Affichage des articles dont le libellé est Andrew Cuomo. Afficher tous les articles
Affichage des articles dont le libellé est Andrew Cuomo. Afficher tous les articles

lundi 6 avril 2009

New York charges Madoff 'feeder' Ezra Merkin with fraud - I say send 'em all to jail!

As the investigation into the Madoff scheme deepens, other prominent names are coming to the forefront. I say that it's time for all these fat cats to pay for what they've done.

I celebrate each and every indictment that comed from this case, and hopefully this will make people think twice about pulling these types of shenanigans on people...

But it probably won't; the lure of all that money is too much for most to resist:
"New York Atty. Gen. Andrew Cuomo today charged money manager J. Ezra Merkin with civil fraud in the Bernie Madoff Ponzi scheme, alleging that Merkin funneled more than $2.4 billion in clients’ funds to Madoff while ignoring 'glaring red flags.'

Merkin, a well-known New York philanthropist and the former chairman of General Motors Corp.’s financing arm, GMAC Financial Services, 'profited enormously from Madoff’s scheme, reaping huge commissions while investors lost all their money,' Cuomo said in a statement.

Merkin earned $470 million in management and incentive fees over time by steering money to Madoff, Cuomo said." Source: LA Times

samedi 20 décembre 2008

Caroline Kennedy Finally Reveals Her Positions and is Very Middle-of-the-Road on Most Issues

I wondered what Caroline Kennedy's views are on the hot button issues facing America and I read a New York Times article that cleared the air for me. She is, as I expected, middle on the road on most issues and still cautious on others. Here's the NY Times article in its entirety:

Kennedy’s Platform Has Mostly Mainstream Democratic Views

NICHOLAS CONFESSORE
Published: December 20, 2008

ALBANY — In just a few days, Caroline Kennedy’s bid to replace Senator Hillary Rodham Clinton has acquired nearly all the trappings of a traditional New York statewide campaign: a bevy of consultants, a tour of upstate cities and television cameras tracking her every move.

Now Ms. Kennedy has added something else to the list: a platform — of sorts.

On Saturday, Ms. Kennedy’s spokesman provided written answers to 15 questions posed by The New York Times. Most of the answers were brief, and some did not fully address the questions. Taken together, they cover a small part of the broad array of issues, from the parochial to the profound, that any New York senator is expected to confront.

But as Ms. Kennedy continues her effort to convince Gov. David A. Paterson that she deserves the seat being vacated by Mrs. Clinton, the answers — drafted by Ms. Kennedy and her staff — provide a glimpse of her political ideology.

In most respects, Ms. Kennedy’s answers portray her as being in line with New York Democrats’ views similar to those of New York’s senior senator, Charles E. Schumer, and Mrs. Clinton.

On social issues, Ms. Kennedy opposes restrictions on abortion rights, including laws that would require young women to notify a parent before obtaining an abortion. She described herself as a “strong supporter” of gun control, a stance that will likely find much more favor in New York City and its suburbs than upstate. Unlike Mrs. Clinton, however, Ms. Kennedy seems to support same-sex marriage.

“Caroline supports full equality and marriage rights for gay and lesbian couples,” the statement said.

She also appears to share mainstream Democratic views on most labor issues. Ms. Kennedy supports federal legislation, known as the “card check” bill, that would make it easier for unions to organize, the highest priority for the labor movement. She expressed some concern about what she described as “unintended, negative consequences” of the North American Free Trade Agreement, though stopped short of saying that it should be modified.

Ms. Kennedy also said she supported the auto industry bailout bill passed by the House and widely supported in parts of upstate New York that are home to auto-parts manufacturers.

But other answers may prove more controversial. Ms. Kennedy declined to say whether she supports placing a cap on local property taxes in New York, a hot-button issue that has sharply divided Democrats and Republicans in Albany. And Ms. Kennedy, who lives on Park Avenue, also declined to say whether she supports raising state or federal income taxes for the rich to help balance the budget and pay for government programs.

Ms. Kennedy, whose Senate bid has been aggressively championed in recent days by Joel I. Klein, the city’s schools chancellor, also supports Mayor Michael R. Bloomberg’s bid to retain mayoral control of schools.

In response to a question about whether she would favor modifying the school-governance law—which must be renewed by state lawmakers in the coming months — Ms. Kennedy’s statement said: “She is always open to new ideas on how to make the law better so long as they don’t prevent the mayor from taking the actions he thinks are appropriate and for which he will be held accountable.”

On illegal immigration, Ms. Kennedy hews closely to the path promoted by her uncle, Senator Edward M. Kennedy, backing a so-called path to citizenship for the undocumented.

“Caroline believes all undocumented workers should be required to legalize their presence in the United States and that we must create a way for them to do so,” according to her statement. “Undocumented workers should pay a fine, learn English and go to the back of the line behind those who came here legally.”

Ms. Kennedy also answered written questions from other publications, including Politico.com. It reported on Saturday that Ms. Kennedy opposed the Bush administration’s decision to invade Iraq and “supports President-elect Obama’s plan to work with our military leaders to begin a responsible withdrawal.”

But Ms. Kennedy, who is close to Mr. Bloomberg, a registered Independent, declined to answer a question about whether she would support a Democratic candidate for mayor during the 2009 elections.

She also would not say whether she supported Mr. Bloomberg’s controversial but successful efforts to alter New York’s term-limits law to allow him to run for a third term.

While Ms. Kennedy’s stance on various of issues would undoubtedly be of interest to many New Yorkers, particularly since she has remained out of the spotlight for so many years, the only vote that she must win for now is Mr. Paterson’s.
I still think Carolyn Kennedy is very uncomfortable in the public arena and I am very reluctant to say that she is qualified for such an office. I will give her credit for her years of tireless service to education. I did not think that Hillary Clinton was as qualified as she tried to lead us to believe when she first ran for the Senate, but she had that tenacity and determination to prove that she would be a great senator. I don't see that burning ambition in Carolyn Kennedy. Andrew Cuomo is my choice, but alas, the final word will come from Governor Patterson.

Caroline Kennedy Finally Reveals Her Positions and is Very Middle-of-the-Road on Most Issues

I wondered what Caroline Kennedy's views are on the hot button issues facing America and I read a New York Times article that cleared the air for me. She is, as I expected, middle on the road on most issues and still cautious on others. Here's the NY Times article in its entirety:

Kennedy’s Platform Has Mostly Mainstream Democratic Views

NICHOLAS CONFESSORE
Published: December 20, 2008

ALBANY — In just a few days, Caroline Kennedy’s bid to replace Senator Hillary Rodham Clinton has acquired nearly all the trappings of a traditional New York statewide campaign: a bevy of consultants, a tour of upstate cities and television cameras tracking her every move.

Now Ms. Kennedy has added something else to the list: a platform — of sorts.

On Saturday, Ms. Kennedy’s spokesman provided written answers to 15 questions posed by The New York Times. Most of the answers were brief, and some did not fully address the questions. Taken together, they cover a small part of the broad array of issues, from the parochial to the profound, that any New York senator is expected to confront.

But as Ms. Kennedy continues her effort to convince Gov. David A. Paterson that she deserves the seat being vacated by Mrs. Clinton, the answers — drafted by Ms. Kennedy and her staff — provide a glimpse of her political ideology.

In most respects, Ms. Kennedy’s answers portray her as being in line with New York Democrats’ views similar to those of New York’s senior senator, Charles E. Schumer, and Mrs. Clinton.

On social issues, Ms. Kennedy opposes restrictions on abortion rights, including laws that would require young women to notify a parent before obtaining an abortion. She described herself as a “strong supporter” of gun control, a stance that will likely find much more favor in New York City and its suburbs than upstate. Unlike Mrs. Clinton, however, Ms. Kennedy seems to support same-sex marriage.

“Caroline supports full equality and marriage rights for gay and lesbian couples,” the statement said.

She also appears to share mainstream Democratic views on most labor issues. Ms. Kennedy supports federal legislation, known as the “card check” bill, that would make it easier for unions to organize, the highest priority for the labor movement. She expressed some concern about what she described as “unintended, negative consequences” of the North American Free Trade Agreement, though stopped short of saying that it should be modified.

Ms. Kennedy also said she supported the auto industry bailout bill passed by the House and widely supported in parts of upstate New York that are home to auto-parts manufacturers.

But other answers may prove more controversial. Ms. Kennedy declined to say whether she supports placing a cap on local property taxes in New York, a hot-button issue that has sharply divided Democrats and Republicans in Albany. And Ms. Kennedy, who lives on Park Avenue, also declined to say whether she supports raising state or federal income taxes for the rich to help balance the budget and pay for government programs.

Ms. Kennedy, whose Senate bid has been aggressively championed in recent days by Joel I. Klein, the city’s schools chancellor, also supports Mayor Michael R. Bloomberg’s bid to retain mayoral control of schools.

In response to a question about whether she would favor modifying the school-governance law—which must be renewed by state lawmakers in the coming months — Ms. Kennedy’s statement said: “She is always open to new ideas on how to make the law better so long as they don’t prevent the mayor from taking the actions he thinks are appropriate and for which he will be held accountable.”

On illegal immigration, Ms. Kennedy hews closely to the path promoted by her uncle, Senator Edward M. Kennedy, backing a so-called path to citizenship for the undocumented.

“Caroline believes all undocumented workers should be required to legalize their presence in the United States and that we must create a way for them to do so,” according to her statement. “Undocumented workers should pay a fine, learn English and go to the back of the line behind those who came here legally.”

Ms. Kennedy also answered written questions from other publications, including Politico.com. It reported on Saturday that Ms. Kennedy opposed the Bush administration’s decision to invade Iraq and “supports President-elect Obama’s plan to work with our military leaders to begin a responsible withdrawal.”

But Ms. Kennedy, who is close to Mr. Bloomberg, a registered Independent, declined to answer a question about whether she would support a Democratic candidate for mayor during the 2009 elections.

She also would not say whether she supported Mr. Bloomberg’s controversial but successful efforts to alter New York’s term-limits law to allow him to run for a third term.

While Ms. Kennedy’s stance on various of issues would undoubtedly be of interest to many New Yorkers, particularly since she has remained out of the spotlight for so many years, the only vote that she must win for now is Mr. Paterson’s.
I still think Carolyn Kennedy is very uncomfortable in the public arena and I am very reluctant to say that she is qualified for such an office. I will give her credit for her years of tireless service to education. I did not think that Hillary Clinton was as qualified as she tried to lead us to believe when she first ran for the Senate, but she had that tenacity and determination to prove that she would be a great senator. I don't see that burning ambition in Carolyn Kennedy. Andrew Cuomo is my choice, but alas, the final word will come from Governor Patterson.

lundi 8 décembre 2008

Merrill Lynch CEO John Thain Fighting for $10 Million Bonus As the Company Gets Bought Out, Slashes Jobs


I heard about Merrill Lynch CEO John Thain's shameful display of greed this morning, but I must say I am certainly not surprised by his actions. Despite losses of $11 billion and 30,000 lay-offs, Thain is seeking a $10 million bonus. How selfish. Well, his move has prompted NY Attorney General Andrew Cuomo to reach out to the firm's board of directors urging them not to grant the "shocking" payment to Thain in light of the firm's "abysmal" performance. That's the problem with Wall Street. The CEOs of the big companies are being rewarded for poor performance.
Cuomo's office fired off a letter to Merrill's board this morning after the Wall Street Journal reported that Thain has suggested to the board of the financial giant that he should be awarded a bonus during a year in which 30,000 Merrill employees were laid off.

Cuomo reminded Merrill that it had informed his office on November 5th that any bonus would be based on performance and executive retention needs. By that measure, Cuomo said, "utilizing Merrill's own criteria, a bonus of this size appears unjustified." Source: ABC News
Not only was Merrill Lynch's performance under Thain horrible, the company ended up being sold to Bank of America Corp. and he wants a $10million bonus? He has lost his mind.

Thain joined Merrill as CEO in 2007 when the firm was already in trouble and received a $15 million signing bonus before he began a top-to-bottom review of the company. His salary is $750,000 a year.
Merrill has managed to stay afloat through the banking industry crisis in a large part because of the merger Thain engineered with Bank of America, according to attorneys who have examined the firm's financials. The merger was approved last week by shareholders for both institutions.

But a key underpinning of the deal is the $15 billion in public funds that the Treasury Department provided BofA and $10 billion offered to Merrill that it is expected to accept once the merger with BofA is completed. As such, any bonus to the firm's CEO would be "a thumb in the eye" of taxpayers, Cuomo said.

"In terms of performance, Merrill has reported losses for every quarter this year and has lost more than $11 billion for the year as a whole. Indeed, Merrill's decision to be taken over by Bank of America seems to have been the only thing that saved Merrill from collapse," Cuomo said. "Clearly, the performance of Merrill's top executives throughout Merrill's abysmal year in no way justifies significant bonuses for its top executives, including the CEO." Source: ABC News
I thought the financial mess on Wall Street and in the economy jarred people like Mr. Thain to reality, but I guess a leopard can't change its spots. Of course, this climate of greed has been festering on Wall Street for decades and it finally caught up with us. The problem is everyone is being affected by this avarice and the fallout that has resulted in the worst economic collapse in America's history, expected to surpass even the Great Depression.

Merrill Lynch CEO John Thain Fighting for $10 Million Bonus As the Company Gets Bought Out, Slashes Jobs


I heard about Merrill Lynch CEO John Thain's shameful display of greed this morning, but I must say I am certainly not surprised by his actions. Despite losses of $11 billion and 30,000 lay-offs, Thain is seeking a $10 million bonus. How selfish. Well, his move has prompted NY Attorney General Andrew Cuomo to reach out to the firm's board of directors urging them not to grant the "shocking" payment to Thain in light of the firm's "abysmal" performance. That's the problem with Wall Street. The CEOs of the big companies are being rewarded for poor performance.
Cuomo's office fired off a letter to Merrill's board this morning after the Wall Street Journal reported that Thain has suggested to the board of the financial giant that he should be awarded a bonus during a year in which 30,000 Merrill employees were laid off.

Cuomo reminded Merrill that it had informed his office on November 5th that any bonus would be based on performance and executive retention needs. By that measure, Cuomo said, "utilizing Merrill's own criteria, a bonus of this size appears unjustified." Source: ABC News
Not only was Merrill Lynch's performance under Thain horrible, the company ended up being sold to Bank of America Corp. and he wants a $10million bonus? He has lost his mind.

Thain joined Merrill as CEO in 2007 when the firm was already in trouble and received a $15 million signing bonus before he began a top-to-bottom review of the company. His salary is $750,000 a year.
Merrill has managed to stay afloat through the banking industry crisis in a large part because of the merger Thain engineered with Bank of America, according to attorneys who have examined the firm's financials. The merger was approved last week by shareholders for both institutions.

But a key underpinning of the deal is the $15 billion in public funds that the Treasury Department provided BofA and $10 billion offered to Merrill that it is expected to accept once the merger with BofA is completed. As such, any bonus to the firm's CEO would be "a thumb in the eye" of taxpayers, Cuomo said.

"In terms of performance, Merrill has reported losses for every quarter this year and has lost more than $11 billion for the year as a whole. Indeed, Merrill's decision to be taken over by Bank of America seems to have been the only thing that saved Merrill from collapse," Cuomo said. "Clearly, the performance of Merrill's top executives throughout Merrill's abysmal year in no way justifies significant bonuses for its top executives, including the CEO." Source: ABC News
I thought the financial mess on Wall Street and in the economy jarred people like Mr. Thain to reality, but I guess a leopard can't change its spots. Of course, this climate of greed has been festering on Wall Street for decades and it finally caught up with us. The problem is everyone is being affected by this avarice and the fallout that has resulted in the worst economic collapse in America's history, expected to surpass even the Great Depression.