Category: Corruption

Change You Cannot Believe In

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Well, I think that it’s becoming clear that the reason that Barack Obama is relying on Timothy “Eddie Haskell” Geithner and Lawrence Summers as the core of his economic team is not an accident.

Not only has his economic team been captured by Wall Street, but Barack Obama has been captured by Wall Street:

If the White House and congressional leaders get their way, the vaunted new oversight council charged with overseeing systemic risk in the financial markets will actually be a house organ of the Treasury Department, lacking the independence required to challenge decisions by government regulators, among others.

Rep. Keith Ellison (D-Minn.) last week tried to fix that, by offering an amendment in the House Financial Services Committee that would give the council an independent staff and independent source of funding. But he was forced to withdraw the amendment after it became clear that he wouldn’t get Chairman Barney Frank’s approval, said a source familiar with the committee’s deliberations.

Let’s be clear here, this council is supposed to review not just systemic risk, but also the behavior of the regulators:

As proposed by the Obama administration, the House bill calls for the council to be headed by the Treasury Secretary, who would pick his own staff from within the Treasury Department.

But not only is the council supposed to keep watch over firms and activities that pose a risk, it’s also supposed to oversee the work of other regulators in mitigating threats and supervise financial regulation as a whole, according to the bill’s language. In short, it has a mandate to watch over everything that could possibly endanger the financial system – including inaction and incompetence by regulators.

So, why are Barack Obama and His Stupid Minions™ so absolutely determined to place the centerpiece of his regulatory reform thoroughly under the branch of the executive designed to be a lapdog for large banking interests?

I do not think that Barack Obama is that stupid, that is clear, though while a candidate, and now President, Barack Obama has always been a bit of a cipher.

The answer, I think, lies in his background.

Barack Obama is literally Chicago School, as in the University of Chicago, where he taught for 12 years, and his first “big name” economic advisor is Austan Goolsbee, who is faculty there, and I think that Barack Obama is clearly very devoted to the idea that the government must be held back to prevent it from interfering with economic “innovation”.

Simply put, he is enthralled by the vision of Chicago School economics, as conceived by Milton Friedman and given flesh by Alan “Bubbles” Greenspan, and so he sees his primary role in economic reform to be ensuring that it is toothless and completely controlled by the large Wall Street banks.

When Senator Dick Durbin (D-IL) said that, “The banks own the place,” he was referring to Congress, but it’s true of the White House.

They own Barack Obama too.

Time to Call In the IRS

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The Bishop of Providence Rhode Island has banned Patrick Kennedy from taking communion in his diocese. Suzie Madrak has the scoop at Crooks and Liars (also, you can find it at CNN):

PROVIDENCE, R.I. – Roman Catholic Bishop Thomas Tobin has banned Rep. Patrick Kennedy from receiving Communion, the central sacrament of the church, in Rhode Island because of the congressman’s support for abortion rights, Kennedy said in a newspaper interview published Sunday.

The decision by the outspoken prelate, reported on The Providence Journal’s Web site, significantly escalates a bitter dispute between Tobin, an ultra orthodox bishop, and Kennedy, a son of the nation’s most famous Roman Catholic family.

“The bishop instructed me not to take Communion and said that he has instructed the diocesan priests not to give me Communion,” Kennedy told the paper in an interview conducted Friday.

Kennedy said the bishop had explained the penalty by telling him “that I am not a good practicing Catholic because of the positions that I’ve taken as a public official,” particularly on abortion.

(emphasis original)

Seriously, if the Church wants to be this captured by the Republican party, perhaps the IRS should look at improper electioneering.

I would also note that the Republican party has been captured by nativist bigots, people who hate Hispanics, who are now over 2/3 of the Catholic Church, then perhaps Catholics of good conscience should find those few Bishops and Cardinals of good faith who spend their time on serving their flock, and leave those who spend their time on than lobbying on abortion and covering up for pedophile priests to their own devices.

Apologies for the poor audio quality of the vid, it’s from the Christo-Fascist CNSNews.

Why Sarah Palin’s Book is a “Best Seller”, or More Stupid Google™ Adsense™ Tricks

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Yes, once again, the good folks at Google™ Adsense™ are serving up an advertisement for Sarah Palin in response to something that I posted (just the image, no link, not ever).

My disclaimers are below, but in this case, I clicked through, something that Google™ Adsense™ frowns upon if you do it routinely, to see what exactly this offer was.

Well, here is a screen-shot of the page from Newsmax:

(click for full size)

There, is, of course, a pattern here. You have people who are rich because of dumb luck in the genetic lottery, people with names like Scaife Olin, Bradley, Coors, and Koch, who are spending huge amounts of money that they inherited from daddy, or grand daddy, or great-grand daddy on the right wing machine.

They subsidize the publisher that prints the Palin book. They subsidize the propaganda sheet that offers the book free with a 1 year subscription, or for $4.95 (plus $5.95 shipping and handling, which means that they must use a unicorn to get the book to you) with a 4 months of Newsmax free.

What does this get?

  • Inflates Newsmax circulation numbers artificially.
  • Increases Newsmax ad revenue.
  • Inflates the sales of Going Rouge artificially.
  • Generates buzz for Going Rouge because its sales numbers looks high.

All of which adds credibility to both the book, and to the magazine, because, much like the late, unlamented New York Sun, their claim to credibility is based on circulation, and their circulation is based on paying people to take their parakeet cage liner.

In any case, back to the ads.

Please note, once again: once again, that I do not vet, nor do I endorse any ad that appears on my site, and I reserve the right to mock both the ads that appear on my site, as well as the advertisers who purchase those ads through Google™ Adsense™.

Also, please note, this should be in no way construed as an inducement or a request for my reader(s) to click on any ad that they would not otherwise be inclined to investigate further. This would be a violation of the terms of service for Google™ Adsense™, even though it would make me money, and cost them (Palin’s Publishers and Newsmax) money.

Goldman Sachs Shareholders: Show Me the Money*

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Here’s a surprise: After a year of record profits for Goldman Sachs, the shareholders are demanding an increased slice of the profits:

Some of Goldman Sachs Group’s largest shareholders have asked the company to cut the size of its bonus pool and pass along more of its profits to investors, the Wall Street Journal reported, citing people familiar with the situation.

Although the shareholders are not pushing for a huge cut, they feel that Goldman should better reward shareholders for this year’s rebound, the paper said.

One of the oddities of Wall Street is that 30 years ago, the investment banks were not publicly held companies, they were limited liability partnerships, where all the profits, at least those not reinvested in the firm (and seriously, how much capital investment does a f$#@ing investment bank need) accrued to the partners.

So in the 1980s and 1990s, they all went public, generated huge cash outs for the partners, and enormous amounts of other people’s money with which to wager, but they continued to operate as if they were still partnerships, and that all the money accrued back to them.

Well now, the shareholders are thinking that maybe they should start acting like they own the firm, which, of course, they do.

Hopefully, this is a trend, though I doubt it.

*Full disclosure: I never saw the movie, Jerry McGuire.

More Ass Covering by the Fed

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Once again, the Fed discovers consumers in order to forestall an audit, and the Consumer Financial Protection Agency taking over their purview.

This time, the Fed is going after fees on gift cards.

Seriously, is there anyone with two brain cells to rub together who does not understand that the Federal Reserve was hostile to the idea of actually enforcing consumer protections until Congress started about auditing it and taking away some of its enforcement power.

Paul Krugman Has a Very Good Point

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He usually does, but in this case, his point is good even by his standards.

Specifically, he says that the bank bailout that Timothy “Eddie Haskell” Geithner and His Evil Minions™ was so badly executed, and so without consequences to the people who made this mess, that it has completely soured the public on any further attempt by the government to fix the problem:

…..

So could the feds have negotiated a haircut? Yes. It might not have been that much money, but it would have had a lot of symbolic importance. And that matters.

Brad DeLong says that the loss of public trust due to the kid-gloves treatment of bankers has raised the probability of another Great Depression, because the public won’t support another round of bailouts even if it becomes desperately necessary. I agree — but I think the bigger cost is that we’ve greatly increased the chance of a Japanese-style lost decade, with I would now give roughly even odds of happening. Why? Because bank-friendly policies have squandered public trust in all government action: try talking to the general public about stimulus, and it’s all confounded in their minds with the deeply unpopular bailouts.

(emphasis original)

Krugman is talking about Geithner’s decision to pay off AIG’s swaps to the counter parties, like that great vampire squid wrapped around the face of humanity,* Goldman Sachs at 100¢ on the dollar, which was both stupid and highly unusual:

But Wall Street doesn’t work like that, and never has.

Big financial institutions are a small club, with a shared interest in sustaining the system. Ever since the days of JP Morgan it has been standard practice, in times of crisis, to get major players together in a room and get them to forgo short-term profit maximization on behalf of the industry interests. It happened in the Panic of 1907; it happened in the Latin American debt crisis of the 80s; it happened in the LTCM bailout, which was financed by private firms, not the feds.

I fear that these actions, amongst others, have completely soured the American public on the idea of any government bailout.

To quote a subordinate, who was speaking to Captain Tupolev as they were about to be sunk by their own torpedo, “You arrogant ass. You’ve killed us!”

Let me make this clear: This sad state of affairs is not Geithner’s fault. It would be absurd, and stupid to say, “If only the Czar knew.” This is going on, and continues to go on, because this is what Barack Obama wants.

He has people around him, like Paul Volker, who have been giving him contrary advice, and he chooses not to listen to them.

*Alas, I cannot claim credit for this bon mot, it was coined by the great Matt Taibbi, in his article on the massive criminal conspiracy investment firm, The Great American Bubble Machine.

I Think that Herroner is Going to Jail

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So the trial of Baltimore Mayor is over, with the defense resting today, so we have final arguments, juror instructions, and then it’s in the Jury’s hands.

I haven’t followed it that closely, but I’m thinking that we will see a conviction, because Sheila Dixon did not testify.

I know that it’s not supposed to happen, but when a political figure is on trial, and refuses to testify, your average jury does hold it against them.

Background here.

Rats Leaving a Sinking Ship

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So, you have a phony newspaper, the Moonie Washington Times, in the process of imploding (see here), and now you are seeing the people who have been kicked to the curb going after the paper.

Case in point, former Washington Times editorial editor and ” vice president of opinion” (whatever the f^%$ that is) Richard Miniter has filed a religious discrimination claim, alleging that he was “coerced” into attending a religious retreat:

The former editorial page editor of the Washington Times has filed a discrimination complaint against the paper, saying he was “coerced” into attending a Unification Church religious ceremony that culminated in a mass wedding conducted by the church’s leader, the Rev. Sun Myung Moon.

Richard Miniter, who was also vice president of opinion, made the claim in a filing Tuesday with the Equal Employment Opportunity Commission that also disclosed he was fired last month. He said in an interview that he “was made to feel there was no choice” but to attend the ceremony if he wanted to keep his job, and that executives “gave me examples of people whose careers at the Times had grown after they converted” to the Unification Church. A Times spokesman said the paper would not comment.

The paper has been a money loser for its entire existence, with its deficits being financed through subsidies from the church, and he’s surprised that doing obeisance at Sun Myung Moon’s feet is a part of the job?

This is particularly galling for someone who was their editorial page editor, since their editorial page was arguably the worst in the nation, though, unlike the Washington Post and Wall Street Journal, it does not suffer in comparison to their news gathering operation, because it is equally laughable.

It should be noted that at least a part of the right-wing nutjob community is supporting Miniter in this, as Larry Klayman, late of the whack-job Judicial Watch is his attorney, which implies that there some Scaife or Olin money behind this lawsuit.

Signs of the Apocalypse

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Goldman Sachs CEO Lloyd Bankfein has apologized for Goldman Sachs role in the meltdown:

“We participated in things that were clearly wrong and have reason to regret,” Blankfein, 55, said at a conference in New York hosted by the Directorship magazine. “We apologize.”

Notice, of course, that the wrong doing is completely unspecified, but still, given the fact that arrogance is a part of the DNA of that great vampire squid wrapped around the face of humanity,* Goldman Sachs, there are really only two possibilities here:

  • Someone has pictures of Bankfein sodomizing an underage goat.
  • They are really scared that the villagers with pitch forks are on the way to Congress to change things.

If they are worried about the latter, they have a far more optimistic view of the American public, and American politics, than I do.

*Alas, I cannot claim credit for this bon mot, it was coined by the great Matt Taibbi, in his article on the massive criminal conspiracy investment firm, The Great American Bubble Machine.

9/11 Plotters to be Tried in United States

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There are a couple of interesting points to this development, the first is that Attorney General Holder is clearly cherry picking, with those people for whom he feels that a conviction is guaranteed, such as Khalid Sheikh Mohammed, getting trials in Federal Court, while other people getting military commissions, because they evidence is either shakier or tainted:

Mr. Holder also announced military tribunals for five other Guantanamo detainees, including Abd al-Rahim al-Nashiri, alleged to have planned the 2000 bombing of the USS Cole in Yemen. Officials said the tribunals were chosen, over civilian courts, based on several factors, including the fact that their alleged crimes were against military targets or occurred overseas.

Navy Lt. Cdr. Stephen Reyes, the lawyer for Mr. Nashiri, said “The decision today was legally unsound. The real reason why the government chose to go to a commission was to ensure a conviction through otherwise inadmissible evidence.”

Another issue, and one that has not yet been brought up in the press is that Khalid Sheikh Mohammed’s children are currently being held by the United States, or held by someone with whom the United States has significant control over, and I’m waiting for a defense attorney to say that their client cannot aid in their own defense because, “KSM’s children [ages would appear to be in the 8-12 year old range] are held hostage by the United States.”

I am not a lawyer, I am an engineer, dammit,* but if I were a lawyer, and I were his lawyer, this would be one of the first motions that I would bring up, because if your client has the prospect of harm to his children hanging over his head.

It’s clear that the US knows the location and condition of his children, and this would be yet another mess left by Obama’s refusal to thoroughly clean house following Bush’s gulags.

*I LOVE IT when I get to go all Doctor McCoy!!!

Our Parrots in Congress

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Click for full size

He was an overpriced rookie flameout with the brain of a turnip* then, and he’s an overpriced rookie flameout with the brain of a turnip* now.

So, big pharma is trying to get a bill through Congress for draconian exclusivity periods for so called “biologics” drugs. It’s 12 years, but with minor changes, snipping a hydroxyl, or adding a time released variant, they could drug companies could extend their government granted monopolies virtually infinitely. (also here, both from Jane Hamshire)

Well, in response to Jane’s push against these provisions, the Pharmaceutical Research and Manufacturers of America (PhRMA) turned on their lobbyists, and wrote statements that 42 Congressmen read into the record, almost verbatim.

The kicker is that there were two versions of their talking points, a Republican version and a Democratic version, so depending on party, they were using different cheat sheets….Except, of course for Heath Shuler (DINO-Loser Land), who somehow or other managed to use the Republican version of the talking points.

As a Washington Redskin’s fan, this wanker has been bedeviling me since 1994…..Please, make it stop!!!

Monty Python’s dead parrot sketch after the break.

*My apologies to anyone who fancies turnips.†

†Like this guy.

Remember the White House Counsel Getting Fired?

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It only happened on Friday, and my comment at the time about Greg Craig’s replacement, Robert Bauer was, “Think Alberto “Abu” Gonzales writ small.”

Well Glenn Greenwald comes across an essay that Mr. Bauer wrote, where he supports the pardon of Scooter Libby, what’s more he does so in the crassest terms, by suggesting that Bush would harm himself more by pardoning Libby.

Keep this guy away from toilet paper, because he will sign anything.

William “Dollar Bill” Jefferson Gets 13 Years

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I don’t see the sentence as unjust, this man was aggressively corrupt, and took bribes.

I do wonder though why Randall “Duke” Cunningham, who did far worse, compromising major defense contracts and the operations of the CIA in the process of his corruption only got 7 years?

As to whether it’s a black/white thing, or a Democratic/Republican thing, or Cunningham’s age/health, or his history as a stick jock, I don’t know, but the disparity is troubling.

I’m not saying that Jefferson didn’t get what he deserved. He deserved that, and more.

I’m saying that Cunningham should have gotten more, even with the leniency accorded a guilty plea relative to Jefferson’s conviction.

More Ass Covering by the Fed

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So, under political pressure from the Ron Paul audit bill and the Chris Dodd bill, which strips regulatory authority from the Federal Reserve, the Federal Reserve Board has announced final rules prohibiting the charging of “overdraft protection” for ATM and debit cards unless the consumer specifically opts in.

There is a reason that I emphasize political pressure: It is because it is clear that the Fed is under pressure, and it is clear that the only reason that it is finally taking consumer friendly steps is because they they feel this pressure.

The effect of insulating a bank regulator from public pressure is to have them favor the banks.

Full press release after break:

Press Release


Federal Reserve Press Release

Release Date: November 12, 2009
For immediate release

The Federal Reserve Board on Thursday announced final rules that prohibit financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions.

Before opting in, the consumer must be provided a notice that explains the financial institution’s overdraft services, including the fees associated with the service, and the consumer’s choices. The final rules, along with a model opt-in notice, are issued under Regulation E, which implements the Electronic Fund Transfer Act.

“The final overdraft rules represent an important step forward in consumer protection,” said Federal Reserve Chairman Ben S. Bernanke. “Both new and existing account holders will be able to make informed decisions about whether to sign up for an overdraft service.”

The Board’s consumer testing shows that most consumers prefer not to be enrolled in overdraft services for ATM and one-time debit card transactions unless they affirmatively consent, or opt in. At the same time, testing shows that most consumers want overdraft services to cover important bills, such as checks they use to pay rent, utilities, and telephone bills.

To ensure that consumers have a meaningful choice, the final rules prohibit financial institutions from discriminating against consumers who do not opt in. The final rules require institutions to provide consumers who do not opt in with the same account terms, conditions, and features (including pricing) that they provide to consumers who do opt in. For consumers who do not opt in, the institution would be prohibited from charging overdraft fees for any overdrafts it pays on ATM and one-time debit card transactions.

“Overdraft fees can be costly,” said Governor Elizabeth A. Duke, the chair of the Board’s Committee on Consumer and Community Affairs. “Our rule will help consumers better understand the terms and conditions of overdraft services and will give them an opportunity to avoid fees when these services do not meet their needs.”

The Federal Register notice is attached. The final rules are effective July 1, 2010.

Remember My Earlier Post on Judges Taking Kickbacks to Send Children to Jail

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The post, from February, is here.

In any case, a judge, the aptly named Arthur Grim, has reviewed the case files, and come away shocked:

The judge who studied Luzerne County’s “cash-for-kids” scheme said yesterday that children’s constitutional rights had been denied and justice perverted “in ways that I would never have dreamed possible.”

 Judge Arthur E. Grim of Berks County, who reviewed transcripts of about 100 cases of juveniles caught up in the scheme, said the scandal grew out of “unfettered power, greed, opportunity, and intimidation.”

here is the kicker though:

Lawyers, court employees, and school officials knew of the scheme, but winked at it for convenience or self-preservation, Grim testified.

This isn’t just a couple of bad judges. Pretty much every lawyer, and every school administrator in Luzerne County ad to know about it.

What’s more, the school administrators used it for their petty vendettas:

He said many school officials supported Ciavarella’s “zero-tolerance” policies toward teenagers no matter how minor the offense.

“When a misbehaving kid was brought to school authorities, they immediately picked up the phone and called the police,” Grim testified. “They did this because they knew that if they did, that child would go before Judge Ciavarella and would be out of their hair as a problem.”

When Hillary Transue was sent before the judge by a vice-principal who pressed charges of harassment about a spoof Facebook page that had her [the vice-principal] collecting Johnny Depp’s used underwear, this person, educator is not the right word, and whoever in the DA’s office who decided to continue with this, knew, that this was going to get a girl thrown in jail because the judge was taking bribes.

The Judge Grim notes:

“We know the people in this community did not consciously choose to stand on the side of injustice at the expense of children. But what was it that made it so hard to do the right thing? Were people afraid? Were they intimidated? By whom? What protections would they have wanted? Where would they have wanted to take the information they had?”

The judge has it wrong. People wanted this. This is what “tough on crime” and “zero tolerance” means. It means disproportionate, destructive, evil application of the law, and judges Mark Ciavarella Jr. and Michael Conahan could do this because this is what the people of Luzerne County wanted.

The prosecution loves a “hanging judge”. The principals wanted judges would make problem children go away. The voters wanted “tough on crime” and “zero tolerance“.

They all wanted to hurt children, so long as it was someone else’s child.

Atrios calls them, “Really awful people.” I’m not sure if he means just the judges, or the DA’s office, or perhaps also the school administrators.

Me, I mean everyone in that whole damn county.

If that vice-principal is still working for the school district, the good people of Luzerne county, both of them, should organize an angry mob.

When Do We Prosecute This?

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Yet another example of the fabulous “innovations” that our modern financial industry have given us.

It turns out that when Atlanta had a bond issue, they went to a consultant to review the bids, and this consultant, David Rubin, ruled out the winning bid, costing the City $58,000 by going with the runner up Bank of America.

The problem was that David Rubin had a piece of that Bank of America action, and was not working to the best interests of the city:

Only after the Internal Revenue Service investigated five years later did local officials learn that Rubin’s firm, CDR Financial Products Inc., had entered into a secret side agreement with the Charlotte, North Carolina-based bank. CDR’s share would be worth as much as $340,000, based on city and federal records.

“IRS believes that CDR, Bank of America and possibly others may have colluded to fix pricing,” an unidentified Atlanta employee wrote in an undated internal memorandum after city authorities met with IRS investigators in September 2005.

This is a theft of honest services, a felony, and likely a RICO violation too, and it looks like Mr. Rubin is going to jail.

The real problem here is that municipalities are entering into agreements which are too complex for them to evaluate, and so their taxpayers are getting done like a drunk sorority girl on prom night.

Uh-Oh, Another Wall Street Journal Cartoon Illustrating Finance

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I’ve said it before, and I’ll say it again: When the Wall Street Journal Describes Finance With Cartoons, it Means that Someone will Get Boned, and it ain’t the “Bankers, Lawyers, and Other Advisers.”

Which means that taxpayers are about to get boned again, without lube.

Once again, regulators have allowed banks to slice and dice loans in order to improve appearances on their bottom line:

In an interview, Joe Exnicios, chief risk officer of Whitney’s Whitney National Bank unit, of New Orleans, cited a hypothetical example in which a developer borrows money to develop a small retail center and gets a drugstore chain to sign a lease for one store. If the developer can’t sell the other sites, he would be unable to repay the loan. Under the new guidelines, the bank could create a healthy, performing loan supported by the drugstore lease and a nonperforming loan from the rest of the loan. “It may make a difference on whether you need to have additional capital and take additional reserves,” he said.
Critics agree that regulatory flexibility might help some banks avoid failure. But the troubled loans remaining on their books will discourage them from lending, reminiscent of Japan’s “lost decade” in the 1990s.
A better solution, critics said, would be similar to the approach regulators took during the commercial real-estate crash of the early 1990s.
“Back then, regulators moved aggressively to force banks to take write-offs and sell off their troubled loans, and the market recovered faster,” said Mark Edelstein, head of the real-estate group at law firm Morrison & Foerster LLP.

(emphasis mine)

I will note that Mike “Mish” Shedlock, with whom I frequently disagree,* gets it right in his hed, “New Rules and More Lies Hide Cancerous Commercial Real Estate Loans.

The problem here is that Barack Obama and His Stupid Minions™ are asking the wrong question. Instead of asking, “How do we get capital flows moving again,” they are asking, “How do we save the banks.”

These two things are orthogonal.

*Like he gives a damn. I’m just a loud mouth with a blog.

Least Surprising News of the Day

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The New York Times is now reporting that mercenary corporation Blackwater (now Xe) approved over a million dollars in bribes to Iraqi officials in order to continue to operate in Iraq:

Top executives at 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.

Blackwater approved the cash payments in December 2007, the officials said, as protests over the deadly shootings in Nisour Square stoked long-simmering anger inside Iraq about reckless practices by the security company’s employees. American and Iraqi investigators had already concluded that the shootings were unjustified, top Iraqi officials were calling for Blackwater’s ouster from the country, and company officials feared that Blackwater might be refused an operating license it would need to retain its contracts with the State Department and private clients, worth hundreds of millions of dollars annually.

So they violated the Foreign Corrupt Practices Act, and, if you go down further, it looks like they were paying off victims and witnesses in order to secure their silence during the FBI investigation.

Srsly, prosecushuns, now!