Puterbac News Network and Political Discussion Thread

[aTm]

The Enron debacle was part of the economic downturn precipitated by the September 11 attacks (in timeframe). They declared bankruptcy in November 2001 leading to business school classes at Texas A&M to be filled with one Enron anecdote after another for the rest of my time there until I graduated in 2003.

[sardis]

It also changed the accounting profession forever.

Most would argue that, if you had to pinpoint one reason, the repeal of the Glass Steagall Act caused the latest financial crisis. passed by a Republican congress and signed by Bill Clinton.

[hedge]

"economic collapse caused by his brother..."

Are you really that naive.

"As Governor of Florida was responsible for the death of Trayvon Martin and freeing his murderer"

"Got a golden parachute from an environmentally insensitive building material scheme where he peddled his fanily's influence"

"Cynically married a Latina (who is a traitor to her race) to pander for the Hispanic vote which they'll see right through."

"Belonged to an obscure mysterious semi-religious cult (Phi Beta Kappa)"

"Grandson of a Big Oil tycoon that is still destroying the planet"

"Responsible for the decline in Longhorn and Cowboys football""

He could survive all of those save the last one. That one is really going to come back to haunt him...

[hedge]

Spending the week in SW Texas, dodging oil rigging trucks. Wow, such a good feeling to actually feel like I'm back in America......tomorrow will be the best Earth Day I've ever had.

The best Earth Day for me will be when you are returned to it...

[Johnette's Daddy]

The Enron debacle was part of the economic downturn precipitated by the September 11 attacks (in timeframe). They declared bankruptcy in November 2001 leading to business school classes at Texas A&M to be filled with one Enron anecdote after another for the rest of my time there until I graduated in 2003.

Dude,

The Enron debacle was part of the economic debacle encouraged by unregulated speculation and trading on artificially created assets. This RIGHT WING analyst nails it:

far from being simply an energy company — Enron had been turned into an out-of-control hedge fund…

http://thenationalinvestor.com/wp-conte ... -ENRON.htm

Pure and simple, Enron’s demise was an example of what happens when a company that shouldn’t have done it in the first place plays the excesses of a fractional reserve system to excess. And lots of Wall Street concerns were happy to create this financial skyscraper of cards for the company, as they each undoubtedly reaped hefty fees as a reward.

“The cast of characters involved in Enron's off-balance-sheet activities is much bigger than previously thought,” wrote Robert Hunter recently in a story at SmartMoney.com. “Limited partners included Chase Capital, G.E. Capital, J.P. Morgan Capital, Merrill Lynch, Dresdner Bank, AON, Credit Suisse First Boston, Morgan Stanley and First Union Investors, an all-star list of Wall Street insiders. Given the porous walls separating equity research from investment-banking operations, the suggestion that analysts at these firms knew nothing about the [Enron] partnerships before they blew up simply isn't credible...Enron's off-balance-sheet activities weren't the mystery they've been portrayed to be.”

That’s quite right, folks--Enron was the big vehicle whereby these Wall Street firms pumped, and pumped, and pumped--but couldn’t dump. They were finally dumped on due to the sheer magnitude and unsustainability of the financial pyramid that Enron became. The important thing to understand, amidst all the hand-wringing, finger pointing and the rest in Washington is that this type of speculation--and subsequent debacle--is what a fractional reserve system creates.

Enron was the first real casualty of the unregulated credit default swap market, which ultimately took down the economy in 2007-08.

[Johnette's Daddy]

http://content.time.com/time/specials/p ... 20,00.html

From the start, Bush embraced a governing philosophy of deregulation. That trickled down to federal oversight agencies, which in turn eased off on banks and mortgage brokers. Bush did push early on for tighter controls over Fannie Mae and Freddie Mac, but he failed to move Congress. After the Enron scandal, Bush backed and signed the aggressively regulatory Sarbanes-Oxley Act. But SEC head William Donaldson tried to boost regulation of mutual and hedge funds, he was blocked by Bush's advisers at the White House as well as other powerful Republicans and quit. Plus, let's face it, the meltdown happened on Bush's watch.

True, Bush didn't repeal Glass-Steagall, but his administration pretty much ignored and deemphasized existing regulations of, well, almost every sector of the economy. And the energy sector - Big Oil and Big Coal, especially - was virtually "self-regulated," in a fox guarding the hen house kind of way.

[hedge]

Sounds like a good deal for the fox...

[aTm]

This RIGHT WING analyst nails it:

Your emphasis on "right wing" amuses me. Am I supposed to give it more credence? Am I right wing? Do YOU believe it's more credible because it's "right wing?"

[aTm]

Anyway, I was just clarifying the timeframe. I'm not really all that concerned with whether George W Bush's friendship with Ken Lay is evidence in some bullshit partisan debate over who really should take the blame for the great recession or whatever.

[Johnette's Daddy]

Anyway, I was just clarifying the timeframe. I'm not really all that concerned with whether George W Bush's friendship with Ken Lay is evidence in some bullshit partisan debate over who really should take the blame for the great recession or whatever.

Especially since this started as a discussion about Jeb Bush's finances, which derived from . . .

Christie Campaign's Legal Fees Exceed Cash in Bank

New Jersey Gov. Chris Christie's 2013 re-election campaign owes more in legal fees than it has on hand, meaning it will need to resume fundraising to pay lawyers.

A finance report filed with the state Election Law Enforcement Commission last week shows the campaign has $157,000 but owes two law firms $264,000. The firms helped the campaign comply with subpoenas from the U.S. attorney's office and a legislative committee.

Both investigations are looking into politically motivated traffic jams near the George Washington Bridge last year.

In February, election regulators gave Christie's campaign permission to spend beyond the normal campaign limit and raise more money if needed to comply with the subpoenas. But they said campaign funds could not be used for any staffers' legal defense.

http://abcnews.go.com/Politics/wireStor ... k-23420092

[aTm]

I wonder what Christie's personal net worth is?

[hedge]

Elebendy bajillion...

[Johnette's Daddy]

I wonder what Christie's personal net worth is?

http://www.davemanuel.com/net-worth/chris-christie/

Chris Christie currently has a net worth of an estimated:

$5,000,000

Information:

Gov. Chris Christie and his wife, Mary Pat, have managed to build themselves up a net worth of approximately $5 million.

Chris Christie currently serves as the Governor of New Jersey, while Mary Pat works at Angelo, Gordon & Co. as a full-time managing director. Prior to that, Mary Pat Christie worked at Cantor Fitzgerald as a bond broker.

Chris Christie worked as a lawyer from 1987-2002 at Dughi, Hewit & Palatucci (he was named a partner in 1993). From 2002 until 2008, Christie served as the United States Attorney for the District of New Jersey.

In 2009, Christie ran for Governor of New Jersey, eventually defeating Jon Corzine in a closely contested battle. Christie's popularity swelled during his first four years in office, and he went on to easily best Democrat Barbara Buono for a second term in 2013.

Christie has managed to win bipartisan support in New Jersey - this support has got many people talking up Christie as a possible candidate for the 2016 Republican Presidential nomination.

When Chris Christie first ran for Governor of New Jersey, he released five years worth of tax records and his family's estimated net worth.

At the time (late 2008), Christie and his family were worth approximately $3.8 million. A large portion of their net worth was tied up in their Menham Township home, which had an assessed value of $2.26 million at the time. In addition, Chris and Mary Pat Christie had a substantial investment portfolio that included holdings in Johnson & Johnson, Disney and Yahoo!

Let's take a look at the family's earnings over a three year period:

$449,607 in 2010
$544,047 in 2009
$567,772 in 2011

Chris Christie earnings an annual salary of $175,000, while Mary Pat Christie has done very well in her positions at Cantor Fitzgerald and Angelo, Gordon & Co.

Given the rebound in the stock market over the past 3-4 years, I would estimate the Christie family's net worth at around $5 million.

[hedge]

That website had Andy Dick's net worth pegged at $15,000 a few months ago, I just checked it again, they had changed it to $3 million...

[sardis]

http://content.time.com/time/specials/p ... 20,00.html

From the start, Bush embraced a governing philosophy of deregulation. That trickled down to federal oversight agencies, which in turn eased off on banks and mortgage brokers. Bush did push early on for tighter controls over Fannie Mae and Freddie Mac, but he failed to move Congress. After the Enron scandal, Bush backed and signed the aggressively regulatory Sarbanes-Oxley Act. But SEC head William Donaldson tried to boost regulation of mutual and hedge funds, he was blocked by Bush's advisers at the White House as well as other powerful Republicans and quit. Plus, let's face it, the meltdown happened on Bush's watch.

True, Bush didn't repeal Glass-Steagall, but his administration pretty much ignored and deemphasized existing regulations of, well, almost every sector of the economy. And the energy sector - Big Oil and Big Coal, especially - was virtually "self-regulated," in a fox guarding the hen house kind of way.

Your citation lists Bush as one of 25 people responsible for the crisis and one of the other 25 listed was the American consumer...and Bill Clinton.

[Johnette's Daddy]

http://content.time.com/time/specials/p ... 20,00.html

From the start, Bush embraced a governing philosophy of deregulation. That trickled down to federal oversight agencies, which in turn eased off on banks and mortgage brokers. Bush did push early on for tighter controls over Fannie Mae and Freddie Mac, but he failed to move Congress. After the Enron scandal, Bush backed and signed the aggressively regulatory Sarbanes-Oxley Act. But SEC head William Donaldson tried to boost regulation of mutual and hedge funds, he was blocked by Bush's advisers at the White House as well as other powerful Republicans and quit. Plus, let's face it, the meltdown happened on Bush's watch.

True, Bush didn't repeal Glass-Steagall, but his administration pretty much ignored and deemphasized existing regulations of, well, almost every sector of the economy. And the energy sector - Big Oil and Big Coal, especially - was virtually "self-regulated," in a fox guarding the hen house kind of way.

Your citation lists Bush as one of 25 people responsible for the crisis and one of the other 25 listed was the American consumer...and Bill Clinton.

Make no mistake - William Jefferson Clinton was a "Friend of Oligarchy" as well. It speaks to the greed and arrogance of the oligarchs that they felt that he wasn't friendly enough and they determined that they needed an even bigger puppet, hence W's elevation.

And as much as the FOX/Tea Party echo chamber complains about the Muslim/Socialist/Kenyan/Illegal Immigrant who currently and unlawfully occupies 1600 Pennsylvania Avenue, Barack Obama's administration is to the right of Clinton's. We haven't had a "true" liberal administration since LBJ left office.

Republicans like Nelson Rockefeller, Prescott Bush (and pre-1980, George H.W. Bush) were much more liberal - fiscally and socially - than Clinton or Obama.

[aTm]

Good thing the oligarchs had the foresight to rig the FL election or else they really would have bet on the wrong horse.

[Johnette's Daddy]

Democrats are fortunate that the GOP is so committed to fellating its nut job wing (including its nut job billionaires).

Had Mitt Romney ran as the Romney who governed Massachusetts instead of putting on a coat of Tea Party paint, he would've kicked Obama's ass. Plus would've come in the door with 16 million signing up for RomneyCare, because the GOPs ridiculous opposition to it would've disappeared.

[Jungle Rat]

http://benswann.com/nypd-twitter-mynypd ... bly-wrong/

[Professor Tiger]

Make no mistake - William Jefferson Clinton was a "Friend of Oligarchy" as well. It speaks to the greed and arrogance of the oligarchs that they felt that he wasn't friendly enough and they determined that they needed an even bigger puppet, hence W's elevation.

Yes, Clinton was the first Dem president that made it socially acceptable within his party to be greedy and
venal as any GOP plutocrat. Remember his renting rooms in White House to campaign donors for big cash? He was really into Asian money; witness Charlie Trie, Johnny Chung, and the Chinese government laundered through LORAL.

His greatest achievement was his fund raising at Buddhist monasteries where, somehow, Algore managed to raise 6 figures from penniless monks. That was the stuff of legend.