Tag Archives: Treasury Department

Lindseypoo Through the Looking-Glass

From the National Journal:

A top Senate Republican signaled on Sunday that GOP lawmakers are ready to engage in brinkmanship over the federal government’s debt ceiling, threatening to let the Treasury default on its obligations if Democrats don’t agree to drastic cuts in spending.

…snip…

[Sen. Lindsey Graham, R-S.C.], who often positions himself as a bridge builder between Republicans and Democrats, laid out demands on Sunday that were much closer to the tea party wing of the new Congress.

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Summers’ Time and the Leaving is Easy

From The Washington Post:

President Obama‘s top economic adviser, Lawrence H. Summers, will step down as director of the National Economic Council after the November elections and return to a teaching post at Harvard University, the White House announced Tuesday.

The departure of Summers, 55, will complete the turnover of three of Obama’s four top economic advisers as the administration struggles with the political fallout of a stubbornly weak economy.


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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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Insanity Is Her Currency

From Think Progress:

Earlier this week, right-wing fanatic Rep. Michele Bachmann (R-MN) started peddling false conspiracy theories that the world was moving toward a unified global currency — and that the U.S. might join in as early as next week’s G-20 conference. The myth was started when China’s central bank governor suggested replacing the dollar as the world’s reserve currency. Though the suggestion has nothing to do with a unified global currency, Fox News’ Major Garrett decided to ask President Obama whether he supported the fictional prospect of such a move. (Obama, for the record, does not.)

Today on Glenn Beck’s radio show, Bachmann declared that the U.S. will soon be moving to “give up the dollar as our currency and we would just go with a One World currency.” Such action, she warned, would mean the U.S. as a country would be “no more”…


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The Bonus Round

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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Good Riddance

Noon tomorrow, kids. The Chimpy Preznitzy officially ends at noon tomorrow. Can you believe it’s almost over?
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Who Ya Gonna Call?

(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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