A little historical perspective courtesy of Dr. Housing Bubble:
Pecora Commission Where Art Thou? Lessons from the Great Depression Part XXVI: Time to put the Bankers and Wall Street on Trial. “Legal chicanery and pitch darkness were the banker’s stoutest allies.
“Yet who right now is pursuing this avenue? Mr. Pecora was able to do this because he had experience breaking up bucket shops and understood the corrupt structure that had infiltrated Wall Street. He managed to scour the books and present the information to the public in a manner that simply solidified the corruption on Wall Street. Right now, all we get is a high tax rate on bonuses to AIG executives. GM’s CEO has been ousted and the U.S. government is taking a hard stance against the beleguered automaker. What of Bank of America or Citigroup? What of Goldman Sachs? How exactly are they turning a profit in this market? Instead of a hard stance we give them more money!”
CalPERS opposes entire Bank of America board
But who will vote out the CalPERS board? [Reuters]
How would you like to own 55% of a white elephant?
The United Auto Workers union would eventually own 55% of the stock in a restructured Chrysler LLC under the deal reached by the union and the auto maker, according to a summary of the agreement that was reviewed by the Wall Street Journal.
Fiat SpA “eventually” will own 35%, and the U.S. government and Chrysler’s secured lenders together will end up owning 10% of the company once it is reorganized, that summary said.
Ask the employees at the latimes.
The old K-car used to have a little badge on the dash which read “Assembled with indifference in the USA.” I shit you not.
Ponz du jour
David Schindler, an attorney for Mr. Danny Pang, said his client expects to be fully vindicated.
Men plan and God laughs.