Every September, some of us NYers run a 5k through a tunnel from Brooklyn to the WTC Towers, recreating the steps that a NYC firefighter named Stephen Siller took to his death on 9/11.

When the race begins, thousands of runners pass beneath a picture of Stephen, jump up and touch him with their right hands in recognition.

One year, after raising my right hand and touching the starting-line picture of Stephen, I was greeted by Schumer, standing off to the side on top of a media truck surrounded by dozens of news cameras, waving back at the thousands of us as if we were waving and acknowledging him.

A total, classless loser.

http://www.americanbanker.com/

As for Lehman, consider Paulson’s speech this week: institutions must be allowed to fail. So Goldman Sachs will get to pick this cherry. Betcha.

“The federal reserve’s decision earlier this year to lend directly to investment banks should take questions about Lehman’s liquidity off the table”

An amazing quote seeing that Lehman Brothers was almost in the same position Bear Stearns was in. The difference is that the Fed will bailout Lehman, but sacrificed Bear to JP Morgan.

Lastly, and probably the most important point, Jamie Dimon and Richard Fuld sit on the board of the NY federal reserve. We don’t have capitalism here – one reason I think Schumer’s ‘gaffe’ was really a planned move to Bear Stearns (new verb) IndyMac.

There was really no difference between Bear Stearns lending practices and JP Morgan, or any of their other competitors.

I beg to differ. Although all of the investment banks loaned money to the same type of subprime borrowers, Bear Stearns was over-leveraged (if that’s a word) about one-and-a-half times more than most of their competitors. They were going to be the first investment bank failure regardless of what the Fed did.

You call it a sacrifice, I call it survival of the fittest (i.e. capitalism).

Getting back to IndyMac, it would appear that their stock price has fallen from around $31.50 a share to $0.56 a share over the past year. Maybe Senator Schumer was just stating the obvious, but it’s still not his call to broadcast confidential proprietary information, IMHO.

On July 3rd, 2008 at 10:16 am, supersean said:
#23

Drill Here
Drill Now
Shoot a Liberal
Pay Less

You comments have consistently confirmed that the extremes on both the left AND the right suffer from serious mental illness.

And what Extreme would that be supersean?
I am not trying to run the Liberals lives, they are trying to run mine. There is nothing Extreme about fighting back.
Ruby Ridge
Gun Control
Speech Codes
Fairness Doctrine
Assaults on private property
Bombs at the Pentagon
Bombs at police stations
Presidental Candidate justifying same
God Damn America?
No Extremism here supersean;
Conservatives DID NOT justify Timothy McVeigh the way Liberals justify the Weather Underground
Life, Liberty and Property. Have you ever heard that phrase? Good week end to look it up.
.

Have a Glorious Fourth.