I wrote recently about the Bank of England sowing the seeds of their next banking crisis by deciding to reduce bank examinations. Spencer Bachus (R. Ala.), the incoming Chair of the House Financial Services Committee, told the Birmingham News: “In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks.” Read more »
Onto the house!
As you may have heard, Congresswoman Maxine Waters is currently being investigated on charges she arranged stimulus funds for a minority-owned bank in which Mr. Waters owned stock. Max maintains her innocence and wants a public trial to be held “as quickly as possible so she can clear her name.” In the meantime Ms. Waters says she’s gonna be putting a few people on trial herself– two of the biatches investigating her. Read more »
“It’s proven by the fact that you have millions of people who are in foreclosure who never should have been in foreclosure. This just didn’t happen because there were a lot of irresponsible people. Think about it. This is unprecedented, that this many people, all of a sudden, would be in foreclosure. What went wrong?” she asked Mark Haines. “I’ll tell you what went wrong. These exotic products that were put on the market tricked people into mortgages they could not afford. They had mortgages that reset that they never anticipated would reset, where the interest rates were double, where their mortgage payments were double. They never anticipated that. They didn’t know what they were getting into. This is not just some irresponsible homeowner. This is massive fraud…On a macro level, policy for the whole country, I still don’t understand how you get around the moral hazard without just simply saying all of the contracts that are out there are not worth the paper they’re printed on.” Read more »
“…insider-trading laws don’t apply to Congress.” [WSJ]
As previously mentioned, Maxine Waters has been accused of some questionably ethical dealings. The Congresswoman from California has denied that she’s violated any house rules and as a result, will take part in a public hearing rather than admitting to any wrongdoing. Naturally you can expect any hearing involving Waters to be an extremely entertaining event but today the Boston Herald takes one for the team, raising a few points that ensure there will be a minimum of, ballparking it, 5 delightful awkward exchanges, vis-a-vis a pal of hers named Kevin who allegedly has a coke, sodomy and Porsche problem. Read more »
Last Friday, Bloomberg printed a hilarious story about a girl named Carrianne Howard, who’s fallen on hard time. Currently, Howard works at a topless bar called Lido Cabaret in Cocoa Beach, Florida. But, wait, that’s not the funny part. What made the story a laugh riot was that the reporter/editor made the hugely tenuous (at best!) link that Howard’s travails– her parents had spent $70,000 for her to earn a bachelor’s degree in game and art design from the Art Institute of Fort Lauderdale, which helped her score an entry level job in her industry of choice after graduating in December 2007, from which she was later laid off and had to turn to showing her tits for money– were the fault of Goldman Sachs, as the bank owns 38 percent of the Art Institute’s parent, Education Management Corp. Over the weekend, Carrianne took to YouTube to respond, clarifying the facts. Read more »
The following post is by Dealbreaker reader and commenter Infinite Guest.
When Congressman Barney Frank said “money is influential, but votes will kick money’s ass any time they come up against each other,” he wasn’t referring to votes on the floor of the House and Senate, nor to the money our elected officials are paid, nor the money they tax and spend. Those votes and that money are never in conflict, but they should always be. Read more »