NYC Crazies

Spotted: Larry Alexander Himself
Location: Downtown A-train
Behavior: Sitting in the seat adjacent to you, leaning forward every now and then to divulge secrets of the past.
Defining Characteristics: Glassy-eyed concerned stare into nowhere, urine stained slacks, properly folded hands in lap, heavy week old whiskey breath, greets you with Happy Holidays (post-holidays)
Reveal of the day: "Phyllis Lawrence" (pause) "She killed herself" (pause) "Behind Larry Alexander" (pause) "A man."

Chaos Reigns in the Cost of Health Care - Prologue

Photo Credit: Pregnancy Fun Times Guide

Here's a run-down on the progression of Health Care starting with September 2009. I have broken this up in chapters to make this a more easy read for you. I will be writing more from here up until post February 25, 2010 Obama symposium:

September 2009: Gang of Six - Senators Chuck Grassley (R-Iowa), Mike Enzi (R-Wyo.) and Olympia Snowe (R-Maine) and others - vs. - Max Baucus Senate Finance Committee Chairman (D-Mont.)
-Max Baucus effort to gain support from 6 key Republican Senators for a "broadly" bipartisan bill
-proposed legislation that does not include the public insurance option
-includes health care cooperatives
-supports a new tax on health insurers who provide high-cost plans
-a new fee on insurance companies to pay for reform, designed to raise $6 billion per year starting in 2010
-supposedly would expand coverage to about 94 percent of the American people
-Sens. Chuck Grassley of Iowa and Mike Enzi of Wyoming, have signaled in recent weeks that they might not be able to sign on to a compromise
-Pelosi stated that the public insurance option remains “essential” to passing a bill in the House
-repeated signals from the White House that Obama doesn’t consider it essential at all.
-$900 billion plan that’s likely to be controversial: a mandate that would require every American to either purchase coverage or face a penalty
- What is the cost of this penalty? $950 for an individual and $3,800 for a family above 300 percent of the poverty line. For families at 100 percent to 300 percent of the poverty line, the maximum penalty is $750 for an individual and $1,500 for a family.
- Republicans found one provision they liked: allowing younger people to buy only lower-cost catastrophic coverage.

What does this all really mean? I will refer to Bill Maher's conversation with former Cigna Exec Wendell Potter (he was the Head of Corporate Communications):

Bill Maher says: "Blow Job to the Insurance Industry"
Wendell Potter Breaks it down for you -
-Catering to the Special Interests
-Continuing of cost shifting
-Give industry wide latitude to put us into high cost plans
-Guarantees more Americans would go into Bankruptcy
-Still corporate friendly
-Republicans don't like some of the restrictions on the free-market options, even though corporations are benefiting from it
-Needs to be a public option, if not health-insurance industry wins
-Higher premiums, insurance industry has more levarage to reduce subsidy for people to afford bad insurance
-Plans with high deductibles
-Guarantees 40 million more people as new insurance customers

Video can be found here


*I can definitely say that since last year, I have already been experiencing higher deductibles after a co-pay with my health insurance already...

NYC Crazies

Spotted: The He-Man Lesbian Hater
Location: L-train, boarded at 6th Avenue
Behavior: Preaching to the ceiling in the middle of the train car
Defining Characteristics: Hetero- Friendly plastic frame glasses, Faded NYPD oversized nylon jacket, no-homo baggy jeans and skull cap
Speech of Choice: "Why is America introducing Lesbians to kids? All they want to do is watch American Idol, and that's all you see on American Idol. Talking about lesbians and not stopping the fucking war. Nasty stupid lesbians ain't going to win that war for us. Lesbians shit out they ass just like men shit out they ass. They all have a smelly shitty ass like a man's ass. Why don't you stank fucking pussies go and fight the war. You all are a bunch of stank pussies, you ain't gonna fight that fucking war for us. You bunch of stank ass pussies."

Biggie Shortie

Photo Credit: Faithmouse on Fleshbot

Bernie went to court and I missed out on going to see him! Feng Shui consultant that lost 2/3's of her investments wonders how he was able to swindle all that money from everyone, perhaps he himself was a Feng Shui consultant of Portfolios.
Cramer Vs. Stewart
Free Space for Artists in Braddock! Does anyone want to move out there and start something?
Natasha Richards dies from ski-related head injury
Obama Administration and Congress do not care about you

Can You Ear Me Now?

New Dora doll silhouette outrages moms that don't want their girls to grow up wishing they had long legs, negative torso, and an abnormally large head (photo credit - Nickelodeon and NY Daily News).
Employment Rate up to 8.1%, the highest it has been in 25 years... as was the 7.6% in January. The breakdown: 681,000 in December; 655,000 in January; and now 651,000in February.
We have been in a recession since December 2007 and have lost 4.4 million jobs (almost half that number in the past 3 months)
Details of Chris Brown and Rihanna domestic abuse released, finally. What a poor display of social responsibility from the both of them, especially her.
Hillary Clinton in Turkey
8 Dead in Pakistan bombing
"I am proud that we passed a recovery plan free of earmarks..."
- Barack Obama (as if the Republicans don't do it too)
Pork and Beans Breakdown
8,000 Earmarks for $8 Billion:

$1.6 M for pig odor research in Iowa (findings will be used to end the cause of bellybutton odor)
$143K for Las Vegas Natural History Museum (special "Life of the Neon Light" wing will be dedicated to the Demcratic Party)
$238K for the Polynesian Voyaging Society in Hawaii
1.7 M for Honey Bee Factory in Texas
$1 M for Cricket control in Utah (Plans to end the desire of stepping on grass to make the chirping stop)
$925K towards Sustainable Energy in Las Vegas
*Argued that it's only a tiny fraction of the overall bill (less than 1%), Senators are smiling about the earmarks that they had passed in it - Joe Lieberman claimed that not all of his earmarks that were passed were authorized, but most of them are "good ones," and he is willing to defend them
*Congressional Democrats are getting 60% of the earmarks (favors are owed for the President's agenda to be implemented)
*Earmarks = Jobs

Much Ado About Health Care

Judge attacked, Defendant carrying scissor/hair-clipper weapon for 2 weeks was killed
School bus drunk driver, Students told their parents that bus driver hit mailbox on the way home and parents decided to report it
Eagle bursts through windshield on interstate 80
Camp Lejeune bus accident on Highway 17: tour buses carrying 100's, 7 marines injured, 1 critically injured
Michael Jackson, 50 and father of 3, calls it a comeback for 2009 - there will be a series of concerts in London to follow, Jackson hasn't done anything since 2001 - also filing suit against Julian's auction house for attempting to auction rhinestone trimmed socks and other priceless items
Chris Brown has hearing today for Rhianna face punches
Karl Rove summoned to court! Rove and Harriet Myers testifying for the firing of 8 U.S. Attorneys, not under oath and is also behind closed doors - boo! Federal Judge struck down Bush's move for executive privilege. Rove claims he has nothing to hide, but Justice department found improper political context
Opening bell for Wall Street today - Dow Jones is down 117 points
General Motors maybe filing for bankruptcy: if it can't implement it's turn around plan
Government spends more than $2 trillion on health care a year: Obama is trying to get hospitals, doctors, drug maker execs, and insurance company execs all "at the bargaining table" to come up with a plan for his health care summit at the White House today
Nadya Suleman auditioning for the role of Christine Collins in the Changeling
Missing NFL players off the coast of Florida
Breaking News: Man cooks eggs and starts building fire in PA
Rep. Zach Wamp (House Appropriations committee) gets a reaction out of MSNBC reporter by saying "Health care is a privilege" - other famous quotes from the convo:
"Well it's probably the next major step towards Socialism... I hate to sound so harsh..."
"So the Devil is in the details and we're waitin for those details"
"Just because Republicans made a lot of mistakes, doesn't mean Democrat's have to make those same mistakes times 5 or times 10"
"Half of 'em choose to what's called 'go naked' and just take a risk of getting sick, they end up in the emergency room and cost you and me a whole lot more money"
"How many illegal immigrants are there in this country today getting our health care? Gobs of em!"
Mrs. Bush (Barb) had open heart surgery, in recovery in intensive care, operation was a success, she's already been on the phone calling people
Is everyone tired about hearing about the monkey attack and outraged about monkey legislation?
Rush Limbaugh is still an idiot, Michael Steele is a pussy
According to Roger Simon, Michael Steele (RNC) "thinks the Republican party has to reach out and become an off-the hook, hip-hop party that reaches out to minorities, especially those in the cities and the suburbs."
I should write a book about how lipstick clad 13 yr olds should not write books and be used as a revival of a failed ideology that erroneously fronts a racist/homophobic/ignorant base. Jonathan, do you really know what filibuster means?

Constitutional Act of the Day: Depository Institutions Deregulation and Monetary Control Act

Passed in 1980
Gave Federal Reserve greater control over non-member banks:
1) Forced banks to play by their rules
2) Allowed mergers amongst banks - practice that had happened, but seemed to really pick up post-1980
3) Raised deposit insurance from $40,000 to $100,000
4) Allowed credit unions and savings and loans to offer checkable deposits (faster access to funds on demand, no interest, say goodbye to saving and hello to spending!)
5) Federal Reserve Board of Governors no longer had the power of setting interest rates for savings accounts (repealed some of Glass-Steagull and Regulation Q)
6) Allowed Institutions unregulated charging of interest rates

Paying Down the House

The Obama plan for foreclosures:
$75 Billion mortgage fix
Aim to help 4 million people to avoid foreclosure
The government owns Fannie Mae and Freddie Mac, which guarantee/own most of the mortgages in the country under $700,000, now can pretty much do whatever they want/need by leveraging the portfolio they now have in housing to lower interest rates (includes commandeering your house if needed... I kid)
Possible by using Net Present Value Test: is there greater value when putting them (people that have been in default) into a loan modification?
Criticisms/Possible Problems:
Take a borrower currently in default and put them into a loan modification plan, then the recidivism (re-default) rate has been over 50% in a normal market which could be a far greater percentage with the state of the current market
Lower interest rates without qualifications: people don't qualify due to income/LTV issues
Incentives to borrowers to make them stay in their house and make payments is counter-intuitive, it's what they should be doing in the first place

Guns for Drugs for Butter

Recent rise in gun smuggling, should we all get one? Will there be another American Revolution?
People are starting to realize that the decriminalization of pot isn't such a bad idea after all, opponents argue that marijuana is the number one cash crop for drug cartels in Mexico (everyone knows that the good stuff comes from elsewhere)
You can still afford to dine out after adopting the Quantity vs. Quality method, I have never been so motivated to open a cheap shitty restaurant (does anyone want to go to Damon's Frugal Friday or Halfsteak Wednesday at Craftsteak, it may be a 2 hr. wait but its haute cheap)
Cut your phone off and use google/aim/yahoo v chat, cut down cable to basic and a few other unnecessary life things and you can save around $4,000 a year.
People are giving up hope on finding a job... globally
Federal Government takes 36% stake in Citigroup, now I'm ready for my bailout, Quote Christine Romans (CNN financial correspondent) "It's gonna have more of a say they say in what goes on with Citi." - Your money is safe in the bank....
Government plans for Iraq: We're going to Afghanistan! Keeping a residual force in a "non-combat" role of (almost inserted a $ here) 35-50,000 troops
Can the U.S. win in Afghanistan? Did the Soviets win in Afghanistan? Will we step on/clear all the landmines in Afghanistan? Are we the new Soviet Union? Do you think Robert Kaplan is excited for a Peshawar Part II?
Global Warming Initiative that is going to boost (increase) our utility bills
"By 2020, America will once again have the highest proportion of college graduates in the world." - President Barack Obama
Pakistan is pissed again
Brand new video of Mumbai terrorist attacks surfaces

News Run-Down

Royal Bank of Scotland loses $A61.34 Billion
If you would like to go Cardigan-less like Michelle Obama and are not a youthful 25 yr. old that works out, then the key is to make sure that you are covered everywhere else. Sleeveless, while staying modest and being covered from neck to knee, gives a youthful, but respectable look.
The $3.66 Trillion Pie: Obama's official budget released - $1.75 trillion deficit will slowly decline to $533 billion by 2013
19 month withdrawal for U.S. troops in Iraq
Hey Obama can we get a report of that daily C.I.A. briefing?
Man points laser and blinds man in helicopter
Tiger Woods still swingin' after reconstructive knee surgery
The viral pedaling pooch video - OMGz check it out LoLz!
People in Fargo North Dakota: "What Recession?" - Booming business in Fargo, Let's go! Unemployment rate is 3.4%, Aerospace firm is growing in personnel, Homes are not losing value, Largest budget surplus in the nation, Did not get caught up in sub prime mortgages, Conservative bankers and savers had only 3 foreclosures last year
GM posts $9.6 Billion loss, loss of $29 per share - Give more bailout money to the Automobile Industry, so they can not hire people back, spend more money and make more cars, so people can take out those loans and buy those cars that were made after all of those cars that people didn't buy in the first place.
Hillary Clinton butts in on child custody case: Mrs. Goldman took her child to family vacation in Brazil and never brought him back. After ex-Mrs. Goldman died, Brazilian court gave child custody to the husband she married after David Goldman. Hillary is going to hang out with Brazilian Prime Minister and is planning on bringing it up in conversation about how they are in violation of an International treaty.
Geert Wilders "Al Qaeda of the Netherlands" comes to America - he's not against the Koran, he's just concerned with the way terrorists interpret it, right?
Straight A's won't get you into/keep you in college anymore, no more rewards for getting your education on, it's all about the Benjamins

C.E.O. of the Day: John A. Thain - Merrill Lynch

John A. Thain
The last of the Chairmen/C.E.O's of Merrill Lynch before the Bank of America merger
Resigned Jan. 22, 2009 after losses were found to be far greater than projected for the Company - Was supposed to assume the position of president of global banking, securities, and wealth management (freals?)
Former C.E.O. of the NYSE
Was President/C.E.O. of Goldman Sachs
He made $300 million in stock at G.S. and stabbed Jon Corzine in the back
After leaving Goldman he had his choice between Citigroup and Merrill Lynch to head up
Merrill had the highest offer: a $15million signing bonus, with $50 million a yr. in compensation, $120 million a yr. if you add stock bonuses etc...
He received $83.1 million in 2007, earning him an honorable mention as one of the highest paid Executives among the S&P 500 companies
Mentioned to the compensation committee at M.L. that he should be paid $10 million for "saving" M.L. by selling it to Bank of America
Jan. 16, 2009 - Bank of America reported that Merrill suffered a loss of $15 billion for the 4th quarter of 2008
On Jan. 22, 2009, it was revealed how John A. Thain struggled to keep Merrill Lynch afloat in early 2008 - Office Renovations, that's the key!
The trick to hiding any record loss is to cover it up with 2 area rugs totaling $131,000. That won't just do, ya gots ta put some feng shui up in it: $68, 000 antique credenza, 4 pairs of $28,000 curtains, $87,000 guest chairs, $11,000 fabric for a Roman shade, $25,000 mahogany pedestal table, $15,000 sofa,
$11,000 custom coffee table, $24,000 Regency chairs, $18,000 George IV Desk, $2700 for 6 wall sconces, 6 dining room chairs for $37,000, $5,000 mirror, $13,000 chandelier, 40 yards of $5,000 fabric for the walls, $1400 waste can, and what good is an executive office without that $35,000 commode with legs... Did I hit $1.22 million yet? Surely the interior decorator made it just under the $2 million corporate money budget he set for all of that.

Jo(h)n said it! Trickle Up Theory

I have been meaning to write about this for quite some time now, and it boggled me why no one had even tried to mention it on the news or some sort of national T.V.-Good Morning America sort of show. Maybe it's that it makes too much sense. Then, it finally happened, those words poured out of Jon Stewart's mouth like liquid gold. Then I find out later that John McCain touched on that idea before?! The Trickle-Up Theory/Effect, "Why not just give the money back to the people?"

*Let's say we actually rallied together and demanded they take all of that initial $700 billion bailout money back and re-distribute it equally among all of the taxpayers... hmmm what would happen.....

*In 2007, there was a reported number of 138 million taxpayers out of 303,824,640 people in the entire population of the United States. If you equally divided that amount amongst taxpayers, we would all get $2000. So that's what it cost us. We each paid $133 out of that $2000 for that $18.4 billion bonus package btw- Girls, let's put on our heels, go to their bars, and get back that money in cocktails.

*Let's say one-third of that $825 extra billion dollar stimulus package came back around to taxpayers along with that original $700 billion (of course this would never happen) , giving us a grand total of $925 billion back to taxpayers - that would put roughly $7,000 back into our pockets-accounts. What would you do with an extra $7,000 on your tax return? Go out and buy shit - duh! Wouldn't that stimulate the economy? The average household carries $8,000 or more in debt, so maybe a lot of people could pay off some debt to those financial companies in need.


*I can't tell you how much time I spent looking at a bunch of zeroes, so feel free to correct me if I have some wrong figures posted. Don't forget that U.S. govt. had already spent $412 billion before the bailout in Fiscal Year 2008.

Happy America, Give Me Money!

Have we all become so apathetic and self-involved as a society that we don't realize what has happened to our rights as a constituency?! I bet plenty of us could tell you who's dating who in celebrimaginaryville, that we just can't wait for that new ep of The City next week, or thank god there won't be another Gossip Girl re-run for a while. I myself have been feeling overwhelmed in trying to sift through all of the information that happens on a day to day basis to try and come up with key points for anyone that wants to take the time to read this. There is a lot out there, but it is our responsibility to pay attention and figure out what is going on with the appropriation of the money that is being taken out of our earnings.

I feel really uneasy after Obama's first week. I know you guys all love him. I even bought into it at first and thought that for once I was actually giving my vote to someone that was going to make a difference, but not a $825+ Billion dollar difference for big business. For my friends that are reading this, I am completely sober right now and this is going to be a clear, streamlined argument as to why I wish I could take my vote back and give it to Nader (it's a whole clean conscious thing for me).


1) Obama's major campaign contributions by industry were mostly from Lawyers/Lobbyists and Financial Institutions (favors are owed).
2)Some of Obama's carefully selected staff:
Timothy F. Geithner: United States Secretary of the Treasury- Tax Evader, Ex-President of Fed. Reserve Bank of New York
Tom Vilsack: United States Secretary of Agriculture - Supporter of Hormone Injected/Genetically Engineered farms and Corn Syrup Cash Crop
Steven Chu: United States Secretary of Energy - Got British Petroleum to give $500 million of funding for EBI: which is essentially the Helios Building that for some reason still needed a $50 million subsidy from the State of California (Arnold asked for it) so it can house 50 B.P. scientists to research Bio fuels... wait...what?
Tom Daschle: United States Secretary of Health and Human Services - married to Linda Hall (lobbyist for American Airlines, Boeing, and Lockheed Martin), Fellow Tax Evader, Health care solution: Federal Health Board - single-payer strategy (Heavy Fed. Reg usually leads to increased cost for consumers, noticeably favors the larger profiting companies, causes smaller companies/competition to die out)
Neal S. Wolin: Deputy Counsel to the President for Economic Policy and Deputy Assistant to the President - President and C.O.O. of HIG
3)Big public slaps in the face to us under his watch, and all they get is a little wrist slap - Note how the article says: "The truth is, this is probably the last year for a good long while that Wall Street bonuses are going to be so out of line with reality. Partly that is because the government simply isn’t going to let it happen again, at least not at any institution that has taken bailout money." AGAIN! AGAIN! WHY DID THEY LET THAT HAPPEN IN THE FIRST PLACE!!! Am I the only person contracting a brain aneurysm from reading this, surely Lewis Black feels my pain here.

*More to come soon

An Open Love Letter

Dear Kyra Phillips,

Watching you on CNN is such a spiritual experience for me. You are seriously taking news anchoring to another level. I loved how when you were talking to Stephanie Elam for her little Energy Fix segment, the two of you started improving with each other, showing how truly great you are at segueing from one story to the next:

Stephanie: "If you need more of an energy fix, you can go to CNNMoney.com, Kyra..."
Kyra: "Or... just, you know, bring you off every 15 minutes or so..."
Stephanie: "Hey... I'm happy to come out and give you, give you a fix whenever you need it Kyra"
Kyra: "Give, give me my fixes...Thank You, I love my Stephanie fix"
[Cue the schoolgirl giggles for Kyra's attempt at "sounding Black"]
Kyra: "And by the way..."
Stephanie:"And I love my Kyra.."
Kyra:"Awe....alright, we'll move on. See ya Steph."

Sheer genius! I can see that a few inches off and shades more red with the hair has given you more of a commanding presence in the CNN Newsroom. You totally cut Steph off and smoothly transitioned from talking about wasteful fuel cells and battery packs the size of a card deck that you can only use once and then discard, to the Green Bag Lady and how she is starting a revolution against plastic bags that remain in landfills for 1,000 years.

Then you had Rick Sanchez on briefly before he took over with his show, and you were discussing excessive force by police in reference to Robbie Tolan's shooting. You dictated the conversation again, asking Rick to "Take a look at the context here..."

Kyra: "Black man in a nice car, pulling up to a a nice house, one of the cops was white..."

What insight! You really know how to bypass all the minor details and uncover the truth in any situation. Why did I not follow your steps with a degree in Journalism? I too could have my own show on CNN and be on T.V. at this very moment, talking to you! With all of this said, I would simply like to thank you kindly for enriching my Wednesday afternoon today.

Yours Forever More,

Purgenus

It Ain't Right!

Century 21 shows me that there is no such thing as an economic recession (It is predicted by 2012 that we will struggle to buy food)
Rent in my neighborhood still exceeds $1000 (that's per person)
The value of my Bachelors Degree finally increased
"Hooking" as an attractive occupation if faced with the threat of lay-offs (meet me at the St. Regis)
Independent stores in New York that have survived the Savings and Loan Crisis and Recession in the 80s and 90s are finally forced to close down
Please read this and re-visit the site, often
"Low Low Prices" at Wal-Mart have driven people in Long Island to reach a new low, can we please detach that place from New York and send it on over to Mumbai
Forcing people to look at a Nativity scene, and not allowing a placard extolling the Winter Solstice to be placed near it is of high importance to some Olympians

Constitutional Act of the Day: Glass-Steagall Act of 1933

Our most beloved constitutional act <3

A.K.A. The Banking Act of 1933

Started the FDIC

Brought about banking reforms to control speculation (the assumption of the risk of loss, in return for the uncertain possibility of a reward)

Established Regulation Q: put interest ceilings on savings accounts, zero interest for checking, and promoted the emergence of N.O.W. and Money Market accounts -the Depository Institutions Deregulation and Monetary Control Act of 1980 later repealed Regulation Q

Established the allocation of currency by the Federal Reserve for the first time ever

Separated bank types: Commercial banking (individuals, small business, large organizations) vs. Investment banking (corporations and municipalities- use of securities)

Arguments for keeping it around:

1)Preventing the same institution from granting credit, setting up provisions for the use of credit, lending, and investing.

2)Depository institutions already have control over other people's money, this act would limit their activity in the market for funds (loans or investments) to ensure stability and healthy competition

3)Securities can bring about substantial losses, and as a result, jeopardize the value of deposits. Since those deposits are guaranteed by the FDIC, government must cough up our money. ***Remember government cannot create money, it can only re-assign (earmark) it

4)Depository Institutions are supposed to manage(minimize) risk.

This act was repealed in 1999 by the Gramm-Leach Bliley Act.

I don't feel like summarizing the arguments against the Glass-Steagull Act.

Let's Meet the Cabinet-Designate: Chief of Staff - Rahm Israel Emanuel

If you know me, you would know that I always vote for Nader. This time around I had to give my vote to the Democratic Party. We knew Barack O'bama was going to win, let's now focus on the people he is going to surround himself with.

Chief of Staff: highest ranking member of the Executive Office, Senior Aide to the President. Kind of like a secretary/office coordinator: oversees everyone else on the Cabinet, makes the Pres.'s schedule, decides who he get's to meet with the Pres. - V.I.P. to the extreme. They advise the Pres. on policy and staffing issues, and they smooze with Congress to help implement the President's agenda as well.

Rahm "Rahm-bo" Emmanuel Run-Down:

Chair of the Democratic Congressional Campaign Committee in 2005

Started out his political career with Illinois Public Action (public interest\consumer rights)

Democratic member of the United States House of Representatives since 2003

Chicago Illinois's 5th Congressional District (close to home for Barack)

Member of the New Democrat Coalition (that makes me a bit worried) Neo-Liberal

Directed Bill Clinton's campaign finance committee, helped Clinton to raise $72 million to fight off Ginnifer Flowers and Vietnam draft character attacks

Senior Advisor to Clinton from 1993 to 1998

Leading Strategist for (failed) Universal Healthcare Clinton initiative (thumbs up for that attempt)

Co-Author of The Plan: Big Ideas for America(2006)
Brother of Ari Emmanuel - Hollywood Agent (think Jeremy Piven & Entourage)
Choreographed the handshake (1993 Rose Garden signing ceremony for the Oslo Accords) between Israeli Prime Minister Yitzhak Rabin and PLO leader Yasser Arafat
Not afraid to put some rotten fish in your mailbox
1998- 2002 Post-White House: Investment banker at Wasserstein Perella (Dresdner Kleinwort)
Made $16.2 million as an Investment banker
Served on the Board of Directors for the Federal Home Loan Mortgage Corporation (Freddie Mac)
Resigned from his Freddie Mac board position to run for Congress in 2001
Pledged in 2006 to support Hillary for the Presidency, but felt torn when Barack told him that he was going to run
Top House recipient in the 2008 election cycle of contributions from hedge funds, private equity firms, and the larger securities/invesment industry
Almost chopped his finger off working for Arby's as a youth

* Let's hope that healthcare is his number one priority and bailing out the financial industry isn't.

CEO of the Day: Richard S. Fuld, Jr.

Richard Severin Fuld, Jr. - Former CEO of Lehman Brothers

I haven't read it all just yet, but jeez, who wrote this man's prepared testimony? There's no way he didn't know for quite some time that his company was going for bust.

Born and raised in New York

M.B.A at NYU's Stern School of Business
ATO frat boy for undergrad at CU-Boulder
Worked for Lehman Brothers for 40yrs
Leader of Lehman Brothers for 15yrs
Served on the Board of Directors for Federal Reserve Bank of New York and the Robin Hood Foundation (It Ain't Right!)
Served on the Board of Trustees for Middelbury College and New York Presbyterian Hospital
Forbes ranked #11 in 2008 for CEO compensation

During questioning by Rep. Henry Waxman it was found that:
Since 2000, He has taken home more than $480 million dollars in company profits
He claims that *for the years that Henry Waxman was asking him about* his cash compensation was *only* close to $60 million, and the rest of what he took out under his options was *only* $250 million - avoiding correction of any actual figures Congress had up on the screen for his compensation

The Next Blog

Have you ever clicked on the next blog option to see what might generate after yours?

http://efinlinson.blogspot.com/
http://carolynfashionnotes.blogspot.com/


Can you say cringeville?

Constitutional Act of the Day: Community Reinvestment Act

Class, before I begin my explanation as to how our nation was plunged into financial ruin by a combination of Wall-Street and both the Democrats and Republicans in the White house from 1999 to 2008 (yes, that includes Golden Boy Bill Clinton), I would like to prep you with some "of the day" lessons.

We will begin with the Community Reinvestment Act:

If you followed the link and did some reading on your own, you would find out the following...

Year Passed: 1977

Who Passed: Jimmy Carter Administration and the 95th U.S. Congress (both chambers were a Democratic Majority)

What it entailed: It encouraged commercial banks and savings associations to stop redlining practices and lend money to their surrounding communities, mainly low-moderate income neighborhoods providing that is it is monitored by the Fed to ensure "safe and sound operation"

Criticism -OR- What it meant to potential exploiters

"distort credit markets" - OR - expansion into risky investing like Securities and Derivatives

"create unnecessary regulatory burden" -OR- Freddie Mac and Fannie Mae to lend financial backing, the chance for government to make(lose) money in the financial sector, and making up a CRA rating system for banks so government could provide an illusion of accountability.

"lead to unsound lending" -OR- pave the way for unregulated predatory lending (What happened to the CRA rating system?)

"cause the governmental agencies charged with implementing the law to allocate credit"-OR- Government was asking for the banks to lend in the first place, and also promising oversight in lending practices. Why wouldn't financial institutions expect a bailout from government, especially with participation from Fannie Mae and Freddie Mac?


Think about it kids.