Posts Tagged ‘Ken Feinberg’

Geithnerbabble Private Investment Blahblah Blah Zzzzz

Geithnerbabble Private Investment Blahblah Blah Zzzzz

Courtesy of Jr. Deputy Accountant 

Hahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha.

Ya think, Timmy?

WSJ:

Treasury Secretary Timothy Geithner said the economy has now recovered sufficiently for government to begin to make way for private business investment.

Mr. Geithner’s comments on Sunday, which echo previous sentiments expressed by President Barack Obama, reflect a turning point in the government response to the worst economic downturn since the Great Depression, a period marked by deep federal intervention in the financial, housing, auto and other industries.

“We need to make that transition now to a recovery led by private investment,” Mr. Geithner said Sunday on NBC’s “Meet the Press.”

Mr. Geithner hit two Sunday talk shows, delivering the Obama administration’s message that the economy was recovering, but warning that high unemployment would continue to linger.

“I think the most likely thing is you’ll see an economy that gradually strengthens over the next year or two, you’ll see job growth start to come back, investments expanding … but we’ve got a long way to go still,” Mr. Geithner said.

Times like these you begin to wonder if Geithner was really just hired to serve as this administration’s weasel.

Check out On Wall Street, crime pays very well via the socialists at WSWS:

Treasury Secretary Timothy Geithner, appearing on several Sunday morning interview programs, endorsed Feinberg’s contention that he had no authority to halt the bonus payments—without noting that the Obama administration had insisted that Congress not enact any legally binding restrictions on executive pay and bonuses. In other words, the “pay czar” was impotent because the White House wanted it that way.

On NBC’s “Meet the Press,” Geithner was asked how he could justify a situation where those whose financial operations caused the present economic slump were raking in seven- and eight-figure salaries and bonuses, while ordinary people are struggling to survive. He made no real answer, only pointing to the financial reform legislation signed into law last week by Obama as though it provided a solution.

Squirm, mother&^**ker, squirm. Geithy still doesn’t have an answer on Fannie and Freddie and probably won’t for the foreseeable future. Let’s just talk about the government stepping back instead. 


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Wall Street, Meet Ken Feinberg, the Pay Czar

Wall Street, Meet Ken Feinberg, the Pay Czar

By Stephen Gandel, courtesy of TIME

Ken Feinberg 

Ken Feinberg at his office in Washington
Charles Dharapak / AP, courtesy of TIME

Ken Feinberg is a close talker. Feinberg, a lawyer who in June was named the Treasury Department’s special master for executive compensation, starts his sentences about 18 inches from your face and, with a thick Boston accent, leans in to make his point.

It’s an unusual trait for a guy who has to deliver the type of news that most of us would prefer to dispense from across the room or, better yet, by e-mail from a do-not-reply address. On Oct. 22, he told 136 top executives of seven bailed-out firms that effective immediately, he was cutting their total compensation 50% from what they received a year ago. Feinberg’s previous public position was the administrator of the September 11th Victim Compensation Fund. In that job, he had to put a price tag on the dead.

"Dollars are a surrogate for worth," says Feinberg, leaning back in his chair before bouncing forward again on the next sentence. "So when you start talking about dollars, what people hear is a ruling on their overall integrity and value to society. It gets difficult."

Feinberg, 64, holds a unique position in American society. He decides what people — their pain as well as their day-to-day roles — are worth. Appointed 25 years ago to distribute about $200 million to Vietnam vets poisoned by the herbicide Agent Orange, he has become the Solomon of settlement. As head of the 9/11 fund, he held town-hall meetings and met one on one with countless grieving relatives to explain his bottom line on the lost years of mothers and fathers and daughters and sons. "He recognized the astounding amount of sensitivity of the assignment," says former Senator Charles Hagel, who supported Feinberg for the position. "By all the different assessments you can take of these things — victims’ reactions, cost to the taxpayer, political issues — he did a great job with the 9/11 fund."

His current task may be even more complex. Feinberg’s mid-October report reassessed not only what the top 25 executives of each of the seven firms that received the most government assistance should be paid but also how. Unlike his job with the 9/11 fund, Feinberg’s position as pay…
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Why Wall Street Reform is Stuck in Reverse

Why Wall Street Reform is Stuck in Reverse

My PhotoCourtesy of Robert Reich of Robert Reich’s Blog

At a conference in London, a Goldman Sachs international adviser, Brian Griffiths, praised inequality. As his company was putting aside $16.7 billion for compensation and benefits in the first nine months of 2009, up 46 percent from a year earlier, Griffiths told us not to worry. “We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all,” he said.

Eight months ago it looked as if Wall Street was in store for strong financial regulation — oversight of derivative trading, pay linked to long-term performance, much higher capital requirements, an end to conflicts of interest (i.e. credit rating agencies being paid by the very companies whose securities they’re rating), and even resurrection of the Glass-Steagall Act separating commercial from investment banking.

Today, Congress is struggling to produce the tiniest shards of regulation that would at least give the appearance of doing something to rein in the Street.

What happened in the intervening months? Two things. First, America’s attention wandered. We’re now focusing on health care, Letterman’s frolics, and little boys who hide in attics rather than balloons. And, hey, the Dow is up again. The politicians who put off Wall Street regulation for ten months knew that the public would probably lose interest by now.

Second, the banks keep paying off Congress. The big guns on Wall Street increased their political donations last month after increasing their lobbying muscle. Morgan Stanley’s Political Action Committee donated $110,000 in September, for example, of which Democrats got $43,000.

Official Wall Street PAC donations are piddling compared to the tens of millions of dollars that Wall Street executives dole out to candidates on their own (or with a gentle nudge from their firms). Remember — the Street is where the money is. Executives and traders on the Street have become the single biggest sources of money for Democrats as well as Republicans. And with mid-term elections looming next year, you can bet every member of Congress has a glint in his or her eye directed at the Street.

That’s why the President went to Wall Street to raise money Tuesday night, gleaning about $2 million for the effort. He politely asked the crowd to cooperate with reform — “If there are members of…
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Phil's Favorites

Animal Spirits: The DAO of DeFi Index Funds

 

Animal Spirits: The DAO of DeFi Index Funds

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Today’s Animal Spirits is brought to you by Index Coop

On today’s show we discuss: Listen here:

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Zero Hedge

Biden To Impose Tighter Travel Restrictions On Foreigners

Courtesy of ZeroHedge View original post here.

Update (0900ET): More reports about the new CDC-recommended travel restrictions have hit on Wednesday as the Biden White House has all but confirmed its plans to impose new restrictions on travel despite the WHO's pleas that South Africa not be penalized for warning the world about the new variant.

To be sure, the restrictions being considered by the administration would still allow travelers with up-to-date COVID testing (within the last 24 hours) to enter the country. Presently, vaccinated travelers must get tested within three days of boarding their fligh...



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Biotech/COVID-19

Omicron and market sell-off: don't be surprised if there's more turbulence to come

 

Omicron and market sell-off: don’t be surprised if there’s more turbulence to come

shutterstock.

Courtesy of Arturo Bris, International Institute for Management Development (IMD)

Until the Omicron variant hit the headlines, the signs were that 2021 was going to close with a stellar stock-market performance. Most markets have been on the rise since the beginning of the year, with the S&P500 up about 25% and the FTSE All Share index up by about 10%.

There had ...



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Politics

The first Thanksgiving is a key chapter in America's origin story - but what happened in Virginia four months later mattered much more

 

The first Thanksgiving is a key chapter in America’s origin story – but what happened in Virginia four months later mattered much more

In the 19th century, there was a campaign to link the Thanksgiving holiday to the Pilgrims. Bettman/Getty Images

Courtesy of Peter C. Mancall, USC Dornsife College of Letters, Arts and Sciences

This year marks the 400th anniversary of the first Thanksgiving in New England. Remembered and retold as an allegory for perseverance and cooper...



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Chart School

Gold and Silver still working higher

Courtesy of Read the Ticker

Using Gann Angles from zero we can time the next run up, and it is near.

The last two days gold and silver are down on the back of central bankers talking the US Dollar higher in a attempt to off set inflation. A rising dollar is a form of tightening. Also the talk of a faster 'taper' has sent interest rates higher. But Luke Gromen knows this cant not last.

@LukeGromen Externally-financed twin deficit nations with insufficient external financing (ie the US, not Japan) cannot abide rising real rates for long.


RTT Comments: What this means a higher US Dollar makes it harder for those outside the US to buy the vast quantity of US Treasuries. 


U...

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Digital Currencies

Stablecoins: these cryptocurrencies threaten the financial system, but no one is getting to grips with them

 

Stablecoins: these cryptocurrencies threaten the financial system, but no one is getting to grips with them

Safe as houses? iQoncept

Courtesy of Jean-Philippe Serbera, Sheffield Hallam University

Cryptocurrencies have had an exceptional year, reaching a combined value of more than US$3 trillion (£2.2 trillion) for the first time in November. The market seems to have benefited from the public having tim...



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Promotions

Phil's Interview on Options Trading with TD Bank

TD Bank's host Bryan Rogers interviewed Phil on June 10 as part of TD's Options Education Month. If you missed the program, be sure to watch the video below. It should be required viewing for anyone trading or thinking about trading using options. 

Watch here:

TD's webinar with Phil (link) or right here at PSW

Screenshots of TD's slides illustrating Phil's examples:

 

 

&n...



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Kimble Charting Solutions

Crude Oil Cleared For Blast Off On This Dual Breakout?

Courtesy of Chris Kimble

Is Crude Oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity!

Crude Oil has created lower highs over the past 13-years, since peaking back in 2008, along line (1).

It created a “Double Top at (2), then it proceeded to decline more than 60% in four months.

The countertrend rally in Crude Oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).

A successful breakout at (3) would suggest Crude Oil is about to mo...



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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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