Keyword: lehmanbrothers

Brevity: Headers | « Text »
  • Trump Unleashes Negative Ad On Kasich [VIDEO]

    03/12/2016 3:00:50 PM PST · by jimbo123 · 7 replies
    Daily Caller ^ | 3/11/16 | Alex Pappas
    With Ohio’s Republican presidential primary just days away, Donald Trump is taking aim at the state’s governor, rival GOP presidential candidate John Kasich, in a new attack video. -snip- “After John Kasich helped Wall Street predator Lehman Brothers destroy the world economy, he decided to run for governor of Ohio,” the narrator of the Trump ad says. “John Kasich has been an absentee governor, spending most of his time everywhere but Ohio. Especially Michigan, the latest disaster in his failing presidential bid. Kasich gave Ohio Obamacare and increased our budget more than any other governor in the U.S.”
  • Donald Trump knocks Kasich, media, protesters in Cleveland speech

    03/12/2016 2:48:02 PM PST · by jimbo123 · 16 replies
    Cleveland.com ^ | 3/12/16 | Sara Dorn
    Donald Trump came out in full force against Ohio Gov. John Kasich in his home state on Saturday, accusing him of destroying the coal industry, knocking his involvement in Lehman Bros. and saying he is weak on immigration, among a slew of other criticisms. He also denounced Kasich for supporting the Trans Pacific Partnership trade agreement and the North American Free Trade Agreement.
  • Trump blames Kasich for economic collapse, NAFTA (Lehman Bros scandal, NAFTA)

    03/12/2016 10:06:14 AM PST · by jimbo123 · 12 replies
    The Hill ^ | 3/12/16 | Lydia Wheeler
    Republican presidential candidate Donald Trump on Saturday blamed rival John Kasich for the economic collapse and the North American Free Trade Agreement (NAFTA). “Kasich was a managing director” at Lehman Brothers, Trump said at a rally in Dayton, Ohio, on Saturday. “He was right in there dealing with the big boys, all the people who dealt the horrible decisions." Trump ripped Kasich earlier this week for his time at the investment bank, claiming that the Ohio governor “helped Wall Street predator Lehman Brothers destroy the economy.” “He voted for NAFTA,” Trump said Saturday.
  • Donald Trump targets John Kasich in attack ad (Lehman Bros. Scandal, Absentee Governor...)

    03/11/2016 1:10:38 PM PST · by jimbo123 · 17 replies
    CNN ^ | 3/11/16 | Noah Gray and Cassie Spodak
    Donald Trump officially added John Kasich to his list of "no-action, all-talk politicians" Friday afternoon, hitting the Ohio governor harder than usual in his first attack ad against him. The 30-second spot, first tweeted out by Trump, will air throughout the Buckeye State, according to the Trump campaign. The ad comes just days before Ohio's primary on Tuesday and claims Kasich "helped Wall Street predator Lehman Brothers destroy the world economy" and criticizes the Ohio governor for spending time in states other than his own. Kasich joined Lehman's investment banking division as managing director in 2001, working there until the...
  • Kasich introduced pension reps to Lehman officials (2010)

    03/11/2016 1:04:26 PM PST · by jimbo123 · 4 replies
    Dayton Daily News ^ | 5/12/10 | Jack Torry
    Republican Ohio gubernatorial candidate John Kasich tried to persuade two state pension funds in 2002 to invest with Lehman Brothers while he was the managing director of the investment banking house’s Columbus office. In a reply to questions, Kasich campaign officials acknowledged that the former Columbus-area congressman helped arrange the two meetings between Lehman officials and representatives of the Ohio Police and Fire Pension Fund and the Ohio Public Employees Retirement System, known as OPERS.
  • Jeb Bush And John Kasich’s Work At Lehman Spotlights Different Revolving Door (2015)

    03/11/2016 12:48:14 PM PST · by jimbo123 · 7 replies
    IBT ^ | 8/20/15 | DAVID SIROTA MATTHEW CUNNINGHAM ANDREW PEREZ
    Jeb Bush And John Kasich’s Work At Lehman Spotlights Different Revolving Door Between Business and Government. Republican presidential rivals Jeb Bush and John Kasich bring to their campaigns their experience as governors of major battleground states, but they also share a resume line from their time in the private sector. The Florida and Ohio pols both worked at the ill-fated Wall Street investment bank Lehman Brothers just as the firm was racking up vast losses for their states' respective pension systems. While Kasich has denounced Wall Street greed and Bush has criticized lawmakers who become lobbyists, during their time at...
  • John Kasich's Wall Street ties could haunt 2016 bid (2015)

    03/11/2016 12:43:09 PM PST · by jimbo123 · 6 replies
    CNN ^ | 6/8/15 | MJ Lee
    Ohio Gov. John Kasich loves talking about his record in office, his knack for balancing the budget and his controversial decision to back Medicaid expansion. But there's one part of his resume he's less inclined to discuss: the years he spent as a senior executive at Lehman Brothers. Kasich joined Lehman's investment banking division as managing director in 2001, working there until the firm's collapse in September 2008 unleashed global panic and served as the catalyst for the financial crisis. The Republican governor's past work at arguably the most deeply vilified Wall Street firm -- so despised that in the...
  • New Trump ad slams Kasich in Ohio (Kasich and Lehman Bros.)

    03/11/2016 12:36:24 PM PST · by jimbo123 · 21 replies
    Politico ^ | 3/11/16 | NICK GASS
    Donald Trump released a blistering new ad slamming John Kasich in Ohio on Friday, hitting him for his past ties to Lehman Brothers and absence from his home state while on the campaign trail. “After John Kasich helped Wall Street predator Lehman Brothers destroy the world economy, he decided to run for governor of Ohio," a fast-talking narrator intones. -snip- The video then cuts to a map of the U.S., with states where Kasich has spent a great deal of time and resources campaign shaded in blue, with a red question mark over Ohio. "John Kasich has been an absentee...
  • Fed proposes rules to boost stability of financial system

    03/04/2016 2:33:51 PM PST · by Olog-hai · 13 replies
    Associated Press ^ | Mar. 4, 2016 5:26 PM EST | Martin Crutsinger
    The Federal Reserve has put forward new rules aimed at addressing one of the primary causes of the 2008 financial crisis -- the financial exposures that the biggest banks had with each other. The Fed is proposing new limits on that exposure. It hopes the new rules will prevent the type of crisis that engulfed the U.S. financial system in September 2008 when the collapse of Lehman Brothers raised fears about the stability of other banks that had made loans to Lehman. [...] The rules would implement a portion of the Dodd-Frank Act passed by Congress in 2010 in response...
  • Jeb Bush: As president, I'll end crony capitalism

    10/19/2015 6:47:21 AM PDT · by jimbo123 · 66 replies
    Washington Examiner ^ | 10/19/15 | GOV. JEB BUSH
    -snip- As president of the United States, I will use all the powers of my office to disrupt the political culture of a dysfunctional Washington, D.C. We need to clean house and it must start by eliminating the crony capitalism that is pervasive throughout the federal government. There are tens of billions of dollars of corporate welfare subsidies tucked into the federal budget. -snip- The influence peddling industry in Washington will fight every step of the way to defend their fiefdoms and special favors. It is going to take a president with a stiff spine and a proven record of...
  • Trump questions why Lehman Brothers paid Jeb Bush '$1.3 million a year for a no-show job'

    08/27/2015 1:54:07 PM PDT · by jimbo123 · 30 replies
    The Week ^ | 8/27/15 | Becca Stanek
    Donald Trump's latest comments earned him a rebuke from a Jeb Bush spokesman for "trafficking in false conspiracy theories" about the former investment bank Lehman Brothers, where Bush worked for a stint after leaving the governor's office in Florida in 2007. Amid Trump's 33 attacks against the Bush family in a 35-minute interview with The Washington Post, he managed numerous times to drop his suspicions that Bush's high salary from Lehman was a "reward for helping direct Florida state funds to the firm, whose collapse in 2008 helped kick off the Great Recession," The Post reports. "That’s a Hillary Clinton...
  • Ted Cruz, Scott Walker, John Kasich Disclose Personal Finances; Who Is Rich And Who Is In Debt?

    08/04/2015 1:45:53 AM PDT · by Cincinatus' Wife · 17 replies
    International Business Times ^ | August 3, 2016 | Andrew Perez
    Ohio Gov. John Kasich and Sen. Ted Cruz are millionaires. Their Republican primary opponent Scott Walker, the governor of Wisconsin, may be in debt. The disparity in wealth in the Republican presidential primary was on display Monday, as the Federal Election Commission released personal financial disclosures filed by three of the GOP presidential contenders. The candidates are required to report details about their finances in order to qualify for the first 2016 primary debate, which will be hosted by Fox News in Cleveland on Thursday. Cruz, who has spent most of his life working in government, listed at least $2.1...
  • Why the Mortgage Crisis Happened

    10/25/2008 11:04:13 PM PDT · by RobinMasters · 14 replies · 1,320+ views
    American Thinker ^ | October 26, 2008 | Jay Wells
    Obama's cconomic narrative of the mortgage crisis gnores the facts. He has put free-market capitalism at the root of the current mortgage industry debacle, denying the real history of government interference in that market. On September 15, with banking giant Lehman Brothers filing for bankruptcy protection, Obama was given the opening to begin weaving his anti-capitalist storyline. And that he did. Artfully blurring the mortgage industry crisis with generalized tax policy, Obama declared, "I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last...
  • Lehman Brothers: Obama’s Rezko-Auchi conflict of interest

    09/17/2008 11:34:21 AM PDT · by AndrewWalden · 13 replies · 325+ views
    Hawaii Free Press ^ | 09-17-08 | Andrew Walden
    Democratic Presidential candidate Barack Obama was quick to blame the bankruptcy of Wall Street giant Lehman Brothers on Republicans’ “failed philosophy”. Obama’s September 15 comments were repeated throughout the media--yet reporters have not noted Obama’s glaring conflict of interest—the Lehman debt owed to a bank owned by the financier who loaned millions of dollars to Tony Rezko.
  • Jeb Bush’s rush to make money may be hurdle

    04/23/2014 6:51:44 AM PDT · by jimbo123 · 9 replies
    NY Times CNBC ^ | 4/21/14 | Michael Barbaro
    As it sought to recruit well-heeled investors, an untested and unprofitable Miami company named InnoVida brought aboard a trusted Florida figure in 2007: Jeb Bush, the former governor and the brother of a sitting president. For potential stockholders, the imprimatur of Mr. Bush, who joined InnoVida as a paid consultant and a member of the board of directors, conferred credibility on the young start-up. That credibility did not last long. It turned out that the leaders of InnoVida, a manufacturer of inexpensive building materials, had faked documents, lied about the health of the business and misappropriated $40 million in company...
  • Lehman's brokerage, Europe units settle $38 billion of claims

    10/07/2012 10:44:32 AM PDT · by george76 · 2 replies
    Reuters ^ | 5 Oct, 2012 | Jonathan Stempel
    The U.S. brokerage unit and a European unit of the former Lehman Brothers Holdings Inc said they settled litigation over $38 billion of asset claims, a major step toward customers and creditors recovering money. ... Lehman emerged from bankruptcy in March, and has paid out or plans to pay out $33 billion of an expected $65 billion to creditors, recovering an average of 21 cents on the dollar
  • Banks Build Contingency for Breakup of the Euro

    11/26/2011 9:58:19 PM PST · by DeaconBenjamin · 60 replies
    NY Times ^ | November 25, 2011 | By LIZ ALDERMAN
    For the growing chorus of observers who fear that a breakup of the euro zone might be at hand, Chancellor Angela Merkel of Germany has a pointed rebuke: It’s never going to happen. But some banks are no longer so sure, especially as the sovereign debt crisis threatened to ensnare Germany itself this week, when investors began to question the nation’s stature as Europe’s main pillar of stability. On Friday, Standard & Poor’s downgraded Belgium’s credit standing to AA from AA+, saying it might not be able to cut its towering debt load any time soon. Ratings agencies this week...
  • The Unexamined Crisis

    10/12/2011 5:02:18 PM PDT · by neverdem · 6 replies
    Project Syndicate ^ | 2011-09-22 | Luigi Zingales
    CHICAGO – Three years have now passed since the collapse of Lehman Brothers, which triggered the start of the most acute phase of the 2007-2008 financial crisis. Is the financial world a safer place today? Within days after the 9/11 terrorist attacks in 2001, the US had erected new and enormous security measures at airports throughout the country. Within a month, the US military was on the ground in Afghanistan. Within three years the US had an official report on the causes of the events of 9/11; the well-resourced expert commission that produced it identified the weaknesses of America’s national-security...
  • Why a Greek Default Would be Worse Than Lehman Brothers' Collapse

    05/25/2011 4:22:46 PM PDT · by george76 · 22 replies
    CNBC ^ | 25 May 2011 | John Carney
    If Greece defaults on its debt, the direct secondary effects on financial institutions could be much worse than what we saw after the collapse of Lehman Brothers. The collapse of Lehman Brothers sent shockwaves through the global financial system—in part because it revealed that the United States government was willing to let a large, interconnected, complex financial company go bankrupt. Panic erupted, threatening the financial stability of other companies. But the actual direct effects were few. ... high concentration of sovereign debt in European banks raises the possibility that the banks may be severely undercapitalized—and may require a government recapitalization...
  • Obama's Chilling Crew--The legal harassment of those investigating Tony Rezko.

    04/28/2009 5:42:30 AM PDT · by SJackson · 24 replies · 1,672+ views
    Frontpagemagazine ^ | 4-28-09 | Andrew Walden
    Obama's Chilling Crew   By Andrew WaldenFrontPageMagazine.com | Tuesday, April 28, 2009 Why is there so little media investigation of the financing behind Barack Obama’s early political sponsor—and now convicted felon—Tony Rezko?      The dual US-Syrian citizen Rezko--who assisted Obama in the purchase of his Chicago mansion--was heavily funded by loans from Iraqi-British ex-Baathist billionaire Nadhmi Auchi.  According to testimony at Rezko’s trial, Obama met Auchi at an April 3, 2004 event at Rezko’s home during Obama’s 2004 US Senate campaign.  The Times of London reports discovering, “state documents in Illinois recording that Fintrade Services, a Panamanian company, lent...
  • Was the Economic Crisis Manufactured?

    03/05/2011 3:39:08 AM PST · by Scanian · 29 replies
    The American Thinker ^ | March 05, 2011 | Nancy Morgan
    In the summer of 2008 as McCain and Obama were in the midst of their campaigns to capture the presidency, a series of events dramatically changed the focus of the campaign from Iraq to the economy. From that point on, Obama took the lead and eventually won the presidency. Now, a full two years later, the Pentagon has issued a report on the series of events that led to the 2008 economic crash. Bill Gertz writes in the Washington Times: "Evidence outlined in a Pentagon contractor report suggests that financial subversion carried out by unknown parties, such as terrorists or...
  • Ernst & Young Sued by NY for Fraud over Lehman

    12/21/2010 12:16:25 PM PST · by camerongood210 · 6 replies
    Fox Business Online ^ | December 21, 2010 | Reuters
    Accounting firm Ernst & Young was sued by New York state prosecutors Tuesday, accused of helping to hide financial risks at Lehman Brothers Holdings Inc before the Wall Street firm's 2008 collapse. The civil fraud case seeks $150 million in fees that the accounting firm collected, New York Attorney General Andrew Cuomo said in a statement. The lawsuit also seeks investor damages and other relief in what is one of the biggest government cases involving an accounting firm since Arthur Andersen was criminally indicted in 2002 over the Enron scandal. Ernst & Young was Lehman's outside auditor from 2001 until...
  • Another Holbrooke/Hill Embarassment

    03/23/2009 9:34:51 PM PDT · by Tailgunner Joe · 4 replies · 915+ views
    weeklystandard.com ^ | March 23, 2009
    According to Richard Holbrooke, Richard Holbrooke is essentially this country's top diplomat -- Hillary Clinton is merely his "pupil. This despite the fact that Holbrooke has hit the trifecta of shady business dealings over the last few years: a member of AIG's board with more than $800,000 in compensation, a managing director at Lehman Brothers, and the recipient of a "Friends of Angelo" loan from Countrywide (that alone was enough to get Jim Johnson thrown under the Obama campaign bus). Now comes another revelation from the New York Times. Despite repeated denials, according to three sources, Holbrooke did offer former...
  • Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries (Details you should see)

    12/02/2010 9:30:51 AM PST · by FromLori · 49 replies
    Huffingtonpost.com ^ | 12/1/2010 | Marcus Baram
    NEW YORK -- The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief. The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities. The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans. The measure, initiated in Jan....
  • Al-Qaeda Threat in Philadelphia?

    06/27/2002 3:53:38 PM PDT · by all4one · 225 replies · 3,822+ views
    ABC Channel 6 Action News - Philadelphia ^ | June 27, 2002 | David Henry
    Al-Qaeda Threat in Philadelphia? Philadelphia, PA June 27, 2002 — David Henry reports from the Action Newsroom. An Action News investigation reveals that a chain of jewelry stores operating in the Delaware Valley is being investigated by the FBI for possible connections to the Al Qaeda terror network. A series of raids were carried out yesterday in Philadelphia and across the state of Pennsylvania. The stores are mostly kiosks in shopping malls operating under the name "Intrigue Jewelers." They are all owned by Pakistanis under franchise agreements with a company called Gold Concepts, based in Pennsacola, Florida. Intrigue operates stores...
  • Paul Krugman Now Laughingstock On Two Continents

    06/25/2010 6:47:52 AM PDT · by jpl · 28 replies · 1+ views
    Reason.com ^ | Thursday June 24, 2010 | Tim Cavanaugh
    It's always the right time to ignore Paul Krugman, the New York Times columnist, Nobel Laureate and four-time Latin Grammy nominee whose drink-yourself-sober advice on handling the debt crisis is so sharply at odds with reality. Of late, Krugman has had his Irish up at Europeans who are resisting the Obama Administration's plan to continue spending hundreds of billions on financial stimulus. (Not that he agrees with the administration, which Krugman has been arguing for the last 18 months should be spending trillions, not mere billions, on stimulus.) And in the case of Bundesbank president Axel Weber -- whom Krugman...
  • 2008 Market Crash Should be Investigated

    04/08/2010 8:45:57 AM PDT · by Para-Ord.45 · 75 replies · 1,699+ views
    http://canadafreepress.com ^ | April 7, 2010 | Jeff Lukens
    The week of Sept. 15, 2008, was a debacle of huge proportions. On Monday, Lehman Brothers filed for bankruptcy while other lending institutions lined up like dominoes teetering on the edge of bankruptcy. But the week was hardly over. On Thursday, an electronic run on the banks occurred. In an unprecedented move, the Treasury and the Federal Reserve had to act together to stop what had become a full-fledged panic. On Saturday, Sept. 20, The Wall Street Journal recounted events of that previous Thursday:
  • How Washington Abetted the Bank Job

    04/04/2010 1:56:59 PM PDT · by neverdem · 11 replies · 693+ views
    NY Times ^ | April 4, 2010 | SUSAN P. KONIAK, GEORGE M. COHEN, DAVID A. DANA and THOMAS ROSS
    A FEW weeks ago, two Republican House members asked Ben Bernanke, the chairman of the Federal Reserve, whether the Fed knew — before Lehman’s bankruptcy examiner revealed it — about the bookkeeping scam at Lehman known as “Repo 105.” This scam allowed Lehman to disguise how much debt it was carrying, right up until it collapsed. Lehman got new loans to pay off old loans, pretended the new loans were “sales,” and through a complicated series of steps made both the old and new loans disappear just in time for its quarterly reports. Mr. Bernanke said the Fed had known...
  • The Video That Can Put Geithner Behind Bars

    03/14/2010 8:04:46 AM PDT · by Bon mots · 16 replies · 1,310+ views
    MSNBC ^ | March 13, 2010 | Dylan Ratigan
    The NY Fed, and likely Geithner himself, undermined, perhaps even violated, laws designed to protect investors and markets. Lots of chatter on the web pointing fingers at Geithner. Keep in mind, that Geithner ran Lehman through 3 "stress tests" prior to bankruptcy; all of which Lehman failed, and yet, nothing was done. Anton R. Valukas--the examiner who wrote the 2,200 page investigative-report which was released on Thursday-- has provided plenty of information detailing Lehman's “materially misleading” accounting and “actionable balance sheet manipulation.”
  • Findings on Lehman Take Even Experts by Surprise

    03/13/2010 7:00:53 AM PST · by americanophile · 29 replies · 847+ views
    NY Times ^ | March 12, 2010 | MICHAEL J. de la MERCED
    For the year that it took the court-appointed examiner to complete his report on the demise of Lehman Brothers, officials from Wall Street to Washington were anticipating it as the definitive account of the largest bankruptcy in American history. And the report did just that when it was unveiled on Thursday, riveting readers with the exhaustive detail contained in its nine volumes and 2,200 pages. Yet almost immediately, it raised a host of new questions. Now government regulators have what some lawyers call a road map for further inquiry into former Lehman executives like Richard S. Fuld Jr. and the...
  • Bond Vigilantes Set Sights on Sovereign Debt

    02/26/2010 6:25:01 AM PST · by george76 · 2 replies · 255+ views
    Seeking Alpha ^ | February 25, 2010 | Gary Dorsch
    The collapse of Lehman Brothers ...triggered one of the biggest corporate debt defaults in history, and also ignited the biggest stock market meltdown in decades. When the smoke had finally cleared, LehmanÂ’s bonds attracted bids of 8 cents on the dollar, resulting in staggering losses of $365 billion. Worse yet, about 350 banks and investors were thought to have insured $400 billion of LehmanÂ’s bonds through complex derivatives, known as credit default swaps (CDSs), causing even deeper losses and mayhem in the markets. A fifth was wiped off London Footsie shares. In Tokyo the Nikkei-225 index lost 10% of its...
  • Two Days That Upended Wall Street

    02/01/2010 6:27:33 PM PST · by GOP_Lady · 29 replies · 681+ views
    The Wall Street Journal ^ | 01-31-10 | HENRY M. PAULSON JR.
    Former Treasury Secretary Paulson's New Book Details Tense Hours Leading Up to Lehman Brothers' Bankruptcy The following account of the tense 48 hours preceding the bankruptcy of Lehman Brothers is excerpted from former Treasury Secretary Hank Paulson's new book, "On the Brink." Early Saturday morning, I left the Waldorf-Astoria Hotel in Midtown Manhattan, climbed into a car, and sped down a deserted Park Avenue, arriving at the New York Fed just after 7 a.m. We rode the elevator up to the 13th floor, where Tim Geithner had arranged for me to work in an office just down the hall from...
  • Paulson claims Russia tried to foment Fannie-Freddie crisis

    01/29/2010 4:06:54 PM PST · by lwd · 30 replies · 1,289+ views
    Financial Times ^ | Published: January 29 2010 21:06 | By Krishna Guha in Washington
    Russia proposed to China that the two nations should sell Fannie Mae and Freddie Mac bonds in 2008 to force the US government to bail out the giant mortgage-finance companies, former US Treasury secretary Hank Paulson has claimed. The allegation is in his memoir On the Brink in which he also suggests that Alistair Darling, the UK chancellor, blocked a rescue takeover of Lehman Brothers by Barclays Bank when he refused to support special treatment by UK regulators. “Russian officials had made a top-level approach to the Chinese, suggesting that together they might sell big chunks of their GSE holdings...
  • Geithner Tells Goldman To Cut Bonuses, Says All Banks Would Have Failed

    12/04/2009 3:43:47 PM PST · by FromLori · 10 replies · 668+ views
    Zero Hedge ^ | 12/4/09 | Tyler Durden
    Even Timmy is slowly realizing that the Administration will need to find a way to deflect Main Steet's anger at Goldman and keep it focused exclusively on Wall Street instead of equating it with Obama et al. The problem is - you make some very serious, tentacled enemies in the process. Geithner also flip flops on his prior position on the transaction tax. While before he was more opposed to the transaction tax than even Marla, his new "windsocked" position on the topic may now provide a challenge even to Nitric Oxide inhibitors. But here is the clincher for the...
  • The Great American Financial Bubble Machine (Goldman Sach stealing from you)

    07/05/2009 6:47:07 PM PDT · by CHICAGOFARMER · 19 replies · 1,517+ views
    Rolling Stones ^ | July 2 , 2009 | Matt Taibbi
    If you haven't read Matt Taibbi's recent Rolling Stone piece on Goldman Sachs, make sure to get your hands on it ASAP. It's a must read on how Goldman Sachs and the U.S. government work hand in glove to produce giant investment bubbles... bubbles that allow Goldman to work over investors for hundreds of billions of dollars. We don't think you can lay all the blame for the housing bubble and the tech bubble at Goldman's feet... but we do find it suspicious that a ton of high level government posts are staffed by Goldman employees. It's close to a...
  • Goldman Sachs Arms Itself

    12/01/2009 2:18:30 AM PST · by The Magical Mischief Tour · 34 replies · 1,666+ views
    Trueslant.com ^ | 12/01/2009 | Trueslant.com
    “I just wrote my first reference for a gun permit,” said a friend, who told me of swearing to the good character of a Goldman Sachs Group Inc. banker who applied to the local police for a permit to buy a pistol. The banker had told this friend of mine that senior Goldman people have loaded up on firearms and are now equipped to defend themselves if there is a populist uprising against the bank...
  • The CRA and Key Players

    09/27/2008 10:08:08 AM PDT · by hiredhand · 54 replies · 3,831+ views
    Various ^ | 27 Sep 2008 | Self
    The Subprime home mortgage collapse...a Primer. It's ALL about the CRA of 1977 Community Reinvestment Act (CRA) of 1977 - This required banks to offer credit throughout their entire market area for “underserved” populations and small businesses. The CRA gave incentives to help low income borrowers become “home owners”. Liberals call this group “low income borrowers”. Conservatives call them a RISK!The CRA was passed by the Carter administration. In 1995 the Clinton administration authorized subprime loans under the CRA. Democrats added these provisions for the securitization of subprime loans and then ENFORCED the lending to high risk individuals. By 2000,...
  • The Last Days of Lehman Brothers

    09/14/2009 10:07:09 AM PDT · by FromLori · 32 replies · 1,662+ views
    Economic Policy Journal ^ | 9/14/09 | Robert Wenzel
    A BBC production of the last days of Lehman Brothers is a must see. You have to read between the lines a bit, but the production shows how Treasury Secretary Paulson treated Lehman different from the way he handled others that had just as many problems as Lehman. In a nice touch, the BBC hints that Paulson tipped off former Goldman man, and then Merrill CEO, John Thain, of the trouble ahead----which was behind Merrill's sale to Bank of America. The dramatization does a nice job of showing Thain's style in landing an incredible $29 per share for Merrill from...
  • CNN: Gibbs on Whether Race Impacts Obama's Detractors(oddly Gibbs "celebrates" economic collapse)

    09/14/2009 11:31:27 AM PDT · by a fool in paradise · 17 replies · 891+ views
    CNN transcript via Washington Post ^ | Sunday, September 13, 2009; 12:28 PM | CQ Transcriptswire
    JOHN KING (host): If you pick up Maureen Dowd's column in The New York Times this morning, she goes through Congressman (Joe) Wilson's statement, some of the other things, and she says in her -- she has come to the conclusion, quote: "Some people just can't believe a black man is president and will never accept it." Does the president believe that some of these attacks are based on his race? WHITE HOUSE PRESS SEC. ROBERT GIBBS: I don't think the president believes that people are upset because of the color of his skin. I think people are upset because...
  • Ex-BoE member astounded U.S. govt didn't save Lehman

    09/13/2009 7:25:27 PM PDT · by NormsRevenge · 2 replies · 366+ views
    Reuters on Yahoo ^ | 9/13/09 | Reuters
    LONDON (Reuters) – The former deputy Governor of the Bank of England said he was "astounded" the U.S. government let Lehman Brothers go under, and that the bank's collapse marked a clear moment when people lost confidence in the markets. Sir John Gieve said in an interview with Sky News he had fully expected U.S. authorities to step in this time last year to rescue the stricken investment bank, as it had done earlier with peer Bear Stearns. The Federal Reserve put up $29 billion in March 2008 to underwrite JP Morgan Chase's (JPM.N) rescue of Bear Stearns, and was...
  • Summers received money from Wall Street: report

    04/04/2009 10:23:02 AM PDT · by NormsRevenge · 9 replies · 880+ views
    AFP on Yahoo ^ | 4/4/09 | AFP
    WASHINGTON (AFP) – The top White House economic adviser Lawrence Summers received more than five million dollars last year from the hedge fund D.E. Shaw and collected 2.7 million in speaking fees from Wall Street firms benefiting from government bailout money, The New York Times reported Saturday. Citing new financial information about top officials in the administration of Barack Obama, the newspaper said Summers had made 40 paid appearances, including a speech to the investment firm Goldman Sachs, for which he was paid 135,000 dollars. Summers, a former president of Harvard University and treasury secretary in the Clinton administration, leads...
  • Obama adviser Summers earned millions from hedge fund

    04/04/2009 12:25:27 PM PDT · by freespirited · 9 replies · 705+ views
    Reuters UK ^ | 04/04/09 | Roberta Rampton
    Lawrence Summers, a top economic adviser to U.S. President Barack Obama, was paid about $5.2 million by hedge fund D.E. Shaw in the past year, disclosure forms released by the White House showed on Friday. Summers was also paid $2.7 million in speaking fees by a range of organizations and companies, including several troubled Wall Street financial firms. The disclosure documents on Summers and other White House officials advising Obama on the global financial crisis covered 2008 and the first few months of this year. Summers became an official adviser on January 20 when Obama took office. Summers, who was...
  • The Fourth Branch of the U.S. Government: Goldman Sachs?

    06/26/2009 11:14:45 AM PDT · by shoptalk · 13 replies · 683+ views
    Seeking Alpha ^ | June 25, 2009 | Graham Summers
    Quietly and almost unnoticed by most Americans, the US Federal Government introduced a fourth branch to its political structure in 2006. As you know we already had three branches; they are: § The Judicial: the Supreme Court § The Executive: the President § The Legislative: Congress This pretty much has us covered in terms of political strategy… but what about financial issues? Everyone knows Congress has no clue how to allocate capital. And the Executive Branch doesn’t exactly have a great track record when it comes to financial matters either (we’ve run a deficit virtually every year since 1970). Shouldn’t...
  • AIG posts 500 million pound collateral on Canary Wharf leases

    03/26/2009 1:23:56 PM PDT · by Ernest_at_the_Beach · 26 replies · 895+ views
    Marketwatch ^ | March 26, 2009 5:25 a.m. EDT | Jonathan Buck
    LONDON (MarketWatch) -- American International Group Inc has been forced to post more than GBP500 million as collateral to cover possible defaults on rental payments on properties in Canary Wharf leased by Lehman Brothers Holdings Inc. and Citigroup Inc. The move was triggered by a fall in the credit rating of AIG, which provides securitization to insure the leases. AIG posted cash collateral of approximately GBP224 million to cover Lehman's lease on 25-30 Bank Street and GBP276.3 million to cover Citigroup's rental obligations at 33 Canada Square. There is no suggestion that either tenant is likely to default, even though...
  • Former Lehman boss sells mansion to wife for US$100

    01/26/2009 4:09:17 PM PST · by Wolfie · 10 replies · 780+ views
    FinancialPost ^ | Jan. 26, 2009
    Former Lehman boss sells mansion to wife for US$100 FALLEN Lehman Brothers chief executive Richard Fuld sold his $US13.3 million mansion to his wife for just $US100 last November, according to Florida real estate records. The 62-year old executive, who could face civil lawsuits after overseeing the storied investment bank's collapse into bankruptcy proceedings last September, transferred ownership of the 3.3 acres seaside home to Kathleen Fuld on November 10, records show. The couple had jointly bought the home for $US13.75 million in March 2004, as first reported by Cityfile.com. Mr Fuld has been blamed for Lehman's collapse on September...
  • Ex-Lehman Chief Sold $13M Home To Wife For $100

    01/26/2009 2:22:51 PM PST · by Steelfish · 26 replies · 1,187+ views
    London Times ^ | January 26, 2009
    January 26, 2009 Ex-Lehman chief sold $13m home to wife for $100 (Susan Walsh/AP) Christine Seib in New York Richard Fuld, the disgraced former chief executive of Lehman Brothers, sold his $13.3 million (£9.6 million) Florida mansion to his wife in November for $100, according to real estate records. Mr Fuld, who is widely blamed for the collapse of Lehman Brothers in September last year, bought the house with his wife, Kathleen, in March 2004 for $13.75 million. On November 10, the 62-year-old banker transferred the seaside mansion into Mrs Fuld's name in return for $100. Mr Fuld is expected...
  • Lehman's Chaotic Bankruptcy Filing Destroyed Billions in Value

    12/29/2008 7:39:56 PM PST · by CutePuppy · 31 replies · 1,013+ views
    Wall Street Journal (subscription) ^ | December 29, 2008 | Jeffrey McCracken
    As much as $75 billion of Lehman Brothers Holdings Inc. value was destroyed by the unplanned and chaotic form of the firm's bankruptcy filing in September, according to an internal analysis by the company's restructuring advisers. A less-hurried Chapter 11 bankruptcy filing likely would have preserved tens of billions of dollars of value, according to a three-month study by the advisory firm, Alvarez & Marsal. An orderly filing would have enabled Lehman to sell some assets outside of federal bankruptcy-court protection, and would have given it time to try to unwind its derivatives portfolio in a way that might have...
  • Who Is To Blame?

    12/12/2008 3:39:13 PM PST · by CE2949BB · 10 replies · 783+ views
    Newsweek ^ | Dec 10, 2008 | Barrett Sheridan
    It's not easy being Alan Greenspan these days. As the former Federal Reserve chairman, he urged government regulators to take a light touch while banks like Bear Stearns and Lehman Brothers buried themselves—and the economy more generally—under a mountain of debt. Now that his reputation is plummeting faster than the stock market, he's been forced to admit a "flaw" in his hands-off ideology. Of course, things look entirely different to members of "free-market advocacy groups," as they like to be called. One such group is the Ayn Rand Institute, named after the matriarch of the movement, whose antigovernment and anti-regulation...
  • Jim Rogers calls most big U.S. banks "bankrupt"

    12/11/2008 6:03:58 PM PST · by rabscuttle385 · 86 replies · 2,711+ views
    Reuters ^ | 2008-12-11 | Jonathan Stempel
    NEW YORK (Reuters) - Jim Rogers, one of the world's most prominent international investors, on Thursday called most of the largest U.S. banks "totally bankrupt," and said government efforts to fix the sector are wrongheaded. Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government's $700 billion rescue package for the sector doesn't address how banks manage their balance sheets, and instead rewards weaker lenders with new capital. Dozens of banks have won infusions from the Troubled Asset Relief Program created in early October, just after the Sept...
  • ARROGANT TITANS FLUNK THE LEADERSHIP TEST (chapped lips from kissing their mirrors)

    10/11/2008 3:20:44 AM PDT · by Liz · 25 replies · 693+ views
    NY POST ^ | 10/11/08 | Bloomberg News
    Executives passing the buck for failures win no sympathy. "They need to man up and take responsibility," said Warren Bennis, U of So California. "They kept believing in their own omniscience thinking they can get away with anything." CEO's summoned to Capitol Hill offered a variety of excuses for their failures. Lehman Brothers' Richard Fuld said that management did "everything we could to protect the firm." Fuld's 8-year compensation totaled $484.8M. Harvey Mackay, author of "Swim With the Sharks Without Being Eaten Alive: "They all have chapped lips from kissing the mirror too much."