Financial Reform: It's Either Your Cojones Or Theirs

This is just stupid, I'm pretty much done giving a shit at this point. If I drop off the planet and you don't hear a peep out of me it's because I said "fuck it" and packed a bag for Central America. WTF is this shit?


The Treasury Department and a senior House Democrat have decided against making financial firms pay upfront the costs of dismantling them if regulators decide they have grown "too big to fail," according to a House aide familiar with the plan.

Instead, those companies would be allowed to borrow money from the government. The government would then recoup the costs by either seizing the firm's profits or seeking restitution from the entire industry, the aide said.

The aide spoke on condition of anonymity because details had not been released. Rep. Barney Frank, the Massachusetts Democrat who chairs the House Financial Services Committee, was expected to announce the agreement by Tuesday.

Who should pay to dissolve big financial institutions endangering the general economy has been considered among the toughest questions that Congress had to answer after last year's near-collapse of several firms that prompted hefty government bailouts.

Lawmakers know that voters are still angry from the bailouts and don't want to see taxpayer money on the line. At the same time, businesses say it is unfair to force them to invest their capital in advance to pay for the mistakes of others.

Scott Talbott, senior lobbyist for the Financial Services Roundtable, an industry group, said paying ahead of time into a fund "would expose the entire industry to paying for an unquantifiable risk and impose upfront additional costs during a recession."

Federal Reserve Chairman Ben Bernanke said in a speech last week in Chatham, Mass., that taxpayers shouldn't be on the hook.

"It is essential that there be a credible process for imposing losses on the shareholders and creditors of the firm," Bernanke said.

Name me one of these pricks who actually has your back. You, little pissed on taxpayer reading this going "yeah, fuck them!" - do you think brainiac Bernanke has your back? He's about ready to piss his pants, try again. Barney Frank? Really? He was getting his balls licked by some Fannie Mae exec, why does he care?

You guys keep holding out for that rainbow-puking unicorn and I'll be here laughing at your bitch asses. As if the Treasury ever had your backs.

These are kindergarten tactics and if you buy this, America, I've officially lost my last shred of hope in you to pull this off.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Stan said...

we needed them all to fail...even if that had thrown us into utter and complete financial collapse, we could have only blamed ourselves for letting it get that bad. i think, in the long run, the complete collapse would have done us some good; allowing it to happen could have let us wipe the slate clean, start over from scratch, and do it proper...but that'll never happen. too many cush-seated folks around to allow themselves to have to get dirty and work again. we are fucked. i've thought it since the bailouts first started, and this just reaffirms it...

thinking of heading to fiji to take up with one side or the other of the coup going on there and see if i can ride some coat-tails.

U said...

I'm working on the exit strategy. Got my EU passport pending from my Irish grandparents and Canadian citizenship from me mah. I don't want to be here when the USS USA sinks.

I no longer have any emotional attachment to the United States. None. Sad, isn't it.

Stan, you're right. We're only prolonging the inevitable and it's going to hurt way more once it fully implodes. But they don't get that and likely never will. The fact that I am planning on going to Nicaragua should be a huge red flag - I would rather live in a third world, politically chaotic country than America. Now what's wrong with that picture?!

"exit strategy" sounds about right. And "sad" doesn't begin to describe it. It's truly a shame. I've never been a gun ho patriot or anything but up until about a year ago I was proud to be American. Now I'm just trying to figure out how to get out while the kids in Washington figure out how to blow the whole thing up.

hang in there, both of you...


darkcloud said...

Wow AG. Never saw you this upset. Hope we don't loose you, but I understand your point of maximum disgust and frustration. It's pretty amazing how bad things are, and how so many are oblivious to it all.

Nicaragua, eh? I've been dreaming Canada or Scandinavia, myself. Only dreaming at this point though. - - DC

U said...

Speaking of my exit strategy, I have to get my IFRS on. And I have an essay to write for the prep class.. I need some suggestions. Between finishing my masters, starting the CPA and work I can't get my mind to fire on all cylinders.

Care to assist?

"Should the FASB accept a standard for private companies similar to IFRS-SME standard."

Ok, I don't want you to write it.. But help a fellow acc playa out. Throw me some crumbs.

Anyhow, my big plan is to keep on keepin on here in the "audit practice" (I puke a little every time I visit a client and am required to ignore the fraud) get me IFRS ready and head on over to Italy. Beautiful country. I'm scheduled to start Italian classes in December. I'll take a hit on my income. I don't care. I don't even care if they're more corrupt than us (they are). It just doesn't feel like home here anymore.

If that doesn't work then I'll give oil and gas a try up in Calgary. Me mah is from Calgary. Cold there.. But incredible standard of living and very clean government.


IFRS eh? Funny you should mention that, don't tell but I've been tapped to write an IFRS textbook. Shhh, still in the preliminary stages and WTF could I get a drier subject to write about?!

Anyway, if you want help on your little piece you are welcome to email me (in sidebar) and I'd be happy to toss you a crumb or two. You know, since I feel your pain and all. when you say "starting on the CPA" do you mean the exam? you seem to have a brain so you're going to have quite an uphill climb on *that* little journey. My professional experience has been that the smart ones always do. Does that make sense? No. It's just how it is. but if you need some help on that front, by all means let me know (you *do* know that's my day job, right?)

Anyway, the cool thing about IFRS is that it's a pamphlet compared to GAAP - that's also the scary part because I don't know how much I trust accountants' "judgment" these days (see above if you need clarification on that point, 'nuff said).

Audit is a good line if you're going to be in one. Could be a lot worse you know. Just keep your head down, don't make too much noise and *take notes*. It'll make it easier to keep the bile down, trust me.

So no, i will not write your paper. But I will be happy to help. :)

U said...

Thanks, I'll send you an email.

Yes, gotta take the CPA exam(s). By 'take notes' do you mean look for chances to be bought out before whistle blowing? Dare to dream...


I have a couch lined up in Canada just in case.

I'm not going anywhere. I'm going down with this burning ship and screaming all the way down. Yay!



Exactly. You're sharp, don't let your line of work erode that. Please. We need more of you. :)

darkcloud said...

Right behind you and with you all the way, JD...but let me know if you don't use that couch in Canada!