BANZAI7--AP: "The bailout has hastened the exodus of so called AIG talent, with many leaving to work directly or indirectly for Maurice R. Greenberg, A.I.G.’s former chief executive who is building other ventures that can offer conventional, performance-based pay.
Mr. Benmosche has argued that the departure of such people will make it harder for the company to turn a profit and pay back its rescue loans."
WB7: This is the ultimate irony of the situation. The government gets Greenberg removed but can't convict him. Meanwhile his WMD tanker goes rudderless and nearly brings down the entire world financial system. The government spends billions bailing it out. Now Greenberg is poaching his old cronies to his latest financial edifice.
Tell me it ain't so George...
Wednesday, November 11, 2009
AFGHANISTAN BANANA STAND
BANZAI7 NEWS--President Barack Obama has warned that the US commitment to Afghanistan was "not open-ended" and that Kabul must make improvements in governance, an administration official said.
"The president believes that we need to make clear to the Afghan government that our commitment is not open-ended," said an official providing a readout of Obama's Wednesday meeting with his war cabinet to discuss whether to deploy more troops to Afghanistan.
"After years of substantial investments by the American people, governance in Afghanistan must improve in a reasonable period of time to ensure a successful transition to our Afghan partner," the official said, adding that Obama had yet to decide on troop plans for the war-torn country.
WB7: People are forgetting that we invaded Afghanistan because it played host to a cabal of terrorists who murdered several thousand Americans in lower Manhattan. It is not a partnership. It is an invasion. If we walk out of there without solving the problem, those same terrorists will waltz back in.
"The president believes that we need to make clear to the Afghan government that our commitment is not open-ended," said an official providing a readout of Obama's Wednesday meeting with his war cabinet to discuss whether to deploy more troops to Afghanistan.
"After years of substantial investments by the American people, governance in Afghanistan must improve in a reasonable period of time to ensure a successful transition to our Afghan partner," the official said, adding that Obama had yet to decide on troop plans for the war-torn country.
WB7: People are forgetting that we invaded Afghanistan because it played host to a cabal of terrorists who murdered several thousand Americans in lower Manhattan. It is not a partnership. It is an invasion. If we walk out of there without solving the problem, those same terrorists will waltz back in.
AN OPEN SECRET
BANZAI7--opensecrets.org is a group that collects and publishes data on lobbying and political contributions. It is a fascinating web site that tells you exactly who owns Washington DC.
Here are the top five political donors since 1989.
AT&T Inc $43,927,885
American Fedn of State, County & Municipal Employees $41,499,471
National Assn of Realtors $35,349,963
Intl Brotherhood of Electrical Workers $31,269,396
Goldman Sachs $31,253,862
The phone company, the municipal employee unions, the real estate brokers, electricians and Goldman Sachs. What could be worse?
Moreover, 32 of the top 50 individual donors were affiliated with Wall Street banks, 18 of whom were Goldman Squids. This excludes donors affiliated with AIG (3) and American Financial Group (2).
I bet you thought the NRA was Public Enemy Number 1
Here are the top five political donors since 1989.
AT&T Inc $43,927,885
American Fedn of State, County & Municipal Employees $41,499,471
National Assn of Realtors $35,349,963
Intl Brotherhood of Electrical Workers $31,269,396
Goldman Sachs $31,253,862
The phone company, the municipal employee unions, the real estate brokers, electricians and Goldman Sachs. What could be worse?
Moreover, 32 of the top 50 individual donors were affiliated with Wall Street banks, 18 of whom were Goldman Squids. This excludes donors affiliated with AIG (3) and American Financial Group (2).
I bet you thought the NRA was Public Enemy Number 1
THE MAJESTY OF THE LAW
BANZAI7 NEWS--Two former Bear Stearns hedge fund managers were found not guilty on fraud and conspiracy charges in the first criminal trial of Wall Street executives to emerge out of the collapse of the subprime mortgage market. Ralph Cioffi and Matthew Tannin were accused of misleading investors in the months leading up to their funds' collapse.
The truth is that these two fall guys for the rest of the consumer finance industrial complex, which will go largely unpunished. Their revealing emails will hopefully lead to civil liability, which involves a lesser burden of proof.
"If robbery is only committed on a scale sufficiently grand and colossal, the majesty of the law is appalled; if a few smooth Wall Street gentlemen defraud the public out of their honestly acquired wealth and take it by score of millions, Justice stands by paralyzed and helpless in the presence of a crime of such stupendous proportions as to be outside the scope of the law--but with what heavy hands she lays hold of the man who steals a chicken!"
FRANKLIN KEYES ESQ. 1901
The truth is that these two fall guys for the rest of the consumer finance industrial complex, which will go largely unpunished. Their revealing emails will hopefully lead to civil liability, which involves a lesser burden of proof.
"If robbery is only committed on a scale sufficiently grand and colossal, the majesty of the law is appalled; if a few smooth Wall Street gentlemen defraud the public out of their honestly acquired wealth and take it by score of millions, Justice stands by paralyzed and helpless in the presence of a crime of such stupendous proportions as to be outside the scope of the law--but with what heavy hands she lays hold of the man who steals a chicken!"
FRANKLIN KEYES ESQ. 1901
TIME TO TAKE IT BACK
BANZAI7--Here is an excerpt from an editorial in Forbes online:
"In the coup de gracelessness of this season of stupidity, Blankfein rationalized his company's obscene payouts by saying that Goldman serves an important "social purpose" by helping companies to raise capital they need to grow. He went on to say he is "doing God's work."
Well, Blankfein actually got the social purpose part right. His expression of total and irredeemable shamelessness did the country an invaluable service, crystallizing the stark dividing line that now exists between the political/economic elites and the rest of us suckers. We have gone long past "they don't get it" territory. It's now unavoidably clear that they won't get it--and we won't get the responsible leadership and honest capitalism we want--until (as I have suggested before we demand it."
(Its Not the Economy Stupid: http://www.forbes.com/2009/11/10/economy-health-care-banks-opinions-columnists-dan-gerstein.html)
It is a well stated commentary on the inability of our political establishment to see the forest from the trees. The healthcare debate, the so called jobless recovery and now Wall Street bonus season are all symptomatic of Washington's insularity, impudence and impotence when it comes to the real issue of the day, the economy.
If you are part of the hallowed few, happy days are here again. Meanwhile, average Americans are really struggling.
In a balanced society, wealth should be reflective of the creation of productive value. Those who are productive deserve to be rewarded generously. I don't know what Steve Jobs will make this year, but I bet you he is underpaid. Contrast Blankfein and the rest of Wall Street. Throw in Mr Beanmush who thinks $10.5 million is not enough for managing an insurance company
These people are not engaged in productive pursuits. They are circulating and recirculating capital and charging toll fees. They are not creating productive value. They are not lending money to or financing job creating businesses. They are throwing cheaply financed Federal money at commodities like oil and gold, emerging market asset surges, riding the stock market out of the trough and flipping derivatives that have little or no correlation with economic production.
Why are we allowing these kinds of people to be grossly overcompensated.
We are not talking about communism. We are talking about the direction of our country. When will Washington realize that is is time to take the country back?
Remember to watch "Its a Wonderful Life" this holiday season.
"In the coup de gracelessness of this season of stupidity, Blankfein rationalized his company's obscene payouts by saying that Goldman serves an important "social purpose" by helping companies to raise capital they need to grow. He went on to say he is "doing God's work."
Well, Blankfein actually got the social purpose part right. His expression of total and irredeemable shamelessness did the country an invaluable service, crystallizing the stark dividing line that now exists between the political/economic elites and the rest of us suckers. We have gone long past "they don't get it" territory. It's now unavoidably clear that they won't get it--and we won't get the responsible leadership and honest capitalism we want--until (as I have suggested before we demand it."
(Its Not the Economy Stupid: http://www.forbes.com/2009/11/10/economy-health-care-banks-opinions-columnists-dan-gerstein.html)
It is a well stated commentary on the inability of our political establishment to see the forest from the trees. The healthcare debate, the so called jobless recovery and now Wall Street bonus season are all symptomatic of Washington's insularity, impudence and impotence when it comes to the real issue of the day, the economy.
If you are part of the hallowed few, happy days are here again. Meanwhile, average Americans are really struggling.
In a balanced society, wealth should be reflective of the creation of productive value. Those who are productive deserve to be rewarded generously. I don't know what Steve Jobs will make this year, but I bet you he is underpaid. Contrast Blankfein and the rest of Wall Street. Throw in Mr Beanmush who thinks $10.5 million is not enough for managing an insurance company
These people are not engaged in productive pursuits. They are circulating and recirculating capital and charging toll fees. They are not creating productive value. They are not lending money to or financing job creating businesses. They are throwing cheaply financed Federal money at commodities like oil and gold, emerging market asset surges, riding the stock market out of the trough and flipping derivatives that have little or no correlation with economic production.
Why are we allowing these kinds of people to be grossly overcompensated.
We are not talking about communism. We are talking about the direction of our country. When will Washington realize that is is time to take the country back?
Remember to watch "Its a Wonderful Life" this holiday season.
ON THE PURPOSE OF BANKS
"All governments should sign an agreement which would make all financial transactions that cannot be shown to facilitate funding for real goods and services illegal. Simple as that. When we keep these principles at the front of the argument, we can see that what Senator Dodd and Congressman Frank are arguing about is akin to how to rearrange the deck chairs on the Titanic."
PROPOSED BEANMUSH LETTER
Board of Directors
American International Group
Dear Sir or Madam:
It is with reluctance that I’m submitting this letter.
Although my three months with (AIG) has been, on the whole, satisfying and productive for me, for quite a while now I have become less and less satisfied with the work situation.
As you know, the question of the amount of my vacation or should I say Croation, time has never been fully resolved to my satisfaction. As you know, I work much more efficiently in my Croatian Villa which is equipped with enough toilets to service me every time the sh!t hits the AIG fan.
I was also deeply disappointed that the Board would not agree to allow me to use the company jet to fly to Croatia every weekend.
Moreover, my $10,000,000 compensation package is hardly adequate for the stress associated with this job.
Last week, I learned from Mr. Feinberg that AIG is actually 80% owned by the US government. If I had known this previously I would never have signed up for the job.
As you know, like Lloyd Blankfart I am also committed to doing God's work. The Lord works in mysterious ways and I believe I can serve him more lucratively at another firm.
Therefore, it is with regret that I ask you to accept this as my resignation from (AIG) effective immediately.
In the Name of the Father, the Son and the Holy Ghost,
Robert Beanmush
cc:
Barack Obama
Ben Bernanke
Timmy Geithner
Lloyd Blankfart
American International Group
Dear Sir or Madam:
It is with reluctance that I’m submitting this letter.
Although my three months with (AIG) has been, on the whole, satisfying and productive for me, for quite a while now I have become less and less satisfied with the work situation.
As you know, the question of the amount of my vacation or should I say Croation, time has never been fully resolved to my satisfaction. As you know, I work much more efficiently in my Croatian Villa which is equipped with enough toilets to service me every time the sh!t hits the AIG fan.
I was also deeply disappointed that the Board would not agree to allow me to use the company jet to fly to Croatia every weekend.
Moreover, my $10,000,000 compensation package is hardly adequate for the stress associated with this job.
Last week, I learned from Mr. Feinberg that AIG is actually 80% owned by the US government. If I had known this previously I would never have signed up for the job.
As you know, like Lloyd Blankfart I am also committed to doing God's work. The Lord works in mysterious ways and I believe I can serve him more lucratively at another firm.
Therefore, it is with regret that I ask you to accept this as my resignation from (AIG) effective immediately.
In the Name of the Father, the Son and the Holy Ghost,
Robert Beanmush
cc:
Barack Obama
Ben Bernanke
Timmy Geithner
Lloyd Blankfart
PIGS ARE SMART
BANZAI7 NEWS--In the current issue of Animal Behaviour, researchers present evidence that domestic pigs can quickly learn how mirrors work and will use their understanding of smoke and reflected images to scope out their surroundings and find suckers willing to purchase securitized mortgages and credit default swaps.
The finding is just one in a series of recent discoveries from the nascent study of pig cognition.
Last week, an international team of biologists released the first draft sequence of the pig genome Swinus Finansus. Even on a cursory glance, “the Swinus Finansus pig genome compares unfavorably with the normal human genome.”
Tuesday, November 10, 2009
FOREIGN CORRUPT MURDERERS ACT
BANZAI7 NEWS--Top executives at the Company formerly known as Blackwater Worldwide authorized secret payments of about $1 million to Iraqi officials that were intended to silence their criticism and buy their support after a September 2007 episode in which Blackwater security guards fatally shot 17 Iraqi civilians in Baghdad, according to former company officials.
The company thought it could rely on a special exemption under the Foreign Corrupt Practices Act, covering all payoffs made for murders committed during the Bush Administration's term.
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