Un. Real.

We won’t soon see Thain and his ilk serving fast food or changing oil, but they may have to carry their own clubs.
Nah, what was I thinking? That’s what wives are for…

trawling in the Meatpacking District…
Dawn Spinner Davis….

geez, what is this – cobble your own dirty joke?

You went there. Just sayin’. ;-)

via naked capitalism:

Jan. 28 (Bloomberg) — American International Group Inc., the insurer saved from collapse last year by government money, may have committed more than $1 billion to employees to keep them from leaving the company.

About 400 workers at New York-based AIG’s financial products unit may get $450 million in two installments, said two people familiar with the situation who declined to be identified because the plan is confidential. That is in addition to about $619 million in retention pay going to 4,200 executives and employees at subsidiaries including life insurance.

WT is just upset because she doesn’t have Pickles to pick on anymore.

stopped just short.

‘Restaint’ is my middle name….

sadly, that’s true.

Sarah Palin won’t leave, though. So there’s that!

‘Restaint’ is my middle name….

My parents couldn’t spell very well….

ok. I’m writing this as a former banker. These bonuses should be zero. Not down 44%. Zero. These banks should be using their profits to reinvest in the shoring up of their capital reserves, so that they cab start underwriting and lending again, not paying discretionary bonuses. It’s not about keeping the “best and the brightest”… if they’re that sharp, we wouldn’t be in this mess now would we now.

Fail once and you get fired. Fail completely and you get a somewhat smaller bonus. These people should take their base pay and not a cent more, gracefully, thankful that the customary year end envelope wasn’t stuffed with a well-deserved SEC subpeona.

another good one via naked capitalism:

Treasury pushes Citi to cancel jet order

The US financial sector’s new political masters began exerting their influence on Tuesday as Citigroup was forced to scrap the purchase of a $50m executive jet that was seen as a misuse of money at a time when the bank is reliant on public support.

Only a day earlier, Citi had insisted it would complete the acquisition of the aircraft. But it backed down after officials acting for Tim Geithner, the new Treasury secretary, expressed strong opposition to the move.

Mr Geithner’s action came as he raced against time to change public perceptions of the government’s bank rescue effort – the troubled asset relief programme inherited from the Bush administration.

My daughter dated a wall st guy awhile back. He had just rec’d a $50,000ish bonus. He invited her to a business party and said he’d take her shopping and buy her a dress. I was appalled and warned her that (1)He was buying because he didn’t trust her fashion sense and (2)that makes him an asshole. Her grandmother, otoh, was convinced that he was actually a drug dealer since no one gets $50,000 bonuses. It didn’t last.

” Over the past two years, 100,000 bank employees have lost their jobs, yet The Associated Press reported Tuesday that nearly 90% of the top executives at 200 banks that received federal bailout money are still on the job. “

” The guys who screwed up the entire financial system are the ones being bailed out; ordinary workers get pink slips. “

http://www.nydailynews.com/mon…..ngs-1.html

These bonuses should be zero.

What’s capitalist about that? Next you’ll be complaining about former legislators going on the lecture circuit for $150,000 a pop, or lobbying Congress.
This is A’Mer’ka!

I would to put all of these ass clowns on a bread and water diet breaking rocks in the Texas sun for the next 8 years.

I thought it was “Restraining Order”. ;-)

and what all the teary-eyed stories about reduced bonuses leave out is that the base pay of these types, even if modest by Wall Street’s over-inflated standards, still is very high in comparison with wages earned by Americans who actually work for a living, doing something competent.

It’s my contention that a lot of these guys wear slip-on shoes because they’re too dumb to tie the laces.

I don’t get this whole “in order to keep them” bullshit. I mean, where the fuck are they going to go? The whole economy, especially banking, is hemorrhaging jobs right now.

I shortened it.

Seemed to be messing with my social life somehow….

LOL.

….where the fuck are they going to go? The whole economy, especially banking, is hemorrhaging jobs right now.

Apparently, “beauty writers” are still doing quite well…..

I think a word got lost in there somewhere, because it should read “in order to keep them quiet”
That works.

Who knew “beauty writer” was a euphemism?

That would be the only thing about this that makes a lick of sense. I am with Blub on this. No bonus for anyone in banking. I think a claw back for all top management is called for.

San Pietro is a well know bargain restaurant. Never mind they claim to fly in 80% of their ingredients from Italy.

In any case tap water is the perfect accompaniment to a $22 bowl of soup, a $27 plate of ravioli and a $43 dish of veal scaloppini.

I’m scared to look at the wine list.

Well, we cannot call them whores, now can we?

Yeah the bonuses are down 44%. Yet according to this article from the NY Times:

Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.

That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller.

And that right there shows the fairy land they’ve been living in for the past few years.

21st century American economics:
Socialism for the wealthy, Capitalism for everybody else.

If you’re wealthy, and fail financially, the government gives you money (formerly known as Welfare.)
If you’re not wealthy and fail, sorry, that’s Capitalism. Go to hell. (Do not pass Go, do not collect $200.)

If I were the shareholders I would be hauling all their sorry asses into court on fraud charges, since they seem to have gotten all that money by false pretenses.

‘Restaint’ is my middle name….

Soiled again?

A slide show of top earners.
**********

http://www.guardian.co.uk/busi…..=342424897

Wanted for grand theft fountain pen.

See, it is important to pay these high flying bankers and Wall Streeters large sums of money so that they do their jobs well.

As for those union auto workers, fuck ‘em, they’ll get what we pay the cheapest workers on the planet and still demand they do top notch work.

Fucking pigs.

-G

These people are Wall Street hookers. They have licence. The cops did not keep these hookers in line. Their pimps did…pimps are the ones that threatem them and tell them their quotas and morning meetings with the other hookers. They are givem tricks (they call them clients) whom they call to hustle trade. If you are a great hooker, you are given the rewards at the meetings as a model for the other hookers. The pimp sits in the glass office keeping the pressure on with an occassional drive by. The cops (SEC) are paid off.
SEC Cox, the Big Wall Strreet R’s have the fix in downtown at “K” street. We paid do not fuck with our bitchez. Congress sat on their butts with fat campaign funds.
They are still plying the trade.

hey, I only type with four fingers, and the two on of the left hand are a little under the weather….

Some will rob you with a gun; And some with a fountain pen.
Woodie Guthrie

The homeboy usually managed to get these things right. Funny how little has changed in 79 years.

Least yer not a hunt ‘n’ pecker.

You know, it’s really impossible to take satisfaction from the inexorably growing pile of evidence that one had it about right, they truly have set the world record, by lots!

U.S. Moves to Bail Out Credit Union Network (Someone might want to share with you.)

Report: FBI saw Mortgage Fraud, Lacked Resources

nor even a huntin’ pecker….

Personally, I am more of a fishin’ pecker.

Human nature doesn’t change all that fast. Greed and ignorance still run rampant.

Especially among our elites.

If you have to hunt for it, it’s probably not worth the effort.

Guys/Gals, I’m a little disappointed… 30+ comments … and no ’Let them eat cake’ inferences…? ;-)

Digg HAS Been Open Pups!

Let them eat an army of dicks.

-G

Look at my DIGG comments CT! Ha HA Ha HO Ho!

Let them eat an army of dicks.

Uh Ya Mean Dick Army?? /s

For anyone who would like to tell Limbaugh what you think of his ‘hopes president Obama fails’ comment.
***********

” Jobs, health care, our place in the world — the stakes for our nation are high and every American needs President Obama to succeed. “

” Stand strong against Rush Limbaugh’s Attacks — sign our petition, telling Rush what you think of his attacks on President Obama. We’ll send Limbaugh your comments. “

http://www.dccc.org/page/s/rush

Speaking of giving up golf, CBS did not cover the Hope Classic this year (no network coverage) and Chrysler didn’t sponsor it. The PGA Tour is a canary in the coal mine. Not good, not even schadenfreude enough for the 99% Republican tour players who loves them their tax cuts, the Tour has donated more to charity for kids than any other sport in the world. My course has hugely discounted its membership renewals and includes unlimited range balls.

Those jerks should join all the unemployed people where I live. The people that aren’t working, because those jerks won’t extend credit to businesses, etc.

Grrrrrrr!!!!!!!!!

People tend to stick with a strategy that works. The alpha males in our tribe have mostly been greedy ignorant assholes for a long time now. Hate to think what that says about the rest of us.

We have scruples and morals, so we do not expect the devious bullshit they pull to get and retain power.

that would be a third link to naked capitalism: Another Geithner Ethics Compromise (Let Them Eat Cake Edition)

The latest Geithner incident illustrates both that he is literally too close to the Street and has absorbed the industry’s attitude that rules don’t apply to players.

From Politico:
Newly installed Treasury Secretary Timothy Geithner issued new rules Tuesday restricting contacts with lobbyists – and then hired one to be his top aide.

Mark Patterson, a former advocate for Goldman Sachs, will serve as chief of staff to Geithner as the Treasury Department revamps the Wall Street bailout program that sent an infusion of cash to his former employer.

You could use the military shift workers term for day workers: Day Ho.

My little note to rush:
May the bird of Paradise fly up your nose and shit on your brain.. Oh sorry you don’t have a brain!

wait until the NASCAR crowd sees their favorite driver sidelined for lack of sponsorship….

I’m sure they’ll blame Obama.

Or Clinton….

He has one but the bird would have to fly up something other than his nose.

actually my favorite bonus story happened last year at a wall street boutique. The firm had, in June, offered MBA signing bonuses averaging about $85k. The fine print said that this was an advance against the expected stub year bonus of $150K (stub yr projected total comp of about $245k). Well, come early December, the firm fired these 26-29 yr old MBAs before the year end bonus post date.. so zero… and sent out demand letters asking their gaggle of Wharton grads to pay back the $85k. The person who shares this info with me was in tears and it was all I could do to not burst out laughing in her face. I’m a bad person.

I just want to know what companies advertise on his show, so I can write them or boycott them.

sorry .. I meant demand letters to pay back the $85k

They’re just biding their time until Sarah and Joe the Plumber take over in January 2013.

g’nite all

Yes, when I heard about Geithner’s new ethics rules yesterday I asked how this was going to affect the relationships of Goldman employees working in the government with those still working at Goldman. I would guess precious little.

Night, rf. Think I will head out as well. Take care all.

They worked this scam with a computer generated graphs. They used computer models to verify the chrystal ball. Insider trading and making markets by the “Big Investment Banks” in stock that they had controls over. The risk belonged to the tricks and the house had a safe marging by insuring the bets with CDS Credit Default Swaps.
Snadrs was on Democracy now saying it all needs to be outlawed.Now thqt the horse is out of the barn the dems may close the doors.
Bye the way it looks like the Dems are happy to keep Repuked policy as long as they are in charge. With the same MSM changing the business plan for America may not be so easy. BI partisan for Repukes means democarsts have to cross the aisle Repukes no way jose.

Nice one, GSD! I hate Dial-up! 8-(

Aloha, Selise! You know you would make an awesome congressional aide for a Progressive Dem in either house…! ;-) Feingold would be the best, eh? *g*

Check out Wall Street the movie.

I thought bonuses were supposed to be rewards for superior performance or successful endeavors.

So why is anyone on Wall Street getting bonuses now?

I think the contingency of the bonuses was only that the entire upper-hierarchy of the organization NOT be under arrest at the end of the bonus period.

So why is anyone on Wall Street getting bonuses now?

Yes… ;-)

Private wealth manager. Where do I sign up for that gig?

that’s my point. these firms are taking billions from taxpayers while still paying discretionaries to their emloyees… employees who wouldn’t be able to easily jump ship and go elsewhere even if they got no bonuses at all, given that nobody is hiring. It’s nonsensical. Bonuses should be zero until the banks start doing deals again (lending or underwriting) and after they’ve paid back the treasury. Period.

Dugg

where? the only Digg comment I see is mine…

Evening, Watertiger, everybody.

“Bonuses should be zero”
Before this began happening, I would have thought that would go without saying.

And CITI buying a plane! Unbelievable! What was that (anonymous Washingtonian) quote – it’s amazing what a tin ear these guys have?

I guess it’s because they just don’t live where/how the rest of us do. I dunno. After all the flack the car makers got for their private planes, how did Citi think they could buy a new one and nobody would notice or care?

This is in my description of the Post Neuro: Wall Street Bonuses Down 44%. Poor Babies. HA HA Ha HO Ho HA Ha Ha Ho Ho! Now let Them Eat Cake!

“One of his best friends told me that my job is now to keep him calm and keep him from dying at the age of 35,” Ms. Davis said. “It’s not what I signed up for.”

Heartless bitch, but not unique in that world. It’s a relentlessly shallow world in that circle. It’s the real Sex in the City, much uglier and nastier (both the men and the women), not the cute, whitewashed version that aired for six years.

While the plane is stupid in a couple of hundred ways, I’m actually more concerned about the corporate largesses that hasn’t leaked out yet. It is probably much greater.

LOL I forgot to look there, nahant

folks should leave comments at Digg more often, they count as extra Digg votes

but I’m sure you have heard me say that before…

Too true. Tip of the iceberg, so to speak.
They were too dense to realize the plane purchase’s pr effect, but what truly eveil secrets are they keeping?

I dated a woman who got into the business. I didn’t have a big problem with it…right up to the point where I got this speech from her about how working for the firm was all about helping people. I swear if you replaced the company name with something like Doctors Without Borders, it’d have made sense. I went from very interested to “Who the hell are you?” in a tenth of a second.

That said, I think that DABA thing is just satire.

Du’oh

all the worse that citi is probably the US money center bank in the worst shape. Yay bailout without strings.

Perhaps Mr. Thain and his cronies would like to come along with me on my next interview at a temporary agency.

I had a very nice one yesterday; the interviewer told me how impressed she was with my resume (two degrees! Decades of work experience!), and she was sure they could find something for me. Right now, of course, the only
position available was for a weekend-only mailroom temp-to-hire at $9.00 an hour.

I don’t suppose these folks realize their stripped down “bonuses” are double and triple and quadruple what average working folks earn – before taxes? (answering my own question) Nah, even if they did, they’d still believe they deserve theirs and the average folks (after all, they’re only average!) deserve theirs, too./s

You’ve probably put your finger on why they didn’t think anyone would care about a mere $50 million plane – after all, there weren’t any rules about how they could spend the money, so why not?

I am still waiting to see if Brad Sherman’s assertion that the bailout was forced on the House under threat of martial Law comes to anything.

Markets went up on bailout and “Bad Banks” to dump crap pile in. We The People” buying Magic Paper.

personally, I think 299 Park Ave would make a very nice new Federal office building, don’t you? And I’m sure we can find some federal agency that could make good use of their 6 existing corporate jets. We’ve bought and paid for Citi several times over, as far as I’m concerned.

The reson for the bonuses is so they won’t witness against the they bosses that ran the these scams. It is payoff money to keep your mouth closed. The Top executives were privy to dammaging information that could put thousands in jail. Well…hundreds at least along with big fines.

The reason for the bonuses is so they won’t witness against the bosses that ran the these scams. It is payoff money to keep your mouth closed. The Top executives were privy to dammaging information that could put thousands in jail. Well…hundreds at least along with big fines. They cut lose the outsiders who did not know the “game”.

House Majority Whip James Clyburn’s (D-S.C.) timeline on tackling healthcare is at odds with the timetable proposed by Senate Democrats and could represent a major shift in the House Democrats’ strategy of dealing with the uninsured.

During an interview on C-SPAN’s “Newsmakers” program that aired on Sunday, Clyburn said he doesn’t anticipate that comprehensive healthcare legislation will be approved in 2009.

http://thehill.com/leading-the…..01-25.html

Time to tell your Congress critters to pass this…
http://thomas.loc.gov/cgi-bin/…..00676:@@@X

H.R.676
Title: To provide for comprehensive health insurance coverage for all United States residents, and for other purposes.
Sponsor: Rep Conyers, John, Jr. [MI-14] (introduced 1/24/2007) Cosponsors (93)
Latest Major Action: 2/2/2007 Referred to House subcommittee. Status: Referred to the Subcommittee on Health.

http://thomas.loc.gov/cgi-bin/…..00676:@@@X

Why do the banks have to pay bonuses at all? It’s not like these Masters of the Universe have other employment possibilities, in this economy. “Here’s your bonus: yer not fired.”

Can you see ANY BushCo underling calling ANY recipient of bailout money to complain about ANYthing?

I can’t.

That’s change I can believe in. Bitchez.

What’s that Carly Simon song…oh yea, “You’re So Thain. You probably think this wrong doesn’t apply to you, don’t you, don’t you…”

” Rep. Carter introduced a bill Wednesday to eliminate all IRS penalties and interest for paying taxes past due. “

” The legislation calls for the creation of what he calls the, “Rangel Rule,” — drawing attention to the recent legal issues of House Ways and Means Committee Chairman Charlie Rangel, D-N.Y., enabling citizens who fail to pay taxes on time to do so later with no additional fees.”

http://www.foxnews.com/politic…..late-fees/

Clyburn. From South Carolina, which voted for McCain 54-45% (I googled).

Gee, hope Obama doesn’t feel he has to be all bipartisan about this shit. We need health care NOW.

Suzanne is upstairs!
Late Late Nite FDL: Honky Tonk Blues

The analogy at 34 is a summary. The upper floors of Wall Street operate like the infamous “Boiler Rooms”. Spiffs (sports tickest cash all whatever these youg hookers hearts desire) are handed out weekly and daily to keep them on the phones making the market. The big players like hedges funds manipulated the markets with huge buy and sell orders. Insider trading was those who knew the plays on the “Hill”. They way to make an investigation successful is to understand the mentality and motives of the heavy hitters that I call the Pimps.
When you are signing the paycheck you got loyalty. Not much when you gave them the boot. A motivated witness. That is what a prosecutor wants some capital to deal for plea bargains.

Whoa, Tiger Woods and some international car racing guy are the only two sportsters on track to become the first athlete to earn $1 billion from their sport. Now their dreams might be deferred. I don’t know what to say about NASCAR people. I don’t get it and I love cars. The NASCAR museum I can bike to. I live about a horse apiece from NASCAR and Bank of America’s and Wachovia’s HQ. Not far from the old PTL HQ, which is on the other side of town from Quail Hollow where the hugely important PGA Wachovia Championship is played. The players get a courtesy 12-cylinder AMG Mercedes for the week and inside the ropes a 3-man security team who pack. On teevee it looks like they’re part of the teevee crew. Look closely for the guns.

You do..but don’t hold your breath while waiting..’g’..

Are you sure that he didn’t request TARP water?

” WASHINGTON — All six of the law and accounting firms hired by the Treasury Department to help manage the $700 billion financial bailout have clients who received the federal money, contracting and regulatory records show. “

” The firms also have been involved in structuring complicated financial instruments tied to risky assets such as sub-prime mortgages, according to their websites and Securities and Exchange Commission filings. The collapse in value of those assets is one cause of the financial crisis. “

http://www.usatoday.com/news/w…..ying_N.htm

Wanted for grand theft fountain pen.

So we were all just sittin’ there on the group “W” bench and we was playin’ with our fountain pens and havin’ a great time and then the sergeant came over and said, “Kid. Go down the hall and see the shrink.” …

(a little ode to Alice’s Restaurant)

The money for Thain’s office is chump change in comparison to the bonuses he handed out. THAT’s the real tragedy.