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

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

Today’s headlines

Continental Flight 3407 crashes into house near Buffalo, killing 49 people aboard and one on ground; NTSB investigates. (Buffalo News)* Heeding Roubini, Times points to insolvency of banking system; Wall Street’s Peterson Institute concurs. (NYT) SEC, IRS, FBI investigate possible Ponzi scheme; billionaire owner blames “disgruntled former employees.” (Bloomberg) Director of National Intelligence Blair calls …

Read More

Confusing rewards

Capuano breaks news to Stumpf et al: “America doesn’t trust you any more.” (AP) Reid rolls Pelosi in stimulus negotiations? (Politico) Sage confesses bafflement over mortgage market, justifies Fed‘s inaction by insisting no one recognized bubble. (CNBC) 700 Merrill execs got million dollar bonuses on eve of BofA merger, Cuomo finds. (Bloomberg) Under new management, …

Read More