The word temporary bothers me. It may be nothing more than an attempt to inflate the value of the business in preparation for its sale to the Mexican telecon mogel who wants to buy it and is probably still negotiating with them to that end.

As for paycuts–I would be content to pay people like Modo and Brooks and Collins what they are worth–which is zero.

March 26th, 2009 at 2:14 pm

paycuts and temp layoffs at NYT!!!!!!

———————————

Well…I sure hope they aren’t waiting for obama to fly in with his cape and save the day. It will be a long time coming!

What great news…

I hope it is for those slease bags…dodo, brooks…those media Obama whores/pimps etc!!!!!
———————–

So long sad times
Go long bad times
We are rid of modo at last

Howdy gay times
Cloudy gray times
You are now a thing of the past

Happy days are here again
The skies above are clear again
So let’s sing a song of cheer again
Happy days are here again

Altogether shout it now
There’s no one
Who can doubt it now
So let’s tell the world about it now
Happy days are here again

Your cares and troubles are gone
There’ll be no more from now on
From now on …

Happy days are here again
The skies above are clear again
So, Let’s sing a song of cheer again

Happy times
Happy nights
Happy days
Are here again!
Bye bye NYT!!!!

I know you like him. Many other people do as well. That is fine. But as you know he is not a saint but merely a politician. Some of his supporters (not you of course) get lost in the hype—right? We are open minded–unlike the Reagan worshippers who cannot see the forest for the trees. Right?

Well then, to be perfectly honest, I have some concerns : first, he has abandoned too many liberal positions; second the positions he has subsequently adopted are bush redux (examples) ; third, I am deeply concerned about his close relationship to Wall Street (examples). I worry that what we see is not what we will get.

The job he has got is not an easy one. We have more problems than ever before. But to my mind, two of them are paramount: the economy and our security.

I could be wrong of course, but I am highly skeptical of his bailout and stimulus strategies. More important some Noble Prize winning economists are skeptical too. Give me your email and I will send you the Krugman article.

I am not telling you what to think. I am merely suggesting that you consider the full picture here and what it means to our future. I know you are fair minded and will do that. Call me after you have read the Krugman article. I would be interested in your reaction.
————————–
Note: I try to do all this when there is someone else around who is persuadable because it changes the dynamic, the same way it does in a courtroom. Even if I do not change the mind of the bot their irrational or intemperate response I receive becomes a foil to persuade the other party.

Perhaps you have found a better way to do it counselor. Obviously, the above needs to be condensed and if the conversation is going anywhere there will be some give and take.

What great news…

I hope it is for those slease bags…dodo, brooks…those media Obama whores/pimps etc!!!!!

Yes, wbboei…

Hot off the presses and from your mouth to God’s ears Frank-enstein is supporting Geithners plan for heavy regulation and giving his personal recommendation for gaining Congressional approval. If they plugged all the loop holes they created over the years and regulated the Hedge Funds, there would be no need for an overhaul. Sounds to me, this little trick would give them unfettered access to the Social Security Treasury.. and unlimited plunder.

Administration unveils financial system overhaul

By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – 2 mins ago

WASHINGTON – The Obama administration on Thursday unveiled a sweeping overhaul of the financial system designed to impose greater regulation on major players like hedge funds .

Treasury Secretary Timothy Geithner told lawmakers that the changes are needed to fix the flaws exposed by the current financial crisis, the worst to hit the country in seven decades.

The goal is to repair a system that has proven “too unstable and fragile,” he said.

“Over the past 18 months, we have faced the most severe global financial crisis in generations,” Geithner said in testimony to the House Financial Services Committee. “To address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game.”

The administration’s proposal, which will require congressional approval, would represent a major expansion of federal authority over the financial system. It would impose tougher standards on financial institutions judged to be so big that their failure would represent a risk to the entire system .

It also would extend federal regulations for the first time to all trading in financial derivatives, exotic financial instruments such as credit default swaps that were blamed for much of the damage in the meltdown.

The administration also wants larger hedge funds to be required to register with the Securities and Exchange Commission.

In addition, the administration proposed the creation of a systemic risk regulator to monitor the biggest institutions. Geithner did not designate where such authority should reside, but the administration is expected to support awarding this power to the Federal Reserve.

The plan also includes a measure that Geithner and Fed Chairman Ben Bernanke discussed before the committee on Tuesday to give the administration expanded powers to take over major nonbank financial institutions, such as insurance companies and hedge funds that were teetering on the brink of collapse.

That power was aimed at preventing a repeat of the problems surrounding insurance giant American International Group Inc., which sparked a furor last week when it was revealed the company had distributed $165 million in bonuses to employees of its financial products group. The unit specialized in trading credit default swaps, the instruments that drove the company to near-collapse last fall.

“Let me be clear,” Geithner told the committee. “The days when a major insurance company could bet the house on credit default swaps with no one watching and no credible backing to protect the company or taxpayers must end.”

The administration, pushing for quick action on its reform agenda, sent Congress a 61-page bill dealing with the expanded powers to seize control of nonbank institutions late Wednesday.

The House committee, chaired by Rep. Barney Frank, D-Mass., has indicated it could move on the measure as early as next week.

Frank said the overhaul should ensure the government has more options and can avoid repeating the unattractive choices it faced last fall of letting Lehman Brothers fail, which sent a shock wave to the entire financial system, and propping up AIG with billions of dollars.

“We are looking for an alternative method to avoid those polar extremes,” he said.

While many Democratic lawmakers expressed support for Geithner’s proposals, Republicans questioned whether the overhaul would give federal regulators too much power.

Geithner on Thursday provided only a broad outline of the other proposals. Many thorny details will need to be worked out.

Administration officials promised that the remaining issues would be hammered out in consultation with Congress with the goal of getting legislation approved as quickly as possible.

The administration wants hedge funds and other private pools of capital, including private equity funds and venture capital funds, to be required to register with the SEC if their assets exceed a certain size. The threshold amount has yet to be determined.

The proposal on credit default swaps and other derivatives would require the markets on which they are traded to be regulated for the first time, and for the buying and selling of these instruments to be conducted in ways that will foster greater oversight.

Credit default swaps, which trade in a $60 trillion global market without government oversight, are contracts to insure against the default of financial instruments like bonds and corporate debt. They played a prominent role in the credit crisis that brought the downfall of investment banking giant Lehman Brothers Holdings Inc. last fall and nearly unraveled AIG, forcing the government to provide more than $180 billion in support.

Hedge funds, vast pools of capital holding an estimated $1.5 trillion in assets, operate mostly outside of government supervision. As the market crisis deepened last fall, hedge fund selling was widely cited as one of the reasons for increased volatility that pounded stocks and bonds. Hedge funds also suffered huge losses last year, notably from investments in securities tied to subprime mortgages.

The outline of the regulatory reform was unveiled a week before President Barack Obama is scheduled to meet for discussions among the Group of 20 major industrialized and developing countries in London to assess what needs to be done to deal with the global financial crisis.

While the administration is pushing other nations to follow the U.S. lead in putting together sizable economic stimulus programs to jump-start global growth, many in Europe are resisting those calls and arguing that the U.S. needs to do more to toughen financial regulations. They believe the current troubles can be traced to lax regulation in the U.S. over such key areas as hedge funds and credit default swaps.

Requiring hedge funds to register would open their books to inspection by regulators. The SEC sought that authority several years ago but was stymied by a federal appeals court in 2006.

Hedge funds have grown explosively in recent years while operating secretively. They have lured an increasing number of ordinary investors, pension funds and university endowments — meaning millions of people now unwittingly invest in hedge funds indirectly.

From

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milbank.com/NR/rdonlyres/0A536E01-18C5-4CF4-8C86-01924C3D96FE/0/020309_SIGTARP_Client_Alert.pdf.

or

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209.85.173.132/search?q=cache:UAFSQMVFEZQJ:www.milbank.com/NR/rdonlyres/0A536E01-18C5-4CF4-8C86-01924C3D96FE/0/020309_SIGTARP_Client_Alert.pdf+”Barney+Frank”+investigate+banks+Obama+”paperwork+reduction+act”+-Dowd&cd=1&hl=en&ct=clnk&gl=us

The Special Inspector General had hoped to send the letters “shortly,” but the requirements ofthe Paperwork Reduction Act has slowed that timetable considerably.Just last week, the White House Office of Management and Budget denied the SIGTARP’srequest to waive the PaperworkReduction Act’s provisions, and it could take up to three months for the required review to occur

Much more detial and references there.

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google.com/search?hl=en&rlz=1C1GGLS_en-USUS299US303&q=”Barney+Frank”+investigate+banks+Obama+”paperwork+reduction+act”&btnG=Search