I attended a V to shining V party on Saturday night! It was great to be out among active women’s rights advocates. We also had some great snacks and games. We got to “Pin the Probe on the Politician”. Those pictures are of Bobby Jindal, Bill Cassidy, and Rick Perry all appropriately pinned at various points. I’m continuing my stump for Mary Landrieu and polls show that I’ve got to continue to work to find support and volunteers for her.
As Democratic Sen. Mary Landrieu defends her U.S. Senate seat in Louisiana, a new CNN/ORC International pollindicates the third-term incumbent carries a slim advantage over her closest GOP rival in the general election this November.
But this is Louisiana, and the election system can be complicated. There are nine candidates — Republicans, Democrats, and a Libertarian — on the ballot this November, and if no candidate crosses the 50% threshold, the race moves into a December runoff between the top two contenders.
Landrieu currently falls well below the 50% mark at 43% support among likely voters. Republican Rep. Bill Cassidy comes in second at 40%, according to the survey.
But the poll’s sampling error among likely voters is plus or minus four percentage points, meaning the two candidates are about even.
In a state with large swaths of conservative voters, Landrieu is considered one of the most vulnerable Democrats up for re-election this year. Republicans, eager to take control of the Senate, have focused on the race as a potential pick-up seat. The GOP needs a net gain of six seats to retake the majority.
If the horse race in Louisiana stays relatively the same, Landrieu and Cassidy would be the two candidates heading into the runoff — and that’s when things flip.
The poll indicates that Cassidy would fare slightly better in a runoff than Landrieu, 50%-47%.
“Keep in mind that the electorate in December is probably going to be smaller and quite a bit different from those who turn out to vote in November,” CNN Polling Director Keating Holland said.
I thought I’d bring up something that’s been intriguing me for a few days. A whistle blower–Fed Employee–has pretty much charged the New York Fed with being captured by Goldman Sach’s. The story was first broke by ProPublica. The woman was fired when she released a negative assessment of GS during an examination.
Barely a year removed from the devastation of the 2008 financial crisis, the president of the Federal Reserve Bank of New York faced a crossroads. Congress had set its sights on reform. The biggest banks in the nation had shown that their failure could threaten the entire financial system. Lawmakers wanted new safeguards.
This story was co-published with This American Life, from WBEZ Chicago.
The Federal Reserve, and, by dint of its location off Wall Street, the New York Fed, was the logical choice to head the effort. Except it had failed miserably in catching the meltdown.
New York Fed President William Dudley had to answer two questions quickly: Why had his institution blown it, and how could it do better? So he called in an outsider, a Columbia University finance professor named David Beim, and granted him unlimited access to investigate. In exchange, the results would remain secret.
After interviews with dozens of New York Fed employees, Beim learned something that surprised even him. The most daunting obstacle the New York Fed faced in overseeing the nation’s biggest financial institutions was its own culture. The New York Fed had become too risk-averse and deferential to the banks it supervised. Its examiners feared contradicting bosses, who too often forced their findings into an institutional consensus that watered down much of what they did.
The report didn’t only highlight problems. Beim provided a path forward. He urged the New York Fed to hire expert examiners who were unafraid to speak up and then encourage them to do so. It was essential, he said, to preventing the next crisis.
A year later, Congress gave the Federal Reserve even more oversight authority. And the New York Fed started hiring specialized examiners to station inside the too-big-to fail institutions, those that posed the most risk to the financial system.
One of the expert examiners it chose was Carmen Segarra.
Segarra appeared to be exactly what Beim ordered. Passionate and direct, schooled in the Ivy League and at the Sorbonne, she was a lawyer with more than 13 years of experience in compliance – the specialty of helping banks satisfy rules and regulations. The New York Fed placed her inside one of the biggest and, at the time, most controversial banks in the country, Goldman Sachs.
It did not go well. She was fired after only seven months.
So,I should remind you that I used to work for Fed Atlanta. I should also tell you that I’ve thought the NYC Fed has been a prime example of regulatory capture. You can go back into the files to see my dissections of the 2005 financial crisis as well as read my contempt for Gaithner. But, anyway, this story has legs, as they say so I wanted to share some updates.
Segarra found three clear cases where Goldman appeared to be engaged in wrongdoing, but where Fed staff pushed back at her attempts to correct it. The latter two incidents have audio evidence from Segarra’s recordings corroborating them.
The wealthy clients incident
A senior Goldman executive, at a meeting with Fed officials early in Segarra’s tenure, expressed the view that “once clients were wealthy enough, certain consumer laws didn’t apply to them,” in Bernstein’s words; this is corroborated by minutes from the meeting in questions. When Segarra tried to look into the issue further, a Fed colleague protested, saying the executive didn’t say that, or if he did, that he didn’t mean it.
The Santander incident
In early January, Goldman was closing a deal with the Spanish bank Santander, the point of which, Fed regulators discerned, was to take risky assets off of Santander’s hands so as to increase its ratio of capital to assets so as to comply with European regulators. The deal required Goldman to notify the Fed about the deal and get it to sign off, which Goldman hadn’t done.
While Fed officials, including Michael Silva, initially sounded outraged, in the end Silva only brought it up once, at the very end of a meeting with Goldman officials, and in a tone that Segarra found overly deferential. She thought the debrief from the meeting with other Fed officials suggested the Fed feared Goldman retaliation if they were too aggressive. This was despite the fact that Goldman was required to hand over information and the Fed could punish it, including criminally, if it failed to comply.
The most forceful action they considered taking against Goldman for the deal was sending them a letter; Bernstein couldn’t confirm that one was ever sent.
The conflict of interest policy incident
The Fed requires banks like Goldman to have firmwide conflict of interest policies that fit certain requirements. Segarra concluded that Goldman lacked such a policy, not least because Goldman’s staffer in charge of managing conflicts of interest told her the firm’s policy had no definition of “conflict of interest.”
Silva agreed with her. But after he got pushback from another Fed examiner, he changed his view, just as Segarra was about to take regulatory action to force Goldman to adopt a real policy. Silva protested that the bank had a conflict of interest policy, but Bernstein notes that it was “just a few paragraphs long and very general .… We showed it to two experts: former Fed examiners familiar with the Fed’s guidance on this issue. They both said it wouldn’t qualify as a policy.”
Silva urged her to recant her statement that there was no policy, despite the fact that he could have easily overridden her. Segarra suggests this was because, to quote Bernstein, “if she submitted her conclusions, it would create a formal record that her bosses didn’t want.” Eventually, Segarra agreed to say there was was a policy, albeit a “very poor policy,” but privately insisted to Silva that there was “no way this is a policy.” A week later, she was fired.
Elizabeth Warren–the senator at the right place, right time and with the right amount of expertise is calling for investigations. Notice both the Senator and the Whistle Blower are outspoken,intelligent, and obviously moral women.
An influential U.S. senator wants to hold hearings into “disturbing” issues raised by secretly taped conversations between Federal Reserve supervisors and officials at Goldman Sachs Group Inc <gs.n>, a bank the Fed was tasked with policing.
Elizabeth Warren, a Democrat on the Senate Banking Committee, on Friday called for hearings after portions of the recordings from 2011 and 2012 were made public. Fellow Democrat Sherrod Brown, also a committee member, called for a “full and thorough investigation” into the allegations they raised.
I’m hoping this does lead to an investigation and perhaps a call for changes in laws and the regulatory regime. I see that Sherrod Brown from Ohio has also called for congressional investigations.
Sens. Elizabeth Warren (D-Mass.) and Sherrod Brown (D-Ohio) are both calling for Congress to investigate the New York Federal Reserve Bank after recently releasedsecret recordings show the central bank allegedly going light on firms it was supposed to regulate.
Warren and Brown, both members of the Senate Banking Committee, called for an investigation of the New York Fed after Carmen Segarra, a former examiner at the bank, released secretly recorded tapes that she claims show her superiors telling her to go easy on private banks. Segarra says that she was fired from her job in 2012 for refusing to overlook Goldman’s lack of a conflict of interest policy and other questionable practices that should have brought tougher regulatory scrutiny.
Finally, a right wing forced birth zygote fetishist who will fess up to wanting to kill doctors, women, nurses, and any one else who might be associated with an abortion. We’ve always known they were pro death penalty for any one that steps out side their narrow world. The National Review’s Kevin D. Williamson wants them all “shot or hung”.
So this morning on Twitter, this happened; National Review writer Kevin D. Williamson made the real “pro-life” agenda very, very clear, expressing his opinion that women who have abortions should be put to death — by hanging. And not just the women; he says the doctor who performs the abortion, the nurses who assist, and the hospital staff who enable it should also be executed.
This was not satire, or a “joke.” He really believes this, as you’ll see if you read the following Twitter collection from the bottom up.
Is it more or they just getting more out there and obvious all the time? I think they just want women to shut up and go away. Oh, in an interesting turn of events ABC’s Martha Raddatz cut off Rick Perry in mid conspiracy theory rant. Do you suppose they’re actually going make a practice of this?
ABC News host Martha Raddatz on Sunday cut off Texas Gov. Rick Perry (R) after he spent four minutes defending a conspiracy theory that President Barack Obama was plotting to fill up the United States with undocumented immigrants.
Speaking to Fox News last week, Perry had asserted that the president was responsible for the growing crisis of women and children immigrants coming across the border.
“We either have an incredibly inept administration, or they’re in on this somehow or another,” Perry opined. “I mean I hate to be conspiratorial, but I mean how do you move that many people from Central America across Mexico and then into the United States without there being a fairly coordinated effort?”
During a Sunday interview on ABC News, host Martha Raddatz gave the Republican governor a chance to back away from his conspiracy theory.
“Governor, do you really believe there’s some sort of conspiracy to get people into the United States by the federal government, by the Obama administration?” Raddatz asked.
“When I have written a letter that is dated May of 2012, and I have yet to have a response from this administration, I will tell you they either are inept or don’t care, and that is my position,” Perry said, doubling down on the theory. “We have been bringing to the attention of President Obama and his administration since 2010, he received a letter from me on the tarmac… I have to believe that when you do not respond in any way, that you are either inept, or you have some ulterior motive of which you are functioning from.”
The former Republican presidential candidate added that his theory was proved by the fact that the president had not responded to his letter, and had not deployed drones to the border.
“Unless we secure our southern border, this is going to continue to be a massive amount of individuals that are coming to the United States,” Perry warned. “And, frankly, we don’t have a place to house them as it is. And if we have a major event, a hurricane that comes in to the Gulf Coast, I don’t have a place to be housing people who are displaced because this administration…”
At that point, Raddatz interrupted Perry and ended the interview.
I will once again point out that it was MARTHA Raddatz and not GEORGE that stepped in and actually acted embarrassed to question an obviously whacked set of answers to a legitimate question.
So, that’s it for me this morning! What’s on your reading and blogging list today?
I hope you’ll forgive my provincialism, but the only news that really matters to me this morning is that the Red Sox mopped the floor with the Cardinals last night, winning Game 1 of the 2013 World Series 8-1. Chad Finn of The Boston Globe has the story:
If you’re one of those straggling Red Sox fans who still believes in curses and ghosts and various other apparitions despite all of the affirming joys that have occurred since 2004, have I got a cockamamie theory to sell you.
Here goes: I think in Game 1 of the World Series Wednesday night at Fenway Park, the 2013 St. Louis Cardinals were somehow possessed by their baseball forefathers of 100 years ago.
Really. Think about it: The 2013 Cardinals arrived as the National League representative in this World Series with a sterling reputation and a vast reservoir of respect, having just vanquished the talented Dodgers with a combination of a deep lineup, a deeper bullpen, and a starting rotation led by true ace Adam Wainwright.
So what happens when they finally take the field? The Cardinals make three errors, botch a popup to the pitcher, and Wainwright, a strike-throwing machine who walked 35 batters all season, requires 31 pitches to get through the first inning. After the first, the Cardinals were already in a 3-0 hole that became 5-0 an inning later.
The way Jon Lester was dealing for the Red Sox, the five-run hole felt insurmountable, and it was. The outcome was determined long before the final 8-1 score became official.
It was pretty much over in the first inning. Then Red Sox fans could sit back and just enjoy it. I doubt if the rest of the games will be that easy, but winning the first one is a big plus. Game 2 tonight!
Now that I’ve bored everyone but myself, Pat J., and MABlue if he’s lurking out there, I’ll move on to the political news.
Republican disrespect for the President of the United States has reached an all-time low, according to Illinois Sen. Dick Durbin, who claims that an “unnamed GOP leader” told President Obama to his face at the White House, “I can’t stand to look at you.” Todd S. Purdum at Politico:
Such an insult — delivered eyeball to eyeball — would trump Rep. Joe Wilson’s shouted “You lie!” on the House floor during the Obama’s health care speech to Congress in 2009.
It would top former Vice President Dick Cheney’s terse suggestion on the Senate floor in 2004 that Sen. Patrick Leahy (D-Vt.) should perform an anatomically improbable act. And it would make Dick Armey’s heated advice to a scolding Bill Clinton (“Perhaps it’s my Western upbringing, but I don’t listen very well when someone’s pointing a finger in my face!”) during the 1995 government shutdown seem positively polite by comparison.
Perhaps only John Quincy Adams’s dismissal of Thomas Jefferson as “a slur upon the moral government of the world” sounds worse — and Adams made that assessment in the late 1820s, after Jefferson was dead.
The White House and John Boehner are both denying it, but Durbin is sticking by his statement.
In fact, the alleged dis words are so personal, so passionate, so disaffected-high-school-sweetheart in tone — “I cannot even stand to look at you” — that it’s hard to imagine any grown man saying them to another — much less to the president. “What are the chances of an honest conversation with someone who has just said something so disrespectful?” Durbin’s Facebook post asked with understatement.
Frankly, I have no problem believing it. Which “GOP leader” do you think it was?
And how are “old-style” Republicans supposed to deal with the new GOP? John G. Taft, descendant of President William Howard Taft, wrote about their struggle in The New York Times: The Cry of the True Republican:
Five generations of Tafts have served our nation as unwaveringly stalwart Republicans, from Alphonso Taft, who served as attorney general in the late 19th century, through William Howard Taft, who not only was the only person to be both president of the United States and chief justice of the United States but also served as the chief civil administrator of the Philippines and secretary of war, to my cousin, Robert Taft, a two-term governor of Ohio.
As I write, a photograph of my grandfather, Senator Robert Alphonso Taft, looks across at me from the wall of my office. He led the Republican Party in the United States Senate in the 1940s and early 1950s, ran for the Republican nomination for president three times and was known as “Mr. Republican.” If he were alive today, I can assure you he wouldn’t even recognize the modern Republican Party, which has repeatedly brought the United States of America to the edge of a fiscal cliff — seemingly with every intention of pushing us off the edge.
Read the rest at the link; it’s not long.
Another disaffected Republican, Andrew Sullivan, reacted to Taft’s op-ed by suggesting that we are approaching The Decline And Fall Of Christianism.
The fusion of politics and religion – most prominently the fusion of the evangelical movement and the Republican party – has been one of the most damaging developments in recent American history. It has made Republicanism not the creed of realists, pragmatists and compromise but of fundamentalists – on social and foreign policy, and even fiscal matters. And once maintaining inerrant doctrine becomes more important than, you know, governing a complicated, divided society, you end up with the extremism we saw in the debt ceiling crisis. When doctrine matters more than actually doing anything practical you end up with Cruz cray-cray….
But there is some light on the horizon. The Catholic hierarchy has been knocked sideways by the emergence of Pope Francis and his eschewal of their fixation on homosexuality, contraception and abortion. That fixation – essentially a Christianist and de factoRepublican alliance among Protestants and Catholic leaders – has now been rendered a far lower priority than, say, preaching the Gospel or serving the poor and the sick. Francis has also endorsed secularism as the proper modern context for religious faith: “I say that politics is the most important of the civil activities and has its own field of action, which is not that of religion. Political institutions are secular by definition and operate in independent spheres.”
Sullivan claims something similar is happening among younger evangelicals. I don’t buy it, but you can check out Sullivan’s arguments at his blog.
German Chancellor Angela Merkel suspects that the NSA has been bugging her cell phone, and she’s furious about it.
The furore over the scale of American mass surveillance revealed by Edward Snowden shifted to an incendiary new level on Wednesday evening when Angela Merkel of Germany called Barack Obama to demand explanations over reports that the US National Security Agency was monitoring her mobile phone.
Merkel was said by informed sources in Germany to be “livid” over the reports and convinced, on the basis of a German intelligence investigation, that the reports were utterly substantiated.
The German news weekly, Der Spiegel, reported an investigation by German intelligence, prompted by research from the magazine, that produced plausible information that Merkel’s mobile was targeted by the US eavesdropping agency. The German chancellor found the evidence substantial enough to call the White House and demand clarification.
The outrage in Berlin came days after President François Hollande of France also called the White House to confront Obama with reports that the NSA was targeting the private phone calls and text messages of millions of French people.
According to a Merkel spokesperson,
Merkel’s spokesman, Steffen Seibert, made plain that Merkel upbraided Obama unusually sharply and also voiced exasperation at the slowness of the Americans to respond to detailed questions on the NSA scandal since the Snowden revelations first appeared in the Guardian in June.
Merkel told Obama that “she unmistakably disapproves of and views as completely unacceptable such practices, if the indications are authenticated,” Seifert said. “This would be a serious breach of confidence. Such practices have to be halted immediately.”
The Guardian doesn’t report how President Obama responded to Merkel’s outraged complaints. Maybe he just sat there listening passively?
Hillary Clinton was heckled by an audience member during a speech at the University of Buffalo last night, according to WIVB in Amherst, NY.
Former First Lady and Secretary of State Hillary Rodham Clinton spoke to a large crowd at the University at Buffalo Wednesday night, as part of the university’s Distinguished Speaker Series.
Clinton spoke to a sold-out crowd in Alumni Arena, and began her address by talking about the stagnation in Washington and its recent impact on the U.S. economy after a partial government shutdown.
“Recently in Washington, we’ve seen what happens when politicians operate on scorched earth, not on common ground,” Clinton said.
It was shortly thereafter a man stood up and started shouting, “Benghazi, Benghazi, you let them die.”
Clinton did not stop speaking, but addressed the heckler by saying that solutions to problems facing Americans start by sitting down and talking and listening, not yelling, which prompted the audience to give her a standing ovation.
I guess that’s a taste of what we’ll have to deal with if Hillary decides to run for President in 2016. Read more about her speech at the link.
You know how Sen. Ted Cruz wants so much to kill the Affordable Care Act so that millions of Americans will continue to live without health care coverage? And how he voted to take away health care subsidies from Congress and Congressional staffers? Well, it turns out he wouldn’t have been affected if that had happened. From the Atlantic: Ted Cruz Has a Health Insurance Plan from Goldman Sachs.
Senator Ted Cruz’s wife Heidi Nelson Cruz confirmed on Wednesday that her husband has health insurance through her job at Goldman Sachs. That puts to rest a question opened, but never answered, by Senator Dick Durbin during Cruz’s 20-hour talkathon on the Senate floor against Obamacare. The details come from an interesting New York Times profile of Nelson Cruz, a regional head of a Goldman Sachs division in Houston. Here’s the Times:
And while her husband has been evasive about where he gets his health coverage, Mrs. Cruz was blunt.“Ted is on my health care plan,” said Mrs. Cruz, who has worked in Goldman’s investment management division for eight years.
Catherine Frazier, a spokeswoman for the senator, confirmed the coverage, which Goldman said was worth at least $20,000 a year. “The senator is on his wife’s plan, which comes at no cost to the taxpayer and reflects a personal decision about what works best for their family,” she said.
Yes, Teddy-boy is covered by insurance provided by his wife’s employer, yet he would have gladly deprived Congressional staffers of their coverage. What an asshole!
Those are my contributions for today. What are you reading and blogging about? Please post your links in the comment thread.
I am going to start this post off with a bite, a Great White Shark bite: The Week Sharks Always Attack
If you did not take a look at that video, stop reading this post and click the play button. That is just a taste of what is coming up this week on Discovery!
On Sunday evening, Shark Week kicked off its 25th annual TV marathon devoted to the world’s deadliest creatures. Which means that for the next six nights, Americans will be able to marvel, shudder, and peek between their fingers at what Shark Week’s executive producer Brooke Runnette calls one of the last wild things—maybe the last truly wild thing—on the planet.
Now the longest-running cable TV programming event in history, Shark Week has cemented itself as a fixture in the pop-culture lexicon, both seriously and meme-tastically. Stephen Colbert and Tracy Morgan (the voices of their generation, of course) have both publicly professed the sanctity of Shark Week in recent years: In 2006, Morgan’s character on 30 Rock sagely advised a colleague to “Live every week like it’s Shark Week”, and Colbert proclaimed it the second holiest annual holiday next to the week after Christmas in 2010.
Every summer since 1988, the little educational-programming week that could has drawn in massive audiences, hitting 29 million viewers in 2008 and close to 30 million last year. But at its humble beginnings, Shark Week was just a shadowy, elusive idea, lurking in the wet depths of the Discovery Channel creators’ imaginations.
This was a big deal back when it started airing on TV. We never had cable when I was a teenager, so I missed out on the MTV craze and of course Shark Week. From the look of that video, things have come a long way from those under water shots in a cage.
Sticking with the shark theme for a moment, because check out what happens when you swim with the Big Sharks: Why Goldman Sachs, Other Wall Street Titans Are Not Being Prosecuted
I know I have mentioned this last week but I still cannot get over the fact that these people are getting away with all this crap.
On Thursday the Department of Justice announced it will not prosecute Goldman Sachs or any of its employees in a financial-fraud probe.
The news is likely to raise the ire of the political left and right, both of which have highlighted one of the most inconvenient facts of Attorney General Eric Holder’s Justice Department: despite the Obama administration’s promises to clean up Wall Street in the wake of America’s worst financial crisis, there has not been a single criminal charge filed by the federal government against any top executive of the elite financial institutions.
Why is that? In a word: cronyism.
Go ahead and read the rest, it is sickening!
And what is going on while these white collar frauds are getting off without even a slap on the wrist, Chalk a Sidewalk, Go to Jail | Mother Jones
“I draws what I like and I like what I drew!” sings Bert, the affable sidewalk artist in Disney’s Mary Poppins. He doesn’t know how easy he’s got it. If Bert lived in one of a dozen American cities, his colorful chalk drawings of boats and circus animals could very well land him in jail.
Take the recent example of Susan Mortensen, 29-year-old mom in Richmond, Virginia. In March, Mortensen was arrested for allowing her four-year-old daughter to draw on rocks at a local park with sidewalk chalk. This month a judge sentenced her to 50 hours of community service helping to strip and repaint 200 boundary posts on a bridge. Mortensen told a local TV station that her daughter is now “very nervous around cops” and “very scared of chalk.”
That’s not all. One week ago in Doylestown, Pennsylvania, police cited two teenagers for decorating a street with chalk renditions of a whale and a sea turtle. The kids must now appear in court and pay a fine to be determined by a district judge. James Donnelly, Doylestown’s police chief, told a local newspaper that the chalking was “an attempt at vandalism” that could lead to the use of more permanent materials.
Chalk. The gateway art supply.
It has me speechless. And then you have the kind of criminals that Paul Ryan would like to see burned at the stake.
Now that Mitt Romney has chosen Wisconsin Rep. Paul Ryan as his running mate, Ryan’s long history as a culture warrior is getting a fresh look. Women’s groups have already honed in on his extreme anti-abortion record, which consistently has earned him a 100 percent voting approval rating from the National Right to Life Committee.
What isn’t so well known about Ryan’s record, though, is that one piece of legislation he supported is so extreme that it would have turned Romney’s children into criminals.
The Sanctity of Human Life Act, which Ryan co-sponsored, would have enshrined the notion that life begins at fertilization in federal law, thus criminalizing in vitro fertilization—the process of creating an embryo outside of a woman’s womb. In IVF, doctors typically create multiple embryos and then only implant the healthiest ones in the woman. Some of them stick and become babies, and some don’t. The embryos that don’t make it to the womb are either frozen for later use or destroyed. The Sanctity of Human Life Act, if passed, would make all those embryos “people” in the legal sense, so if they aren’t used or don’t become babies after being implanted, they would essentially become murder victims under the law.
Geez, what is next…life begins at arousal?
Of course, everyone is talking about the Ryan Budget, except for Ryan:
The Romney campaign is willing to discuss its proposals on taxes “in the light of day,” vice presidential candidate Paul Ryan said Tuesday evening — just not until after the election.
Multiple tax policy analysts have concluded that Mitt Romney’s tax plan — to close loopholes and reduce taxes for the wealthy — means higher taxes for most people in order for the math to work. Brit Hume of Fox News asked Ryan to counter that charge. “What we’re saying is get rid of special interest loopholes and deductions that are uniquely enjoyed by the wealthy to lower the tax rates for everybody,” Ryan said.
But lowering middle-class tax rates, if coupled with eliminating key deductions, could lead to an effective tax increase, the cornerstone of the analyses of Romney’s tax plan. Hume pressed for specifics.
“That is something that we think we should do in the light of day, through Congress,” Ryan told Hume, promising to “have a process for tax reform so that we do this in the front of the public. So no, the point I’m trying to say is, we want feedback from Americans about what priorities in the tax code should be kept, and what special interest loopholes we want to get rid of.”
One of the “loopholes” that costs the IRS the most money is the mortgage interest deduction. Another relates to municipal bonds. Hume asked Ryan if either would be on the chopping block. Ryan refused to say.
WTF? What does that “light of day” comment mean?
The head nun was again making a case against the Ryan Budget: Sister Campbell: Ryan budget ‘antithetical to either scripture or sanity’
Sister Simone Campbell, a Catholic nun and executive director of NETWORK, on Monday blasted Republican vice presidential candidate Rep. Paul Ryan (R-WI) over his budget plan.
“It’s totally antithetical to either scripture or sanity,” she told Current TV host Eliot Spitzer. “We know the saying that if you want to keep doing the same thing over and over but expect a different result it is insanity. This idea that giving more tax cuts will create jobs, it hasn’t been true for the last ten years, it won’t work now. Really, the way to create or stimulate this economy is to shift money to where there is pent up demand… Where there is pent up demand is not at the top, it is at the bottom.”
Campbell said NETWORK had worked with Jewish, Muslim and Christian groups to develop a “faithful budget” as an alternative to Ryan’s budget plan.
“A number of organizations, including Bread for the World, has never had a position of taxes before, but has taken a position in favor of increasing revenue” rather that slashing spending on domestic programs, she explained.
This next link has me worried, Get Ready for a Catastrophic War: Israel Likely to Strike Iran Before November Elections
More Washington insiders are coming to the conclusion that Israel’s leaders are planning to attack Iran before the U.S. election in November in the expectation that American forces will be drawn in. There is widespread recognition that, without U.S. military involvement, an Israeli attack would be highly risky and, at best, only marginally successful.
It sort of puts that Romney trip to Israel in a new light.
For Netanyahu, the President’s perceived need to outdistance Republican presidential candidate Mitt Romney in the love-for-Israel department puts Obama in a box. This, I believe, is the key “window of opportunity” that is uppermost in Netanyahu’s calculations.
Virtually precluded, in Netanyahu’s view, is any possibility that Obama could keep U.S. military forces on the sidelines if Israel and Iran became embroiled in serious hostilities. What I believe the Israeli leader worries most about is the possibility that a second-term Obama would feel much freer not to commit U.S. forces on Israel’s side. A second-term Obama also might use U.S. leverage to force Israeli concessions on thorny issues relating to Palestine.
If preventing Obama from getting that second term is also part of Netanyahu’s calculation, then he also surely knows that even a minor dustup with Iran, whether it escalates or not, would drive up the price of gasoline just before the election — an unwelcome prospect for Team Obama.
It’s obvious that hard-line Israeli leaders would much rather have Mitt Romney to deal with for the next four.
It is a rather long article…so bookmark it if you don’t have time to read it all now.
Just a reminder, the Little League World Series starts tomorrow. Welcome to the 2012 Little League Baseball World Series!
Please try to catch some of these games, it is amazing to see the boys play ball. (I wonder if I am the only one who was disappointed that Baseball is no longer an Olympic sport.) So what are you all thinking about and reading today?
Wow, what a busy 24 hours it has been. I don’t know about you all, but my PAD (Political Affected Disorder) has been kicked into high gear. I mean, in a Ryan world, that WPA poster would say, Lack of Funds…Fuck off…you’re on your own, no need for medical care, just die already!
The thought of a Romney/Ryan presidency scares the bejebees out of me! It is frightening though, all that talk of Obama, the Socialist Kenyan Fascist Dictator, bringing on the end of the world…and this is what these nuts are pushing on us? A lying unlikable jerk robot and his Munster asshole “intellectual” cough…cough…
Well, since we don’t know what taxes Romney has paid the last few years…plus, according to Roll Call, Paul Ryan’s Tax Plan Would Slash Mitt Romney’s Tax Rate to 1 Percent : Roll Call Politics
The tax plan proposed by Rep. Paul Ryan (Wis.), the newly minted GOP vice presidential candidate, would have slashed Mitt Romney’s effective tax rate to about 1 percent in 2010, based on Romney’s tax return that year, according to a Roll Call analysis.
The Ryan tax cut, which would shave about 90 percent off of Romney’s tax bill, would result from the Wisconsin Republican’s “Roadmap for America’s Future” proposal to eliminate taxes on capital gains, dividends and interest. Since about 95 percent of Romney’s $21.6 million income came from those sources in 2010, he would pay no taxes on the vast majority of his earnings. It’s not certain exactly how low Romney’s tax bill would go, but his income from other sources amounts to about $1 million, and Ryan’s plan would set a new top rate of 25 percent. Romney’s total tax bill would have dropped from the $3 million that he paid to a few hundred thousand dollars if Ryan’s plan had been in effect.
Ryan also proposes eliminating the estate tax, which would benefit Romney’s heirs by tens of millions of dollars.
Ryan’s “Roadmap” plan on his website says eliminating taxes on capital gains, interest and dividends would promote savings.
And speaking of Ryan Budget, take a few minutes to check out Nuns on the Bus…because I am sure they are going to be one of the groups to watch now that the coward, who refused to meet with these Nuns on a Mission, has been picked as Romney’s VP.
I still can’t stand Obama, and I still feel he intends to mess with Social Security, Medicare and Medicaid: Obama’s Second Term Agenda: Cutting Social Security, Medicare, and/or Medicaid « naked capitalism
This is probably the least important Presidential election since the 1950s. As an experienced political hand told me, the two candidates are speaking not to the voters, but to the big money. They hold the same views, pursue the same policies, and are backed by similar interests. Mitt Romney implemented Obamacare in Massachusetts, or Obama implemented Romneycare nationally. Both are pro-choice or anti-choice as political needs change, both tend to be hawkish on foreign policy, both favor tax cuts for businesses, and both believe deeply in a corrupt technocratic establishment.
So while the election lumbers on like the death rattles of the wounded animal known American democracy, no one on either side is asking what the plan is for the next term. For Obama, his team is going into rooms of donors and shouting “Supreme Court”, while mumbling something about bipartisanship and $4 trillion, or Simpson-Bowles. What this means is that term two of the Obama White House will be organized around cutting entitlements.
The White House already tried cutting all three main entitlement programs, last year (cuts to Medicaid are actually cuts to Obamacare, for what it’s worth, since an expansion of Medicaid was a key plank of the new health care law).
Read the rest…it is quite upsetting.
In fact, I am going to move away from Romney and Obama, and bring you some stories you may have missed during all the hubbub.
It is beyond ridiculous, and this next link shows just how f’d up this DOJ decision is: AZ Woman Imprisoned — After Producing Her Birth Certificate | Crooks and Liars
Guilt has nothing to do with punishment — that is, as long as you’re not a Wall Street banker. In Arizona, if you “look” foreign, that’s enough to put you in jail indefinitely, without bail – even after you produce your birth certificate:
Recently, the Maricopa County Attorney’s Office alleged Briseira Torres, a shy, 31-year-old single mom from Glendale, was here illegally and that Briseira Torres was not her real name.
She was accused of three counts of forgery, in part because her driver’s license had her real name on it, which the MCAO thought was bogus. Following her arrest, she was held without bond in Estrella Jail for 4 1/2 months.
Torres lost her home and car because she couldn’t make the payments as she endured Estrella’s harsh conditions, lousy food, and detention officers.
Bold emphasis is Susie Madrak’s not mine,
In the pile of paperwork they provided to the court, to the prosecutor, and to U.S. Immigration and Customs Enforcement was a silver bullet: a sworn statement from Arizona’s Office of Vital Records attesting to the legitimacy of documents on file for Torres.
Among these docs is Torres’ birth certificate, showing she was born August 14, 1981, in Avondale.
Salvatierra asked the court to remand the case back to the grand jury.
Judge Carolyn Passamonte did just this, noting in her minute entry that Torres’ long-form birth certificate was “clearly exculpatory evidence that should have been presented to the grand jury.”
The judge remarked that the documents on file with Vital Records had been “available to the state,” and in oral arguments, the prosecutor had to admit that he’d never bothered to pull the file and inspect it.
Can you believe this crap? As Susie says,
…her legal birth certificate was right there, the whole time of her incarceration. A cop with a bug up his butt decided to act as if it didn’t exist. If only her name was Goldman Sachs!
Now that your blood pressure is up, check this out: Mississippi county accused of running ‘school-to-prison pipeline’ | The Raw Story
The U.S. Department of Justice has accused officials in Lauderdale County, Mississippi of running ‘a school-to-prison’ pipeline that jails juveniles for even minor school disciplinary problems.
A letter sent by the civil rights division on Friday charges that the Lauderdale County Youth Court, the Meridian Police Department, and the Mississippi Division of Youth Services have been violating the constitutional rights of children in Lauderdale County and the City of Meridian.
According to the letter, an investigation launched last December revealed that “the agencies have helped to operate a school-to-prison pipeline whereby children arrested in local schools become entangled in a cycle of incarceration without substantive and procedural protections required by the U.S. Constitution. The department’s findings show that children in Lauderdale County have been routinely and repeatedly incarcerated for allegedly committing school disciplinary infractions and are punished disproportionately, without constitutionally required procedural safeguards. Children have also been arrested at school for offenses as minor as defiance.”
“Furthermore,” it continues, “children on probation are routinely arrested and incarcerated for allegedly violating their probation by committing minor school infractions, such as dress code violations, which result in suspensions. The department’s investigation showed that students most affected by this system are African-American children and children with disabilities.”
Meridian is known for the murders of three civil rights workers, back in 1964, aka “the Mississippi Burning” case.
In 2009 the Southern Poverty Law Center brought a class-action lawsuit against the Lauderdale County Juvenile Detention Facility, accusing it of keeping youths “crammed into small, filthy cells and tormented with the arbitrary use of Mace as a punishment for even the most minor infractions — such as ‘talking too much’ or failing to sit in the ‘back of their cells.’”
An agreement was reached at that time to reform the jail system and consider alternative methods of handling school disciplinary issues, but problems have continued in what an SPLC representative now calls “a broken system.”
The Justice Department letter cites a pattern of unconstitutional conduct that includes both failure to assess probable cause before arresting school children and failure to provide proper due process with regard to alleged probation violations.
A few weeks after the Justice Department investigation began last winter, Lauderdale County took steps to shut down its juvenile detention center and send youthful offenders instead to a neighboring county. That action was apparently considered inadequate, and officials are now being told they must enter into “meaningful negotiations” to end the violations within sixty days or face a federal lawsuit.
That is disturbing, I know, and I don’t want to end on a bad note, I mean it is Sunday…and since we started out mentioning the Nuns on the Bus, let’s end with a story about another activist nun.
Shawn Poynter for The New York Times
Sister Megan Rice, 82, is one of three people arrested in a break-in at a nuclear complex in Oak Ridge, Tenn.
She has been arrested 40 or 50 times for acts of civil disobedience and once served six months in prison. In the Nevada desert, she and other peace activists knelt down to block a truck rumbling across the government’s nuclear test site, prompting the authorities to take her into custody.
She gained so much attention that the Energy Department, which maintains the nation’s nuclear arsenal, helped pay for an oral history in which she described her upbringing and the development of her antinuclear views.
Now, Sister Megan Rice, 82, a Roman Catholic nun of the Society of the Holy Child Jesus, and two male accomplices have carried out what nuclear experts call the biggest security breach in the history of the nation’s atomic complex, making their way to the inner sanctum of the site where the United States keeps crucial nuclear bomb parts and fuel.
“Deadly force is authorized,” signs there read. “Halt!” Images of skulls emphasize the lethal danger.
I’ll tell you one thing…I see an Michael Bay action film in this story.
With flashlights and bolt cutters, the three pacifists defied barbed wire as well as armed guards, video cameras and motion sensors at the Oak Ridge nuclear reservation in Tennessee early on July 28, a Saturday. They splashed blood on the Highly Enriched Uranium Materials Facility — a new windowless, half-billion-dollar plant encircled by enormous guard towers — and hung banners outside its walls.
“Swords into plowshares,” read one, quoting the Book of Isaiah. “Spears into pruning hooks.” The plant holds the nation’s main supply of highly enriched uranium, enough for thousands of nuclear weapons.
The actions of Sister Rice, a New York native who grew up on a prosperous block in Morningside Heights, and her companions, ages 57 and 63, are a huge embarrassment for President Obama. Since 2010, he has led a campaign to eliminate or lock down nuclear materials as a way to fight atomic terrorism. Now, the three — two of whom, including Sister Rice, are free and are awaiting trial in October — have made nuclear theft seem only a little more challenging than a romp in the Tennessee woods.
In interviews this week, Sister Rice discussed her life — somewhat reluctantly at times — and kept emphasizing what she called “the issue.”
You need to read the rest of the story…but isn’t she wonderful?
Can you imagine who would play Sister Rice and her two male accomplices? I see Diana Rigg as Sister Rice, of course with her Avengers background, it will be a spectacular performance. As for the men, one of them has to be Bruce Willis and the other must be Samuel L Jackson. I can just hear the catch phrase as it trickles off of Jackson’s tongue, “Bless this, muthafukkaz…”
Have a wonderful day and please share what are you all reading about this fine Sunday morning?
Yesterday, Dakinikat wrote a very thoughtful post about the upside-down “morality” that has taken over the Republican Party since the Reagan years. The basis for the post was the op-ed in the NYT yesterday by former executive Greg Smith: Why I Am Leaving Goldman Sachs.
I thought it was rather courageous of Smith to go public with his moral concerns about the Goldman “culture.” But quite a few writers are mocking him for it. For example, Sara Ball put up a post at Vanity Fair called Why I Am Leaving Pinkberry. She bills it as “parody,” but what’s her point. I don’t even think her piece qualifies as satire. Here’s a bit of it:
TODAY is my last day at the Turtle Bay-area branch of Pinkberry—you know, the one on 54th Street between 2nd and 3rd? After almost 13 months with this company—at first as a summer job while at U.S.C., then in apprenticeships at New York’s Columbus Circle and Bleecker St. branches—I believe I have worked here long enough to understand the trajectory of its culture, its personnel, and its flavor inventory. And I can honestly say today that I am really sick of frozen yogurt.
To put the problem in the simplest terms, the interest of our customers continue to be sidelined in the way we, the firm, think about making money. Day in and day out, we are so worried about the line building up, we don’t even ask people how they’re doing anymore. You can forget about spelling their name correctly on the order label. And these customer-service problems will only get worse if this unseasonably warm weather keeps up. Sometimes, in the back room, I’ve heard my colleagues call our patrons “polar bears”—since they get hungrier and sadder as the sky gets sunnier, their yogurt melting out from underneath them.
It isn’t even slightly funny. Goldman Sachs played a huge role in global financial crisis and is almost single=handedly responsible for the ongoing nightmare in Greece. Here’s another parody that makes a bit more sense in light of the evil that Goldman has perpetrated: Why I Am Leaving the Empire, by Darth Vader.
Matt Taibbi, at least, thinks the Smith piece is important enough to take seriously.
The resignation will have an effect on Goldman’s business. The firm’s share price opened this morning at 124.52; it’s down to 120.72 as of this writing (it dropped two percent while I was writing this blog), and it will probably dive further. Why? Because you can stack all the exposés on Goldman you want by degenerates like me and the McClatchy group, and you can even have a Senate subcommittee call for your executives to be tried for perjury, but that doesn’t necessarily move the Street.
But when one of the firm’s own partners is saying out loud that his company liked to “rip the eyeballs out” of “muppets” like you, then you start to wonder if maybe this firm is the best choice for managing your money. Hence we see headlines this morning like this item from Forbes.com: “Greg Smith Quits, Should Clients Fire Goldman Sachs?”
Of course Goldman immediately set out to smear their former partner, Greg Smith, with the help of the Wall Street Journal, as Taibbi notes. I wouldn’t be surprised if those “parodies” were part of Goldman’s smear tactics.
As I suspected, the soldier who recently committed mass murder in Afghanistan had previously suffered traumatic brain injury. He may also have PTSD, as do many veterans of Afghanistan and Iraq (and Vietnam).
The U.S. Army staff sergeant who allegedly murdered 16 Afghan civilians in a dead-of-night spasm of shooting, stabbing and fire-setting is reported to have suffered a traumatic brain injury during a deployment to Iraq in 2010….
Research on traumatic brain injury has established a clear link between brain trauma and irritable, aggressive behavior that can be explosive, often without apparent warning or provocation. Sometimes, brain injury magnifies a victim’s longstanding tendency toward irritability, depression or hostility. Some brain traumas bring personality changes in their wake, causing even laid-back types to become irascible and impatient.
For many patients, particularly those who have sustained injury to their brain’s prefrontal cortex, the mechanisms that allow most of us to put the “brakes” on aggressive or inappropriate impulses do not function as well.
The injury happened in 2010, and yet he was deployed to another combat zone! Why? Because the military doesn’t want a draft army. Because then they’d have to deal with the kinds of protests that happened during the Vietnam nightmare. They want a “professional” army, and since they can’t find as much cannon fodder as they’d like, they send the same people back again and again into combat. It’s a perfect recipe for creating psychological disorders that, if not addresed, may lead people to act out violently. Read more at Danger Room, here and here. Joseph Cannon also has published a useful comment from one of his readers on this subject.
There’s another enlightening article at Reuters: Lawmakers press Pentagon on massacre suspect’s brain injury
The Army staff sergeant accused in Sunday’s shooting served three deployments to Iraq before he was sent to Afghanistan last year. The soldier, whose name has not been disclosed publicly, was treated for a traumatic brain injury suffered in a vehicle rollover in 2010 in Iraq, according to a U.S. official.
Representative Bill Pascrell, founder of a U.S. congressional task force on brain injuries, wrote to Defense Secretary Leon Panetta requesting details of the accused soldier’s injury, diagnosis, and when and how he was returned to combat duty.
“I am trying to find out basically whether there was a premature ‘OK’ on this guy,” Pascrell, a Democrat, said in a telephone interview.
“This is not to excuse any heinous acts; we are all sickened by it. But dammit, we all have an obligation to prevent these things,” Pascrell said. “If this soldier fell through the cracks, does that mean that others have?
Good questions! And very good reasons to get our troops out of Afghanistan ASAP. This country will be paying for these wars for a generation. Many Iraq and Afghanistan veterans, like Vietnam veterans before them, will act out their psychological problems back here through suicide, murder, child abuse, spouse abuse, alcoholism and drug addiction. I’d love to go down to Congress and explain that these are human beings, not cannon fodder. End these endless wars!!
I’ve been meaning to mention another post by Joseph Cannon. I suppose everyone has read it by now, but I haven’t seen any discussion of it at Sky Dancing. In a post about several topics, Cannon linked to an article speculating on the surprising death of Andrew Breitbart.
The Fix wonders why the corporate media has so zealously avoided asking the obvious questions about Breitbart’s death. What drugs was he using? I began to suspect something fishy as soon as I heard that the family was emphasizing that the death was from “natural causes.” Later Breitbart’s father-in-law, actor Orson Bean said it was assumed to be a heart attack. But how many 43-year-old men die from heart attacks? After the autopsy, no cause of death was announced, pending toxicology tests. If Breitbart had a heart attack, why didn’t they report damage to the heart? Or maybe they want to learn whether a drug caused a heart attack. Anyway, go read the article. It’s very interesting.
Apparently Breitbart suffered from ADHD and probably was taking Adderall, an amphetamine (speed). He had confessed to heavy drinking and cocaine use in college, and he was reportedly still a heavy drinker who often seemed to to lose control. I for one will be very interested to learn the results of those toxicology tests.
Here’s a heartbreaking report of a young victim of the international war on women: Moroccan girl commits suicide after being forced to marry her rapist.
A 16-year-old Moroccan girl has committed suicide after a judge ordered her to marry her rapist, according to Moroccan media reports.
Last year Amina’s parents filed charges against their daughter’s rapist, a man 10 years older than her but it was only recently that a judge in the northern city of Tangier decided that instead of punishing him, the two must be married.
The court’s decision to forcibly marry Amina to her rapist was supposed to “resolve” the damage of sexual violation against her, but it led to more suffering in the unwelcoming home of her rapist/husband’s family.
Traumatized by the painful experience of rape, Amina decided to end her life by consuming rat poison in the house of her husband’s family, according to the Moroccan daily al-Massae.
Horrifying, isn’t it? But it’s really not that far away from the advice of Opus-Dei-style theocrat Rick Santorum to rape victims who become pregnant:
SANTORUM: Well, you can make the argument that if she doesn’t have this baby, if she kills her child, that that, too, could ruin her life. And this is not an easy choice. I understand that. As horrible as the way that that son or daughter and son was created, it still is her child. And whether she has that child or doesn’t, it will always be her child. And she will always know that. And so to embrace her and to love her and to support her and get her through this very difficult time, I’ve always, you know, I believe and I think the right approach is to accept this horribly created — in the sense of rape — but nevertheless a gift in a very broken way, the gift of human life, and accept what God has given to you. As you know, we have to, in lots of different aspects of our life. We have horrible things happen. I can’t think of anything more horrible. But, nevertheless, we have to make the best out of a bad situation.
I know this hasn’t been a very cheerful post, so I’ll end on a positive note. Via Raw Story, Citizens for Responsibility and Ethics in Washington (CREW) has filed a complaint with the IRS against Grover Norquist.
Washington, D.C. – Today, Citizens for Responsibility and Ethics in Washington (CREW) called for the Internal Revenue Service (IRS) to investigate whether Americans for Tax Reform (ATR) and its president Grover Norquist violated federal law by filing a tax return that left out more than half the political activity ATR conducted in 2010. ATR disclosed more than $4.2 million in independent expenditures to the Federal Election Commission (FEC), but asserted on its 2010 tax return that it spent only $1.85 million on political activities.
“Grover Norquist’s numbers just don’t add up,” said CREW Executive Director Melanie Sloan. “Americans for Tax Reform spent millions of dollars in 2010 trying to defeat candidates who disagreed with its agenda, then left most of that spending off its own tax return. Perhaps Mr. Norquist should sign a pledge that he won’t lie to the IRS about his group’s political activity.”
Tax-exempt organizations such as ATR are required to report on their annual tax returns the amount they spent on political activities. This information helps the IRS determine whether a tax-exempt organization is complying with its tax-exempt status and provides at least some transparency for groups involved in politics. Reporting inaccurate information can result in civil penalties and criminal prosecution.
I don’t know if anything will come of it, but it’s sure worth a try. Those are my reading suggestions for today. What do you recommend?
Seth Cline of Open Secrets Blog reports some extremely disturbing connections between Congressional leaders and Goldman Sachs. I think it’s time for a law that places congressional investment accounts into a blind trust.
According to research by the Center for Responsive Politics, 19 current members of Congress reported holdings in Goldman Sachs during 2010. Whether by coincidence or not, most of these 19 Goldman Sachs investors in Congress are more powerful or more wealthy than their peers, or both.
Nine of them sit on either the most powerful committee in their chamber or committees charged with regulating the Wall Street giant. Moreover, seven of them are among the 25 wealthiest members of their respective chambers, according to the Center’s research.
And of the six lawmakers who fall into neither category, two are the most influential Republicans in the U.S. House of Representatives: House Speaker John Boehner (R-Ohio) and House Majority Leader Eric Cantor (R-Va.).
Altogether, the 19 had at least $480,000 and as much as $1.1 million invested in Goldman Sachs in 2010, the most recent year personal finance data are available. That’s an average of about $812,900 for these 19 lawmakers’ holdings combined.
Lawmakers are only required to report their personal assets and liabilities in broad ranges, meaning it’s impossible to know the precise value of these holdings. The Center uses the minimum and maximum values listed on the filings to calculate an average value for each asset and liability.
But these financial interests are not a one-way street: Goldman Sachs employees and its political action committee have contributed about $124,000, combined, to a dozen of the lawmakers who reported holdings in the company in 2010, according to the Center’s research. This includes all money given during the 2010 election cycle and thus far in 2011.
So, not only do Boehner and Cantor get donations from Goldman Sachs, they are also stock holders. No wonder they want to get rid of the Volcker Rule. Looks like Paul Ryan is an investor also.
In the leadership category are names such as Boehner and Cantor, each of whom has an average $32,500 invested in Goldman.
Goldman Sachs’ employees, meanwhile, have also contributed heavily to Boehner and Cantor.
Boehner has received $29,500, and Cantor $48,000, from them since 2009, according to the Center’s research.
Other Goldman investors with this kind of power include two members of the Joint Select Committee on Deficit Reduction, better known as the debt supercommittee.
The first, Sen. Jon Kyl (R-Ariz.), reported $1,177 invested in Goldman in 2010, and, as minority whip, is the second highest ranking Republican in the Senate.
And not only is Kyl a member of the supercommittee and party leadership, he also sits on the Senate Finance Committee, which regulates Goldman Sachs and its peers on Wall Street.
Another one of Kyl’s colleagues on the supercommittee, Rep. Fred Upton (R-Mich.), is also a Goldman investor.
Upton had an average of $8,000 invested in the company in 2010, according to the Center’s research.
Rep. Paul Ryan (R-Wis.), is another influential Goldman shareholder in Congress.
Ryan reported an average of $8,000 invested in Goldman and has received $5,800 from the company’s employees so far this year after receiving $10,000 from them during the 2010 cycle, according to the Center’s research.
One of Goldman Sachs’ most valuable congressional investors is Rep. Randy Neugebauer (R-Texas), whose average of $550,000 in investments in the company is far and away the most in Congress.
Additionally Neugebauer sits on the House Financial Services Committee, which oversees Wall Street and the securities and investment industry of which Goldman is a part.
That also helps explain the $9,500 Goldman Sachs employees have contributed to Neugebauer since January 2009 through the company’s political action committee.
Rep. Gary Peters (R-Mich.) is another Goldman Sachs investor on the Financial Services committee. He has an average of $8,000 invested and has received $4,500 from the company this year from its PAC.
There’s a substantial list of Republicans listed that I didn’t include in the list above.. Democrats holding GS stock include Sens. Ben Nelson (D-Neb.), Claire McCaskill (D-Mo.), Sheldon Whitehouse (D-R.I.) and Sen. Mark Warner (D-Va.). The details are on a spreadsheet here.
Can you really believe that they’re acting in our best interest when their wealth is vested in stopping GS from doing suspect things like selling lemons to clients and placing side bets that the lemons lose? I sure don’t. The Volker Rule places trading restrictions on institutions like GS. It controls the types of transactions that GS can do in its proprietary trading like the example I just gave you. They settled fraud charges in the US with the SEC and are under investigation in the UK and some of Europe. You may recall the unit and testimony before congress. The US settlement came in 2010. That’s the same year that these holdings were found by the Center for Responsive Politics.
The FSA opened its investigation into the bank in April after the SEC charged Goldman with misleading investors in a complex mortgage-backed security known as Abacus. The SEC claimed that Goldman had failed to disclose that a hedge fund that was betting against the security had selected some of the mortgage loans included in the portfolio, costing investors as much as $1bn.
The largest fine handed down by the UK regulator came three months ago, when JPMorgan paid a £33.3m for failing to keep client money in separate accounts.
Goldman, the world’s best-known investment bank, has seen its reputation tarnished in recent months as questions continue to swirl over whether it favoured the interests of some clients at the expense of others during the financial crisis.
The bank’s business model is also under pressure amid volatile markets and regulatory reforms that have forced it to shut some of its highly profitable “proprietary” trading operations.
No wonder we don’t see perp walks. These folks have skin in GS. We are so f’d.