Ex Merrill Lynch exec pays 37 million for NYC apartment

Former Merrill Lynch executive Peter Kraus received a $25 million dollar payout from TARP funds after working at the firm for only 3 months. He also bought an apartment on New York's Park Avenue for $37 million. This is how taxpayer money is being spent--a bailout for the super rich.

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Washington Post timeline on financial regulation

MILESTONES

Risk and Regulation

1998

May: Over objections of other financial regulators, Born issues "concept release," questioning whether unregulated derivatives contracts should get government oversight like exchange-traded futures contracts do.

1999

November: Congress passes law to dismantle Depression-era Glass-Steagall law, which had separated commercial and investment banking. The law does not give the Securities and Exchange Commission authority to regulate investment bank holding companies, which were trading heavily in unregulated derivatives contracts.

November: A President's Working Group report on derivatives recommended no CFTC regulation, saying that it "would otherwise perpetuate legal uncertainty or impose unnecessary regulatory burdens and constraints upon the development of these markets in the United States."

June: Born leaves the CFTC, with no change in the regulation of derivatives.

2000

December: Commodity Futures Modernization Act passes. Championed by Sen. Phil Gramm (R-Tex.), the law bars the Securities and Exchange Commission, as well as the Commodity Futures Trading Commission, from issuing new regulations on unregulated derivatives.

2004

April: The Securities and Exchange Commission creates a voluntary program of oversight for investment bank holding companies. It gives the SEC its first comprehensive look at the large trading positions the firms had in unregulated derivatives and mortgage-related securities.

2005

September: The Federal Reserve Bank of New York holds discussions with derivatives dealers on creating a voluntary clearinghouse for unregulated derivatives trades.

2008

September: Insurance giant AIG is seized by the federal government after it's forced to scramble for cash to use as collateral for $440 billion in credit default swaps it sold.

September: Lehman Brothers files for bankruptcy protection after other financial firms demand cash to protect their positions.

March: Bear Stearns is rescued by J.P. Morgan Chase and a $29 billion federal government loan after other financial firms question its stability and demand cash to protect their positions with the firm.

PROTEST ANN COULTER'S APPEARANCE ON N.B.C. Today show

FROM MEDIA MATTERS:

Dear Friend,

As you know, Ann Coulter has a long history of making controversial statements. In media appearances and her syndicated column, Coulter has likened President-elect Barack Obama to Adolf Hitler repeatedly, called Al Gore a "total fag," and written that without affirmative action, African-American Rep. Maxine Waters (D-CA) couldn't get a job "that didn't involve wearing a paper hat." She has also repeatedly discussed potential acts of violence against people she doesn't like or with whom she disagrees, including saying of Supreme Court Justice John Paul Stevens: "We need somebody to put rat poison in Justice Stevens' crème brulee."

( click on below link)

» Call NBC and ask why they are reportedly again helping Coulter promote her latest book despite past condemnations by NBC staff for her history of reprehensible comments.

Despite this long and well-documented history of controversial statements, NBC has once again reportedly invited Coulter to promote her latest book on its airwaves. On Fox News' Hannity & Colmes, during a segment in which she called Obama an "atheist" and asked if "we could get all of his aliases before he's sworn in on the Quran," Coulter announced that she is scheduled to appear on the January 6, 2009, broadcast of NBC's Today.

Enough is enough. Even NBC-affiliated hosts and anchors have expressed disgust over some of Coulter's more offensive rhetoric. Today co-host Meredith Vieira has acknowledged that the media are part of the problem, saying "we're perpetuating it."

(click on below link)

» Call NBC and ask why they are reportedly again helping Coulter promote her latest book despite past condemnations by NBC staff for her history of reprehensible comments.

It is time to hold NBC accountable. In light of both her history and the numerous condemnations of her by NBC staff, the network should reconsider reportedly providing her with a platform from which to make these comments.

Call NBC today and let them know what you think.

Thank you for your continued support.

FROM ERIC BURNS, MEDIA MATTERS

Newsman's $70m lawsuit likely to deal Bush legacy a new blow

As George W Bush prepares to leave the White House, at least one unpleasant episode from his unpopular presidency is threatening to follow him into retirement.

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Bush administration has been too lax in policing Wall Street

Federal officials are bringing far fewer prosecutions as a result of fraudulent stock schemes than they did eight years ago, according to new data, raising further questions about the Bush administrations recklessness.

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Two Good Pics with Bush and Cheney

Testimony Details Alleged Rove Ties To Prosecution Of Democratic Governor

New testimony released yesterday by the House Judiciary Committee reveals details about the alleged involvement of former Bush administration advisor Karl Rove in the prosecution of Democratic Alabama Governor Don Siegelman.

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Gonzales may be prosecuted, per fired US Attorney

Spokesman Review (Spokane, WA): The U.S. Inspector General may recommend criminal prosecution of departed Attorney General Alberto Gonzales at the conclusion of an investigation, possibly as early as next month, the fired former U.S. attorney for Western Washington told a Spokane audience (for the Federal Bar Association) Friday.[..]

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Big Oil, Russia, WWIII and Dick Cheney

From Vice President Richard Cheney's secret energy company meetings held at the White House in early 2001. Some of the documents of the meetings reveal charts of "Foreign Suitors for Iraqi Oilfield Contracts" and a "map of Iraqi oilfields, pipelines, refineries and terminals" ..Congress and the press should immediately and thoroughly investigate.

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David Sirota: Maddow Busts Morgan Stanley Board Member for L

Berkley professor Laura Tyson to talk about the bailout. ...Tyson defended the firms that have received bailout money...Tyson didn't tell viewers that she sits on the board of directors of Morgan Stanley, a bank that has received $10 billion in bailout money...makes about $350,000 a year from position.

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Cheney Destroyed Records. Keeps "Man Size" Safes in Office.

The Washington Post is reporting that Cheney has been destroying records, and keeps his documents in gigantic "man-sized" safes in his office. The level of secrecy is unprecedented. He deliberately conceals all his correspondence. ..It's time to acknowledge that Cheney really is the Sith Lord.

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Exclusive: Cheney’s admissions to the CIA leak FBI

We all know that Cheney was a part of the Plame CIA leak. How do we know for sure? He admitted it. Here.

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The Torture Report

A prosecutor should be appointed to consider criminal charges against top officials at the Pentagon for decisions that led to the abuse, torture and death in prisons run by the American military and intelligence services.

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Dear Attorney General-Designate Eric Holder,

(Click on above button to go to the petition website)

Dear Attorney General-Designate Eric Holder,

We the undersigned citizens of the United States hereby formally petition you to appoint a Special Prosecutor to investigate and prosecute any and all government officials who have participated in War Crimes.

These crimes are being euphemistically referred to as "abusive interrogation techniques" by such respected figures as Senator John McCain. These are euphemisms for torture. Torture is a War Crime. Waterboarding is a War Crime. The CIA has admitted waterboarding detainees. Recently, Vice President Cheney has brazenly admitted authorizing the program that led to waterboarding, other forms of torture too numerous to list, and ultimately, the deaths by homicide of detainees.

As Major General Antonio Taguba, the Army general who led the investigation into prisoner abuse at Iraq's Abu Ghraib prison has stated:

"After years of disclosures by government investigations, media accounts and reports from human rights organizations, there is no longer any doubt as to whether the current administration has committed war crimes. The only question that remains to be answered is whether those who ordered the use of torture will be held to account."

The Washington Post recently summarized the Senate Armed Services Committee Report on detainee treatment thusly:

A bipartisan panel of senators has concluded that former defense secretary Donald H. Rumsfeld and other top Bush administration officials bear direct responsibility for the harsh treatment of detainees at Guantanamo Bay, and that their decisions led to more serious abuses in Iraq and elsewhere.

We the undersigned citizens demand a full and thorough investigation immediately upon your taking office. This investigation should be pursued no matter where it may lead and no matter what the political implications may be. To this end, we remind you that you work not on behalf of or for the President or the Congress, but for the People of the United States of America and for Justice itself.

The United States is a representative democracy. The actions of our government officials are done in the name of its citizens. War Crimes have been committed in our name. Torture has been done in our name. The only way to clear our name of War Crimes is to repudiate them through the aggressive prosecution of each and every person involved to the full extent of the law through the appointment of a Special Prosecutor.

Citizens Petition: Special Prosecutor for Bush War Crimes

With the recent admissions by Vice President Cheney and the release of the Senate Armed Services Committee Report on detainee treatment, what we have known in the blogosphere for years has now....finally....made it into the mainstream. The Bush Administration planned, developed and carried out an organized torture program...VoteStrike.com

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Cheney claims power to decide his own case

I am the law. That's the message Vice President Dick Cheney appeared to send in a little-noticed court filing last week, in which his lawyers asserted that the vice president alone has the authority to determine which records are turned over to the National Archives after he leaves office. But the law exempts...

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David Latt: Cheney Taunts Bush, Pardon Me or Else

There are those who see the vice president's admission as part of a strategy to force the president to pardon him and all those named in the Senate Report: Rumsfeld, Meyers, and Rice. If Bush doesn't pardon them, they will certainly be pursued by those in the new administration who will not let-bygones-be-bygone.

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Obama: No Choice but Prosecute Cheney, for Good of Country

This is not partisanship. It is patriotism.

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Plutocracy: Att.Gen. Mukasey recuses himself from Madoff

“Because his son, Marc Mukasey, is representing a Madoff official, the attorney general has recused himself from the Madoff probe,” said Peter Carr, the spokesman, in a statement. The attorney general “has no financial investments involved in the case,” Carr said.Marc Mukasey, a former federal prosecutor, is representing Frank DiPascali, an offic

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Madoff’s Wife Investigated Over Ponzi Scheme Records

Ruth Madoff, the 67-year-old wife of alleged fraud mastermind Bernard Madoff, is being investigated by U.S. regulators over whether she helped maintain secret records used in a $50 billion Ponzi scheme, a person familiar with the matter said.

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Government’s Unemployment Coverup 6.7% ... How about 12.5%

Unemployment: Worse Than it Looks The most publicized measure of U.S. unemployment tells only part of the story.http://www.businessweek.com/bwdaily/dnflash/content/dec2008/db20081212_666543.htm?chan=rss_topStories_ssi_5

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Joseph Stiglitz:The Seven Deadly Deficits

Nobel Economist on what the Bush years really cost us, and how President Obama can get the economy back on track.

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The 17th Floor, Where Wealth Went to Vanish

Investigators are trying to piece together what Bernard L. Madoff did with the billions entrusted to his firm.

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Questions for Mr. Geithner

As president of the Federal Reserve Bank of New York, Timothy Geithner let Lehman Brothers fail and then bailed out American International Group. He needs to explain why before he becomes Treasury secretary.

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BREAKING: $700B Bailout Being Reallocated for Big 3

The Bush administration said Friday it might use taxpayer dollars set aside to bail out banks and Wall Street firms to keep troubled U.S. automakers out of bankruptcy.

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AIG Says More Managers Get Bonuses Topping $4 Million

American International Group Inc., the insurer whose bonuses and perks are under fire from U.S. lawmakers, offered cash awards to another 38 executives in a retention program with payments of as much as $4 million.

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Beyond Iraq:A New US Strategy for the Middle East.

R.Haass ( Council on Foreign Relations) & M.Indyk(Brookings Institution) summarized their essay:" To be successful in the Middle East, the Obama administration will need to move beyond Iraq, find ways to deal constructively with Iran, and forge a final-status Israeli-Palestinian agreement".

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Illinois may Elect a New Senator AND New Governor

I put up this post too soon - with out research:

IF the governor resigns or is impeached, then the LT. Leutenant governor takes over...

One wonders how bad Illinois's Lt Governor is...

After the arrest of Illinois governor Blagojevich on federal corruption charges, many are calling for the Illinois governor to resign. His resignation would leave another Illinois statewide office vacant - Obama's Senate seat and the governorship.

People are also demanding that the vacant Senate seat be filled through a special election, rather than an appointment by the Governor. It would seem to be a good idea to hold a special election to fill both spots (since Blagojevich will be in trial, if not convicted etc..).

See this ABCNews report on the Blagojevich affair and the vacant Senate seat:

http://www.abcnews.go.com/Blotter/story?id=6424985&page=1

The problem with special elections are:

1) they are very costly (this would be a state wide election)

2) because they are special (and not held in November usually) voter turn-out is usually pathetically low

Plea by Blackwater Guard Helps Indict Others

The Justice Department unsealed indictments against five guards in a shooting that killed 17 Iraqi civilians.

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The four horsemen of the Economic Apocalypse

Readers, stop sharpening your pitchforks for a moment because here, just in time for your year-end 401K reports to arrive, is a little story about four women who not so very long ago caused eyeballs to roll and brows to knit among the Wall Street and Washington Testosterone Teams, but who, if they had been listened to by the reigning Masters of the

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Blackwater Guards Indicted For Iraq Shootings

Five Blackwater Worldwide security guards have been indicted and a sixth was negotiating a plea with prosecutors for a 2007 shooting that left 17 Iraqis dead and became an anti-American rallying cry for insurgents, people close to the case said Friday.

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Preachers becoming senators to push religion into law

SC Senator Jim DeMint (R:Nutjob) wants "In God We Trust" On the Capitol Visitors Center.What was that thing about separation between churchand state again?

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Obama Backs Off Promise to Pass Profits Tax on Big Oil

Obama, who signaled early in his campaign for the White House that he would take an active approach to oil markets as president, had planned to use the revenue from a windfall profits tax to fund a tax rebate for low- and middle-income families struggling with high energy prices.

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Earth is still heating up

... and decided that the Earth is cooling.In fact, the opposite is happening: almost every day, new peer-reviewed scientific reports are published showing that the Earth is heating up fast due to increased use of fossil fuels, deforestation, and bad agricultural practices – all of which spew global warming gases into the atmosphere.

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I'm Still Tortured by What I Saw in Iraq

Matthew Alexander, the military officer and interrogator responsible for obtaining the information that led to the death of terrorist Abu Musab al-Zarqawi in 2006, has published a scathing indictment of U.S. torture policies. "Until we renounce the sorts of abuses that have stained our national honor, al-Qaeda will be winning..."

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Deal for Sec. of State: Hillary to release Clinton donation list

At least this is step in the right direction, however small, by Obama and his administration but it still reveals the nature of the plutocracy in Washington D.C. and the selling of influence. In other words, little change from the Bush presidency - money and influence are still key factors.

(From the Huffington Post:)

Most remarkably, the former president (Bill Clinton) agreed to release the long-secret list of 208,000 donors to his presidential library and foundation. As one of nine concessions, he has promised to put out the list by the end of the year.

"It speaks to President Clinton's willingness to do more than what's asked of him," said a Democratic official familiar with the protracted negotiations between Clinton emissaries and Obama transition aides...

...Here's the full text of the internal guidance about the agreement:

"At the request of President-elect Obama, and to avoid even the appearance of a conflict of interest between the work of President Clinton and the service of Hillary Clinton should she be nominated and confirmed as Secretary of State, President Clinton is taking the following steps above and beyond the requirements of current laws and regulations.

--The Clinton Foundation will publish the names of everyone who has contributed since its founding in 1997 (this year).

--Should Senator Clinton be nominated and confirmed as Secretary of State, during her time of service, the Foundation will also publish the names of everyone who contributes going forward on an annual basis.

--The Foundation will separately incorporate CGI [the Clinton Global Initiative] from the Foundation; President Clinton will continue to host CGI gatherings, such as the one in NYC and its meetings for college and university students, as Founding Chairman of CGI.

--Although President Clinton will continue to invite participants to CGI events (which involves normal registration fees), he will not solicit 'sponsorship' contributions for CGI.

--CGI will also not host annual events outside the US and CGI will not solicit or accept foreign government contributions.

From

http://www.huffingtonpost.com/2008/11/13/hillary-clinton-secretary_n_143735.html