Citi Jet Purchase: $50 Million, 12-Seat Plane Despite $45 Billion Bailout

Jan 26, 2009 - The New York Post's Jennifer Keil and Chuck Bennett reported in Monday's paper that Citigroup, which has received $45 billion in government bailout funds, is about to upgrade to a new $50 million, twelve-seat corporate jet. The plane, the Dassault Falcon 7X, is a luxurious jet with a range of 5,950 nautical miles (meaning it can fly from New York to all of Europe and South America, as far east as Riyadh, and as far west as Honolulu or Petropavlovsk, Russia). The Post reports it has "plush interior with leather seats, sofas and a customizable entertainment center." - 2 Comments

Treasury to order bailed-out firms to slash pay

Oct 22, 2009 - WASHINGTON – The Treasury Department on Thursday is expected to order seven companies that have not paid back last year's government bailouts to halve their top executives' average compensation. The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by as much as 90 percent, according to a person familiar with the matter. Kenneth Feinberg, the special master at Treasury appointed to handle compensation issues as part of the government's $700 billion financial bailout package, is making the pay decisions. - 94 Comments

Regulators Debate Pros, Cons Of 'Too Big To Fail'

Oct 28, 2009 - A draft bill before Congress seeks to protect taxpayers from having to bail out big financial institutions by giving vast powers to a new regulatory council. The regulators would set rules for financial firms that pose a systemic risk either because of their size or their connection to other firms. The bill does not, however, limit the size of financial institutions. - 1 Comment

An interesting read: Treasury Inc.: The Shadow National Debt

Oct 20, 2009 - Treasury Inc.: The Shadow National Debt J.W. Verret, guest-blogging • October 20, 2009 2:31 am (SPOILER…This post describes how most of the NATIONAL DEBT and BUDGET DEFICIT is being FRAUDULENTLY HIDDEN by the OBAMA ADMINISTRATION) It has been a rare opportunity to share with this forum my new paper, Treasury Inc.: How the Bailout Reshapes Corporate Theory and Practice, forthcoming with the Yale Journal on Regulation and available here. This week we have enjoyed a rigorous discussion about the implications of the government as a shareholder in the financial services and automotive industries. - 1 Comment

Misery math: Great Recession by the numbers

Oct 11, 2009 - NEW YORK - A year ago this weekend, the Dow Jones industrial average had just finished a slow-motion crash. Over eight days, it fell 2,400 points, or 22 percent, and stood at 8,451. One year later, the Dow is at 9,865. - 1 Comment

From Great Britain: Geithner aides made millions on Wall Street (Again MSM= MIA)

Oct 15, 2009 - Geithner aides made millions on Wall Street By Tom Braithwaite in Washington Published: October 14 2009 20:49 | Last updated: October 14 2009 20:49 Obama administration officials now working on fixing and regulating the financial system were beneficiaries of several million dollars in pay from Wall Street and private equity companies, it has been revealed. Financial disclosure forms show that prior to joining the government, Gene Sperling, a senior Treasury adviser, was paid $887,727 by Goldman Sachs and $158,000 for speeches to companies that included Stanford Group, the company run by Sir Allen Stanford, who has since been charged with fraud. Mr Sperling’s compensation from Goldman was for work on a philanthropic project. - 3 Comments

THE MAGIC CIRCLE

Mar 27, 2009 - Posted: Friday, March 27, 2009 2:17 PM by Petra Cahill From NBC's Chuck Todd In the midst of the congressional outrage over bonuses and bailouts, many of the very firms who benefitted from TARP funds are still making political donations. And the politicians are still taking them. According to the latest F.E.C. - 2 Comments

Biden’s Version

Sep 07, 2009 - Biden’s Version By the Editors (National Review Online) There’s a line in the movie Dave in which a guy impersonating the president, looking for ways to cut the budget, asks his commerce secretary, “So, we’re spending $47 million so that somebody can feel better about a car that they have already bought?” It doesn’t cost $47 million to get Joe Biden to give a speech — he’ll talk anywhere, anytime, at great length, for free — and his address to the Brookings Institution on Thursday was intended to prevent buyer’s remorse. America already has bought the $787 billion stimulus package and will be paying off that bill for a very long time. Was it a good buy? - 2 Comments

Way to go...Why not tax the bankers out of the USA

Mar 21, 2009 - This is just a little taste of socialism and what happens when the government has control. I understand and fully agree that what AIG was wrong, but taxing people 90% is no better and a dangerous move. http://www.bloomberg.com/apps/news?pid=20601087&sid=am3Q_20T0S44&refer=worldwide Citigroup, Bank of America, JPMorgan Criticize Limits By Elizabeth Hester March 21 (Bloomberg) -- Citigroup Inc., Bank of America Corp. - 10 Comments

Robert Rubin's Free Ride How does Clinton's treasury secretary escape blame for the market meltdown?

Jan 10, 2009 - Robert Rubin's Free Ride How does Clinton's treasury secretary escape blame for the market meltdown? By Timothy NoahPosted Friday, Jan. 9, 2009, at 5:48 PM ET (Slate Magazine) Robert Rubin, the former treasury secretary in the Clinton administration, left his high-ranking position at Citigroup today dogged by criticism for his role in the bank's ongoing financial trouble. - 4 Comments