Showing posts with label JPMorgan. Show all posts
Showing posts with label JPMorgan. Show all posts

Thursday, July 07, 2011

Pundit See Pundit Do

I am writing this in response to the commentary published in the July, 9, 2011 issue of your newspaper written by George Curry, “Ostracizing Black Leaders Who Criticize Obama.” Specifically, I am nonplussed and take issue with the author’s garrulity in the suggestion that Cornell West reference to Obama as “a black mascot of Wall Street Oligarchs” was “over the edge.”

West Statement is accurate. Even if the adjective “black” is removed from the statement, Obama would still remain a “mascot of Wall Street Oligarchs” just as all of the senators and congressional representatives within the beltway, as well all Presidents before him.

Telecom executive Donald H. Gips a vice president of Colorado-based Level 3 Communications LLC, delivered more than $500,000 in contributions for the Obama campaign. After being in charge of hiring in the Obama White House, in 2009, Obama named him ambassador to South Africa. In addition Level 3 Communications, received millions of dollars of government stimulus contracts for broadband projects in six states.

—though Obama vowed to end “special interests” from his administration, nearly 200 of his biggest donors have landed plum government jobs and advisory posts, and/or won federal contracts worth millions of dollars for their business interests. Just for raising $50,000 to $500,000 for his campaign. In total, 184 of 556, or about one-third, of Obama bundlers or their spouses joined the administration in some role. In fact, 80 percent of those who collected more than $500,000 for Obama took key administration posts. Also, President Obama's appointment of William Daley as his chief of staff is another example. Daley was an executive at JPMorgan Chase, the investment bank that received a $12 billion bailout during the financial crisis.

Former director of the Office of Management and Budget Peter Orzsag, for instance, resigned from his post and took a job at Citigroup. Incoming National Economic Council Chair Gene Sperling earned nearly $1 million from Goldman Sachs in 2008. Former Chief of Staff Rahm Emanuel, for instance, in a short stint out of politics, earned reported $16.2 million working in investment banking for Wasserstein Perella, now part of Dresdner Kleinwort.

Moreover, I perceive this essay to be a dirigible attempt to misdirect attention from what is important for people to objectively evaluate political actions and policy, as well as advance the supposition that these people are ordained “leaders” by some amorphous corpus of out of touch people, as if we black folk are a monolithic group whom cannot think for ourselves.

In summary, Mr. Curry’s purview reflects the myopia and tolerance for tedium that makes most African Americans vote for democrats without question, or even a Presidential candidate because of his race, yet won’t even read the policies they proffer.

Yes the President is a mascot for the interest of a government in which a small group of people exercises control for selfish purposes. Yes, these people mainly thrive due to their involvement on Wall Street. I do not know of anyone who benefited from stimulus money. The members of his inner circle benefited from stimulus money, troubled asset relief programs and even comprise his core staff.

Unlike Mr. Curry, I can see this and still believe that the Preamble of this nation reads We the People, not we the corporation; something Obama seems have to intentionally forgotten albeit an expert in constitutional law.

Tuesday, September 16, 2008

he hate me (#500)

This is my 500th post. So Thought amnesty. u dont have to think - let me entertain u.

Just tell me what u like or dislike about my blog and most memorable post - i think its the people blog, and what the heck, ask me what u want - i may or may not answer. Good day. see u thursday. And excuse the comment below, its for my folks No Slappz regarding the prior post.


Now slappz
McCain believes in enforce existing financial market regulations and not enacting new ones. The there is McCain’s record and involvement in the Keating five - the last big collapse of US financial institutions, that cost taxpayers over $200 billion (in today’s dollars.)

And what is the evidence that it is self correcting? And that is my point, if I don’t like your rating, I can pay someone whose rating I like. THE MBSs were never solid securities, im certain u can agree on that C+ if that.

“Keating used Senator McCain to lobby the Reagan administration successfully to appoint not only Lee Henkel (who then served as Keating’s “mole” on the FHLBB until I blew the whistle on him), but also another individual chosen by Keating. The FHLBB was run by three presidential appointees, so this would have given Keating majority control over the agency regulating S&Ls. The Reagan administration was set to make these recess appointments over the objections of the White House director of personnel, who opposed the appointments because when he called Arizona Republicans to vet the proposed appointments he learned that Keating “had a reputation for buying politicians.”


The only Fallacy of Composition I have observed is malignant McCain saying the fundamentals of our economy are strong yesterday in FL.

McCain promised to ``replace the outdated, patchwork quilt of regulatory oversight.'' During his 26-year career in Congress, McCain has supported proposals to cut, not increase, federal financial regulations.

In 1999, McCain voted in favor of the Gramm-Leach-Bliley banking deregulation act that let commercial banks and investment firms merge for the first time since the Great Depression. And, while he supported the Bush administration's takeover of Fannie Mae and Freddie Mac, McCain says he wants to sell the mortgage finance companies to private buyers.

And it is true, where did JP Morgan get the loot – US tax payers. Y do I say this? Because JPMorgan Chase and the federal governmentt teamed up on the bailout of Bear Stearns, a last-ditch move to save the investment bank. It calmed the market for a few – but such intervention aint SELF CORRECTING JONES.

The FEDS lent (is that a word) JPMorgan $29 billion as an enticement to buy the troubled Bear and its liabilities. As collateral, JPMorgan put u[p $30 billion worth of WORTHLESS mortgage-backed securities and other complex investments, which are basically the most problematic assets on Bear's books. JPMorgan has to repay the Fed loan with interest at the "discount rate," which is currently 2.5 percent.

The risk to the Fed—and to taxpayers—is IF these MBS turn out to b completely worthless, then the Fed would be out the whole $29 billion. Under the terms of the deal, JPMorgan would pony up the first $1 billion in losses.

And about Mr. Chairman Bernanke: He defended this shit, and in April this year folk said "Given the exceptional pressures on the global economy and financial system, the damage caused by a default by Bear Stearns could have been severe and extremely difficult to contain," that is what he told the Senate Banking Committee.

I would go on and wont even touch Cox because he was being considered. Tell me if I am wrong jones? vote