The things you will do for loyalty. Hail the brown Colin Powell!

I am wondering what he learned at Wharton and GManSucks -- who in her right mind would take a kiss-of-death job like that at the fag end of the most unpopular administration on the planet?

SayWhat
You had me at "Fag End"

Most of the time I feel that I am to dumb to read this blog and add comments, but please dont tell me I am the only one that chuckled when they read that.

“You had me at "Fag End"

aww the last moments of a sweet cigarette.

3 · rudie_c said

“You had me at "Fag End"

aww the last moments of a sweet cigarette.

Cue the righteous outrage by people without dictionaries.

Did anybody notice that "Cash-Carry" whose parents hail from "Cash-mir" is now distributing cash to failing companies :)

Poor dude, I don't doubt that Custer bore a similar expression during his last moments. If this keeps up he'll lose his eyebrows as well.

Also interesting were the Kucinich exchanges. [link1][link2]

i'd only seen the other vid which had kashkari responding to cummings' harangue. that one had a short snippet from cummings and it didnt cast him in good light. this one adds more backdrop (thanks anna) and i can now see where the man is coming from. i had blown a gasket myself when i read about the AIG junket to some spa in hawaii the day after they got the bailout. what a bunch of fairies! and no that's not a homophobic smear. i just mean that as what i think of them - a bunch of la-di-da flighty airheads who'd rather go sniff posies and take mudbaths than grow a spine, appreciate that they OWE their ass to the american taxpayer, and get to work. so like i say, i understand cumming's point. you got to see these AIG assholes for what they are. they're likely going, is kashkari a chump? maybe we can squeeze out a few more mill out of him. sure as heck he isnt going to be around in three months anyway and the whole file will get mothballed.


good on cummings. he's doing his job.

I think it is a bit cowardly and bullying of the congressman. I have little sympathy
for Mr. Kashkari, but I would find it a lot more impressive if they gave Mr. Paulson
the same treatment. Mr. Paulson is the boss crook, while Mr. Kashkari is only serving
as the apprentice crook. Unfortunately congress becomes suddenly docile when faced with
Mr. Paulson's demands.

I think it is a bit cowardly and bullying of the congressman. I have little sympathy for Mr. Kashkari, but I would find it a lot more impressive if they gave Mr. Paulson the same treatment. Mr. Paulson is the boss crook, while Mr. Kashkari is only serving as the apprentice crook. Unfortunately congress becomes suddenly docile when faced with Mr. Paulson's demands.

Hank ain't called King Henry for nothing. There have been at least 8 kings named Henry, and none named Neel. And the human body has a evolution flaw - it bends at the knee.

2 · ShallowThinker said

SayWhat
You had me at "Fag End"

Sorry, Times of India English.

But now that you are on that track, maybe we should start with, um, Cummings. We could also try puttingthis and this together.

Anna wouldn't be pleased, though.

Regarding the "unrelated" comment I just deleted: there's a news tab people. Please use it, or email us the tip.

The tip and just the tip, people.

And the human body has a evolution flaw - it bends at the knee.

I really like that line.

You think Kashkari is getting schooled here, you should see Dennis Kucinich (D Ohio) ripping into him:

http://www.youtube.com/watch?v=YOJwtWahoic

Is Kashkari a chump? I think the answer to that is an unequivocal "yes". It's almost enough to make me feel sorry for him, seeing him getting a verbal smackdown so many times.

FYI on Cummings. I was campaign manager for his Congressional opponent this past election. We had numerous supporters of ours calling Cummings and telling him to vote NO on the bailout, specifically because it gave Congress zero oversight. You would think that Elijah Cummings, being on the HOUSE OVERSIGHT COMMITTEE, would be somewhat interested in having OVERSIGHT of how the $700 billion was spent.

In the end, Cummings ignored the wishes of the American people and his constituents, and voted to give Paulson and Kashkari dictator-like powers to intervene in the financial markets. (For the record, I used those exact words when I spoke to Cummings about this in person and he didn't disagree.) Cummings really shouldn't be complaining because he voted for a bill in which the Congress ceded complete control to the Treasury Dept. If he didn't want this to happen, he should have voted against the bailout, and encouraged his colleagues to do the same. All these hearings in which he yells at Kashkari or AIG or whoever is simply grandstanding on his part. He shunned his responsibility as a Congressman, yet turns around and criticizes everyone else? Look in the mirror, Congressman. You could have prevented this fiasco, but you chose not to.

A note on the two comments which were just deleted:

About restricting the last post... so much for providing a space for us to express our views.

SM does not have to provide you with anything, least of all a thread on which to troll. We are a private blog run by volunteers; we are under no obligation to keep comment threads open, nor should we do so when it's clear that nothing productive will come of it.

If you're dissatisfied with the "abuse of power" on display here, the use of vernacular terms like "our boy" or what we do/do not post about, there's a simple solution which IS productive (albeit a lot more time-consuming than leaving negative comments): start your own blog.

---

Thank you to the mutineer who helped us moderate by paging us via their temporary handle. We really appreciate such assistance.

After looking at this post for the fifth time today, I just realized that you titled it "The Rage of Cummings II: Economic Boogaloo".

I LOL'd

Then I thought about what "Economic Boogaloo" might look like, and I LOL'd again.

Then I imagined Representative Cummings doing the Economic Boogaloo and I LOL'd for a third time.

Neel is being made out to be a chump but he isn't one. The man is smart. He has a BSME, MSME and an MBA. I know having a bunch of titles behind his name doesn't make a person better than anybody else but give the man some credit. I mean his father Dr. C. Kashkari has helped with electricity production in remote parts of Africa using methane to power turbines.

I don't agree with Neel's politics or his party affliation, but some of the threads about his hairstyle. Come on even I support the same look. We can all feel some sense of pride in that at least he isn't like Bobby Jindal, selling his soul just to fit in. They are pandits from Kashmir and everyone should know how marginalized they have become.

He doesn't have carte blance power only Paulson does.

18 · Uncle said

We can all feel some sense of pride in that at least he isn't like Bobby Jindal, selling his soul just to fit in.

We don't need to insult one desi in politics to praise another. That is petty. Your comment was well-taken until your second paragraph; I find the fact that he is a Kashmiri pandit vaguely interesting but not at all relevant, in any way. Should we view or treat him differently because he is descended from a marginalized people? No one cares about caste in this country-- no one sane.

Many would contend that Kashkari is the one selling his soul, arguably for a lot less than what Jindal will accomplish or receive.

Anna,

I don't know much about your background. I assume you are not Hindu. Cool with me. But many people, and not just me don't like the fact one bit that Bobby Jindal is a convert and sell out. He is. I mean you may not think so and that's your're right but don't expect everyone else to get in line and follow your lead. You have your viewpoint and I have mine. I mean that's what this place isn't it. A place to discuss ideas, nothing more.

I don't really see how Kashkari is selling his soul. He was stupid to take a job that makes him the fall-guy for a poorly conceived plan which is destined to fail. That's not selling one's soul though. That's just a stupid career decision.
I like that he managed to work his way up to even be considered for such an important position. We can bet he is probably of the technocratic wing of the Republican party which may be doctrinaire in its free-trade boosterism but is at least sensible enough to be reasoned with.
So mostly, I just see Kashkari as a decent enough person who was in the wrong place at the wrong time and made a few wrong decisions while he was there.

20 · Uncle said

I mean you may not think so and that's your're right but don't expect everyone else to get in line and follow your lead.

I could say the same thing to you.

I mean that's what this place isn't it. A place to discuss ideas, nothing more.

Right, that's what I was trying to do. Why is that problematic again? :)

20 · Uncle said

Anna,

I don't know much about your background. I assume you are not Hindu. Cool with me. But many people, and not just me don't like the fact one bit that Bobby Jindal is a convert and sell out. He is. I mean you may not think so and that's your're right but don't expect everyone else to get in line and follow your lead. You have your viewpoint and I have mine. I mean that's what this place isn't it. A place to discuss ideas, nothing more.

Dude. There are plenty of non-Hindu Indians in the US and in India. A sincere conversion doesn't make you a sell-out. The sincerity of Jindal's convictions is still up for debate but let's not sow seeds of division among an already splintered community.

21 · NaraVara said

I don't really see how Kashkari is selling his soul. He was stupid to take a job that makes him the fall-guy for a poorly conceived plan which is destined to fail.

Well if our choices are that he is either selling his soul or he's stupid, I prefer the former, because I'd hate to think of someone so accomplished as stupid...somehow power-hungry/soul-merchant sits better with me. ;)

That's not selling one's soul though. That's just a stupid career decision.

Potato, aloo. :D

::

Yeti, I am thrilled you lol'd. I loved the title, good to know someone else did, too. And yeah, what a visual-- Elijah doing the economic boogaloo. :D

24 · A N N A said

21 · NaraVara said I don't really see how Kashkari is selling his soul. He was stupid to take a job that makes him the fall-guy for a poorly conceived plan which is destined to fail.

Well if our choices are that he is either selling his soul or he's stupid, I prefer the former, because I'd hate to think of someone so accomplished as stupid...somehow power-hungry/soul-merchant sits better with me. ;)

That's not selling one's soul though. That's just a stupid career decision.

Potato, aloo. :D

There is even some debate among my friends that I'm one of them. (The stupidity isn't in doubt, it's whether I'm actually "bright" or "capable" that is up in the air.)

I assume you are not Hindu. Cool with me. But many people, and not just me don't like the fact one bit that Bobby Jindal is a convert and sell out. He is. I mean you may not think so and that's your're right but don't expect everyone else to get in line and follow your lead. You have your viewpoint and I have mine. I mean that's what this place isn't it. A place to discuss ideas, nothing more.

That's just a stupid career decision

Maybe Kashkari suspected that either he would be chucked out of Goldman Sachs or it would go bankrupt or his opportunities in the financial sector was not bright for job hopping. Considering that scenario, it was probably not a bad decision. Technology->Finance->Govt. Maybe he is aiming high for the future.

I think it is a bit cowardly and bullying of the congressman. I have little sympathy for Mr. Kashkari, but I would find it a lot more impressive if they gave Mr. Paulson the same treatment. Mr. Paulson is the boss crook, while Mr. Kashkari is only serving as the apprentice crook. Unfortunately congress becomes suddenly docile when faced with Mr. Paulson's demands.

Yes, he's definitely overstepping his bounds-- has no business speculating aloud how long Poor Neel will last--and the rage! him and Kucinich both. Dennis may even have called him Boy-- I mean, he didn't say "Oh boy!" or even "Hoo boy!" check the Kucinich interjection here.

At least "Cash-Carry" is getting some sympathy at Gawker.

Even if Cummings is right, its doubtful Kashkari's (whoa, i just noticed, Cash-Carry) a chump. More likely he's the Chumper, or Chumpee, or whatever....you know what I mean.

28 · Amrita said

At least "Cash-Carry" is getting some sympathy at Gawker.

o crap. everyone seems to know this except me. alright, here's one I definitely made up...pocahontas = poke a hot....

No doubt, there's something we can do with "Cummings", but I for one won't touch that.

LOL - Elijah Cummings is so fire and brimstone. I saw him speak at the MD Democrat gala and he addresses a crowd like a baptist preacher. The way he is talking to Kashkari reminds me of that - like a sanctimonious preacher, whether he is or isn't really sanctimonious. I've never liked that style of addressing people.

we're in a sticky enough situation as is.

See, the thing about the chump paradigm is that its eay to understand....a world of victims and predators. That's how most people see things, and there's much truth to it, but unfortuantely the world is even scarier than that.

A JPMorgan risk-managment guy told me over the weekend thathe expects 70% of the hedge-funds to go under. So who is making $$ here? Is there an even sectreter level of hedgies who are on the other side of these credet defalut swaps?

That's what's got Greenspan so spooked. This crises is about people were shooting themselves in the foot, not just predators stealing from chumps. Its the madness of crowds, the groupthink of the bubble. Markets are not always rational, after all, they are just people.

32 · PS said

aw him speak at the MD Democrat gala

MD became a democrat!? And she's throwing galas? She's worse than me.

35 · Manju said

MD became a democrat!? And she's throwing galas? She's worse than me.

MD as a democrat...that's humorous. :)

After writing this post, I kept wondering, where's Manju?? ;)

36 · A N N A said

After writing this post, I kept wondering, where's Manju?? ;)

Heh. I can see that, Anna. Finance, funny words, Wall-streeter as victim...got my name written all over it. Now, if you could only find a way to finesse kampachi into the story.

John Paulson’s fund is up 15-20% ytd and there is news today that he starting to buy MBS as the price has taken a beating since treasury refused to buy them. I also read somewhere that frontline is not doing that bad either.

On a separate note, what is scary is that no one seems to know what the extent of the problem is.

28 · Amrita said

At least "Cash-Carry" is getting some sympathy at Gawker.

The most recent article about Neel on Gawker was titled, "Financial Crisis Taking a Toll on Our Favorite Asshole Banker".

That's some sympathy, all right. ;)

Hey Anna! I saw-- and for those who fail to click on Anna's link, here's what they said in that post:

"He came in looking peppy enough to bore holes in a taxpayer's forehead with only the power of his laser eyebeams; now, he's haggard. His eyes are dazed, plaintive even, and he's putting on classic stress-related weight under his chin. Congressmen yell at him. Old high school teachers talk shit about him. Internet jerks mock his awesome senior yearbook page. And he's really just a front man, taking all the heat for Hank Paulson's decisions and the mistakes of a million greedy Wall Street traders before him. We feel more sympathy for him than any other Ferrari-loving overconfident Republican ski bum Wharton grad in America. Keep on truckin, Neel."

and some commenters chimed in, thus:

"I love him beyond any reasonable explanation, plaintiff or defendant."

"Pretty soon he won't even be able to afford haircuts."

"that or the embezzlement plot from the Flintstones movie... I'm sure there are some more sophisticated examples, but I'm just speaking from my realm of experience.
poor guy. "

"His speeches to Congress should involve defending his choices of favorite Rush albums. 'Oh yeah? You don't like Moving Pictures? Listen to "Red Barchetta" then look me straight in the eye and tell me that third verse about the 'gleaming alloy aircar' doesn't rock, punk!'"

"It's like they've got the CIA Psyops people pulling all the strings. Problem: Paulson taking heavy flak. Solution: Bring in Paulson Mini-Me, with a foreign looking name to draw fire. Make him a rocket scientist so the "egghead" cracks have extra weight."

Valleywag much meaner on Jerry Yang...

On a separate note, what is scary is that no one seems to know what the extent of the problem is.

The Gawker's hate on Neel Kashkari is juvenile. Grow up !!! Kashkari has made a great choice in taking this job. Man, talk about high profile !!! This is mother of all high profile jobs .... Best of luck to Neel in this job and the next (after Jan 20th 2009, may be he gets moved)

I really don't think anyone knows what the extent of downside is. I also don't think it will be drastically different after inauguration. These investments will be great if someone know what the holding period is going to be.

The Gawker's hate on Neel Kashkari is juvenile. Grow up !!! Kashkari has made a great choice in taking this job. Man, talk about high profile !!! This is mother of all high profile jobs .... Best of luck to Neel in this job and the next (after Jan 20th 2009, may be he gets moved)

Dweeby much, RC? Neel got tough love here first, you know, right here on Sepia Mutiny, see Anna's links above. In fact, Kolmogaurav came up with the Cash-Carry moniker long before anyone else. That's how smurfy we are.

MD became a democrat!? And she's throwing galas? She's worse than me.

MD = Maryland :)

34 · Manju said

A JPMorgan risk-managment guy told me over the weekend thathe expects 70% of the hedge-funds to go under. So who is making $$ here? Is there an even sectreter level of hedgies who are on the other side of these credet defalut swaps?

i thought hedge funds were going under because of the ban on short selling forcing them to dump a bunch of their undervalued assets prematurely at firesale prices, so that their portfolios were balanced as they should be. and then the moment they dumped huge quantities in a spooked market, things became worse.

i don't think it has to do with cds directly.

Is it tied to swaps because there are some hedge funds that are writing these swaps and as there will be more FI instruments failing they will have to pay up. On the other hand there are funds like John Paulson's and Frontline that made money speculating (buying swaps) that these bonds will fail and made a killing when they actually did.

46 · umber desi said

Is it tied to swaps because there are some hedge funds that are writing these swaps and as there will be more FI instruments failing they will have to pay up.

My understanding is that this is a relatively small number. Hedge fund exposure to cds isn't significant, per my understanding.

On the other hand there are funds like John Paulson's and Frontline that made money speculating (buying swaps) that these bonds will fail and made a killing when they actually did.

Yep, wasn't talking about the ones that bet right.

I read somewhere hedge funds are seller of almost 32% of all CDS, will post a link. This coupled with short sale ban, and huge September 30 redemptions magnified the problem.

I read somewhere hedge funds are seller of almost 32% of all CDS, will post a link. This coupled with short sale ban, and huge September 30 redemptions magnified the problem.

Thanks. Would be interested in hearing more. I had so far thought the latter two were the big causes

see the last paragraph on this page

i think one major problem, for those funds who bet right, is counterparty default risk. on top of that arbitrageurs (who don't really bet on the direction of the market) need leverage to make their biz profitable, but credit has dried up.

So that leaves the directional players, most of whom are mostly long and therefore got whacked. ergo the redemptions.

So at the end of the day its up to new directional players, bottom feeders like paulson who are betting the real estate market is going up. blackstone is doing something similar and of course this is exactly the type of market that results in a berkshire hathaway buying spree. old-fashioned buy low, expect it to go up in the log run, no leverage investing.

an then there is the hiarious case of andrew lahde

20 · Uncle said

About rest

I find the fact that he is a Kashmiri pandit vaguely interesting but not at all relevant, in any way. Should we view or treat him differently because he is descended from a marginalized people? No one cares about caste in this country-- no one sane.

You were dismissive about the fact that he is a Kashmiri pandit, maybe you don't care about marginalized caste Hindus 'cause they deserved it? or maybe you don't know much about Kashimiri pandits. Normally nobody would have cared that much about kashmiri pandits but they were driven out of their home state just because they were pandits and they are now living in refugee camps in their own country. I thought Americans root for underdog and what was this fuss Americans made and are making about Obama being the first black president.