From Ezra Klein at The Washington Post:
There’s been a lot of anxiety over leaks outlining the compromises being made in the Senate Finance Committee’s health-care plan. Among these compromises is a rejection of the public option and the absence of an employer mandate. Disappointing stuff. But, at this point, completely predictable.
Look at this picture. Study it. This is who is in the room helping Baucus put together his bill. Olympia Snowe, Mike Enzi, Chuck Grassley, Jeff Bingaman and Kent Conrad. In a Senate of 60 Democrats and 40 Republicans, the health-care reform bill is being written by three centrist Democrats, one centrist Republicans, and two conservative Republicans. And until last week, Orrin Hatch was in the room, too.
(l to r: Mike Enzi, Chuck Grassley, Max Baucus, Olympia Snowe)
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Tagged as Aetna, AIG, Amgen, Big Pharma, Blue Cross/Blue Shield, campaign finance, campaign funds, Campaign Money Watch, Center for Responsive Politics, conservatives, DaVita, games, Glacier PAC, Goldman Sachs, health care, Health Insurance, Jeff Bingaman, JPMorgan Chase, Kent Conrad, lobbyists, Max Baucus, Mike Enzi, New York Life, Physicians for a National Health Program, public option, Schering-Plough, Senate Health Committee, single payer, taxes, UST Inc.
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.
Original movie poster.
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Tagged as AIG, AIGFP, American International Group, Andrew Cuomo, Bank of America, Barney Frank, Bill of Attainder, bonuses, Charlie Rangel, Citigroup, Ed Liddy, ex post facto law, Federal Reserve, GMAC, House Financial Services Committee, House Ways and Means Committee, Housing and Economic Recovery Act, Jamie Dimon, John Mack, John Stumpf, JPMorgan Chase, Ken Lewis, Lloyd Blankfein, Max Baucus, Richard Blumenthal, Robert Kelly, Ron Wyden, Ronald Logue, stimulus, TARP, taxes, Timothy Geithner, Treasury Department, Troubled Asset Relief Program, Vikram Pandit, Wall Street, Wells Fargo
From Consortium News:
John McCain has been purging lobbyists from his campaign trying to reclaim the mantle of political reformer, but there’s one lobbyist whose role as a key economic adviser makes him almost untouchable despite ties to the sub-prime debacle, links to the Enron disaster and alleged evasion of ethics rules.
Former Sen. Phil Gramm, who was listed as a lobbyist for banking giant UBS as recently as December 2007, has emerged as what Fortune magazine calls “McCain’s econ brain,” filling McCain’s acknowledged void on economic expertise (“I don’t know as much about the economy as I should”).
Original DVD cover.
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Tagged as Bear Stearns, deregulation, economy, energy prices, Enron, foreclosures, Glass-Steagall Ac, health care, Jose Montemayor, JPMorgan Chase, Ken Lay, lobbyists, mortgage crisis, New Century, Phil Gramm, recession, Rick Perry, Sarbanes-Oxley, SEC, Securities and Exchange Commission, subprime mortgages, UBS, Warren Buffett, Wendy Gramm, William Galvin