Regulators Are Getting Tougher On Banks (WSJ)
The Federal Reserve and the Office of the Comptroller of the Currency have issued more "memorandums of understanding" than in the past, telling banks to do stuff like suck less, which the "targets" think is way harsh. "It's frustrating and aggravating," said Pat Sheaffer, chairman and chief executive officer of Riverview Bancorp Inc. Bank of America, on notice as well, doesn't like it much either.
'Teachable' Moment Observed With Beer (WSJ)
The president drank Bud Light. Mr. Gates drank Sam Adams Light while Mr. Crowley had a Blue Moon. Mr. Biden, a surprise addition to the session, had a Bucklers, a low-alcohol beer.
US Limits On Bank Pay, Bonuses Face Senate, Obama Skepticism (Bloomberg)
"Hedge funds and other money managers should be exempt from limits because if you think you are paying too much you can take your money out," said Phillip Goldstein. "It's the same thing with baseball. You see the price on the tickets and if you think it's too much, don't go to the game. I can't believe anybody who took Econ 101 could support this."
After Rescue, New Weakness Seen at A.I.G. (NYT)
If A.I.G.'s incoming premiums shrink, W. O. Myrick, a retired chief insurance examiner warned, "the whole thing's going to collapse in on itself."
The Risk Mirage At Goldman Sachs (BusinessWeek)
Down with VaR! says one guy: "Whatever your opinion of Goldman's fortunes and market forays in this recession, the fact is that a VaR-based analysis of any firm's riskiness is useless. VaR lies. Big time. As a predictor of risk, it's an impostor. It should be consigned to the dustbin. Firms should stop reporting it. Analysts and regulators should stop using it."
HSBC May Post Loss on $15 Billion Bad Loan Provisions (Bloomberg)
Sad trombones all around.
US Administration Working to Keep 'Clunkers' Program (CNBC)
Even though it's basically out of money, etc, etc, etc.
Bernanke's Popularity (FT)
Do you hate the Fed Chairman because he has a facial hair? Is that it?
Posted by guest , Jul 31, 2009 8:14AM
biden, low-alcoholic beer? wtf?
Posted by guest , Jul 31, 2009 8:14AM
"Mr. Biden, a surprise addition to the session, had a Bucklers, a low-alcohol beer."
who is he, bush?
Posted by guest , Jul 31, 2009 8:15AM
yes, i like my men shorn.
Posted by guest , Jul 31, 2009 8:17AM
@phil goldstein-- what makes you think anyone in congress took econ 101?
Posted by Seaman Bodine II , Jul 31, 2009 8:31AM
Mr. Bush, meanwhile, threw back three shots of rye, blazed a rail off a the thigh of his Mexicali maid's ass, and mutterd, "no tienas cahones."
Posted by guest , Jul 31, 2009 8:53AM
Fair dues to Biden for managing to drink that stuff, utterly utterly foul
Posted by guest , Jul 31, 2009 8:56AM
@6 Umm, no.
Posted by Tax Chick , Jul 31, 2009 9:05AM
Mr. Biden then entered the dining car and whispered something to the woman behind the counter, Joanne. He ordered a bottle of water and a “Cranberry cocktail.”
A reporter expressed surprise that Biden would partake of a “cocktail” at this afternoon hour.
“I’m the only guy you know who doesn’t drink,” Biden said, adding that he has never taken a drink in his life.
“Too many alcoholics in my family,” he explained.
http://thecaucus.blogs.nytimes.com/2008/09/16/riding-the-rails-with-amtrak-joe/
Posted by Tax Chick , Jul 31, 2009 9:06AM
Mr. Biden then entered the dining car and whispered something to the woman behind the counter, Joanne. He ordered a bottle of water and a “Cranberry cocktail.”
A reporter expressed surprise that Biden would partake of a “cocktail” at this afternoon hour.
“I’m the only guy you know who doesn’t drink,” Biden said, adding that he has never taken a drink in his life.
“Too many alcoholics in my family,” he explained.
http://thecaucus.blogs.nytimes.com/2008/09/16/riding-the-rails-with-amtrak-joe/
Posted by guest , Jul 31, 2009 9:06AM
Anybody else notice Biden is wearing white socks with his suit?
Posted by guest , Jul 31, 2009 9:11AM
@10 yeah, so?
Posted by guest , Jul 31, 2009 9:11AM
Wow, so Biden makes all those wacky gaffes without booze? I'm impressed.
Posted by Becky Boot Fan , Jul 31, 2009 9:11AM
a decent opening line for the beer-putsch, "...so, Barry...any good titty bars in this town?"
Posted by guest , Jul 31, 2009 9:19AM
According to the other article in the WSJ about the "Brouhaha"... Rita K. Wert, prez of the Women's Christian Temperance Union wanted to know why they didn't drink iced tea or lemonade instead. 90 years after prohibition ends and they are still moaning about the "Devil's Milk"....
Posted by Tax Chick , Jul 31, 2009 9:22AM
I want to know why 90 years after the end of prohibition the Women's Christian Temperance Union still exists.
Posted by guest , Jul 31, 2009 9:26AM
@11 if you don't know enough to know, you won't understand the answer. PS Button the top button of your shirt.
Posted by guest , Jul 31, 2009 9:29AM
@14,15 - As anyone who pledged a fraternity could tell you, it's 76 years after the end of prohibition. Just look at the label of the Rolling Rock in your hand.
Posted by Phobos , Jul 31, 2009 9:33AM
@15 I know right? I just can't put my finger on why that didn't work out..
Posted by guest , Jul 31, 2009 9:40AM
Guess Biden didn't go out later looking for hos, either.
Posted by Anal_yst , Jul 31, 2009 10:09AM
good opening bell today
also, re: VaR -
DUH!
Posted by Tax Chick , Jul 31, 2009 11:06AM
@17 - Thank you. My bad for not doing my due diligence. I took 14 at his/ her word. Fool me once....
Posted by guest , Jul 31, 2009 12:07PM
i wonder who's 9 digit account number clinton was there to protect...
http://www.bloomberg.com/apps/news?pid=20601087&sid=aONDdyiCD.AE
"UBS Tax Agreement Is Reached by U.S., Switzerland (Update3)"
"UBS said in a statement that it wouldn’t comment on the settlement, citing a request by the U.S. and Swiss governments. U.S. Secretary of State Hillary Clinton met today with Swiss Foreign Minister Micheline Calmy-Rey in Washington to discuss the case and other topics. "