1. By Executive Order, the Secretary of State's salary was increased effective January 1, 2008. 2. Senator Clinton's term of office is from 2007 to 2012, so the "emoluments" of the SOS's office were "increased" during "the time for which … [Read more...]
Chuck Turner and Entrapment
Councilor Chuck Turner has said, according to the Herald, that his arrest is the result of a "sting operation in order to try to entrap me." The Council is to meet today to consider what action, if any, to take against Turner. And Turner's … [Read more...]
What’s Happening To The Right?
In the wake of Nomad943's unfortunate anti-Semitic comment, Nomad wrote a post on RMG crowing about the ban that our wise editors imposed on him here. I wandered onto RMG, perhaps foolishly, to rebuke him. Nomad's comments weren't the kind … [Read more...]
Let Them Fail
Think this is the first time a U.S. automaker that was stuck with a line of lower-quality gas guzzlers during an economic downturn at at time when the price of oil had spiked and consumers were demanding smaller, fuel efficient cars? Think … [Read more...]
Palin on the Power of the Vice Presidency
Senator Biden chided Governor Palin for suggesting that as VP she would seek to play a greater role as President of the Senate. Biden is clearly the more qualified candidate, Palen is out of her league, etc. But on this point, I think it's … [Read more...]
A modest proposal for retirement income reform
The AARP has been lobbying for passage of the bailout bill. The reason seems pretty obvious--lots of seniors have lots of stocks in their 401(k) plans, and they're worried about their nest-eggs. The three big take-aways from this, I … [Read more...]
Details of the Bailout Bill
Two provisions of the bailout bill jumped out at me: 1. Mark-to-market accounting. Sections 132 and 133 of the bill take aim at mark-to-market accounting, the rule requiring firms to carry, for example, mortgage-backed assets on their books … [Read more...]
I Don’t Get It
I don't get what Senator McCain is up to. Here's the sequence of events as I see it. 1. Sen. McCain seeks to postpone the debate so he can return to Washington to help reach a deal on the bailout. 2. Sen. McCain returns to Washington but … [Read more...]
Memo to Congress: Amend the UCC to Protect Investors
Under the Uniform Commercial Code, the interest of a secured creditor of your broker takes priority over your claim if the secured creditor "takes control" of the securities. So if your broker pledges "your" securities to a bank in return … [Read more...]
The Arrogance!
The arrogance of these directors! As the Lehman Brothers debacle showed, the Fed was not rescuing AIG because AIG "deserved" to be rescued. The Fed was rescuing AIG--exercising its powers under Section 13(3) of the Federal Reserve Act for … [Read more...]
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