Hometown: Seattle, WA
Member since: Mon Dec 13, 2004, 01:55 AM
Number of posts: 7,833
Hometown: Seattle, WA
Member since: Mon Dec 13, 2004, 01:55 AM
Number of posts: 7,833
Apparently they were in the 'too big to fail' club that needed huge amounts of tax money from the U.S. public so they could continue their financial wizardry. Though in the case of the TARP bailout, it was an indirect payment through AIG. I would venture that would have meant that not even the small regulatory measures imposed on the primary recipients of TARP, such as AIG, applied to them. And note, that AIG was not forthcoming about these TARP payouts to other banks, but only released the info after Congressional demands they do so.
By EAMON JAVERS | 3/15/09 7:40 PM EDT
Updated: 3/16/09 6:24 PM EDT
The documents AIG released account for some of the more than $180 billion in aid that AIG has received, and they detailed for the first time which financial firms are benefitting from the federal handout.
In all, AIG disclosed payments of $105.3 billion between September and December 2008. And some of the biggest recipients were European banks. Societe Generale, based in France, was the top foreign recipient at $11.9 billion, Deutsche Bank of Germany got $11.8 billion and Barclays, based in England, was paid $8.5 billion.
Here in the U.S., Goldman Sachs received $12.9 billion. Edward Liddy, the government-installed CEO of AIG, sat on the board of directors of Goldman Sachs until he joined AIG.
He took the position while President George W. Bush's Treasury Secretary, Henry Paulson — who until joining the administration had served as Goldman's chairman and CEO — arranged the insurance company's initial government bailout.
16 March 2009
Deutsche Bank and Société Société Générale were the largest recipients with $12 billion each while Barclays received $8.5 billion.
Barclays refused to comment on when it received funds from AIG, but postings from AIG indicate funds went to Barclays by the end of 2008.
responsible for Barclays being able to refuse help from the British taxpayer.
Barclays has been furiously holding on to its independence, even tapping Middle Eastern investors and selling a third of the bank to the sheikhs rather than go the route of Royal Bank of Scotland and Lloyds-Halifax Bank of Scotland, which have ended up being part-nationalised.
Banking analysts said the widespread nature of the payouts indicate the main reason the US Treasury moved to save AIG: if the US had not bailed it out, a string of the world's biggest banks might have collapsed.
In an article about Varley and Diamond taking 'lower" bonuses in 2010, Varley also admitted receiving "indirect state support" so who knows how much the UK citizens also contributed to Barclay's balance sheet, salaries and bonuses.
John Varley, chief executive, will take only his £1.1m salary, while Bob Diamond, president and head of the investment bank, will earn just £250,000. Their last annual bonuses, in 2007, were £2m and £18m respectively. Mr Diamond has already earned $26m (£16.5m) from the sale of fund management arm Barclays Global Investors (BGI) last year.
Barclays is at the centre of the storm over bonuses because it is aggressively growing its investment bank, Barclays Capital. Sparking union anger, it confirmed that its 23,000 investment bankers would take home £191,000 each from a total pot of £4.4bn. They have been awarded another £1.2bn, or £52,000 each, in shares deferred over three years.
"Paying huge bonuses when people are still losing their jobs and business cannot get the loans they need because of a crash made in the finance sector goes against every concept of fairness," TUC general secretary Brendan Barber said. "It is not good enough for Barclays to say they did not receive direct aid. Policies designed to help banks rebuild their balance sheets have been used to pay bonuses."
In what was a watershed moment, Mr Varley conceded for the first time that Barclays has been the beneficiary of indirect state support, but he maintained he is at the mercy of markets over pay. "I am not denying that we have all benefited," he said, referring to Government liquidity and funding schemes put in place to ease the financial crisis.
That also raises important questions to me about how reliable/manipulated the numbers for the financial institutions stability/recovery are. How much of the numbers reported are actually money that was funneled to these institutions directly or indirectly from a variety of government (citizen's taxes) money at the same time the citizens of these countries faced loss of jobs, bankruptcies, cuts to social and retirement funds, whether under the official label of austerity or not?
Posted by suffragette | Wed Jul 4, 2012, 02:19 PM (1 replies)
That's the Minnesota Valley Transit Authority
Counterterrorism Patrol to Take Place at Regional Transit Facilities
Monday, January 30, 2012 12:15 PM
The Transportation Security Administration (TSA) working within the Department of Homeland Security, will be conducting counterterrorism patrols at area transit facilities in the coming year. These patrols are NOT related to any specific incident or threat. The patrols may include agents talking to passengers, patrolling parking facilities and stepping on buses.
Agents anticipate conducting these patrols at MVTA transit facilities as well as other regional transit facilities.
Their Summer 2012 PDF notes teams have already been at these locations. See page 4:
From MVTA website: http://www.mvta.com/summer_2012_newsletter.html
Direct link: http://www.mvta.com/uploads/summer_3.pdf
Periodic Counterterrorism Patrols Under Way at Transit Facilities
The Transportation Security Administration (TSA) working within the Department of Homeland Security, is conducting peri-odic counterterrorism patrols at area transit facilities in the coming year. MVTA’s Burnsville and Apple Valley Transit Stations have had teams on site during the morning or afternoon peak periods. Other regional transit facilities will also have the patrols.These patrols are NOT related to any specific incident or threat. The patrols may include agents talking to passengers, patrolling parking facilities and stepping on buses.
This is a transit authority in your own state specifying that TSA is patrolling bus transit centers.
Posted by suffragette | Sun Jun 17, 2012, 12:41 AM (0 replies)
My post #62 has links about TSA VIPR and Bus Safe.
From the Whitehouse, defining the role of TSA in regard to surface transportation. Some salient points from the PDF. I added the bold:
The Transportation Security Administration is the SSA for the security
of the land and air modes of the Transportation Systems Sector.
page 9, includes intercity buses specifically
Surface Transportation Modes
Mass transit, commuter and long-distance
passenger rail, freight rail, commercial
vehicles (including intercity buses), and
pipelines, and related infrastructure
(including roads and highways), that are
within the territory of the United States.
Executive Order 13416
The strategy guiding surface transportation security should focus on the following:
Using intelligence to identify potential threats
Employing programs and procedures that allow for better identification and interdiction
of threats prior to their arrival in the United States
Engaging system operators in intelligence sharing, security planning, and operations
Ensuring that key transportation workers are vetted
Increasing frontline worker and public security awareness
Creating a more stringent, less opportunistic environment for terrorist attack planning
(e.g., non-intrusive inspection devices, canine teams, random bag checks, VIPRs, and
Changing operations to reduce vulnerabilities and potential consequences and to thwart
attempts to circumvent security measures
Hardening critical infrastructure (e.g., intrusion detection, facility hardening, smart
surveillance, and common operating picture development)
Posted by suffragette | Sat Jun 16, 2012, 02:19 PM (0 replies)
Here's some info on VIPR and on additional expansion of DHS, TSA and Border Patrol funding and roles:
TSA rail, subway spot-checks raise privacy issues
By Thom Patterson, CNN
updated 10:05 AM EST, Sat January 28, 2012
TSA officials like to point out that the acronym stands for Transportation Security Administration, not the Airport Security Administration. And that's where VIPR comes in.
Born after 2004's Madrid railway bombings, VIPR suffered some embarrassing coordination struggles, transit officials say.
The program has 15 teams and is expanding to get access to 12 new teams to spot-check thousands of transportation depots across the nation.
VIPR teams conducted 3,895 operations in "surface modes" nationwide in 2010, according to the Department of Homeland Security (PDF).
Much more at above link.
Much info and many links at the wiki page. Includes info on budget increases:
FY2009: $30 million, 10 VIPR teams
FY2010: increase of $50 million, for 15 surface transport VIPR teams
FY2012: $109 million
10 aviation teams
15 surface transport teams
12 new multi-modal team
They're asking for another increase for 2013:
Fund 37 Visible Intermodal Prevention and Response (VIPR) teams, including 12 multi-modal Teams. VIPR teams are composed of personnel with expertise in inspection, behavior detection, security screening, and law enforcement for random, unpredictable deployments throughout the transportation sector to prevent potential terrorist and criminal acts.
EPIC has many resources noting the increase and privacy abuses. The paragraphs below include embedded links with more info on EPIC's site:
2013 Federal Budget Limits Body Scanners, But Expands Domestic Surveillance: According to White House budget documents and the Congressional Testimony of Secretary Napolitano, DHS will not purchase any new airport body scanners in 2013. However, the agency will expand a wide range of programs for monitoring and tracking individuals within the United States. This includes the development of biometric identification techniques for programs such as Secure Communities. DHS will also seek funding for "Einstein 3," a network intrusion detection program that enables surveillance of private networks. EPIC has urged the DHS to comply with the requirements of the federal Privacy Act, and is currently pursuing several Freedom of Information Act lawsuits against the agency. For more information see, EPIC - Body Scanners and Radiation Risks, EPIC - E-Verify, EPIC - Secure Communities, EPIC - Fusion Centers, EPIC - Drones, EPIC - Cybersecurity, EPIC - Secure Flight. (Feb. 20, 2012)
Documents Reveal New Details About DHS Development of Mobile Body Scanners: EPIC has obtained more than one hundred fifty pages of documents detailing the Department of Homeland Security’s development of mobile body scanners and other crowd surveillance technology. The documents were obtained as a result of a Freedom Information Act lawsuit brought by EPIC against the federal agency. According to the documents obtained by EPIC, vehicles equipped with mobile body scanners are designed to scan crowds and pedestrians on the street and can see through bags, clothing, and even other vehicles. The documents also reveal that the mobile backscatter machines cannot be American National Standards Institute “certified people scanners” because of the high level of radiation output and because subjects would not know they have been scanned. For more information see EPIC: Whole Body Imaging Technology and EPIC: EPIC v. DHS (Suspension of the Body Scanner Program). (Aug. 31, 2011)
Here's a post from me with links about TSA budget and Border Patrol budget increases and expansion that I posted to a thread about TSA bus-riding agents:
Additional links about TSA "Bus Safe" in Houston:
METRO's counter-terror intitiave draws criticism
HOUSTON (KTRK) -- One week after METRO rolled out what it called an unprecedented approach to safety, there is criticism of just what happened. It was a big operation with what critics have called questionable results.
You paid for 81 cops to saturate Houston bus stops and routes last Friday. Most were from METRO, but some were from the federal Transportation Security Administration, as well as HPD.
METRO called it a synchronized, counter-terrorism exercise, and the first ever in Houston welcoming the federal TSA to Houston bus stops.
METRO faces public backlash over counter-terror intitiave
On April 13, the METRO Police Department invited TSA to be a part of its bus-safe exercise. METRO said then and repeated for days afterwards there would be random searches of bus and train passengers' bags.
A friend of Broze took pictures of the bus-safe exercise that he says show TSA agents and METRO police asking riders where they're going as they get off the bus and how often they ride that route.
"METRO and TSA were going onto the buses and questioning people about their normal routes and their normal behavior, and it just kind of creates an atmosphere of fear," Broze said.
There's much more if you search DU2.
Posted by suffragette | Sat Jun 16, 2012, 01:03 PM (1 replies)
Last week, the American International Group reported a whopping $19.8 billion profit for its fourth quarter. It was a quite a feat for a company that was on its death bed just a little over three years ago, so sick that it needed a huge taxpayer bailout.
But if you dug into the numbers, it quickly became clear that $17.7 billion of that profit was pure fantasy — a tax benefit, er, gift, from the United States government. The company made only $1.6 billion during the quarter from actual operations. Yet A.I.G. not only received a tax benefit, it is unlikely to pay a cent of taxes this year, nor by some estimates, for at least a decade.
The tax benefit is notable for more than simply its size. It is the result of a rule that the Treasury unilaterally bent for A.I.G. and several other hobbled companies in 2008 that has largely been overlooked.
This rule-twisting could deprive the government of tens of billions of dollars, assuming the firm remains profitable. The tax dodge — and let’s be honest, that’s what it is — also will most likely help goose the bonuses of A.I.G.’s employees, some of whom helped create many of the problems that led to its role in the financial crisis.
But, hey have to find a way to keep the enormous salaries, bonuses and tax breaks flowing to the people who created the mess in the 1st place.
Also, the best way to "take the burden off of the youth" would be for people to be able to retire earlier, thus freeing up jobs for the youth, who now face increasingly high unemployment rates because of the austerity push by Benmoshe and his colleagues. And they would then be contributing to pension funds.
No coincidence that many of AIG's bailout pay outs went to the European banks whose high risk bets with AIG and others fed the crisis and who all sing in the same chorus demanding ever more austerity. And even as austerity is a clear failure when viewing the nations and majority of citizens it is crushing, it's clear the calls for it to continue are coming from the corrupt 1% who draw ever larger profits and benefits at the public's expense.
Posted by suffragette | Tue Jun 5, 2012, 09:56 AM (0 replies)
There's also a Trans Mountain pipeline from Alberta to Vancouver.
B.C. natives form front to fight oil pipelines
DAVID LJUNGGREN, JEFFREY JONES
The Globe and Mail
Published Thursday, Dec. 01 2011, 2:16 PM EST
Aboriginal groups in British Columbia said on Thursday they have formed a united front to oppose all exports of crude oil from the Alberta tar sands through their territories.
It adds to the uncertainty over Enbridge Inc. ’s planned $5.5-billion Northern Gateway oil pipeline, which would move 525,000 barrels a day of oil sands-derived crude 1,177 kilometres to the port of Kitimat.
Aboriginal groups, also known as First Nations, say they fear the consequences of a spill from the pipeline, which would pass through some of Canada’s most spectacular mountain landscape. They also oppose the idea of shipping oil from British Columbia ports.
“First Nations, whose unceded territory encompasses the entire coastline of British Columbia, have formed a united front, banning all exports of tar sands crude oil through their territories,” more than 60 aboriginal groups said in a statement.
Looks like the push is on to undo environmental laws, especially those related to water and watersheds and fish, so they can use those routes.
Posted by suffragette | Mon Jun 4, 2012, 10:39 AM (0 replies)
The website for the film also includes background and historical info as well as related news such as micro loans for co-ops
Must-read Ebert's review of "The Take." Tis a thing of beauty.
The United Nations General Assembly has declared 2012 as the International Year of Cooperatives, highlighting the contribution of cooperatives to socio-economic development, particularly their impact on poverty reduction, employment generation and social integration. Much more at link:
Posted by suffragette | Sun Jun 3, 2012, 01:19 PM (1 replies)
Amazon's choice to use temp workers as "throwaway employees" is similar to Walmart's choice and markedly different from Costco's:
Some companies, like Costco, refuse to use temp workers in their warehouses:
Costco's well-earned reputation for treating its in-store employees well carries over to its warehouse. The Costco warehouse does not rely on temp workers. It hires employees directly, it pays pretty well and it has a safety representative and even stretching classes. Despite all that, the company still manages to provide some of the lowest prices available to consumers.
"We tend to not outsource even if we could save money by doing it," says Richard Galanti, Costco's chief financial officer. "We recognize it might cost more but we think it's the right thing to do. ... Everyone in the building feels like they're employed."
As to comments about how warehouses are built, sustainability efforts can benefit the employees and the environment and even provide additional benefits:
Again from Costco for the warehouse comparison - 2011 report:
Sustainable Construction and Renewable Energy
The organization Leadership in Energy andEnvironmental Design (LEED) has a certification program that is nationally accepted as a benchmarkfor green building design and construction. Costco’s metal warehouse design, one of the warehousedesign styles we have built over the past several years, is consistent with the requirements of theSilver Level LEED Standard. Our metal building envelopes are all insulated to meet or exceed currentenergy code requirements, and our main building structure uses 100% recycled steel material and isdesigned to minimize the amount of material utilized. The roof materials used on our metalpre-engineered warehouse are 100% recycled standing seam metal panels, designed to maximizeefficiency for spanning the structure; and the exterior skin of the building is also 100% recycled metal.In 2008, we opened our first certified Silver Level warehouse in New Jersey. With regard to renewableenergy, by the end of calendar 2011 we will have in operation large rooftop solar photovoltaic systemsat 60 of our facilities, in Hawaii, California, New Mexico, and New Jersey. They are projected togenerate 55 million kWh of electricity per year. We also continue to expand the use of non-chemicalwater treatment systems used in our cooling towers to both reduce the amount of chemicals going intosewer systems and, where possible, reuse that water for site irrigation. By coordinating with state andfederal incentive programs, these and other energy-saving systems help us reduce our carbon footprintand lower the cost of operating our facilities. We continue to evaluate additional opportunities toimprove energy efficiency.
Insulated warehouses that produce energy - not only possible but built and operating.
Posted by suffragette | Sat May 26, 2012, 03:03 PM (3 replies)
February 03, 2012
But all told, the company has plunked out almost $47 million in CEO pay in 2011, with Whitman making $16.5 million and Apotheker $30.4 million, including a $6.4 million bonus.
Apotheker earned a base salary of $1.1 million, plus a $6.4 million bonus and another $17.6 million in stock. But he also earned a mysterious roughly $5.2 million in "other compensation."
Could that have been his golden parachute for 11 months worth of work?
Whitman, who took the CEO role at the end of September, got her pay in a hefty $16.5 million stock award and $372,598 in the mysterous "other compensation category."
But hey , Whitman only makes a "salary" of $1 officially, so that's likely the model they hold up to the employees there. "See. She makes less salary than you do. Well, until we lay off most of you, that is."
Posted by suffragette | Wed May 23, 2012, 10:31 AM (2 replies)
and capable of much future nastiness.
Seems like he has had a good circular scam going on for quite awhile:
Make risky investments - the riskier the better; buddy with Merkel to get the German citizenry to pay bailout money to Greece, little of which goes to Greeks, but instead funnels back to Deutsche Bank (and other banks) to pad his profit; all the while arguing for austerity and against "haircuts" which is the euphemism for incurring any loss (even a pfennig's worth) for taking all that risk in the 1st place.
He, as well as many of his colleagues, shouldn't be benefiting, they should be indicted.
Posted by suffragette | Sun May 20, 2012, 10:41 PM (0 replies)