Frank Chow: Asian- American Political Pundit

Nothing like a little fraud to open up the flood gates. Goldman Sachs is finally getting their due justice thanks to teh SEC. Felix Salmon : With this suit, the SEC has finally uncovered the real scandal behind the Abacus deals. The NYT tried , back in December, but it didn’t quite get to the nub of the story — although Paulson was mentioned in the NYT story as someone who was generally short the subprime market, there was no indication that he played any role in structuring the deals. Neither was there any mention of ACA. The scandal here is not that Goldman was short the subprime market at the same time as marketing the Abacus deal. The scandal is that Goldman sold the contents of Abacus as being handpicked by managers at ACA when in fact it was handpicked by Paulson; and that it told Abacus that Paulson had a long position in the deal when in fact he was entirely short. Goldman Sachs has lost more than $10 billion in market capitalization today, in the wake of these revelations. Goo...

There have been rumors going about that the Obama administration is looking to recoup TARP funds from the banks through taxes. This seems a reasonable proposal to most Americans, but the banking lobby is all pouty faced. Pat Garofalo of Wonk Room : Of course, the banking lobby is up in arms: Edward Yingling, president and chief executive, American Bankers Association: “To impose yet another burden on the industry would obviously decrease their ability to lend.” Scott Talbott, head of government affairs, Financial Services Roundtable: “Placing additional taxes on top of the new regulatory burdens will stifle the industry just as the economy is beginning to recover.“ Yingling also referred to the proposal as “perplexing,” while another banker called it an “absurd idea.” The main argument coming from the banks is that they either already have or are in the process of paying back TARP, and that any losses are going to come from either the automakers or AIG. Garofalo also points out that th...

Obama put a quasi smack down on the Wall-Street Fat Cats yesterday and by quasi I mean the dudes can still make close to a cool half-million dollars!!! Shoot, if I ran a company into the ground and someone paid me Jay-Z money I would totally take that cash beeyotches. I could still get 1 Jacob the Jeweler Watch and invest in Google. Make a crappy mash-up album with Linkin Park and make even more dough. Damn boy! Where's my clock necklace? In all reality I am broke, so I am going to buy some Fruit Roll-ups and see if I can make them last the rest of the week...an inch a day, an inch a day Frank. (single-tear, next stop hookin') I am Frank Chow and I approved this message. PS: One more Salary Cap for dat ass!