Comments on: Treasury Secretary Looks Out for His Buddies First http://pjmedia.com/blog/treasury-secretary-looks-out-for-his-buddies-first/ Thu, 16 Feb 2012 01:18:32 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Monday Breakfast Links | Points and Figures http://pjmedia.com/blog/treasury-secretary-looks-out-for-his-buddies-first/#comment-1747602 Monday Breakfast Links | Points and Figures Mon, 28 Nov 2011 11:23:08 +0000 http://pajamasmedia.com/?p=37615#comment-1747602 [...] have let them all go broke. The system would have been fine. Paulson couldn’t let that happen as I wrote on November 1, [...] [...] have let them all go broke. The system would have been fine. Paulson couldn’t let that happen as I wrote on November 1, [...]

]]> By: It’s October, and It’s Over | Points and Figures http://pjmedia.com/blog/treasury-secretary-looks-out-for-his-buddies-first/#comment-1324340 It’s October, and It’s Over | Points and Figures Mon, 03 Oct 2011 17:51:32 +0000 http://pajamasmedia.com/?p=37615#comment-1324340 [...] orderly bankruptcies to happen, we wouldn’t be in this spot right now. In November of 2008, I wrote about that here. We can’t control Europe obviously. That was a time bomb. But, we would have been more [...] [...] orderly bankruptcies to happen, we wouldn’t be in this spot right now. In November of 2008, I wrote about that here. We can’t control Europe obviously. That was a time bomb. But, we would have been more [...]

]]> By: Gridlock Isn’t Necessarily Good | Points and Figures http://pjmedia.com/blog/treasury-secretary-looks-out-for-his-buddies-first/#comment-1284263 Gridlock Isn’t Necessarily Good | Points and Figures Thu, 22 Sep 2011 12:16:26 +0000 http://pajamasmedia.com/?p=37615#comment-1284263 [...] honored practice of bankruptcy and eventual credit work out for recalcitrant banks, we chose to save them. Now we have heavily damaged banks that are like a bad penny. They keep coming [...] [...] honored practice of bankruptcy and eventual credit work out for recalcitrant banks, we chose to save them. Now we have heavily damaged banks that are like a bad penny. They keep coming [...]

]]> By: Taxpayers and Wall Street Points and Figures http://pjmedia.com/blog/treasury-secretary-looks-out-for-his-buddies-first/#comment-749371 Taxpayers and Wall Street Points and Figures Sun, 02 Jan 2011 20:49:00 +0000 http://pajamasmedia.com/?p=37615#comment-749371 [...] [...] [...] [...]

]]> By: Jeff Carter http://pjmedia.com/blog/treasury-secretary-looks-out-for-his-buddies-first/#comment-435863 Jeff Carter Mon, 02 Nov 2009 04:16:14 +0000 http://pajamasmedia.com/?p=37615#comment-435863 It is clear that Paulsen made decisions to advantage Goldman. His decisions on Bear, Lehman, the AIG bailout, and now, the evidence that Goldman traded against its own customers in the credit crisis. http://www.mcclatchydc.com/227/story/77791.html We need to ban proprietary trading, internalization of order flow, and payment for order flow. It is clear that Paulsen made decisions to advantage Goldman. His decisions on Bear, Lehman, the AIG bailout, and now, the evidence that Goldman traded against its own customers in the credit crisis.
http://www.mcclatchydc.com/227/story/77791.html

We need to ban proprietary trading, internalization of order flow, and payment for order flow.

]]> By: jeff carter http://pjmedia.com/blog/treasury-secretary-looks-out-for-his-buddies-first/#comment-329299 jeff carter Tue, 07 Jul 2009 13:20:42 +0000 http://pajamasmedia.com/?p=37615#comment-329299 http://www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine click the link and see that the liberal media are finally waking up. Goldman is deep in the Obama administration as well. Some of his leading fundraisers were Goldman investment bankers. http://www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine

click the link and see that the liberal media are finally waking up. Goldman is deep in the Obama administration as well. Some of his leading fundraisers were Goldman investment bankers.

]]> By: Jeff http://pjmedia.com/blog/treasury-secretary-looks-out-for-his-buddies-first/#comment-222827 Jeff Mon, 16 Mar 2009 19:03:05 +0000 http://pajamasmedia.com/?p=37615#comment-222827 http://finance.yahoo.com/tech-ticker/article/208786/AIG-Bombshells%3A-%241.2B-in-Bonuses%2C-Over-%24100B-Paid-to-Goldman%2C-Other-Counterparties More evidence that this was a bail out of Goldman. Paulson took care of his buddies first. http://finance.yahoo.com/tech-ticker/article/208786/AIG-Bombshells%3A-%241.2B-in-Bonuses%2C-Over-%24100B-Paid-to-Goldman%2C-Other-Counterparties

More evidence that this was a bail out of Goldman. Paulson took care of his buddies first.

]]> By: Stephen P. Wallace http://pjmedia.com/blog/treasury-secretary-looks-out-for-his-buddies-first/#comment-171424 Stephen P. Wallace Thu, 18 Dec 2008 18:25:18 +0000 http://pajamasmedia.com/?p=37615#comment-171424 Jeff, Great article...as we have sued Henry Paulson; Ben Bernanke; Shelia Bair; James Dimon; JP Morgan CHASE&Co.; & Goldman Sachs, in their individual/corporate capacities in US District Court in Camden,New Jersey with Judge Noel Hillman, the former US Justice Prosecutor who convicted Abbromoff,et al.,(CASE# 08-cv-5245) The Co-Plaintiffs...Larry Bumgarner & Stephen P. Wallace as PRIVATE ATTORNEY GENERALS(google); ex rel.,United States of America and All US Taxpayers as a CLASS similarly situated as a WHISTLEBLOWER Action... Plz review all Pleadings & Amended COMPLAINT on 11/21/08 on PACER legal subscription service & contact me @ your earliest convenience @ (918)694-1870 Thank you, Steve Jeff, Great article…as we have sued Henry Paulson; Ben Bernanke; Shelia Bair; James Dimon; JP Morgan CHASE&Co.; & Goldman Sachs, in their individual/corporate capacities in US District Court in Camden,New Jersey with Judge Noel Hillman, the former US Justice Prosecutor who convicted Abbromoff,et al.,(CASE# 08-cv-5245)

The Co-Plaintiffs…Larry Bumgarner & Stephen P. Wallace as PRIVATE ATTORNEY GENERALS(google); ex rel.,United States of America and All US Taxpayers as a CLASS similarly situated as a WHISTLEBLOWER Action…

Plz review all Pleadings & Amended COMPLAINT on 11/21/08 on PACER legal subscription service & contact me @ your earliest convenience @ (918)694-1870 Thank you, Steve

]]> By: Paul http://pjmedia.com/blog/treasury-secretary-looks-out-for-his-buddies-first/#comment-170210 Paul Tue, 16 Dec 2008 12:08:05 +0000 http://pajamasmedia.com/?p=37615#comment-170210 Tim Geithner’s reply to the Investment Banks when they argued to him at a “clearing solution” meeting that in their new incarnation, they were capable of self-regulation. Kudos to the Fed for refusing to allow the IB’s to ‘dictate what swaps’ were to be cleared, thus denying their ‘request ... to veto the submission of certain contracts…” Geithner: “Self-regulation is to regulation what self-importance is to importance.” see also: Fed Refuses Banks Request to Limit Credit-Default Swap Clearing 2008-12-12 15:22:34.150 GMT By Matthew Leising Dec. 12 (Bloomberg) -- U.S. regulators are refusing to allow JPMorgan Chase & Co., Goldman Sachs Group Inc. and seven other banks to dictate what credit-default swap trades will be processed by Intercontinental Exchange Inc.’s proposed clearinghouse, said two people with knowledge of the discussions. The Federal Reserve Bank of New York denied the request for permission to form a committee that would be able to veto the submission of some contracts, according to the people, who asked not to be named because the discussions are private. The Fed wants ICE U.S. Trust, as the clearinghouse is known, to be governed independently of the banks, the people said. Tim Geithner’s reply to the Investment Banks when they argued to him at a “clearing solution” meeting that in their new incarnation, they were capable of self-regulation.

Kudos to the Fed for refusing to allow the IB’s to ‘dictate what swaps’ were to be cleared, thus denying their ‘request … to veto the submission of certain contracts…”

Geithner: “Self-regulation is to regulation what self-importance is to importance.”

see also:

Fed Refuses Banks Request to Limit Credit-Default Swap Clearing
2008-12-12 15:22:34.150 GMT

By Matthew Leising
Dec. 12 (Bloomberg) — U.S. regulators are refusing to allow JPMorgan Chase & Co., Goldman Sachs Group Inc. and seven other banks to dictate what credit-default swap trades will be processed by Intercontinental Exchange Inc.’s proposed clearinghouse, said two people with knowledge of the discussions.
The Federal Reserve Bank of New York denied the request for permission to form a committee that would be able to veto the submission of some contracts, according to the people, who asked not to be named because the discussions are private. The Fed wants ICE U.S. Trust, as the clearinghouse is known, to be governed independently of the banks, the people said.

]]> By: Jeff http://pjmedia.com/blog/treasury-secretary-looks-out-for-his-buddies-first/#comment-166715 Jeff Tue, 09 Dec 2008 01:11:05 +0000 http://pajamasmedia.com/?p=37615#comment-166715 And amazingly, the banks are spending TARP money on Capex to develop ELX, to bring the software and infrastructure of BOTCC up to date; and to do M+A. Meanwhile, it's tough for buisnesses to get a loan at a decent price. I heard that GM's commercial paper borrowing costs were 25% or more. This is obviously an extreme example, because of the flimsiness of GM, but I think you get the point. Banks will do everything that they can to keep sunshine out of the marketplace. With it, they have to assume risk and take chances just like the other market participants-and they just cannot afford to do that! And amazingly, the banks are spending TARP money on Capex to develop ELX, to bring the software and infrastructure of BOTCC up to date; and to do M+A. Meanwhile, it’s tough for buisnesses to get a loan at a decent price. I heard that GM’s commercial paper borrowing costs were 25% or more. This is obviously an extreme example, because of the flimsiness of GM, but I think you get the point.

Banks will do everything that they can to keep sunshine out of the marketplace. With it, they have to assume risk and take chances just like the other market participants-and they just cannot afford to do that!

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