Inspire Political Discourse

SEC Files FRAUD Charges Against Goldman Sachs

This is BIG. Civil charges only. But still……..

Goldman Sachs, which emerged relatively unscathed from the financial crisis, was accused of securities fraud in a civil suit filed Friday by the Securities and Exchange Commission, which claims the bank created and sold a mortgage investment that was secretly devised to fail.
The move marks the first time that regulators have taken action against a Wall Street deal that helped investors capitalize on the collapse of the housing market. Goldman itself profited by betting against the very mortgage investments that it sold to its customers.(emphasis mine) [……]

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VIDEO: Jon Stewart Decimates Rick Santelli and CNBC

Rick Santelli, the CNBC reporter who became famous for ranting on air about Obama's mortgage plan, and called homeowners who would benefit from the program "losers", was scheduled to appear on Stewart's show on Friday last.

Santelli bailed out, and Stewart proceeded to decimate Santelli and CNBC for 8+ minutes. Oh, my. Completely hilarious, and seriously BRUTAL--- the best of Jon Stewart, and a must watch!

At one point during the thorough dunning of CNBC Stewart says: 

"If I had only followed CNBC's advice, I'd have a million dollars today. Provided I started with a 100 million dollars."

And from Jason Linkins:

last night, Jon Stewart basically said, "I'll see your canceling on me and RAISE you a thorough evisceration of the faux-populist bilge you've been pumping and a complete blasting of your network's credibility."

Stewart aped Santelli's newsgrabbing shouty-faced blubber from the Chicago Mercantile Exchange, coyly admitting, "I have to say, I find cheap populism very arousing." And then, for eight minutes, Stewart at his arch best (with the help of the crackerjack Daily Show research team) went on an absolute tear and burned CNBC right down to the doorframes.

The Daily Show With Jon StewartM - Th 11p / 10c

CNBC Gives Financial Advice

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Former Countrywide Execs Profit From Their Failures

:: The losers formerly known as the president of Countrywide Financial, Stanford L. Kurland, and his lackeys, form a company to profit from the misery that they helped to create, making millions from the home mortgage crisis. From the New York Times:

CALABASAS, Calif. — Fairly or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation’s economic crisis. After all, the banking behemoth made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering.

Stanford L. Kurland, Countrywide’s former president, and his team have been buying up delinquent home mortgages that the government took over from other failed banks, sometimes for pennies on the dollar. They get a piece of what they can collect.

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Citigroup and the Gov Reach a Deal

:: Citigroup agreed to exchange up to $25 billion in emergency bailout money that the government provided Citigroup Inc. for as much as a 36 percent equity stake in the bank. The reasoning behing it:

The administration decided to restructure the bailout package for Citigroup again in the hopes that converting $25 billion of preferred shares into common stock would give investors more confidence the bank has sufficient capital reserves to withstand mounting losses on its holdings of mortgages and other loans. While the conversion to common stock will dilute current shareholders' investments, a wider equity base could calm investors since there would be more reserves in place to guard against further losses as the economy sours.

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Full Transcript: President Obama's Speech to Congress - February 24, 2009

Remarks of President Barack Obama – As Prepared for Delivery
Address to Joint Session of Congress
Tuesday, February 24th, 2009
To view the video, click here.

“Madame Speaker, Mr. Vice President, members of Congress, and the first lady of the United States.

I have come here tonight not only to address the distinguished men and women in this great chamber, but to speak frankly and directly to the men and women who sent us here.

Video: President Obama's Speech to Congress - February 24, 2009

Visit msnbc.com for Breaking News, World News, and News about the Economy

Click here to read the transcript.

Transcript of President Obama's Speech on the Foreclosure Plan

As prepared for delivery:

“I'm here today to talk about a crisis unlike any we've ever known - but one that you know very well here in Mesa, and throughout the Valley. In Phoenix and its surrounding suburbs, the American Dream is being tested by a home mortgage crisis that not only threatens the stability of our economy but also the stability of families and neighborhoods. It is a crisis that strikes at the heart of the middle class: the homes in which we invest our savings, build our lives, raise our families, and plant roots in our communities.