Obama’s Economic Superfriends

  • News

    Obama: Extensions For Big Auto

    The situation is fluid. Obama (In his capacity as the First GM Human Resources Director): Wagoner is moving on to pursue other opportunities. Obama (In his capacity as the First Managing Director, Investment Banking/Advisory): Chrysler needs a deal with Fiat.

    / Mar 30, 2009 at 11:13 AM
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    Dehydrated Conspiracy: Just Add AIG!

    Certain networks just attract conspiracy theorists and the theories that these theorists theoretically theorize with the same level of surreal magnetism that acts between big oil and Maxine Waters. That’s not to say, for instance, that Goldman Sachs isn’t totally responsible for spiking oil prices up to nearly $150 a barrel, unleashing law enforcement on […]

    / Mar 30, 2009 at 8:15 AM
  • News

    What If No One Came?

    It strikes us that the PPIP plan requires a certain faith by the administration. Specifically, that balance sheets are not actually so underwater that even a 30% subsidy is a hollow gesture. What’s more, how sure is the administration that actual price discovery is something that any of these institutions actually want? Clearly, given the […]

    / Mar 26, 2009 at 5:07 PM
  • News

    Why Does John Paulson Hate The Safecracker?

    Considering he has apparently transformed into a mortgage backed securities bull (in selective cases) it’s interesting to hear that John Paulson doesn’t seem interested in using cheap government leverage and guarantees to participate in the public-private plan to pick up legacy assets, as he told the Times. Why not? We actually have no idea, given […]

    / Mar 25, 2009 at 2:38 PM
  • News

    The Safe Cracker Really Wishes Krugman Would Just Shut The Hell Up

    Krugman doesn’t think much of the latest Geithner plan. Surprise, surprise. Notice that the government equity stake doesn’t matter — the calculation is the same whether private investors put up all or only part of the equity. It’s the loan that provides the subsidy. And in this example it’s a large subsidy — 30 percent. […]

    / Mar 24, 2009 at 3:34 PM
  • News

    More Fun With The Treasury

    Please join Senior Treasury officials Mary Goodman, Sam Hanson, and Jeremy Stein for a call at 3:30pm EST today to discuss the latest piece of the financial stability plan. Call in details: Title: White House/Treasury Call Participant dial in: (800) 230-1085

    / Mar 23, 2009 at 3:12 PM
  • News

    Thanks, Paul. Don’t Call Us. We’ll Call You.

    Josh Gerstein over at Politico is not a very happy camper. We’re not huge Politico fans or anything, but Gerstein brings up some very interesting points about how badly Paul Volcker has been used by the present administration. To wit: Six weeks after President Barack Obama appointed a blue-ribbon panel to help him dig America […]

    / Mar 23, 2009 at 12:54 PM
  • News

    Weekend Dealbreaker: Now Just Simmer Down. I’m Sure It’s Nothing Like It Sounds.

    The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said. The outlines of the plan are expected to be unveiled this week in preparation for President Obama’s first foreign summit meeting […]

    / Mar 21, 2009 at 8:48 PM
  • News

    Not Pointing Any Fingers (Ah-Mer-Ric-Ka) But Someone’s Been Making This Harder Than It Needs To Be

    Whatever illusion it was that suggested the presence of a common global agreement (or even a semi-regional agreement) on the best way to approach the present crisis faded quickly after the first mutual caresses of the appendages of state resulted in multiple charges of sexual harassment. Doubtless, Gordon Brown, who is facing his own political […]

    / Mar 11, 2009 at 11:20 AM
  • News

    Buying Into The Bailout

    Looking to get a bit longer on the bailout than your status of a taxpayer has you already? Never fear, qualified purchaser. Despair not, accredited investor. We have got the deal for you. You heard it was coming. Now it is almost here! The U.S. government plans to invite wealthy investors to invest in the […]

    / Mar 6, 2009 at 1:09 PM
  • News

    Breaking: Obama Called Equities Bottom

    Sitting with British Prime Minister Gordon Brown a little while ago, Obama reassured Americans that now is the time to buy stocks for the long-term. Excellent. Update: Bloomberg has it. Update 2: Reuters too. Obama Says Now May Be a Good Time to Buy Stocks [Bloomberg] Obama says stocks potentially a good buy now [Reuters]

    / Mar 3, 2009 at 12:45 PM
  • News

    Will Geithner Show?

    He’s due to testify on the budget plan in front of Ways and Means in just a little bit. (We’ve already heard a lot of noise about this being Geithner’s last chance. Even CNBC is asking if a no-confidence vote is in order). Considering he’s been awfully absent lately, and mindful of the criticism that […]

    / Mar 3, 2009 at 12:19 PM
  • News

    Presented Without Comment: Trade Nominee Ron Kirk Agrees To Pay Back Taxes

    The Senate Finance Committee says President Barack Obama’s nominee for trade representative owes roughly $10,000 in back federal taxes and has agreed to pay them. The report said Ron Kirk will file amended returns covering the years 2005, 2006 and 2007. Kirk becomes the latest nominee of the Obama administration with tax problems, although this […]

    / Mar 2, 2009 at 4:49 PM
  • News

    Sallie Mae Plunges

    As you know from the Opening Bell, change is in the wind for student loans, but not exactly in the way we expected. Sallie Mae is down 40% today on the news that subsidies for student loans may well be a thing of the past if Obama’s budget gets its way. It will come as […]

    / Feb 26, 2009 at 1:03 PM
  • News

    Now Before I Begin The Lesson

    Now I realize that it seems difficult to follow the complex financial machinations that we are performing to pretend we aren’t nationalizing anyone’s bank but I do wish you’d listen Ken, it’s perfectly simple, if you’re not giving your bondholders a hair cut, you don’t have to put your executive’s bonuses down on the lower […]

    / Feb 25, 2009 at 2:22 PM
  • News

    10 Lions Versus 3 Gladiators

    The revolving door to the give-away party has started to turn, beginning with Chrysler which, after smashing through the floor of their own “worst case scenario” is back looking for $5 billion or so. Just to tide them over, you understand. Three top Chrysler LLC executives are to meet today with President Barack Obama’s automotive […]

    / Feb 25, 2009 at 2:00 PM
  • News

    Uncommon Interest In Common

    Yes, yes, we know that the excuse to start pushing for common stock with voting rights is that Tangible Common Equity is the standard for bank health that everyone is raving about- as if the voting rights were just an afterthought- but we told you before what this would mean when it came right down […]

    / Feb 23, 2009 at 4:51 PM
  • News

    Nationalization Cluster**** In 4… 3… 2…

    It literally was only a matter of time, and it really makes no difference how “temporarily” businesses are absolutely-definitely-totally-not-really nationalized. Patronage politics will show their ugly face and give us the insanity of a government tempted to dumb down a business it had to take over because of poor performance. Citi isn’t even technically nationalized […]

    / Feb 23, 2009 at 3:57 PM
  • News

    Yeah, So That Car Czar Slot You Were Hoping For? Not So Much.

    You had to know that appointing a “Car Czar” with the kind of powers that might actually get something done when it came to Big Auto was just never going to happen. There is, after all, only one Lord of the Bailout, and he does not share power (unless it is via a gridlocked committee […]

    / Feb 23, 2009 at 1:33 PM
  • News

    Wishful Thinking

    Don’t worry folks, because… …a survey of 47 professional forecasters released by the National Association of Business Economists on Monday predicted the recession-hit economy would begin to recover in the second half of this year, returning to a potential growth trend in 2010. The recovery was seen driven by the Obama administration’s $787 billion economic […]

    / Feb 23, 2009 at 10:14 AM
  • News

    There Goes The Neighborhood

    The scintillating prose from CNN simply completes the picture, don’t you think? President Obama today signed the $787 billion American Recovery and Reinvestment Act into law. So how will we know if it’s working? What will be the signs? The president and economists say the biggest marker will be an improvement in the jobs picture. […]

    / Feb 17, 2009 at 3:37 PM
  • News

    Breaking: House Passes Modified Stimulus Bill

    The [situation/money supply] is fluid.

    / Feb 13, 2009 at 2:22 PM
  • News

    It Is Almost Like A Prom!

    Online Surveys & Market Research

    / Feb 13, 2009 at 12:44 PM
  • News

    Obama Addresses Business Council: Liveblogged

    S&P 500 is up 0.2% going into the speech, let’s just see how the market reacts, shall we? We’ll also take bets on which CEO gets invited to leave the audience for trying to trade on his/her Blackberry during the talk. Obama: We’re in tough economic times. [Lists litany of challenges] But, I’m not here […]

    / Feb 13, 2009 at 10:30 AM
  • News

    Your Asses: Definitely Capped Again

    Oh, you thought the evil $400,000 cap was history, right? You thought it was going to be limited in scope, and only in the amount of $500,000 this time right? You thought stock wasn’t going to be included, right? Wrong. SEC. 6012. LIMIT ON EXECUTIVE COMPENSATION. (a) IN GENERAL.–Notwithstanding any other provision of law or […]

    / Feb 12, 2009 at 5:53 PM
  • News

    We Thought It Was Absurd Too, But It Turns Out That Obama Really IS Going To Pay Your Mortgage

    You thought she was kidding at the time, didn’t you? Shows what we know about the absurd. (Nothing). The Obama administration is hammering out a program to subsidize mortgages in a new front to fight the credit crisis, sources familiar with the plan told Reuters on Thursday, firing financial markets. In a major break from […]

    / Feb 12, 2009 at 4:49 PM
  • News

    The Spigot Is On: $789 Billion In Stimulus Agreement

    And now the real fun begins: Negotiators for Congress and the White House have agreed on a $789 billion economic stimulus bill, lawmakers announced. The compromise measure could get final approval by Friday. The situation is fluid. Pact on Economic Stimulus Is Reached In Congress [CNBC]

    / Feb 11, 2009 at 3:05 PM
  • News

    Play Ball!

    If you ever needed a clearer example why we don’t want e.g., the House of Representatives making investment decisions, this is it: NBC has obtained a letter signed by six house Representatives from New York State sent to Timothy Geithner, asking the Treasury Secretary to disregard the call for Citigroup to break its 20-year, $400 […]

    / Feb 11, 2009 at 2:29 PM

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