Item of Interest:
U.S. Plans $500,000 Cap on Executive Pay in Bailouts -- In 2007, Vikram Pandit of Citigroup, left, made $3.1 million; Kenneth D. Lewis of Bank of America, center, received over $20 million; and Rick Wagoner of General Motors made $14.4 million...
David Zaring / Conglomerate : Executive Compensation Gets Crushed
Portfolio.com / Economics Roundtable: Why Capping Pay is Likely to WorkMeg Marco / Consumerist: Gee, How Much Does A Bailed Out Executive Make, Anyway?Tim / The Mess That Greenspan Made: Wednesday morning linksTyler Cowen / Marginal Revolution: Odd termsSilicon Valley Blogger / The Digerati Life: To Get A Stimulus Check, A Company Needs To Cap Executive Pay
David Cho / Washingtonpost.com:
Bailout Includes Executive Pay Limits for Some Firms — The Obama administration outlined plans today to tighten restrictions on executive compensation for future recipients of federal aid under the government's financial rescue program, but the vast majority of firms would be able to opt out of most of the limits...
Obama Calls for ‘Common Sense’ on Executive Pay — President Obama unveiled a salary cap of $500,000 for top executives at companies that receive the largest amounts of bailout money.
Tom Peters / The Tom Peters: Alas, Yes.But a Definite "Yes."
Obama Details Plan to Cap Executive Pay — 80% of the US National Debt has been created under 3 Presidents Reagan, Bush Sr and Jr as well increased the size of Gov. Clinton left Bush Jr a 256 Bil Surplus and he sharank Gov as well reformed Welfare to get the deadbeats off the system
Joseph Lazzaro / BloggingStocks: Bailed out bank executives, if smart, will accept Obama's $500k cap
discussion:Steve Benen / Washington Monthly: STIMULUS DEFENDERS WAKE UP.... After a propaganda bombardment that's …Michael J.W. Stickings / The Reaction: Selling the stimulus: How Republican propaganda is dominating …Ed Morrissey / Hot Air: Rasmussen: Stimulus bill support drops to 37%Ryan Avent / Matthew Yglesias: Where's the Stick? — You know, the bottom line on the stimulus debate …Mike Madden / Salon: Stimulus bill not dead yetTodd Beeton / MyDD: Pressuring Congress To Pass The Stimulus PackagePamela Geller / Atlas Shrugs: TWO WEEKS AND DROPPING LIKE A STONEJosh Painter / RedState: Voters are not buying the Democrat stimulus planSteve M. / No More Mister Nice Blog: THE ULTIMATE GOAL: NO STIMULUS WHATSOEVER?JammieWearingFool: Obama to ‘Circumvent Media’ By Using Media Clip PackageDr. Steven Taylor / PoliBlog: Stimulus Bill not Polling WellJoe Gandelman / The Moderate Voice: Rasmussen Poll: Only 37% Now Support Existing Stimulus PlanPhilip Klein / AmSpecBlog: Support for Stimulus Bill Continues to SinkGreg Sargent / The Plum Line: Poll: Support For Stimulus Package DropsJeremy P. Jacobs / The Hill's Blog Briefing Room: Rasmussen: Half Say Stimulus Bad for EconomyIain Murray / OpenMarket.org: Support for Stimulus Collapses InternationallyFoon Rhee / Boston Globe: Providence mayor at White House on stimulusrelated:
Byron York / The Corner: Republican Momentum — On Capitol Hill, you can feel … 50% Say Stimulus Plan Likely to Make Things Worse
Senate Lacks Votes to Pass Stimulus -- Senate Democratic leaders conceded yesterday that they do not have the votes to pass the stimulus bill as currently written and said that to gain bipartisan support, they will seek to cut provisions that would not provide an immediate boost to the economy...
discussion:Dave / Political Machine: Stimulus Roundup: Obama Game Plan Results in Chaos, Falling PollsMick Arran / Fact-esque: The Stim Package Gets PunkedSteve M. / No More Mister Nice Blog: HOW REPUBLICANS WENT RIGHT BACK TO RUNNING THE COUNTRYMike Lillis / The Washington Independent: Bubbles, Recessions and a Tough Year AheadNate Silver / FiveThirtyEight.com: The Paradox of Political CapitalWall Street Journal: Obama Risks Flap on ‘Buy American’David Nather / Balance of Power: Obama Won't Wait Five Days to Sign Children's Health BillKathy / Comments from Left Field: Giving Up Before a Fight — Are Senate Democrats signaling …Steve Benen / Washington Monthly: A STRUGGLING STIMULUS.... President Obama probably thought this would be easier.Liz Sidoti / Associated Press: Obama seeks to weather fallout of nomination woesRyan / The Bellows: Stimulus Followup — Original here. — A few other thoughts …Ryan Avent / Matthew Yglesias: Whither Stimulus?Joe Sudbay / AMERICAblog News: Do Olympia Snowe and Susan Collins help their constituents in Maine …Jennifer Parker / George's Bottom Line: How Low Will Obama Go on Stimulus?Alex Koppelman / Salon: Senate Dems don't have votes to pass stimulusIgor / Wonk Room: Nelson/Collins Tag-Team To Remove Comparative Effectiveness Research From StimulusDday / Hullabaloo: Death Cab For Stimulus?
Do Tax Rebates Work?
Time to Steer ‘Forceful Course’ for Stimulus
discussion:Tom Coburn / Wall Street Journal: The Stimulus Package Is More Debt We Don't NeedBrad Plumer / Environment and Energy: Okay, Seriously People: Where's The Transit Aid?Dan Froomkin / White House Watch: Stimulus Watch — Last night's media blitz on five networks …Pete Abel / The Moderate Voice: Stimulus Schmimulus — Cued by Andrew Sullivan, I briefly commented …
We Can Do Better Than a Bad Bank -- The Obama administration should come out of the gate with a comprehensive economic program that has two pillars in addition to a fiscal stimulus package. One would prevent housing prices from overshooting on the downside by making mortgages cheaper and more available and reducing foreclosures to a minimum; the other would enable banks to resume lending by adequately recapitalizing them. It would take several months to implement the program and a further period before it impacts the economy. But in the meantime, people could see that there is a way out, and that would help mitigate the severity of the downturn...
Daniel Gros, Financial Times: There's Nothing Scary About a Big Bad Bank
James Keller, RealClearMarkets: Don't We Have Enough Bad Banks?
Naked Capitalism: The Bad Bank Proposal: Even Worse than You Thought
List of Madoff clients released -- The names of several thousand clients who lost money investing with Bernard Madoff have been released in a court filing that reads like a Who's Who: former Los Angeles Dodgers pitcher Sandy Koufax, actor Kevin Bacon and even Madoff's defense lawyer.
The names, including those of Madoff's relatives, numerous celebrities, dead people and charitable institutions, are listed on a 162-page document filed late Wednesday in U.S. Bankruptcy Court in Manhattan.
PDF: See the full list here.
$946 Million Recovered So Far From Madoff Firm — About 2 cents on the dollar. That's what has been recovered so far for people who invested with the disgraced financier Bernard L. Madoff. The trustee overseeing the liquidation of Mr. Madoff's investment firm said in Federal Bankruptcy Court on Wednesday that a total of about $946 million had been recovered so far. That may seem...
Market Movers: 10 Questions to Ask Your Fund-of-Funds Manager
SEC 'illiteracy' to blame for Madoff affair — The losses linked to Bernard Madoff may be closer to $15bn-$25bn rather than the $50bn the New York broker allegedly told US investigators, according to former money manager Harry Markopolos
Brad DeLong / Grasping Reality with Both Hands: Harry Markopolos Speaks
- Time to Steer 'Forceful Course' For Stimulus - David Leonhardt, NY Times
- Obama Must Fight The Protectionist Virus - Jagdish Bhagwati, FT
- Barack Obama's PATCO Moment - Michael Mandel, BusinessWeek
- No One Gets Out of This Financial Crisis Alive - William Pesek, Bloomberg
- Stimulus: Less Keynes, and More Hayek- Dick Armey, Wall Street Journal
- Cheap Stimulus: Stop Hyping Bad Economic News - Paul McDonald, CSM
- The House Plan Doesn't Spend Fast Enough - Alan Blinder, Wall St. Journal
- We're Well Past The Time of Easy Choices - Todd Harrison, MarketWatch
- Stumbling On a Sense of Entitlement - Steven Pearlstein, Washington Post
- The Sorry State of Wall Street Compensation - Thomas Cooley, Forbes
- Mating Season Over for Banking's Alpha Males - Matthew Lynn, Bloomberg
- Government: The One Price That's Still Rising - Steven Malanga, RCM
- There's No Shortcut to Economic Recovery - Bill Fleckenstein, MSN Money
- What John Maynard Keynes Should Have Said - Roger Farmer, VoxEU
- Global Warming Is Now a Punch Line - Deroy Murdock, Washington Times
- On Cassandras and Pollyannas - Doug Kass, TheStreet.com
- Are We All Tax Cheats? - Howard Gleckman, Tax Policy Center