Monthly Archives: February 2013

Dutch SNS Bank Fails On Real Estate Losses: First “Too Big To Fail” Nationalization In Five Years

"The move, aimed 'at stabilizing the SNS Reaal group,' will cost taxpayers 3.7 billion euros ($5 billion), the Dutch Finance Ministry said in a statement today. SNS’s property- finance unit will be separated from the company. 'I scrutinized all alternative solutions involving market parties,' Finance Minister Jeroen Dijsselbloem said. 'Yesterday night I found myself compelled to conclude no acceptable total solution was offered. I therefore had to use the instrument of last resort, which is nationalization. Nationalization would safeguard financial stability and prevent serious damage to the economy. I want the private sector to contribute as much as possible.” Continue reading →

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Geithner: Bernanke the Buddha of Central Bankers

"I am not going to say anything nice about Ben Bernanke, because when I do, it just encourages those who think that we’re too close and that I’ve compromised the independence of the Fed. [laughter] But he knows what I think. He’s a hero. He’s the Buddha of central bankers…but more active." Continue reading →

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Gov. Lawyer Invoved in the Prosecution of Rajaratnam and Gupta Leaves for Big Bucks Private Sector Gig

The powerful elitist law firm, Gibson Dunn & Crutcher, is expected to announce that Reed Brodsky will leave the United States attorney’s office in Manhattan to join the law firm as a partner in its white-collar criminal defense practice. Brodsky is most well known for his role in prosecuting hedge fund player Raj Rajaratnam for the non-crime of insider trading. Brodsky also led the prosecution of Rajat K. Gupta, the former Goldman Sachs director found guilty of leaking boardroom secrets to Rajaratnam. The two other prosecutors who tried Mr. Rajaratnam with Mr. Brodsky have already moved on to partnerships at corporate law firms." Continue reading →

Continue ReadingGov. Lawyer Invoved in the Prosecution of Rajaratnam and Gupta Leaves for Big Bucks Private Sector Gig

Ex-Sen. Ben Nelson Cashes in on his Obamacare Vote

"Sen. Ben Nelson delivered a crucial vote to pass Obamacare into law in 2009, and now he is cashing out of the Senate to make money off the organizations that benefitted from the legislation. Nelson's last day as a senator was Jan. 3, and on Jan. 22 he announced he had taken two jobs on K Street. Nelson's second K Street job, CEO of the National Association of Insurance Commissioners, might not even exist without Obamacare. Obamacare mentions the NAIC 18 times. Some provisions of the law basically delegate regulatory power to the NAIC. Now, with Ben Nelson on the payroll, the NAIC can be even more confident it will get its wishes." Continue reading →

Continue ReadingEx-Sen. Ben Nelson Cashes in on his Obamacare Vote

How Much of a Revolving Door Crony is the New Obama Appointee for Head of the SEC?

"White's current spin through the revolving door is not her first. As I reported, White has, 3 separate times, worked at the high-powered law firm, Debevoise & Plimpton. She split those gigs up with revolving door government jobs. Translation: Total establishment revolving door operative. The unprincipled crony left doesn't mind because, and this also seems to be lost on Taibbi, with Obama as president the crushing by White, in her new SEC position, will be focused on the non-connected. It won't be the banksters. White targets will be many of others the left will love to go after." Continue reading →

Continue ReadingHow Much of a Revolving Door Crony is the New Obama Appointee for Head of the SEC?

The Interior Secretary’s $222,000 Bathroom

"The personal bathroom used by the secretary of the Interior is so swanky that its renovation cost $222,000. No detail was overlooked: It has a $3,500 sub-zero refrigerator (hey, if you’re going to have a fridge in the bathroom, it might as well be a good one) and a $689 faucet. At least the 'vintage tissue holder' was cheap: just $65 bucks. The renovation was done in 2007 under President George W. Bush’s Interior Secretary Dirk Kempthorne, but is only now coming to light, thanks to the dogged reporting by ABC News Atlanta affiliate WSB-TV, which first filed a Freedom of Information Act request on the renovation four years ago." Continue reading →

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It Pays to Be a Bankster: Blankfein Buys $33 Million Hamptons Mansion

"Goldman Sachs CEO Lloyd Blankfein has bought a seven-bedroom home in New York’s Hamptons that was listed for $32.5 million, a person with knowledge of the deal said, reports Bloomberg. Blankfein took title to the property on Ocean Road in Bridgehampton in recent weeks, says Bloomberg. Property records reported by LexisNexis list the owner as ‘Fein, Blank.’ The home, with six full bathrooms, includes a tennis court, 'sculpted gardens,' a swimming pool, and 'a winding driveway to a home of which dreams are made,' says a real estate listing." Continue reading →

Continue ReadingIt Pays to Be a Bankster: Blankfein Buys $33 Million Hamptons Mansion

Sending Granny (and Gramps) to the Home

Author’s Note: This is the fourth in a series of articles about Nebraska’s Medicaid program, the Unicameral’s apparent intent to expand it, and the many reasons why expansion is an uncommonly bad idea. Although they don’t have to be read in order, here are links to the previously-published articles in the series: NE Medicaid Expansion:… more

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Bernanke Is Blind As A Bat

"Following the stock market crash of 1929, there was a short period of calm before the government and Fed would deliver a Great Depression. During that short period of calm, the establishment and authorities did their best to assure everyone that things were ok. I don't doubt that they even believed what they were saying. Here are some examples of what was said during the calm period." Continue reading →

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What Is Middle Class in Manhattan?

"Manhattan is not like most places. Its 1.6 million residents hide in a forest of tall buildings, and even the city's elite take the subway. Middle-class neighborhoods do not really exist in Manhattan — probably the only place in the United States where a $5.5 million condo with a teak closet and mother-of-pearl wall tile shares a block with a public housing project. In a city like New York, where everything is superlative, who exactly is middle class? What kind of salary are we talking about? Where does a middle-class person live? And could the relentless rise in real estate prices push the middle class to extinction?" Continue reading →

Continue ReadingWhat Is Middle Class in Manhattan?