homes are worth may not continue to make their payments -- even when they're able to.
"Declining home prices have had a significant impact on the collateral value underlying the firm's residential real estate loan portfolio," the bank stated. "In general, the delinquency rate for loans with high LTV [loan-to-value] ratios is greater than the delinquency rate for loans in which the borrower has equity in the collateral.
"While a large portion of the loans with estimated LTV ratios greater than 100% continue to pay and are current, the continued willingness and ability of these borrowers to pay is currently uncertain."
Because of its size and reach, the bank, with more than $2 trillion in assets, is a bellwether for the industry, as well as for the broader economy. If the financial services giant can't reassure investors that underwater homeowners will continue to be willing to make their payments, it's a sign of how much the recent phenomenon of "strategic defaults" has grown.
About one in eight defaults in February were strategic, according to an April 29 research note by a team of Morgan Stanley analysts led by Vishwanath Tirupattur. Strategic defaults are those in which the homeowner could have continued to make payments but chose not to. The rate of strategic defaults has tripled since mid-2007, notes Tirupattur.
Read on.
In a Monday filing with the Securities and Exchange Commission, JPMorgan Chase told investors and regulators that homeowners who owe more on their mortgages than their homes are worth may not continue to make their payments -- even when they're able to.
"Declining home prices have had a significant impact on the collateral value underlying the firm's residential real estate loan portfolio," the bank stated. "In general, the delinquency rate for loans with high LTV [loan-to-value] ratios is greater than the delinquency rate for loans in which the borrower has equity in the collateral.
"While a large portion of the loans with estimated LTV ratios greater than 100% continue to pay and are current, the continued willingness and ability of these borrowers to pay is currently uncertain."
Because of its size and reach, the bank, with more than $2 trillion in assets, is a bellwether for the industry, as well as for the broader economy. If the financial services giant can't reassure investors that underwater homeowners will continue to be willing to make their payments, it's a sign of how much the recent phenomenon of "strategic defaults" has grown.
About one in eight defaults in February were strategic, according to an April 29 research note by a team of Morgan Stanley analysts led by Vishwanath Tirupattur. Strategic defaults are those in which the homeowner could have continued to make payments but chose not to. The rate of strategic defaults has tripled since mid-2007, notes Tirupattur.
Read on.
Tuesday, May 11, 2010
Ex-Mexican Governor laundered with Lehman account
Businessweek:
Mario Ernesto Villanueva Madrid, the former governor of the state of Quintana Roo, was charged in two indictments, one that accused him of conspiring to import “hundreds of tons” of cocaine into the U.S. and a second alleging he laundered almost $19 million through accounts at Lehman Brothers, said Yusill Scribner, a spokeswoman for the office of Manhattan U.S. Attorney Preet Bharara.
Villanueva accepted millions of dollars in bribes from the Juarez Cartel, a drug organization in Mexico, in exchange for assisting in the importation of more than 200 tons of cocaine, prosecutors said. A federal judge ordered that Villanueva be evaluated by doctors at a state jail in Valhalla, New York, after his lawyer said Villanueva suffers from lung disease.
Mario Ernesto Villanueva Madrid, the former governor of the state of Quintana Roo, was charged in two indictments, one that accused him of conspiring to import “hundreds of tons” of cocaine into the U.S. and a second alleging he laundered almost $19 million through accounts at Lehman Brothers, said Yusill Scribner, a spokeswoman for the office of Manhattan U.S. Attorney Preet Bharara.
Villanueva accepted millions of dollars in bribes from the Juarez Cartel, a drug organization in Mexico, in exchange for assisting in the importation of more than 200 tons of cocaine, prosecutors said. A federal judge ordered that Villanueva be evaluated by doctors at a state jail in Valhalla, New York, after his lawyer said Villanueva suffers from lung disease.
Top JPMorgan adviser says fired for whistleblowing
Reuters:
A former JPMorgan Chase & Co (JPM.N) private wealth management executive who said she was one of her department's top producers on Monday sued the bank, saying she was fired for being a whistleblower against a longtime client.
According to a complaint filed in Manhattan federal court, Jennifer Sharkey alleged she was fired last August after urging the second-largest U.S. bank to break ties with an Israeli customer who had been a bank client for 20 years and generated some $600,000 of business annually.
The customer was not identified in Monday's complaint.
Sharkey said she was fired from her vice president position because of her role in an internal probe into the client's alleged involvement in mail fraud, bank fraud and money laundering, and was let go six days after submitting a report urging the bank to drop the client.
She contended that prior to her removal, her activities resulted in her being removed from some client accounts and excluded from client A former JPMorgan Chase & Co (JPM.N) private wealth management executive who said she was one of her department's top producers on Monday sued the bank, saying she was fired for being a whistleblower against a longtime client.
She contended that prior to her removal, her activities resulted in her being removed from some client accounts and excluded from client meetings. She also said she was deprived of her 2009 bonus
A former JPMorgan Chase & Co (JPM.N) private wealth management executive who said she was one of her department's top producers on Monday sued the bank, saying she was fired for being a whistleblower against a longtime client.
According to a complaint filed in Manhattan federal court, Jennifer Sharkey alleged she was fired last August after urging the second-largest U.S. bank to break ties with an Israeli customer who had been a bank client for 20 years and generated some $600,000 of business annually.
The customer was not identified in Monday's complaint.
Sharkey said she was fired from her vice president position because of her role in an internal probe into the client's alleged involvement in mail fraud, bank fraud and money laundering, and was let go six days after submitting a report urging the bank to drop the client.
She contended that prior to her removal, her activities resulted in her being removed from some client accounts and excluded from client A former JPMorgan Chase & Co (JPM.N) private wealth management executive who said she was one of her department's top producers on Monday sued the bank, saying she was fired for being a whistleblower against a longtime client.
She contended that prior to her removal, her activities resulted in her being removed from some client accounts and excluded from client meetings. She also said she was deprived of her 2009 bonus
SPB News for Tuesday
New York Legislature Approves 1-Day Furloughs
Major Credit-Rating Agency Under SEC Investigation
4 dead in Oklahoma tornado outbreak
TECUMSEH, Okla. - Four people were killed Monday in an outbreak of violent weather that dropped tornadoes across parts of the Southern Plains, tossing cars off highways and flipping mobile homes, officials said.
British Prime Minister Gordon Brown offers to step down
British Prime Minister Gordon Brown said Monday that he will resign, but first hopes to broker a pact with the third-place Liberal Democrats to keep his Labour Party in office as part of a coalition government
Major Credit-Rating Agency Under SEC Investigation
4 dead in Oklahoma tornado outbreak
TECUMSEH, Okla. - Four people were killed Monday in an outbreak of violent weather that dropped tornadoes across parts of the Southern Plains, tossing cars off highways and flipping mobile homes, officials said.
British Prime Minister Gordon Brown offers to step down
British Prime Minister Gordon Brown said Monday that he will resign, but first hopes to broker a pact with the third-place Liberal Democrats to keep his Labour Party in office as part of a coalition government
Monday, May 10, 2010
It's official: It's Kagan
Announcement made Sunday night on SCOTUSblog:
NBC is reporting, and we can now confirm, that President Obama will tomorrow nominate Elena Kagan to replace Justice Stevens on the Supreme Court. For the next steps in this nomination process, see our post earlier tonight. For an exhaustive discussion of Kagan’s record, see our post earlier this weekend.
The official announcement will be made by the president at 10 a.m. Eastern.
NBC is reporting, and we can now confirm, that President Obama will tomorrow nominate Elena Kagan to replace Justice Stevens on the Supreme Court. For the next steps in this nomination process, see our post earlier tonight. For an exhaustive discussion of Kagan’s record, see our post earlier this weekend.
The official announcement will be made by the president at 10 a.m. Eastern.
Payday lenders pressuring customers to oppose reform
Source: Los Angeles Times, May 7, 2010
Payday lenders, who charge high fees and interest rates approaching a 500% for short-term loans, are pressuring their customers to call their Senators and oppose financial reform legislation that would regulate them for the first time. Senator Barbara Boxer (D-California) reported that her offices have received more than 900 calls, all originating from the same few phone numbers, and that "all the callers seemed to be reading from the same script." She added, "What was most surprising was that the callers were opposing a bill that was designed specifically to protect them." Senator Kay Hagan (D-North Carolina) introduced an amendment to the financial reform bill currently under consideration in the Senate that would limit the number of loans a payday lender can make to an individual, and allow more options for repayment. The threat of regulation is spurring payday lenders to scare customers into opposing the protections.
Check into Cash is handing customers fliers that say, "If we don't act today, Congress will create a new agency and a government takeover of your personal finances. The new agency would have to power to regulate and restrict your personal credit option." Fliers include contact information for California's Senators and instructs customers to call them and "Tell them you're angry about healthcare and now Congress wants to control your right to get credit. Tell them you've had enough and that the senator should stand firm against the administration's attempt to interfere in your financial decisions." One woman, who was paying an annual interest rate of about 180%, was worried Check into Cash might retaliate by calling in her loan if she refused to do what they asked
Payday lenders, who charge high fees and interest rates approaching a 500% for short-term loans, are pressuring their customers to call their Senators and oppose financial reform legislation that would regulate them for the first time. Senator Barbara Boxer (D-California) reported that her offices have received more than 900 calls, all originating from the same few phone numbers, and that "all the callers seemed to be reading from the same script." She added, "What was most surprising was that the callers were opposing a bill that was designed specifically to protect them." Senator Kay Hagan (D-North Carolina) introduced an amendment to the financial reform bill currently under consideration in the Senate that would limit the number of loans a payday lender can make to an individual, and allow more options for repayment. The threat of regulation is spurring payday lenders to scare customers into opposing the protections.
Check into Cash is handing customers fliers that say, "If we don't act today, Congress will create a new agency and a government takeover of your personal finances. The new agency would have to power to regulate and restrict your personal credit option." Fliers include contact information for California's Senators and instructs customers to call them and "Tell them you're angry about healthcare and now Congress wants to control your right to get credit. Tell them you've had enough and that the senator should stand firm against the administration's attempt to interfere in your financial decisions." One woman, who was paying an annual interest rate of about 180%, was worried Check into Cash might retaliate by calling in her loan if she refused to do what they asked
Kent State tape shows order to shoot
Talkleft:
There are a lot of articles this weekend on the enhancement of a 1970 Kent State shooting audio recording, reporting new analysis provides evidence the Guards were ordered to shoot.
"Guard!" says a male voice on the recording, which two forensic audio experts enhanced and evaluated at the request of The Plain Dealer. Several seconds pass. Then, "All right, prepare to fire!"
"Get down!" someone shouts urgently, presumably in the crowd. Finally, "Guard! . . . " followed two seconds later by a long, booming volley of gunshots. The entire spoken sequence lasts 17 seconds.
The tape was discovered in the library in 2007. Here's the recording released that year.
Update:
House resolution on Thursday memorializing the event in Kent State. Watch Rep. Grayson speak of the Kent State event on the House floor:
There are a lot of articles this weekend on the enhancement of a 1970 Kent State shooting audio recording, reporting new analysis provides evidence the Guards were ordered to shoot.
"Guard!" says a male voice on the recording, which two forensic audio experts enhanced and evaluated at the request of The Plain Dealer. Several seconds pass. Then, "All right, prepare to fire!"
"Get down!" someone shouts urgently, presumably in the crowd. Finally, "Guard! . . . " followed two seconds later by a long, booming volley of gunshots. The entire spoken sequence lasts 17 seconds.
The tape was discovered in the library in 2007. Here's the recording released that year.
Update:
House resolution on Thursday memorializing the event in Kent State. Watch Rep. Grayson speak of the Kent State event on the House floor:
SPB News for Monday
Gates: Pentagon must cut overhead, restrain spending
— (CNN) — The Pentagon must hold down its spending and make choices that will anger “powerful people” in an era of economic strain, Defense Secretary Robert Gates said in a weekend speech in Kansas. —
E.U. Nearing Deal on Plan to Stabilize Economies
— BRUSSELS - European Union finance ministers on Sunday night reached a deal to provide hundreds of billions of euros in loans and other financing to help stabilized troubled European economies teetering in a growing debt crisis.
Kentucky Next Tea Party Target After Utah
WASHINGTON — After toppling three-term Republican Sen. Robert F. Bennett in Utah, tea party activists and other conservative critics shifted their sights Sunday to a mid-May primary in Kentucky, their next big challenge to a political establishment they have vowed to upend.
— (CNN) — The Pentagon must hold down its spending and make choices that will anger “powerful people” in an era of economic strain, Defense Secretary Robert Gates said in a weekend speech in Kansas. —
E.U. Nearing Deal on Plan to Stabilize Economies
— BRUSSELS - European Union finance ministers on Sunday night reached a deal to provide hundreds of billions of euros in loans and other financing to help stabilized troubled European economies teetering in a growing debt crisis.
Kentucky Next Tea Party Target After Utah
WASHINGTON — After toppling three-term Republican Sen. Robert F. Bennett in Utah, tea party activists and other conservative critics shifted their sights Sunday to a mid-May primary in Kentucky, their next big challenge to a political establishment they have vowed to upend.
Rekers Was Key Witness For FL AG In Defense Of FL Gay Adoption Ban
Florida Attorney General Bill McCollum, a Republican candidate for governor, paid George Rekers at least $60,900 to be an expert witness in 2008 while defending Florida's ban against gay couple adopting children. When a judge called Rekers' testimony neither "credible nor worthy of forming the basis of public policy," McCollum explicitly defended him in following briefs.
Rekers is currently embroiled in a scandal for hiring a male escort to accompany him on a trip to Europe. But he's also a leader in the ex-gay movement. He co-founded the Family Research Council and sits on the board of the National Association for Research and Therapy of Homosexuality. He has, by all accounts, dedicated his life to protecting children from the "harmful" influence of gay people.
Read more.
Rekers is currently embroiled in a scandal for hiring a male escort to accompany him on a trip to Europe. But he's also a leader in the ex-gay movement. He co-founded the Family Research Council and sits on the board of the National Association for Research and Therapy of Homosexuality. He has, by all accounts, dedicated his life to protecting children from the "harmful" influence of gay people.
Read more.
Ireland proves lower corporate taxes lead to bankrupt governments
Via NPR:
Wage taxes, too, have long been much lower than in other European countries, says Fintan O'Toole, a columnist for The Irish Times and the author of Ship of Fools: How Stupidity and Corruption Sank the Celtic Tiger.
"If you were working in Ireland, well, very large numbers of people were kept out of the tax net altogether," O'Toole says. Many middle-class people paid no taxes either, he says.
But the economic collapse of the past few years — unemployment has gone from 4.5 percent to more than 13 percent — has exposed the downside of Ireland's low-tax policies, and forced it to backtrack somewhat, he says.
Wage taxes, too, have long been much lower than in other European countries, says Fintan O'Toole, a columnist for The Irish Times and the author of Ship of Fools: How Stupidity and Corruption Sank the Celtic Tiger.
"If you were working in Ireland, well, very large numbers of people were kept out of the tax net altogether," O'Toole says. Many middle-class people paid no taxes either, he says.
But the economic collapse of the past few years — unemployment has gone from 4.5 percent to more than 13 percent — has exposed the downside of Ireland's low-tax policies, and forced it to backtrack somewhat, he says.
St. Louis Union Withdraws $100K From 'Unethical' Bank Of America
Huffington Post:
A St. Louis union dumped Bank of America on Friday morning, closing a $100,000 account to spank the bank for its bailouts, bonuses and foreclosures.
"This is a really unethical institution that we shouldn't be supporting or doing business with," said Bradley Harmon, president of the CWA Local 6355, which represents some 7,000 public sector workers in Missouri.
"
We shouldn't be supporting Bank of America with our dues money."
Harmon said the money will be deposited with Enterprise Bank in St. Louis.
He said he was particularly appalled by the bank's performance modifying mortgages under the Obama administration's Making Home Affordable program.
"Instead of using the taxpayer bailout money to stabilize itself and help working families keep their homes, Bank of America has spent it rewarding its incompetent bosses and lobbying against legislation to help working families and reform our financial system," Harmon said.
Bank of America is not pleased.
A St. Louis union dumped Bank of America on Friday morning, closing a $100,000 account to spank the bank for its bailouts, bonuses and foreclosures.
"This is a really unethical institution that we shouldn't be supporting or doing business with," said Bradley Harmon, president of the CWA Local 6355, which represents some 7,000 public sector workers in Missouri.
"
We shouldn't be supporting Bank of America with our dues money."
Harmon said the money will be deposited with Enterprise Bank in St. Louis.
He said he was particularly appalled by the bank's performance modifying mortgages under the Obama administration's Making Home Affordable program.
"Instead of using the taxpayer bailout money to stabilize itself and help working families keep their homes, Bank of America has spent it rewarding its incompetent bosses and lobbying against legislation to help working families and reform our financial system," Harmon said.
Bank of America is not pleased.
Sunday, May 09, 2010
SCOTUSblog: Where do we go from here
SCOTUSblog:
The Administration plans to identify its nominee in “guidance” at 7:20am tomorrow morning, with a formal announcement by the President at 11am.
If the nominee is Elena Kagan, then Mike Allen of Politico will go down as the reporter with the best information on the Administration’s thinking, bar none.
The Administration plans to identify its nominee in “guidance” at 7:20am tomorrow morning, with a formal announcement by the President at 11am.
If the nominee is Elena Kagan, then Mike Allen of Politico will go down as the reporter with the best information on the Administration’s thinking, bar none.
Free manuretv: Sunday bobblehead shows
• ABC, This Week: Attorney General Eric Holder, former New York City Mayor Rudy Giuliani (R).
• CBS, Face The Nation: Senior White House counterterrorism adviser John Brennan, Sen. Chris Dodd (D-CT), Sen. Richard Shelby (R-AL), Adm. Thad Allen.
• CNN, State Of The Union: Senior White House counterterrorism adviser John Brennan, Sen. Bill Nelson (D-FL), Sen. Richard Shelby (R-AL).
• Fox News Sunday: Senior White House counterterrorism adviser John Brennan, Sen. Joe Lieberman (I-CT), Rep. Peter King (R-NY).
• NBC, Meet The Press: Attorney General Eric Holder.
Is your Senator a Bankster?
That is the question raised by MSNBC Dylan Ratigan. He wrote this piece from Huffington Post:
What we have now is a group of politicians with shifting alliances on a case-by-case basis to the special interests who fund them. And currently, the most damaging one to our nation is the rise of the Bankster Party. Thankfully, we can now better identify its members.
Anyone who voted for the Kaufman-Brown SAFE amendment deserves to be considered a member of the "People's Party", at least for today. And while I may not agree, I am also OK with someone voting no on Kaufman-Brown if they voted no on the bailout in the first place. That at least shows a consistent ideology and we wouldn't need to break up the banks into smaller parts if our leaders had the will to let them fail.
But there is a special place for those who have the audacity to do something as incredibly un-American as voting to provide unencumbered welfare for rich bankers and then subsequently do absolutely nothing to fix the problem. And that special place (for now) is in what we should call from this point forward the "Bankster Party". Allow me to present to you its current members:
BANKSTER PARTY
Daniel Akaka (B-HI)
Lamar Alexander (B-TN)
Max Baucus (B-MT)
Evan Bayh (B-IN)
Michael F. Bennet (B-CO)
Christopher S. Bond (B-MO)
Richard Burr (B-NC)
Thomas R. Carper (B-DE)
Saxby Chambliss (B-GA)
Susan M. Collins (B-ME)
Kent Conrad (B-ND)
Bob Corker (B-TN)
John Cornyn (B-TX)
Christopher J. Dodd (B-CT)
Dianne Feinstein (B-CA)
Lindsey Graham (B-SC)
Chuck Grassley (B-IA)
Judd Gregg (B-NH)
Orrin G. Hatch (B-UT)
Kay Bailey Hutchinson (B-TX)
Daniel K. Inouye (B-HI)
Johnny Isakson (B-GA)
John F. Kerry (B-MA)
Amy Klobuchar (B-MN)
Herb Kohl (B-WI)
Jon Kyl (B-AZ)
Frank R. Lautenberg (B-NJ)
Joseph Lieberman (B-CT)
John McCain (B-AZ)
Claire McCaskill (B-MO)
Mitch McConnell (B-KY)
Robert Menendez (B-NJ)
Lisa Murkowski (B-AK)
Bill Nelson (B-FL)
Jack Reed (B-RI)
Charles Schumer (B-NY)
Olympia Snowe (B-ME)
John Thune (B-SD)
Mark Udall (B-CO)
George Voinovich (B-OH)
Mark Warner (B-VA)
PEOPLE'S PARTY
Mark Begich (P-AK)
Jeff Bingaman (P-NM)
Barbara Boxer (P-CA)
Sherrod Brown (P-OH)
Roland Burris (P-IL)
Maria Cantwell (P-WA)
Bejamin Cardin (P-MD)
Robert Casey Jr. (P-PA)
Tom Coburn (P-OK)
Byron Dorgan (P-ND)
Richard Durbin (P-IL)
John Ensign (P-NV)
Russell Feingold (P-WI)
Al Franken (P-MN)
Tom Harkin (P-IA)
Edward Kaufman (P-DE)
Patrick Leahy (P-VT)
Carl Levin (P-MI)
Blanche Lincoln (P-AR)
Jeff Merkley (P-OR)
Lisa Mikulski (P-MD)
Patty Murray (P-WA)
Mark Pryor (P-AR)
Harry Reid (P-NV)
John D. Rockefeller IV (P-WV)
Bernard Sanders (P-VT)
Richard Shelby (P-AL)
Arlen Specter (P-PA)
Debbie Stabenow (P-MI)
Tom Udall (P-NM)
Jim Webb (P-VA)
Sheldon Whitehouse (P-RI)
Ron Wyden (P-OR)
What we have now is a group of politicians with shifting alliances on a case-by-case basis to the special interests who fund them. And currently, the most damaging one to our nation is the rise of the Bankster Party. Thankfully, we can now better identify its members.
Anyone who voted for the Kaufman-Brown SAFE amendment deserves to be considered a member of the "People's Party", at least for today. And while I may not agree, I am also OK with someone voting no on Kaufman-Brown if they voted no on the bailout in the first place. That at least shows a consistent ideology and we wouldn't need to break up the banks into smaller parts if our leaders had the will to let them fail.
But there is a special place for those who have the audacity to do something as incredibly un-American as voting to provide unencumbered welfare for rich bankers and then subsequently do absolutely nothing to fix the problem. And that special place (for now) is in what we should call from this point forward the "Bankster Party". Allow me to present to you its current members:
BANKSTER PARTY
Daniel Akaka (B-HI)
Lamar Alexander (B-TN)
Max Baucus (B-MT)
Evan Bayh (B-IN)
Michael F. Bennet (B-CO)
Christopher S. Bond (B-MO)
Richard Burr (B-NC)
Thomas R. Carper (B-DE)
Saxby Chambliss (B-GA)
Susan M. Collins (B-ME)
Kent Conrad (B-ND)
Bob Corker (B-TN)
John Cornyn (B-TX)
Christopher J. Dodd (B-CT)
Dianne Feinstein (B-CA)
Lindsey Graham (B-SC)
Chuck Grassley (B-IA)
Judd Gregg (B-NH)
Orrin G. Hatch (B-UT)
Kay Bailey Hutchinson (B-TX)
Daniel K. Inouye (B-HI)
Johnny Isakson (B-GA)
John F. Kerry (B-MA)
Amy Klobuchar (B-MN)
Herb Kohl (B-WI)
Jon Kyl (B-AZ)
Frank R. Lautenberg (B-NJ)
Joseph Lieberman (B-CT)
John McCain (B-AZ)
Claire McCaskill (B-MO)
Mitch McConnell (B-KY)
Robert Menendez (B-NJ)
Lisa Murkowski (B-AK)
Bill Nelson (B-FL)
Jack Reed (B-RI)
Charles Schumer (B-NY)
Olympia Snowe (B-ME)
John Thune (B-SD)
Mark Udall (B-CO)
George Voinovich (B-OH)
Mark Warner (B-VA)
PEOPLE'S PARTY
Mark Begich (P-AK)
Jeff Bingaman (P-NM)
Barbara Boxer (P-CA)
Sherrod Brown (P-OH)
Roland Burris (P-IL)
Maria Cantwell (P-WA)
Bejamin Cardin (P-MD)
Robert Casey Jr. (P-PA)
Tom Coburn (P-OK)
Byron Dorgan (P-ND)
Richard Durbin (P-IL)
John Ensign (P-NV)
Russell Feingold (P-WI)
Al Franken (P-MN)
Tom Harkin (P-IA)
Edward Kaufman (P-DE)
Patrick Leahy (P-VT)
Carl Levin (P-MI)
Blanche Lincoln (P-AR)
Jeff Merkley (P-OR)
Lisa Mikulski (P-MD)
Patty Murray (P-WA)
Mark Pryor (P-AR)
Harry Reid (P-NV)
John D. Rockefeller IV (P-WV)
Bernard Sanders (P-VT)
Richard Shelby (P-AL)
Arlen Specter (P-PA)
Debbie Stabenow (P-MI)
Tom Udall (P-NM)
Jim Webb (P-VA)
Sheldon Whitehouse (P-RI)
Ron Wyden (P-OR)
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SPB News for Sunday
Weekly Address: Health Reform Starts to Kick In
US Sen. Bob Bennett ousted at Utah GOP convention
— SALT LAKE CITY — Republican U.S. Sen. Bob Bennett of Utah has lost his bid to serve a fourth term after failing to advance past the GOP state convention. — Attorney Mike Lee and businessman Tim Bridgewater are the remaining Republican candidates after Saturday's vote.
Shelby: GOP Will Demand That Financial Reform Include Fannie And Freddie
In this weekend's Republican YouTube, Sen. Richard Shelby (R-AL) said Republicans will demand
that financial reform include overhauls of Fannie Mae and Freddie Mac.
"For years, Democrats blocked meaningful reform of Fannie and Freddie, and not much has changed. Their legislation to reform the financial system touches nearly every corner of the economy, but these major contributors to the crisis are left unscathed," said Shelby. "A recent Wall Street Journal editorial observed, 'Reforming the financial system without fixing Fannie and Freddie is like declaring a war on terror and ignoring al Qaeda.' Well said. In the days to come, Republicans will be demanding that financial reform include Fannie and Freddie."
Four more banks fail; toll for year to date is 68
- Regulators closed four banks Friday in four different states. The biggest bank to fail was 1st Pacific Bank of California, which was the subject of a De...
US Sen. Bob Bennett ousted at Utah GOP convention
— SALT LAKE CITY — Republican U.S. Sen. Bob Bennett of Utah has lost his bid to serve a fourth term after failing to advance past the GOP state convention. — Attorney Mike Lee and businessman Tim Bridgewater are the remaining Republican candidates after Saturday's vote.
Shelby: GOP Will Demand That Financial Reform Include Fannie And Freddie
In this weekend's Republican YouTube, Sen. Richard Shelby (R-AL) said Republicans will demand
that financial reform include overhauls of Fannie Mae and Freddie Mac.
"For years, Democrats blocked meaningful reform of Fannie and Freddie, and not much has changed. Their legislation to reform the financial system touches nearly every corner of the economy, but these major contributors to the crisis are left unscathed," said Shelby. "A recent Wall Street Journal editorial observed, 'Reforming the financial system without fixing Fannie and Freddie is like declaring a war on terror and ignoring al Qaeda.' Well said. In the days to come, Republicans will be demanding that financial reform include Fannie and Freddie."
Four more banks fail; toll for year to date is 68
- Regulators closed four banks Friday in four different states. The biggest bank to fail was 1st Pacific Bank of California, which was the subject of a De...
Bailed out homebuilders collect fat paychecks
In 2006, the year home prices peaked, D.R. Horton's sales did as well, with 53,099 home sales closed. Its founder predicted the company would break the 100,000-unit barrier by 2010.
That will not happen -- not this year, not anytime soon.
Horton sold just 16,703 homes in 2009. Since the depths of the downturn in 2007, the company has lost more than $3.9 billion and laid off 53 percent of its workers.
But Horton has seen robust growth in one area: executive pay. The company's founder and chairman, D.R. Horton, made $17.6 million from 2007 to 2009, as his annual compensation jumped from $2 million to $7.6 million, according to Equilar, a research firm that specializes in pay.
His chief executive, Donald Tomnitz, received a similar pay hike. Both will receive raises in base salary this year.
The two were not the only ones who profited handsomely during the most perilous stretch in their industry's history, when homebuilders fired nearly half their workforce and lost more than half their market cap.
Read on.
That will not happen -- not this year, not anytime soon.
Horton sold just 16,703 homes in 2009. Since the depths of the downturn in 2007, the company has lost more than $3.9 billion and laid off 53 percent of its workers.
But Horton has seen robust growth in one area: executive pay. The company's founder and chairman, D.R. Horton, made $17.6 million from 2007 to 2009, as his annual compensation jumped from $2 million to $7.6 million, according to Equilar, a research firm that specializes in pay.
His chief executive, Donald Tomnitz, received a similar pay hike. Both will receive raises in base salary this year.
The two were not the only ones who profited handsomely during the most perilous stretch in their industry's history, when homebuilders fired nearly half their workforce and lost more than half their market cap.
Read on.
Franken filed amendment would address loan mod problems
An amendment to the financial reform bill filed yesterday [Thursday] by Sen. Al Franken, D-Minn., and Sen. Olympia Snowe, R-Maine, would create a special office to assist homeowners who are facing problems with the administration’s mortgage modification program. The measure has White House support [1], but is opposed by the financial services industry.
And:
The amendment proposes a new “Office of the Homeowner Advocate” that would be devoted to solving homeowner problems with the program. Right now, homeowners with complaints are told to call the HOPE Hotline, which has a staff of counselors to handle escalations—a process that’s been criticized as ineffective [8].
Under the amendment, all homeowner complaints about servicers would go to this new “Office of the Homeowner Advocate” within the Treasury Department. That would effectively create an appeals process for homeowners who think they’ve been wrongly denied a modification—something that housing counselors and other consumer advocates have long said is desperately needed [9].
“A mandated homeowner’s advocate, built into the process and reportable to Congress, would counteract the servicer unresponsiveness we’ve heard so much about and be able to serve as a recourse for homeowners,” said Richard H. Neiman, superintendent of banks for New York State and a member of the Congressional Oversight Panel for the TARP. Neiman has been pushing for the creation of the office.
The office would have the power to penalize servicers for noncompliance with the program’‘s guidelines, but would need the sign-off from Herb Allison, the Treasury official in charge of the TARP, to do so. The Treasury currently has the power to penalize services, but so far has not done so [10].
Read on.
And:
The amendment proposes a new “Office of the Homeowner Advocate” that would be devoted to solving homeowner problems with the program. Right now, homeowners with complaints are told to call the HOPE Hotline, which has a staff of counselors to handle escalations—a process that’s been criticized as ineffective [8].
Under the amendment, all homeowner complaints about servicers would go to this new “Office of the Homeowner Advocate” within the Treasury Department. That would effectively create an appeals process for homeowners who think they’ve been wrongly denied a modification—something that housing counselors and other consumer advocates have long said is desperately needed [9].
“A mandated homeowner’s advocate, built into the process and reportable to Congress, would counteract the servicer unresponsiveness we’ve heard so much about and be able to serve as a recourse for homeowners,” said Richard H. Neiman, superintendent of banks for New York State and a member of the Congressional Oversight Panel for the TARP. Neiman has been pushing for the creation of the office.
The office would have the power to penalize servicers for noncompliance with the program’‘s guidelines, but would need the sign-off from Herb Allison, the Treasury official in charge of the TARP, to do so. The Treasury currently has the power to penalize services, but so far has not done so [10].
Read on.
Food-stamp tally nears 40 million, sets record
Yahoo News:
Nearly 40 million Americans received food stamps -- the latest in an ever-higher string of record enrollment that dates from December 2008 and the U.S. recession, according to a government update.
Food stamps are the primary federal anti-hunger program, helping poor people buy food. Enrollment is highest during times of economic distress. The jobless rate was 9.9 percent, the government said on Friday.
The Agriculture Department said 39.68 million people, or 1 in 8 Americans, were enrolled for food stamps during February, an increase of 260,000 from January. USDA updated its figures on Wednesday.
Nearly 40 million Americans received food stamps -- the latest in an ever-higher string of record enrollment that dates from December 2008 and the U.S. recession, according to a government update.
Food stamps are the primary federal anti-hunger program, helping poor people buy food. Enrollment is highest during times of economic distress. The jobless rate was 9.9 percent, the government said on Friday.
The Agriculture Department said 39.68 million people, or 1 in 8 Americans, were enrolled for food stamps during February, an increase of 260,000 from January. USDA updated its figures on Wednesday.
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