Following in the illustrious footsteps of Countrywide VIP Chris Dodd and Barney “Homeownership for the Homeless” Frank, Senator Max Baucus, Chairman of the Senate Finance Committee now has some splainin’ to do…
Hot Links: AIG Hearings, Class of '09 and Fed Open Thread
Hot Links for Weekend Reading The big happening in Bailoutland this week was, without a doubt, the Senate hearing on the Notorious A.I.G. bonus scandal. Whenever a disgraced Wall Street executive is called onto the Congressional Carpet, you can be sure that Dealbreaker‘s Bess and EP are going to Liveblog it for your reading pleasure….
Rage Against the Bonus Machine
Now we are being told that our officials are unable to curb $400 million in bonus payments to AIG because the payments are “contractually obligated” to be made. There’s a great scene in the movie Major League where Corbin Bernsen‘s character Roger Dorn complains to the GM of the team about his contract and what he’s…
Coming Soon: The Uptick Rule
The word today is that The Uptick Rule, the best line of defense we haven’t had in place for the last year, may be making a comeback. Rep. Barney Frank (D-Mass.), the head of the House Financial Services committee, said that the SEC should restore the so-called “uptick” rule within a month, Reuters is reporting….