Bought and Paid For (47 page)
Read Bought and Paid For Online
Authors: Charles Gasparino
174
Account of Spitzer's use of a prostitute from “Spitzer Is Linked to Prostitution Ring,”
New York Times,
March, 10, 2008.
Account of Spitzer's use of a prostitute from “Spitzer Is Linked to Prostitution Ring,”
New York Times,
March, 10, 2008.
175
Account of Congressman John Boehner's meeting with Dimon from author's interviews with people close to the matter.
Account of Congressman John Boehner's meeting with Dimon from author's interviews with people close to the matter.
176
Senator Kirsten Gillibrand's claim that “70 percent of New Yorkers hate Wall Street” from author's interviews with people familiar with the matter.
Senator Kirsten Gillibrand's claim that “70 percent of New Yorkers hate Wall Street” from author's interviews with people familiar with the matter.
176
Account of Goldman lobbyist pressuring Congresswoman Carolyn Maloney to not investigate the firm's activities from author's interviews with people familiar with the discussion.
Account of Goldman lobbyist pressuring Congresswoman Carolyn Maloney to not investigate the firm's activities from author's interviews with people familiar with the discussion.
177
“16 percent of the economy” from “Record Share of the Economy Spent on Healthcare,”
Washington Post,
January 10, 2006.
“16 percent of the economy” from “Record Share of the Economy Spent on Healthcare,”
Washington Post,
January 10, 2006.
178
Report that Moody's Investor Service might downgrade rating of U.S. debt from “Moody's: U.S
.
Rating Could Be Pressured in Long Term,” Reuters, January 10, 2009.
Chapter 8: Money Well SpentReport that Moody's Investor Service might downgrade rating of U.S. debt from “Moody's: U.S
.
Rating Could Be Pressured in Long Term,” Reuters, January 10, 2009.
181
“There's no guarantee” from author's interview with Lucas van Praag.
“There's no guarantee” from author's interview with Lucas van Praag.
181
Goldman's “$23 billion” in bonuses from “With Bigger Bonuses, Another Upside for Banks,”
New York Times,
December 31, 2009.
Goldman's “$23 billion” in bonuses from “With Bigger Bonuses, Another Upside for Banks,”
New York Times,
December 31, 2009.
182
James Gorman's salary from “Morgan Chief Sees $15 Million Pay Day,”
New York Times,
April 5, 2010.
James Gorman's salary from “Morgan Chief Sees $15 Million Pay Day,”
New York Times,
April 5, 2010.
183
2009 compensation statistics for Bank of America, JPMorgan, Citigroup, and Morgan Stanley from “Banks Set for Record Pay,”
Wall Street Journal,
January 14, 2010.
2009 compensation statistics for Bank of America, JPMorgan, Citigroup, and Morgan Stanley from “Banks Set for Record Pay,”
Wall Street Journal,
January 14, 2010.
186
Treasury's claim that the government would make $8 billion in profit from its investment in Citigroup from “U.S. Will Begin Selling Citigroup Shares, Could Make Almost $8 Billion,”
USA Today,
March, 29, 2010.
Treasury's claim that the government would make $8 billion in profit from its investment in Citigroup from “U.S. Will Begin Selling Citigroup Shares, Could Make Almost $8 Billion,”
USA Today,
March, 29, 2010.
187
“I hear about all these wonderful innovations” from “Paul Volcker: Think More Boldly,”
Wall Street Journal,
December 14, 2009.
“I hear about all these wonderful innovations” from “Paul Volcker: Think More Boldly,”
Wall Street Journal,
December 14, 2009.
192
Blankfein's 2010 $9 million annual compensation from “Blankfein's $9 Million Bonus Is PR Genius,”
Wall Street Journal,
February 5, 2010.
Blankfein's 2010 $9 million annual compensation from “Blankfein's $9 Million Bonus Is PR Genius,”
Wall Street Journal,
February 5, 2010.
194
“Volcker is crazy” from author's interviews with people close to the conversation.
“Volcker is crazy” from author's interviews with people close to the conversation.
197
“Goldman will surely deny” from “A Tale of Two Bailouts,”
Wall Street Journal,
July16, 2009.
“Goldman will surely deny” from “A Tale of Two Bailouts,”
Wall Street Journal,
July16, 2009.
199
Account of Treasury official who orchestrated AIG bailout while owning Goldman Sachs stock from “In U.S
.
Bailout of A.I.G., Forgiveness for Big Banks,”
New York Times,
June 29, 2010.
Account of Treasury official who orchestrated AIG bailout while owning Goldman Sachs stock from “In U.S
.
Bailout of A.I.G., Forgiveness for Big Banks,”
New York Times,
June 29, 2010.
202
Description of Buffett and Goldman's program to empower small businesses from “Goldman Sachs, Buffett Team to Empower Small Businesses,”
Washington Post
, November 18, 2009.
Description of Buffett and Goldman's program to empower small businesses from “Goldman Sachs, Buffett Team to Empower Small Businesses,”
Washington Post
, November 18, 2009.
202
“By the end of 2009” from Goldman Sachs Letter to Shareholders, Goldman Sachs 2009 annual report.
“By the end of 2009” from Goldman Sachs Letter to Shareholders, Goldman Sachs 2009 annual report.
204
Details of Mary Schapiro's compensation from “Starting Public-Sector Jobs with Parting Gifts in Hand,”
Washington Post,
February 10, 2009.
Details of Mary Schapiro's compensation from “Starting Public-Sector Jobs with Parting Gifts in Hand,”
Washington Post,
February 10, 2009.
206
Account of Dimon's conversation with Senator Gillibrand from author's interviews with people familiar with the matter.
Account of Dimon's conversation with Senator Gillibrand from author's interviews with people familiar with the matter.
210
“Vikram will survive” from author's conversations with people close to the discussion.
“Vikram will survive” from author's conversations with people close to the discussion.
212
“We're all Democrats” from “General Electric Pursues Pot of Government Stimulus Gold,”
Wall Street Journal
, November, 17, 2009.
“We're all Democrats” from “General Electric Pursues Pot of Government Stimulus Gold,”
Wall Street Journal
, November, 17, 2009.
212
“$1 in compensation” from “Citi's Pandit Vows to Take $1 Salary and No Bonus,”
New York Post,
February 12, 2009.
“$1 in compensation” from “Citi's Pandit Vows to Take $1 Salary and No Bonus,”
New York Post,
February 12, 2009.
213
Account of Vikram Pandit's and Sheila Bair's mutual disdain from author's conversations with people close to the matter.
Account of Vikram Pandit's and Sheila Bair's mutual disdain from author's conversations with people close to the matter.
214
Pandit's heated conversation with Sheila Bair from author's interviews with people close to the matter and confirmed by Bair's spokesman.
Pandit's heated conversation with Sheila Bair from author's interviews with people close to the matter and confirmed by Bair's spokesman.
215
Account of Michael Paese's comments to Nides from author's interviews with people familiar with the discussion.
Account of Michael Paese's comments to Nides from author's interviews with people familiar with the discussion.
218
Details of SEC charge against Goldman from “SEC Charges Goldman Sachs with Fraud,”
Wall Street Journal,
April 17, 2010.
Details of SEC charge against Goldman from “SEC Charges Goldman Sachs with Fraud,”
Wall Street Journal,
April 17, 2010.
219
Bear Stearns's refusal to package Paulson's CDOs from Gregory Zuckerman's
The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History,
New York, Broad-way Books, 2009.
Bear Stearns's refusal to package Paulson's CDOs from Gregory Zuckerman's
The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History,
New York, Broad-way Books, 2009.
221
Account of Census Bureau hiring practices from “Census Workers Share Their Horror Stories,”
New York Post
, June 1, 2010.
Account of Census Bureau hiring practices from “Census Workers Share Their Horror Stories,”
New York Post
, June 1, 2010.
222
Account of Dimon nearly punching a senior executive while at Citigroup from author's interviews with people close to the matter.
Account of Dimon nearly punching a senior executive while at Citigroup from author's interviews with people close to the matter.
222
JPMorgan executives claim that they would not go through with the purchase of Bear Stearns again from author's interviews with people close to the matter.
JPMorgan executives claim that they would not go through with the purchase of Bear Stearns again from author's interviews with people close to the matter.
224
Dimon's reactions to criticisms made during JPMorgan's annual meeting from “Mood Sours in a Year at JPM: Dimon Keeps a Title,”
American Banker,
May 19, 2010.
Dimon's reactions to criticisms made during JPMorgan's annual meeting from “Mood Sours in a Year at JPM: Dimon Keeps a Title,”
American Banker,
May 19, 2010.
226
Account of Obama inviting Bank of America's Brian Moynihan and not Jamie Dimon to a state dinner from “President Obama Has Party, Does Not Invite Former Best Banker,”
New York
magazine, May 20, 2010.
Account of Obama inviting Bank of America's Brian Moynihan and not Jamie Dimon to a state dinner from “President Obama Has Party, Does Not Invite Former Best Banker,”
New York
magazine, May 20, 2010.
227
“The term too big to fail” from “No More âToo Big to Fail,'”
Washington Post,
November 13, 2009.
“The term too big to fail” from “No More âToo Big to Fail,'”
Washington Post,
November 13, 2009.
229
Dimon's directive to senior JPMorgan staff to begin contributing to the Republican Party from author's interviews and “Irked, Wall St. Hedges Its Bet on Democrats,”
New York Times,
February 8, 2010.
Dimon's directive to senior JPMorgan staff to begin contributing to the Republican Party from author's interviews and “Irked, Wall St. Hedges Its Bet on Democrats,”
New York Times,
February 8, 2010.
232
Citigroup's, Goldman Sachs's, and Morgan Stanley's contributions to the Republican Party from
Opensecrets.org
.
Citigroup's, Goldman Sachs's, and Morgan Stanley's contributions to the Republican Party from
Opensecrets.org
.
231
Account of meeting between Wall Street executives and Republican senators Mitch McConnell and John Cornyn from author's interviews with people present during the meeting.
Account of meeting between Wall Street executives and Republican senators Mitch McConnell and John Cornyn from author's interviews with people present during the meeting.
233
Paul Volcker's grading of financial reform from “Volcker Pushes for Reform, Regretting Past Silence,”
New York Times,
July 9, 2010.
Paul Volcker's grading of financial reform from “Volcker Pushes for Reform, Regretting Past Silence,”
New York Times,
July 9, 2010.
234
“As it was with Sarbanes-Oxley” from “The Ugly Truth About Financial Reform,”
Daily Beast
, July 14, 2010.
“As it was with Sarbanes-Oxley” from “The Ugly Truth About Financial Reform,”
Daily Beast
, July 14, 2010.
235
“The Democrats who wrote the bill” from “The New Lords of Finance: Why Wall Street and Washington Both Like âReform,'”
Wall Street Journal,
May 24, 2010.
“The Democrats who wrote the bill” from “The New Lords of Finance: Why Wall Street and Washington Both Like âReform,'”
Wall Street Journal,
May 24, 2010.
236
“Cheerleaders for” from “Triumph of the Regulators: The Dodd-Frank Financial Reform Bill Doubles Down on the Same System It Failed,”
Wall Street Journal,
June 28, 2010.
“Cheerleaders for” from “Triumph of the Regulators: The Dodd-Frank Financial Reform Bill Doubles Down on the Same System It Failed,”
Wall Street Journal,
June 28, 2010.
236
“Americaâand our trading partnersâneed smart” from prepared testimony of Vikram S. Pandit, chief executive officer, Citigroup Inc., before the Congressional Oversight Panel, March 4, 2010.
Afterword“Americaâand our trading partnersâneed smart” from prepared testimony of Vikram S. Pandit, chief executive officer, Citigroup Inc., before the Congressional Oversight Panel, March 4, 2010.
238
“Wall St. Hiring in Anticipation of an Economic Recovery,”
New York Times,
July 10, 2010.
“Wall St. Hiring in Anticipation of an Economic Recovery,”
New York Times,
July 10, 2010.
239
“An astonishing $1.8 trillion of cash” from “Obama's CEO Problemâand Ours,”
Washington Post,
July 5, 2010.
“An astonishing $1.8 trillion of cash” from “Obama's CEO Problemâand Ours,”
Washington Post,
July 5, 2010.
240
Immelt's description of the business environment in the U.S
.
as “terrible” from “Immelt Hits Out at China and Obama,”
Financial Times,
July 1, 2010.
Immelt's description of the business environment in the U.S
.
as “terrible” from “Immelt Hits Out at China and Obama,”
Financial Times,
July 1, 2010.
INDEX
ACORN
AIG bailout
Angelides, Phil
Axelrod, David
Ayers, William
Bachus, Spencer
Bailout.
See
Federal bailout
See
Federal bailout
Bair, Sheila
Bank of America
bailouts
bonus payouts
Moynihan as CEO
postbailout profit
TARP payback by
See also
Lewis, Ken
Lewis, Ken
Bear Stearns
and Cayne
collapse of
Bernanke, Ben
Big Government
benefits to Wall St.
defined
See also
Federal bailout; Wall Street-Washington connection
Federal bailout; Wall Street-Washington connection
BlackRock
postbailout profit
risk management expertise
Blankfein, Lloyd
biographical information
earnings/bonuses
on “God's work,”
letter to shareholders (2010)
relationship with Geithner
relationship with Obama
ShoreBank rescue
See also
Goldman Sachs
Goldman Sachs
Bloomberg, Michael
Boehner, John
Bolten, Josh
Bonds
defined
postbailout profit from
ratings, fictitious
Bonuses
amounts of.
See individual companies and CEOs
See individual companies and CEOs
cap under TARP
Obama's outrage about
Brown, Scott
Buffett, Warren
Goldman bailout
postbailout profit
Burkman, Jack
Bush, George W.
pro-Wall St. actions
Wall St. rejection of
Campaign contributions
from Wall St., scope of
See also individual companies
Carry trade
Cavanaugh, Mike
Cayne, James
Citigroup
bailout
bonus payouts
contributions to Obama
creation of
failure and Rubin
postbailout profit
ring-fenced assets
TARP payback by
too-big-to-fail status
See also
Pandit, Vikram; Rubin, Robert; Weill, Sandy
Pandit, Vikram; Rubin, Robert; Weill, Sandy
Citron, Robert
Clinton, Bill
Glass-Steagall repeal by
and housing bubble
and Rubin
Clinton, Hillary, Wall St. opposition to
2008 presidential campaign and
Cohn, Gary
conflict with Reid
as Obama supporter
Collateralized debt obligations (CDOs)
Commercial bank, defined
Commodity Futures Trading Commission (CFTC)
Community Reinvestment Act
Conservatives and right
tax agenda of
Wall St. ties, myth of
See also
Republican Party
Republican Party
Cornyn, John
Countrywide Financial
Craig, Greg
Credit-default swap
Cuomo, Andrew
Daley, Bill
Davis, Evelyn Y.
Davis, Steve
Democratic Party
Wall St. donors to
See also
Liberals and left
Liberals and left
Deregulation
Derivatives
boom in market for
collateralized debt obligations
credit-default swap
defined
See also
Mortgage-backed bonds
Mortgage-backed bonds
D.E. Shaw
Dimon, Jamie
and “bankers' meeting,”
earnings/bonuses
Federal Reserve Board and
financial reform, reaction to
relationship with Obama
too-big-to-fail, criticism of
turns to right
See also
JPMorgan Chase
JPMorgan Chase
Dinkins, David
Discount window
Dodd, Chris
as banking bill architect
Wall St. contributions to
Emanuel, Rahm
as chief of staff
Wall St. ties
Fannie Mae/Freddie Mac
bailout
functions of
Federal bailout
AIG
bank survival, guarantee of.
See
Too-big-to-fail
See
Too-big-to-fail
cost of
defined
mark-to-market accounting, relaxing
money-making status quo, preserving
mortgage-backed securities purchase
necessity of
and Paulson
postbailout profit, scope of
TARP
See also
Wall Street-Washington connection;
individual companies
Wall Street-Washington connection;
individual companies
Federal debt
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve
chairmen.
See
Bernanke, Ben; Greenspan, Alan; Volcker, Paul
See
Bernanke, Ben; Greenspan, Alan; Volcker, Paul
expanded powers of
functions of
and interest rates.
See
Interest rates
See
Interest rates
Feinberg, Ken
Financial collapse
blame, accusations of
causes of
and deregulation
and 2008 campaign
Wall St. survival.
See
Federal bailout; Wall Street-Washington connection
See
Federal bailout; Wall Street-Washington connection
Financial Crisis Inquiry Committee
Financial Industry Regulatory Authority (FINRA)
Financial reform
consumer protection agency proposal
Dodd-Frank bill
effectiveness, speculation on
FDIC authority
Fed, power of
Lincoln proposal
proprietary trading, curtailing
Republican-Wall St. ties, postbailout
systemic risk regulation
Volcker rule
Wall St. reaction to
and Wall St. survival
Fink, Larry
doubts about Obamanomics
as Obama supporter
See also
BlackRock
BlackRock
Fitch
Fleming, Greg, as Obama supporter
Forstmann, Teddy
Fortress Capital
Frank, Barney
as banking bill architect
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