The L.A. Times reports that private investment funds paid more than $125 million to scores of intermediaries who helped them win business with that $205 billion cash cow called CalPERS....
If governments do not nip this bonus bonanza in the bud, then the next financial meltdown is only a matter of time. How long will we allow the rest of the economy to be subservient to the reckless arrogance and greed of a financial sector gone rogue?
From a conference call that just ended, NY AG Cuomo is taking aim squarely at bank bonuses and is now demanding extensive info on bonus pools, bonus allocation, clawback provisions and vesting period data, from the 8 original bailout recipient banks. Did Hamptons real estate prices just drop 10%?
Well now you've done it Lloyd - the New York Attorney General has just gotten involved in banker bonus deliberations. Look for a formal announcement at 12 noon Monday.
The path for Andrew Cuomo is now clear.
New York Attorney General Andrew Cuomo filed antitrust charges against Intel, alleging the company threatened computer makers and paid huge kickbacks to stop them using competitors' chips. Full complaint attached.
Citi upped the rate on my CC to 30%. Do these guys get it that we hate them? It would appear not. These stupid practices will do this bank more harm then good. How many times will they shoot themselves in the foot? Once too many will be the answer.
Ahead of tomorrow's Committee of Oversight and Congressional Reform hearing on the Bank Of America - Merrill Lynch strong-arming by the Fed, entitled "Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout? Part IV" (which may or may not happen), Dylan Ratigan discusses some salient points with California Republican Darrell Issa. As a reminder, prominent witnesses tomorrow will be BofA GC Tim Mayopolous and Directors Charles Gifford and Thomas May.
All U.S., Canadian and global public pension plans should disclose dealings with placement agents on their websites. Moreover, regulators should ban firms from using middlemen. For every one good placement agent, there are a hundred corrupt fools looking to line their pockets.
Hot on the heels of realizing that the money you have now is getting close to worthless in order to bail out the Wall Street oligarchy, courtesy of the Chairman, Alan Grayson is taking his initiative to delay Bernanke's nomination direct to the people, and here is your chance to be heard. A new website Unmask the Fed is soliciting Americans' endorsement in getting to the bottom of the following question:
Chairman of the Federal Reserve, Ben Bernanke, is up for confirmation
to his second term, but he has still refused to disclose where he sent
$2 trillion in taxpayers' money. Send a message to your Senators and ask them to make Bernanke come clean before his confirmation moves forward!
I have found evidence that this bank has $32 billion of naked (as in apparently unhedged) swaps on its books - just like AIG. The difference is this bank is bigger, probably has more exposure, and has already been bailed out - several times. Oh, did I mention the insured collateral is nearly half BBB rated or lower??? How about extreme management issues at the top, and I mean all the way to the top. A trunk full of junk, surrounded by drama! It should be an interesting conference call tomorrow when they report, that is if anybody decides to ask the right questions...
Bank Lobbyists Are Not Only Trying to Kill NEW Legislation, They Are Trying to Weaken EXISTING RegulationsSubmitted by George Washington on 10/14/2009 20:44 -0400
Tsy Pay Czar Wants $198M In AIG Retention Pay Reduced -Report
Tsy Pay Czar Wants $45M In Pledged AIG Repayments
Tsy Didn't Take Broad Look AIG Pay Packages
AIG Execs Only Returned $19M Of $45M In Pledged Repayments -Report
A month ago Zero Hedge speculated that the SEC was preparing to throw Wachtell Lipton and Ed Herlihy at the wolves, in case its planned settlement to indemnify Ken Lewis of all sins failed. Well, it failed, now that a jury trial is in the works to determine just how guilty Ken Lewis et al have been of shareholder fraud. And, as expected, Wachtell Lipton is about to be run over by a 200 ton freight train.
Dear Chairman Dodd and members of the Banking Committee,
We are writing to ask you to postpone the confirmation of Ben Bernanke until the Federal Reserve releases documentation that will allow the public and the Senate to have a full understanding of the commitments that the Federal Reserve has made on our behalf. Without such an understanding, it is impossible to know whether Chairman Bernanke is fit to serve another term and fulfill the Federal Reserve’s dual mandate to ensure price stability and full employment. A list of said documentation is enumerated below.
- Alan Grayson and Ron Paul