Archive for the ‘Financial Monk’ Category

ETO News of the Day

Monday, June 1st, 2009

General Motors files for bankruptcy protection – The plan is for the federal government to take a 60 percent ownership stake in the new GM. The Canadian government would take 12.5 percent, with the United Auto Workers getting a 17.5 percent share and unsecured bondholders receiving 10 percent. Existing GM shareholders are expected to be wiped out.

Doctor decries Tiller killing – “I’m profoundly sad and I’m furious and I think the American people need to understand that we have a fascist movement in this country,” Dr. Warren Hern told The Colorado Independent on Sunday. “We don’t have to invade Iraq to find terrorists. They’re right here killing abortion doctors.”

State pay cut likely – [I]t’s virtually certain that he’ll cut state workers’ paychecks again. The only question is how he’ll get it done.

Questions for General McChrystal – The Senate owes the American people more than a pro forma confirmation of Lt. Gen. Stanley McChrystal, President Obama’s choice to be the next United States military commander in Afghanistan.

Despite Critics, Judge Sotomayor May Find Votes in G.O.P. – Notwithstanding fierce criticism from the likes of Rush Limbaugh and Newt Gingrich, there is scant evidence of solid opposition from Republican senators. Indeed, strategists on both sides say that one-third or more of the 40 Senate Republicans may vote to confirm her.

Today’s News

Thursday, May 21st, 2009

4 Accused of Plot to Bomb Synagogues in the Bronx – The men were petty criminals who appeared to be acting alone, not in concert with any terrorist organization, the New York City police commissioner said Thursday.

Obama Will Try to Quell Concern on Detainees – President Obama will attempt today to answer critics of his dismantling of Bush-era policies on detention and interrogation, in a speech reminding Americans that strong national security and adherence to laws and national values are not mutually exclusive.

Hutchison supporters seek apology from Perry over strategist’s comment: Don’t Open Up GOP Like A “Whorehouse” – A group of Kay Bailey Hutchison supporters is demanding an apology from Rick Perry, saying his top political strategist insulted her by invoking the imagery of a brothel.

Obama Huddles With Human Rights Groups Before Security Speech – Under heavy criticism for a series of decisions on national security that resembled, for some, those of the Bush years, President Barack Obama hosted a lengthy meeting on Wednesday with the leaders of several key human rights and civil liberties groups.

File This Under Silly

Monday, May 11th, 2009

Rep. Pete Sessions (R-Texas) quoted in a NY Times article (under the “Preaching Patience” section):

In an interview, Mr. Sessions cited rising unemployment in asserting that the administration intended to “diminish employment and diminish stock prices” as part of a “divide and conquer” strategy to consolidate power.

Mr. Sessions, in his seventh term, said Mr. Obama’s agenda was “intended to inflict damage and hardship on the free enterprise system, if not to kill it.” By next fall, he predicted, voters may regain appreciation for the era of Republican governance when “many dreams were achieved,” the size of the economy doubled and employment and financial markets hit record levels.

Read More Here

Today’s ETO News

Monday, May 11th, 2009

Hill Panel Reviewing CIA Tactics – Although some useful information was produced, the report concluded that “it is difficult to determine conclusively whether interrogations have provided information critical to interdicting specific imminent attacks,” according to the Justice Department’s declassified summary of it.

Cheney: “We Weren’t In Torture Business” – Cheney said that he fundamentally disagrees with many of the decisions of the Obama administration, including dismantling policies put into place by the Bush-Cheney administration which he credits with keeping the nation safe for nearly eight years following 9/11.

Obama And Industry Groups To Propose $2 Trillion In Health Care Savings – In conjunction with the White House, a host of trade associations, pharmaceutical groups and other stakeholders in the health care debate are set to announce a major effort to streamline the nation’s health care system that could save more than $2 trillion over the next decade.

Pres. Obama at the 2009 White House Correspondents’ Dinner – Pres. Obama was the highlight of this year’s White House Correspondents’ Dinner.

Bernie Madoff’s Secretary Spills His Secrets

Wednesday, May 6th, 2009

From Vanity Fair:
After spending two months helping the F.B.I. gather evidence against her former boss, Squillari, a 59-year-old mother of two from Staten Island, returned a call from V.F.’s Mark Seal, who had contacted her in connection with the eye-opening Madoff story he wrote in the magazine’s April issue. Seal and Squillari ended up collaborating on a first-person account of Squillari’s time with Madoff, whom she knew as well as anyone outside his family.

Interview with Bernie Madoff’s former Secretary here

Today’s News

Wednesday, May 6th, 2009

U.S. Says Bank of America Needs Cushion of $33.9 Billion – The government has told Bank of America it needs $33.9 billion in capital to withstand any worsening of the economic downturn, according to an executive at the bank.

Engineer distances self from ruined Dallas Cowboys training facility – The engineer listed as responsible for design of the Dallas Cowboys’ now ruined training facility said Tuesday that he had little to do with the project, worked for the builder only briefly and was hired to design small farm buildings.

Obama and Pragmatism: Thinking Through Values – The President seems to me especially thoughtful and passionate about one of the great moral questions of domestic policy today: widening inequality of income and wealth, and therefore of opportunity and political power. As I’ve noted before, as recently as 1980, the richest 1 percent of Americans took home about 9 percent of total national income. But since then, income has concentrated in fewer and fewer hands. By 2007, the richest 1 percent took home 22 percent of total national income.

Most Houston schools touched by swine flu reopen Wednesday – Nearly all the Houston-area districts that had closed schools plan to reopen them Wednesday, allowing parents to return to work and students to resume state testing and final exams.

Inspector at Pentagon Says Report Was Flawed – In a highly unusual reversal, the Defense Department’s inspector general’s office has withdrawn a report it issued in January exonerating a Pentagon public relations program that made extensive use of retired officers who worked as military analysts for television and radio networks.

Today’s News

Monday, May 4th, 2009

Obama Takes Aim at Offshore Tax Havens – President Obama will present a set of proposals on Monday aimed at changing international tax policy, calling for the elimination of benefits for companies and wealthy individuals that harbor their cash in offshore accounts.

4th-Grader Questions Rice on Waterboarding – Days after telling students at Stanford University that waterboarding was legal “by definition if it was authorized by the president,” former secretary of state Condoleezza Rice was pressed again on the subject yesterday by a fourth-grader at a Washington school.

Banks Are Prevailing in a Tug of War – Informed debate is a crucial part of public policy development. But the behind-the-scenes tug of war between banks and the government over the results of their recent stress tests strains the already tenuous credibility of the exercise. It also shows that banks have become too powerful.

Is Sestak the Right Choice for the Left? – Progressives are right to want a primary opponent for Arlen Specter — or at least to keep alive the possibility of one. As Chris Bowers notes, Specter has already cast two important votes against his party in his brief tenure as a Democrat, first on mortgage bankruptcy “cramdown” legislation, and then on the budget conference report, where he was joined only by Ben Nelson, Evan Bayh and Robert Byrd joined. Nor has Specter changed his position on the Employee Free Choice Act — a measure which he had supported in past years but revealed in March that he would attempt to filibuster.

Today’s News:

Wednesday, April 22nd, 2009

Report Gives New Detail on Approval of Brutal Techniques – A newly declassified Congressional report released Tuesday outlined the most detailed evidence yet that the military’s use of harsh interrogation methods on terrorism suspects was approved at high levels of the Bush administration. (Senate Report pdf)

Harsh Tactics Readied Before Their Approval – Intelligence and military officials under the Bush administration began preparing to conduct harsh interrogations long before they were granted legal approval to use such methods — and weeks before the CIA captured its first high-ranking terrorism suspect, Senate investigators have concluded.

Freddie Mac acting CFO found dead in apparent suicide – David Kellermann, acting chief financial officer of mortgage giant Freddie Mac, was found dead on Wednesday in his suburban Virginia home, a Fairfax County police spokeswoman said.

Morgan Stanley swings to $177m loss – Morgan Stanley reported a loss of $177m in the first three months of the year on Wednesday, worse than analysts expected, and said it would cut its quarterly dividend as real estate investments sapped its profits.

Secret Dark Side to Craig’s List Killer – By most accounts, Philip Markoff’s life had all the hallmarks of a solid middle-class existence. He grew up in upstate New York, where his father was a dentist, his mother worked in a casino, and he played basketball with his brother in the driveway. High school acquaintances said he was a smart, if slightly nerdy, student who excelled in science, made the honor roll, and liked to bowl.

President Obama Meets with Mideast Leaders – US officials say the leaders of Israel, Egypt and the Palestinians have been invited for talks in Washington in a new push for Middle East peace.