Tag Archive | "labor"

Opening Bell: 03.17.11

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BofA, Citi, UBS In LIBOR Probe (WSJ)
The investigation has been underway for at least a year. Last fall, regulators sent formal requests for information to the 16 banks that at the time were on the so-called Libor panel. The panel last month expanded the investigation to include 20 banks. More recently, the SEC has sent subpoenas to several banks, including Bank of America, Citigroup and UBS, the people said. The agency also has summoned officials from those three banks to testify to investigators as part of the probe. It isn’t clear how many other banks have received subpoenas or been asked to testify.

BoJ Injects Another 5 Trillion ($61 Billion) Yen To Calm The Market (Reuters)
That came on top of a total of 28 trillion yen already offered in same-day operations this week in the aftermath of last Friday’s devastating earthquake and tsunami.

Japan Churns Through ‘Heroic’ Workers Hitting Radiation Limits (Bloomberg)
More workers were drafted for the frontline of Japan’s biggest nuclear disaster as radiation limits forced Tokyo Electric Power Co. to replace members of its original team trying to avert a nuclear meltdown. The utility increased its workforce at the Fukushima Dai- Ichi plant to 322 today from 180 yesterday as it tried to douse water over exposed nuclear fuel rods to prevent melting and leaking lethal radiation. Levels beside the exposed rods would deliver a fatal dose in 16 seconds, said David Lochbaum, a nuclear physicist for the Union of Concerned Scientists and a former U.S. Nuclear Regulatory Commission safety instructor.

Groupon Is Said To Discuss IPO Valuation Of Up To $25 Billion (Bloomberg)
The two-year-old startup’s IPO may happen this year and is unlikely to assign Groupon a valuation of less than $15 billion, according to people.

U.S. Plans Japan Airlift as Authorities Battle Reactor Leaks (Bloomberg)
The U.S. plans to airlift citizens from Japan along with military and diplomatic families, reflecting widening skepticism that the authorities can contain leaks from the quake-stricken Fukushima nuclear plant. The U.S., U.K. and Australia raised their alert levels, telling nationals to keep at least 50 miles (80 kilometers) away from the Dai-Ichi facility. Blackstone Group LP and BNP Paribas SA were among companies that shifted operations from Tokyo, which lies about 135 miles to the south.

Inflation Keeps Edging Up; Jobless Claims Take Dip (Reuters)
New U.S. claims for unemployment benefits fell as expected last week, with the four-week moving average dropping to its lowest level in more than 2-1/2 years, pointing to a strengthening labor market. Initial claims for state unemployment benefits fell 16,000 to a seasonally adjusted 385,000, the Labor Department said. Economists polled by Reuters had forecast claims falling to 387,000. The prior week’s figure was revised up to 401,000 from the previously reported 397,000.

The Snooze Moment In The Galleon Trial (Dealbook)
At about 12:18 p.m., Juror No. 18, an alternate, started the patented juror head-bob as he began to doze off during a slow part of the testimony. Within minutes, he was in a full-on midday snooze.

Diet Coke Beats Pepsi (WSJ)
U.S. sales of Diet Coke overtook those of Pepsi-Cola for the first time in 2010, making the diet soda the No. 2 carbonated soft drink in the country behind Coca-Cola, industry data are expected to confirm Thursday. Occupying the top two rankings would mark a historic win for Coca-Cola Co. in its decades-old rivalry with PepsiCo Inc., which has seen its market share slip in recent years and is trying to retool its marketing.

FDIC’s Tab For Failed Banks Nears $8 Billion (WSJ)
As of Jan. 31, the latest month for which figures are available, the FDIC has paid out $8.89 billion to banks under the loss-share agreements. Such deals are in place at 236 financial institutions, with the FDIC agreeing to assume most future losses on $160 billion of assets.

Japan Uses Helicopters, Water Cannons, Troops to Quell Meltdown (Bloomberg)
Helicopters doused 30 metric tons of water on pools used to cool spent fuel rods. No change in radiation was reported after four bombing runs by the aircraft, Kyodo News said citing plant operator Tokyo Electric Power Co. A plan to have police shoot a high-pressure stream of water at the reactor structure was called off tonight. Tokyo Electric has connected a power cable to the plant, Kyodo reported. “We are still reviewing the result of water spraying by helicopters,” said Akiteru Kobayashi, head of nuclear facility management.

Berlusconi: I’m Too Old For Sex With 33 Women (AP)
“Even though I am a little mischievous … 33 girls in two months seems like too much even for a 30 year old,” the premier said in an interview published Wednesday in La Repubblica, a leftist newspaper that has led a campaign for his resignation in the wake of the scandal. “It’s too much for anybody,” Berlusconi is quoted as saying. He insisted he has a girlfriend, whose identity is secret, who was always with him and would not have allowed what the prosecutors allege. “She would have ripped my eyes out,” he said.

Article courtesy of Dealbreaker

Opening Bell: 02.02.11

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Mubarak Moves to Regain Streets as Turmoil Hits Yemen (Bloomberg)
“There is no chance Mubarak can last until September, there is too much water under the bridge,” said Rime Allaf, associate fellow of the Middle East and North Africa Programme at London’s Chatham House. “The protests won’t stop until he leaves or is ousted. The opposition is clear that they want the fall of the regime, not just Mubarak.”

Another Rajaratnam Named in Ring (WSJ)
The government’s move emerged in recent days in court filings related to charges against former Galleon trader Michael Cardillo, who pleaded guilty last week in a New York federal court to securities fraud and conspiracy to commit securities fraud. In filing charges against Mr. Cardillo, prosecutors cite a co-conspirator, or “CC-1,” whom they allege participated in an insider-trading scheme with Messrs. Cardillo, Rajaratnam and others. “CC-1″ is Raj’s brother, Ragakanthan Rajaratnam, a Clorox Co. vice president, according to people familiar with the matter; he worked at Galleon between 2006 and 2009 as a portfolio manager. Prosecutors haven’t disclosed any charges of wrongdoing against Ragakanthan Rajaratnam, 49, in the insider-trading investigation.

Wall Street Pay Hits Record $135 Billion (WSJ)
In 2010, total compensation and benefits at publicly traded Wall Street banks and securities firms hit a record of $135 billion, according to an analysis by The Wall Street Journal. The total is up 5.7% from $128 billion in combined compensation and benefits by the same companies in 2009.

Nevsky’s Taylor Scales Back With $800 Million Fund (Bloomberg)
Nevsky Capital LLP’s Martin Taylor, who decided a year ago to step away from the “intensity” of running a $3.3 billion hedge fund, is starting a new version one-fourth the size, said two people with knowledge of the plan. Taylor, 41, and partner Nick Barnes, 36, aim to manage a fund with no more than $800 million when they shut their London- based Nevsky Fund Ltd. at month’s end, according to the people, who asked not to be identified because the information is private. Requests by clients to join the new fund, which will invest mainly in global stocks with a focus on emerging markets, have exceeded the amount Taylor and Barnes want to oversee.

Marc Faber: Bernanke, BLS Lie About Inflation (CNBC)
“I guarantee you … the annual cost of living increases are more than 5 percent, and the Bureau of Labor Statistics is lying,” Faber told CNBC at the Russia Forum in Moscow.

Facebook, Twitter Valuations Fuel Trading Surge to $7 Billion (Bloomberg)
Xpert and Gate will be competing with SecondMarket Inc. and SharesPost Inc., which gained popularity last year as investors poured billions of dollars into Facebook, Twitter Inc. and Groupon Inc. The value of the transactions may almost triple to $6.9 billion in 2011 from $2.4 billion in 2009, according to Nyppex LLC, a New York research and advisory services firm.

Sex Tape Sends Pop Star To Prison (WSJ)
The 29-year-old Nazril Irham—lead singer of a popular band in Indonesia called Peterpan and known to his fans and friends by the nickname “Ariel”—was sentenced to 3½ years in jail and fined $28,000 for two blurry, homemade sex videos seen by Internet users across Indonesia, the world’s most-populous Muslim-majority nation. One video shows him and his current girlfriend, a well-known actress. The other shows him with a former girlfriend, also an actress.

Deutsche Bank’s Moscow office raided (FT)
Russian police raided the Moscow offices of Deutsche Bank, Germany’s largest lender, on Wednesday, as part of a fraud investigation into one of the bank’s clients. Russia’s Prosecutor-general’s office said the search was part of an investigation into a suspected $87m fraud in the construction of the Hotel Moskva, just off Red Square, one of the most blighted construction projects in Moscow which has been under way since 2003.

Another Huge Winter Storm Disrupts US Flights, Traffic (AP)
Flight tracking service FlightAware has logged almost 6,000 cancellations for Tuesday.

Groundhog Day: Chuck, Phil Agree on Early Spring (NBC)

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Article courtesy of Dealbreaker

Opening Bell: 01.20.11

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Morgan Stanley Profit Surges (Fortune)
The bank made $1.1 billion, or 43 cents a share, from continuing operations. That’s up from $653 million, or 18 cents a share, on a comparable basis a year ago and ahead of the 35-cent analyst consensus estimate.Revenue rose 14% from a year ago to $7.8 billion, beating the $7.4 billion analyst target. Revenue rose 12% in institutional securities and 7% in global wealth management. Within institutional securities, principal transactions trading revenue fell 27% from a year ago.

FrontPoint’s Steve Eisman Weighs Leaving The Firm (WSJ)
Mr. Eisman, 48 years old, said Wednesday in response to questions about his plans, “At this point in my career, I want to have more control over my destiny.” He said he hasn’t decided on a structure for a potential new firm, and he plans to continue managing investments for FrontPoint, as well as for other investors, in any event.

David Tepper Is Cautious For 2011 (NYP)
Tepper said while “the biggest opportunities” will remain in equities, 2011 will be “harder and not without risk.” “When things go up too high, they will go down,” Tepper said, referring to the recent market surge, which saw the S&P 500 close the year up 13 percent, in line with his prediction.

Initial Jobless Claims in U.S. Fell to 404,000 Last Week (Bloomberg)
Applications for jobless benefits decreased 37,000 in the week ended Jan. 15, the biggest decline since February 2010, to 404,000, Labor Department figures showed today. Economists forecast 420,000 claims, according to the median estimate in a Bloomberg News survey. The number of people on unemployment benefit rolls fell, while those getting extended payments rose.

More Than 100 Suspected Mobsters Arrested (WSJ)
The arrests were made around the New York area on charges including racketeering, conspiracy, extortion and murder, a person familiar with the situation said. The takedown involved accused members and associates of all five New York organized-crime families: the Gambinos, Genoveses, Bonnanos, Luccheses and Colombos, this person said. Also arrested were members of the DeCavalcantes in Newark, N.J., and accused New England mobsters in Providence, R.I.

Spain To Ramp Up Bank Bailouts (WSJ)
In a first step, Spain is preparing to issue €3 billion ($4 billion) in debt in coming days, the people familiar with the matter said. Government officials are putting plans in place to eventually raise as much as €30 billion, according to these people, though some say the final tally will be less.

Blackstone on Pensions: ‘We Oppose Scapegoating Public Employees’ (Deal Journal)
“Blackstone’s view on public employee pensions is clear and unambiguous: We believe a pension is a promise. Working men and women should not have to worry about their retirement security after years of service to their communities. We oppose scapegoating public employees by blaming them for the structural budget deficits that cities and states face. We at Blackstone are committed to helping public employees retire with confidence in the strength and reliability of their pensions.”

Carlos Slim: Invest In Mexico Or Else (CNBC)
In fact, he says those choosing not to invest in Mexico are making a big mistake: They will lose. “If they are already here, they will lose market share. If they are not here they will lose a very big market. We are 110-112 million people, and growing the economy,” Slim says.

Article courtesy of Dealbreaker

Opening Bell: 10.08.10

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Greenspan Says US Creating ‘Scary’ Deficit By Borrowing (Bloomberg)
“We’re involved in a dangerous game,” Greenspan said yesterday at a foreign-exchange conference. “We’re increasing the debt held by the public at a pace that is closing” the gap between our debt and “any measure of borrowing capacity,” Greenspan said. “That cushion is growing very narrow.”

Larry Wilcox, “CHiPs” Actor, Charged with Securities Fraud (CBS)
The scheme involving Wilcox was one of several kickback operations run by more than a dozen small-company stock promoters, the Securities and Exchange Commission said Thursday. The SEC charged Wilcox and the others in lawsuits filed in Miami federal court. The SEC says the promoters were caught in an FBI undercover sting operation offering to pay kickbacks to pension-fund managers or stockbrokers for using their clients’ funds to buy penny stocks.

Cleveland Browns Owner Claims Hedge Fund Is Hiding His Money (Forbes)
Randy Lerner, the owner of the Cleveland Browns and the Aston Villa Football Club, is embroiled in a lawsuit over his October attempt to redeem $40 million from a hedge fund run by two sisters and a recent Republican Congressional candidate. In legal papers, Lerner claims the funds have been “hidden.”

Money Manager Who Crashed Plane Gets 10 Years (AP)
Hamilton Superior Court Judge Steven Nation sentenced Marcus Schrenker, who conned friends into investing in a fund that didn’t exist and tried to fake his death by parachuting out of a plane and crashing it when the scheme started to unravel, to 10 years in prison, ignoring Schrenker’s claims that a lighter sentence would give him enough time to make things right. Schrenker, 39, told Nation he wanted to repay investors and rebuild his relationship with the three children he’s seen only once since his arrest. He said he has bipolar disorder and had got caught in a downward spiral of stress after becoming addicted to painkillers.

Soros Says Banking System Remains “Too Connected” (Reuters)
“We didn’t grasp the real problems” in the financial regulation bill, Soros said at a Financial Times conference. Soros argued that the banking system is too compartmentalized and added he doesn’t see what has been done to solve that issue. “One thing you have to recognize is that markets are inherently unstable, and maintaining stability has to be the objective of financial authorities,” Soros said. “I think things have really gotten out of control and they have not been brought under control by what we’ve done so far.”

Finance Leaders To Try And End Currency Wars (Reuters)
“What we all want is a rebalancing of the global economy and this rebalancing cannot happen without … a change in the related value of currencies,” IMF Managing Director Dominque Strauss-Kahn said.

Obama May Try to Woo Business as P&G, Blackstone Vent (Bloomberg)
“I have every expectation as we go through the next several months that we are going to see a greater involvement with business than we have seen in some time,” said Tom Daschle, the former Senate Democratic leader and an Obama ally.

More Taxes In Finance, European Commission Says
According to the commission, the financial sector is not taxed enough, and should be expected to take some responsibility for the crisis, and its institutions benefited greatly from subsequent government interventions.

Economy Sheds 95,000 Jobs; Rate at 9.6% as Easing Looms (Reuters)
Nonfarm payrolls dropped 95,000, the Labor Department said on this morning. Private employment increased 64,000 after rising 93,000 in August. A total of 77,000 temporary jobs for the decennial census were terminated last month.

Stimulus Checks Sent To Dead, Incarcerated (WSJ)
The Social Security Administration sent about 89,000 stimulus payments of $250 each to dead and incarcerated people—but almost half of them were returned, a new inspector-general’s report found. The agency was charged with distributing the one-time payments, worth about $13 billion in total, as part of the economic-stimulus package passed in February 2009.

Carlyle Betting Patience Will Pay For India Investment (Reuters)
“We hope to deploy a sizeable amount of capital in the market. We have a $2.5 billion fund which still has a lot of dry powder,” said Devinjit Singh.

HSBC Told To Improve Oversight (WSJ)
The orders give the board of HSBC North America Holdings Inc., based in New York, 30 days to submit a plan to strengthen the unit’s oversight of business risk management. The HSBC operation was ordered to “employ a permanent full-time” regional compliance officer for risk management. HSBC also must retain an outside consultant approved by the Fed to review the unit’s compliance program.

Article courtesy of Dealbreaker

Write-Offs: 09.03.10

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$$$Things To Do For Your Career This Labor Day Weekend” include “start a blog” and “become a human.” [FINS]

$$$ Buy Jamie Dimon’s Chicago House For Just $6.95 Million (much less than the $13.5 million he originally wanted and just a smidge more than the $4.875 million he paid for it in 2004) [CBB]

$$$ How Dick Fuld Prepared For His Big Day On Capitol Hill [NetNet]

$$$“Bess: Finally, Wall Street can buy their clothes from someone who gets it. Someone who could arguably be even more arrogant and pompous. With a comprehensive line of $500 shirts in all the exact same style (Stripes of Pride) in 5 different colors (white colors and French cuffs, of course) I expect to see Lloyd and Vikram wearing Stripes of Pride exclusively in the upcoming season. Part of the story of the brand launch: The timing couldn’t be worse yet couldn’t be better. It was the moment. The moment to finally start. The moment to launch the most luxurious fashion brand in the world. My dream for years. Not cowardly looking for other ways. Of course not. The opposite. Attack. Using Wall Street. The two words. The words that say it all. The metaphor for everything that is right. Right about Capitalism. Right about Liberty. Right about Happiness. And right about Life. CLHL. Stripes of Pride. Celebrating capitalism. Promoting happiness and supporting freedom. Calling my brand WallStreet Kingdom. I’m not going to spoil the glory of the Flash intro for you, but gird your loins and crank the volume. It’s pretty intense.” [WSK]

$$$ Peter Orszag To The New York Times [WaPo]

$$$ Patrica Cohen is suing one of her lawyers. [PDF]

$$$ Have a great weekend and see you Tuesday!

Article courtesy of Dealbreaker

Housekeeping: Joe Kernen Is On Vacation And Someone Needs To Brush Up On His/Her KingPin Quotes

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From time to time, as it’s right next to the box I need to click to open a new post, I like to check out what terms non-regular readers have searched to end up on this here site. Ping Jiang is a frequent one, as is a rotating cast of CNBC anchorettes, in addition to some that are less expected but certainly welcome, like “dogs playing poker” and “Vladimir Siforov.” Here are today’s:

#1. daniel s. loeb letter

#2. steve cohen GOP

#3. beard stroking

#4. brian hunter

#5. where is joe kernen

#6. carrianne howard

#7. topless shots

#8. Ping Jiang

#9. never mow another man’s lawn

As I’m always working for you but mostly because I demand accuracy in movie quoting, I figured I’d do everyone who is apparently lost a solid and answer the questions implied by the search terms above. So:

1) If you are looking for Dan Loeb’s latest quarterly letter, it is here. 2) Steve Cohen has indeed already rented a bunch of elephant costumes for his P&L analysts to wear for the midterm elections and to ensure the money doesn’t go to waste, he strategizes with GOP operatives every Tuesday night, though that’ll be moved to Wednesdays once The Bad Girls Club on Oxygen returns this fall. 3) I don’t know what you were looking for re “beard stroking” but I like it nevertheless. 4) I suspect this was Brian Hunter Googling himself, not that there’s anything wrong with that. Everybody say “Hi, Brian.” 5) Joe Kernan is on vacation. He’s back after Labor Day. 6) Carrianne Howard is the stripper aligning with hedge fund managers shorting for-profit schools. 7) I don’t think we’ve ever posted an actual topless shot** but feel free to peruse the “topless shots” category. I hope you find what you’re looking for. 8) Don’t know what you wanted to find about Mr. Jiang but his fund was up 49.5% through July YTD. Suck it, bitches. No, really. 9) The line is “Take that, you freaky piece of shit. You don’t mow another guy’s lawn.” Write that down.

**Photos that have strategically black bars don’t count.

Article courtesy of Dealbreaker

Opening Bell: 08.13.10

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Credit Suisse, Barclays May Be Start Of Bank Hiring Freeze (Bloomberg)
“Now that trading revenues are dropping there’s a hiring freeze on,” said John Purcell, managing director at executive search firm Purcell & Co. in London. “I wouldn’t be surprised to see people shedding traders again.”

Papandreou’s Summer Pay Cuts Keep Cash-Strapped Greeks at Home (Bloomberg)
Eleni Alexiou says she can’t afford to take her two children to a Greek island on vacation this year after the government axed her summer bonus and reduced her pay. “We’re not going anywhere, just any place that friends and family can put us up,” said Alexiou, 38, a state employee at a citizens’ advice bureau in Athens. “The crisis is the reason. The summer bonus has been cut. Everything’s gone up in price.”

Wall Street Bonuses To Rise This Year: Report (Reuters)
Incentives at financial firms should rise from 2009 levels but remain below the record payouts of 2007, according to compensation consultant Johnson Associates. Average compensation at investment and commercial banks is set to rise for the second straight year, while payouts at asset managers should rebound from a 2009 trough, the report said. While some corners of Wall Street are likely to see bonuses rise by up to 15 percent this year, others could see a 15 percent drop, the report said. Businesses that will likely see the biggest increases include prime brokerage; equities-based asset management; and high net worth units. Areas set for the steepest bonus drops are fixed-income units at both investment and commercial banks and equities.

New GM Chief Known As Pragmatic Leader (NYT)
FYI: “The world is divided into defenders and attackers, and G.M. has been a defender,” Mr. Anderson said. “Akerson has run attackers. He is going to essentially turn General Motors into a next-generation attacker.”

Maxine Waters to Face Reporters Friday to Address Ethics Charges (ABC)
Waters will be joined by her chief of staff Mikael Moore, who is also her grandson. Waters is expected to read a prepared statement in front of cameras, followed by a presentation conducted by Moore refuting the statement of alleged violations issued by the Ethics Committee earlier this month. After the presentation concludes, television cameras will be asked to leave for an on-the-record, but off-camera Q & A session with Waters and Moore.

Economists Want Policy Makers To Back Off (WSJ)
53 surveyed economists offered a bleak picture of tepid growth and high unemployment. On average, they still don’t see the unemployment rate dropping below 9% through at least June 2011. They expect the economy to add just 136,000 jobs a month over the next 12 months, down from a forecast of 157,000 in the July survey. At that rate, job creation will barely keep up with new entrants to the labor force. Despite the continued challenging conditions, 30 out of 48 economists who answered the question said the economy didn’t need any more fiscal or monetary stimulus. Six economists said more fiscal stimulus was necessary, while five want more monetary stimulus from the Federal Reserve and seven said that the economy could use both. The survey was conducted before the central bank’s announcement Tuesday that it would reinvest proceeds from its mortgage-backed securities and agency debt portfolio into Treasurys, essentially boosting monetary stimulus. “The economy needs government to get out of the way,” said Stephen Stanley of Pierpont Securities.

Steven Slater Ready To Come Home To JetBlue (NYP)
“It’s a wonderful airline, he loves working for them and wishes to continue to work for them,” Slater’s attorney, Howard Turman, said outside his client’s apartment in Belle Harbor, Queens. “He did his job effectively, efficiently and appropriately.”

DOJ asks HP for records in bribery probe (MarketWatch)
German prosecutors, as first reported by The Wall Street Journal in April, are looking into the possibility that H-P executives paid about €8 million ($10.9 million) in bribes to win a €35 million contract under which the U.S. company sold computer gear, through a German subsidiary, to the office of the prosecutor general of the Russian Federation. The German probe has been joined by U.S. and Russian authorities, according to people familiar with the matter.

Irish Banks Rattling Nerves Again (WSJ)
Ireland’s problems have moved to center stage. On Thursday, the government sold €1 billion in six- and eight-month treasury bills, paying 2.458% on the six-month note, a big jump from the 1.367% yield it paid at the last auction three weeks ago. The yield on the 10-year bond rose to 5.367%, 2.94 percentage points higher than the relative German bund and up almost half a percentage point from one week ago. Philip Lane, a professor of international and macro-economics at Trinity College in Dublin, said Anglo Irish’s call for more capital is troublesome and there are worries that the deeper the government digs into its loan book, the more problems it could find.

Hedge Fund Inflows Jumped In July
Hedge-fund assets rose 1.37% in July to $2.249 trillion, after falling for two consecutive months. New money from investors boosted assets by $9.3 billion, the second highest monthly net inflow this year. Performance gains added another $21.09 billion to assets, HedgeFund.net said.

BP To Pay Record Fine Over Texas City (FT)
BP agreed to pay a record $50.6m fine for continued safety violations at its Texas City refinery five years after an explosion there killed 15 and injured 170. The fine came as federal officials on Thursday said that the UK oil group might not need to finish drilling the relief well touted as the permanent solution to the Gulf of Mexico oil spill.

Article courtesy of Dealbreaker

Goldman Even Guiltier Than Previously Assumed, Says FCIC Vice Chairman

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As you may have heard, the Financial Crisis Inquiry Commission is none too pleased with Goldman Sachs. First, the bank didn’t turn over requested documents as quickly as Chairman Phil Angelides and his wingman, vice-Chair Bill Thomas asked for them. Then the slippery little devils dumped twenty million pages on the commission’s asses. Somewhere in that pile of crap is probably the information the FCIC is looking for but Christ on a crutch it’ll be Labor Day before they get through the damn thing! I mean really! Some of us wanted to wrap this up and have that den of sin shut down before the Fourth. You know, so they could enjoy the long weekend without it hanging over their heads. But you know what? No, it’s cool. No one’s gonna get angry here because Goldman Sachs actually did Angelides and Thomas a favor. Because this little stalling tactic can only mean one thing.

“They stretched us out thinking they played the game cleverly,” FCIC Vice Chairman Bill Thomas said. “They may have more to cover up than we thought.”

Hell yeah they do! No one was even gonna thumb through all that but now that we know there’s even more damning dirt in there than previously imagined? Well William Gareth Jacob Busey Senior, Phil ‘n Bill will carve out some time during lunch! Because yes, that is the sound of a monument being erected in B&P’s likenesses, with whatever is Latin for “We nailed these fuckers, and not just for the financial ish but the J-walking, and the hair plugs, and the fact that Lucas van Praag’s accent is a sham, too” at the bottom. It’s all in there. These two are gonna be heroes.

Goldman Sachs Spent Months Dodging Questions, FCIC Says [ABC News]

Article courtesy of Dealbreaker