President Obama

President Barack Obama, asked about former Treasury Secretary Larry Summers as a candidate for Federal Reserve chairman, said his former economic adviser is being unfairly criticized in public debate about the selection, lawmakers said after a private meeting with the president. “He took a minute to stand up for Larry Summers,” said Representative Brad Sherman of California, following a meeting with House Democrats today. Obama then met with Senate Democrats. Obama told House Democrats he hadn’t decided whom to appoint as Fed chairman — though he said Summers was being unfairly criticized, Sherman said. Summers and Janet Yellen, the Fed’s current vice chairman, are the two leading contenders to replace Chairman Ben S. Bernanke, whose term expires Jan. 31, according to people familiar with the search. Representative John Larson, a Connecticut Democrat, said the president “hasn’t begun the process but he was, I thought, very adamant in his defense of the service Larry Summers has provided.” [Bloomberg, earlier re: toys]

Just when things were looking up in the fiscal cliff talks, this happens: Read more »

Last November, hedge fund manager Leon Cooperman penned an “Open Letter To The President Of The United States of America,” in which he detailed the many ways Barack Obama was pissing him off. The Omega Advisors founder accused the President (and his “minions”) of engaging in class warfare, expressed disbelief that he could attack “capitalists who…fill store shelves at Christmas” and still sleep at night, and advised Obama to “eschew the polarizing vernacular of political militancy,” lest he lose Cooperman’s vote the next year.  While LC says that he received a major outpouring of support for his words (“[he] keeps a bulging manila folder of congratulatory notes in his office”), others were less than pleased at what they saw as a guy who has actually done pretty okay under Obama lashing out because his feelings were hurt on the occasions the president was perceived to have a “tone” in his voice when discussing the mega-wealthy (“If I knew where you lived, I’d put a bomb in your car,” one person wrote Cooperman to say).

Similarly, Cooperman’s suggestion, made publicly several times, that America should be worried about the startling parallels between Obama’s rise to power and that of Adolf Hitler,* was met with mixed reviews, including one by his wife in which she called him a “schmuck.”

And while some** have found it preposterous that Cooperman would paint himself as a victim of Obama, their astonishment speaks to not knowing the whole story, i.e. exactly what this man- no, this monster- did to Leon, and why he is not fit to be President of the United States of America. Read more »

The following is a (not at all comprehensive) list of things that UBS could legitimately be embarrassed about:

- Losing so much money that a rogue trader’s $2billion loss barely registered above ‘meh’ on the Do We Care scale
- Awarding 4-figure bonuses to managing directors
- Employing a guy who “implored bankers to make a more concerted effort to streamline the firm and likened the strategy to slashing expenses like a ‘Jewish shopkeeper’
- This
- Having the entire healthcare team decide Jeffereies is a better place to work
- Being scammed by a bunch of ops guys
- Pulling a reverse Field of Dreams and spending all the money it didn’t have to build a 103,000-square-foot trading floor, in a 700,000-square-foot building, that no one wants to work on or in
- Getting no respect from the people of Stamford, who’d prefer “a nice big Costco” move into the space
- Having to distribute a step-by-step guide re: how to tie a tie

And yet, rather than worry the suggestion its employees have been wearing clip-ons reflects poorly on the institution or taking the time to send out a memo that reads “Subject: Hey, Body: Stop losing so much fucking money!”, the bank’s execs are devoting their energy to this:  Read more »

Earlier this month, the Journal explored the difficulty MF Global customers have encountered in attempting to get their “missing” money back, after the firm went down for the dirt nap last October. One woman who can relate all too well? Barack Obama AKA Angela Dozier-Carter, who is owed $150 trillion and then some, of which she hasn’t seen a dime. Read more »

From the front lines: Read more »

Remember, back in June, when Tim Geithner said he was considering retiring from his post at the Treasury after the debt deal passed, telling friends that he was tired, needed a break and wanted to put family first (his wife and son live in Westchester, where the latter is finishing high school)? And the White House was all, “good one, buddy!” and “joked” about forcing him to wear an ankle monitoring bracelet before making clear in no uncertain terms that TG wasn’t going anywhere? Apparently Tim doesn’t.  Which would explain the laughable statement he made earlier today, vis-à-vis being allowed to go home any time soon: Read more »