American Ruling Class

Bernanke Must Testify Under Oath

"In September 2008 the Federal Reserve Bank of New York, a privately owned entity, paid $182 million to buy 80% of the busted insurance firm AIG. Why would any privately owned company pay par value for the shares of a company that had only hours to live? That’s what the court wants to know. Why? Because — you’ll love this — the former CEO of the almost busted insurance company says he was cheated. The value of his stock was diluted. How? By all that money. All that money let an outside agency — the New York FED — buy 80% of his worthless shares. He wants payback. From whom? 'The U.S. government.'" Continue reading →

Continue ReadingBernanke Must Testify Under Oath

Momentum Builds Against N.S.A. Surveillance

"The sudden reconsideration of post-Sept. 11 counterterrorism policy has taken much of Washington by surprise. As the revelations by Mr. Snowden, a former N.S.A. contractor, were gaining attention in the news media, the White House and leaders in both parties stood united behind the programs he had unmasked. They were focused mostly on bringing the leaker to justice. Backers of sweeping surveillance powers now say they recognize that changes are likely, and they are taking steps to make sure they maintain control over the extent of any revisions." Continue reading →

Continue ReadingMomentum Builds Against N.S.A. Surveillance

US judge says ex-AIG CEO can depose Bernanke over bailout

"Federal Reserve Chairman Ben Bernanke should testify in the lawsuit by American International Group Inc's former chief Maurice 'Hank' Greenberg against the United States over the insurer's 2008 bailout, a judge ruled on Monday. Judge Thomas Wheeler of the U.S. Court of Federal Claims rejected the government's effort to keep Bernanke from being deposed, saying the Fed chairman was a 'central figure' in the decision to bail out AIG. 'Indeed, the court cannot fathom having to decide this multi-billion dollar claim without the testimony of such a key government decision maker,' Wheeler wrote." Continue reading →

Continue ReadingUS judge says ex-AIG CEO can depose Bernanke over bailout

Democratic establishment unmasked: prime defenders of NSA bulk spying

"Now, a bill to ban the government from collecting the telephone records of all Americans, while expressly allowing it to collect the records of anyone for whom there is evidence of wrongdoing, is - in the language of the House Democratic Leadership - a bill to Protect The Terrorists. This is the same Nancy Pelosi who spent years during the Bush administration pretending to be a vehement opponent of the illegal Bush NSA warrantless eavesdropping program after it was revealed by the New York Times, even though (just as was true of the Bush torture program) she was secretly briefed on it many years earlier when it was first implemented." Continue reading →

Continue ReadingDemocratic establishment unmasked: prime defenders of NSA bulk spying

Peter Buffett’s Very Public Takedown of His Father, Warren

"Early on in our philanthropic journey, my wife and I became aware of something I started to call Philanthropic Colonialism. I noticed that a donor had the urge to 'save the day' in some fashion. People (including me) who had very little knowledge of a particular place would think that they could solve a local problem. Because of who my father is, I’ve been able to occupy some seats I never expected to sit in. Inside any important philanthropy meeting, you witness heads of state meeting with investment managers and corporate leaders. All are searching for answers with their right hand to problems that others in the room have created with their left." Continue reading →

Continue ReadingPeter Buffett’s Very Public Takedown of His Father, Warren

President of American Academy of Arts and Sciences Resigns Over Resume Fraud

"Leslie Cohen Berlowitz, the embattled president of the American Academy of Arts and Sciences, will officially depart her post at the end of the month, the academy has announced. Ms. Berlowitz has been on paid administrative leave since early June, following reports that she had falsely claimed, on several grant applications and other documents, to have a doctorate. In a letter sent to members, Louis W. Cabot, the chairman of the academy’s board, said that Ms. Berlowitz would resign effective July 31, without any severance. She will receive a one-time payment of $475,000." Continue reading →

Continue ReadingPresident of American Academy of Arts and Sciences Resigns Over Resume Fraud

Pippa Malmgren on Success

"I've been very lucky; a lot of interesting things came my way. I used to be like the old Soviet Union with a rigid Five Year Plan. That worked very well but I also learned to make room for surprises outside the original plan; it's a matter of finding a balance between the two. If you love what you do, you'll be better at it than anybody and the money will follow." Continue reading →

Continue ReadingPippa Malmgren on Success

Senate Democrats to Obama: ‘It Would Be Great To Have A Woman’ As Fed Chief

"In another boost for Ms. Yellen, House Democratic Leader Nancy Pelosi (D., Calif.) said in an interview with Bloomberg television, due to air this weekend, that while both Mr. Summers and Ms. Yellen were well qualified, 'it would be great to have a woman'' nominated to the post. If nominated and confirmed, Ms. Yellen would be the first female Fed chief. Republicans in the Senate have expressed increasing opposition to the Fed's $85 billion-a-month bond-buying program. Ms. Yellen has been instrumental in the continuation of the bond-buying program, and is known to be a strong proponent of the Fed's easy-money policies." Continue reading →

Continue ReadingSenate Democrats to Obama: ‘It Would Be Great To Have A Woman’ As Fed Chief

House leaders defend voting against bill to rein in NSA spying

"Republican and Democratic leaders in the House of Representatives defended their support for a spy program that sweeps up vast amounts of electronic communications after it survived a surprisingly close vote a day earlier. Although Speaker John Boehner said he was glad the House had the debate, he was unapologetic about his vote, echoing the contention of the Obama administration and intelligence chiefs that the NSA program was essential for national security. Nancy Pelosi, the top Democrat in the House, who voted against the amendment, said Democrats voted on both sides of the resolution, but 'stand together' in their concerns about the program." Continue reading →

Continue ReadingHouse leaders defend voting against bill to rein in NSA spying

White House: Fed Chief Race Down To Two

"The White House whittled down its candidates to succeed Federal Reserve Chairman Ben Bernanke to two names: Current Fed Vice-Chair Janet Yellen and long-time Washington, D.C., economic guru Larry Summers. Both candidates bring strong resumes, decades of experience with U.S. monetary policy, and about an equal amount of baggage. Yellen’s favorables include serving the past three years as Bernanke’s second in command, a factor that would presumably soothe potential market fears of a significant change in Fed policy. Yellen is known as a strong supporter of the easy money policies initiated by the Fed in the wake of the financial crisis." Continue reading →

Continue ReadingWhite House: Fed Chief Race Down To Two