Maria Bartiromo: Tim Geithner apparently flagged the problem 5 years ago. Why didn’t he do more about this? He basically called the Bank of England and said he was worried about the approach in terms of Libor, that they needed to change it. Did he do enough?
Eliot Spitzer: Look I think it would be preemptory to say one way or the other. This is something that needs an awful lot of examination. I think the fact that he knew in ’07, sent a memo in ’08 is only the first layer of inquiry. Did he follow up on it? Libor, as everyone who watches CNBC knows, is the heart and soul, it is the blood stream of the financial system. If anyone is rigging it or playing games with it then you must follow up. Anybody who is in the regulatory position that Tim Geithner was in, in my view the most important bank regulatory position in the world, how do you not follow up and say wait a minute guys what have you done? So it’s unclear, and I hate to use this metaphor perhaps, but was this the sort of memo that was being sent at Penn State where you just kind of brush it aside or was it really an effort to do something?
MB: Oh god.
ES: This bears an awful lot of inquiry. Because it goes to the very real question of whether the NY Fed did not fulfill its fundamental function to ensure the soundest [and] security of the balance sheets of the banks all the way through the period leading up to the crisis. Is this one piece of evidence that runs contrary to that or one piece of evidence that supports it? We don’t know yet.
MB: What a comparison.
ES: Well let me tell you Maria, unfortunately when you see memos at the top being written like that, you never know, you have to ask the question, what preceded it, what came after it, otherwise you don’t understand the texture of what was being done by that senior person. Read more »
They just got a late start. Evidence of their hard work after the jump and yes, it’s most certainly NOT SAFE FOR WORK, unless you work at a firm where looking at women sans tops is cool.
**Shoveling snow, posing with shovels, same diff no diff. Read more »
Since it became de rigeur to hate on Wall Street, one of the most common refrains we hear about are financial services employees’ abuse of animals. “Goldman Sachs clubs baby seals in the basement of 85 Broad” this, “bankers kick puppies and have a good laugh about it” that. Well look who the sick fucks are now.
A high-powered Manhattan duo’s beloved French bulldog died after heartless dog sitters let him overheat in the back of a van and then dumped him — to perish alone — at their Upper West Side apartment, according to the suit. Bankers Laura Garner and Robert Hardon entrusted their 5-year-old pooch, Percy, to caretakers at Queens- based Doggie Love for one night in July 2009 while they were out of town, the suit says. “From the instant I saw Percy . . . I knew he was the one,” a devastated Garner wrote in an affidavit, recalling the start of her love affair with her pet.
But that affection wasn’t shared by Doggie Love, says the suit filed by the couple in Queens Supreme Court yesterday.
Read more »
Jumping off point question for the group: is this meant to indicate he’s only passed (or maybe just taken and will later find out he failed) Level I?
Update: We’ve spoken with several other conference participants who tell us the slide wasn’t meant to demonstrate how RBC sees President Obama but rather reflect sellers‘ current thoughts on the fear of the White House raising long term capital gains taxes.
RBC said in a statement: “This [slide] is not representative of RBC’s viewpoint. We do not condone this type of behavior; it is unacceptable and runs counter to our values and culture.”
Said thoughts were apparently shared at the Energy Capital Conference yesterday, by RBC Capital Markets director Craig Lande, via an interesting slide included the firm’s presentation. It seems the Canadians (based in Houston) do not think much of our commander in chief. Participants may have gotten this impression due to the image of Obama depicted as the devil (I don’t know though, maybe it was something else). According to an attendee, “There were a couple hundred people in the room– everyone was shocked. It was really awkward.”