Items of Interest:
Daniel Gross / Newsweek:
Goldman Sachs, Welfare Queen -- Wall Street's most storied firm is surviving on taxpayer dollars.
While it was singed in the credit meltdown, Goldman Sachs, the alpha male of Wall Street, has emerged as a survivor. The cover of last week's Barron's heralded the resurrection of Goldman and Morgan Stanley—"the sole standouts," as Andrew Bary called them. The company's shares have rallied back above $100, and its market capitalization is nearly $47 billion. Goldman's emergence from the wreckage could be seen as yet another glorious chapter for the firm. Charles Ellis, in his book about Goldman, The Partnership, lionized the firm as the only company "with such strengths that it operates with almost no external constraints in virtually any financial market it chooses, on the terms it chooses, on the scale it chooses, when it chooses, and with the partners it chooses." For the paperback, Ellis might want to add the following proviso: so long as the government is willing to give it billions of dollars...
John Robb: Targeting Banksters?
More Backlash on AIG Bonuses, Bailouts and Blame
New York Times:
Scorn Trails A.I.G. Executives, Even in Their Driveways — The A.I.G. executive who was nicknamed “Jackpot Jimmy” by a New York tabloid walked up the driveway toward his bay-windowed house in Fairfield, Conn., on Thursday afternoon. “How do I feel?” said the executive, James Haas, repeating the question he had just been asked...
discussion:JONATHAN TURLEY: “Jackpot Jimmy” and Other AIG Executives Named …Ryan Tate / Gawker: Angry Mobs Coming For AIG ExecutivesHenry Blodget / Clusterstock: “Jackpot Jimmy” And Other AIGers Stalked And Scorned
discussion:Joe Weisenthal / Clusterstock: Protesters Plan Bus Tour Of AIG Executives Homes This SaturdayChris / AMERICAblog News: AIG sues US for tax paymentsPrairie Weather: So. Who's in charge of the asylum?
discussion:Phil Izzo / Real Time Economics: Secondary Sources: AIG Bonuses, Socialism, Credit CardsKevin Drum / MoJo Blog Posts: Indispensable?Kevin Hayden / American Street: ‘Indispensable’ is always a clueMark Thoma / Economist's View: “Kick Them Out” — James Kwak and Simon Johnson say the arguments …Simon Johnson / The Baseline Scenario: Parallel Bankers — AIG is arguing that its people …
discussion:Manu Raju / The Politico: Dodd draws fire for tortured taleDennis DiClaudio / Indecision Forever: Let's Hunt Down Timothy Geithner Like the Treasury Secretary He Is!Emptywheel: Geithner Still Pushing the “Lawsuit” MythJenniferepstein / TIME.com: Geithner: Treasury Asked for Bonus LoopholeE.D. Kain / The League of Ordinary Gentlemen: Geithner and AIG — I guess there's only one guy to blame …Michael Laprarie / Wizbang: House Democrats pass punitive tax on AIG bonusesFoiled Goil / Big Brass Blog: Bailing Out The FailingAndrew Sullivan / The Daily Dish: Geithner Did It — Now he tells us? Sharp intake of breath:Dr. Steven Taylor / PoliBlog: More Trouble for Geithner — Via CNN: Geithner: Treasury pushed for bonus loopholeBruce McQuain / QandO: The Transcendant Brilliance of Timothy GeithnerAJStrata / The Strata-Sphere: Geithner Lied To America About AIG BonusesJed Lewison / Daily Kos: CNN's reporting vs. CNN's transcriptTaegan Goddard's Political Wire: Geithner Says He Pushed for Bonus LoopholeBob Cesca / Bob Cesca's Awesome Blog!: GULP. … The reason? He wanted to avoid AIG employees suing the government.
discussion:Chris Cillizza / The Fix: White House Cheat Sheet: Geithner's Big WeekendManu Raju / The Politico: GOP senator suggests Geithner resign
Got The Wrong Guy: Why AIG Hearings Failed --The appearance by AIG CEO Edward Liddy before Congress on Wednesday was billed as an epic confrontation between the angry tribunes of a furious public and an arrogant Wall Street. Chris Matthews hyped it on MSNBC as "Watergate Redux." But the actual hearing—Liddy's appearance and questioning lasted barely longer than the two-hour preliminaries—was disappointing and misguided.
Bonfire of the Trivialities -- A $14 trillion economy hangs by a thread composed of (a) a comically cynical, pitchfork-wielding Congress, (b) a hopelessly understaffed, stumbling Obama administration, and (c) $165 million.
That's $165 million in bonus money handed out to AIG debt manipulators who may be the only ones who know how to defuse the bomb they themselves built...
Michael Lewis / Bloomberg:Ian Bremmer & Sean West, Wall Street Journal
Mass Hysteria Over AIG Obscures Simple Truths
Christopher Roach / Mansized Target:
AIG: Political Three-Card Monte
AIG and 'Political Risk' -- After quietly tolerating $170 billion in bailout money for AIG, why have the public, Congress and the administration suddenly blown up about a tiny fraction of that amount that is being paid out in retention payments and bonuses?..
Boo-Yah! Will Never be the Same --
“What it feels like to us, and I’m speaking purely as a laymen, it feels like we are capitalizing your adventure…”...We think it’s about time somebody called CNBC out for the mindless cheerleader it has become...
—Jon Stewart to Jim Cramer, March 12, 2009
- Don't Let the 'Cure' Destroy Capitalism - Gary Becker & Kevin Murphy, FT
- Main Street Is Speaking to Obama - William Greider, Washington Post
- Was March 9th an Obama Bear Bottom? - Doug Johnson, RealClearMarkets
- Barack Obama Is a Far Cry From Karl Marx - Alan Wolfe, The New Republic
- Are We Witnessing the End of America? - Terence Corcoran, National Post
- We Need a Newspaper Bailout - John Nichols & Robert McChesney, Nation
- The 'Uptick Rule' and Selling Short Sellers Short - Susan Lee, Forbes
- Ben Bernanke's $1.2 Trillion Bet - Editorial , Investor's Business Daily
- It's Time to Wise Up, Mr. Geithner - Editorial , Los Angeles Times
- Geithner Goes Way of Alberto Gonzales - Pejman Yousefzadeh, New Ledger
- Now Playing: Brain Drain To Sweep Across America - Free Exchange
- What the Fed's Announcement Means for Gold - Seeking Alpha
- The FASB's Attempt To Put Lipstick on a Pig - Tyler Durden, Zero Hedge
- Is Naked Shorting The Reason for Lehman's Collapse - Market Movers
- Obscene Bonuses--Of The Good Kind - Russell Roberts, Cafe Hayek
- The Next AIG Scandal? - Michael Hirsh, Newsweek
- Crisis Is Bigger Than You Think - James Galbraith, Washington Monthly
- We've All Lived in The United States of Ponzi - Nouriel Roubini, Forbes
- Another Battle Is Brewing: Exxon vs. Obama - Peter Waldman, Portfolio
- Inside The World's Biggest Hedge Fund - Brian O'Keefe, Fortune