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Rusty
the rustbelt
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Gee, the current system worked out so well...... Perhaps the most important test is whether or not the shadow banking system is brought under some regulatory scheme.
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from Forbes.com Citi Dangles Bonuses Anita Raghavan, 06.09.09, 05:00 AM EDT Geithner's report on Wall Street pay may be too late to fix guaranteed comp packages at Citigroup. pic LONDON -- Treasury Secretary Timothy Geithner is set to unveil his much-anticipated guidelines on investment banking pay this week. But he may be too late to influence the free-wheeling pay practices at Citigroup, which has been a big recipient of taxpayer funds worth $45 billion and counting. In a bid to attract talent, Citigroup ( C - news - people ) has been paying traders in London guaranteed bonuses totaling millions of dollars. Among the lucky recipients are Rachel Lord, an executive in Citi's equities group, and Stefanos Bitzakidis, who is listed on Bloomberg as global head of exotic equity derivatives. The two received a total of roughly $3 million in guaranteed bonuses to join Citigroup from Morgan Stanley this year, says a person familiar with the situation. They are among a number of traders in Citi's equities division who have received guarantees to join the firm in recent months. WHAT THE HECK IS A "GUARANTEED BONUS?"
Toggle Commented Jun 9, 2009 on Too Big to be Restructured at Economist's View
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What I learned spending a couple of days in a room full of accountants (and a few economists). The Financial Accounting Standards Board caved on accounting standards in April after Congress threatened to start writing accounting principles and standards. As a result, the "profits" we heard so much about from the big banks were largely phony, the trash on the balance sheets is still trash. Not exactly news, but it explains the depth of the political maneuvering. One of the accounting profs did a nice segment on "Citigroup malfeasance" over the past 25 years. Quite a history.
Toggle Commented Jun 9, 2009 on Too Big to be Restructured at Economist's View
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Obama will have to be careful not to do more damage to the middle class than has already been done.
Toggle Commented May 24, 2009 on Funding Universal Health Care at Economist's View
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And who should we blame? The "capitalists", who were thieves, liars and incompetents. The good news though, the pendulum will swing back, and the GOP will get fresh energy from Obama's mistakes, unless of course the GOP continues to be led by slobbering dittoheads.
Bush never took this past sloganeering, which was typical of many of his alleged initiatives. Bruce Bartlett did a good job of describing Bush's lack of a policy shop, and Bush's fondness for slogans. Eight wasted years.