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Bank Bailout Bingo: How Both Parties Exploit Populist Anger
By Walter Shapiro - Politics DailyThe congressional votes nearly two years ago were the last gasp of old-time bipartisanship as the warring leaders of both parties united in a crisis to pass emergency legislation that the White House desperately craved. (Yes, it sounds like a children's bedtime story, but it actually happened.) While the legislative route through the House was terrifyingly bumpy, the lopsided 74-to-25 vote in the Senate reflected the establishment consensus, with Barack Obama and John McCain, plus Harry Reid and Mitch McConnell, all voting yes. Nothing is more emblematic of the poison-pen partisanship of ...
Maxine Waters Investigation: Top 3 Most Intriguing Subplots
By David Knowles - AOL News(Aug. 9) -- On Monday, the House ethics committee detailed its allegations of misconduct by California Rep. Maxine Waters in a 10-page "statement of alleged violation." While the general substance of the report was already laid forth to the public a week ago -- namely, that Waters had helped procure just over $12 million in TARP loans for a bank at which her husband owned significant stock holdings -- the specifics added color to what should prove a contentious inquiry. Ms. Waters staunchly maintains that she has not broken House ethics rules and says she will clear her own name as well as ...
Maxine Waters Investigation: The Feds
By David Knowles - AOL News(Aug. 9) -- What did they know, and when did they know it? As the House of Representatives proceeds with its ethics investigation of Maxine Waters, a big question will be why the Treasury Department decided to award a bank with ties to Waters and her husband $12 million in TARP funds. Two people who might be able to assist in that matter are Rep. Barney Frank, D-Mass., and former Treasury Secretary Henry Paulson. What role did Barney Frank play? According to the House committee's "Statement of Alleged Violations," in September 2008, as the U.S. housing market was entering into free-fall, ...
Maxine Waters Investigation: The Husband
By David Knowles - AOL News(Aug. 9) -- An NFL star player, a trailblazing business executive and the former ambassador to the Bahamas, Sidney Williams has lived an extraordinary life. Now, he finds himself at the center of a political ethics investigation that could bring down his wife, California Congresswoman Maxine Waters. Williams also served as a member of the OneUnited's board of directors from 2004 to 2008, during which time he amassed a considerable amount of company stock. In the financial collapse of the fall of 2008, it is estimated that the value of Williams' stock fell from around $350,000 to just ...
Life Before Goldman Profanity Ban: Top 5 Instances of Wall Street's Foul Mouth
By Dana Chivvis - AOL News(July 29) -- Goldman Sachs has become a bit more delicate in the wake of the "sh---y deal" debacle. The company has announced that it will be implementing a ban on profane language in all e-mails and text messages sent from company devices, though, as Vanity Fair points out, "sh---y deals" themselves have not been banned. In honor of Goldman's new high falutin' ways, Surge Desk takes a look back at some of Wall Street's best bouts with potty-mouth syndrome. 1. The Sh---y Deal Debacle In a 2007 e-mail, Goldman exec Tom Montag discussed a collateralized debt obligation called Timberwolf, ...
Washington in 60 Seconds -- 'Heckuva Job' Brownie Talks Oil Slick to Sell Book
By Patricia Murphy - Politics DailyGood morning, Capitolists! It's election day in Britain, but just another day at the office on this side of the pond. Here's what's making news in Washington today: - Stale Brownie. Oh, Michael Brown, how we've missed your special brand of disaster mismanagement. Politico's Patrick Gavin caught up with the former FEMA director who oversaw the Bush response to Hurricane Katrina and got an infamous "heckuva job, Brownie" shout-out from the president for his efforts. He's now a disaster consultant and tells Gavin that he's been ubiquitous on cable news this week to talk about the Obama response ...
Biggest Mistake of the Financial Crisis: Lehman Bros. Bankruptcy
By Joann M. Weiner - Politics DailyWriting the first draft of history is hard. Getting history right is even harder. The first draft of the history of the financial crisis says that allowing Lehman Brothers to file for bankruptcy protection one year ago today was the right decision. The final version is likely to conclude otherwise. At $600 billion, Lehman Brothers stands as the largest bankruptcy in world history. Having engineered a rescue of another over-leveraged and under-capitalized investment bank (Bear Stearns) just six months earlier, Treasury Secretary Henry Paulson had no intention of doing it again so soon. ...
Bank of America CEO Tells of Fed Threats to Buy Merrill Lynch
By Patricia Murphy - Politics DailyTestifying before the House Oversight Committee today, the CEO of Bank of America, Ken Lewis, said that federal regulators threatened to fire him and the bank's board of directors if the bank failed to complete a planned acquisition of then-teetering investment bank, Merrill Lynch. Lewis testified that during Bank of America's purchase of Merrill in December 2008, a last-minute report of massive losses at the investment bank raised enough red flags for the bank's leadership that it began a legal process to back out of the purchase, but federal officials objected. "If we went through with the ...
Should We Nationalize U.S. Banks?
By David Knowles - Politics DailyThe nation's media is buzzing over remarks made by Republican Senator Lindsay Graham in which John McCain's right hand man signaled that nationalizing the nation's banks was an option that Congress should consider. Watch:Who else is advocating what appears, at first glance, to be this most antithetical to Republican principles idea of bank nationalization? The man who predicted our financial catastrophe in the first place, Nouriel Roublni. Writing in Forbes, he surveys our options, including what little we know of the Treasury's bank rescue, and concludes that our best bet is all out ...
America to Obama: Stimulate Me!
By David Knowles - Politics DailySuch are the findings of a new Wall Street Journal/NBC poll on what to do about our sagging economy: As a whole, the nation's mood remains glum, with three out of four people surveyed expecting the recession to persist for at least an additional year. Asked about the economic-stimulus package, now estimated to cost $850 billion over two years, 43% of people surveyed called it a "good idea," while 27% said it is a "bad idea." The rest didn't have an opinion. Even Republicans and independents think GOP lawmakers should work to move the legislation forward. Of course, there is a catch. ...
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