I wonder how many congressman and senators cound survive publicity of their campaign and other money sources.
The Republicans have a cover. They are the party of "no."
I don't know for sure if Joe Lieberman has religious reasons to be at the funeral. But either he has a cover or is willing to take a fall -- now, everyone has a cover.
I can't believe that 50-plus Democratic senators want everyone to know who finances them any more than the 40-odd Republican senators.”
LooseCaboose on Jul 27, 2010 at 13:04:04
“A simple majority must become the rule on all such matters. The Senate needs to stop, overhaul to the modern precepts of Democracy, give up this feigned facade and scrap their Federalism or be dismantled, preferably by our common American march on their body, tipping over their desks.”
“The goal was technically superb. If it were a perfect football pass to the corner of the end zone just over the hands of the defensive back where the receiver barely touched his two feet down, we would still be talking about it.”
“Respectfully disagree. The normal script after a "reform" bill is passed that doesn't affect a particular industry or group anywhere near as adversely as it may have is that the target's executives cry and moan to the skies that they have been unfairly discriminated against, restricted, or the like. The purpose, of course, is to fool the public into believing that the "reform" bill hit the mark and will have effect.
What the bank executives are saying is just part of the script.”
DeadPhish on May 26, 2010 at 16:42:54
“They also have powerful personality disorders - Narcissism, anti-social, and paranoid come to mind...lol.”
“This is the very sort of post that Ms. Wedel answers, and so does DIckTater (see below).
Derivatives free banks of the consequences of making bad loans (hedging serves no social purpose here), and allow casino activity for those that are bad.”
NickTAZ on May 20, 2010 at 12:24:39
“I don't disagree with your (or for that matter, Ms. Wedel or DickTater's) assessment of how these derivatives work or their detrimental effects. Please, try to see my perspective that this awful systems is also keeping us competitive in a global market where other countries are not worried about the social injustice their people face in the slightest (hyperbole).
Global reform (not going to happen) is the only solution for the problems we're griping about.”
“Assuming a the markets are a zero sum game, can you imagine what the odds are for even one company to come up a winner every business day during a quarter?
Obviously someone is bending the rules in their favor. Obviously. How could it be more obvious? Why would any other players tolerate this?
Considering that no one in power is doing anything about this in connection with "financial reform", it is equally clear that our congress and most of the rest of our government is totally bought and paid for by the players who have arranged the rules so that they win and everyone else loses. That's one very sound way to make money. How long can this be tolerated?”
“What an insightful and well turned piece of writing this is(!):
"In the case of the financial industry, the reason it can't be regulated adequately is because, as Alan Greenspan put it last week in testimony before the Financial Crisis Inquiry Commission, "the complexity is awesome," and regulators "are reaching far beyond [their] capacities."
"That is, of course, exactly the way Wall Street designed it. To the financial world 'awesome complexity' is a feature, not a bug."”
“Despite living near DC, I bleed my old home town Eagle Green. The trade is a sad event for Eagles fans. The Eagles tried to get the brass ring with Donovan McNabb, they usually came close, but they just couldn't. Now the Eagles must start over. It feels like the end of an era for the Eagles, even though I'm betting that their offense will be OK, particularly if their offensive line returns to health and the Eagles continue to draft and build there.
As for my current home town Redskins, now perhaps they can draft a stud offensive lineman with the fourth draft pick and can either draft and trade for more, without worrying about filling FedEx Field seats. I've never known Coach Shanahan to undervalue the importance of offensive linemen. My cynical side says that Andy Reed rewarded Donovan McNabb (and tried to help Eagle morale) by letting him go to a team where he could get a huge new contract that he'll have no matter what the future may bring.”
“To really bring the impact of "13 Bankers" home, I'd recommend also reading "The Big Short" by Michael Lewis. Both illustrate where "financial innovation" is really taking us. Michael Lewis's book is a very easy read, and it gets its point across. What is needed is exactly that -- behind the obfuscation that unrestrained high finance is "very complicated" lies some obvious and easy to understand cynicism, fraud, theft and antisocial behavior that must see the light of day.
Kudos to Arianna for helping to lead to the "enlightenment."”
“Please contact me to prosecute your lawsuit if you should come down with emphysema before you pass away from lung or mouth cancer.”
Terry Moore 1 on Nov 20, 2009 at 14:39:31
“If you read the response, I said I would NEVER sue a tobacco company. they sold a legal product, I bought it knowing the dangers. There is no lawsuit to prosecute. I don't know enough about the particulars of the case in Florida to say if the jury made a reasonable decision or not. But it's clear it was within the law or the judge would have set aside the verdict.
However, I don't agree with the verdict. Doesn't mean it isn't legal, or even fair, but I know the dangers, I know the risks, and if I choose to keep smoking, I may or may not come down with emphysema, mouth cancer, or lung cancer. If I don't smoke, I may come down with emphysema, mouth cancer or lung cancer. I sat with my Aunt this past moth, a non-smoker, NOT exposed to second hand smoke, as she died of lung cancer.
Everyone who smokes does NOT get lung cancer, and thousands a year, who don't smoke SO get lung cancer. Something will kill me. Might be a bus, might be shot, might be anything at all. I refuse to spend my life worrying about it.”
“I have a hard time understanding why credit derivatives should exist at all, and particularly why they should be available for purchase by lenders. Why should a lender be able to avoid "risk" on a loan it makes (same goes for bundling and selling the loans in a securitized package). Where's the social contribution there -- does it not instead lead to avoidance of responsibility by a lender to make an intelligent loan decision.
Exempting lenders that use derivatives for "risk management" purposes is itself a mistake. I'd love to enter a "no lose" business.”
“Why should banks be able to buy insurance against their loans, and take their "skin" out of the "game?"
What business does anyone else have in betting on repayment of loans?
Credit default swaps do not serve useful social purposes. They should be banned.”
nova07 on Sep 16, 2009 at 20:30:00
“banks are buying credit protection on their bonds, not their loans.
you can't enter into a CDS agreement on a single loan.”
RichieB on Sep 16, 2009 at 20:25:04
“The banks and wall street have been screwing the American people for so long that I guess they figure they can just keep on doing it. Congress has to stop them but we see what congress is capable of with this joke of a health care bill coming out of the senate today.”
4httr on Sep 16, 2009 at 20:23:53
“What happened to the plan to regulate the activities that almost sunk the economy. If Wall Street has a short memory about it's mistakes so does the government that pledged to crack down on the high risk, high reward schemes that frequently go bad in a big way.”
You are sadly correct. It's obvious that almost all of Congress is in the pockets of the special interests and their Washington lobbyists. And Mr. Obama either can't fight them; much more apparent is that he won't.
This is quite the opposite of Mr. Obama's stance in the Democratic Primary against Mrs Clinton. It almost looks like, after Mr. Obama won the primary, to receive the campaign contributions to win the general election, Mr. Obama submitted to being purchased by these interests -- in particular, the banks. Now he can't move to fight the medical, hospital, and insurance interests even if he feels impelled to in memory of his mother. This seems to be true not because Mr. Obama doesn't want to; it's just that, even more so, he seems reluctant to make enemies. You are simply right, Arianna.”
“What better argument (among many) for a Consumer Financial Protection Agency .
There are more, many more. The "boilerplate" attacks, clever charges and fees, continue unabated. Ethics have a place no longer either with banks or their law firms, in the name of "working on behalf of the shareholders," a mere fiction belied by distended salaries and posh offices.”
"Still, that kind of approach may not be enough for Wall Street to lift its reputation, said Bill Brown, a visiting professor at Duke University School of Law in Durham, North Carolina.
“ 'It’s right for them to try to come back from this, but they have to realize that they are not going to be reborn into what they were,' said Brown, who was global co-head of listed derivatives at Morgan Stanley. 'The best P.R. comes from doing good, not from having to manage your image.' "”
“Reform begins through excellent reporting and analysis of the type Arianna is offering day after day here.
Some say that Huffington Post is supposed to be a "liberal" or "democratic" webpage. Often it is beyond that. Both republicans and democrats are being accurately reported as "bought and paid for." Articles like this one exemplify that. This article, and those like it, show the USA as an oligarchy (would a better description be a "plutocracy"?), so far without guns turned on its people, other than those around the courts of law.
What's truly scary is that it appears as impossible as in Iran to elect a reformer president who is able to do something to help the majority against the interests of the plutocracy and its captive legislators.”
edva on Jun 25, 2009 at 10:41:20
“Yes, as a long-time observer of politics in this country, I agree. It is scary. Somehow they "get to" every President, and show him the line that he cannot cross. Like the mafia I guess. Scary.”