Neel Kashkari Exercises In Rhetorical Hypocrisy: Asks If Government Can Handle Fall Out Of His Actions

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Fri, 12/10/2010 - 10:40 | 795301 redpill
redpill's picture

He needs to be caught by the mob in his Rolls, a la Charles & Camilla.

Fri, 12/10/2010 - 12:23 | 795674 Popo
Popo's picture

These poor jackasses truly don't understand the cause of the problem. 

Fri, 12/10/2010 - 14:13 | 796186 rocker
rocker's picture

He understands. Did you forget he engineered and testified with Hank Paulson to congress on why we needed to bail out Goldman Sachs. Who he did work for before Hank recruited him. He is the ultimate SOB scumbag who belongs in Jail with Lord Blankfein and Paulson.

Fri, 12/10/2010 - 14:20 | 796211 The Rock
The Rock's picture

Exactly, just another one of GS's bitchez...

Fri, 12/10/2010 - 10:41 | 795306 Manbarepig
Manbarepig's picture

Lynch mob, now...

Fri, 12/10/2010 - 10:47 | 795310 TruthInSunshine
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Kahkari's mentor, Hank Paulson, was so scared, he decided to draft the 'I Need A Blank Check or A Flaming, Molten Ginormous Asteroid is Going To Slam Into The Earth Within Two Days,' otherwise known as 'TARP' program, on a Napkin, and then rush to present it to Congress, after doing his best with The Bernank's assistance, to convince President George W. Bush that that economic world as we knew it would end without such risky legislation and spending.

As we now are aware, TARP spawned TALF & QE - they're all one in the same.

Paulson's real fear is that Goldman would take major hits to the point of either going bust (if AIG didn't have the money to pay Goldman on CDS exposure, as one example - hello taxpayer-sucker!), and his hundreds of millions in stock options vested in Goldman as ex-CEO would take a massive hit.

Ain't Crony Capitalism fantastic!

Fri, 12/10/2010 - 10:52 | 795325 SwingForce
SwingForce's picture

I think GS by-laws allow full vesting of stock & options if taking a Fed Gov't position. Further, US Treasury rules forced the sale of all Paulson's stock & options as a rquirement for the job as Treas Secy, income tax free (as a consolation). You can double check on this, but I'm pretty sure the reason Paulson jumped ship in 2006 was because he saw the future.

Fri, 12/10/2010 - 11:00 | 795344 ronin12
ronin12's picture

This is correct. Paulson cashed out $700 million (tax free) before taking the job as Secretary of the Treasury.

 

 

Fri, 12/10/2010 - 11:20 | 795393 TruthInSunshine
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IIRC, there were numerous reports that stated Paulson, despite selling his already vested stock options as of leaving GS, still had remaining blocks of unvested shares at the time he left his CEO position, that he essentially carried forward with him.

I will try and find the links/info when I can.

Fri, 12/10/2010 - 12:09 | 795602 unununium
unununium's picture

> Paulson cashed out $700 million (tax free) before taking the job as Secretary of the Treasury.

Tax free why exactly?  Could the treason of this hypocritical criminal be any more scandalous? 

So he could go on to strike a deal to save AIG with Goldman in the room and continue to obligating us to eternal taxation and inflation?

 

 

Fri, 12/10/2010 - 12:25 | 795684 Popo
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"People should not be afraid of their government.  Governments should be afraid of their people."  - V for Vendetta

Fri, 12/10/2010 - 14:25 | 796239 SwingForce
SwingForce's picture

Thanks for double-checking. Now I assume Kashkari also got the same deal. This is a good story in-of-itself!

Fri, 12/10/2010 - 15:07 | 796395 In Fed We Trust
In Fed We Trust's picture

Of course he saw the future even though he claims he didn't see the real estate thing comimg.

Knowing sub prime was going to crash, with Goldman and paulson(trader) pushing the market down.  Paulson knew he would be there to back stop AIG, to make sure that Goldman got paid.

Paulson would be there to make sure Leman Bros was kicked to the curb, with their "53$ billion in commercial real estate holdings that they couldn't liquidate fast enough"  Paulson claims "that was Lehman's main issue, that they didn't have enough time to unload their real estate"

After all, if you remember the rules.

Derveriative holders always get paid first before stock/bond holders and sometimes, the only party to get paid.

I think Leham was pushed into a liquidity trap.

 

Fri, 12/10/2010 - 11:08 | 795360 Red Neck Repugnicant
Red Neck Repugnicant's picture

As we now are aware, TARP spawned TALF & QE - they're all one in the same.

Just for clarification...

QE2 is significantly different than TARP or QE1.  

TARP and QE1 directly benefited the banks.

QE2 does not benefit the banks, and that is why all those Republicans wrote that stunningly hypocritical, open letter a few weeks ago, and voiced their concern about deficits and the Fed.  

Where was their letter during TARP and QE1?  Just as soon as the banks maximized all their benefits from these government programs and returned to record profitability, the letters are finally penned. How fucking convenient!

lol

Fucking Republican hypocrites.   

Fri, 12/10/2010 - 11:32 | 795460 SheepDog-One
SheepDog-One's picture

LOL, whatever, Nancy Pelosi.

Fri, 12/10/2010 - 12:11 | 795609 unununium
unununium's picture

Sloppy seconds for the sheeple.

Fri, 12/10/2010 - 13:33 | 796012 Dumb Money
Dumb Money's picture

"QE2 does not benefit the banks, and that is why all those Republicans wrote that stunningly hypocritical, open letter a few weeks ago, and voiced their concern about deficits and the Fed."

 

WRONG! Actually, the banks make bank by frontrunning the Fed.

 

... also i don't think most of us would identify as republicans.

Fri, 12/10/2010 - 13:31 | 796014 Dumb Money
Dumb Money's picture

<double post (sorry!)>

Fri, 12/10/2010 - 10:44 | 795311 Hondo
Hondo's picture

This guy's a clown...I think I'll pull my PIMCO money this afternoon.

Fri, 12/10/2010 - 11:02 | 795353 Divided States ...
Divided States of America's picture

He's definitely a chump

Fri, 12/10/2010 - 10:47 | 795312 Cognitive Dissonance
Cognitive Dissonance's picture

One of the keepers of the public myth (Neel Kashkari, with plenty of help from a central myth maker, the WaPo) is now scrubbing his public image clean which simultaneously spreading shit and blame far and wide.

Fri, 12/10/2010 - 11:06 | 795358 Arius
Arius's picture

at the end all of this is NOISE and BS...Rome is burning - the senators continue their eloquent speeches...

so much deep thought to the decision making - Neel decides on the 700 number...no wonder we are where we are...

Fri, 12/10/2010 - 11:09 | 795366 trav7777
trav7777's picture

yeah; isn't this the most garbage, self-promoting piece of crap you've ever read?

And all the nonsense talk about "tackling" the big economic issues...what, like letting your beloved banks go bust, Krapkari?  Someone needs to spray paint fuck you on this assclown's forehead

Fri, 12/10/2010 - 11:13 | 795389 Hansel
Hansel's picture

A chisel or hot cattle brand would work better.

Fri, 12/10/2010 - 10:47 | 795315 SheepDog-One
SheepDog-One's picture

'$1 trillion? No way....$700 billion? Sounds about right to hold up  the world'....

WTF who is he kidding its $30 trillion or so! Get a rope.

Fri, 12/10/2010 - 10:52 | 795320 virgilcaine
virgilcaine's picture

Pimco has a wide assortment of sociopaths, & they are brazen. You have to sell your soul to be one of them. it's mandatory.

Fri, 12/10/2010 - 10:54 | 795330 Problem Is
Problem Is's picture

Neel "Down You Bitch" Kashkari
He is the private sector equivalent of Wanker Timmay Geithner. Of course the dinosaur hack media prints his propaganda musings as they fit the myth narrative.

Paper Always Excepts Ink
Pervasive incompetence in the ruling hierarchy above us...

Fri, 12/10/2010 - 11:07 | 795331 Biggus Dickus Jr.
Biggus Dickus Jr.'s picture

700 billion is a trifle in this new power game. Looks Like a good investment so far. Ireland out. Iceland out. Spain Portugal are zombies at best. UK is reeling. Germany can't continue meeting the margin calls on their monster put. The German put is one or two orders of magnitude larger than the Greenspan put and the Germans will leave the poker table long before we do. Last senior currency standing takes the entire pot. Bric countries are not yet ready for currency prime time. This old empire should not be counted out just yet. It's going to surprise you permabears.

Fri, 12/10/2010 - 11:07 | 795363 Arius
Arius's picture

i hope and pray (contrary to logic and facts) that you are right...

Fri, 12/10/2010 - 11:13 | 795386 Raging Debate
Raging Debate's picture

I am also long America Biggus but the assessment from Kashkari is correct, the U.S. must return to a Save and Invest structure and this will take time. The problem is current vested interests and broken trust, these players still in the market must be forced to exit. Easier said than done with our broken electoral process. 

Ron Paul and Ben Bernanke agree on tax reform to tax consumption instead of production also mentioned in this article. Tax preparation and collection is a $450B billion industry that personally as a Small Business owner costs me $40k-$50k per year in compliance and that sum has doubled in a decade operating my business. Depending on the year, that represents between 4%-6% profit going straight toward unproductive and frustrating endeavors. 

To restore trust, Central Banking also has to evolve, to become a democratic process and mirror our times, instead of the 19th century. CB is a 4D model but purposely operating as a 3D pyramid management structure. Wealth concentration followed by debt saturation and bust is the expected conclusion over several decades. Mankind should not have one of every three generations hobbled being exhanged for exhorbitent privalege. That structure is blatant monarchy and that revolutions and war wars follow the bust shouldn't be a surprise. 

Fri, 12/10/2010 - 13:15 | 795940 wisefool
wisefool's picture

+1099. The combination of a hypercomplex tax code + Central Planning under the member bank & Federal reserve model was supposed to be the most rugged yet elegant control system the world has ever seen. It was supposed to be whole package for implementing a "good" buerocracy.

Throw in a completely subservient Academia and Press (fully programed functionaries) means TPTB have no excuses for the crisis we are in. And the effects are real (People Losing their homes, thier jobs, their careers, their retirements) The divorces, the substance abuse, the suicides, etc.

There is no excuse for this. None. And no rationale for trying another 40 years of this model. Existing PhDs in Econ, Psychology, Sociology, BA, should all be wiped and re-programmed or forced into retirement. Its what we should have done witht he TARP,TALP and QE money.

Fri, 12/10/2010 - 11:20 | 795410 Manbarepig
Manbarepig's picture

BDJ - I think you hit the nail on the head. Empires like ours don't collapse overnight. Ours will be a long, slow, painful demise. It took America over two centuries to get to this point, it shouldn't be a shock if it takes close to that long to fall apart. Even a cursory look at the history of world empires will show you that regimes like ours putter along for decades longer than they should simply through momentum or stubborn determination.

Fri, 12/10/2010 - 11:34 | 795470 SheepDog-One
SheepDog-One's picture

$700 billion? Sure, if that was the actual amount. Go talk to Neil Barofsky the TARP inspector general who says the total of TARP was well over $25 trillion.

Fri, 12/10/2010 - 10:58 | 795336 TheWord
TheWord's picture

Well done, CashCarry - now that you've admitted that nobody had a clue, the next time it hits the fan, $700gazillion won't be enough, because no-one will believe you guys behind the curtain, anymore.

 

Fri, 12/10/2010 - 10:57 | 795337 hack3434
hack3434's picture

OT: Operation Leakspin 

Anyone that has read the cables, feel free to comment here:http://opbig.bloggsida.se/targets/operation-payback-targetz

 

 

Fri, 12/10/2010 - 11:01 | 795341 Steak
Steak's picture

I ask for a bit of understanding with the off-topic nature here.  There is one more playlist after this one and then my musical contributions to this site will take a different form.  For those of you who have enjoyed them, this one and the next are worthy of being a final effort.  For those of you who think this whole effort has been right out, I contend it is at least marginally constructive and has brought at least a couple smiles :)

Mike Foyle (aka Statica) entrances us with his beautiful melodies blended with rythms that float, bounce and even stop. 

Heatbeat (aka Matias Faint and Augustin Servente) has had a breakout year in 2010.  Both as Heatbeat and on their own they bring a gritty sound that is nothing short of liquid adrenalin.

Best of 2010 - Mike Foyle & Heatbeat: http://www.youtube.com/view_play_list?p=F79EBE9FB77C107C

Fri, 12/10/2010 - 11:07 | 795362 Gully Foyle
Gully Foyle's picture

Steak

Dude you got any of this guy?

https://secure.wikimedia.org/wikipedia/en/wiki/Le_P%C3%A9tomane

Le Pétomane ( /l??p?t?me?n/, French pronunciation: [l?pet??man]) was the stage name of the French flatulist (professional farter) and entertainer Joseph Pujol (June 1, 1857–1945). He was famous for his remarkable control of the abdominal muscles, which enabled him to fart at will. His stage name combines the French verb péter, "to fart" with the -mane, "-maniac" suffix, which translates to "fartomaniac". The profession is also referred to as "flatulist", "farteur", or "fartiste".[1]

It is a common misconception to state that Joseph Pujol actually farted as part of his stage performance. Farting implies the release through the anus of intestinal gases. Pujol was "gifted" in the sense that he was able to inhale air into his rectum and then control the release of that air using his sphincter muscles (avoiding any associated odour). Evidence of his ability to control those muscles can be seen in the early accounts of demonstrations of his abilities to fellow soldiers.

Fri, 12/10/2010 - 11:11 | 795376 Steak
Steak's picture

None of his tracks, but I'm looking at my family tree cause there is no doubt we're related :)

Fri, 12/10/2010 - 11:01 | 795349 Tom North
Tom North's picture

Neel Kashkari lecturing on fiscal prudence & diligence is akin to Larry Summers touting a fitness regimen – gack! This is a guy who should be neither seen NOR heard. Seriously. Just keep collecting your paycheck while you can Neel and STFU!

 

A couple of my previous  Kashkari rants:

http://outsidethe-cardboard-box.tumblr.com/post/273227581/extreme-makeover-wapo-edition

http://outsidethe-cardboard-box.tumblr.com/post/875877805/the-ultimate-weight-loss-program-for-the-economically

 

And my contribution to Urban Dictionary (regrettably, they did not also accept Kashkosis):

http://www.urbandictionary.com/define.php?term=kashkari

 

Fri, 12/10/2010 - 11:05 | 795356 Gully Foyle
Gully Foyle's picture

I'm so bored. Where the fuck is that economic collapse I was promised. Jesus I read about the coming collapse daily but it ain't fucking here yet.

C'mon people due your part and hurry it along.

Fri, 12/10/2010 - 11:14 | 795392 Bartanist
Bartanist's picture

Maybe you should go back to watching Dancing with the Stars or playing video games to hold your attention.

Fri, 12/10/2010 - 12:42 | 795774 unununium
unununium's picture

I don't think he was being sarcastic.  Haven't we all felt the same way?  Collapse would beat this BS world we're living in.

Fri, 12/10/2010 - 11:07 | 795361 Bicycle Repairman
Bicycle Repairman's picture

Short answer:  Washington cannot tackle any meaningful problem.

Fri, 12/10/2010 - 11:12 | 795382 Bartanist
Bartanist's picture

But it could if there were consequences for not handling the problems and they were not above and beyond the law.

Fri, 12/10/2010 - 11:40 | 795492 Bicycle Repairman
Bicycle Repairman's picture

Yes, but such is not the case.  Quite the opposite.

Fri, 12/10/2010 - 11:10 | 795370 Bruce Krasting
Bruce Krasting's picture

Well said TD. Blast em..

Fri, 12/10/2010 - 11:10 | 795374 Bartanist
Bartanist's picture

They were not holding up the world. That is hypocrisy and rationalization. They were holding up the corrupt parasitic banker network that should have been relegated to the dustbin of history with many treasonous crooks sent to the gallows.

It is the arrogance of a handful of parasites thinking THEY are the world.

Fri, 12/10/2010 - 11:43 | 795498 Widowmaker
Widowmaker's picture

(moved)

Fri, 12/10/2010 - 12:54 | 795811 unununium
unununium's picture

It is the arrogance of a handful of parasites thinking THEY are the world.

Jackpot!

Fri, 12/10/2010 - 20:43 | 797593 StychoKiller
StychoKiller's picture

Ah, but they were holding up the world as in:  "All right, this is a HOLD UP!  Nobody move or we start shootin'!"

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