Damn it feels good to be a banker:

YouTube
- Damn It Feels Good to be Banker -- A Wall Street Musical

How about the GM request for a bailout? It just goes to show... Republicans - whether Wall Street bankers or corporate executives - are all about the free market until they screw up. Then they all want to be saved from their stupidity. Hypocrites!

My how times have changed… NY Times March 24, 2005

"When you hit a rough spot, you have to decide where the real priorities are," said Robert A. Lutz, G.M.'s vice chairman, adding that the S.U.V.'s were "where the company makes, frankly, high margins." Mr. Lutz dismissed concerns that volatile gas prices would mean that large S.U.V.'s may not be the savior they have been in the past. "Everybody thinks high gas prices hurt sport utility sales. In fact they don't," he said, adding that buyers of big S.U.V.'s like the Suburban, GMC Denali and Cadillac Escalade were well-off enough to be insulated from rising gas prices.

"Rich people don't care," he said.

And from NY Times April 13, 2006

Few G.M. skeptics were spared. Mr. Lutz took issue with a statement by President Bush earlier this year that G.M. "needs to develop a product that's relevant." Responded Mr. Lutz: "I'm a lifelong Republican, by the way. But next time around, Hillary, here I come. I'm a protest vote."

Then yesterday,

JOLIET, Ill. — A top General Motors executive said Thursday that automakers were “deserving” of as much as $50 billion in government-backed loans so that they can build more fuel-efficient cars. G.M.’s vice chairman, Robert A. Lutz, said the car companies need money to retool their plants but probably cannot raise enough capital on their own because of the tight credit markets. He said the automakers have already made considerable progress in transforming themselves and that the government should help them proceed faster. “The American auto industry is deserving of government loan guarantees,” Mr. Lutz told reporters at an event near Chicago where G.M. showed off its 2009 lineup. “We have done a whole bunch of things that people said, ‘Why aren’t you doing this?’ ”
Carmakers Deserve Federal Loan Guarantees Up to $50 Billion, G.M. Official Says - NY Times

This is the sad history of GM - mismanaged for years.

If you have access to the NY Times archive, the links to the older articles are here: G.M. Vice Chairman Rebuffs Critics of Turnaround - NY Times

and here: - NY Times

There is no place like Texas:
Despite legal troubles, Kent has no plans to leave bench
Federal judge will hear cases while he's facing sex abuse charges
By LISE OLSEN Copyright 2008 Houston Chronicle
"U.S. District Judge Samuel Kent intends to remain on the bench and hear court cases even as he faces prosecution on charges he sexually abused a former employee, according to U.S. District Judge Hayden Head Jr., chief judge for the Southern District of Texas.
Kent was indicted for improperly touching his former case manager under her clothing and making obscene suggestions to her in August 2003 and in March 2007. Kent was also charged with attempted aggravated sexual abuse for allegedly grabbing her head and pushing it toward his crotch, while making graphic remarks."
404 Error, No such article | Chron.com - Houston Chronicle

FFDIC writes:
No BBQ for me since I have a new case of gout. Remedies are welcomed but I ain't giving up bongwater, Blue Bell ice cream or CR.

CR is good fer whatever ails ya. Megodoses are recommended.

Concerning gout; cherry pie filling. Seriously.

Rob Dawg,
I rubbed cherry pie filling all over my right big toe and it's still rather painful. I'm off to Lefty's now.

Like all the highly effective products Lefty sells the pie filling is applied internally. Jeez, putting a new coat of paint on the outside and trying to pass yourself off as healthy? What are you an investment bank?

BBQ!!! Almost forgot - need to get the brisket thawing for 'the mission' tomorrow!!

two-thirds of banks in our state have been profitable year to date

OMG 1/3 are LOSING money.

Georgians should not overreact to the news of one bank closing.

THERE IS NO NEED TO PANIC!!!

FFDIC: Cherries in any form are a good preventative if taken regularly. Organic juice from health food store is best. Once stricken, ibuprofin is all that saves me. Good luck.

As a Democrat living in Michigan, I am ashamed of my congressional delegation. Dingell and Levin resisted CAFE increases for years because, as VP Lutz so clearly indicates, the auto makers were making tons of money of SUVs and full size pick-ups.

The mix of politics and business turns out to be toxic to Michigan.

I don't know what the future will bring, but it global warming and expensive oil are in it, IMO the auto makers and their enablers in DC will be largely to blame.

I love how commenters on this blog love to bash those government or blue collar folks making too much money. Who will buy all the crap you sell if everyone makes $20K a year?

ECB Plots Clampdown
Collateral on Loans
Propping Up Banks
Appears to Be Dicey

"The European Central Bank is considering tightening lending standards amid concerns it has become a dumping ground for troubled securities, a move that could squeeze some struggling banks. As soon as Thursday, when its governing council meets, the ECB could announce plans to toughen rules on the collateral it will accept in exchange for billions of euros in loans that have kept much of the banking sector afloat. Policy makers are worried that banks have been taking advantage of the ECB's lending facilities, in part by packaging risky mortgages into securities specifically designed to be parked as collateral with the central bank. There are also signs that lenders are setting up shop in the euro zone to obtain funding from the ECB, which offers banks easier lending terms than its counterpart in the U.K."
ECB Plots Clampdown - WSJ.com

Since everything here is OT, you wanna know how bad off FHN is?

FHN just sold my note to Chase but the July statement showed fairly large balance in the escrow portion of the account.

The August statement shows only an installment payment on the school property taxes; there was more than plenty to cover the taxes and now I'm going to lose the 2% discount for not paying early.

Sorry, FHN. Your cash flow sucks? Don't take it out on the rest of us who didn't so stupid things.

Bastards. I hope there's a run on pizza joints near your headquarters.

Oops...DO stupid things.

Fat fingers, right idea.

I am really going to miss bongwater Bush in 4 months!

Bush points to signs that economy is on upswing (Talks to God about FDIC's impending bankruptcy and what to do with Sheila.)
Error - washingtonpost.com

I'm gonna repost from an earlier thread, cuz I like it:

As you watch the cookies crumble;
carefully counting all the crumbs,
The baker is busy baking;
making new plans for new kingdoms.

Will the yeast build even faster
than it ever has in the past ?
- or will the amount of flour spilt
become your very last repast?

sorry, sometimes, I get lost.

MATH - Archie Bunker style:
YouTube
- Math - Bunker style

Archie on Democrats:
YouTube
- Archie Bunker on Democrats

Archie on gun control:
YouTube
- Archie Bunker on Gun Control

So, the guest blogger left us with an open thread to play with, unsupervised, for the whole holiday weekend? What could go wrong?

Photos of Bush Looking & Acting Drunk At The Olympics And the SOB is moving to Dallas. God help us.
Bush Looking Drunk At The Olympics - Olympics - Gawker

FFDIC writes:
Photos of Bush Looking & Acting Drunk At The Olympics And the SOB is moving to Dallas. God help us.
Bush Looking Drunk At The Olympics - Olympics - Gawker olympics
FFDIC | 08.30.08 - 3:09 pm | #

Keep an eye on him for us okay FFDIC?

dryfly,
Lefty needs to open a new store near SMU with a big red sign, valet parking and a drive thru window with padded bumper guards next to a pizza parlor.
Bush drunk at wedding:
YouTube - Bush Drunk At Wedding

SR is for fighting wars over the short term...

CoughcoughIRANcoughcough.

We frequently have taco pushcarts stop in front of the store, for your dining pleasure. some look dustier than others though.

Where are the insider admissions about gold? Right here

Where are the insider admissions about gold? Right here | Gold Anti-Trust Action Committee

Wow. AFter reading those admissions, especially from White and the Citibank report,... those that are still debating this simply do not want to acknowledge the smoking guns. The fact that s many acknowledge deliberate, orchestrated manipulations in every other market but to preclude out of hand taking place in precious metals is nothing short than willfully dismissive or complicit. Intellectually lazy at best.

John Stark writes:
Miami Herald reports on the big investor who got many millions of dollars' worth of Integrity:

404 | MiamiHerald.com 665171.html
John Stark | 08.30.08 - 2:46 pm | #

(This looks like at first glance a good D&O case for the FDIC where they seek authority to sue, granted by higher DC powers and sue the directors for millions due to breach of fiduciary duty, gross negligence, stupidity, higher duty of care and anything else they can think of. The bank violated certain strict rules and regs and was in violation of state banking laws as well. If there are any deep pockets among the board or D&O/Bond insurance expect to see a Complaint filed which will be public knowledge with the allegations for all to read. It may take the FDIC several years to get to that point given the crush of work or it may be dismissed if the suit is deemed not cost effective because of low net worth directors or lack of insurance.

El Cliffo writes:
So, the guest blogger left us with an open thread to play with, unsupervised, for the whole holiday weekend? What could go wrong?
El Cliffo | 08.30.08 - 3:05 pm | #

That was answered a few days ago...

LATimes
Koreatown's Hanmi Bank halts dividends to conserve capital
Koreatown's Hanmi Bank halts dividend to conserve capital | Money & Company | Los Angeles Times

Norka West writes:
Troopergate:

LOL - so she's kinda catty? Hissss... SPIT

Might go over well in the Senate - who knows. They are kind of a big sack o cats.

::::

So is this like the big political controversy right now? The VPILF gets even with ex in-laws? Was it her sister's ex or her hubbies sister's ex? And what did ex do to earn VPILF's wrath?

Come on - dish the dirt! Hate to think Mr. VPILF really wears the pants in the family & mommy gov just does what big daddy sayz...

GOP probably hoping Gustave is a BIGGIE...

Also FFDIC, re your post on Texas judges--back in the 1970s there was a guy named Don Yarbrough who got elected to the state supreme court because people confused him with Ralph Yarborough. Things went downhill from there. Fast.

Don Yarbrough - Wikipedia, the free encyclopedia

buyers of big S.U.V.'s like the Suburban, GMC Denali and Cadillac Escalade were well-off enough to be insulated from rising gas prices.

In other news GM has put in a 50 billion dollar order for silk seat covers for all its SUVs.

like I said, they didn't vet the VPILF.

They gonna let 'em nominate the team and then pull out the news like Cleavon Little said in Blazing Saddles:: "S'cuse me while I whip this out."

NY Times, September 22, 1990
(FDIC Lessons Learned, Greasy Banks & Shampoo suds.. When will it fucking end?)

F.D.I.C. Sues Neil Bush And Others at Silverado

"Federal regulators today sued Neil M. Bush, the President's son, and other directors, officers and lawyers of a defunct Denver savings and loan association, saying their ''gross negligence'' had led to a collapse that could cost taxpayers more than $1 billion."
F.D.I.C. Sues Neil Bush And Others at Silverado - The New York Times

FDIC Reference Materials
Criminal Activity Associated with S&L Failures

Black, William, The Incidence and Cost of Fraud and Insider Abuse, Washington, DC: National Commission on Financial Institution Reform, Recovery and Enforcement, Staff Report No. 13, 1993.
Calavita, Kitty, Pontell, Henry N., and Tillman, Robert H. Big Money Game: Fraud and Politics in the Savings and Loan Crisis, Berkeley, Calif.: University of California Press, 1997.

Ettleson, Sherry and Thomas Hilliard, Crime and Punishment in the S&L Industry: The Bush Administration's Anemic War on S&L Fraud, Washington, DC: Public Citizen's Congress Watch, 1990.

Failed Thrifts: Internal Control Weaknesses Create an Environment Conducive to Fraud, Insider Abuse, and Related Unsafe Practices, Washington, DC: U.S. General Accounting Office, 1989. T-AFMD-90-4.

Gup, Benton, Bank Fraud: Exposing the Hidden Threat to Financial Institutions, Rolling Meadows, IL: Bankers Publishing Co., 1990.

Mayer, Martin, The Greatest-Ever Bank Robbery: The Collapse of the Savings and Loan Industry, New York: Charles Scribner's Sons, 1990.

O'Shea, James, The Daisy Chain: How Borrowed Billions Sank a Texas S&L, New York: Pocket Books, 1991.

Pilzer, Paul Z. and Robert Deitz, Other People's Money: The Inside Story of the S&L Mess, New York: Simon and Schuster, 1989.

Pizzo, Stephen, Fricker, Mary and Paul Muolo, Inside Job: The Looting of America's Savings and Loans, New York: McGraw-Hill Publishing Co., 1989.

The U.S Government's War Against Fraud, Abuse, and Misconduct in Financial Institutions: Winning Some Battles but Losing the War: Twenty-Ninth Report, Washington, DC: U.S. House of Representatives. Committee on Government Operations, Committee Report 101-982, 1990.

Whiteford, Taylor & Preston, Issues Regarding the Role of Fraud and Other Criminal Misconduct in Causing Failures in the Thrift Industry, Washington, DC: National Commission on Financial Institution Reform, Recovery and Enforcement, Staff Report No. 14, 1993.

Why S&L Crooks Have Failed to Pay Millions of Dollars in Court-Ordered Restitution: Nineteen Case Studies, Washington, DC: U.S. House of Representatives. Committee on Banking, Finance and Urban Affairs, Committee Print 102-11, 1992.

"William Black Tackles the Savings and Loan Debacle," in Unsung Heroes: Federal Execucrats Making a Difference, pp. 22-63 by Norma M. Riccucci, Washington, DC, Georgetown University Press, 1995.

Wilmsen, Steven K., Silverado: Neil Bush and the Savings and Loan Scandal, Washington, DC: National Press Books, 1991.
FDIC: Criminal Activity Bibliography

FDIC
The S&L Crisis: A Chrono-Bibliography
FDIC: The S&L Crisis: A Chrono-Bibliography

Why is everyone discounting the possibility that $115 oil is a premium to the underlying value?

Volker,

It's been out awhile up in Alaska, there would seem to be limited surprise value to it - I wonder if after the scale of abuses at the Federal level the American public hasn't been somewhat desensitized to something like trashing your sister's ex's career - and I like your hurricane plan, off on the western fringes of the cone myself!

Best of luck over the next few days, keep safe.

Ross wrote: "You've got guts, Viking. Keep yer feet dry."

Guts? Nope, just stupid.

Anonymouse, I've been playing Oil & NatGas for 20 yrs. When a hurricane hits oil services spike... trying OIH to play the sector. Been lucky trading OIH overall. Been popular way to play the peak oil trade.

I'm sure you are aware it's merely a trade, anticipating hysteria. I'll lose 1/2 at the open if there's a gap up.

I have no LT equities now - period.

Among many other things,I have 3 ex wifes who live on Florida's Gulf coast

You need to learn about diversification.

OT but interesting (its about time!)

Unthinkable Happens: Manhattan Apartment Prices Fall
'This Clearly Indicates That the Market Is Not What It Was'

Unthinkable Happens: Manhattan Apartment Prices Fall - August 29, 2008 - The New York Sun

Popeye writes:
Mel,
My friend, may I ask you... did the UAW decide to use/treat the metal in cars so it they would rust out more quickly than the metal used by foreign imports? Did the UAW decide to use cheaper parts - even hinges - that clearly would not hold up to the competition ? Was it the UAW that decided to launch into SUV's after the last oil crisis?
Mel, my friend, the unions sat down one day and said, "Let's make a bargain on wages and benefits". They promised to show up every day, work {reasonably} hard, and to put the parts MANAGEMENT provided together. The UAW fulfilled their promise.
You my friend want someone to blame. The only thing the UAW did wrong is to trust people like you to honor their word.
Popeye | 08.30.08 - 2:13 pm | #

Popeye,
Your tone stinks. The US auto companies are run by idiots--agreed--the workers are only as good as the product design allows. What I was saying is that the idiots are saddled with some $1500 in extra healthcare expenses, making a bad situation much worse. That they are less stupid in Europe shows that all other things being equal, domestic idiots are no worse than their dummies.

That our congress refused to raise efficiency standards because Detroit didn't want them, shows that the auto gurus were also addicts. American workers produce very good car--with Asian nameplates. I'm guessing Ford would be better off allowing Mazda run the show--but national healthcare will still be necessary.

This Palin thing is evoking some strong emotions among the women I know. Mostly in favor of Obama.

Anecdotally, I'd say that the 50+ crowd sees Palin as a positive, while everyone else is seriously offended. Of course, the younger women I know are all professional women with careers (whether they are married or not). Don't know how common that demographic is in the swing states, although out of 3 women I know of in Ohio, 2 have become 100% Obama supporters because of the Palin choice.

CME Group Revised Labor Day Holiday Hours for NYMEX Energy Products

In response to concerns about Hurricane Gustav, CME Group, the world’s largest and most diverse derivatives exchange, today announced that it has revised its Labor Day holiday trading schedule (all times are Eastern time) for NYMEX energy products. On Sunday, August 31, all NYMEX energy products trading on the CME Globex® electronic trading platform will open for trading at 2:30 p.m. (Eastern), with a 2:00 p.m. (Eastern) pre-opening, for a September 2, 2008, trade date. NYMEX ClearPort® Clearing and NYMEX ClearPort® Trading will also now re-open for trading on Sunday, August 31.

No BBQ for me since I have a new case of gout. Remedies are welcomed but I ain't giving up bongwater, Blue Bell ice cream or CR.
FFDIC

Daily allopurinol has kept it bay for 16 years; I get an attack every 3 or 4 years for which I have a ready supply of indomythecin, a strong anti-inflammatory that reduces the pain immensely and the length in time of the attack.

If starting allopurinol, be very aware - one of my friends had a really bad reaction to it, made worse because the doctors didn't recognise it. Seek medical help, tell your doc about what you are taking and the rare reaction possibilities if you find yourself in this position.

O yeah, COMMISERATIONS !

-skk

2 questions: which state is abrv. TH? why do you abrv. McCain McM?
Anonymouse | Homepage | 08.30.08 - 8:46 pm | #

Thats the state of Typohypotomus or TH... haven't you ever been there?

Should have been TN...

Actually I'm shocked I didn't make more mistakes as I was rolling the map through my head.

McCain is not much smarter than Bush--he got into the Naval Academy because his dad and grandfather were admirals. I believe he ranked close to the bottom of his class--he really is the clone of Bush and will carry on the "work" of the present administration. Also, he will get to fill 2 Supreme Court seats.

FFDICK - wow that is quite an interesting link you have.

Sorry - back to boring finance discussion.

Mel writes:
McCain is not much smarter than Bush...
Mel | 08.30.08 - 9:09 pm | #

I think that says it all regarding that characteristic as potential hurdle. Two terms if McC can live that long.

As of 6 AM Sunday, August 31, Sabine Pipe Line is shutting down the Henry Hub (and all associated facilities). More info here (click on CRITICAL,FORCE MAJEURE,20080830)

Nat-gas prices should react accordingly.

FUBAR & WASS, LLC writes:
nitpicker..., don't forget the Chevy Vega. It was made out of compressed rust by unhappy little elves at Lordstown.
FUBAR & WASS, LLC | 08.30.08 - 9:20 pm | #

LOL. They are still unhappy at Lordstown... only older and not a lot wiser [evidenced by the fact they begged GM to keep the plant open by paying them to do so]...

Anonymouse writes:
dryfly writes:
How did you score it? I tried to get a pool going last election - no takers.
I still concur.
Anonymouse | Homepage | 08.30.08 - 9:22 pm | #

I forgot we did that exercise already - scary that I came up with the same count TWICE. I didn't think I could do anything the same way twice.

Anonymouse writes:
dryfly,

We've had the same inflation/deflation argument about 5 times, so you underestimate yourself. Btw - hurricanes are deflationary.
Anonymouse | Homepage | 08.30.08 - 9:28 pm | #

LOL. They are low pressure cyclones after all...

I had a vega and never had any problems with it other than it was yellow. Must have been built on a Wednesaday.

Why does everybody have gout? do i have it and not know it?
black swan® | 08.30.08 - 11:22 pm | #

You would know if you had it. Trust us.
Gout Causes, Diagnosis, Symptoms, Treatment and Information on MedicineNet.com

For gout pain, take two 1,000 mg gelcaps of evening primrose oil. For maintenance, 1,000 mg a day. It's a natural anti-inflammatory and one of the heart-healthy fats. It can be taken daily and shouldn't interact with any meds, except to make you not need them after a while.

Most of you will never try it, of course, in the belief that your doctor would have told you about it. Ah well. Your choice.

“"Mediocrity" doesn't mean average intelligence, it means an average intelligence that resents and envies its betters”

Ayn Rand

PS Obama: Harvard Law, Editor of Law Review

McCain: fifth from the bottom of his Anapolis class.