House panel begins push on financial overhaul

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rulemylife -> House panel begins push on financial overhaul (10/14/2009 10:39:45 AM)
House panel begins push on financial overhaul WASHINGTON – A key House panel moved to tighten rules on previously unregulated financial instruments Wednesday, a long-awaited step toward governing the obscure and complex transactions at the heart of the troubles that befell some of Wall Street's most well-known financial houses. .....Regulating derivatives is one of the elements of President Barack Obama's proposal for correcting the practices of banks, investment houses and other financial institutions that caused last year's economic collapse. Derivatives such as credit default swaps brought down Wall Street banking house Lehman Brothers Holdings Inc. and nearly toppled insurance giant American International Group Inc. Republicans said they prefer that derivative transaction be disclosed and operate under great visibility, but object to trading them in regulated exchanges.

popeye1250 -> RE: House panel begins push on financial overhaul (10/14/2009 11:04:51 AM)
Hmm, nothing about getting rid of the top third of management of cos. who take U.S. Taxpayer Dollars? So they'll let the people who fucked up and got into this mess keep steering the ship? You know, the "smart people" with all those "degrees." The ones who expect "bonuses" every year for losing other people's money. How's about "bonuses" for people who make $30-$30k a year and don't lose other people's money and do make money for their employers? Does someone who makes $150k per year really need a "bonus?"

tazzygirl -> RE: House panel begins push on financial overhaul (10/14/2009 11:38:31 AM)
hmmmm... popeye... i refer you back to your own post here http://www.collarchat.com/fb.asp?m=2850930 and the difference is what?

Moonhead -> RE: House panel begins push on financial overhaul (10/14/2009 11:45:11 AM)
The argument that's always offered for paying these people daft salaries and bonuses is that with a pay cut, they wouldn't be getting the best people to fill these positions. If these are the best people in their fields running the banks, I shudder to think what the rest are like.

tazzygirl -> RE: House panel begins push on financial overhaul (10/14/2009 11:49:46 AM)
They are the best... and even better at behind the scene swindlings and schemes. I often wonder if those companies, like AIG, had gone under, if the government had refused to help, how many people posting about how they deserved the bonuses, how good greed is... how much they earned by virtue of their "work" ethic and their contracts... how many of those people would have any money at all and would be as willing to be so generous in their thoughts, when their wallets and accounts are empty.

Moonhead -> RE: House panel begins push on financial overhaul (10/14/2009 12:02:30 PM)
There's that, true enough. Certainly it seems that a lot of the "best" did quite well out of the stock exchange going tits up by selling all of their stocks before they started to plunge then buying them all up again when they bottomed out. Wrecking an economy to lower the price of a few shares is no way to behave.

tazzygirl -> RE: House panel begins push on financial overhaul (10/14/2009 12:17:30 PM)
I figure in about 20 years, we will finally get the truth behind the gouging of katrina as well as the market and financial institution messes. i also figure alot of people wont be happy about what they hear.

rulemylife -> RE: House panel begins push on financial overhaul (10/14/2009 2:26:36 PM)
quote: ORIGINAL: popeye1250 Hmm, nothing about getting rid of the top third of management of cos. who take U.S. Taxpayer Dollars? So they'll let the people who fucked up and got into this mess keep steering the ship? You know, the "smart people" with all those "degrees." The ones who expect "bonuses" every year for losing other people's money. Do you remember the fallout when GM's CEO Rick Wagoner was asked to step down? Including on these boards? The sky was falling and the government was going to nationalize every company and force us into communist slave labor. quote: How's about "bonuses" for people who make $30-$30k a year and don't lose other people's money and do make money for their employers? Does someone who makes $150k per year really need a "bonus?" And again we've seen the argument that their "talent" needs to be rewarded for the company to profit. But the figures are much higher in base salary and bonuses. The top 50 executives at AIG were to receive an average $192,000 in bonuses alone. A.I.G. Planning Huge Bonuses After $170 Billion Bailout - NYTimes.com

MrRodgers -> RE: House panel begins push on financial overhaul (10/14/2009 2:52:35 PM)
quote: ORIGINAL: popeye1250 Hmm, nothing about getting rid of the top third of management of cos. who take U.S. Taxpayer Dollars? So they'll let the people who fucked up and got into this mess keep steering the ship? You know, the "smart people" with all those "degrees." The ones who expect "bonuses" every year for losing other people's money. How's about "bonuses" for people who make $30-$30k a year and don't lose other people's money and do make money for their employers? Does someone who makes $150k per year really need a "bonus?" Shhh. don't say that too loud...congress might hear you. It is beginning to amaze me as how so many of our educated and aware people refuse to believe that we elect our own whores. Leave it to a terrorist attack, 8 years of republican conservatism and the new kids on the block the great democratic liberalism, to convince us...neither is in control.

Brain -> RE: House panel begins push on financial overhaul (10/14/2009 9:04:38 PM)
I don’t think I trust anyone anymore to refom anything incuding Obama, Nader was right they’re corrupt. Geithner Aides Reaped Millions Working for Banks, Hedge Funds Oct. 14 (Bloomberg) -- Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms. http://bloomberg.com/apps/news?pid=20601087&sid=abo3Zo0ifzJg

Fellow -> RE: House panel begins push on financial overhaul (10/14/2009 11:10:00 PM)
Obama had a chance to get financial oligarchy under control. He did not understand it and he missed it. These are the usual problems when a rookie gets elected.

rulemylife -> RE: House panel begins push on financial overhaul (10/15/2009 3:33:39 AM)
quote: ORIGINAL: Fellow Obama had a chance to get financial oligarchy under control. He did not understand it and he missed it. These are the usual problems when a rookie gets elected. Aren't they all rookies until they run for re-election?

HatesParisHilton -> RE: House panel begins push on financial overhaul (10/15/2009 3:37:28 AM)
O, I am so jealous that rule got in a post at 3:33:39 I have been SO after that for yonks. carry on

rulemylife -> RE: House panel begins push on financial overhaul (10/15/2009 3:54:01 AM)
If I only knew what a yonk was. [sm=insane.gif]

Thadius -> RE: House panel begins push on financial overhaul (10/15/2009 7:12:40 AM)
Unfortunately, this is probably just more political posturing. It seems to be an attempt to make a bunch of noise on a fairly important front, and keep eyes off of the 500 pound gorilla in the room (healthcare). I do hope they get something done, but it needs to be something that fixes the system, and not something that kills it. Hopefully both parties will take responsibility for their parts in the Freddie and Fannie (regulations and deregulations) that were a huge factor in the current economic situation. However, that is probably as likely as me being able to sit out this winter and do some sunbathing while enjoying the 90's here in Michigan. I suppose the cool thing is that they already have their reelection safety net in place (aka the stimulus bill from earlier this year). Most of the spending is set to go into effect during Q1 and Q2 of the new year, just in time for campaign mode, who would of thunk it. I mean since it was such an emergency to get it passed, so quickly; one would have thought that the money would be put to use a lot sooner. Of course it is just coincidence that those funds would be set to be spent when it could benefit a party during a midterm... I wish you well, Thadius

Brain -> RE: House panel begins push on financial overhaul (10/15/2009 12:55:29 PM)
Record Pay-Out Predicted for Banks http://www.youtube.com/watch?v=RtwUi-0NOUU The Wall Street Journal analyzed 23 Top Banks and predicted a record high compensation pool of $140 billion for this year. Jim Axelrod reports.

Thadius -> RE: House panel begins push on financial overhaul (10/15/2009 1:04:02 PM)
That should come as no surprise. Give banks the kind of capital infusion that they received under the various bailouts, and of course they are going to make money with it. I sometimes wonder if it wouldn't be cheaper to just give the banks their own currency presses...[8D]

slvemike4u -> RE: House panel begins push on financial overhaul (10/15/2009 1:07:38 PM)
Yeah Thad,but than they wouldn't need us anymore!

Thadius -> RE: House panel begins push on financial overhaul (10/15/2009 1:40:51 PM)
Mike, Do they really need us now? Oh wait, yeah for those tax dollar thingies.[;)] As always, Thadius P.S. With all of the extra movement on so many different fronts these last few days, I wonder if it is not just some grandstanding to show the GOP as a complete opposition party, and thus taking away any and all perceived credibility they have when they oppose the upcoming merged health care bills? Just a thought. I must say well played by the Dems, if that is the goal.

tazzygirl -> RE: House panel begins push on financial overhaul (10/15/2009 1:52:28 PM)
~grins Master Thadius, that thought has popped into this silly slave girl's head more than once over the past few months. It has been noted by more than one source that the public option isnt completely dead. The "anti rape" bill will certainly be played to the hilt. Just seems like, perhaps, the Dems are getting their ducks in a row, strategically discrediting the Republicans in tiny steps. Then again, as someone pointed out... what would i know.. im just a silly female.

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