The coolest place on the internet, according to this tagline.
AskArchiveFAQ

May 12, 2012
JPMorganChase fought for a loophole that led to $2 billion trading loss
Not long after Dodd-Frank got passed, the company made arguments for a loophole in the Volcker Rule, which takes effect in July, to allow some of the types of portfolio hedging that that company used as it produced a $2 billion loss recently. “JPMorgan was the one that made the strongest arguments to allow hedging, and specifically to allow this type of portfolio hedging,” noted one Treasury Department official. Officials who worked on the law, such as Sen. Carl Levin, have made it clear that allowing for this type of activity was not their intention with the law. Now, they have a pretty clear $2 billion argument against allowing such a loophole to get through. (photo by Scott Eells/Bloomberg; edit for clarity)

JPMorganChase fought for a loophole that led to $2 billion trading loss

Not long after Dodd-Frank got passed, the company made arguments for a loophole in the Volcker Rule, which takes effect in July, to allow some of the types of portfolio hedging that that company used as it produced a $2 billion loss recently. “JPMorgan was the one that made the strongest arguments to allow hedging, and specifically to allow this type of portfolio hedging,” noted one Treasury Department official. Officials who worked on the law, such as Sen. Carl Levin, have made it clear that allowing for this type of activity was not their intention with the law. Now, they have a pretty clear $2 billion argument against allowing such a loophole to get through. (photo by Scott Eells/Bloomberg; edit for clarity)

11:38 // 1 year ago
April 21, 2012
Utah Sen. Orrin Hatch may avoid Tea Party-forced retirement
Utah’s nominating convention on Saturday favors Hatch: Back in 2010, a fellow Republican Senator, Bob Bennett, lost his seat in a similar nominating convention, facing tough competition from Tea Partiers, eventually losing his seat to current Sen. Mike Lee. Hatch, who spoke very unfavorably of his competition, is looking fairly strong in polls leading in to the convention, which picks the candidates which eventually will take the Republican nomination. If Hatch can get 60 percent, he can avoid a primary outright. And recent polls show that he’s at 59 percent, with a 4.43-percent margin of error and 15 percent undecided. Utah is strongly Republican, so winning at this convention is tantamount to winning the race. If the 78-year-old Hatch wins, he says it’ll be his last term — he’s currently finishing out his sixth term. (photo by Gage Skidmore) source
Follow ShortFormBlog: Tumblr, Twitter, Facebook

Utah’s nominating convention on Saturday favors Hatch: Back in 2010, a fellow Republican Senator, Bob Bennett, lost his seat in a similar nominating convention, facing tough competition from Tea Partiers, eventually losing his seat to current Sen. Mike Lee. Hatch, who spoke very unfavorably of his competition, is looking fairly strong in polls leading in to the convention, which picks the candidates which eventually will take the Republican nomination. If Hatch can get 60 percent, he can avoid a primary outright. And recent polls show that he’s at 59 percent, with a 4.43-percent margin of error and 15 percent undecided. Utah is strongly Republican, so winning at this convention is tantamount to winning the race. If the 78-year-old Hatch wins, he says it’ll be his last term — he’s currently finishing out his sixth term. (photo by Gage Skidmore) source

Follow ShortFormBlog: Tumblr, Twitter, Facebook

10:45 // 1 year ago
April 19, 2012

"I don’t want government telling me what I can do." Republican Senate candidate John Raese started strong during a campaign appearance in Hurricane, West Virginia, but things took a turn for the worse when the Holocaust metaphors began. Raese spent a few seconds comparing required “No Smoking” signage on restaurants to Hitler forcing people to wear a yellow Star of David, before going on a tirade against the policies of “Fidel Roosevelt”. source

Follow our TumblrSend us a TweetBe our Facebook pal

16:36 // 1 year ago
April 13, 2012
These people are not conservatives. They’re not Republicans. They’re radical libertarians and I’m doggone offended by it. I despise these people, and I’m not the guy you come in and dump on without getting punched in the mouth.
Utah Sen. Orrin Hatch • Criticizing the right-leaning figures in his own party (the Tea Party, perhaps?) who are giving the six-term senator trouble. Hatch, who is facing challenges from Utah state Sen. Dan Liljenquist and Utah state Rep. Chris Herrod, is confident that he’ll be able to squeeze out a seventh term. But the criticism Hatch is getting from those to the right of him seems to be rubbing him the wrong way. (By the way, the “getting punched in the mouth” bit is of note because Hatch was once a boxer.)
14:22 // 2 years ago
April 4, 2012
14:44 // 2 years ago
April 2, 2012
X = President Romney. Y = a Republican Senate. X + Y = Z. Solve for Z. Z could mean the end of Medicare as we know it.
Sen. Al Franken • Writing a fundraising e-mail for the Democratic Senatorial Campaign Committee using a math metaphor. Franken is a self-proclaimed “math genius,” apparently — he’s big on showing off the Pythagorean Theorem to elementary school kids in Minnesota — but this math equation doesn’t seem particularly complex to follow. He follows it up with some firm language: “But, alas, it’ll take more than elementary geometry to help the DSCC reach its $90,000 goal before Saturday night’s deadline. We need your help. By which, again, I mean your money.”
11:15 // 2 years ago
March 29, 2012

Obama’s having a rough week outside of the executive branch

  • 51-47 the final vote in the Senate that nixed a bill proposing an end to tax breaks for oil companies, a cause championed by the President
  • 0-414 the final vote in the House on an alternative budget proposal, modeled after President Obama’s planned budget for 2013 source

» Pretty harsh considering the thrashing that the Affordable Care Act is reported to be taking in the Supreme Court this week. While both analysts and many inside the White House expected the ugly turnout on the budget proposal, it’s hard to imagine that anybody imagined a shut-out. Should Obama be worried about these sorts of losses piling up as the election draws closer?

Read ShortFormBlogFollow

14:24 // 2 years ago
March 22, 2012
Without the Internet and YouTube, [Joseph Kony’s] dastardly deeds would not resonate with politicians. When you get 100 million Americans looking at something, you will get our attention.
Sen. Lindsey Graham • On the effect Kony 2012 has had on lawmakers. Yesterday, over a third of the Senate co-sponsored a bill condemning Kony’s actions; now, Graham and other members of Congress are working on a “bounty bill” to help encourage the capture (or “disappearing,” shall we say) of Kony, the now-infamous Ugandan warlord. Graham’s bosom buddy, John McCain, echoed his colleague’s sentiments, saying that “if not ending up dead, [Kony] could end up in the International Criminal Court, and it’d be a wonderful thing.” Now, there’s been a lot of controversy surrounding Kony 2012 and its creators; however, regardless of what you think of the organization behind the effort, it’s inspiring that something as simple as a YouTube video can actually spur Congress into action. It’s also nice to see Democrats and Republicans agree on something for once.  source (viafollow)
19:06 // 2 years ago
March 21, 2012

Mitch McConnell plans first vote as Senate Majority Leader

  • yeah… Mitch McConnell says that, should the GOP win back the Senate majority in 2012, his first order of business as Majority Leader will be to pass a bill repealing health care reform.
  • but… This idea only works if Republicans capture not only the Senate, but the White House, too. Oh, and they’d have to retain the House. This is all possible, but it’s far from a sure bet. source

» Jumping the gun? Harry Reid’s spokesman says that it “sounds like Sen. McConnell is getting a little ahead of himself.” Republicans’ chances of retaking the Senate got worse last month when Olympia Snowe unexpectedly announced her retirement, and worse still when Bob Kerrey decided to run for his old seat in Nebraska several weeks ago. Oh, and Elizabeth Warren is now polling ahead of Scott Brown in Massachusetts. Obviously, a lot can—and will—change between now and November, but McConnell’s comments should be probably be seen more as a PR move to invigorate the Republican base than anything else.

Read ShortFormBlogFollow

20:00 // 2 years ago
March 17, 2012
Will Julian Assange transition from prisoner to politician?
Julian Assange is running for the Australian Senate according to the Twitter account of his whistle-blowing company Wikileaks. “We have discovered that it is possible for Julian Assange to run for the Australian Senate while detained. Julian has decided to run,” appeared on the company’s Twitter feed around 8pm EST on Friday evening. When contacted by the Guardian, John Wanna, a policical scientist at Australian National University, confirmed Assange’s eligibility saying, “if he gets on the roll, then he can stand as long as he’s solvent and not in jail and not insane. “(Photo by AcidPolly) source
Follow ShortFormBlog

Julian Assange is running for the Australian Senate according to the Twitter account of his whistle-blowing company Wikileaks. “We have discovered that it is possible for Julian Assange to run for the Australian Senate while detained. Julian has decided to run,” appeared on the company’s Twitter feed around 8pm EST on Friday evening. When contacted by the Guardian, John Wanna, a policical scientist at Australian National University, confirmed Assange’s eligibility saying, “if he gets on the roll, then he can stand as long as he’s solvent and not in jail and not insane. “(Photo by AcidPolly) source

Follow ShortFormBlog

13:12 // 2 years ago