Obama’s Economic Superfriends

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    “Nobody Leaves The KGB”

    “So thank you for the loan, we’ll just pay this back now and do away with these compensation requirements…” Cindy had brought a copy of the regulations to ceremonially tear up for the occasion. Thin smiles began to emerge, a glimmer of hope, then faded instantly when Tim interrupted. “Yeah, not so fast.” “What?” “Yeah, […]

    / Apr 17, 2009 at 10:20 AM
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    My Super Sweet Stress Test

    This bloody “stress test” fiasco has mutated into the car presentation scene in every “My Super Sweet Sixteen” ever filmed. In fact, about everything the administration does looks MTV to us lately. First the car (stress test) is discussed. “The Secretary and the Department of the Treasury have long recognized that transparency was important for […]

    / Apr 15, 2009 at 4:57 PM
  • News

    Dealbreaker Afterdark: Fannie Mae CEO To Head Bailout Nation

    And you thought today would end without a good, deep laugh. President Barack Obama is expected to tap Fannie Mae Chief Executive Herb Allison to head the government’s $700 billion financial-rescue program, people familiar with the matter say. Bank Vet Tapped to Run Bailout [The Wall Street Journal]

    / Apr 13, 2009 at 7:31 PM
  • News

    Of What Value Is The Test That No One Fails?

    For a quick lesson in hypocrisy and smoke and mirrors all tied into one, how about the test that no banks can fail, and that, in any case, is based on such lax standards and assumptions that even the institution passing with high honors should give investors no comfort whatsoever? We refer, of course, to […]

    / Apr 9, 2009 at 2:35 PM
  • News

    We Need To (Re)Create The Vomitorium

    As you will know from our Opening Bell, the latest from the bailout boys is the concept that a series of mutual funds raised to buy toxic assets are the modern equivalent of patriotic “Liberty Bonds” or “War Bonds” of years past. Aside from being a rather nauseating bit of gamesmanship to compare bonds used […]

    / Apr 9, 2009 at 10:40 AM
  • News

    This Might Actually Be The End

    It’s one thing to say that a firm might be better off in bankruptcy. It is another entirely to prod it down the plank towards the sea. General Motors Corp.’s 60-day deadline to restructure is unlikely to be extended because the U.S. won’t repay $1 billion in convertible notes maturing June 1, according to a […]

    / Apr 1, 2009 at 3:11 PM
  • News

    We Told You Months Ago

    Back when it wasn’t totally clear that GM would suck away every dollar unfortunate enough to even cross the expanding event horizon of fail that surrounded the company, you would have looked at us skeptically and slowly backed away (or jabbed us in the eye with a sharp stick). Still, that’s exactly what happened with […]

    / Apr 1, 2009 at 1:37 PM
  • News

    They Are What They Drive

    With President Barack Obama showing the ailing U.S. auto industry some tough love Monday, POLITICO wondered — what’s … … in the driveways of White House aides? A lot of foreign cars, as it turns out. Explore the depths of auto-psychoanalysis, after the jump.

    / Mar 31, 2009 at 5:19 PM
  • News

    WSJ Breaking: GM / Chrysler To Be BK’d Into Good Bank / Bad Bank

    Wow. That whole “Bankruptcy one option of many” thing lasted about, what, three whole hours? Updates to come. The situation is fluid.

    / Mar 30, 2009 at 3:02 PM
  • 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
  • News

    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

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