Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Let's play pretend: Rahm Emanuel is gone.

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:46 AM
Original message
Let's play pretend: Rahm Emanuel is gone.
Do you actually think Obama is going to replace him with your dream progressive? The honest answer to that would be no.

I don't really get the obsession with getting rid of Rahm. He serves at the President's pleasure and does the President's bidding.

Printer Friendly | Permalink |  | Top
Jamastiene Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:47 AM
Response to Original message
1. What sucks is
you are most likely right on this.
Printer Friendly | Permalink |  | Top
 
timeforpeace Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:24 PM
Response to Reply #1
37. Obama's conflict avoidance/decision making problem means Rahm will stay until Rahm decides to go.
Printer Friendly | Permalink |  | Top
 
notesdev Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:49 AM
Response to Original message
2. Rahm is up to his neck in causing the problems
Remember, this guy was on the Board of Directors of Freddie Mac during the worst of the period when they were caught in financial fraud. That alone should disqualify him for any position requiring integrity and confidence, and even more so given that enormously important decisions to be made that directly impact on Freddie.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:50 AM
Response to Reply #2
6. That he was on the board of Freddy Mac is not de facto guilt of anything
As for causing problems, let me repeat: he does what Obama wants.
Printer Friendly | Permalink |  | Top
 
notesdev Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:59 AM
Response to Reply #6
21. I'm of the impression
that he tells Obama what the lobbyists and corporations want.
Printer Friendly | Permalink |  | Top
 
cliffordu Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:00 PM
Response to Reply #21
22. well, heck yeah!!
Everybody knows that!!
Printer Friendly | Permalink |  | Top
 
donheld Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 01:04 PM
Response to Reply #21
51. Yes indeed. He's the lobbyists, and corporations go to guy.
Printer Friendly | Permalink |  | Top
 
charlyvi Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:49 AM
Response to Original message
3. Exactly.
To blame Rahm for any policy coming out of this administration is to insult Obama. The buck stops with the President, not his chief of staff.
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:50 AM
Response to Original message
4. Who said anything about "Progressive?" I'd be happy with someone who has a clue.
NGU.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:52 AM
Response to Reply #4
8. A clue about what? Evidently he's quite well versed in the intricacies
of getting legislation passed and has strong ties with the leadership. Is he a good manager? Obama obviously thinks so.
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:53 AM
Response to Reply #8
11. Yeah, his electoral record with the DCCC is proof of his brilliance.
:rofl:

NGU.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:55 AM
Response to Reply #11
15. Which has zip all to do with what I wrote.
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:03 PM
Response to Reply #15
23. But it has everything to do with what I wrote. See how that works?
:eyes:

NGU.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:08 PM
Response to Reply #23
25. no, actually I don't. your response to my post wasn't a response to what I wrote
so why even bother.

FTW
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:11 PM
Response to Reply #25
28. Your whole premise was "replace him with your dream progressive." I said it's not about...
...Progressivism at all.

Try to keep up here.

NGU.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:12 PM
Response to Reply #28
30. no, dear. my whole point is that Rahm Emanuel is following the President's
directives. I'd ask you to try and keep up, but I believe that's hopeless.

FTW
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:15 PM
Response to Reply #30
32. Oh, I see. So that part about Progressivism was just a cheap shot.
Okay. I get it now. I should have figured.

NGU.
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:19 PM
Response to Reply #30
36. And my point is that the next time the President might appoint someone who carries out his orders...
Edited on Fri Dec-25-09 12:20 PM by ClassWarrior
...with some intelligence, regardless of his or her ideological point of view.

NGU.
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:25 PM
Response to Reply #30
38. No, your underlying premise is that the COS is a neutral vessel, and that any other COS would...
...carry out the President's orders in exactly the same way each and every time, and that the COS' own personal agenda could never, ever, ever affect what the COS does.

Which is patently ridiculous.

And you got in a cheap shot at Progressives.

NGU.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:29 PM
Response to Reply #38
40. I am a Progressive. The shot was at people who live in a little fantasy world.
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:45 PM
Response to Reply #40
46. Now who's ignoring whose main premise?
Edited on Fri Dec-25-09 01:28 PM by ClassWarrior
NGU.
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 01:26 PM
Response to Reply #40
57. If you're a Progressive, then why aren't you concerned that Rahmbo deep-sixed a lot of electable...
Edited on Fri Dec-25-09 01:27 PM by ClassWarrior
...Progressive Dems in order to see that a bunch of non-electable squishy moderate Dems got nominated? (Who promptly got their asses handed to them by their Rape-Publican challengers, I might add.)

NGU.
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:07 PM
Response to Reply #8
24. Okay, how about someone who has a soul to go along with the muscle?
NGU.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:11 PM
Response to Reply #24
29. A soul? What the fuck?
that's the kind of crap I find so irritating about much of what's posted here.
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:14 PM
Response to Reply #29
31. Okay, since you ask, a soul is "the spiritual part of humans regarded in its moral aspect...
"...or as believed to survive death and be subject to happiness or misery in a life to come."

Now you know.

NGU.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:17 PM
Response to Reply #31
34. And who do you think you are to judge whether Rahm Emanuel or
anyone else has a soul?

Oh, I get it. You think you're god.

:rofl:
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:25 PM
Response to Reply #34
39. How do you know I'm not?
:rofl:

NGU.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:33 PM
Response to Reply #39
42. that's easy: I don't believe in god. n/t
Printer Friendly | Permalink |  | Top
 
ClassWarrior Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:44 PM
Response to Reply #42
45. I know.
:rofl:

NGU.
Printer Friendly | Permalink |  | Top
 
boston bean Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:50 AM
Response to Original message
5. Blaming Rahm makes the POTUS seem like a weak knee'd sniveling coward.. nt
Printer Friendly | Permalink |  | Top
 
rateyes Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:52 AM
Response to Original message
7. Well, as long as we're playing pretend, then I say:
"Good riddance." Wish we could play for real.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:53 AM
Response to Reply #7
9. If wishes were horse, I'd be out cantering in a snowy field.
Printer Friendly | Permalink |  | Top
 
rateyes Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:58 AM
Response to Reply #9
18. True that. That's why wingless frogs bump their asses on the ground
every time they jump.
Printer Friendly | Permalink |  | Top
 
unc70 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 08:15 PM
Response to Reply #9
62. And you would be postng a lot less!
Edited on Fri Dec-25-09 08:21 PM by unc70
:)

BTW I am one of those who never believed Obama or Rahm, but hoped for the best. I don't like Rahm or Zeke on several levels, but they reflect their boss.

Remember that Obama began his officieal campaign by attacking the fights of the 1960's and Boomers like me. My journal from Jan 2008 still expresses my opinion of this.
Printer Friendly | Permalink |  | Top
 
BP2 Donating Member (406 posts) Send PM | Profile | Ignore Fri Dec-25-09 11:53 AM
Response to Original message
10. Well, to be brutally honest,

Barack seems to be getting bad advice from somewhere.

Rahm might be good in campaign mode, but advising a PRESIDENT is a whole different ball of wax.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:55 AM
Response to Reply #10
13. I'd guess both Axelrod and Jarett are more influential regarding policy than Rahm.
Printer Friendly | Permalink |  | Top
 
BP2 Donating Member (406 posts) Send PM | Profile | Ignore Fri Dec-25-09 01:54 PM
Response to Reply #13
60. Agreed. but

most people agree that things seem off track.

We can either blame Barack or his advisers. I'd point to them vs Barack.
Printer Friendly | Permalink |  | Top
 
eleny Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:55 AM
Response to Original message
12. Sometimes, you just want a bad guy to take the fall
That's why they often do. And when it happens, you know that the ones at the top do get the message. They know they have to do something. There's satisfaction in that.

And I wouldn't be surprised if some more crumbs fell off the big table, too.
Printer Friendly | Permalink |  | Top
 
neverforget Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:55 AM
Response to Original message
14. When he said "make the deal" with Lieberman and destroyed the Medicare
buy in and lower age, that was enough for me. Rahm can go fuck himself.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:57 AM
Response to Reply #14
16. What makes you think he wasn't doing what his boss wanted him to do?
Printer Friendly | Permalink |  | Top
 
neverforget Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 01:50 PM
Response to Reply #16
58. That's why I am disappointed and my enthusiasm for Obama is waning.
I still support the guy....
Printer Friendly | Permalink |  | Top
 
Ruby the Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:57 AM
Response to Original message
17. Dream Progressive? I would be happy with a Democrat.
Printer Friendly | Permalink |  | Top
 
rateyes Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:58 AM
Response to Reply #17
20. Bingo. nt
Printer Friendly | Permalink |  | Top
 
baldguy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:09 PM
Response to Reply #17
27. +1
Printer Friendly | Permalink |  | Top
 
goclark Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 11:58 AM
Response to Original message
19. Cali ~ you make too much sense


: )

Barack Obama has a brain that has served him well all these years.

He has worked with people of many views and he still appears to be able to articulate his opinions without someone doing the thinking for him.


Printer Friendly | Permalink |  | Top
 
amborin Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:08 PM
Response to Original message
26. let's FIRE Lewis Sachs, from Treasury:
Edited on Fri Dec-25-09 12:29 PM by amborin
"
In late October 2007, as the financial markets were starting to come unglued, a Goldman Sachs trader, Jonathan M. Egol, received very good news. At 37, he was named a managing director at the firm.

Mr. Egol, a Princeton graduate, had created.... "mortgage-related securities, named Abacus, that were at first intended to protect Goldman from investment losses if the housing market collapsed. As the market soured, Goldman created even more of these securities, enabling it to pocket huge profits.

Goldmans own clients who bought them, however, were less fortunate.

Pension funds and insurance companies lost billions of dollars on securities that they believed were solid investments, according to former Goldman employees with direct knowledge of the deals who asked not to be identified because they have confidentiality agreements with the firm.

Goldman was not the only firm that peddled these complex securities known as synthetic collateralized debt obligations, or C.D.O.s and then made financial bets against them, called selling short in Wall Street parlance. Others ..... as well as smaller firms like Tricadia Inc., an investment company whose parent firm was overseen by Lewis A. Sachs, who this year became a special counselor to Treasury Secretary Timothy F. Geithner.

snip

One focus of the inquiry is whether the firms creating the securities purposely helped to select especially risky mortgage-linked assets that would be most likely to crater, setting their clients up to lose billions of dollars if the housing market imploded.

Some securities packaged by Goldman and Tricadia ended up being so vulnerable that they soured within months of being created.

snip

But Goldman and other firms eventually used the C.D.O.s to place unusually large negative bets that were not mainly for hedging purposes, and investors and industry experts say that put the firms at odds with their own clients interests.

The simultaneous selling of securities to customers and shorting them because they believed they were going to default is the most cynical use of credit information that I have ever seen, said Sylvain R. Raynes, an expert in structured finance at R & R Consulting in New York. When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone elses house and then committing arson.

snip

From 2005 through 2007, at least $108 billion in these securities was issued, according to Dealogic, a financial data firm. And the actual volume was much higher because synthetic C.D.O.s and other customized trades are unregulated and often not reported to any financial exchange or market.

Goldman Saw It Coming

snip

A handful of investors and Wall Street traders, however, anticipated the crisis. In 2006, Wall Street had introduced a new index, called the ABX, that became a way to invest in the direction of mortgage securities. The index allowed traders to bet on or against pools of mortgages with different risk characteristics, just as stock indexes enable traders to bet on whether the overall stock market, or technology stocks or bank stocks, will go up or down.

Goldman, among others on Wall Street, has said since the collapse that it made big money by using the ABX to bet against the housing market. Worried about a housing bubble, top Goldman executives decided in December 2006 to change the firms overall stance on the mortgage market, from positive to negative, though it did not disclose that publicly.

Even before then, however, pockets of the investment bank had also started using C.D.O.s to place bets against mortgage securities, in some cases to hedge the firms mortgage investments, as protection against a fall in housing prices and an increase in defaults.

snip

Abacus allowed investors to bet for or against the mortgage securities that were linked to the deal. The C.D.O.s didnt contain actual mortgages. Instead, they consisted of credit-default swaps, a type of insurance that pays out when a borrower defaults. These swaps made it much easier to place large bets on mortgage failures.

Rather than persuading his customers to make negative bets on Abacus, Mr. Egol kept most of these wagers for his firm, said five former Goldman employees who spoke on the condition of anonymity. On occasion, he allowed some hedge funds to take some of the short trades.

snip

Goldmans bets against the performances of the Abacus C.D.O.s were not worth much in 2005 and 2006, but they soared in value in 2007 and 2008 when the mortgage market collapsed. The trades gave Mr. Egol a higher profile at the bank, and he was among a group promoted to managing director on Oct. 24, 2007.

Egol and Fabrice were way ahead of their time, said one of the former Goldman workers. They saw the writing on the wall in this market as early as 2005. By creating the Abacus C.D.O.s, they helped protect Goldman against losses that others would suffer.

As early as the summer of 2006, Goldmans sales desk began marketing short bets using the ABX index to hedge funds like Paulson & Company, Magnetar and Soros Fund Management, which invests for the billionaire George Soros. John Paulson, the founder of Paulson & Company, also would later take some of the shorts from the Abacus deals, helping him profit when mortgage bonds collapsed. He declined to comment.

snip

Goldman created other mortgage-linked C.D.O.s that performed poorly, too. One, in October 2006, was a $800 million C.D.O. known as Hudson Mezzanine. It included credit insurance on mortgage and subprime mortgage bonds that were in the ABX index; Hudson buyers would make money if the housing market stayed healthy but lose money if it collapsed. Goldman kept a significant amount of the financial bets against securities in Hudson, so it would profit if they failed, according to three of the former Goldman employees.

A Goldman salesman involved in Hudson said the deal was one of the earliest in which outside investors raised questions about Goldmans incentives. Here we are selling this, but we think the market is going the other way, he said.

A hedge fund investor in Hudson, who spoke on the condition of anonymity, said that because Goldman was betting against the deal, he wondered whether the bank built Hudson with bonds they really think are going to get into trouble.

Indeed, Hudson investors suffered large losses. In March 2008, just 18 months after Goldman created that C.D.O., so many borrowers had defaulted that holders of the security paid out about $310 million to Goldman and others who had bet against it, according to correspondence sent to Hudson investors.

The Goldman salesman said that C.D.O. buyers were not misled because they were advised that Goldman was placing large bets against the securities. We were very open with all the risks that we thought we sold. When youre facing a tidal wave of people who want to invest, its hard to stop them, he said. The salesman added that investors could have placed bets against Abacus and similar C.D.O.s if they had wanted to.

A Goldman spokesman said the firms negative bets didnt keep it from suffering losses on its mortgage assets, taking $1.7 billion in write-downs on them in 2008; but he would not say how much the bank had since earned on its short positions, which former Goldman workers say will be far more lucrative over time. For instance, Goldman profited to the tune of $1.5 billion from one series of mortgage-related trades by Mr. Egol with Wall Street rival Morgan Stanley, which had to book a steep loss, according to people at both firms.

Tetsuya Ishikawa, a salesman on several Abacus and Hudson deals, left Goldman and later published a novel, How I Caused the Credit Crunch. In it, he wrote that bankers deserted their clients who had bought mortgage bonds when that market collapsed: We had moved on to hurting others in our quest for self-preservation. Mr. Ishikawa, who now works for another financial firm in London, declined to comment on his work at Goldman.

Profits From a Collapse

Just as synthetic C.D.O.s began growing rapidly, some Wall Street banks pushed for technical modifications governing how they worked in ways that made it possible for C.D.O.s to expand even faster, and also tilted the playing field in favor of banks and hedge funds that bet against C.D.O.s, according to investors.

In early 2005, a group of prominent traders met at Deutsche Banks office in New York and drew up a new system, called Pay as You Go. This meant the insurance for those betting against mortgages would pay out more quickly. The traders then went to the International Swaps and Derivatives Association, the group that governs trading in derivatives like C.D.O.s. The new system was presented as a fait accompli, and adopted.

Other changes also increased the likelihood that investors would suffer losses if the mortgage market tanked. Previously, investors took losses only in certain dire credit events, as when the mortgages associated with the C.D.O. defaulted or their issuers went bankrupt.

But the new rules meant that C.D.O. holders would have to make payments to short sellers under less onerous outcomes, or triggers, like a ratings downgrade on a bond. This meant that anyone who bet against a C.D.O. could collect on the bet more easily.

In the early deals you see none of these triggers, said one investor who asked for anonymity to preserve relationships. These things were built in to provide the dealers with a big payoff when something bad happened.

Banks also set up ever more complex deals that favored those betting against C.D.O.s. Morgan Stanley established a series of C.D.O.s named after United States presidents (Buchanan and Jackson) with an unusual feature: short-sellers could lock in very cheap bets against mortgages, even beyond the life of the mortgage bonds. It was akin to allowing someone paying a low insurance premium for coverage on one automobile to pay the same on another one even if premiums over all had increased because of high accident rates.

At Goldman, Mr. Egol structured some Abacus deals in a way that enabled those betting on a mortgage-market collapse to multiply the value of their bets, to as much as six or seven times the face value of those C.D.O.s. When the mortgage market tumbled, this meant bigger profits for Goldman and other short sellers and bigger losses for other investors.

Selling Bad Debt

Other Wall Street firms also created risky mortgage-related securities that they bet against.

At Deutsche Bank, the point man on betting against the mortgage market was Greg Lippmann, a trader. Mr. Lippmann made his pitch to select hedge fund clients, arguing they should short the mortgage market. He sometimes distributed a T-shirt that read Im Short Your House!!! in black and red letters.

Deutsche, which declined to comment, at the same time was selling synthetic C.D.O.s to its clients, and those deals created more short-selling opportunities for traders like Mr. Lippmann.

Among the most aggressive C.D.O. creators was Tricadia, a management company that was a unit of Mariner Investment Group. Until he became a senior adviser to the Treasury secretary early this year, Lewis Sachs was Mariners vice chairman. Mr. Sachs oversaw about 20 portfolios there, including Tricadia, and its documents also show that Mr. Sachs sat atop the firms C.D.O. management committee.

From 2003 to 2007, Tricadia issued 14 mortgage-linked C.D.O.s, which it called TABS. Even when the market was starting to implode, Tricadia continued to create TABS deals in early 2007 to sell to investors. The deal documents referring to conflicts of interest stated that affiliates and clients of Tricadia might place bets against the types of securities in the TABS deal.

Even so, the sales material also boasted that the mortgages linked to C.D.O.s had historically low default rates, citing a recently completed study by Standard & Poors ratings agency though fine print indicated that the date of the study was September 2002, almost five years earlier.

At a financial symposium in New York in September 2006, Michael Barnes, the co-head of Tricadia, described how a hedge fund could put on a negative mortgage bet by shorting assets to C.D.O. investors, according to his presentation, which was reviewed by The New York Times.

Mr. Barnes declined to comment. James E. McKee, general counsel at Tricadia, said, Tricadia has never shorted assets into the TABS deals, and Tricadia has always acted in the best interests of its clients and investors.

Mr. Sachs, through a spokesman at the Treasury Department, declined to comment.

Like investors in some of Goldmans Abacus deals, buyers of some TABS experienced heavy losses. By the end of 2007, UBS research showed that two TABS deals were the eighth- and ninth-worst performing C.D.O.s. Both had been downgraded on at least 75 percent of their associated assets within a year of being issued.

Tricadias hedge fund did far better, earning roughly a 50 percent return in 2007 and similar profits in 2008, in part from the short bets."

<http://www.nytimes.com/2009/12/24/business/24trading.ht... sachs&st=cse&adxnnl=1&scp=2&adxnnlx=1261764187-9NGmd9Rthdf8S Pxm2/ nA&pagewanted=all>
Printer Friendly | Permalink |  | Top
 
TorchTheWitch Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:17 PM
Response to Original message
33. I don't get it either
Rahm is a symptom of a problem, not the problem. And I suspect all the people hating on him are channeling their anger at him from Obama because they can't bring themselves to be angry at Obama directly. Which is weird. Similar to hating on "the other woman" when you discover your hubby cheating.


Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:18 PM
Response to Reply #33
35. Exactly. well said.
Printer Friendly | Permalink |  | Top
 
Vidar Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:32 PM
Response to Original message
41. You're right. Obama is as bad as Rahm. They both need to go.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:59 PM
Response to Reply #41
50. Whether they do or not, they're here now. Obama is President for the next
3 years and Emanuel has his position as long as the President wants him or as long as he wants to stay.

Printer Friendly | Permalink |  | Top
 
BootinUp Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:34 PM
Response to Original message
43. I thought from the thread title that I was going to
do some flaming, but no, I agree with your point completely. He is carrying out the plans and policies of his boss. Thats why they call him Chief of Staff. If his job includes being a target of progressive criticism he will handle that too.
Printer Friendly | Permalink |  | Top
 
jonnyblitz Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:38 PM
Response to Original message
44. K & r. I agree with you and Torchthewitch in post #33. nt
Printer Friendly | Permalink |  | Top
 
DonCoquixote Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:46 PM
Response to Original message
47. You said
"Do you actually think Obama is going to replace him with your dream progressive? The honest answer to that would be no. "

I agree with you on that, but honestly, it would be really hard to find someone who represents the Iron Fist as much as Mr. E does. Now, if he used that same Iron Fist on Leiberman, I could support him. If "compromise" involved me taking a few punches knowing that I at least had an honest fighting chance against my opponent, I could accept that, but that is not what E. has done. The whole point of his being hired was that he could twist arms. However, since he only twists OUR arms, I think his firing would send a message that the old school of doing things no longer works.

You said
I don't really get the obsession with getting rid of Rahm. He serves at the President's pleasure and does the President's bidding.

I say this, If we learned NOTHING from the tenure of Ronnie Raygun and W. it is that President's are almost useless without their staff. The one point people do not get is that the President never was meant to be the main lawmaker; he is not even as powerful as a Prime Minister would be. The president is just what his title is, and executive, that manages a staff.
Printer Friendly | Permalink |  | Top
 
Junkdrawer Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:51 PM
Response to Original message
48. How can Rahm be gone when we're not allowed to ask for an invesigation...
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 12:57 PM
Response to Reply #48
49. you most certainly can ask for an investigation. You can sign Mr.
Norquist's petition. No one stopped you. And Rasputin explained why he locked your thread. DU is not the public marketplace of ideas. It's Skinner's house and he makes the rules.
Printer Friendly | Permalink |  | Top
 
Junkdrawer Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 01:05 PM
Response to Reply #49
52. No. I get it. Rove was above the law and Rahm is above the law....
I guess it's part of the job spec.
Printer Friendly | Permalink |  | Top
 
cali Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 01:09 PM
Response to Reply #52
53. Actually, Rove didn't hold the same job as Emanuel
and there is no evidence that Emanuel has broken any law. But hey you want to be a willing tool for the wingnut right, go for it.
Printer Friendly | Permalink |  | Top
 
Junkdrawer Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 01:17 PM
Response to Reply #53
54. I'd love to chat, but I'm late for my teabagger meeting....
:eyes:
Printer Friendly | Permalink |  | Top
 
SandWalker1984 Donating Member (533 posts) Send PM | Profile | Ignore Fri Dec-25-09 01:21 PM
Response to Original message
55. firedoglake.com has petition to investigate Rahm for his actions at Freddie Mac
Tell Attorney General Holder: Investigate Rahm Emanuel

Sign our Petition to Attorney General Eric Holder:

"We write to demand an immediate investigation into the activities of White House Chief of Staff Rahm Emanuel. We believe there is an abundant public record which establishes that the actions of the White House have blocked any investigation into his activities while on the board of Freddie Mac from 2000-2001, and facilitated the coverup of potentially criminal actions until the 10 year statute of limitations has run out."
Jane Hamsher and Grover Norquist wrote to Attorney General Eric Holder requesting an investigation Rahm Emanuels role on Freddie Macs board during years when executives laid out a plan to defraud investors, and the White House's subsequent role in preventing an investigation.

To make matters worse, the administration is pushing for an $800 billion bailout of Fannie and Freddie while the organizations lack an Inspector General and basic oversight.

Before the White House commits any more money to Fannie and Freddie, the Justice Department should begin an investigation into the cause Fannie and Freddie's conservatorship, into Rahm Emanuel's activities on the board of Freddie Mac (including any violations of his fiduciary duties to shareholders), into the decision making behind the vacancy of Fannie and Freddie's Inspector General, and into potential public corruption by Rahm Emanuel in connection with his time in Congress, in the White House and on the board of Freddie Mac. We also call for the immediate appointment of an Inspector General with a complete remit to go after this information.

page/s/investigaterahm?source=web&subsource=side

Printer Friendly | Permalink |  | Top
 
Junkdrawer Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 01:22 PM
Response to Reply #55
56. Ahem (we're not allowed to post that)....
Printer Friendly | Permalink |  | Top
 
varelse Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 01:52 PM
Response to Original message
59. I really hate that you're right
Judging from the rec count, so do many others :P
Printer Friendly | Permalink |  | Top
 
xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 02:16 PM
Response to Original message
61. In pointing that Obama is not a progressive
Through the Rahman door -- you are correct.
Printer Friendly | Permalink |  | Top
 
WeDidIt Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 08:17 PM
Response to Original message
63. Rahm Emmanuel ain't going nowhere
but Jane Hamsher has become a batshit insane lunatic.
Printer Friendly | Permalink |  | Top
 
Thickasabrick Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 08:22 PM
Response to Original message
64. Since your OP Headline is such a tease....I'll play anyway. Right
before the SOU address, Obama announces a "shake up" and appreciates everything his old people have done, yada, yada, but needs new thinking and so he cans:

Geithner
Summers
Rahm

Replaces them with:

Elizabeth Warren
Paul Krugman or Robert Reich (whoever will take the job)
Anthony Weiner
Printer Friendly | Permalink |  | Top
 
donco6 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-25-09 08:43 PM
Response to Original message
65. Stop toying with me.
It's a dream too juicy to play with.

Rahm serves because Obama wants him. That says all I need to know.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sun Sep 21st 2014, 11:57 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC