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Wednesday, February 4, 2009

Great Recession Roundup — February 4, 2009

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 Work
Tim / The Mess That Greenspan Made: Wednesday morning links
Tyler Cowen / Marginal Revolution: Odd terms
Silicon 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...
Edmund / NYTimes:
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
Rasmussen Reports:
Support for Stimulus Package Falls to 37% — Support for the economic recovery plan working its way through Congress has fallen again this week. For the first time, a plurality of voters nationwide oppose the $800-billion-plus plan. — The latest Rasmussen Reports national telephone survey found …

Byron York / The Corner: Republican Momentum — On Capitol Hill, you can feel …
Rasmussen Reports: 50% Say Stimulus Plan Likely to Make Things Worse
Washington Post:
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...
David Leonhardt / Economix:
Do Tax Rebates Work?
David Leonhardt / New York Times:
Time to Steer ‘Forceful Course’ for Stimulus
George Soros / Wall Street Journal:
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
The Bernie Madoff Ponzi Scheme

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