Quote of the day from a fund manager: ‘This is worse than a divorce… I’ve lost half of my net worth and I still have my wife.’
This reminds me of something back in 1990, the US Government seized the Mustang Ranch brothel in Nevada for tax evasion and, as required by law, tried to run it. They failed and it closed. Now we are trusting the economy of our country to a pack of nit-wit, numb nuts who couldn’t make money running a wh**re house and selling booze
DO they not owe them defense costs if they were acting “within the scope of their authority”? If their acts were not, then the argument should be your on your own for defense of fraud. If it was the board’s direction to act in that manner then they all are on their own and personally liable.
Obama’s economic advisers Franklin Raines and Jim Johnson, who ran Fanny & Freddy, and went away as multi-millionaires. Their job was to ensure that 50% of mortgages were subprime. You know, lent to people who couldn’t pay them back.
The one man responsible for rallying support for Obama early on among Congressional Democrats is Rep. Rahm Emanuel, who served on the Board of Directors for Freddie Mac after leaving the Clinton White House. According to Freddie Mac insiders, Emanuel during his time on the board opposed every reform proposed by the Bush Administration that would have impacted Freddie and Fannie Mae. He’s now bHusseinO’s White House chief of staff.
Although only in the senate for three years, no one got more money from Fanny than bHusseinO – except Chris Dodd (D. CT), chairman of the senate banking committee.
I know this will never happen, but in my fantasy country white collar criminals would be treated just like any criminal. When they are found guilty we would confiscate all their ill gotten gain just like we do drug dealers. That bounty would then be auctioned off on E-bay and the money used to pay back the taxpayers who paid to prosecute them. They go to jail like Dred said, but pennyless.
30-days at Rikers Island would be sufficient. But……..in advance of their arrival the general population should be told that these guys think the prisoners are a bunch of stupid fags who don’t know the meaning of investment bankers.
Pardon me but I read and re-read the article and nowhere did I see any mention of D&O insurance (AIG or anyone elses). Am I, are we, to assume that neither Fannie nor Freddie purchased Directors and Officers insurance thus putting the onus of costs on the government (you and me, the taxpayers)?
Then it is both corporate malpractice and regulatory malpractice.
legal defense costs contract sounds like D&O to me and there is no way fannie/freddie didn’t carry it; so when this article mentions taxpayers footing the bill on defense costs, it wouldn’t be far fetched that we(taxpayers) are also doing so via the AIG bailout….
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Quote of the day from a fund manager: ‘This is worse than a divorce… I’ve lost half of my net worth and I still have my wife.’
This reminds me of something back in 1990, the US Government seized the Mustang Ranch brothel in Nevada for tax evasion and, as required by law, tried to run it. They failed and it closed. Now we are trusting the economy of our country to a pack of nit-wit, numb nuts who couldn’t make money running a wh**re house and selling booze
DO they not owe them defense costs if they were acting “within the scope of their authority”? If their acts were not, then the argument should be your on your own for defense of fraud. If it was the board’s direction to act in that manner then they all are on their own and personally liable.
Obama’s economic advisers Franklin Raines and Jim Johnson, who ran Fanny & Freddy, and went away as multi-millionaires. Their job was to ensure that 50% of mortgages were subprime. You know, lent to people who couldn’t pay them back.
The one man responsible for rallying support for Obama early on among Congressional Democrats is Rep. Rahm Emanuel, who served on the Board of Directors for Freddie Mac after leaving the Clinton White House. According to Freddie Mac insiders, Emanuel during his time on the board opposed every reform proposed by the Bush Administration that would have impacted Freddie and Fannie Mae. He’s now bHusseinO’s White House chief of staff.
Although only in the senate for three years, no one got more money from Fanny than bHusseinO – except Chris Dodd (D. CT), chairman of the senate banking committee.
“Ok folks, move along, nothing to see here…”
I know this will never happen, but in my fantasy country white collar criminals would be treated just like any criminal. When they are found guilty we would confiscate all their ill gotten gain just like we do drug dealers. That bounty would then be auctioned off on E-bay and the money used to pay back the taxpayers who paid to prosecute them. They go to jail like Dred said, but pennyless.
30-days at Rikers Island would be sufficient. But……..in advance of their arrival the general population should be told that these guys think the prisoners are a bunch of stupid fags who don’t know the meaning of investment bankers.
Pardon me but I read and re-read the article and nowhere did I see any mention of D&O insurance (AIG or anyone elses). Am I, are we, to assume that neither Fannie nor Freddie purchased Directors and Officers insurance thus putting the onus of costs on the government (you and me, the taxpayers)?
Then it is both corporate malpractice and regulatory malpractice.
legal defense costs contract sounds like D&O to me and there is no way fannie/freddie didn’t carry it; so when this article mentions taxpayers footing the bill on defense costs, it wouldn’t be far fetched that we(taxpayers) are also doing so via the AIG bailout….
1- If they are found guilty, take the costs out of their compensation/retirement
2- The AIG retreat was not for executives
Middle class said it all!