"Banking firms are looking for new ways to get around the new federal pay caps.
Instead of million dollar bonuses Wall Street brokers and traders are expected
to get something much more valuable, like a free parking space in Manhattan for
a whole month."
- Jake Novak
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Office Pool
http://imgsrv.gocomics.com/dim/?fh=fe7d3e031aee9e0c4e5f985eff620455
=--= =--= =--= =--= =--= =--= =--=
Sweet....
JP Morgan Chase Expanding India Outsourcing By 25%?
http://www.informationweek.com/blog/main/archives/2009/03/jp_morgan_chasehtml
JP Morgan Chase is reportedly planning to increase its use of Indian
outsourcers by 25% to handle the IT integration of Washington Mutual and Bear
Stearns and other projects. The moves are expected to cut overall IT costs for
JPMC even as it raises its volume of Indian outsourcing business to a reported
$400 million. ...
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"My father always told me that all businessmen were sons of bitches, but I
never believed it till now."
- President John F. Kennedy, April 10, 1962
=--= =--= =--= =--= =--= =--= =--=
Where Should I Be Investing?
http://cagle.com/working/090319/walthandelsman.jpg
=--= =--= =--= =--= =--= =--= =--=
"Noblesse oblige": with wealth, power and prestige come responsibilities.
Something the CEOs and the Republicans in this country seem to have forgotten.
=--= =--= =--= =--= =--= =--= =--=
"I don't know of any business that's ever said they wanted more government
involvement."
- Sen. Bob Bennett [R-UT]
Oh, I do believe that I do.... as of Mid-January:
Citigroup .... $45 Billion
AIG .... $40 Billion
JPMorgan Chase .... $25 Billion
Wells Fargo .... $25 Billion
Bank of America .... $25 Billion
General Motors .... $14.4 Billion
Goldman Sachs .... $10.0 Billion
Morgan Stanley .... $10.0 Billion
etc.
=--= =--= =--= =--= =--= =--= =--=
"AIG, which already received $170 billion in taxpayers' money, paid $165
million in bonuses. But they say the bonuses are justified because the company
made an extra $170 billion last year."
- Jay Leno
=--= =--= =--= =--= =--= =--= =--=
Maybe....
http://thehill.com/images/stories/weyants/2009/March/cartoon032009.jpg
=--= =--= =--= =--= =--= =--= =--=
When times are good, the rich benefit immensely.
When times are bad, and even if it's entirely their fault, they get bailed out
by the rest of us.
I want to play by their rules, too....
=--= =--= =--= =--= =--= =--= =--=
"President Obama telephoned the leaders of Indonesia, Saudi Arabia, the
Philippines and Argentina to talk about the state of the world economy. To give
you an example of how bad the state of the economy is, Obama called collect."
- Pedro Bartes
=--= =--= =--= =--= =--= =--= =--=
CNBC Under Fire: Sticking Up for the Big Guy?
http://www.time.com/time/arts/article/0,8599,1884328,00.html
. . In February, reporter Rick Santelli launched into an on-air rant against
helping "losers" with their mortgages, a viral-video hit that made Santelli the
poor man's Rush Limbaugh -- or is that the rich man's? Kudlow Report host Larry
Kudlow opined that President Obama "is waging war against capital." Stock
picker and professional gasket blower Jim Cramer trained his bulging eyes on
Washington, accusing Obama of "the greatest wealth destruction I've ever seen
by a President."
To watch CNBC today is to enter an alternative universe, where élites are
populists, Wall Street is Main Street and bank executives are the oppressed.
It's not surprising that a voice of opposition to the new Administration would
emerge. But who would have thought it would be on a channel not owned by Rupert
Murdoch? ...
On the ranting side, [CNBC] has increasingly pinned the state of the economy on
the two-month-old Administration, with Cramer offering recommendations to
"Obama-proof your portfolio," a phrase that now comes up regularly on CNBC's
air. (In response, The Daily Show aired a clip reel of the network's bad calls
during the bubble, suggesting viewers might prefer to CNBC-proof their
portfolios.) ...
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How'd I Do?
http://imgsrv.gocomics.com/dim/?fh=0aea6943bc821450d6845fa0724aeb1a
=--= =--= =--= =--= =--= =--= =--=
"You know, when you give billions and billions of dollars to the Pirates of
Penzance, you can hardly be surprised that they, you know, spent it on women
and grog."
- Prof. Jonathan Turley
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"You know Bernard Madoff? Well, lawyers now say they plan to argue that his
wife, Ruth, is entitled to keep as much as $69 million in assets. Yeah, please.
Even AIG guys are going 'Shut up!'"
- Jay Leno
=--= =--= =--= =--= =--= =--= =--=
There It Goes!
http://imgsrv.gocomics.com/dim/?fh=4a604138f52862760d50b72034b6bf2a
=--= =--= =--= =--= =--= =--= =--=
"The economic downturn has more Americans shifting to smaller homes. For
example, Bernie Madoff just traded a 3,500 square foot penthouse for a 9 x 10
windowless studio in lower Manhattan."
- Jake Novak
=--= =--= =--= =--= =--= =--= =--=
Madoff's Accountant Is Charged With Securities Fraud
http://www.nytimes.com/2009/03/19/business/19madoff.html
The accountant who provided auditing services to Bernard L. Madoff's investment
advisory business for more than a decade, operating out of a tiny storefront
office in Rockland County, was charged on Wednesday with securities and
investment adviser fraud in connection with Mr. Madoff's vast Ponzi scheme.
The accountant, David G. Friehling, who became Mr. Madoff's primary auditor in
the early 1990s when his father-in-law retired and he took over the then-two
man firm of Friehling & Horowitz, surrendered to federal authorities and
prosecutors on Wednesday morning, according to a person briefed on the matter.
...
Mr. Friehling, 49, was charged in a six-count criminal complaint that accused
him of one count each of securities and investment adviser fraud and four of
making filing false filings to the Securities and Exchange Commission between
the early 1990s and the present. ...
The civil complaint, besides citing the allegedly deceptive audits, also
accused Mr. Friehling of collecting "ill-gotten gains" in the form of
substantial fees -- $186,000 a year -- paid by the Madoff enterprise and by
taking millions from accounts he and his family maintained with Mr. Madoff.
According to the S.E.C., Mr. Friehling and his family had accumulated more than
$14 million in their Madoff accounts by last November, and had taken more than
$5.5 million from them since 2000. ...
=--= =--= =--= =--= =--= =--= =--=
Sesame Street Explains....
http://www.youtube.com/watch?v=XJ8OjAB_e3g
=--= =--= =--= =--= =--= =--= =--=
"The Treasury Department began examining the financial assets of Bernie
Madoff's wife, Ruth Madoff, Monday. She has jewelry, yachts, a Palm Beach
mansion and fifty million in municipal bonds. She's an ideal mark for a con
man, but we knew that already."
- Argus Hamilton
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"Friday, March 20, is the first day of spring... It's the day that Ponzi scheme
creator Bernie Madoff changes out of his winter orange jumpsuit and into his
spring orange jumpsuit."
- Jerry Perisho
=--= =--= =--= =--= =--= =--= =--=
"The auto industry is hurting. You can tell, today Ford launched their newest
line of cars: the Ford Foreclosure."
- Alex Kaseberg
=--= =--= =--= =--= =--= =--= =--=
"Bailed-out Citigroup is going to spend $10 million to remodel some executive
offices. The offices need new windows that don't open so the executives stop
trying to jump out of them."
- Jake Novak
=--= =--= =--= =--= =--= =--= =--=
Not Here!!
http://imgsrv.gocomics.com/dim/?fh=ace409671430ece45ed80634bc9c74fa
=--= =--= =--= =--= =--= =--= =--=
"Despite soaring unemployment, and record foreclosures, Wall Street rallied
this week when the chairman of ShittyBank said the bank does not need
additional government support. Wow! The largest bank in the world can scrape
enough money together to pay its bills for the month."
- Bill Maher
=--= =--= =--= =--= =--= =--= =--=
"Fed Chairman Ben Bernanke sounded cautious about the economy Sunday. He could
be forced to call out the military. After he fixes the banks, he's got to bring
in a few drunken sailors to coach the American consumers back to their old
spending habits."
- Argus Hamilton
=--= =--= =--= =--= =--= =--= =--=
Everyone's Hurting....
http://cagle.com/working/090319/cam.jpg
=--= =--= =--= =--= =--= =--= =--=
"Because of the bad economy, they're laying off employees on 'Sesame Street.'
It's pretty sad. Elmo is now out on the street letting people tickle him for
$5."
- Jay Leno
*******************
The Post-Apocalypse
http://www.credoaction.com/comics/2009/03/the_post-apocalypse.html
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