DISQUS

AMERICAblog: Private equity screaming about new regulations

  • Ned Ludd · 5 months ago
    Sheila Bair, the head of the FDIC, is the only high-ranking administration official willing to stand up to the financial industry. Ironically, she was appointed by Bush at the end of his term – the only positive thing Bush did for the country.

    There was an article in Bloomberg that Geithner tried to force her out (her term lasts until 2011), but it was too politically risky, so the Obama administration decided to (try to) marginalize her instead.

    Geithner was pissed that Bair didn't subsidize Citigroup's failed attempt to buy Wachovia. Instead, she let Wells Fargo, who didn't need FDIC aid, buy Wachovia for $15 billion — compared to Citigroup's paltry offer of $2.2 billion.
  • mtiffany · 5 months ago
    "...they don't want people to make too much money..."

    Who is this "they" to whom the good professor is referring? Is it liberals like me? Because if "they" is the "us" of which I am a part, I would like to point out that either the good professor is sadly misinformed or watches too much Fox 'News' to have a firm grip on reality.
    I don't give a flying f*ck how much money people make so long as I (and my fellow neo-feudal serf-taxpayers) don't have to foot the bill every time some self-important, privileged, entitled Wall Street asshole with a coke habit and an overwhelming need to compensate for their physical shortcomings takes a massive risk that turns sour. Like happened in 2008.
  • mikatuva · 5 months ago
    People should care how much people make. For example, one of the current problems in the professional world is the absence of qualified judges. Many localities use part time judges to do hear the bare minimum of cases. Judges have too many cases and because their salary is government funded its not that high. A lawyer can make way more remaining an attorney. The best attorney's have incentives to not become judges. Only lousy lawyers have that incentive. The current tax system in this country encourages incompetency in our courts.

    If taxes were higher on higher incomes, more quality lawyers would be attracted to working for the prosecution or for the little guy as opposed to working for the wealthy.
  • Allie · 5 months ago
    Tho I don't align with the comments on coke and the shortcomings (I noticed your comment has been modified by someome) - you got it right - if you make a bad decision, face the consequences! Don't expect the taxpayer to bail you out.
  • mtiffany · 5 months ago
    Yeah, I do get a little indignant... LOL
  • Jophus · 5 months ago
    http://www.youtube.com/watch?v=K-PguAOhGnY

    I mean it symbolically of course. NSFW.
  • bob_h · 5 months ago
    How long before they get the scalp of Sheila Bair?
  • PrahaPartizan · 5 months ago
    Banks need patient capital of the type which stays for at least three years. This regulation ought to be amended to push out that time period to something like seven years. Only then should the preferred tax rate on capital gains and dividend income kick in. Otherwise, these scum are asking us to tax them preferentially for simply playing the casino like any loser grifter.