congress

Yelling At Bankers: The Movie

Pareene · 02/11/09 04:37PM

Congress lived the dream today, just straight-up yelling at some bankers. Watch and enjoy the shaming and grandstanding!

A Call from Washington, UBS Scrambles for a Partner

cityfile · 02/03/09 06:20AM

• The chief executives of nine Wall Street banks have been "summoned" to Washington to testify before Congress next week. [BN]
• UBS has held talks with Wachovia about combining their wealth management units; this comes amid the news UBS tried to sell its brokerage unit to Morgan Stanley late last year. [NYP, Reuters]
• After repeatedly saying it wasn't a possibility, Citigroup is now contemplating backing out of the $400 million deal to name the Mets' new stadium. [WSJ]
• Under pressure to boost lending, Citigroup says it will spend $36.5 billion to issue new mortgages and make credit card loans. [AP]
• Credit Suisse is cutting bonuses by 55%. [BN]
• What's BofA been doing with its bailout cash? Hosting parties. [ABC News]

Congressional Repubs Win Media War

Pareene · 01/30/09 10:46AM

Watching the cable news, one might get the impression that Republicans aren't a completely powerless minority party. They're still opinionating like it's 2004 out there!

Congress Proves That Hulk Hogan Sucked

Pareene · 01/09/09 03:50PM

So this is what congress has been up to lately! They just finished a two-year investigation into steroid use in professional wrestling. The most important finding?

Ted Stevens Finally Loses

Pareene · 11/19/08 09:46AM

Yesterday was Alaska Senator Ted Stevens' worst birthday ever: he turned 85, and lost his reelection fight! You commit seven little felony counts of fraud and making false statements, sheesh. The AP called the race for Democratic challenger Mark Begich last night, as he leads by 3,724 votes, with 46.58% of the Alaska electorate not even caring that their million-term senator is a convicted felon and voting for him anyway. Now we officially don't have to write about him anymore, until Alaska voters give his corrupt son Ben a seat in congress. Now the magical 60-seat majority is up to Al Franken's recount (possible!) and the Jim Martin/Saxby Chambliss runoff in Georgia (difficult!). Then the Democrats will do everything you've always wanted them to do. [NYT]

Ted Stevens Remains a Senator

Pareene · 11/18/08 03:11PM

Good news for Ted Stevens: the convicted felon and United States Senator from the Great State of Alaska won't face an embarrassing expulsion from the world's greatest deliberative body. GOP Senator Jim DeMint totally promised this morning that he had enough votes to expel Stevens from the Senate, and then, in a close-door conference meeting, everyone decided to just wait until the votes in Stevens' reelection race are all counted. Stevens is currently down a thousand to his Democratic challenger, so hopefully Alaska voters will save Stevens' Senate colleagues the trouble of doing the mind-bogglingly obviously right thing. [Roll Call]

Angry Congress Yells At Poor Neel Kashkari

Hamilton Nolan · 11/14/08 03:44PM

Wow, here's a clip that doesn't make you envy Neel Kashkari. The hawk-eyed Ferrari lover who's been assigned to run the government bailout of our dead financial system took a little trip up to Capitol Hill today to speak to Congress about how all that money is being used. Rep. Elijah Cummings did not appreciate Neel's tone! "Let me tell YOU something," he hollered at Neel, whose eyes went wide. He recovered well though. Neel, you are one unlucky sacrificial lamb, buddy. Watch the rage of Cummings below:

Race And the Bailout Bill

Pareene · 09/30/08 05:51PM

What role did race play in the crisis that led to the proposed bailout? What role did it play in the defeat of the bailout? The first topic has been argued and discussed for a while now—with vicious theories first proposed by far-out wackos bubbling up to "respectable" media people and even some congress members. But today brought a number of more reasoned responses to those who'd "blame the Blacks" explicitly or implicitly. The second question, though, hasn't been touched on. How did black congresspeople vote? And, uh, what about the Jews? You can see the result in that handy chart above, along with an explanation of What It Means. (It's not purely pointless provocation.) Oh no! The financial sector exploded! The market is, uh, failing! "What do we do" is the response of, like, economists. Politicians know the important question is "WHO DO WE BLAME." So liberals jumped on deregulating Conservatives and President Bush and evil Wall Street fatcats and so on. Conservatives, oddly, also blamed most of those people, except for a small but vocal subset who blamed this collapse of everything on... poor black people?

This Is Your Fault, Voters

Pareene · 09/29/08 02:50PM

Nate Silver runs some numbers and finds that 30 of 38 congressmembers in tight reelection races voted NAY on the bailout. Stupid voters, always wanting to doom the economy! And stupid congressmembers, always wanting to get reelected! "By comparison, the vote among congressmen who don't have as much to worry about was essentially even: 197 for, 198 against." AND: "among 26 congressmen NOT running for re-election (almost all of whom are Republicans), 23 voted in favor of the bill, as opposed to 2 against and one abstaining." [538]