Wednesday, February 3, 2010

The Cost of the GM Realignment

All those dealerships that felt bitter because GM was forced, under government supervision, to cut them lose?

We sold out the nation's politics to them.

At least, so it would seem. Who knows the "true" judicial history of this radical break from a common wisdom that spans generations, this "Citizens United".

Tuesday, February 2, 2010

Invincible Wall Street - It Was an Act of God

After the traditional brokers' refrain, 'don't blame us, we're just the brokers - our clients did the risk taking', it appears that Goldman CEO Lloyd Blankfein was smacked down for suggesting that the problems were akin to an act of god.

“when Lloyd C. Blankfein, chief executive of the storied Wall Street firm Goldman Sachs, likened the financial crisis to the fluke of four hurricanes hitting the East Coast in a single year, Angelides shot back that the crisis was not caused by ‘acts of God.’ ‘These were acts of men and women,’ Angelides said. ‘These were controllable.’ ”
Blankfein's invincible compensation for the year is yet to be announced.

Separately, Hank Paulson is checking in (cashing in?) with his story, On the Brink:

"Banks were going down like flies," Mr Paulson told the FT.