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FRom back when ever Freepers read Time magazine
Posted on 05/01/2010 4:55:58 AM PDT by TigerLikesRooster
Wall Street Read of the Week: "Bob Rubin Just Wants to Be Cuddled"
By Max Abelson
April 30, 2010 | 6:36 p.m
Until today, the London Business School-educated Iris Mack was known as a Harvard Management Company whistle-blower. From now on she will be remembered for these extraordinary words about her affair with former Treasury Secretary and Citi executive Bob Rubin: "He got this funny look on his face, and asked: 'Do you want to go upstairs and...cuddle?' So that's what this is about... And not long afterward the former Treasury Secretary had his tongue down my throat and hands everywhere sort of like an octopus."
Ms. Mack says she has come public with the story of her affair with Mr. Rubin because it began exactly when Mr. Rubin was ignoring emails with titles like URGENT -- READ IMMEDIATELY -- FINANCIAL ISSUES. "Can this country really afford to appoint bratty teenagers to positions of power and influence when they have already demonstrated to us, over and over again, that they are no more capable of taking responsibility for their actions than bratty teenagers?" she writes. "Then why in God's name am I still, after his pathetic FCIC performance, reading stories about how Bob Rubin 'still wields tremendous influence in Barack Obama's Washington?'"
(Excerpt) Read more at observer.com ...
P!
Can NO DEMOCRAT keep his ZIPPER UP???
So why isn’t Rubin wearing an orange jumpsuit.
Did he call Treasury Secretary O’Neill and ask him to delay downgrading Enron stock so he could get his clients out of the stock?
BWANEY FWANK Sept 11, 2003: "Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
FRANK AFTER THE MARKET DELUGE “The conservative philosophy of deregulation that was dominant for far too long allowed private businesses to make terrible mistakes,” said Frank (became chairman of the Financial Services Committee in 2006).
But, but President Clinton is the one who signed the dereg legislation (passed by the Senate 98-0), and Clinton’s then-Treasury Secy, Robert Rubin---(a top Obama economic adviser who recently ousted from his perch at Citibank with $250 million severance-----approved.
NOTE Under Secretary of the Treasury for International Affairs from 1999-2001 under Secretaries Robert Rubin and Lawrence Summers was---drum roll please----Turbo Timmy Geithner..
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FRom back when ever Freepers read Time magazine
LOL!
N-i-c-e find.
Been on FR before. Three Jews blues. (Today at least) But they were riding high back ih the day. They got this cover for engineering the LTCM derivatives bailout
Another “cuddle and tell” memoir.
Hang it up in the Post Office.
OMG-—a cover pic for engineering the LTCM derivatives scam bailout?
The LTCM crooks were falsifying bids on US Treasury auctions, for God’s sake.
It all ended in the 1990s——when a massive bailout commenced, aided and abetted by major banks and investment houses (all overseen by the Federal Reserve lapdog).
The LTCM bailout was 100% Wall Street funded. Back then they were “honest crooks”
LTCM cleanup was 4 billion. I was appalled at the time. But that was nothing compared to what was to come when banks and Wall Street imploded and got a taxpayer funded bailout
The $700B TARP Bailout is now being called, "A MASTERFUL DECEIT." Paulson, et al, may not have pulled a fast one when he testified in favor of the TARP before Congress----but Congress' phony outrage is a puzzlement. If HR 1424 was a 'MASTERFUL DECEIT' then CONGRESS didn't do its job.
TITLE I—TROUBLED ASSETS RELIEF PROGRAM (required 'Congressional Oversight' sections listed)
Sec. 101. Purchases of troubled assets.
Sec. 102. Insurance of troubled assets.
Sec. 103. Considerations.
Sec. 104. Financial Stability Oversight Board.
Sec. 105. Reports.
Sec. 107. Contracting procedures.
Sec. 108. Conflicts of interest.
Sec. 111. Executive compensation and corporate governance.
Sec. 116. Oversight and audits.
Sec. 118. Funding.
Sec. 119. Judicial review and related matters.
Sec. 121. Special Inspector General for the Troubled Asset Relief Program.
Sec. 125. Congressional Oversight Panel.
Sec. 127. Cooperation with the FBI.
Sec. 129. Disclosures on exercise of loan authority.
In HR 1424, there are enough rules, regs and CONGRESSIONAL OVERSIGHT REQUIRED that Not One Thin Dime should have been 'misspent.' So if anything crooked did go on Congress should look in a mirror. They dropped the ball -- again. And the same Gangster Government will run our healthcare.
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Behind The Real Size of the Wall Street Bailout (Mother Jones reports its $14 trillion)
Mother Jones | Dec. 21, 2009 / FR Posted January 04, 2010 by E. Pluribus Unum
A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street.
The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets. To get a sense of the size of the real $14 trillion bailout, see our chart here. Below, a guide to the pieces of the puzzle:
Treasury Department bailout programs (controlled by Rahm Emanuel)
Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid. Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets." GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion [PDF].
--SNIP--- long read
Federal Reserve bailout programs
Commercial Paper Funding Facility: With the support from the Treasury, the Fed established the CPFF in October 2008 to increase the availability of short-term debt (commercial paper) funding. Up to $1.8 trillion [PDF] was earmarked for the program.
Mortgage-backed securities purchase: In 2009, the Fed earmarked up to $1.25 trillion to buy investments based on home loans.
Term Asset-Backed Securities Loan Facility: TALF provides financing to investors who are buying asset-backed securities. In February 2009, the Fed and Treasury announced an expansion of the program to generate up to $1 trillion in new lending.
Foreign Central Bank Currency Liquidity Swaps: The Fed has provided $755 billion [PDF] for currency liquidity swaps with foreign central banks.
--SNIP--- long read
“The LTCM crooks were falsifying bids on US Treasury auctions, for God’s sake.”
That was Salomon Brothers, where Meriwether worked prior to forming LTCM.
“Looking back now, knowing what we know now -- and a lot has developed over the last 10 years -- I think we ought to have done more,” Gensler said in an interview on Bloomberg Television’s “Conversations with Judy Woodruff,” airing this weekend. “Some of the basic assumptions about these marketplaces have proved out to be wrong.” Gensler was part of the Treasury Department from 1997 to 2001, a period when Secretary Robert Rubin and his successor, Lawrence Summers, along with Federal Reserve Chairman Alan Greenspan, pushed to keep derivatives markets outside the scope of federal regulators. ..... ..... Gensler, whose last Treasury post was undersecretary of domestic finance. He added that he didn’t participate in the first year of the debate because of his recent arrival from Goldman Sachs Group Inc. Commodity Futures Trading Commission Chairman Gary Gensler said President Bill Clinton’s administration “ought to have done more” in regulating the derivatives market “to protect the American public.”
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