The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today.Rep. Barney Frank • Discussing a $2 billion trading loss that JPMorgan Chase had suffered recently as the result of a misguided hedge fund strategy. Frank, whose Dodd-Frank financial reform law has come under scrutiny by the banking industry for being too restrictive, is using this as an opportunity to argue against loosening the standards — pointing out that the company argued it was going to lose $400 to $600 million from the regulations. ”In other words, JPMorgan Chase, entirely without any help from the government has lost, in this one set of transactions, five times the amount they claim financial regulation is costing them,” Frank said.
Maybe I shouldn’t do these things, but I’ve worked my life building this company and it’s been successful. I want to enjoy it. Whether it’s living lavishly, I think that’s all relative.Green Mountain Coffee founder Robert Stiller • Discussing the stock sale which cost him the chairmanship of his company earlier this week. Stiller, who founded the company in the 1980s and has seen its fortunes rise with its popular K-Cup machines, abruptly sold 5 million shares last week while the stock was in the midst of a sharp decline. The sale was in violation of company policy. Stiller, who still owns 8 million shares of the company’s stock, also dumped a $50 million stake in Krispy Kreme at roughly the same time. Stiller and another person will remain on the board for now, but had his pay suspended and his leadership role removed.
Contrary to what many believe, the central effect of such negative advertising isn’t to move voters from supporting another candidate to backing yours, as Mitt Romney and his allies have discovered during this primary season. The main effect is not even to move undecided voters into your column. No, the real effect of negative advertising is to energize and solidify support among your ideological base while turning everyone else off to the other candidate, the campaign and the entire electoral process. Negative advertising isn’t about changing minds; it’s about altering the composition of the voter pool on Election Day by turning moderate voters into non-voters.The Washington Post’s Stephen Pearlstein • Offering a counterpoint to Ezra Klein’s point from the other night; Pearlstein suggests politicians want people to turn off from the political process, because it helps them stabilize the electoral pool come election time. Which is how we get stuff like Obama eating dog food on an Etch A Sketch with Mitt Romney’s face drawn on it, or something like that.
I was really checking her out, if you know what i mean?Just-retired Secret Service agent David Randall Chaney • Joking on his Facebook page about … wait for it … Sarah Palin, who he was protecting during the 2008 campaign. He left that comment on a photo that shows him keeping watch over the vice presidential candidate. Not exactly a good look for a guy who was forced to retire as a result of a scandal allegedly involving prostitutes in Colombia.
Personally, suspension or not, it’s probably best I’m never in a room with (Gregg) Williams and wonder if such an order crosses the lines of the aggressive, competitive spirit we all know and love about the sport and leans closer to a criminal act and therefore litigious matter.Chicago White Sox GM Kenny Williams • Expressing anger at the now-suspended former defensive coordinator, who spearheaded a controversial bounty system on his NFL teams, which encouraged defensive players to violent hit receivers. Williams has a reason to be upset — his son is San Francisco 49ers receiver Kyle Williams, who was one of the players targeted in an audio recording released Thursday. The receiver has known a history of concussions.
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Google was the rich kid who, after having discovered he wasn’t invited to the party, built his own party in retaliation. The fact that no one came to Google’s party became the elephant in the room.Former Google (and current Microsoft) employee James Whittaker • Discussing why he left the company. One word and a symbol: Google+. Whittaker had some tough words for his former company, comparing them to a TV network that’s now focused on the commercials instead of creating great shows. This is the second-most-scathing open letter of the day; most days, it would easily be in first place. However … why did he go to Microsoft? It’s not like they’re seen as being much better about innovation *cough* Courier *cough*.
I’m certainly not going to be silenced.Georgetown student Sandra Fluke • Responding to the controversy that began Wednesday, when conservative talk radio host Rush Limbaugh began a series of attacks on her character and asked that she upload videos of her sexual encounters for his viewing pleasure. Fluke became the target of Limbaugh’s rage after testifying before Congress on Georgetown’s contraceptive policy; however, Limbaugh’s comments cost him four sponsors, and condemnation from pundits across the country. Friday afternoon, President Obama called Sandra to offer words of encouragement and support, and Georgetown president John J. DeGioia defended the student in a statement calling Limbaugh’s attacks “misogynistic” and “vitriolic”. source (via • follow)
They are purposefully depriving him of this opportunity (to shave) so he looks unkempt.Lawyer Victor Acevedo • Discussing the treatment of his client, teacher Mark Berndt, who stands accused of doing unspeakable things to his Miramonte Elementary School students. (Trigger warning on that link.) Berndt pleaded not guilty today in court, and his lawyer says that Berndt’s disheveled appearance prevented him from going in front of court with dignity. Acevedo also complained that his jailers identified Berndt as a child molester over the jail’s loudspeaker. “We cannot have the sheriff’s department deputies acting in such a way to essentially put a bull’s-eye on his head,” he told reporters after the hearing. The sheriff’s office took the claim seriously, investigating the complaint, which was denied by jail officials.