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  • Newsverse: To My Banker

    Newsweek | Oct 23, 2009 12:40 PM

    According to The New York Times, bankers at Goldman Sachs, which will award employees more than $16 billion in bonuses this year after receiving (and repaying) billions in federal bailouts, were said to be "perplexed" by public resentment.

     

    By Jerry Adler 

     

    So now it seems your year-end bonus

    Is back, in fact may well have grown. Us

    Down here ask, who bears the onus

    To bail us out?  This year has shown us

    Society’s an inverted cone. Us

    At the bottom know the score:

    Our ice-cream scoop just hit the floor.

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  • Four Regulatory Reforms Obama Should Urge in Financial Speech

    Katie Paul | Sep 14, 2009 10:36 AM

    Lehman Brothers is dead; long live Lehman Brothers. Exactly one year after the ill-fated financial colossus filed for bankruptcy, spurring weeks of economic chaos and months of crippling recession, the verdict is in: little has changed in the culture of Wall Street.

    With that in mind, President Obama is set to mark the anniversary of Lehman's collapse today with a "major" speech that, he hopes, will reinvigorate efforts to overhaul the banking system. Congressional enthusiasim for reform proposals introduced by the White House earlier this summer has stalled, beaten back by a vicious health care debate and industry opposition. So, just after noon at New York's Federal Hall, located in the heart of the financial district, Obama will seek to shift the focus back to the Street. The timing is just as significant as the location; in a little over a week, the G20 will meet in Pittsburgh, presenting a do-or-die opportunity to get the world's economic movers and shakers on one page. Press secretary Robert Gibbs has said the president doesn't plan to introduce any brand new proposals, but, if the White House is serious about pushing through meaningful reforms, here are a few points Obama might hammer home today:

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  • Annals of Fundraising: As it Turns Out, You Can't, in Fact, Take the Wonk out of a Clinton

    Andrew Romano | Sep 20, 2007 06:48 AM

    What a tease. Last night, Hillary Clinton spent the first hour of her New York fundraiser running through her usual talking points before revealing that she had a surprise for the 1,200 assembled supporters, who surely paid at least $50 a head for more than the usual litany. "I have a great privilege," she said, smiling and slipping into the mode of girlish flirtation that she deploys occasionally on the trail, most famously in March when she thanked a firefighters' convention them for their warm welcome and then—raising an eyebrow—said, "and thanks for last night, too." Her surprise guest, Clinton continued, is "someone whom I'm incredibly fond of, who I admire enormously, who is a man of great distinction and honor who has served our country well for so many years..." Here, people nudged their neighbors and, mouthing the word "Bill," began to applaud. "...Whom I'm very proud has endorsed me for president..."—big laughs, because, you know, what else are husbands for?—"who is here, and I want to invite him out join us for this conversation." A collective gasp. "General Wesley Clark." Well, at least it was a silver-haired Arkansan.

    The night's most entertaining moment came when Clinton compared Dick Cheney to the Dark Lord of the Sith. "Vice President Cheney came up to see the Republicans yesterday. You can always tell when the Republicans are getting restless, because the Vice President’s motorcade pulls into the Capitol, and Darth Vader emerges," she said. Oh snap.

    But a later moment was more characteristic. "This is question from a New York City schoolteacher," said former Iowa Governor and current Clinton national campaign chair Tom Vilsack, who served as Clinton's interviewer. "What can you do about the growing and aging school systems, not just in New York, the city, but across the country?"

    "You mean like, the buildings and the facilities and everything?" Clinton replied, excitement in her voice.

    "I would broaden it a bit to talk about what you think needs to be done in education in general," said Vilsack, who is, by all accounts, a better natural campaigner than Clinton. 

    Sorry, Tom--she wasn't having it. "You know, I'll start directly with her question about school facilities," she said, launching into a long disquisition on schools with "coal-fired boilers," "mold" and "ceiling tiles falling" and proposing a "fund that can be used to help local districts...get long-term loans to build and renovate and modernize facilities." Give Clinton a choice between barnstorming and wonking, and she'll wonk every time.

    Where's Bill when you need him?

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  • My Tepid Fund-Raising Would Bother Me, If I Were Actually a Candidate. But Hey, Testing the Waters is Cheap!

    Holly Bailey | Jul 31, 2007 12:17 PM
    Remember all that talk earlier this summer about Fred Thompson raising $5 million in a month? Well, yeah, that didn't happen. Everyone's favorite noncandidate presidential candidate released his first fund-raising numbers today, disclosing that he raised a little less than $3.5 million between June 4 and June 30. Friends of Fred Thompson, the former senator's "testing the waters" committee, listed about $626,000 in expenses, more than a quarter of that going toward Web and media consulting. The report, filed with the Internal Revenue Service (not the Federal Election Commission because Thompson is not officially in the race yet), says the noncampaign campaign spent about $70,000 on salaries, including a single $13,770 payout to Tom Collamore, who resigned as Thompson's campaign manager last week. The most interesting thing about the report: More
  • What, Me Worry? There Are Still A Few People Working For My Campaign. I Just Can't Find Them Right Now.

    Holly Bailey | Jul 26, 2007 12:20 PM
    John McCain is standing by his man. Traveling in New Hampshire on Wednesday, the Arizona senator and 2008 presidential hopeful deflected questions about his campaign manager and longtime adviser, Rick Davis, who has been at the center of controversy over his ties to companies that profited big time off McCain's campaign. According to records filed with the Federal Election Commission, an Internet consulting firm partially owned by Davis charged McCain roughly $1 million during the campaign's second quarter--about 10 percent of what McCain raised during that three-month period. On Monday, the Wall Street Journal reported Davis also played a role in directing a pricey campaign contract for office space to a firm owned by an Indian casino developer with ties to a longtime Davis associate. Davis has denied wrongdoing, and both contacts have since been terminated--a not-so-surprising development, since McCain's campaign is now virtually broke. Questions over Davis's alleged profiteering have been at the center of internal feuding within the senator's campaign for months. The back-and-forth over money is said to have played a significant role in the departures of two key McCain staffers--manager Terry Nelson and longtime strategist John Weaver--earlier this month. Following a town hall in Keene, N.H., on Wednesday, NEWSWEEK asked McCain about the questions surrounding Davis--an inquiry he didn't seem happy to receive. "Rick is a friend and I trust him," an unsmiling McCain said, in his first comments on the subject. "All these allegations, I'm just not going to respond to." Asked if he was aware of Davis's ties to the companies his campaign paid, McCain cut off the question. "I'm not going to respond to these allegations," he repeated. "I will not. The record will speak for itself." His comments come on the heels of yet more resignations this week. On Monday, McCain's media team--Russ Schriefer and Stuart Stevens--tendered their resignations. The move comes amid a wave of departures, including McCain's top press officials and several state organizers. More
  • This Campaign is About More Than Just How Much Money I Raised This Quarter. It's About How Much More Money I Raised Than Last Quarter

    Samuel Stein | Jul 5, 2007 10:49 AM
    No one said wining the White House was going to be cheap. But at the rate the 2008 presidential race is going, it's becoming increasingly expensive just to lose. Just take a look at the second quarter fundraising totals made public earlier this week. As newsworthy as Barack Obama pulling in more than $32 million dollars in new donations was Senator John McCain's "disappointing" $11.2 million--a figure that has some political pros ready to consign McCain's campaign to the obit desk.

    The pundits are pawing through the numbers, trying to make sense of "what it all means." What it means is, if your name is Clinton, Obama or Giuliani, you're feeling pretty good. Everyone else, not so good. And Democrats are feeling better than Republicans: All told, Republicans were out-raised by Democrats by nearly 50 percent: $144.3 million to $101.7 million.

    So what does it all mean? Take a look at the numbers of the top candidates and decide for yourself. This ain't rocket science, after all.
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  • Yes, Mr. McCain. It Does Seem to Be as Bad as It Looks

    Holly Bailey | Jul 2, 2007 03:42 PM
    Could things get any worse for John McCain? On the heels of last weekend's second quarter presidential fund-raising deadline, the Arizona senator announced today that he'd raised just $11 million during the last three months. That's even less than what he raised during the first quarter, when he trailed Mitt Romney and Rudy Giuliani by millions. Back then, McCain blamed himself for not setting up enough fundraisers so that people could donate money to him. But after months of McCain spending in upwards of three to four days a week soliciting funds, that can no longer be his excuse. The most shocking number however isn't what he raised, but how much he spent. McCain's campaign said Monday they have just $2 million in the bank, which means he's likely spent more than any other presidential hopeful in the race, Democrat or Republican. As a result, his campaign announced serious cost-cutting measures. As many as 50 staffers will be laid off and many of his senior aides will work without pay. Among those working for free until things turn around: Terry Nelson, McCain's campaign manager. It's a surprising turn of events for a guy who was once considered the Republican to beat in 2008. Team McCain originally believed they could raise $100 million this year, but in a conference call with reporters, Nelson today bluntly admitted they were wrong. More
  • Dear Mom And Dad, Having A Great Time Out Here. Met A Lot Of New Friends. Please Send Money

    Holly Bailey | Jun 28, 2007 03:40 PM

    It's that time of year again, folks. June 30 is the second-quarter fund-raising deadline for 2008 presidential hopefuls, and the big question heading into Saturday is how much money the campaigns have raised and spent during the last three months. Technically, the candidates don't have to tell us until July 15, when their disclosure reports are due at the Federal Election Commission. But if their handling of the first-quarter numbers is any indication, the candidates will probably brag about how much they've raised well before the deadline, possibly as early as next week.

    But "brag" might be a strong word. Already many candidates are playing the expectations game--as in, uh oh, maybe we didn't do as well as we hoped. Some of this is smoke and mirrors. Hillary Clinton types, for example, are spreading word that she might be beaten by Barack Obama again when it comes to primary fund-raising, while Obama aides, off the record of course, are putting the onus on Hillary, talking a sad story about how tough it is to compete against the Clinton money juggernaut. The truth is, we just won't know until we see the numbers.

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  • And Ron Paul, He's Like A Happy Meal

    Holly Bailey | Jun 13, 2007 12:07 PM
    John McCain’s campaign has had a rough go lately--at least that’s what his 2008 rivals would have you think. First, there have been the whispers about money, that McCain won’t even match the somewhat lackluster $12 million he raised during the first three months of the year by the time candidates file their second-quarter numbers. (His campaign says it’s not so, that they are on target to raise more. The truth is, absent some leak of finance records, we really won’t know until after June 30--the second quarter deadline.) There’s the talk about supporters jumping ship en masse for Fred Thompson--something that hasn’t really happened yet. Perhaps the only real disappointment that is confirmed is McCain’s clear slide in the polls lately. He’s down in Iowa and New Hampshire and took a big hit in this week’s Los Angeles Times/Bloomberg poll, which found him ranked third behind Thompson among likely GOP voters and just two points above Mitt Romney, a guy whose poll numbers haven’t kept up with his pace as the GOP’s fund-raising frontrunner. But, as the New York Times reports today, Romney seems to be picking up steam because he’s spending millions of dollars on advertising. And in this story is perhaps another McCain problem: The head-scratching analogy. More
  • I Haven't Reached the Running for President Stage of My Campaign Yet. I'm Still In the Raise Your Hopes and Take Your Money Stage

    Holly Bailey | May 30, 2007 03:54 PM

    Well, it's official, nonofficially: Fred Thompson is poised to jump in the race for the White House. The former Tennessee senator turned "Law & Order" actor will file paperwork next week to form an exploratory committee that would allow him to raise money for the run at the GOP nomination. The fine print is that because he's not officially a candidate, he can delay reporting how much money he's raised until next fall. Meanwhile, other White House hopefuls are required to report their second-quarter fund-raising totals to the Federal Election Commission by July 15. Why is this a big deal? For one, June is considered something of a do-or-die month for presidential wanna-bees who are rushing to raise the money they need to show they still have the momentum and stamina to stay relevant in the race for 2008.

    Case study: John McCain, who had a less-than-thrilling first quarter financial showing, is doing money events almost every day this week to improve on or at least keep up with rivals Rudy Giuliani and Mitt Romney. Ditto for Sam Brownback and third-tier candidates, who need to raise enough to stay in the running. The plus for Thompson is that by forming an "exploratory" committee instead of an official campaign account, he can escape, or at least delay, the expectations game until Sept. 30, the third-quarter FEC deadline. Perhaps most important, Thompson can woo donors, including some who might have given to the other candidates.

    How serious a threat do the other campaigns consider Thompson to be?

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  • For A Donation Today, I Will Gladly Repay You Super Tuesday

    Howard Fineman | Mar 13, 2007 04:16 PM
    As the March 31 first-quarter deadline approaches in this year's presidential money-raising race, two things seem certain: Sen. Barack Obama will exceed even his rapidly-rising expectations, and Sen. John McCain will not raise enough to justify what many... More
  • Mrs. Clinton Is Grateful For All Your Efforts to Strong-Arm Everyone You Know Into Giving Her Truly Disturbing Amounts Of Cash

    Holly Bailey | Feb 2, 2007 11:05 AM
    Is this the political equivalent of "shock and awe?" The New York Times reports today that donors who want to be included in Hillary Clinton's top tier of supporters will have to raise $1 million apiece for her presidential campaign. That's five times... More