The Panel Investigating the Financial Crisis Will Probably be a Painfully Boring Bunch

The Wall St. Journal has names for the Financial-Crisis Commission patterned after the Pecora Commission that investigated the causes of the Great Depression.

Unfortunately, this panel will not include the greatest financial mind of our time, Maxine Waters, which is a devastating turn of events because the banning of credit default swaps and dismantling of Goldman Sachs are absolutely crucial to fixing this economy.

The 21st Century version of the Wall St. rectal exam will instead be chaired by Phil Angelides, the former treasurer of California (which makes us pretty nervous considering how well Cali is doing) so we'll speculate that the main stream media will creatively come up with the name "The Angelides Commission".

Angelides, Thomas to Lead Financial-Crisis Probe [WSJ]

Sphere: Related Content

G20 Protests

The Guardian is live blogging the protesting in the Old Empire. Sounds like fun!

G20 summit and protests: live blog [The Guardian] Sphere: Related Content

Links 3/31/2009

Apparently, "love thy neighbor" is thriving in this economy. [Daily Intel]

This isn't news. [Denver Business Journal]

Best idea yet. [The Onion]

For your viewing misery [Slate]

Republicans (or just Reagan worshippers) start your hate-filled emails now [naked capitalism] Sphere: Related Content

FROM THE NOT-SO-SURPRISING DEPARTMENT: Maxine Waters Doesn't Make a Damn Bit of Sense

Maxine Waters is doing her constituents proud again today folks. In today's version of AIG crucifixion, she's throwing out the whole Goldman Sachs conspiracy theory as it relates to the eventual dismantling of the entire economy so that GS can be the supreme ruler of the universe. This is sure to fly with the likes of T. Geith and Ben.

Can't BFrank put a stop her batshit insane rambling? I mean, the 5 minutes (or wtf it is) allotted to each member of the subcommittee is one thing but if a committee member can't form a clear and coherent question that is of some relevance to the hearing in under 30 seconds, the chairperson should have the power to call a forfeit for the rest of the time and the cost to the taxpayers of said time should be tracked. Maxine Waters (and reps like this) have clearly done more damage to the poor saps at CSPAN than can possibly be quantified.

Maxine Waters Puts On Her Goldman Sachs Conspiracy Hat [Clusterstock via Daily Intel] Sphere: Related Content

Links 3/19/2009 - AIG Edition

I seriously don't know where to begin re: AIG, bonuses, Congressional grandstanding, death threats, T. Geith, etc. etc. etc. I hopefully found some of the better highlights.

For those of you really interested. NYT piece is excellent. [New York Times]

Non-profit journalistic point of view [Democracy Now!]

Hannity bashing (who thinks they [i.e. the AIG execs] should keep the money) via Reason [Reason Hit & Run]

The new name is really the most important thing. [Dealbreaker]

Daily Intel does it again...The Richhunt! [Daily Intel] Sphere: Related Content

Links 3/18/2009

This will definitely result in public hangings. [Reuters]

Do you think $90 lift tickets might have a little to do with this? [Denver Business Journal] Sphere: Related Content

Links 3/16/2009

Strategy? [Dealbreaker]

This is a little wonky but still important regarding the "heads we win, tails you lose" approach to the toxic asset problem. [naked capitalism]

Credit card defaults. I wouldn't get too excited about this rally...[Reuters] Sphere: Related Content

Links 3/13/2009

Not even amusement parks are safe. [Zero Hedge]

Famous last words. Just ask John Thain. [Reuters]

The audacity of a former subsidiary of Dick Cheney's former employer shouldn't really surprise anyone. [footnoted.org]

Floyd Norris's follow-up to his blog post yesterday [NYT] Sphere: Related Content

Cramer v. Stewart

A lot is being made of the faceoff beatdown that occurred on the Daily Show last night. I don't really know what to make of it because I don't have TV but the best indication of what we (i.e. anyone who's paying attention to this type of stuff) was posted at Daily Intel by Chris Smith. Whole thing here. This excerpt hits the nail:

But what Cramer and CNBC do will always be showbiz, to a large extent. What Stewart did last night was very, very important. Not so much because he voiced — articulately, backed by evidence, and with real feeling — the rage of millions. It was important because Stewart reminded journalists of the standards they're supposed to live up to: to call bullshit, no matter the trouble it may cause them professionally. Reporters are generally compromised already, to some degree, but the conflicts will only get worse as job security in the mainstream media continues to evaporate. It's going to take more courage to fight The Man, but it has never been more important. Some bloggers are stepping into the void already, to be sure. But Stewart showed last night that there's no substitute for having a big, well-funded megaphone. (Emphasis mine)

I think most would agree that this even goes back to the pre-Iraq war days in 2002-early 2003. Journalists knew that the war was going to be waged on false pretenses and they did nothing. Now most of them regret not speaking up.

No different here.

If the "experts" at CNBC actually knew what they should have known, they sure as hell didn't tell anyone (which is incidentally, their job) and if they didn't know, then their comptenency is nil and they should all be fired.

They could have done anything to have gotten the warning out into the mainstream media and it didn't happen. Who knows if it would have done any good anyway (see above). Bottom line is that everyone needs to start questioning anyone or anything on their TV more and exploring more alternative forms of information to find out what's going on out there because, apparently, it's pretty not good. Sphere: Related Content

Just think...

...this could have been me!

http://www.ft.com/cms/s/0/cf6c04cc-02b1-11de-b58b-000077b07658.html Sphere: Related Content

Who's freaking out?

Highlights, courtesy of New York Magazine's Daily Intel. Sphere: Related Content

It's GRRRRREAAT!

I'm sure my auditor friends are seeing more of this.

http://www.footnoted.org/market-meltdown/feeling-greatly-depressed/ Sphere: Related Content

New Job First Day Eve

My blog isn't widely read enough that I would announce that I got a job to the universe via this blog but this is the OFFICIAL blog announcement of me getting a new job.

Click here for my reaction. I know, the resemblance is striking.

The eve of a new job isn't really like any other "eve" (e.g. Christmas, New Year's) out there. No presents or projectile vomiting the morning after, just general anxiety of the being the new kid at school. I'll probably eat lunch alone and trip when I walk in front of a big group of pretty girls. You know, the usual.

On the bright side, I won't be working in a Final Big 4 (FB4) working environment (or equivalent) any longer. To get an idea of what the people and the environment is like at one of these firms (or similar regional and local firms) go here:

http://www.stuffaccountantslike.com/ (thanks to a friend and former colleague for the reference). My personal favorites are #4, 5, 7, and 9.

I'm sure you've gotten an idea about my past experiences in other blog posts but this is most comprehensive list I've seen.

I'll be reporting on my new job and no doubt it will provide awesome blogging material. My first day is tomorrow so no doubt I will have something to complain about by the end of the day noon.

And now, if you'll excuse me, I've got to help my Mom pick out my outfit for my first day tomorrow so she can lay it out for me. Sphere: Related Content