A couple weeks ago I met with potential clients at an investment bank in New York. President Obama had just announced that he was going to levy a $120 billion fee on Wall Street Banks to recoup money lost in the initial $700 billion TARP bailout.
The bankers were understandably upset. After all, they'd already paid back their share of TARP, but now they were being told they'd have to pay back money that had been paid to OTHER organizations. Huh? I'll admit that angry as I was about the crazy Wall Street bonuses I was hearing about, that still didn't make a lot of sense.
I mean, I get that we taxpayers bailed out the banks, but the banks paid back everything they'd been loaned, plus interest. So why the lingering anger from DC?
Then I drew the pictures and (as always) when we stop talking and start looking, things have a tendency to become real clear real fast. See the full story in this clip I just recorded for BNET / CBS Interactive...
Anybody wondering about my sources? Read the Wall Street Journal, January 13 & 15, 2010.
The street is a public easement, one of the few shared between all sorts of people. As a component of the built environment as ancient as human habitation, the street sustains a range of activities vital to civilization. Its roles are as numerous and diverse as its ever-changing cast of characters.
Posted by: Buy Generic Viagra | April 08, 2010 at 08:45 AM
Interesting stuff Dan - but I still have the heebie jeebies about the government seizing lawfully awarded comp...
Posted by: Sean Williams | March 28, 2010 at 02:51 PM
Being able to master the explanation of complex scenarios in plain, simple English is a gift Dan. Thanks for sharing.
Posted by: Craig Badings | March 24, 2010 at 02:30 PM
Terrific post. Why can't we rethink how to help people understand Wall Street for heaven's sake?
You inspired me to respond: http://www.brittonmanasco.com/2010/03/shorting-our-customers.html
The world depends on us having a clue.
Posted by: Britton Manasco | March 22, 2010 at 10:25 PM
I like your Bonus Battle so much that I've reblogged it on Aardbron ยป Banken Bonus Battle (http://aardbron.nl/banken-bonus-battle/).
At the same time I challenge you to open this smoke curtain played out by the plutocracy using banks and government as expendible pawns.
What do you see when you look at World Billionaires Grew 50% Richer In 2009? http://rense.com/general90/world.htm What image emerges then? What video makes that?
Please Dan, you're an expert in making complex things and their impact understandable and accessible. Do mankind and planet Earth a pleasure and create another video on what really goes on behind the (smoke) curtains.
Dan, beware of tunnel vision.
Posted by: Martien van Steenbergen | March 15, 2010 at 02:18 AM
My take away from your video - Wall St. still doesn't understand why they are justifiably despised and hated.
Posted by: Robert Brown | March 12, 2010 at 12:06 PM