Category Archives: Wall Street Bailout

Thoughts on Geithner and Bernanke’s appearance today

As I watched the dog and pony show in the House Financial Services committee this morning I thought aloud:

Timmy G looked a little pissed off at all the grilling he was getting.

Bennie Bernanke got down right hostile at one point. From the WaPo link above:

Earlier, Bernanke came the closest that anyone is likely to see to flashing public anger when responding to some hounding from Rep. Donald Manzullo (R-Ill.), who was demanding a “simple yes or no” from Bernanke, Treasury Secretary Tim Geithner and N.Y. Fed President Bill Dudley on a complicated matter.

“Not one of you three can give me a yes or no?” Manzullo thundered.

“That’s because it’s a poorly posed question,” Bernanke zinged back. Naturally, Bernanke’s facial expression remained unchanged.

The members of the committee, especially Maxine Waters, were not in a happy place today. They looked and sounded highly pissed off. Ms Waters is a democrat, but that didn’t stop her from going off on Geithner.

You can read Bernanke’s opening statement here.

Oh, and I finally got Sirens Chronicles back to normal, graphics and all. Happy Happy Joy Joy! 😉 I am checking on strengthening the security on the site.

Lehman Bros CEO in front of Oversight committee today..

Its on Cspan, and Richard Fuld is humble as hell. You can watch it on TV or online here. He has tried to blame the whole mess on people not paying their mortgages.

Give me an effin’ break dude. Reuters has a writeup here. From the Reuters article:

Excessive executive pay will be a theme at the hearing. Multimillion-dollar salaries and golden parachutes for exiting executive has been a hot topic of debate as the House and Senate worked to craft bills to bail out foundering financial institutions.

Fuld received $22 million in bonuses alone for 2007, although he is not receiving a golden parachute.

Fuld, who in a four-decade career at Lehman deftly steered the company through the Asian debt crisis of 1998, is widely seen as having been far to slow to recognize the bank’s need to raise capital and shed bad assets prior to its collapse.

Lehman, the biggest investment bank to collapse since 1990, listed $639 billion in assets at the end of May in its bankruptcy filing.

How can anyone say $22 million for one year isn’t a golden parachute? He allowed a company to dissolve into insolvency for christ’s sake. Kucinich is grilling him now.

On Tuesday, the committee will rake former AIG CEOs Robert Willumstad, Martin Sullivan and Maurice “Hank” Greenberg over the coals.

I will put up video when I locate some..its ironic as hell to watch this guy try to explain away how Lehman Brothers fell apart and what the government can do to make it all better.

Update: Here is some video of Waxman and Fuld:

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Protest against the Bailout in NYC..with pictures!

First, as of today, Weathervane McCain had NOT read the bailout plan he now says he doesn’t support. Its all of two and a half pages!

Next Jeremy Scahill has the photos below up on Alternet of todays protest held on Wall Street.

CNN has the following article up about todays protests:

The public backlash against the Bush administration’s proposal to use tax dollars to bailout Wall Street spilled into the streets Thursday.

“People all over the country are up in arms about this,” said David Elliot, a spokesman for grassroots advocacy group UsAction. “Our members are livid, and they’re hitting the streets.”, an online forum for activists, said its members had organized 251 events in more than 41 states to protest the bailout.

Several other grassroots organizations were involved in the protests, including Democracy for America, the Association of Community Organizations for Reform Now (Acorn) and labor unions.

A rally organized by the New York Central Labor Council took place this afternoon on Wall Street near the New York Stock Exchange. That was followed by a more informal protest that began to take shape on Wall Street shortly after the financial markets closed.

I love a good protest. ;) Hat tip to Betmo for the 411 on the Wall Street rally/protest.

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