McCain's campaign manager Rick Davis is basically still on Freddie Mac's payroll. This is literally the most openly corrupt and dishonest campaign I've ever seen. It's so bad it's actually a challenge to the notion of liberal democracy, which is exactly what the conservative movement seeks to undermine. So in that sense it's not a surprise.
Still, Mr. Buffett is not taking big risks based on the structure of the investment.
Berkshire Hathaway will receive perpetual preferred shares in Goldman, which will pay a 10 annual percent dividend, or $500 million a year. Those dividends take precedence over other payments to common shareholders. Goldman has the right to buy back the shares at any time for a premium of 10 percent.
In addition, Berkshire Hathaway will receive warrants to buy $5 billion in common stock at a strike price of $115 a share, which can be used at any time in a five-year period. Those warrants are already in the money: Goldman shares closed Tuesday at $125.05, up $4.27, and rose to $134.75 in after-hours trading after Mr. Buffett's investment was announced.
Mr. Buffett's possible stake in Goldman is hard to calculate, but the company had a market capitalization of $53 billion at the close of trading Tuesday, a value that would make the $5 billion in common stock worth about 10 percent of the company.
Marcy Wheeler notes that this plan has been in the works for months. Scumbags.
As Sirota notes, financial services lobbyists are laughing at Dodd. Fuck these people.
Senators can now use youtube on their government web sites. Hooray for the internets!
The Obama campaign has issued a policy paper on management techniques for the Federal government. It combines elements of Bush and Clinton processes. Impressive that Obama has a management philosophy and has thought that far ahead, these guys are prepared to execute.
The plan outlined by Obey would give Republicans less than 24 hours to scrutinize legislation spending more than $600 billion on the defense, homeland security and veterans' affairs agencies including thousands of pet projects known as earmarks.
Asked if the process of has been secretive, Obey said: ``You're damn right it has because if it's done in the public it would never get done.'' He said he wanted to avoid his colleagues' ``pontificating'' on the content of the legislation, saying ``that's what politicians do when this stuff is done in full view of the press.'' He said ``we've done this the old fashioned way by brokering agreements in order to get things done and I make no apology for it.''