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PostPosted: Wed Jul 12, 2017 10:07 am 
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Washington state Capitol on lockdown

By Ray Sanchez, CNN
Updated 1:49 PM ET, Wed July 12, 2017


(CNN) The state Capitol in Olympia, Washington, is on lockdown Wednesday, and people are being advised to remain indoors, an official with the office of Gov. Jay Inslee told CNN.

"All of our buildings are on lockdown due to reports of an active shooter two blocks away from our office," the press office official said.

The Washington State Patrol tweeted that police activity at the Natural Resources and Office Building 2 of the Capitol campus led to the lockdown.


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PostPosted: Wed Jul 12, 2017 12:04 pm 
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Ex-Brazil President Lula sentenced to nearly 10 years for corruption

BRASILIA (Reuters) - Former Brazilian leader Luiz Inacio Lula da Silva, a top contender to win next year's presidential election, was convicted on corruption charges on Wednesday and sentenced to nearly 10 years in prison.


The ruling marked a stunning fall for Lula, who will remain free on appeal, and a serious blow to his chances of a political comeback.

Lula was Brazil's first working-class president and remains a popular figure among voters after he left office six years ago with an 83-percent approval rating. The former union leader won global admiration for transformative social policies that helped reduce stinging inequality in Latin America's biggest country.

The verdict represented the highest-profile conviction yet in the sweeping corruption investigation that for over three years has rattled Brazil, revealing a sprawling system of graft at top levels of business and government and throwing the country's political system into disarray.

Judge Sergio Moro found Lula guilty of accepting 3.7 million reais ($1.2 million) worth of bribes from engineering firm OAS SA, the amount prosecutors said the company spent refurbishing a beach apartment for Lula in return for his help winning contracts with state oil company Petroleo Brasileiro (PETR4.SA).

Federal prosecutors have accused Lula, who first took the presidency in 2003, of masterminding a long-running corruption scheme that was uncovered in a probe into kickbacks around Petrobras.

Lula's legal team has previously said they would appeal any guilty ruling. They have continuously blasted the trial as a partisan witchhunt, accusing Moro of being biased and out to get Lula for political reasons.

Moro has denied the accusations.

Lula's lawyers did not immediately respond to requests for comment.

Senator Gleisi Hoffmann, the head of the Workers Party, lashed out at the ruling, saying Lula was convicted to prevent him from running for the presidency next year. She said the party would protest the decision and was confident the ruling would be overturned on appeal.

The Brazilian real BRBY extended gains following Moro's decision and reached its strongest in two months. The benchmark Bovespa stock index .BVSP rose to a session high. Investors fear that another Lula presidency would mean a return to more state-directed and less business friendly economic policies.

"Power Vacuum on Left"

Lula would be barred from office if his guilty verdict is upheld by an appeals court, which is expected to take at least eight months to rule.

If he cannot run, political analysts say Brazil's left would be thrown into disarray, forced to rebuild and somehow find a leader who can emerge from the immense shadow that Lula has cast on Brazilian politics for three decades.

"Lula's absence opens a gaping hole in the political scene, it creates an enormous power vacuum on the left," said Claudio Couto, a political scientist at the Getulio Vargas Foundation, a top university. "We have now entered a situation of extreme political tension, even beyond the chaos we have been living for the last year."

Couto said he expected Lula's guilty verdict to be upheld by the appeals court. That would leave the 2018 presidential race wide open and raise chances of a victory by a political outsider, given most known contenders are also ensnared in Brazil's corruption investigations.

Boom to Bust

Lula's two-terms were marked by a commodity boom that momentarily made Brazil one of the world's fastest-growing economies. His ambitious foreign policies, aligning Brazil with other big developing nations, raised the country's profile on the global stage.

With Lula's swagger setting the tone, Brazil sought to shrug off northern economic and political hegemony and engage in global problems, like Middle East peace and the standoff over Iran's nuclear program.

Former U.S. President Barack Obama once labeled him the most popular politician on earth.

But upon leaving office and managing to get his hand-selected successor Dilma Rousseff elected, Brazil's economy soured, with the nation just now beginning to emerge from its worst recession on record.

Rousseff was impeached last year for breaking budgetary rules. She and her backers say her ouster was actually a 'coup' orchestrated by her vice president and now President Michel Temer, who himself faces corruption charges.

During his trial, Lula gave five hours of fiery and defiant defense, proclaiming his innocence and saying that it was politics and not the pilfering of public funds that put him on trial.

"But what is happening is not getting me down, just motivating me to go out and talk more," Lula said in his testimony. "I will keep fighting."

($1 = 3.22 reais)

http://www.reuters.com/article/us-brazil-corruption-lula-idUSKBN19X2FO

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Sérgio Moro, the first stance judge, who condemned Lula today...
Aécio Neves, Senator, lost the Presidential run in 2014 and led the impeachment (in this case a plain institutional coup) of Lula's ally President Dilma). The grandson of a prestigious politician, he was on the brink of being arrested last month and temporarily lost his Senator chair. He was caught in wiretaps by a powerful CEO.
Michel Temer, the current person sitting on the president chair, being denounced for corruption, who was also caught on wiretaps from the same powerful CEO.

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PostPosted: Wed Jul 12, 2017 1:21 pm 
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Though they whine about health care and the like, this is how lesser evils vote to spend money...
...lol, their health care dollars at work...
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Congress Greases Flightpath for the F-35 Boondoggle

Politicians bedazzled by fighter plane that can’t fight.
By Dan Grazier • July 11, 2017

Despite warnings of poor performance and spiraling costs from at least three oversight agencies, both Congressional armed services committees voted to add new F-35 Joint Strike Fighter aircraft to the president’s appropriations request and approved a three-year block buy.

FULL STORY HERE


Fair and Balanced :wink:

A trillion dollars of new less-evil hydrogen bombs...

Obama’s Trillion-Dollar Nuclear-Arms Train Wreck

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—“Now I am become Death, the destroyer of worlds.” These were the words from the Hindu religious text, the Bhagavad-Gita, that flashed through the mind of the man credited with creating the first atomic bomb, J. Robert Oppenheimer, as the first nuclear explosion in history lit up the dark desert sky at the Trinity blast site in New Mexico on July 16, 1945."

FULL STORY HERE


...Course Trump going right along with the Obama doctrine...

Global Nuclear Weapons Ban Approved in 122-1 Vote

Generally speaking, close US allies complied with US [lesser-evil] wishes and boycotted the conference...

...meaning states like South Korea didn’t attend, despite having much to lose in a potential nuclear war. Another conspicuous absentee was Japan, which likely reflects the Abe Government’s desire to keep cozy relations with the US, but is likely to be hugely controversial within Japan, the only nation to be a victim of nuclear attacks in a war, and a nation with a long history of nuclear disarmament advocacy.

FULL STORY HERE

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PostPosted: Wed Jul 12, 2017 2:56 pm 
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Two Democrats Elected to Oklahoma Statehouse

Two members of the Oklahoma legislature were forced to end their time in office prematurely. State Rep. Dan Kirby (R) had a nasty habit of making unwanted sexual advances toward female members of his staff, while State Sen. Ralph Shortey (R) allegedly had an even nastier habit of paying for sex...with children. So, they're both out.

On Tuesday, Sooner State voters went to the polls to choose replacements and, in a surprise, both seats went to Democrats. Michael Brooks will replace Shortey, having taken 54% of the vote, while Karen Gaddis will succeed Kirby after collecting 52% of the vote. It's hard to say how meaningful these results are, given that these were local elections with limited turnout, and also given that the two Republicans who resigned were both deviants. Still, Oklahoma may be the reddest state in the country; the only one where Barack Obama never won a single county. So, the fact that Democrats are winning there certainly can't make the GOP feel good.

http://newsok.com/article/5556001


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PostPosted: Wed Jul 12, 2017 6:57 pm 
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Caputh wrote:
Disco Boy wrote:
... Trump had to fund much of his primary and presidential campaigns on his own?! :roll:


With a little help from billionaires Woody Johnson (Johnson and Johnson), Stephen Feinberg (Cerberus Capital Management), Peter Thiel (Paypal), Carl Icahn (Icahn Enterprises), Tom Barrack (Colony Capital inc), Steven Mnuchin (hedge fund mamnager), Sheldon Adelson (Sands Casino), Robert Mercer (another hedge funds manager), T. Boone Pickens (BP Capital), Stanley Hubbard (Hubbard Broadcasting), Darwin Deason (Affiliated Computer Services), Wilbur Ross (WL Ross & Co), Andrew Beal (Beal Bank, Beal Aerospace) and John A. Paulson (Paulson and Co).


This does NOT detract from my above quoted statement. Another dent. That's it. :roll:

Caputh wrote:
Disco Boy wrote:
Also, you know damn well why you aren't answering or responding to the particular questions and statements I made.


Yes, I do know.


Good. I do too.

downer mydnyte wrote:
It's much worse than you think, believe me.


Stop pretending like you have insight into this. You don't. :roll:

Caputh wrote:
Oh, I'm sure there are many names and corporations and possibly governments one could add to that list. I'm also sure that Hillary's is just as long and does not merely consist of Goldman Sachs. What was I thinking when I wrote "mamnager", btw.?


ROTFLMFAO! Oh, I'm sure you're full of shit.

And just as long as Trump's?!

Hillary's list is MUCH longer. Especially since she spent more than DOUBLE what Trump did on the campaign and still had her ass handed to her. :mrgreen:

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PostPosted: Wed Jul 12, 2017 10:22 pm 
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Did you know that Gary Cohn (President and Co-Chief Operating Officer and director of Goldman Sachs), since January 20th Director of the National Economic Council (NEC) in President Donald Trump's administration, is Trump's new appointee for the head of the Fed?
Yeah, Goldman Sachs must really hate Trump...
http://nymag.com/daily/intelligencer/20 ... eport.html

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PostPosted: Thu Jul 13, 2017 7:00 am 
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Trump is turning out to be Swamp Thing... :mrgreen:


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PostPosted: Thu Jul 13, 2017 7:20 am 
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Plook wrote:
Trump is turning out to be Swamp Thing... :mrgreen:

This cries out for a pic!
Image

BTW three other Goldman Sachs employees that now work for their own (according to DB) arch-enemy, Donald Trump...
Jim Donovan - number 2 in the treasury, Steven Mnuchin- his boss and Dina Powell- deputy national security adviser for strategy.
http://money.cnn.com/2017/03/15/investi ... index.html

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Last edited by Caputh on Thu Jul 13, 2017 7:56 am, edited 2 times in total.

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PostPosted: Thu Jul 13, 2017 7:38 am 
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https://www.usatoday.com/story/news/pol ... 475089001/

US charging 412 in health fraud schemes worth $1.3 billion


$1.3 Billion sure would help those people that really need health care.


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PostPosted: Thu Jul 13, 2017 11:58 am 
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pedro1 wrote:
https://www.usatoday.com/story/news/politics/2017/07/13/jeff-sessions-authorities-charge-400-people-health-care-fraud/475089001/

US charging 412 in health fraud schemes worth $1.3 billion


$1.3 Billion sure would help those people that really need health care.



Oh! So government regulations and US anti-fraud cases CAN be a good thing?

Well, well, well. Live and learn.

There's more to this government keeping business in check thing.

Let's see where else we can make government useful rather than tear it apart, eh? :smoke:

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PostPosted: Thu Jul 13, 2017 12:03 pm 
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welp,

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that's gotta sting, even for a rich white boy

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PostPosted: Thu Jul 13, 2017 8:17 pm 
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Caputh wrote:
Did you know that Gary Cohn (FORMER President and Co-Chief Operating Officer and director of Goldman Sachs), since January 20th Director of the National Economic Council (NEC) in President Donald Trump's administration, is Trump's new appointee for the head of the Fed?
Yeah, Goldman Sachs must really hate Trump...
http://nymag.com/daily/intelligencer/20 ... eport.html


And to add to the above from investment banker Gary Cohn's wikipedia entry...

Compensation

Cohn's salary at Goldman Sachs was US$22 million in 2014.[30] He received $21 million in 2015.[31]
He received a severance package worth around $285 million – mostly in stock – from Goldman Sachs upon leaving to join the administration of Donald Trump.[15] In the administration he took a salary of $30 thousand.[32][33][34]



I might not even call this one a dent... :roll:

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PostPosted: Thu Jul 13, 2017 9:38 pm 
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So apart from the fact that 4 leading members of Goldman Sachs are now working for Trump, they also paid 285 million dollars to Cohn to go and work for Trump, thus covering any losses in income he might make by doing so. Man, they must really hate Trump.
Plus your information poses the question to whom is Cohn likely to be more loyal? Goldman-Sachs from whom he received 285 million? Or the Trump administration from whom he receives a salary of 30 thousand? But perhaps is there is no conflict of interest. Perhaps their interests happen to be the same...

'...Gary Cohn, recently left the firm to go to Washington as President Trump’s national economic adviser, necessitating the most significant management reorganization at Goldman in a decade.Goldman’s bigger and better capitalized banking competitors, such as JPMorgan Chase (jpm, +0.64%), Bank of America (bac, +1.15%), and Wells Fargo (wfc, +0.63%), are churning out record or near-record profits, while Goldman Sachs is still trying to find its footing in a regulatory environment that has favored less risk taking than Blankfein’s company is designed to accommodate. More than a few people on Wall Street, however, expect that Cohn and Treasury Secretary Steve Mnuchin, another Goldman alum, will find a way to ease back on the regulations.
...[W]ith Cohn and Mnuchin in positions of considerable power in the Trump administration—as well as Dina Powell, another Goldmanite who is serving as Trump’s deputy national security adviser for strategy—it appears to many on the outside that “Government Sachs” still effectively rules the world.'

http://fortune.com/2017/06/09/goldman-sachs-trump/

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PostPosted: Fri Jul 14, 2017 9:20 am 
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The Douchbag Jr Trump Tower meeting is turning out to be a clown car went from 4 people to 6 plus an interpreter and a possible 8th person over night... :shock:


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PostPosted: Fri Jul 14, 2017 1:13 pm 
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Plook wrote:
The Douchbag Jr Trump Tower meeting is turning out to be a clown car went from 4 people to 6 plus an interpreter and a possible 8th person over night... :shock:


and big daddy didn't know nothin'

Yeah Right :lol:

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PostPosted: Fri Jul 14, 2017 7:44 pm 
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Caputh wrote:
So apart from the fact that 4 leading members of Goldman Sachs are now working for Trump, they also paid 285 million dollars to Cohn to go and work for Trump, thus covering any losses in income he might make by doing so. Man, they must really hate Trump.
Plus your information poses the question to whom is Cohn likely to be more loyal? Goldman-Sachs from whom he received 285 million? Or the Trump administration from whom he receives a salary of 30 thousand? But perhaps is there is no conflict of interest. Perhaps their interests happen to be the same...

'...Gary Cohn, recently left the firm to go to Washington as President Trump’s national economic adviser, necessitating the most significant management reorganization at Goldman in a decade.Goldman’s bigger and better capitalized banking competitors, such as JPMorgan Chase (jpm, +0.64%), Bank of America (bac, +1.15%), and Wells Fargo (wfc, +0.63%), are churning out record or near-record profits, while Goldman Sachs is still trying to find its footing in a regulatory environment that has favored less risk taking than Blankfein’s company is designed to accommodate. More than a few people on Wall Street, however, expect that Cohn and Treasury Secretary Steve Mnuchin, another Goldman alum, will find a way to ease back on the regulations.
...[W]ith Cohn and Mnuchin in positions of considerable power in the Trump administration—as well as Dina Powell, another Goldmanite who is serving as Trump’s deputy national security adviser for strategy—it appears to many on the outside that “Government Sachs” still effectively rules the world.'

http://fortune.com/2017/06/09/goldman-sachs-trump/


Uh...

...Cohn's severance package is NOWHERE near the equivalent of Goldman Sachs paying him, "...to go and work for Trump." Not only that but apart from being a centrist, he actually supports reinstating the Glass-Steagall Act...

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PostPosted: Fri Jul 14, 2017 10:33 pm 
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Oh, so they just gave him the money to be nice? I wish they'd do the same with me.

'On Thursday it emerged that Gary Cohn, the former Goldman Sachs banker who now heads the government’s National Economic Council, had said in a meeting with senators that he supported the idea of reviving Depression-era legislation to split up big banks. Those Glass-Steagall rules barred so-called universal banking, which allows mainstream deposit-taking activities and riskier investment banking to take place under one roof...

Some have expressed surprise that Mr Cohn, who spent 26 years at Goldman Sachs, most recently as president and right-hand man of chief executive Lloyd Blankfein, should support such a draconian rule change. But Glass-Steagall is not exactly anti-Wall Street. It is anti-universal bank. So while it would be a nightmare for Goldman Sachs’s big investment banking competitors, it would be a relative non-event for Goldman Sachs itself. In competitive terms, it could be a huge boost.

...As Dennis Kelleher of Better Markets, a pro-regulation lobby group, puts it: “Most troubling about Mr Cohn’s possible embrace of Glass-Steagall is the potential benefits that would be uniquely enjoyed by his former firm, Goldman Sachs.” Goldman Sachs, he says, “would be king of the financial world where [universal] bank holding companies couldn’t compete.”'

https://www.ft.com/content/1cdae6d8-1b9 ... f?mhq5j=e1

So,it is understandable why Cohn is interested in reintroducing Glass-Steagall as Goldman Sachs would profit from it. What I find less understandable is your support as a Libertarian for legislation that was introduced by Democrats to regulate universal banking.

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PostPosted: Sat Jul 15, 2017 3:24 am 
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The Newberry Library in Chicago asks everybody to help transcribing books about magic: specifically the Book Of Magical Charms:
http://publications.newberry.org/dig/rc ... ibe/charms
The Commonplace book:
http://publications.newberry.org/dig/rc ... ommonplace
and Cases of Conscience Concerning Witchcraft:
http://publications.newberry.org/dig/rc ... itchcrafts

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PostPosted: Sat Jul 15, 2017 4:32 pm 
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Caputh wrote:
Oh, so they just gave him the money to be nice? I wish they'd do the same with me.


You obviously don't understand how severance packages work.

Caputh wrote:
'On Thursday it emerged that Gary Cohn, the former Goldman Sachs banker who now heads the government’s National Economic Council, had said in a meeting with senators that he supported the idea of reviving Depression-era legislation to split up big banks. Those Glass-Steagall rules barred so-called universal banking, which allows mainstream deposit-taking activities and riskier investment banking to take place under one roof...

Some have expressed surprise that Mr Cohn, who spent 26 years at Goldman Sachs, most recently as president and right-hand man of chief executive Lloyd Blankfein, should support such a draconian rule change. But Glass-Steagall is not exactly anti-Wall Street. It is anti-universal bank. So while it would be a nightmare for Goldman Sachs’s big investment banking competitors, it would be a relative non-event for Goldman Sachs itself. In competitive terms, it could be a huge boost.

...As Dennis Kelleher of Better Markets, a pro-regulation lobby group, puts it: “Most troubling about Mr Cohn’s possible embrace of Glass-Steagall is the potential benefits that would be uniquely enjoyed by his former firm, Goldman Sachs.” Goldman Sachs, he says, “would be king of the financial world where [universal] bank holding companies couldn’t compete.”'

https://www.ft.com/content/1cdae6d8-1b9 ... f?mhq5j=e1

So,it is understandable why Cohn is interested in reintroducing Glass-Steagall as Goldman Sachs would profit from it.


What are you babbling on about now?! There still would be competition.

The Glass Steagall Act is an example of a necessary regulation. Considering what transpired with the Housing Bubble Crisis, that's a good thing, right?! And since Cohn is no longer employed by Goldman Sachs, it wouldn't benefit him in the way it would if he were still employed by them. Kelleher and whoever wrote that article (the link you provided doesn't show the article without registration or logging in) don't know what they're talking about.

Caputh wrote:
What I find less understandable is your support as a Libertarian for legislation that was introduced by Democrats to regulate universal banking.


How so? Libertarians do believe in minimal and/or necessary regulations, just not unnecessary ones (which are the vast majority of them). And technically, like I've gone over millions of times before, I'm a social conservative / libertarian...

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PostPosted: Sat Jul 15, 2017 11:25 pm 
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I apparently don't know how severance pay works. Tell me how you would react if somebody gave you 285 million dollars.
Where would your loyalties lie?

Here's somebody else who "doesn't know what they're talking about" (the original link was from the Financial Times, btw - I apologize that you aren't a subscriber) to explain why Cohn might still be working for Goldman Sachs...

"[I]n 2013, a bipartisan group of United States senators — led by Senator Elizabeth Warren, Democrat of Massachusetts, and Senator John McCain, Republican of Arizona — proposed what they called the 21st-Century Glass-Steagall Act with the goal of breaking up banks with assets greater than $50 billion. They argued — incorrectly — that what caused the 2008 financial crisis was big banks again using their customers’ deposits to take big risks.

Their bill went nowhere. They reintroduced it in 2015. It went nowhere again, in large part because it was a bad idea.

And yet Ms. Warren persists. During a recent meeting, the senator pushed Mr. Cohn on how he felt about separating commercial banking from investment banking, prompting him, reportedly, to muster a modicum of support for it...

If Ms. Warren had had her way, JPMorgan Chase’s rescue of Bear Stearns and Bank of America’s rescue of Merrill Lynch would have been prohibited. Ironically, if she has her way in the future and investment banking is once again separated from commercial banking, the biggest beneficiary of a new Glass-Steagall law would be the Wall Street firm she surely hates the most: Goldman Sachs, which just happens to be Mr. Cohn’s old firm (and which paid him hundreds of millions of dollars during his 26-year tenure).

Unlike JPMorgan Chase and Bank of America, Goldman Sachs has no physical retail bank branches and only a sliver of its rivals’ trillions of dollars in deposits. What better way for Mr. Cohn to repay his former colleagues than by endorsing a plan that would virtually eliminate Goldman’s remaining competitors and cause them to spend years, and billions of dollars, going down the rabbit hole of separating their commercial and investment banking businesses? Goldman Sachs would love nothing more than a return to a form of Glass-Steagall."

https://www.nytimes.com/2017/04/21/busi ... -that.html

...and somebody else...

"A new Glass-Steagall Act might allow Goldman to turn back the clock to happier days, when it was free from intrusive stress testing and U.S. Federal Reserve oversight, even if it would also force the bank to strengthen its balance sheet and absorb higher costs as a pure-play broker dealer."

https://www.bloomberg.com/gadfly/articl ... agall-wish

...and somebody else...

'"Goldman will also benefit from Trump's planned '21st Century Glass-Steagall,'" one analyst wrote just after Trump's election, "since it could force rivals like Bank of America and JPMorgan to abandon their trading desks."

Goldman Sachs, you see, doesn't operate a commercial bank. So outlawing the business model of JPMorgan (Chase) and Bank of America trims the sails of Goldman's competitors, while leaving Goldman alone.'

http://www.washingtonexaminer.com/goldm ... le/2619845

Disco Boy wrote:
There still would be competition.


Not an answer to any point I was making, but I agree - insofar that Goldman Sachs can now compete much better with JP Morgan and Bank of America thanks to Gary Cohn and (indirectly) Donald Trump.

BTW the list of people formerly employed in some function by Goldman Sachs and now working for the Trump administration has lengthened even further recently and now reads...

Gary Cohn, Jay Clayton, Sean Memon, Steven Peikin, Dina Powell, Steve Mnuchin, Jim Donovan and Eric Ueland.

All from a bank that Trump had previously described as "...a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations and political entities."

https://www.realclearpolitics.com/video ... erica.html

And that at a time when all the above were still working for Goldman Sachs, the bank of which you wrote...

Disco Boy wrote:
Lastly and again, most of the top 1% DO vote left-wing. Why else do you think Goldman Sachs pay Hillary six figures to speak for them...


Six figures for Hillary to speak. Nine for Cohn to work for Trump.

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PostPosted: Sun Jul 16, 2017 5:01 pm 
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Caputh wrote:
I apparently don't know how severance pay works. Tell me how you would react if somebody gave you 285 million dollars.
Where would your loyalties lie?

Here's somebody else who "doesn't know what they're talking about" (the original link was from the Financial Times, btw - I apologize that you aren't a subscriber) to explain why Cohn might still be working for Goldman Sachs...

"[I]n 2013, a bipartisan group of United States senators — led by Senator Elizabeth Warren, Democrat of Massachusetts, and Senator John McCain, Republican of Arizona — proposed what they called the 21st-Century Glass-Steagall Act with the goal of breaking up banks with assets greater than $50 billion. They argued — incorrectly — that what caused the 2008 financial crisis was big banks again using their customers’ deposits to take big risks.

Their bill went nowhere. They reintroduced it in 2015. It went nowhere again, in large part because it was a bad idea.

And yet Ms. Warren persists. During a recent meeting, the senator pushed Mr. Cohn on how he felt about separating commercial banking from investment banking, prompting him, reportedly, to muster a modicum of support for it...

If Ms. Warren had had her way, JPMorgan Chase’s rescue of Bear Stearns and Bank of America’s rescue of Merrill Lynch would have been prohibited. Ironically, if she has her way in the future and investment banking is once again separated from commercial banking, the biggest beneficiary of a new Glass-Steagall law would be the Wall Street firm she surely hates the most: Goldman Sachs, which just happens to be Mr. Cohn’s old firm (and which paid him hundreds of millions of dollars during his 26-year tenure).

Unlike JPMorgan Chase and Bank of America, Goldman Sachs has no physical retail bank branches and only a sliver of its rivals’ trillions of dollars in deposits. What better way for Mr. Cohn to repay his former colleagues than by endorsing a plan that would virtually eliminate Goldman’s remaining competitors and cause them to spend years, and billions of dollars, going down the rabbit hole of separating their commercial and investment banking businesses? Goldman Sachs would love nothing more than a return to a form of Glass-Steagall."

https://www.nytimes.com/2017/04/21/busi ... -that.html

...and somebody else...

"A new Glass-Steagall Act might allow Goldman to turn back the clock to happier days, when it was free from intrusive stress testing and U.S. Federal Reserve oversight, even if it would also force the bank to strengthen its balance sheet and absorb higher costs as a pure-play broker dealer."

https://www.bloomberg.com/gadfly/articl ... agall-wish

...and somebody else...

'"Goldman will also benefit from Trump's planned '21st Century Glass-Steagall,'" one analyst wrote just after Trump's election, "since it could force rivals like Bank of America and JPMorgan to abandon their trading desks."

Goldman Sachs, you see, doesn't operate a commercial bank. So outlawing the business model of JPMorgan (Chase) and Bank of America trims the sails of Goldman's competitors, while leaving Goldman alone.'

http://www.washingtonexaminer.com/goldm ... le/2619845

Disco Boy wrote:
There still would be competition.


Not an answer to any point I was making, but I agree - insofar that Goldman Sachs can now compete much better with JP Morgan and Bank of America thanks to Gary Cohn and (indirectly) Donald Trump.

BTW the list of people formerly employed in some function by Goldman Sachs and now working for the Trump administration has lengthened even further recently and now reads...

Gary Cohn, Jay Clayton, Sean Memon, Steven Peikin, Dina Powell, Steve Mnuchin, Jim Donovan and Eric Ueland.

All from a bank that Trump had previously described as "...a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations and political entities."

https://www.realclearpolitics.com/video ... erica.html

And that at a time when all the above were still working for Goldman Sachs, the bank of which you wrote...

Disco Boy wrote:
Lastly and again, most of the top 1% DO vote left-wing. Why else do you think Goldman Sachs pay Hillary six figures to speak for them...


Six figures for Hillary to speak. Nine for Cohn to work for Trump.


Once again, you're TOTALLY missing the point. You're not seeing the bigger picture here.

What you don't seem to realize, is that if Glass Steagall (or a similar regulation) was reinstated, even though Goldman Sachs would still be successful, a Housing Bubble Crisis wouldn't happen again. And currently, it technically could still happen again. And not only that but during the first two years of the Housing Bubble Crisis, Goldman Sachs literally LOST $1.2 billion in this department alone. So what's worse, Goldman Sachs profiting or yet another Housing Bubble Crisis?

Secondly, the articles above make sweeping generalizations and claims about, "...virtually eliminating competition...", or competitors, "...abandon their trading desks...", etc. When in reality, there still would be competition. It's just that rules would be different.

Also, in your above Trump quote, he doesn't even mention Goldman Sachs. In fact, he's not necessarily even referring to them.

And lastly, to clarify, Goldman Sachs pay Hillary in the high six figures for EACH speaking engagement. Whereas, and again, Cohn is only being paid $30,000 per year to work for the Trump Administration. Considering Cohn worked for Goldman Sachs for 26 years (11 years as President, Co-Chief Operating Officer and Director), of course he's going to receive an extremely lucrative severance package. Why the hell wouldn't he?! A package like this wouldn't be much different compared to any other similarly successful company's...

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PostPosted: Mon Jul 17, 2017 3:45 am 
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Disco Boy wrote:
Once again, you're TOTALLY missing the point. You're not seeing the bigger picture here.

What you don't seem to realize, is that if Glass Steagall (or a similar regulation) was reinstated, even though Goldman Sachs would still be successful, a Housing Bubble Crisis wouldn't happen again. And currently, it technically could still happen again. And not only that but during the first two years of the Housing Bubble Crisis, Goldman Sachs literally LOST $1.2 billion in this department alone. So what's worse, Goldman Sachs profiting or yet another Housing Bubble Crisis?

Secondly, the articles above make sweeping generalizations and claims about, "...virtually eliminating competition...", or competitors, "...abandon their trading desks...", etc. When in reality, there still would be competition. It's just that rules would be different.

Also, in your above Trump quote, he doesn't even mention Goldman Sachs. In fact, he's not necessarily even referring to them.

And lastly, to clarify, Goldman Sachs pay Hillary in the high six figures for EACH speaking engagement. Whereas, and again, Cohn is only being paid $30,000 per year to work for the Trump Administration. Considering Cohn worked for Goldman Sachs for 26 years (11 years as President, Co-Chief Operating Officer and Director), of course he's going to receive an extremely lucrative severance package. Why the hell wouldn't he?! A package like this wouldn't be much different compared to any other similarly successful company's...



DB this is getting slightly bizarre. Goldman Sachs is now no longer the threat to the US economy it once was :? :? :?

Oh, I'm so sure that Cohn has instantly forgotten his 26 years with Goldman Sachs, too. And that 285 million - a mere nothing. :wink:

Of course, they'll still be competition, but you still don't seem to understand how Glass-Steagall gives Goldman Sachs an added advantage in that competition.


You should watch Trump's campaign ad: Lloyd Blankfein (Goldman Sachs CEO) turns up shaking hands with Hillary when Trump says the words.. '...a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth and put that money into the pockets of a handful of large corporations and political entities.'

In any case, Trump made numerous other anti-Goldman Sachs comments such as...


'Was there another loan that Ted Cruz FORGOT to file. Goldman Sachs owns him, he will do anything they demand. Not much of a reformer!'

— Donald J. Trump (@realDonaldTrump) January 16, 2016

'Cruz says I supported TARP, which gave $25 million to Goldman Sachs, the bank which loaned him the money he didn’t disclose. Puppet!'

— Donald J. Trump (@realDonaldTrump) January 23, 2016

'Is Cruz honest? He is in bed w/ Wall St. & is funded by Goldman Sachs/Citi, low interest loans. No legal disclosure & never sold off assets.'

— Donald J. Trump (@realDonaldTrump) January 23, 2016


'Bernie Sanders endorsing Crooked Hillary Clinton is like Occupy Wall Street endorsing Goldman Sachs.
— Donald J. Trump (@realDonaldTrump) July 12, 2016

'I know the guys at Goldman Sachs. They have total, total control over him (Ted Cruz). Just like they have total control over Hillary Clinton'

https://www.bustle.com/articles/197882- ... oyees-into

And then, of course, we have your own previously "positive" view of Goldman Sachs...

Disco Boy wrote:
Obama... is funded by Goldman Sachs, who in September had their Housing Bubble crisis investigation by the US Justice Dept. tossed because of lack of evidence :roll:


Disco Boy wrote:
Obama receives a HUGE chunk of his campaign contributions from Goldman Sachs (you know, one of THE very financial institutions that helped crash the economy four years ago! :roll: ).


Disco Boy wrote:
Obamney are significantly funded by Goldman Sachs


...which (now that the person who, according to you, was largely responsible for funding Hillary, Obama, Romney, who you wanted to see prosecuted and caused the economy to crash is working for Trump) has suddenly changed and Goldman Sachs is not such a suspicious left-wing organization after all.

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Last edited by Caputh on Mon Jul 17, 2017 8:42 am, edited 2 times in total.

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PostPosted: Mon Jul 17, 2017 7:24 am 
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Ed Sheeran Has Hit Back At Touts By Cancelling 10,000 Tickets

"Only minutes after being released, tickets for next year's shows were posted up on resale websites for hugely inflated prices. Most listings were asking for as much as eight times the original price of £49 - £88, but one dickhead even had the audacity to ask for a staggering £174,000 for a pair of tickets.

But Ed has hit back at the hustlers by cancelling 10,000 tickets that were posted up at rip-off prices. The over-priced tickets are no longer valid and will instead go back up on official sale."

http://www.ladbible.com/entertainment/c ... 9%3Fffdgsd

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PostPosted: Mon Jul 17, 2017 10:53 am 
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^Don't care about his music but that's really cool!

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PostPosted: Mon Jul 17, 2017 11:37 am 
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BBP wrote:
^Don't care about his music but that's really cool!



He's the next Frank Zappa... :mrgreen:


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