Matt Taibbi has a new article in RollingStone outlining the amazing similarity between the way Wall Street made money,during the collapse and through today, and classic grifter cons. As usual, his article well worth a full read. The bottom line is that banks like Goldman have learned absolutely nothing from the global economic meltdown. In [...]
Posts Tagged ‘banks’
Saving the economy or falling prey to grifters?
Posted: 25th February 2010 by Brant in biz, politicsTags: banks, Bush administration, economy, Obama, Taibbi, Wall Street
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Economics quote of the day
Posted: 24th February 2010 by Brant in biz, politicsTags: bailout, banks, Bush administration, economy, politics, Wall Street
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I’m seeing a series of ideas suggested involving major government intervention in the housing market, and these things are usually presented or sold as a way of helping homeowners stay in their homes. Then, when you look at them more carefully, what they really amount to is a bailout for financial institutions or Wall Street. [...]
Goldman continues practices that caused the problem (updated)
Posted: 15th February 2010 by Brant in biz, politicsTags: banks, economy, Goldman, Greece, Wall Street
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According to report in Sunday’s New York Times, Goldman Sachs offered to help Greece hide it financial challenges. How? Buy offering to to “buy” Greek government assets that produced cash-flow (such as airport landing fees). What was really involved was a sale of cash flow for an up-front payment worth far less than the reasonable [...]
Business quote of the day
Posted: 23rd January 2010 by Brant in bizTags: banks, media, TV, Wall Street
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Isn’t it funny when you walk into a investment firm, and you see all of the financial advisors watching CNBC — that gives me the same feeling of confidence I would have if I walked into the Mayo-clinic or Sloan Kettering and all the medical doctors were watching General Hospital… –Senior portfolio manager, UBS, quoted [...]
Political quote of the day
Posted: 22nd January 2010 by Brant in biz, politicsTags: banks, economy, Obama, Wall Street
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We’re about to get into a big fight with the banks. – President Obama, finally showing some determination, alluding to his new plans for financial regulation and tax the largest banks to repay TARP.
David Stockman: Tax the banks
Posted: 20th January 2010 by Brant in biz, politicsTags: banks, economy, Wall Street
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David Stockman writes in today’s New York Times that the proposed tax on bank liabilities is a good start: Make no mistake. The banking system has become an agent of destruction for the gross domestic product and of impoverishment for the middle class. To be sure, it was lured into these unsavory missions by a [...]
Obama’s big switch
Posted: 21st December 2009 by Brant in biz, politicsTags: banks, economy, Obama, Obama administration, Wall Street
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Call it bait-and-switch. Obama ran on a platform that included stronger financial regulations and changes in the behavior that caused the economic collapse. What has been the reality? Obama has filled the ranks of financial regulators and his economic advisors with Wall Street insiders. Matt Taibbi explicates: Read the full details in Matt Taibbi’s article [...]
Rich: Tiger Woods as man of the year
Posted: 20th December 2009 by Brant in biz, culture, politicsTags: banks, Bernanke, Bush, Democrats, frauds, media, Obama, republicans, Tiger Woods, Wall Street
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I can’t disagree with Frank Rich’s column this morning. Tiger Woods is a terrific personification of an entire decade of people making money (and going to war) based on a false persona and fantasy. If there’s been a consistent narrative to this year and every other in this decade, it’s that most of us . [...]
Bankers and greed
Posted: 11th December 2009 by Brant in biz, politicsTags: banks, Goldman, Obama administration, Wall Street
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I’m sure somebody will eventually be able to convince me that this is a bad idea, but my initial reaction to UK Chancellor of the Exchequer Alistair Darling’s temporary 50% bank bonus tax is why the heck not? –Justin Fox, Time Magazine And while we are on the subject of bankers, here is my reaction [...]
You know you have a bad reputation if…
Posted: 10th December 2009 by Brant in biz, cultureTags: banks, economy, Wall Street
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…your reputation is lower than Congress, lawyers and insurance companies. Who just got this bad news? Bankers. Two-thirds of Americans say they have an unfavorable view of financial executives. More than half say big financial companies are only out to enrich themselves and also say they shouldn’t have received government aid. And most Americans don’t [...]
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Quit your whining.
An armed Goldman?
Posted: 1st December 2009 by Brant in politicsTags: banks, Goldman, Wall Street, weapons
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Can they be this afraid of populist outrage over at Goldman Sachs? Apparently, many Goldman Sachs employees are arming themselves, according to Bloomberg. “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 [...]
Questions for Bernanke
Posted: 24th November 2009 by Brant in politicsTags: banks, Bernanke, economy, Obama, Wall Street
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The hearing focused on the proposed renomination of Ben Bernanke as Federal Reserve Chairman will be held on December 3, 2009. I am surprised that President Obama still supports this guy. The Cunning Realist, thoughtful as always, has prepared a list of questions that the legislators owe it to their constituents to ask Bernanke. Read [...]
The Lloyd’s Prayer
Posted: 12th November 2009 by Brant in biz, politicsTags: banks, Goldman, Wall Street
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Below is the Lloyd’s prayer (Lloyd being Lloyd Blankfein, CEO of Goldman). THE LLOYD’s Prayer Our Chairman, Who Art At Goldman, Blankfein Be Thy Name. The Rally’s Come. God’s Work Be Done On Earth As There’s No Fear Of Correction. Give Us This Day Our Daily Gains, And Bankrupt Our Competitors As You Taught Lehman [...]
Goldman Sachs gets flu vaccine. Oh really?
Posted: 11th November 2009 by Brant in politicsTags: banks, Goldman, healthcare, Wall Street
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More from Maureen Dowd in today’s New York Times: In an interview with The Sunday Times of London, the cocky chief of Goldman Sachs said he understands that a lot of people are “mad and bent out of shape” at blood-sucking banks. “I know I could slit my wrists and people would cheer,” Lloyd Blankfein, [...]