Saudi researchers have mapped the first Arab genome in a project to put the Arab world on the global genetic map and improve healthcare.
And, surprise surprise, there's a whole lot less variation than in the human genome otherwise ...
Geneticists from Saudi Biosciences say unlocking the genetic profile of 100 people from Saudi Arabia and other Arab countries will help tackle medical problems in Saudi Arabia, encourage development of personalized medicine and encourage sorely-needed scientific research.
Just screen one, the other 99 will be the same ...
The collaboration between the private Saudi company, Danish firm CLC Bio and the Beijing Genomics Institute will make their sequencing of Arab genomes available on a public database.
"The advantage of the project is that it studies the differences between peoples, and that will explain the spread of specific illnesses such as diabetes, heart diseases, etc.," said Saeed al-Turki, Arab Human Genome Project Coordinator. "Twenty-five percent of the Saudi population has, or is liable to have diabetes and that will form a big burden on health services," he said.
Continued on Page 49
Posted by: Fred ||
09/26/2008 00:00 ||
Comments ||
Link ||
[7 views]
Top|| File under:
#1
The Saudi family tree looks like a ball of yarn.
Posted by: ed ||
09/26/2008 1:38 Comments ||
Top||
#9
Why, Besoeker, do you think any confirmation is necessary?
"Saudi project puts Arabs on genetic map"
I'm more interested in dealing with the Saudi project that they have never been appropriately repaid for: 9/11.
#11
my thoughts exactly JFM. I predict this is how the wars of the future will be fought.
Little merit on that. In the weeks after 9/11 I skimmed over a book who contemplated seval end of world scenarios. First one was Saudis using renegade western and japanese scientists to produce a virus targeted at everyone else.
#12
They'll discover they're all going to have to marry non-Saudis in order to get rid of all the problems they've bred in over the centuries... and the dowries/brideprices will be high because nobody else wants to bring such problems into the family line. There is a peril in actually knowing; hence the penalty for eating that apple from the Tree of Knowledge of Good and Evil, back in the day. ;-)
#15
I would think that unearned wealth is all the nurture required to explain epic cultural Saudi laziness. And that probably is a significant contributor to the diabetes thing, too. Why bother bringing genetic predisposition into things?
Posted by: Mitch H. ||
09/26/2008 16:36 Comments ||
Top||
The Anti-Corruption Commission (ACC) yesterday approved the charge sheet against former premier Khaleda Zia and 15 others, including 10 former ministers, in a case filed in connection with illegally awarding Barapukuria coalmine operation contract to a Chinese company.
Posted by: Fred ||
09/26/2008 00:00 ||
Comments ||
Link ||
[0 views]
Top|| File under:
The Anti-Corruption Commission (ACC) is unlikely to file any case against former premiers Sheikh Hasina and Khaleda Zia regarding their wealth since enquiry has not found any ill-gotten wealth accumulated by them.
Posted by: Fred ||
09/26/2008 00:00 ||
Comments ||
Link ||
[1 views]
Top|| File under:
#1
Do they have an Anti Anti-Corruption Commisssion?
They might wanna think about it...
THE daughter of hate cleric Omar Bakri Mohammed is a POLE DANCER, The Sun can reveal. Busty Yasmin Fostok, 27, leads a secret life after rebelling against her fanatical Muslim dad -- who rants against Western "depravity". She has performed in London pole dancing bars and gyrated half-naked in cages at club nights. And she admitted: "I'm willing to go topless if the venue is right." "Define 'right.'"
"Somebody's there and they give me money."
"Like me? Like this fiver?"
"Sure. [STR-I-I-I-I-I-P!] These're my uds!"
"Whoa! Now, them's gen-yew-wine!"
Yasmin, a party-loving girl who quit the family home in North London four years ago, added: "I don't get on with my dad."
I'd say leaving home was a good idea ...
Bakri, 50 -- in Lebanon after being kicked out of Britain -- told The Sun: "I am deeply shocked." Bakri is a Muslim preacher of hate who wants all women to be covered from head to toe. He hailed the 9/11 terrorists as the "Magnificent 19". His daughter says: "I don't agree with his views -- I just get on with my life and that's it." "We all have our little foibles. I'm a stripper, he's a dishpit." Photo at the link. She's cute.
Posted by: Mike ||
09/26/2008 06:43 ||
Comments ||
Link ||
[6 views]
Top|| File under:
#1
And getting welfare payments. I'm not so impressed.
Posted by: Eric Jablow ||
09/26/2008 7:27 Comments ||
Top||
#2
I do not approve of pole dancing as a career or even as entertainment, but I applaud her courage.
Perhaps predictably, self-styled sheikh Bakri, now exiled to Lebanon, dismissed the news as a 'fabrication' and described it as an attack on him and Islam. "The more you put pressure on me, the stronger I become. Islam will conquer Britain.
I have not seen my daughter for nine years , but because she is a member of my family people want to make things up about her. You are going to pay a heavy price," he warned. "You can read it any way you like. The time is now."
Yesterday Syrian-born Bakri, whose leave to remain in Britain was revoked after the 7/7 London attacks, changed his tune and claimed:"I have no daughter doing anything like this - all my children are practicising Muslims. I spoke to my daughter. At first I told her I was shocked at the stuff I was hearing. But then she told me it was all lies."
The 'Tottenham Ayatollah' then claimed the story was part of a plot to get back at him after police were forced to hand back £14,000 in cash they confiscated from Bakri's son Abdul after a judge ruled the cash was not intended for 'terrorist purposes.' "They are using members of my family to get back at me, because I have won. They are jealous because my son Abdul has got back the money that the police stole from him. Islam has prevailed and you are defeated. The lowest people on earth are non-Muslims and that is why we have to put up with these fabrications and lies."
Drooling infidels ogle your daughter and she appears to enjoy it. Looks like you've failed as an Islamic parent, holy man.
Remember Imam Omar crying and trying to weasel his way on board the ship that was taking Brits out of Lebanon back in 2006 when the Israelis had their little dust up with Hezbollah? When he finally had to face a situation where the violence he preached was really happening? But they got wise to him so he had to stay there? Wonder how he'll make out the next time.
Leave it to the SUN to bring us a story like this.
Autism experts, politicians, lawyers and civil rights campaigners are urging Jacqui Smith, the home secretary, to intervene in the case of the British hacker Gary McKinnon so that he can be tried in Britain rather than being extradited to the US. McKinnon, recently diagnosed with Asperger's syndrome (AS), has exhausted all legal challenges but Smith can intervene on compassionate grounds.
McKinnon, 42, from north London, is accused of hacking into US military and Nasa computers and causing $700,000 damage. Having lost appeals against extradition to the House of Lords and the European court of human rights, he could be extradited to the US any day.
Karen Todner, his solicitor, said yesterday that she was still waiting to hear from the home secretary regarding a plea that he be allowed to stand trial in the UK. "I hope that she will be brave enough to make the right decision or, at the very least, ensure that he would be allowed to serve his entire term in this country," said Todner.
He can stand trial in the U.S. and plead his case. We're not without compassion if there are extenuating circumstances. But isn't it suspicious that the perp was 'recently diagnosed'.
Autism specialists are also calling on Smith to exercise her discretionary right. "I believe Gary to be 'guilty' of having AS," said Dr Luke Beardon, senior lecturer in autism at the autism centre at Sheffield Hallam University."That he hacked into the Pentagon is apparent; it is also crystal clear to me that he did this as a direct result of following the obsessional interest which drives him, with no malicious intent to harm the computers or any human beings whatsoever."
Sir John Stanley, Tory MP for Tonbridge and Malling, wrote to Smith earlier this month expressing his concern about the "one-sided nature" of the UK-US extradition agreement. Campaigners are due to protest against the extradition outside the US embassy in London on Sunday.
Posted by: Steve White ||
09/26/2008 00:00 ||
Comments ||
Link ||
[0 views]
Top|| File under:
#1
Ignorance of the law is no excuse for breaking it. That's one of the legal underpinnings of our society. I don't care why they're ignorant, to me, insanity is NOT a defense. Neither is anything else that takes responsibility away from the person responsible for the crime.
#2
Asperger's Syndrome does not excuse law-breaking. Even psychopaths must obey the law or be punished, and Aspies are no less culpable, just as they must wear appropriate clothing when they appear in public,.
#3
If you could hear my reaction, you might diagnose me as a sufferer of Tourette's Syndrome. But I don't want to be pooplisted, so I'll just keep it between me and my display.
#6
"I hope that she will be brave enough to make the right decision or, at the very least, ensure that he would be allowed to serve his entire term in this country,"
That's his lawyer talking? Might be time to look for another one, rain man.
#7
Lock him up in an institution for the criminally insane if you like. It doesn't matter where he's locked up as long as he's locked up for a long, long time.
Russia is to build new space and missile defence shields and put its armed forces on permanent combat alert, President Medvedev announced today.
In a sharp escalation of military rhetoric, Mr Medvedev ordered a wholesale renovation of Russia's nuclear deterrence and told military chiefs to draw up plans to reorganise the armed forces by December. He said that Russia must modernise its nuclear defences within eight years, including the creation of a "system of air and space defence".
The announcement puts Russia in a new arms race with the United States, which has infuriated the Kremlin by seeking to establish an anti-missile shield in eastern Europe. The US argues that the shield is aimed at rogue states such as Iran, but Russia is convinced that its own security is threatened. Some Race. But the last one worked out well for them so they should give it another go.
Mr Medvedev told military commanders that "all combat formations must be upgraded to the permanent readiness category" by 2020. He added that Russia would begin "mass production of warships, primarily nuclear cruisers carrying cruise missiles and multi-purpose submarines".
#1
A missile defense shield? Grand, sounds like a plan. Good luck with that, Premier Sockpuppet.
If Russia ever turns into a country which can pull off a technical feat like a missile defense shield that can actually protect them from US cruise missiles, then I'm willing to wager that they'll be the sort of country we don't need to fire cruise missiles at.
Kind of like China, actually. [knock on wood, hope they don't prove me wrong by invading Taiwan next week. It's been that kind of month.]
Posted by: Mitch H. ||
09/26/2008 16:25 Comments ||
Top||
#9
The Russkies are too dense to figure out that if they trashed the Nkors and the Iranians, the Americans wouldn't believe there is a need for a limited ABM system and would gut the program. Instead they do as they do cause a scorpion can't change its behavior.
#10
Wid the new US truuubles vee China ally Pakistan, + budding pan-Nation regional Islamist truuubles elsewhere, it remains to be seen iff Russ can't meet its 2020 deadline.
Russia is to move faster to modernize its military given the 'pressing circumstances', says Russian President Dmitry Medvedev amid increasing signs of US' hostility. "Modernization of the armed forces" had to take place "much faster because circumstances are pressing us to act this way," Medvedev noted.
In its most recent defiance of the Russian will, the United States has moved closer to partially stationing its proposed anti-missile tracking radar in the Czech Republic. Last month, in an interview with the Press TV, Russian political analyst Victor Nadein Raevskiy said "Iran does not have missiles that could reach that far,... of course, it is some kind of protection against Russian rockets."
Medvedev said the plan is to assume a faster pace given the 'pressing circumstances'. "If you can aim at rockets, then you are brave enough to begin the war," he added.
Moscow has as well claimed the plan constituted a 'nuclear deterrence' and a 'threat to its security'.
The decision for the modernization, announced by the president earlier in the month, was, as well, 'undoubtedly' moved by the country's August 8 confrontation with Georgia in which the United States has likewise been implicated. Invading South Ossetia, the Georgian forces had endangered the lives of the Russian peacekeepers and citizens in the independence-leaning republic.
Russia accuses Washington of having been planning the war since long ago while making political capital of the uneasy aftermath to boost the chances of one of the rivaling US' presidential candidates.
Earlier in the month, Russia's State Duma deputy, Sergei Markov, told Press TV that "it is not a conflict between Russia and Georgia. It is a conflict between Russia and the United States. The United States, in fact, attacked Russia with Georgian hands."
Posted by: Fred ||
09/26/2008 00:00 ||
Comments ||
Link ||
[0 views]
Top|| File under:
#4
Russia is to move faster to modernize its military given the 'pressing circumstances'
You mean like having a hard time beating the Georgians?
Posted by: Frozen Al ||
09/26/2008 11:52 Comments ||
Top||
#5
Moscow wants another arms race? You'd think they would have learned from the last one. But that's OK. Now we can go back to Star Wars! You never know what kind of really cool technology our engineers can cook up if they have the right kind of government contracts.
BEIJING A news story describing a successful launch of China's long-awaited space mission and including detailed dialogue between astronauts launched on the Internet Thursday, hours before the rocket had even left the ground.
The country's official news agency Xinhua posted the article on its Web site Thursday, and remained there for much of the day before it was taken down.
A staffer from the Xinhuanet.com Web site who answered the phone Thursday said the posting of the article was a "technical error" by a technician. The staffer refused to give his name as is common among Chinese officials.
The Shenzhou 7 mission, which will feature China's first-ever spacewalk, is set to launch Thursday from Jiuquan in northwestern China between 9:07 a.m. EDT and 10:27 p.m. EDT.
The arcticle, dated two days from now on Sept. 27, vividly described the rocket in flight, complete with a sharply detailed dialogue between the three astronauts.
Excerpts are below:
"After this order, signal lights all were switched on, various data show up on rows of screens, hundreds of technicians staring at the screens, without missing any slightest changes ...
'One minute to go!'
'Changjiang No.1 found the target!'...
"The firm voice of the controller broke the silence of the whole ship. Now, the target is captured 12 seconds ahead of the predicted time ...
'The air pressure in the cabin is normal!'
"Ten minutes later, the ship disappears below the horizon. Warm clapping and excited cheering breaks the night sky, echoing across the silent Pacific Ocean."
If this is true, I take back everything bad I said about his actions on this handout plan.
U.S. Sen. John McCain, R-Ariz., may be throwing a monkey wrench into efforts to pass a $700 billion bank bailout, instead favoring alternative plans that looks to free up capital and credit markets via tax and regulatory relief while allowing financial institutions to temporarily skip dividend payments to shareholders.
Republican and Democratic officials in Washington said McCain was offering alternatives Thursday to the $700 billion plan backed by the Bush administration, Federal Reserve chairman Ben Bernanke and U.S. Treasury Secretary Henry Paulson. That plan has the federal government acquiring bad mortgage assets from struggling banks with the goal of keeping them afloat and allowing more credit to flow.
McCain appears to be siding with conservatives and House Republicans who question the bailout and its costs to taxpayers as well as government rescuing private lenders and perhaps taking ownership stakes in rescued banks.
The alternative plan allocates less public money and relies more on tax breaks, lifting regulatory barriers and using less bailout-oriented mechanisms to free up capital and credit. It also seeks to create a privately funded mechanism to ensure mortgages and mortgage-backed securities.
One Republican official said McCain is standing up for taxpayers as he, President Bush, congressional leaders and presidential foe Sen. Barack Obama try to hash out a deal. A deal was close to being finalized Thursday but House Republicans and McCain are looking to get alternatives considered.
Bernanke and Paulson have warned that without action the flow of credit could totally freeze, more banks could fail and the rough economy sink into a recession.
A Democratic official said Thursday McCain and U.S. House Minority Leader John Boehner are the major barriers to passage of the bailout. Public opinion polls show voters upset with the bailout plan and its relief to Wall Street bank and investment houses.
Some economists and business groups support the bailout, echoing worries that if something is not done the economy and financial markets could collapse.
Democrats had wanted to put stipulations on the Paulson bailout plan including limits on CEO pay.
McCain's campaign and U.S. Senate office did not respond to requests for comment.
Posted by: Abu do you love ||
09/26/2008 15:36 Comments ||
Top||
#2
Hopefully. It does fit with his history of trying to keep government spending down.
In CCAGWs 2007 Congressional Ratings McCain scored a 100%. Pretty damn good. Seems more and more like this "deal" for a bailout is nothing more than a payout with the taxpayers getting screwed.
#3
Dems in majority along with POTUS can pass this with or without the Republican minority. This is a win/win turkey shoot for McCain and the Republican party. Paloosi, The One (former ACORN Lawyer), Reid, and Big ACORN are leading the turkey flock.
#7
No. They are seriously afraid. The banking system came dangerously close to seizing up last Wednesday when LIBOR doubled. That was because banks did not want to lend to other banks overnight because they feared not being repaid the next morning.
If you aren't afraid, you don't have any idea what is going on and how close we are to SEAFU, Situation Extraordinary. And that is a large part of the problem, not enough people have enough fear. The problem is that one group that really does not yet have the fear is the average banker. Only the guys in the head shed who aren't supposed to talk about how close the system came to seizing are properly afeared. That's why Paulson is on one knee to Pelosi. It sure ain't the Botox. Unitl the fear is so wide spread and palpable that people don't snark about fear cards will this problem be solved. And it is going to take a whole lotta pain to generate that much fear.
#9
Fear is not unacceptable, it's desirable when there's somethin to be afraid of. And it'sa one of only two things that moves markets. The other is greed. We've had enough of that for a while.
#10
Yes NS, I respect you and generally agree. However, critical decision making (of the 700B USD variety) should always find it's foundation in knowledge, accurate knowledge. Not 'fear' instilled by the beltway crowd.
#11
Capitalism without failure is like religion without sin. Some banks need to fail and some businesses need to be crushed to powder, before we can have a firm foundation upon which to rebuild the economy. We have over-capacity in finance and in manufacturing. That capacity came about because of excessive credit availability. Some of that marginal capacity needs to be taken out; the alternative is an even bigger bubble - this time one that will take decades to recover from. We need to end this madness today; stand athwart history and yell "Stop!" with the incessant government tinkering, this time at huge taxpayer expense. You know, it's funny - when Bernanke talked about dropping helicopter-loads of cash, he never mentioned that we would be dropping them on the wealthy denizens of Wall Street.
#14
What Nimble Spemble said. But the Democrat don't fear enough yet, either, or they'd have skipped the posturing and got immediately down to the serious work of hammering out a bill that could pass both Houses of Congress with enough Republican votes to give the Democrats the cover they seem to feel they need.
#18
I'm no fan of the bailout, but NS has a good point. The Fed properly noted that the panic had gotten to the point of being potentially very harmful and also knew full well that the only thing that would settle things down would be a big enough move by the Fed to reassure everyone that the system isn't going to collapse. People weren't sure, so they - very rationally - attempting to prepare themselves for the possibility.
However, ZF is also correct, bad banks (like Inymac - maybe the planets worst.), have to go. Remember: It's the failed banks that cost you the most. We back the deposits and get nothing back.
What this move by the Fed has allowed, giving banks time to take an assessment of what lies ahead, is more important than the 700 billion. The consolidation in banking going on right now is what really is and will continue to be the true driver of the recovery and it will help make sure that our money goes to businesses that don't fail. Which means we get at least something for our money. Granted, what we get isn't worth nearly what we pay, but it's far better that we buy 'toxic paper' from a bank like JPM than paying out deposit insurance for MaMu.
Posted by: Mike N. ||
09/26/2008 21:38 Comments ||
Top||
WASHINGTON - Republican John McCain says he's going to be at the first presidential debate, even though Congress doesn't have a bailout deal.
With less than 10 hours until the debate was scheduled to start, the McCain campaign announced that the Arizona senator would travel to the University of Mississippi. The campaign said after the forum he will fly back to Washington to continue working on the financial crisis.
The campaign's statement said McCain is optimistic that there has been progress toward a bipartisan agreement. But earlier in the week, McCain said he would delay the debate "until we have taken action to address this crisis."
#1
I'm really afraid he's looking wishy washy. I'm conservative and want him to win so if I'm seeing him this way, how do the 'undecided' voters see him? That coupled with Palins weak performance with Couric has me concerned. (What the hell were they thinking sending her to Couric???) Neither of them are coming across solid and Obama is with the help of the MSM. I'm really concerned with losing 'undecided' voters. Lets pray the debates play out well.
On the other hand with McCain and Obama going to DC, Obama was denied his 3 days of preparation and practice for the debate - something the MSM headlined earlier this week. Maybe that was McCain's Machiavellian plan and maybe that is why Obama was relucant to go.
Posted by: Yosemite Sam ||
09/26/2008 12:55 Comments ||
Top||
#2
I share your concerns, YS.
Unless the plan all along was to deny BHO prep time for the debates, this could backfire with undecided voters. It doesn't matter if it was the right call or not, in the sense that an effective and competent leader would make the same call (to delay the debates until a plan to address the impending economic crisis had been reached). Sadly, the usual toxic brew of electoral politics and partisanship in DC makes it almost impossible for the real truth to come out. There's just too much spin. As a McCain supporter, I'm also afraid that he looks wishy-washy here. If denying BHO his debate prep time was the original plan, then McCain needs to have a VERY strong performance against BHO to come out net positive here.
As you pointed out, adding Palin's less than impressive showing with Couric into the mix puts the McCain campaign on the defensive for right now. I must admit, watching Palin give her answer to Couric's question on the current bailout plan was a little painful, to say the least. They had to know that question was coming so either she needs more media coaching or they need to do better prep work.
The MSM's blatant favoritism for BHO is only exacerbating the current situation. I tend to believe that undecideds are more or less naive about the liberal bias in the media, otherwise they would be far less undecided. So all of this works against McCain/Palin. Then again, the media chips have been stacked against conservative candidates for quite some time now and the People have demonstrated a keen ability to see through much of the bias.
#3
I disagree Sam. He tried to say "Let's fix this" but Sen. Obama said "Business as usual". McCain is claiming more leads in the polls, but he can't afford to shoot himself in the foot by skipping out on the debate. The Obama campaign would have a field day with that one.
#4
McCain's grandstanding was stupid. Asinine even. He thought if he put his maverick stamp on the handout, the country would prostrate itself before him. The fact is that there's no way to prettify this handout. The best thing McCain could have done was distance himself from this septic tank. And what does he do? He jumps right into the tank. This moron is so stupid that if he wins the election anyway, it'll be proof that God has a special place in his heart for simpletons.
McCain could have pointed to Bush's collaboration with the Democrats on this handout bill as an example of how he's different from the Bush administration - he doesn't favor taxpayer handouts to businesses that make wrong-way bets with borrowed money. Instead, he tries to help Bush pass this handout bill. What is wrong with this guy?
#8
Agreed. I applauded the "screw the campaign, the country comes first" move, but sitting like a bump on a log in the meeting didn't help and going back on his promise to deal with the crisis first and worry about debates later does hurt him. Should have stayed in DC and used some of that famous temper of his to beat some sense into the lackwits in Congress. Also agree that Palin looked inept in the Couric interview.... of course that's just the clips that have been released by the network. No idea what the rest of the interview looked like that they decided not to show.....
Still voting against Obama though - no question there.
#9
"the bump on a log" is a media creation.... First report I read last night, stated McCain asked questions -- seems Obama took lead of the meeting (by Democrats giving the lead to him), completely screwed up, which led to the fighting.... again, misleading information from Dems and the press.....
#10
Bottom line is he made the assertion he was going back to help. He needed to take control or make some progress to back that up and he didn't. Bump on a log is my assessment of results not the media's democratic message.
#11
Consider, he was a "bump on a log" 'cause it was Obama that was the "leader" of the Dems, and the one that created the fight.... Bush turned the meeting over first to The Nancy and Harry, who turned it to The One. The rest was downhill from there.
Obama was so bad, he hit all the cable shows immediately, even surprising Brit with suddenly wanting to be on!
So, yea, McCain probably did sit quiet while all of that was going on. Like a fighter pilot, observing the enemy.
#12
McCain's greatest fault is that he wants to do the right thing. As we're all seeing, that can be a crippling short-coming in the political world, where bastardy is rewarded and the naked and ferocious pursuit of self-interest is the safest tactic.
Watch 'em. Those horrible bastards Dodd and Frank will come out of this as elder fucking statesmen. With hundreds of millions of dollars for ACORN's street samurai.
Posted by: Mitch H. ||
09/26/2008 16:30 Comments ||
Top||
#13
Sherry__
I have done, as I usually do. Bottom line, my candidate made a play and wasn't able, for whatever reasons, including donk politicking, to follow thru on it. From the outside, it looks bad. period. Then he reneged on his promise to stick with it until there was a deal. And he didn't. No matter how you cut it that doesn't play well. Not to me and not to the independents who haven't yet made up their minds.
The question you have to ask yourself is which one of both candidates will handle Al Quaida a giant propaganda victory (meaning that nobody will ever want to tip American forces againts terrorists after seeing what hapenned to Irakis after the second "Saigon embassy" episode. The question you have to ask yourself is which one is the likelier to prevent you and your childen getting killed through Iran getting nukes and, say, handling them to terrorists.
#15
Mercutio is one of the good guys - I don't doubt he'll do what's best for the country when the time comes.
From what I can gather Senator McCain is trying to guide the herd of cats that live in the two Houses of Congress to a real solution, while the Democrats attempt to bully the Republicans into providing them cover, Candidate Obama demonstrates his inability to work with others, and Secretary of the Treasury Paulson is fussing in private and public because McCain didn't help force through Paulson's $700 billion proposal. As I understand it, the purpose of the proposal was actually to reassure world financial markets that the U.S. will not allow a local melt-down that would cause the world money flows to shut down, leading to a world-wide financial crash. It seems to me -- and Rantburg's financial mavens will please correct me -- that even though no plan has yet been put through, the world has calmed down considerably, in that we are no longer 500 trades from doom. Our Congresspeople will work through the weekend to hammer out a plan that enough of them can agree on to get passed, so I can look forward to the antics at 9 pm with anticipation. I hope Candidate McCain plans to play fighter pilot.
#17
Obama is smarting after McCain whacks him with experience like a senior would wield a cane.
I have to convince my mother not to vote for someone younger than her son.
At 47 Obama does not have the experience and it shows.
Obama is a creation of his advisors.
He must consult with his advisors and remouth their wisdom to appear wise.
John McCain overrides his advisors like he did on the surge (By the grace of God we were saved from assured defeat in Iraq because John McCain believed it was too important to fail.)
John McCain has a strategy how to win in Afganistan (actually Pakistan) just like we will and have to win in Iraq first.
The only reason Afganistan has turned bad to Obama's delight is because al kaida fled Iraq.
CBS News executives were red- faced yesterday trying to explain how David Letterman used unaired news footage of Sen. John McCain with Katie Couric to embarrass the Republican presidential candidate.
McCain canceled his appearance on Letterman's show late Wednesday, several hours before he was due to appear - claiming he had to return to Washington to deal with the financial crisis.
But when Letterman discovered the Senator sitting down with Couric at the same time he was supposed to be taping "Late Night," he unloaded on McCain. "I'm more than a little disappointed by this behavior," Letterman told viewers. "This doesn't smell right."
"This is not the way a tested hero behaves. Somebody's putting something in his Metamucil," he said.
Later in the show, Letterman showed an internal, live video of McCain being tended to by a make-up artist before the Couric interview. Both Couric and Letterman are on CBS. Letterman said on the air that McCain had called him personally to apologize and said he was racing to the airport. "He doesn't seem to be racing to the airport, does he?" Letterman told viewers.
"I feel like we've caught him getting a manicure," Letterman quipped, as a make-up woman dabbed at McCain's face.
Asked if CBS officials had a problem with Letterman using the internal news feed, a spokeswoman for "The Evening News" refused to address the issue.
But several CBS News executives - who asked not to be identified - said that the stunt did not go down well within the news division. "If we had done something like that to him, someone around here would end up getting fired," one said.
News officials found out Letterman was using the internal feed shortly after it showed up on an internal CBS feed carrying the "Late Show" taping. "They were pretty aggravated," a CBS News source told The Post.
"But they were not about to start a fight with Letterman," the source said. "We're in the middle of a heavy, heavy news cycle and Letterman is Letterman.
"He does whatever he wants and always has."
McCain spokeswoman Nicole Wallace said that the campaign canceled on Letterman because it "felt this wasn't a night for comedy."
#1
Who cares? No one takes CBS seriously anyway. It's their problem that the public expects this sort of adolescent behavior from them. I'd say the behavior is "unprofessional" but that would imply that someone, anyone, at NBC was attempting to uphold professional standards - haha. Now that's funny.
#2
Letterman stopped being funny long before he even made the move to CBS. There's a reason Leno won "his" Late Night slot. I think the last time I laughed at one of Letterman's gags was about 20 years ago. An over-the-hill has-been if there ever was one.
#4
The only person on TV that is less funny than Letterman is John Stewart. He's been doing the Daily Show so long he's starting to believe that he really is a news anchor or something.
Band of Brothers, but you could get that on DVD now anyway.
The non-traditional distributors are more entertaining without insulting your intelligence or raising your blood pressure. TLC/Discovery, et al. Dirty Jobs, Deadliest Catch, etc. The new series on the Alaskan Iditarod race looks interesting. I'm sure Todd and Sarah will probably watch.
#11
Agreed, P2K. If it weren't for HGTV, Food Network, Discovery Health, etc., I wouldn't bother with cable. Without those networks, doubt I'd bother with TV much at all.
Posted by: Barbara Skolaut ||
09/26/2008 18:41 Comments ||
Top||
We've just been alerted that despite House Democrats relenting on extending bans on offshore drilling and oil shale in the continuing resolution (CR) appropriations bill, Democrat Senate Leader Harry Reid has decided to sneak an extension of the oil shale ban through as Congress fights over the financial bailout. Oil shale in America's West is estimated to hold be between 800 billion and 2 trillion barrels of oil -- that is more than three times the proven oil reserves in Saudi Arabia alone.
Here is the text of Reid's proposed new ban on oil shale, that he is trying to add as an amendment to the CR or move seperately as a "stimulus" package, or we should say an anti-stimulus package if this is included.
Sec 1602 continues ban on oil shale. The language follows:
SEC. 1602. Notwithstanding any other provision of law, including section 152 of division A of H.R. 2638 (110th Congress), the Consolidated Security, Disaster Assistance, and Continuing Appropriations Act, 2009, the terms and conditions contained in section 433 of division F of Public Law 110161 shall remain in effect for the 19 fiscal year ending September 30, 2009.
It would be an insult to all Americans if Senate Democrats worked to bailout Wall Street while damaging our future prosperity by banning development of vast energy reserves in oil shale.
#4
When will the majority of Americans wake up and realize that the Democrats are bought and paid for? I'm still surprised that no one has started hunting these traitors down and doing them in.
This crazy, they aren't even hiding their treachery anymore.
#5
If Nevada is a part of the United States, they need to send Harry Reid packing his bags in Washington ASAP. I don't see how he can serve his constituents if he doesn't serve the country. He comes across as small, petty, cranky, and partisan. Those are some of the nicer adjectives I'm feeling.
#7
Anyone know why Reid/Dem,s are so against the oil shale extraction. The only thing I can think of is Harry thinks extraction will cause a huge sinkhole in Colorado and Nevada will slide into it.....
#8
Nevada from all accounts is a sea of abandoned McMansions baking empty under the desert sun. I think they're too distracted by the Road Warrior rejects rampaging through the wreckage harvesting the copper fixings to pay attention to minor crap like a senator trying to cripple our long-term national energy portfolio.
Hell, they might even see cutting off the gasoline as a way to rein in the Road Warrior rejects.
Posted by: Mitch H. ||
09/26/2008 16:33 Comments ||
Top||
On Aug. 31, 2006, FBI agents searched the offices of six state lawmakers, including Cowdery and Weyhrauch.
The government had secretly taped Cowdery in a conversation that prosecutors say proved he conspired with VECO officials to bribe legislators to support changes in Alaska's oil tax structure. Weyhrauch allegedly promised to support VECO's position in exchange for consideration for future work as a lawyer.
VECO quickly came to symbolize outsized corruption in Alaska and Palin was able to capitalize: As the GOP nominee for governor, she campaigned as an outsider and made a public point of saying she didn't want money from the company or its employees.
By October 2006, Palin's campaign had received $30 from Weyhrauch in addition to Cowdery's $1,000. Separately, Cowdery's wife, Juanita, contributed $1,000; she is not accused of any wrongdoing. $1030.00 - Enough money to keep the campaign staff in coffee and doughnuts for a week. The real question is, did the First Dude use the 30 bucks to buy gas for his snowmobile?
The fact that Palin had kept Cowdery's donation was notable, given that on July 10, the day after he was indicted by a federal grand jury, the governor issued a statement asking him to "step down, for the good of the state." And a year earlier, Palin questioned whether Cowdery should retain his post leading a powerful Senate committee after a government witness claimed in a VECO-related trial that he was part of the bribery scheme.
Cowdery, who is not running for re-election this year, has denied wrongdoing. Weyhrauch, who no longer holds office, has pleaded not guilty and his trial is pending. Messages left for both men were not returned.
Palin has $49,540 in her gubernatorial campaign fund, according to the latest disclosures filed with the state.
How much money did it take The Chronic to figure that out?
And do they have a similar story about Tony Rezko? (Commencing breath hold... now.)
Posted by: Grenter, Protector of the Geats ||
09/26/2008 8:37 Comments ||
Top||
#4
Everytime they do this, they just show the public that they can't come up with ANYTHING on Palin. So far the best they have is that she wanted her brother-in-law fired from his law enforcement job after he tazed a 10 year old and threatend to kill his father-in-law and beat his wife. And now $30!!! Jeesh. You'd expect more dirt from a squeaky clean person. She makes Mr. Clean look dusty.
I'm still waiting for the media to mention the money that Obama and Biden got from Fannie and Freddie or his connections with Ayers at the A. Foundation.
#5
OMG, $30! How much was spent to uncover this information? She most likely would have devulged this information if she remember this and she was asked. Come on, GMAFB.
#6
i'm having flashbacks of a Jewish carpenter saying something about motes vs. beams in respective eyeballs. Except it's filtered through the younger pastor of the church i attended long ago, and it's coming out as toothpicks vs. 2x4s up respective exit-onlys...
Put the link into the 'source' box, not the text of the story. AoS.
KMOV Channel 4's TV newscast night before last at 6 PM had a story, that stated that St. Louis County Circuit Attorney Bob McCulloch and St. Louis City Circuit Attorney Jennifer Joyce, both Obama supporters, are implying that they will bring criminal libel charges against anyone who levels what turns out to be false criticisms of their chosen candidate for President. It doesn't get any more Orwellian than this.
#3
Wouldn't he have to complain to these legal eagles in the first place that a "crime" was committed? Obama is of legal age and in complete use of his mental faculties, so where do the legal eagles here get off making a case on his behalf like this?
#4
..are implying that they will bring criminal libel charges against anyone who levels what turns out to be false criticisms of their chosen candidate for President.
Where has the "Truth Squad" been for the last 8 years of libels against Bush?
The Klan rides again to suppress those they oppose! Bull Connor would be proud. Home once again in their original habitat of the Democratic Party.
#5
Hey Tony, meet me at the JOINT... for some mostaccioli, we gots some Hoosiers out in St. Charles dat is saying bad things about Baraaaack. Jen is upset...and well, when Jen is upset, you knows the deal, hehehe.
#8
It is scary indeed and it's making me angry. No way in hell we can let these brownshirts win an election.
Posted by: Steve White ||
09/26/2008 9:58 Comments ||
Top||
#9
When the government involves itself with the politics of a political group and politician, a police state is formed. I am very sad to say it is nearing time for a armed uprising against these goons. If Obama is elected, I can see a Civil War happening.
#10
Something is rotten in Mizzou. Who but bird brains would have elected this shrilling fool McCaskill ? Never seen such an Obambi asskisser. This idiot makes me think Ima seeing Halfbright every time she appears and opens her stupid trap. Missourians have to ask themselves how this happened ?
2) This constitutes a gross example of tax payer's money misuse in order to reach private goals. In other ords: they should be forced to refund ten times the cost and spend the rest of their lives breaking big stones into little stones.
3) This comes dangerously close to the point where citizens are legitimate in exerting their right to "resistance to oppression" (French version) or use their Second Amendemnt rights (American version).
#15
The odds that this is really going to happen... especially in the last weeks before the election when the national-reach blogs are on top of things as soon as they happen? Not likely, guys. Candidate McCain has already spoken sharply to the mainstream media reporters; I'm sure there'd be a commercial the next day if these clever little county circuit attorneys tried to actually act on their dreams.
#16
In the news report no one raised the question whether these people are acting in their capacity as government officials or as members of the Obama campaign.
That's a lot more serious than an alleged mix-up of private and official email.
The threat is not so much actual prosecution of a critic but the chilling effect.
They're putting the peasants citizens on notice:
Criticize the One and you will draw the attention
of prosecutors and law enforcement (*) to yourself...
(*)
"law enforcement" = Obama campaign operating under the color of law.
#17
Ali Sina's latest essay WRT Obama and extreme narcissistic personality disorder seems an appropriate follow-up to this... he's calling for psych tests on the candidates.
(and having lived through Khomeini, he would know!)
www.faithfreedom.org, it's called "Understanding Obama"
#18
Well. let me one of those who critique Obama. Obama was considered a Moslem by the childhood friends he went to school with. He studied/memorized the Koran. He is considered a Moslem by many in the middle-east, including Khadafi. Obama's real name was Barry. He considered himself a complete failure during his community organizing days and went to Africa to try to find himself. He worked with domestic terrorist and agitator Bill Ayers. The community group he worked with, ACORN, has been in trouble for registering illegal immigrants and dead people for the vote. He attended a church preaching racist ideologies, which he has not disavowed--only has used political double-speak saying "that's not what I heard when I went there" similar to I did not have sex with that woman.
He is in favor of redistributing wealth. He has said that he is a blank slate upon which people write their own hopes and aspirations.
#19
I have lived in St. Louis my whole life, I served our country, I am a veteran (first Gulf War.) This has to stop. These two clowns, at the very least needs to have their offices flooded with phone calls from listeners from Rush, Glenn Beck, Hannity, Oreilly, Levin, Doyle, Crowley, etc. The Mrs. and I have had several conversations about putting a sign in our yard to support McCain-Palin. We are nervous about the fact that we have several neighbors that have Obama-Biden signs, are we going to have our house vandalized? Are our children going to be harrassed because we are expressing OUR FIRST AMENDMENT RIGHTS? We have had to discuss this and this makes my f***ing blood boil. The left is picking a fight with the wrong bull and they are too freaking stupid to know that the bull is not the least bit happy about being prodded. The left wants a war, to quote Gen. William T. Sherman, "if war is the remedy our enemies have chosen, let us give them all they want." I apologize for the rant but this story really, REALLY pushed me right over the edge.
Thailand's Court of Appeals confirmed a two-year jail term for defamation on former Prime Minister Samak Sundaravej, who stepped down earlier this month after another court found him guilty of a conflict of interest.
A judge reading the verdict on Thursday said there was no reason to suspend jail terms handed down by the Criminal Court, which had found Samak and co-defendant Dusit Siriwan guilty of defaming a former deputy governor of Bangkok in 2006. "After considering what the defendants have done, there is no reason to withhold their penalty," the judge said. Samak showed no emotion when the verdict was announced and slipped out of court through a side door, avoiding the hundreds of journalists waiting at the main gate.
He was freed on 200,000 baht ($6,000) bail while waiting for a decision on an appeal request, lawyer Prachum Thongmee told reporters. "We are trying to get permission from either the court or the attorney-general to appeal to the Supreme Court within the legal window of 30 days," Prachum said.
Samak is still a member of parliament, so parliamentary privilege should allow him to stay out of jail until the end of the House of Representatives session in November. The lawsuit was a crucial factor behind the decision of many MPs in the ruling People Power Party to ask Samak, their party leader, not to run for prime minister again after he was forced to step down. Plaintiff Samart Rachapolrasit, who was the subject of slanderous remarks by Samak in two TV shows, said he would also seek 100 million baht ($3 million) compensation from Samak in the Civil Court.
Posted by: Fred ||
09/26/2008 00:00 ||
Comments ||
Link ||
[0 views]
Top|| File under:
John McCain's decision to suspend his campaign was made in the hopes that politics could be set aside to address our economic crisis.
In response, Americans saw a familiar spectacle in Washington. At a moment of crisis that threatened the economic security of American families, Washington played the blame game rather than work together to find a solution that would avert a collapse of financial markets without squandering hundreds of billions of taxpayers' money to bailout bankers and brokers who bet their fortunes on unsafe lending practices.
Both parties in both houses of Congress and the administration needed to come together to find a solution that would deserve the trust of the American people. And while there were attempts to do that, much of yesterday was spent fighting over who would get the credit for a deal and who would get the blame for failure. There was no deal or offer yesterday that had a majority of support in Congress. There was no deal yesterday that included adequate protections for the taxpayers. It is not enough to cut deals behind closed doors and then try to force it on the rest of Congress -- especially when it amounts to thousands of dollars for every American family.
The difference between Barack Obama and John McCain was apparent during the White House meeting yesterday where Barack Obama's priority was political posturing in his opening monologue defending the package as it stands. John McCain listened to all sides so he could help focus the debate on finding a bipartisan resolution that is in the interest of taxpayers and homeowners. The Democratic interests stood together in opposition to an agreement that would accommodate additional taxpayer protections.
Senator McCain has spent the morning talking to members of the Administration, members of the Senate, and members of the House. He is optimistic that there has been significant progress toward a bipartisan agreement now that there is a framework for all parties to be represented in negotiations, including Representative Blunt as a designated negotiator for House Republicans. The McCain campaign is resuming all activities and the Senator will travel to the debate this afternoon. Following the debate, he will return to Washington to ensure that all voices and interests are represented in the final agreement, especially those of taxpayers and homeowners.
Posted by: Mike ||
09/26/2008 11:48 ||
Comments ||
Link ||
[2 views]
Top|| File under:
#1
Whatever the hell it is he's doing, it better be right.
#1
...Keep in mind that these idiots come out of the woodwork every time we have financial crises here, doing their usual chanting about how "now (COUNTRY'S NAME HERE) will take their rightful place as a world financial leader." And every time, their wishful thinking not only goes up in a puff of smoke, but they end up coming to us for help.
Mike
Posted by: Mike Kozlowski ||
09/26/2008 6:10 Comments ||
Top||
#2
They gloated well in the 70s too. That's all they have, 'gloat'. Nothing to fill the void that works. If we go down, so does the world. Gloat on that.
#3
Miguel DEscoto Brockmann, the former Sandinista revolutionary in Nicaragua who is now serving as president of the UN 192-nation General Assembly...
#4
Miguel DEscoto Brockmann, the former Sandinista revolutionary in Nicaragua who is now serving as president of the UN 192-nation General Assembly...
Because the people of his country enjoy living in mud huts.
#5
The gloating is a little premature. We have had others gloat in the past. As they say here in the South; how did that work out for ya all? To quote Mark Twain, "The rumors of my death have been greatly exaggerated" Same for the U.S.
#6
I welcome some other nation funding the world's economy and security on their taxpayers backs. I welcome the day a US president gives first priority to American economic well being, American jobs, American security and American blood.
Posted by: ed ||
09/26/2008 14:30 Comments ||
Top||
#7
Well said Ed. Americans serve their country well when called upon. I can't say that I think the current crop of Congress critters serve the people or the country well.
If you take the value of all 12 Federal Reserve Banks as of March 2008 and sum them you get 881.16 billion dollars.
So now subtract out the 85 billion for AIG and you get 800 billion. Now subtract out the Freddie Mac/Fannie Mae bailout and your are less than $700 billion. So... What if they already had lost this money... then the $700 might be just to restore the FED if they had already lost some more?
#2
Will this nation survive the boomer generation? I'm beginning to doubt it. First they divided this nation in the 60's. This was the most divided our nation had been since the civil war. Their self centered ways have carried into our capitol and divided our leaders to paralysis. Our major cities are completely out of touch with the heartland to the point where their political leaders call us bible thumping and gun toting in synical distain. The boomer run media, on both sides, have given up on honest reporting and are waging a propaganda war for their side. The greed on behalf of our bankers and traders is unmatched in history and they have ransacked our national treasures.
Now our nation is in default, morally, ethically, politically, and now financially. No one to blame but our own boomer generation's self centered interests and greed. Who do they turn to now it has all gone to hell? The heartland. They want us to pay for the next three generations of Americans to fund their foolishness. Don't be sidetracked by the giant dollar ammounts. There is more at stake here than just being the greatest nation, our nation and our democracy is at stake at a time where our leaders are inept. God help us.
Posted by: 49 Pan ||
09/26/2008 5:54 Comments ||
Top||
#3
The left will try to use uncertain and difficult times like these to further their agenda. It will be the baby boomers legacy. It's time for them to move on and let Gen X take the reins.
#4
As my record clearly indicates, I will gladly bash boomers when appropriate, but let's lay blame where it properly belongs:
Barney Frank Date of Birth: March 31, 1940
Nancy Pelosi Date of Birth: 26 March 1940
Harry Reid Date of Birth: December 2, 1939
Ted Kennedy Date of Birth: February 22, 1932
These silents, more than any boomer, together with their Greatest Generation leaders, Kennedy, Johnson, Nixon, Ford, and Carter, all of whom believed in FDR New Deal style Big Government interventionism and control, created the world the boomers live in. That the boomers didn't clean up the mess they were left is not to their credit, but they didn't make it and it's not their legacy.
#6
GB, you shouldn't have posted that picture. I was just about to calm down and go back to work and now my blood is boiling again.
Boomers haven't done everything right but we haven't done everything wrong either. We tried to do the best with what we found when we got here. Our parents gave us powerful cars, color TVs and nice suburban homes with green lawns. You can't blame us for enjoying them. We didn't know any better. We didn't think about the oil or what it was doing to us. How could we? It was all we ever knew. We might have been better people if we'd been challenged like our grandparents on the old frontier but we weren't. The challenges we face are far more complex and subtle.
But Barney Frank and the guys standing with him in that picture are rotten to the core. They are the ones who set up the system so you can't even get elected unless you take money from crooks like the people who were running Fannie Mae and Freddie Mac. They are the ones who buggered the system for the crooks who gave them the money. They are corrupt old men from corrupt old families who've been buggering the rest of us for generations. Look at that smirk on Schumer's face. That bastard. He wants a depression so Obama can blame the Republicans and win the election. It won't matter to him. He'll be safe in his mansions and his limousines the whole time.
#7
The only dipshit missing in the picture is Harry Reid. Thanks for not publishing his picture. I'm afraid this would require an EMS run to my house. I would just implode.
I'm beginning to see that the whole bailout deal is a big political con game at election time. It does not pass the smell test. Bush appointed Paulson to Secretary of Treasury. He is a Democrat. What was Bush thinking? Paulson pulled $20 million out of Goldman Sachs as a separation package when he left. The donks have no intention of reaching across the aisle or compromising. They have no problem with destroying the country to gain power.
Wikipedia entry: From 1990 to November 1994, he was co-head of Investment Banking, then, Chief Operating Officer from December 1994 to June 1998;[8] eventually succeeding Jon Corzine (now Governor of New Jersey) as its chief executive. His compensation package, according to reports, was US$37 million in 2005, and US$16.4 million projected for 2006.[9] His net worth has been estimated at over US$700 million.[9] Paulson has personally built close relations with China during his career. In July 2008 it was reported by The Daily Telegraph that: "Treasury Secretary Hank Paulson has intimate relations with the Chinese elite, dating from his days at Goldman Sachs when he visited the country more than 70 times.
#8
The Dow Jones Industrial Average is moving along at about 11,000+ despite the desperate and dire financial emergency described by Henry Paulson. This so-called emergency rescue (bailout) package just had to be passed immediately to save the country from financial ruin. Really? Seems like he just wanted to give his buddies on Wall Street a big chunk of our change ($800 billion). WTF's going on here?
#9
You know. I just can't keep from thinking that this is all yet another 'Global Warming' type of Con.
I am not a economist just a simple techie who works hard, pays my bills, taxes, and mortgage, raise my kids and don't go over on the spending.
To me I think if banks make sub-prime loans to people who can't afford them.... and then goes under - well it sucks to be you. Other banks may take over your operations and do a better job.
And perhaps the market desperately needs a correction and not yet-another-crutch to hold it up.
When a politician says 'Trust me' (like Joe Isuzu) I get a red flag. When others start to suff all sorts on unrelated bullshit in (Auto loans? WTF?) - well it just sets my bullshit alarm off loud and clear.
Badanov posted a similar story about the same time as I did, and you know how we mods hate duplicates ;-) His comment: Another "shotgun wedding" with JPM ponying up a tiny entry fee.
Sept. 25 (Bloomberg) -- JPMorgan Chase & Co., the third- biggest U.S. bank by assets, agreed to acquire the deposits of Washington Mutual Inc. for $1.9 billion as the thrift was seized by regulators in the biggest bank failure in U.S. history.
The U.S. government closed Seattle-based Washington Mutual amid customer withdrawals of $16.7 billion since Sept. 15, the Office of Thrift Supervision said in a statement. WaMu had ``insufficient liquidity'' and was in an ``unsound'' condition, the OTS said.
WaMu's fate played out as Congress tried to reach an accord that will ease the global credit crunch, which has already driven Lehman Brothers Holdings Inc. and IndyMac Bancorp out of business, and Bear Stearns Cos. and Merrill Lynch & Co. into hastily arranged rescues. WaMu in March rebuffed a takeover offer from JPMorgan that WaMu valued at $4 a share. In most bank seizures, little or nothing is left for shareholders.``JPMorgan is getting a steal compared with what they were going to pay,'' said Scott Adams, a pension and investment analyst at the American Federation of State, County and Municipal Employees in Oakland, California, which owns WaMu shares. ``It's very tragic.''
WaMu collapsed after its credit rating was slashed to junk and potential suitors passed on making a bid. Facing $19 billion of losses on soured mortgage loans, the lender put itself up for sale last week.
New York-based JPMorgan won't acquire liabilities of the lender, including claims by shareholders and subordinated and senior debt holders, the Federal Deposit Insurance Corp. said. JPMorgan said it is adding branches in California, Washington and Florida and will have 5,400 offices with about $900 billion in deposits, the most of any U.S. bank. The branches will carry the Chase brand and will be integrated by 2010, JPMorgan said. They will be open for business tomorrow as usual, the OTS said in its statement.
WaMu had about 2,300 branches and $182 billion of customer deposits at the end of June. Its $310 billion of assets dwarf those of Continental Illinois Corp., previously the largest failed bank, which had $40 billion ($83 billion in 2008 dollars) when it was taken over in 1984. WaMu has fallen 95 percent in 12 months on losses tied to subprime lending and lost $6.3 billion in the past three quarters. It kept skidding even after joining a list of financial companies the U.S. Securities and Exchange Commission protected from short selling in an effort to stabilize stock markets.
WaMu was the second-biggest provider of option ARMs, behind Wachovia Corp., with $54 billion held in its portfolio in the first quarter, according to Inside Mortgage Finance. Of the $230 billion in loans secured by real estate at the end of the second quarter, $16.9 billion were subprime mortgages. WaMu, which ranked sixth among U.S. mortgage companies last year, was the 11th-biggest subprime lender in 2006, according to Inside Mortgage Finance.
WaMu estimated losses of as much as $19 billion in the next 2-1/2 years. Standard & Poor's cut the bank's credit rating twice in nine days as chances decreased that any deal wouldn't be a buyout of the whole company, leaving creditors of the holding company to face substantial losses.
Posted by: Steve White ||
09/26/2008 00:00 ||
Comments ||
Link ||
[0 views]
Top|| File under:
#1
New York-based JPMorgan won't acquire liabilities of the lender, including claims by shareholders and subordinated and senior debt holders, the Federal Deposit Insurance Corp. said. JPMorgan said it is adding branches in California, Washington and Florida and will have 5,400 offices with about $900 billion in deposits, the most of any U.S. bank. The branches will carry the Chase brand and will be integrated by 2010, JPMorgan said. They will be open for business tomorrow as usual, the OTS said in its statement.
#6
I posted this after JPMC acquired Bear Sterns and it is appropo again -
Jamie Dimon has said in almost every public talk he has given in the past two years "There is a difference between buying a house and buying a house on fire."
Not all shareholders are getting screwed - JPMC shareholders look favorably on paying $1.9B for $310B of assets. WaMu common stock shareholders are now much better off than they were yesterday.
The WAMU shareholders and the Board let senior management run this company into the ground. It is a shame but. . .
#8
Should have kept it. Use the existing institutional structure, after firing the higher ups, to create the Bank of the United States to front for the Fed's distribution other banks while taking the lead the as the Bank of First Credit[c] directly in the commercial market. Credit crunch solved without the middlemen.
#10
Okay, folks. Try not let this ruin your faith in the Captains of Finance...
Alan Fishman was the new chief executive officer for Washingon Mutual WaMu the nation's largest savings and loan, which was taken over Thursday night by federal bank regulators and quickly dumped in a fire sale to JPMorgan Chase for the Wal-Mart-like price of $1.9 billion.
But don't cry for Fishman, who reportedly was sky-high literally last night, on a flight from New York to Seattle, when WaMu collapsed. Even though he's only been on the job for less than three weeks, he's bailing out with parachute worth close to $20 million, according to an executive compensation analysis conducted for the New York Times by James F. Reda Associates. That's right, $20 million for 17 days on the job ... and his company failed.
Fishman, who formerly was chairman of Meridian Capital Group, apparently was much coveted by WaMu, which was counting on him to lead the failing thrift out of mortgage troubles that pushed the bank to a $3.3 billion second-quarter loss.
According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severence of $11.6 million both of which he gets to keep.
He also was eligible for annual bonuses of up to 365 percent of his annual base pay set at $1 million to go with millions of shares of company stock.
Fishman does lose out on a big bonus that would have kicked in had he remained on the job through 2009. Documents show WaMu was going to pay their new boss $8 million to simply not screw up and get fired all negotiated as the Seattle-based banking giant's loses climbed to an estimated $20 billion.
Maybe we should start shooting some of these bastards?
#12
I have to confess to a certain sense of satisfaction. About 5 years ago I got really annoyed with WaMu which had been a customer-friendly organization up to that point. They started treating their depositors as prey rather than customers. Apparently they were changing their focus from small depositors to big-time mortgage business. So I closed my accounts and wrote them a letter saying they'd end up going down the tubes unless they cleaned up their act.
I'm not one to say "I told you so", so I'll just say "NYAH, NYAH, you steatopygians"!
#15
RE: #3 -- There was a brief window where you could have bought shares at $2.01 last week and sold them for a 50% profit, but if you had those shares now you're pretty much SOL.
Posted by: Dar ||
09/26/2008 17:05 Comments ||
Top||
#16
The market place rewards the bad management of companies by them going out of business or someone else taking them over. The DJIA did not show the dire consequences today that the pundits predicted. The market place is correcting some of the bad things brought on by government boondoggles such as Fannie Mae and Freddie Mac and the subprime debacle.
#19
You know, I wonder if there weren't some clues a couple of weeks ago. WAMU moved a lot of business into San Antonio, earlier this year - and coindidentally my dearly beloved daughter, the former Cpl/Sgt Blondie who got into a job as office drone and occassional sales-person for a small firm which sold permanent shade structures, scored a small sales coup when she 'sold' a shade structure for a small WAMU outlet(under construction) very close to where we live, earlier this summer. About a week weeks ago, the local office of WAMU that she had been working with, suddenly cancelled the purchase order for the shade structure. No shade structure, no payment - she will have to return/pay back the commission that she got for the sale.
We're really interested now in what they will do with the building on the corner which was supposed to be a WAMU account...
#20
Sgt. Mom - according to the analyst call last night with the big JPMC dogs - all overlapping bank branches (JPMC and MaMu) will be evaluated to see which one stays open and assumes the local market. It will depend on location (primarily) and age and condition of the structure.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
THE daughter of hate cleric Omar Bakri Mohammed is a POLE DANCER, The Sun can reveal. Busty Yasmin Fostok, 27, leads a secret life after rebelling against her fanatical Muslim dad -- who rants against Western "depravity". She has performed in London pole dancing bars and gyrated half-naked in cages at club nights. And she admitted: "I'm willing to go topless if the venue is right."
BEIJING A news story describing a successful launch of China's long-awaited space mission and including detailed dialogue between astronauts launched on the Internet Thursday, hours before the rocket had even left the ground.
On Aug. 31, 2006, FBI agents searched the offices of six state lawmakers, including Cowdery and Weyhrauch.
John McCain's decision to suspend his campaign was made in the hopes that politics could be set aside to address our economic crisis. 
Would you buy a used car from this guy?
