Britian's Sir Fred Goodwin claims he is entitled to his pension rewards, regardless of his dismal performance as head of Royal Bank of Scotland. The RBS ex chief executive is defending his right to not only a dubious payment amounting to 16.9 million pounds, but also a yearly pension amount of 703,000 pounds.
It is said that that he still takes the view that he is entitled to the money.
He should start a new career as Britain's version of Ed the Sock. Sir Ed, cigar?
"Goodwin's pension pot was doubled to £16.9m on the weekend the bank was bailed out by the taxpayer in October."
http://www.guardian.co.uk/business/2009/apr/03/fred-goodwin-pension-rbs-agm
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Bailed-out banks may buy toxic assets: report
ReplyDeleteFriday April 3, 2009, 9:19 am EDT
===============
The idea that the banks that required a bailout over toxic assets they created now buying them back at a huge discount was called on this site first.
We must remind ourselves how difficult it would be to be a banker without the promise of windfall profits. It could cause serious emotional issues and they are too big to be allowed to fall on their faces.
The Lord, said unto his King, Sire, would you have me eat cake?
ReplyDeleteAnd the Vassal hurried to shelter his King and said, My Lord, there are but crumbs in the larder, and the peasants are circling.
And the Lord said, my King, shall we loose the dogs?
To which the King replied, not yet, it is best to wait for them to weaken from want. That way, we shall save the dogs, and feed them as well.
Full from gorging on the carcasses, their loyalty will remain ours.
These things, only I understand. That is why, I am King.
"Have they no shame? Yes, we have no bananas!"
ReplyDeleteBegorrah and top o'the mornin' ta ye, lads and lassies!
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A perfect gent
A man walks into the street and manages to get a taxi just going by. He gets into the taxi, and the cabbie says, "Perfect timing. You're just like Frank."
Passenger: "Who?"
Cabbie: "Frank Feldman. He's a guy who did everything right all the time. Like my coming along when you needed a cab, things happened like that to Frank Feldman every single time."
Passenger: "There are always a few clouds over everybody."
Cabbie: "Not Frank Feldman. He was a terrific athlete. He could have won the Grand-Slam at tennis. He could golf with the pros.
"He sang like an opera baritone and danced like a Broadway star and you should have heard him play the piano. He was an amazing guy."
Passenger: "Sounds like he was something really special."
Cabbie: "There's more. He had a memory like a computer. Could remember everybody's birthday. He knew all about wine, which foods to order and which fork to eat them with.
"He could fix anything. Not like me. I change a fuse, and the whole street blacks out. But Frank Feldman, he could do everything right."
Passenger. "Wow, some guy then."
Cabbie: "He always knew the quickest way to go in traffic and avoid traffic jams. Not like me, I always seem to get stuck in them.
"But Frank, he never made a mistake, and he really knew how to treat a woman and make her feel good. He would never answer her back even if she was in the wrong; and his clothing was always immaculate, shoes highly polished too -- he was the perfect man!
"Never made a mistake. No one could ever measure up to Frank Feldman."
Passenger: "An amazing fellow. How did you meet him?"
Cabbie: "Well, I never actually met Frank. I just married his widow."
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Couldn't believe my eyes when I read the KDC. There, on page A3 was . . . well, I'll just run a little by you:
"Hairy times at Baldy ski resort
"Tight credit in the US combined with a shortage of snow . . . has left the Mount Baldy Ski Corporation in arrears to some its suppliers. . . . The hill, about 35 mins. east of Oliver, closed for the season last weekend, and all employees have been paid."
"Hairy . . . shortage of snow."
Long ago, on Garth's old blog, it was well established that hairy had several nuts loose in his psycopathetic synopsis of life, that there was little, if anything that could be done for him.
Now it appears he has morphed into a dung hill, masquerading as a mountain. Wonders never cease!
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THOUGHT FOR THE DAY!
"It is the duty of the patriot to protect his country from its government." -- Thomas Paine
http://www.bloomberg.com/apps/news?pid=20601087&sid=aWGGty7_ioc8&refer=home
ReplyDeleteTake note of the Baltic Dry Index.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=as3gyORW_tsI
Hebert mentioned the economy 'wasn't that bad' when talking about Harper's stimulus.
Peace dudes.
In a word, No!
ReplyDeleteThe Emperor Vespasian levied a tax on human urine, which the Romans used to produce a variety of consumer products, including drugs. His son, Titus, remonstrated with him because of the repulsive source of the tax. In reply, Vespasian held a coin freshly minted from revenue from that tax under the nose of his son, Titus, and asked if it smelled. Titus had to admit "Non olet" - it doesn't stink - coining an expression dear to all who get rich by smelly means.
Of course, we could always induce shame if we printed money on paper made with Eau de skunk, but that would be another revolution entirely.
The government run ponzi scheme to screw as many people out of as much as possible while promising things they know they will never deliver is a thing of pride for our government. The game of outrageous criminal activity legitimized with government corruption as good for the country was not shameful, it won the snowflake award.
ReplyDeleteHey, we swiped $40 mil from the treasury while running a $2b slush fund.
Hey that`s nothing, we shot tens of billions out the door right into developers pockets with a 0 down 40 year mortgage then replaced the investors money with $75b, out of thin air.
Is there really anything that could possibly shame any of them, I doubt it.
Well, I had a stimulatingly exciting morning. I defragmented my income tax. And now . . .
ReplyDelete------
Trapped In An Elevator
Four men and a lady are stuck in an elevator. While waiting, they strike up a conversation.
The first man says, 'I'm a Y.U.P.P.I.E. -- Young, Urban, Professional, Peaceful, Intelligent, Ecologist.'
The second says, 'I'm a D.I.N.K.Y. -- Double Income, No Kids Yet.'
Third says, 'I'm a R.U.B. -- Rich, Urban, Biker.'
Fourth says, 'I'm a D.I.L.D.O. -- Double Income, Little Dog Owner.'
They turn to the lady and ask her, 'What are you?'
She replied, 'I'm a WIFE, you know. Wash, Iron, Fuck and Entertain.'
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Shangri-La. Here is as close to heaven on earth that will ever be. As y'all may know, there is a provincial election on May 12, and I understand STV will be part of that vote again.
STV does not mean Sexually Transmitted Videase. STV means something like Single Transferable Vote, a vote which has multiple personality disorders like hairy, but I digress.
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China, Russia and a few others recently called for a single global currency, and maybe this is it -- from the G20 last week. Certainly, a single, central govt., controlling a single world currency is what the NWO wants. -- http://tinyurl.com/dxbcn6
This may be one of the reasons why the preceding is quietly being put in place, and I emphasize the word 'QUIET' -- the less sheeple know what is happening behind their backs, the better off the 'elite' are. -- http://tinyurl.com/d9xzre
This also reeks of a dictatorship-in-waiting. Roughly equivalent to Nazi Germany -- talk sweetness and light to sheeple, they miss the bigger picture until it's too late. Goes with the NWO stuff above. -- http://tinyurl.com/cbwr5q
"In a move completely ignored by the corporate media, the state of Hawaii has introduced resolutions in the Senate and House to initiate a study by the Insurance Commissioner to determine how best to deny gasoline purchases to uninsured motorists."
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Speaking of getting screwed twice, ask Tim Geithner. BenD over's handle is spot on! -- http://tinyurl.com/cwe74c
"Recall the Geithner Bank Plan in a nutshell: private investors will partner with the government to buy those "toxic" assets off of struggling "zombie banks." The buyers would put about 7 percent of the purchase price down, and the Treasury Department would match that with another 7 or so percent. Then the FDIC would offer government-backed loans for the remainder.
"If the assets were to recover their value and turn a profit down the road, the investors would split the profits with the government. But if they don't -- if their values continue to tank, and it's entirely likely many will -- then you and I and everyone else we know who pays taxes will be on the hook for the lion's share of the losses."
Webmaster's Commentary: (from wrh.com)
"And because of the loosening of the mark-to-market restrictions, the banks can revalue the assets upward, GUARANTEEING that they will never sell at a profit."
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An excellent example of how msm is told to report stories with all the wrong identities in. First quote is from the BBC; second from wrh.com. -- http://tinyurl.com/cy2mbh
"Pakistani Taleban leader Baitullah Mehsud called the BBC in Islamabad to claim responsibility for the attack."
"The Bovine Excrement Meter just fell out of the bracket."
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THOUGHT FOR THE DAY! (Courtesy wrh.com)
Q. "Mr. President, have you approved of covert activity to destabilize the present government of Nicaragua?" A. "Well, no, we're supporting them, the - oh, wait a minute, wait a minute, I'm sorry, I was thinking of El Salvador, because of the previous, when you said Nicaragua. Here again, this is something upon which the national security interests, I just - I will not comment." -- Ronald Reagan, former US President, Washington press conference, February 13th, 1983, as quoted by John Pilger in 'Heroes'
Speaking of getting screwed twice, ask Tim Geithner
ReplyDeleteMr Bachus added it would mark ”a new level of absurdity” if financial institutions were ”colluding to swap assets at inflated prices using taxpayers’ dollars.”
==========
Even though we called it a couple of weeks ago I really would not have bet a single dime the bankers would be so arrogant after the AIG scam.
The American msm hasn`t picked this up but when they do it`ll make the anger over AIG bonuses look like love flirts.
Robert Fisk writing about Canada.
ReplyDeletehttp://www.independent.co.uk/opinion/commentators/fisk/robert-fisk-galloway-a-victim-of-canadas-baffling-approach-to-fighting-terror-1658986.html
I don't know whether to laugh or yawn.
http://www.washingtonsblog.com/2009/04/senior-s-regulator-says-government.html
Roubini and a couple of other doom and gloomers will be on BNN on Apr 7?, hope I have the date right.
Hope you're healing nicely Charles.
Interesting link Dee
ReplyDeleteSenior S&L Regulator Says Government Engaging in Massive Cover-Up of Economic Crisis
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The question as to why the bankers seem to be getting preferential treatment keeps coming up.
As I recall it was phrased, "How golden is silence?"
I just finished reading the transcript of the interview.
ReplyDeletehttp://www.pbs.org/moyers/journal/04032009/profile.html
I think They are scared. Very scared. Did the FBI go public with the mortgage fraud schemes in 2004? I thought I read somewhere that they warned Bush back in 2002? I know Martin has stated to msm that they discussed it back in 2003 at, I think, the G8?? So, if the countries knew about it back then how come they didn't sound the alarm in their own respective countries? This whole thing stinks.
The mark to market is a bad idea. According to onlinetimes the U.K. banks are going to be doing this too. Oh and Darling has admitted he was wrong.
THE chancellor, Alistair Darling, has admitted that he and his Treasury officials got it wrong over the length and severity of the recession and that he will be forced to tear up his economic predictions.
http://business.timesonline.co.uk/tol/business/economics/article6037167.ece
That should be 'Martin was warned back in 2003'. Apologies.
ReplyDeleteHello Dee. Healing is very slow, but it's just swelling in the foot and ankle, so I'll have to wait a while before ballroom dancing lessons start again!
ReplyDelete------
Thinking of taking a nice, long and relaxing vacation shortly, and I've narrowed it down to two places: (1) Hell; (2) Sodom and Gomorrah. Recommendations, please -- if anyone wants to join in, feel free!
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There are now two identities for the gunman in Binghamton, both on the msm: First, he is from Vietnam in his mid-20 (Global ran a news brief + pic on him); second, he was a Muslim terrorist (from the link I posted earlier, under Bovine Excrement Meter).
Has to be pointed out that the Mossad is in both camps -- the BBC and CanWest Global, so why they would put two different reports about two different personalities in the same place at the same time in the same story beggars belief.
Going back to 9-11, the BBC also gleefully reported that WTC 7 had gone down, except WTC 7 was still standing in the background while the reporter blabbered on. Almost like FOX -- Clear and Balanced Garbage!
Another volcano erupted on the Ring Of Fire. That makes 3 volcanoes and two EQ's in a matter of weeks, so everything is running on schedule! These are occurring in greater frequency, as they are precursors to El Massive Uno!
After the Winter Olympics in 2010, the Okanagan down thru Baja is oceanfront property, I have reserved Baja for myself and y'all can split the rest!
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Comes from Vive Le Canada! Protectionism = Good. Free Trade = Evil. Seems as if this whole Ponzi scheme was started before Reagan was elected. -- http://tinyurl.com/c2wura
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Came across this (if you're interested) -- Chernobyl then and now. -- http://tinyurl.com/d8poo3
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What if this worldwide economic meltdown has been engineered to fool sheeple into believing something is happening, but actually doesn't exist?
It means sheeple are zombies or thereabouts now and, after all. there's a sucker born around every five to nine seconds! -- http://tinyurl.com/dx24ux
"[They] don't want to change the bankers, because if we do, if we put honest people in, who didn't cause the problem, their first job would be to find the scope of the problem. And that would destroy the cover up....
"Geithner is ... covering up. Just like Paulson did before him....
"These are all people who have failed. Paulson failed, Geithner failed. They were all promoted because they failed....
"Until you get the facts, it's harder to blow all this up. And, of course, the entire strategy is to keep people from getting the facts...."
If Paulson covered up, Carney almost certainly followed his lead as it was Flaherty who wanted Carney in; chances are Bernanke was on 60 Minutes to try and smooth things over, but for all intents and purposes, this planet is now completely screwed, and we're living The American Nightmare!
Charles,
ReplyDeleteA thought about the Taliban taking credit for the 13 deaths. When I read the first article I saw referring to this I couldn't help but think of how the MSM source was taking advantage (sick) of this to grab attention. Worse and more irresponsible than even the gossip papers and mags given the MSM knows how many people just scan headlines and form opinions based on that.
As the Pakistani security person said "rubbish". So why do these azzholes insist on giving headlines to cheap attention seeking so called Jihadist? As if the sheep aren't already frightened enough by media overplay.
Shame on them too.
Dee, it appears J Kenney has as firm an understanding and grasp of history as does Mr. Iggnatieff and a goodly number of others.
ReplyDeleteAs to Galloway the Scot, a scene from Braveheart comes to mind.
Big burly and hairy Scotsman accompanying Gibson to a battle says to him, "where r ye gooin'?" to which Gibson replies, "I'm gooin' to pick a foight"
Courtesy of Michael Moore, here is a snippet of international news that did not hit the MSM in North America, just a couple of hundred 'thou plus protesting against the Italian Government's handling of the financial crisis. Imagine, demanding that people and not just corporations be bailed out!
ReplyDeletehttp://www.google.com/hostednews/afp/article/ALeqM5hDIYBo5unNICjN3jRWMTtcCf2jNQ
Wouldn't want to encourage sheeple in the USA and Canada to consider and protest what their governments are or are not doing. So the media play their role as propaganda instruments of the corporate establishment that owns them. Besides, protests by Italians hardly are newsworthy.
Herb, comments from the Civil Service Minister are notable. It may not take the hundreds of thousands to get a meeting, but it does to get their attention.
ReplyDeleteAs to the discrepancy in how many attended. If each of the 5,000 buses carried 40 people, that would be 200,000. Looks like somebodies lyin'.
Something else that seems to sliding under the radar of N American MSM is the Mark to Market issue. Why plunder villages, when you can plunder the whole world?
One,
ReplyDeletein another life a long time ago, a German policeman who was deeply involved in handling protests against a nuclear plant told me how incidents were handled statistically: the number of policemen and protesters on the scene was cut by half, as was the number of casualties among protesters, while the number of policemen hurt was doubled. Wouldn't want to portray the protest as more effective than one has to, and police casualties show how lawless these protesters were to have caused such damage to cops risking their bodies in defence of law and order.
I would assume that the number of protesters was at least twice the 200K reported.
No doubt. As things are evolving, I don't quite no whether to be discouraged, or amused at times. The reference to Police gives me an opportunity to give another poke on several fronts. One is the blind liberal obsession with their pet gun registry.
ReplyDeleteAnother is their penchant for throwing up red herrings and having hissy fits when someone, such as I, suggests to them that their views and habits regarding drug use etc. are the root cause of the problems they hold out as examples, not long guns.
Lastly, and probably all encompassing, is the current state of the propaganda machine. Odd how we grew up thinking that only a Monster such as we viewed Goebbels, would have such manipulative intent, and malignant effect.
"only a Monster such as we viewed Goebbels, would have such manipulative intent, and malignant effect."
ReplyDeletelol, I`m sure that will get the hackles up on the defenders of corruption.
Goebbel controlled the media to control the message who feed it to a population that had little choice but to believe.
The message that our economy is rock solid or a recovery is under way as more job losses roll in is developing a problem with reality. So is the idea a government that collects and spends taxes is a functioning government, or that the federal deficit won`t be structural. You know that one could be true not withstanding hyperinflation and if property taxes take a meteoric rise allowing the feds to reduce or eliminate all transfers...
Someone has to pay and it won`t be our internationally stressed companies, reality bites
Well BenD, I hope it makes some people think. By poking at the herd mentality, it does encourage some to at least give things a second thought.
ReplyDeleteWhile I'm pissed-off at governments and abetting institutions, here are some snippets from Eric Margolis:
ReplyDelete"... [T]he U.S. financial industry has grown far too powerful. Today, finance is America's leading industry at about 24% of GDP. Manufacturing has shrunk to 12%. Wall Street's "Masters of the Universe" grew so rich they were able to buy or manipulate most politicians and government regulators. ...
"When this house of cards finally collapsed, the money men used their clout to get the George W. Bush and Obama administrations to bail them out. ... Now, the money men are trying to block meaningful financial reforms. ...
"The bankers, brokers, traders and credit rating agencies responsible for the greatest fraud in U.S. history, the subprime and Alt-A mortgage scams, should join Bernie Madoff behind bars.
"The panic of '08 laid bare just how much Wall Street controlled and manipulated the U.S. government. The axis of sleaze between Wall Street and Washington's politicians has to be broken."
http://www.torontosun.com/comment/columnists/eric_margolis/2009/04/05/9009691-sun.html
Margolis' conclusion: "Time for Obama to drive the money lenders from the temple." Well, no one will break "the axis of sleaze", and the money lenders will carry on. Now what?
Good to see Margolis touch on what nil interest rates do to retired people and those who have tried to be frugal and responsible.
ReplyDeleteThis was also noteworthy,
"Investment banks such as Bear Stearns, Lehman, and Goldman Sachs routinely lent $35-$50 US per dollar of assets. Banks borrowed money at 1% and invested in billions worth of fraudulent subprime mortgages at 4%, netting 3%. "
And especially this,
"Money was made from money, not productivity." As I have been saying for some time now.
As to your question Herb, now what?
Think of Noah when the Ark was no longer needed. See him looking up and saying, Ok God, now who's gonna clean up all that shit down there?
Government spending won`t replace consumer spending, all it will do is put an increased tax load on future generations coupled with decreasing government revenue.
ReplyDeleteWhoever said doing something was better than doing nothing didn`t consider doing the wrong thing was worse than doing nothing.
There is a very high probability that now what will morph to what now.
If the US public had any idea the initial $780 billion would morph in many trillions, attitudes would have quite different. There was also lot's of bluster about the multiple investigations that were being started, and few people knew the rules had been changed to protect the guilty.
ReplyDeleteWhen raising shrooms, keeping them in the dark and adequately supplied with manure is vital.
Whoever said doing something was better than doing nothing didn`t consider doing the wrong thing was worse than doing nothing.
ReplyDeleteBen, government spending won't replace consumer but it will keep things from a free fall. That's what in Japan. Japanese lost trust in their banks and lost spending confidence. The government had to 'stimulate' things some how so they started. Their economy was just beginning to show signs of improvement before things hit the skids.
I don't have a problem with government spending. I do have a problem with What they're spending the money on. We need ROI and from what I've seen we're not going to get that. ON's rapid transit project is what I consider good ROI, education spending is another but giving a tax break for home renos is polygrip.
"it will keep things from a free fall"
ReplyDeleteI think there might be a big problem with government spending, especially with consumer debt already at record highs and climbing.
Commerce has never run well as part of government function. Avoiding freefall by interrupting supply and demand rules will undoubtedly force a much longer, `if any`, recovery. Perhaps Obama can explain how deficit spending to avoid freefall while digging the hole so deep it`ll collapse at least on the next generation if not all of us is preferable to doing nothing.
The next generation is already under water, adding trillions in government debt will be sure to make the birds fly, eh Pete.
"it will keep things from a free fall"
ReplyDeleteDeficit spending as a cure to public debt is a not a plan.
Spending our way out of even a mild recession has occasionally kept things from free fall but it has never succeeded in turning things around. On this global scale the only way is to build our way out but like you I have a problem on what its spent on. The items under construction has to be a self sufficient self supporting growth industry and I don`t see any of those on the table including your suggestions.
Further to that the bank reports are not accounting for higher unemployment and rising loan credit card defaults for the overly optimistic report they may have found a bottom.
All the evidence says we can`t spend our way out of this, the only way out is to build privately with the trillions of private funds sitting in cash accounts, certainly not public projects with public funds..
It`s time to pull Harper the bean counter and send in Bob the builder.
It`s time to call them on their bull shit before the turn a very bad situation into WW 3.
Bank of Canada may revert to printing money
ReplyDeleteThe Canadian Press
OTTAWA - With economic recovery still looking shaky, the next move by the Bank of Canada may be to just start printing money.
The price can be high. Devaluation of the loonie and run-away inflation down the road.
But with economies running on empty, ***central bankers are inclined to focus more on solving the mess at hand than theoretical messes of the future.***
--------------
Translation.
Don`t worry, we have a plan to fill our pockets today and we`ll have a plan for future situations as they arise.
self sufficient self supporting growth industry
ReplyDeleteWe'll have to agree to disagree. Mass transit is always a good investment for our environment. The fact that governments makes the ceo patronage appointments........
Bank of Canada may revert to printing money
Just read that. Not good. We already have an ample supply. I guess they figure inflation is better than deflation. The result may end up being hyperinflation. Banks are sitting on cash.
Private spending?? Heh. Corporations are sitting on the cash for a reason. To buy cheap companies so they can get even bigger and become 'too big to fail'.
Looks like GM is going to file.
Ben and Don? Krugman has an excellent post on stimulus spending today.
ReplyDeletehttp://krugman.blogs.nytimes.com/2009/04/06/one-more-time/
No question mass transit is a good investment for our environment but is it a good investment for the economy. If the purpose is to move more workers to more jobs then yes, if it`s to create a few thousand construction workers with no long term prospects then no.
ReplyDeleteThe usual order is to spend public money to create private investment which produces taxes to create transit. We have yet to see any plan by any politician that justifies spending public money just for the sake of spending money to increase the GDP and say it`s a recovery when it`s only a short term technical recovery with no long term prospects.
Until we see the values of government spending, interim jobs, and long term jobs, the equation remains a political promise, masks for the banker robbers.
"Krugman has an excellent post on stimulus spending today"
ReplyDelete**But suppose that the increase in government spending is temporary, not permanent — that it will increase spending by $100 billion per year for only 1 or 2 years, not forever. This clearly implies a lower future tax burden than $100 billion a year forever**
Krugman might want to stop by his Drs and see if hes been over medicated.
The failure of stimulus to turn the global economy around is a little more important that "but suppose".
**But suppose** the increase in government spending fails leaving the working wounded left to pay down even just the interest on the huge debt.
but suppose is one hell of a premise to authorize tens of trillions in public debt.