Dan “Shitty Deal” Starks’ More “Shitty Deals” were Cited in FHFA Complaint
September 2, 2011 Comments Off
Remember this colorful exchange between Senator Carl Levin (D-MI) and Dan Starks of Goldman Sachs, who described in an internal e-mail that the securities Goldman sold was (on Timberwolf) is “one shitty deal?”
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Well now, chickens are coming home to roost and Goldman could be a toast. The following is from the FHWA court filing (courtesy [...]
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The month of August accounted for zero job growth in the USA.(HuffPo)
The U.S. economy added no new jobs in August as the unemployment rate stayed steady at 9.1 percent, the Bureau of Labor Statistics reported on Friday, the most concrete sign yet that the recovery has stalled out and a double-dip recession may well be [...]
Definition of Orwellian:
“Orwellian” describes the situation, idea, or societal condition that George Orwell identified as being destructive to the welfare of a free society. It connotes an attitude and a policy of control by propaganda, surveillance, misinformation, denial of truth, and manipulation of the past, including the “unperson” — a person whose past existence is [...]
Look friends, I am no defender of welfare. By all means those able bodied who depend 100% on government welfare throughout their lives are parasites. But I can understand people falling on hard times getting a lift from the government as they try to get on their feet. There is nothing wrong if the underemployed [...]
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5:00 PM Update:
“Must read” articles on Fed getting Concerned about European bank liquidity problems.
WSJ: Fed eyes European banks
FT Alphaville: Should the New York Fed be worried about European banks?
For us, though, the most interesting part of the WSJ article is its end, which includes some raw data on European banks’ US assets (H/T Joseph Cotterill):
On [...]
I am sick and tired of a vocal minority calling the US as or becoming a socialist country. These loud mouths are controlling the debate and somehow the masses are falling for it. A country where most wealth is concentrated among the top 5% of the wealthy people is not and will never be a [...]
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This can’t be good (another RED ALERT):
The much awaited bounce from extremely oversold conditions has happened yesterday. I was going to say that it might be some sideways action for a couple of weeks and then a slide. May be that’s all the Ben Bounce we are going to get for a while. Brace yourself [...]
I have been busy all day and didn’t get to follow most of the day’s developments.
Wow, what a day on world stock markets. At the end of the day DOW dropped 635 points. More on the market plunge later.
At 10 AM Eastern, I sneaked out to join TV9 bulletin live via telephone — to talk [...]
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Update 8/9/2011: Good morning.
While I am educating myself this morning, I would like to share what I have been reading/watching:
Yesterday’s 634 rout was primarily blamed on S&P downgrading US debt. I believe it is just a trigger. But trouble has been brewing for a while. Indecisive leadership from Obama and a dysfunctional political system bogged [...]
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Monday August 8, 2011
The Forecloser
John Oliver gets the scoop on a Florida couple and rookie lawyer who foreclosed on Bank of America and turns their incredible story into a movie. (05:51)
The Daily Show — The Forecloser
Get More: Daily Show Full Episodes,Political Humor & Satire Blog,The Daily Show on Facebook
Following Friday’s (Aug 5) downgrade of US credit rating, S&P is rumored to set France as its next downgrade target.
France’s SocGen and UK’s Unicredit are rumored to be on the ‘brink of disaster’
Europe pledged to use the EFSF to buy Italian and Spain bonds. This puts Germany, the only healthy economy in the Euroland, to [...]
First, futures update: Dow futures are down 289 and S&P futures are down about 32. I would say, it is not as bad as many feared. We just have to wait till Monday and see how things will shape up. [I would venture to guess, the markets will be down big at the open and [...]
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On April 18th, I posted this note about Goldman’s take on S&P’s outlook change on US debt.
There is a saying in Telugu, “dongalu dongalu oollu panchukunntlu” (Just like thieves divided the villages among themselves to rob). True to this age old maxim, Wall Street banks and the ratings agencies robbed us of our retirement nest [...]
On Friday, Aug 5 2011 at 8:01 PM when all financial markets (ex ForEx) in all western countries have closed for trading, Standard and Poor’s downgraded US Debt. Via Bloomberg:
S&P lowered the U.S. one level to AA+ while keeping the outlook at “negative” as it becomes less confident Congress will end Bush-era tax cuts or [...]
Financial markets have given an unforgettable 50th birthday gift to the President. Today is nothing less than a massacre for stock markets across the world. There are any number of reasons for today’s massacre. Happy Birthday, Mr. President.
The fundamental reason is imploding confidence in sovereign debts, US included. Back in 2008, many market savvy people [...]
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