AMERICAblog: CNBC gold: Thain deserved $10 million bonus
SCLiberal
· 11 months ago
somewhat OT: great article by Joseph Stiglitz here. Makes me feel a little better about Obama's pick of Paul Volcker for his Economic Recovery Advisory Board.
Older_Wiser
· 11 months ago
Anyone who isn't still fuming over that $2 trillion given to banks by Paulson isn't paying attention, either. Great theatrics from Congress when Neel Kashdari was under the microscope the other day ("I know nothing--nothing") and Paulson deserves The Hague along with the rest of them. We are so screwed. The Bush bills won't be paid off for another 100 years.
Dave_Latchaw
· 11 months ago
Dennis Kneale is even stupider than Kudlow. And that takes some doing.
JustAnOldLady
· 11 months ago
I second that.............they both make my head explode..........
Older_Wiser
· 11 months ago
They're nothing but cheerleaders, not experts at anything. Thain deserves nothing, but BofA will give it to him anyway in another form. I'm sure the money is already in the Caymans; after all 35,000 are losing their jobs and those people won't have to be paid--hell, they'll make more than $10 million on that in the first round of firings.
Maybe those employees should stage a sit in at Thain's 10 acre, $10 million estate in Rye, NY, or at his $27 million luxury digs in NYC.
Come on, baby, eat the rich Bite down on that son of a bitch...
bumpkis
· 11 months ago
I certainly would like to see a list of recipients Paulson is giving this bailout money too...Bernanke too, but the FED will not release any information.... I'd like to compare the names on that list to the people who got screwed over by this guy...
17:03 Madoff Arrest Sends Shockwaves Through Jewish Philanthropy Tags: ECONOMY The arrest of Wall Street trader Bernard L. Madoff, who federal agents say defrauded investors of an estimated $50 billion, has had immediate consequences in the Jewish philanthropic world. One charity already closed and insiders are worried that the ramifications of Madoff’s financial demise may extend to the many organizations he supported and the wealthy Jews he advised.
Mike_in_the_Tundra
· 11 months ago
This just amazes me. Down 80%? If I only taught 20% of my students ro read, I would be out on my keester. I would deserve it, too.
Indigo
· 11 months ago
Well, okay sure! But you know, Chris, you'd feel otherwise about it all if you were a member of the same country club as Thain. It's strange how completely policy hinges on who you know and where you go.
jaja
· 11 months ago
...and now, the NEWEST name in gas pain and discomfort: madoff.
Madoff Ponzi Scheme Dwarfed by Illuminati Rubin's The arrest of financier Bernard Madoff Thursday for operating a "Ponzi scheme" costing investors $50 billion made the TV network news. Curiously, a lawsuit the same day against Clinton Treasury Secretary Robert Rubin for defrauding Citibank shareholders of more than $122 billion, also described as a "Ponzi scheme," got no airplay whatsoever.
As we shall see, Rubin, a Director of Citibank, profited from the shady practices that destroyed the financial system and sent the world's economies into a tailspin. Then, to repair the damage, he and his banker friends put the taxpayer on the hook for trillions.
Rubin didn't get the same publicity as Madoff because of his close connection to Barack Obama.
Robert Rubin's son Jamie was Obama's main Wall Street fundraiser and is now one of his principal advisers. More significant, Obama's economic team consists of Rubin's proteges including Timothy Geithner, Treasury Secretary, Lawrence Summers, Senior Economic Adviser and Peter Orszag, Budget Director. The Times of London has already dubbed them the "Robert Rubin Memorial All Stars."
Clearly, the media don't want people to realize that the candidate of "Change" chose the people responsible for this calamity to be his "economic team." While in the Clinton White House, Rubin, with Summers, helped tear down the regulatory walls between banks, brokerages and insurance companies and freed them to trade in unregulated and little-understood derivatives worth trillions of dollars.
THE LAW SUIT
In an article entitled "Ponzi Scheme at CITI," the New York Post reported: "A new Citigroup scandal is engulfing Robert Rubin and his former disciple Chuck Prince for their roles in an alleged Ponzi-style scheme that's now choking world banking.
Director Rubin and ousted CEO Prince - and their lieutenants over the past five years - are named in a federal lawsuit for an alleged complex cover-up of toxic securities that spread across the globe, wiping out trillions of dollars in their destructive paths.
Investor-plaintiffs in the suit accuse Citi management of overseeing the repackaging of unmarketable collateralized debt obligations (CDOs) that no one wanted - and then reselling them to Citi and hiding the poisonous exposure off the books in shell entities.
The lawsuit said that when the bottom fell out of the shaky assets in the past year, Citi's stock collapsed, wiping out more than $122 billion of shareholder value.
However, Rubin and other top insiders were able to keep Citi shares afloat until they could cash out more than $150 million for themselves in "suspicious" stock sales" calculated to maximize the personal benefits from undisclosed inside information," the lawsuit said.
The latest troubles for Rubin, Prince and others emerged in a 500-page investigation by Citigroup investors represented by law firm Kirby McInerney.
The probe was used to amend and add new details to a blanket investor lawsuit filed against Citigroup a year ago. The amended suit called the actions of Citi leaders "a quasi-Ponzi scheme" to hide troubles - and keep Citi stock afloat while insiders unloaded about 3 million shares between Jan. 1, 2004 and Feb. 22, 2008 for huge profits.
In addition to Citigroup, Rubin and Prince, the complaint names Vice Chairman Lewis Kaden, ex-CFO Sallie Krawcheck and her successor CFO Gary Crittenden.
Rubin cleared $30.6 million on his stock sales, while Prince got $26.5 million, former COO Robert Druskin got nearly $32 million and former Global Wealth Management unit chief Todd Thomson got $25.7 million, the suit said."
Rbjets69
· 11 months ago
I happened to catch a few hours of the midday show and was sickened to watch the "8" person shot when they were discussing the ten million dollar payoff and the help for the auto industry. Seven of the eight basically said the auto industry should be left to die. It will be better in the long run for the market was the stupid response. What a bunch of assholes!
johnsonFamily
· 11 months ago
We should be implicitly expecting a suicide from the guy, a la Japanese execs who screw up!
ron071
· 11 months ago
CNBC = FOX NEWS in the financial space. Does anyone still take CNBC seriously for other than the Wall Street shills that they are?
Brock Ducharme
· 11 months ago
They need neurologists. Clearly they have no memory whatsoever, but have retained the ability to say stupid things, which should be in a medical journal somewhere. Merrill Lynch would be GONE without MY tax dollars. But somehow, they have money to overcompensate the guys who wrecked the company. And then they lecture ME for telling them what to do with the tax dollars I was forced to pony up.
No problem! I won't tell you what to do ever again. Give me my tax dollars back. Problem solved? No? Am I missing something?
Maybe I should just stop sending the government taxes. Is that what they want.
athenap
· 11 months ago
Their next waiter at a restaurant needs to dump their dinners in their laps and hold his hand out, saying he deserves 2 million dollars. Hell, the next waiter who upends a plate of spaghetti on the heads of these assclowns should be knighted.
All Comments
Maybe those employees should stage a sit in at Thain's 10 acre, $10 million estate in Rye, NY, or at his $27 million luxury digs in NYC.
Come on, baby, eat the rich
Bite down on that son of a bitch...
http://www.forward.com/articles/14725/
17:03
Madoff Arrest Sends Shockwaves Through Jewish Philanthropy
Tags: ECONOMY
The arrest of Wall Street trader Bernard L. Madoff, who federal agents say defrauded investors of an estimated $50 billion, has had immediate consequences in the Jewish philanthropic world. One charity already closed and insiders are worried that the ramifications of Madoff’s financial demise may extend to the many organizations he supported and the wealthy Jews he advised.
www.truthseeker.com
Madoff Ponzi Scheme Dwarfed by Illuminati Rubin's
The arrest of financier Bernard Madoff Thursday for operating a "Ponzi scheme" costing investors $50 billion made the TV network news. Curiously, a lawsuit the same day against Clinton Treasury Secretary Robert Rubin for defrauding Citibank shareholders of more than $122 billion, also described as a "Ponzi scheme," got no airplay whatsoever.
As we shall see, Rubin, a Director of Citibank, profited from the shady practices that destroyed the financial system and sent the world's economies into a tailspin. Then, to repair the damage, he and his banker friends put the taxpayer on the hook for trillions.
Rubin didn't get the same publicity as Madoff because of his close connection to Barack Obama.
Robert Rubin's son Jamie was Obama's main Wall Street fundraiser and is now one of his principal advisers. More significant, Obama's economic team consists of Rubin's proteges including Timothy Geithner, Treasury Secretary, Lawrence Summers, Senior Economic Adviser and Peter Orszag, Budget Director. The Times of London has already dubbed them the "Robert Rubin Memorial All Stars."
Clearly, the media don't want people to realize that the candidate of "Change" chose the people responsible for this calamity to be his "economic team." While in the Clinton White House, Rubin, with Summers, helped tear down the regulatory walls between banks, brokerages and insurance companies and freed them to trade in unregulated and little-understood derivatives worth trillions of dollars.
THE LAW SUIT
In an article entitled "Ponzi Scheme at CITI," the New York Post reported: "A new Citigroup scandal is engulfing Robert Rubin and his former disciple Chuck Prince for their roles in an alleged Ponzi-style scheme that's now choking world banking.
Director Rubin and ousted CEO Prince - and their lieutenants over the past five years - are named in a federal lawsuit for an alleged complex cover-up of toxic securities that spread across the globe, wiping out trillions of dollars in their destructive paths.
Investor-plaintiffs in the suit accuse Citi management of overseeing the repackaging of unmarketable collateralized debt obligations (CDOs) that no one wanted - and then reselling them to Citi and hiding the poisonous exposure off the books in shell entities.
The lawsuit said that when the bottom fell out of the shaky assets in the past year, Citi's stock collapsed, wiping out more than $122 billion of shareholder value.
However, Rubin and other top insiders were able to keep Citi shares afloat until they could cash out more than $150 million for themselves in "suspicious" stock sales" calculated to maximize the personal benefits from undisclosed inside information," the lawsuit said.
The latest troubles for Rubin, Prince and others emerged in a 500-page investigation by Citigroup investors represented by law firm Kirby McInerney.
The probe was used to amend and add new details to a blanket investor lawsuit filed against Citigroup a year ago. The amended suit called the actions of Citi leaders "a quasi-Ponzi scheme" to hide troubles - and keep Citi stock afloat while insiders unloaded about 3 million shares between Jan. 1, 2004 and Feb. 22, 2008 for huge profits.
In addition to Citigroup, Rubin and Prince, the complaint names Vice Chairman Lewis Kaden, ex-CFO Sallie Krawcheck and her successor CFO Gary Crittenden.
Rubin cleared $30.6 million on his stock sales, while Prince got $26.5 million, former COO Robert Druskin got nearly $32 million and former Global Wealth Management unit chief Todd Thomson got $25.7 million, the suit said."
No problem! I won't tell you what to do ever again. Give me my tax dollars back. Problem solved? No? Am I missing something?
Maybe I should just stop sending the government taxes. Is that what they want.