From CBS News:
Housing and Urban Development (HUD) Secretary Ben Carson was quizzed at a hearing on Capitol Hill Tuesday, resulting in yet another viral moment for the cabinet official. Appearing before the House Financial Services Committee for an oversight hearing, Democratic Rep. Katie Porter asked Carson to help define what “REOs” are.
For those not in well-versed in housing terminology, “REO” stands for “real estate owned” — a term used to describe foreclosed property that has been transferred back to a bank or lender after an unsuccessful auction. Banks will typically sell REO properties as-is, meaning the buyer buys the home and all the problems along with it.
Carson, however, appeared to have misheard Porter, thinking she was referring to the delicious chocolate sandwich cookie.
From POLITICAL HOTSHEET at CBS News Blogs (September 30, 2009):
Democratic Representative Alan Grayson of Florida, who has come under fire from Republicans for suggesting on the House floor Tuesday night that “Republicans want you to die quickly if you get sick,” said in an interview with CBSNews.com Wednesday that the response to his comments has been “overwhelmingly positive.”
“People are calling us from all over the country to congratulate us for telling the truth,” he said. “People are happy to see a Democrat with guts.”
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SAN FRANCISCO (MarketWatch) — Top Wall Street executives reacted harshly on Friday to proposed legislation that would punitively tax bonuses awarded to employees at firms receiving federal assistance.
Citigroup Inc. Chief Executive Vikram Pandit and Bank of America Corp. Chief Executive Ken Lewis issued strongly worded internal memos about the proposed tax legislation, according to the online edition of The Wall Street Journal, while J.P. Morgan Chase & Co. Chief Executive Jamie Dimon sought to reassure his top executives that the firm is engaging with lawmakers on the matter.
The legislation, passed by the House on Thursday, would impose a 90% tax on bonuses for employees making over $250,000 a year at companies receiving at least $5 billion in federal aid under the Troubled Asset Relief Program, or TARP.
Citi’s Pandit criticized the proposed legislation in a memo to employees on Friday, arguing that it could result in the firm losing top talent.
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(CNN) — Senate Democrats and the White House failed to find 60 votes to end debate on a $14 billion auto bailout bill and bring it to a vote Thursday night, killing the measure for the year.
The 52-35 vote followed the collapse of negotiations between Senate Democrats and Republicans seeking a compromise.
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