Tag Archives: banking

Scott Walker, Koch Addict

From The Washington Post:

You’ve probably heard politicians fret that state governments – or, worse, the federal government – will default on their debts. House Speaker John A. Boehner called the prospect of a federal default “a financial disaster not only for our country but for the worldwide economy.”

And why will it be so bad for the economy? Because the powerful actors who make up the entity we loosely refer to as “the market” – that means everyone from banks to hedge funds to China – will go nuts.

…snip…

So America’s various governmental entities are looking for ways to avoid defaulting on their debt – or at least defaulting on their debt to the powerful. That addendum is important, because one of the strategies that’s emerging is to default on debt to the less powerful, the people who don’t have the power to wreck our economy.

This is a crucial fact about the economy: Power matters. It’s worth more, in many cases, than money. And that’s what’s really at issue in Wisconsin.

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The Cain Scrutiny

From THINK PROGRESS:

This weekend, David and Charles Koch, co-owners of the Koch Industries conglomerate of chemical, timber, oil and manufacturing interests, are hosting their twice annual meeting to coordinate strategy and raise funds for the conservative movement. In October, ThinkProgress brought these meetings to light with a memo detailing the last Koch event, held in June, where corporate interests collaborated to help Republicans dominate the election last year. The memo we published showed that the last meeting included a number of wealthy business executives, along with leaders from the U.S. Chamber of Commerce and Glenn Beck. Previous meetings have featured top Republican politicians and conservative Supreme Court justices [Antonin Scalia and Clarence Thomas].


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Crap Shoot

From the Los Angeles Times:

They want to repeal the healthcare overhaul, pare back financial regulations, slash federal spending and curtail the reach of the Environmental Protection Agency. In essence, they want to challenge the agenda of the Obama administration at every turn.

The new GOP chairmen of key House committees such as Appropriations, Budget, Energy and Commerce, and Oversight and Government Reform believe they have a mandate to check the size and scope of government.

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Koch Choler

From Joe Conason at Salon:

Is there a vast corporate conspiracy behind the Tea Party and the midterm resurgence of the far right? The most suggestive evidence involves the well-documented role of the billionaire Koch brothers, their Americans for Prosperity front group and other Koch-funded entities – but now a secret letter from Charles Koch shows that the tentacles of the “Kochtopus” include a high-level “network” of corporate, lobbying, nonprofit, and media organizations that meet regularly to plot right-wing strategy.


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Who should go to jail? Fill in the Blank(fein).

(Reuters) – Goldman Sachs Group Inc was charged with fraud by the U.S. Securities and Exchange Commission over its marketing of a subprime mortgage product, igniting a battle between Wall Street’s most powerful bank and the nation’s top securities regulator.


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Naked Ambition

From TALKING POINTS MEMO:

A new Rasmussen poll of New York looks at how former Rep. Harold Ford (D-TN) might do if he ran against appointed Democratic Sen. Kirsten Gillibrand in the general election, as an independent, rather than challenging her in the Dem primary. The answer is that he wouldn’t get very far — but Gillibrand wouldn’t walk away with the contest itself, with a potential split in the Democratic vote.

The numbers: Gillibrand 39%, an unnamed generic Republican candidate 34%, and Ford 10%.  […] Rasmussen had to use a generic Republican precisely because there is no GOP candidate right now, and the party’s recruiting efforts have kept coming up short. (We’ll see whether the Republican victory in Massachusetts gets anybody interested in this race.)

Interested? Harold Ford, ever the opportunist, seeing the success of Scott Brown in the Massachusetts senate race, has changed his strategery for the New York senate primary accordingly, and he thinks he’ll have the same success.


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The Company He Keeps

From THINK PROGRESS:

Major U.S. banks which instigated the financial crisis are set to pay out “record” bonuses and compensation — $145 billion by some estimates. State Sen. Scott Brown (R-MA), the Republican candidate running for the special U.S. Senate election next week, announced yesterday that he would oppose the recently announced financial crisis responsibility fee on large banks.

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(l to r:  Richard Gilder, Steve Forbes, Scott Brown, Dick Armey, Rudy Giuliani)

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For the Love of Pete

From TALKING POINTS MEMO:

Intrigue. Deceit. And forbidden love on a sun-kissed tropical island — with billions of dollars on the line.

No, this isn’t a Danielle Steel bodice-ripper. Or Mark Sanford’s latest confession about crossing “the ultimate line”. Instead, it’s the story of the tangled, high-stakes relationship between Rep. Pete Sessions (R-TX) and accused Ponzi schemer Allen Stanford.


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