Stakes is high

Treasury announces it will raise stake in Citigroup to 36%; Pandit will stay. (NYT) Obama and Orszag introduce new budget; Wall Street Journal publishes analysis with headline “Wealthy lose out as others gain.” (WSJ) Gates ends policy banning pictures of soldiers’ coffins. (AP) FBI arrests Stanford investment chief; SEC was alerted of Ponzi scheme five …

Read More

Continuity and conflict

Panetta‘s CIA will continue many Bush operations, including drone attacks and renditions. (WSJ) Latest financial fraudsters: Greenwood and Walsh. (NY Daily News) Fidelity chief condemns FDR’s unproductive “make-work” projects, signals greater spending on lobbying to fight second New Deal. (Boston Herald) GM posts $9.6 billion 4Q loss; lost $30.9 billion in ’08. (Detroit Free Press) …

Read More

Not the state of the union

In speech to joint session, Obama outlines recovery and says health care reform can’t wait; Jindal widely panned, likened to 30 Rock character. (WSJ, Twitter) Hearst threatens to shutter SF Chronicle, CEO demands concessions from unions. (NYT) Solis confirmed as Secretary of Labor. (AP) Durbin tells Burris to resign. (Chicago Tribune) Bloomberg buys neighboring apartments, …

Read More

Advisory troubles

Stanford marketed and invested $2.7 million with hedge fund owned by brother and son of Biden. (WSJ via Reuters) Ross picked to advise Clinton on Iran. (NYT) AIG negotiates for re-structured bailout, billions more from federal government. (Bloomberg) Rattner named lead adviser to Geithner on auto bailout. (Free Press) Locke believed to be third Commerce …

Read More

Citi on the edge

US in talks to expand stake in Citi to 40%; Pandit, under the gun, pens missive to employees. (WSJ) Clinton tells Chinese talk show audience that their government needs to continue buying US Treasury bonds because “we are rowing in the same direction.” (LAT) Dolan named Archbishop of New York, highest Catholic post in US. …

Read More

Roberts’ reign

After spending the better part of five years running for office, a victorious John F Kennedy set out to realize the promises made in the course of his 1960 presidential campaign, which was built on the New Frontier theme. As William Domhoff recounts in The Powers That Be, while Kennedy was an expert campaigner, he …

Read More

Swinging to new lows

BofA and Citi sell-offs send banking shares to 17-year low. (FT) FBI serves billionaire in Virginia; SEC investigates whether firm was Ponzi. (WaPo) Treasury and Fed plan to subsidize shadow banking system of hedge funds, private equity. (NYT) After firestorm of protest, Murdoch‘s Post offers qualified apology for cartoon likening Obama to chimp. (BBC) Kerry, …

Read More

Unsafe havens

In tax scam settlement, Swiss bank UBS agrees to turn over names of 250 wealthy American tax dodgers; Kurer remains committed to secrecy. (Bloomberg) Criminal trial of WR Grace execs for role in Libby, MT asbestos disaster begins today in Missoula. (NYT) Sebelius emerges as likely HHS pick. (NYT) Free of TARP backlash, mutual funds …

Read More

There will be fraud

SEC charges Texas tycoon with $8 billion fraud; influential Democratic lobbyist, millions in contributions to Party, Charlie, Greg, Bill, Pete, & co helped him gain clout in Capitol. (WSJ) Chrysler and GM request billions more in aid; Wagoner points to strong record of cost-cutting in announcing brand, factory, workforce reductions. (Detroit Free Press) Burris admits …

Read More

Creditors due

California senate in budget stalemate; governor to terminate 10,000 employees. (LA Times) Holder-led Justice defends withholding of Bush administration secrets related to wiretapping, telecom lobbying, traveler screening, FBI data warehouse. (AP) GM readies bankruptcy plans; Lazard banker turned union official appointed Treasury‘s auto adviser. (WSJ) Trump Entertainment goes belly up; Donald blames bondholders. (FT) “Propeller-head” …

Read More

Presidents’ Day Dilemmas

Plans for car czar dropped, Geithner and Summers to head auto panel; Levin questions delay as GM and Chrysler ready plans. (Detroit Free Press) Obama faces test on whether to continue extravagant presidential copter contract with Lockheed or return to United Tech‘s Sikorsky. (NYT) Gray Lady profiles boss man Mr. Slim. (NYT) Oil’s masters of …

Read More

Who is Michael Froman?

The dominant analysis of Obama’s historic fundraising effort is that small donors carried the day. His campaign certainly inspired record-smashing levels of small donor support, but the feel-good story of Obama lifted to victory by a $5 army obscures the crucial role that traditional fundraising mechanisms and networks played in Obama’s campaign. After all, Obama …

Read More