Tag Archives: Wall Street

If you shake hands with Wilbur, count your fingers afterwards

From Forbes:

A multimillion-dollar lawsuit has been quietly making its way through the New York State court system over the last three years, pitting a private equity manager named David Storper against his former boss: Secretary of Commerce Wilbur Ross. The pair worked side by side for more than a decade, eventually at the firm, WL Ross & Co.—where, Storper later alleged, Ross stole his interests in a private equity fund, transferred them to himself, then tried to cover it up with bogus paperwork. Two weeks ago, just before the start of a trial with $4 million on the line, Ross and Storper agreed to a confidential settlement, whose existence has never been reported and whose terms remain secret.

It is difficult to imagine the possibility that a man like Ross, who Forbes estimates is worth some $700 million, might steal a few million from one of his business partners. Unless you have heard enough stories about Ross. Two former WL Ross colleagues remember the commerce secretary taking handfuls of Sweet’N Low packets from a nearby restaurant, so he didn’t have to go out and buy some for himself.

it takes a thief

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The Art of the Grift

From the DAILY BEAST:

NEW YORK – Anthony Scaramucci, the newly appointed White House Communications Director, has the hair and wardrobe of a stock-photo businessman, a nickname too absurd to stick with anyone else (“the Mooch”), and a fortune made from hawking high-cost, low-performance investments to ordinary people who don’t need them.

His appointment Friday may have been a surprise to White House staff. But Scaramucci landing a high-profile Trump administration job is what what a sociologist might call “overdetermined.”

citizen20kane20scaramucci

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Scaramucci, Scaramucci, will you do the Covfefe?

From POLITICO:

White House press secretary Sean Spicer resigned on Friday following his disagreement with President Donald Trump’s decision to appoint Anthony Scaramucci, a Wall Street financier, as the new communications director, according to multiple White House officials.

mooch20goes20to20hollywood

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100% Ridiculous

From POLITICAL HOTSHEET at CBS NEWS:

Over the past several weeks, hundreds of Americans have submitted personal tales of economic hardship on the “Occupy Wall Street”-affiliated Tumblr “We are the 99 percent.” Now, conservatives who oppose the Wall Street protests have an answer to it in the form of their own Tumblr, entitled “We are the 53%.”

According to the Washington Post, the blog was conceptualized by Redstate.org founder Erick Erickson, who collaborated on it with the Texas Public Policy Foundation’s Josh Trevino and conservative filmmaker Mike Wilson.

The Tumblr claims to represent the 53 percent of Americans who pay federal income taxes – the implication being that those associated with “Occupy Wall Street” are not also part of that 53 percent and do not pay federal income taxes.

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I woulda thought of a really cool title, but I was preoccupied.

From Bloomberg Businessweek:

Oct. 11 (Bloomberg) — Democrats are rallying around the Occupy Wall Street demonstrators, seeking to channel the movement’s energy into votes in the 2012 elections by sharpening contrasts with Republicans who criticize the protests.

“If you’re concerned about Wall Street and our financial system, the president is standing on the side of consumers and the middle class,” senior White House adviser David Plouffe said when asked about the demonstrations during an interview today on ABC’s “Good Morning America.” “And a lot of these Republicans are basically saying, ‘You know what? Let’s go back to the same policies that led to the Great Recession in the first place.’”

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Takin’ It to the Streets!

From THE HILL:

House Majority Leader Eric Cantor (R-Va.) described Wall Street protesters as a mob on Friday and implied Democrats were egging them on.

In a speech to the conservative Values Voter Summit, Cantor said he was “increasingly concerned by the growing mobs” and criticized Democrats who have showered praise on the protesters in New York and other cities.

“Some in this town have actually condoned the pitting of Americans against Americans,” Cantor said.

Funny how he never seemed to have a problem with the Teabaggers or the bullshit of Rethugs trying to diss Democrats by consistently saying the Democrat party instead of Democratic.  Pettiness and derision and division seem to be just fine with widdle Ewic Token Cantaw until someone picks on his rich buddies.

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Just Put Your Lips Together and Blow

From THINK PROGRESS ECONOMY:

A new Stop Snitchin campaign to deter would-be informants, in this case against people speaking up against crimes on Wall Street, is quietly taking shape, this time far from the media’s eye.

Financial experts and academics agree that strong whistleblower regulations could have prevented the Bernie Madoff Ponzi scheme and indeed much of the financial crisis if employees at firms engaged in fraudulent activity had spoken up early or had reported complex crimes to the appropriate authorities. Employees at firms at the center for the financial crisis, including troubled lender Countrywide, have cited intimidation and other illicit tactics as the reason few people spoke up as whistleblowers. Since the old whistleblower laws provided for weak legal protections for informants and relatively rare rewards, the Dodd-Frank financial reform law passed last year revamped the system with new rights for informants blowing the whistle on financial crimes.

Bank lobbyists and Fox News, however, have made such protections enemy number one.

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