Time's Up On Wall Street

The NY Times exposes a horrific Morgan Stanley honcho. Geez, sexual harassers and abusers on Wall Street - who knew? My two cents, relying on my fading memory, is that Hollywood and the Legacy Media needed to clean their own houses in order to maintain a shred of credibility as the Trump Resistance. As a related example - Al Franken was getting a pass from his fellow Dem Senators until polls showed that the Democrats might actually win in Alabama if they showed a bit of consistency while screaming about the shenanigans of Republican nominee Roy Moore.

In any case, the political imperatives of Wall Street and Big Business are different, so they got off easy. So far.

Comments

[maryrose]

No big consequences for these predators.
Weinstein is the only one taking the fall.

[maryrose]

First, by the way.

[henry]

Yes, Weinstein is the only one facing long term consequences. This guy, Howie Rubin, how many others in coastal finance?

[anonamom]

Better late than never?

No, they blew it with Clinton. Proof---the Evangelicals supporting Trump, blowing off this Stormy Daniels crap.

[Old Lurker]

You are up early, Maryrose. That makes it harder to talk about you behind your back!

:-)

[maryrose]

OL:
Last time I checked Clarice was looking for you.
She got loads of plans for your daughter’s wedding.
Something about orchids, palm trees and a 5000 dollar wedding dress...

[dave]

More coffee for you. This is CNNesque commentary.
Not a "honcho" in any way/shape.form. He is a salesman, not an executive. The classification of his employment matters.

[Appalled]

The other side, in matters Mueller:

https://www.emptywheel.net/2018/03/28/mueller-prepares-to-reveal-the-first-cards-in-the-hack-and-leak-conspiracy/

The argument, briefly, is that Manafort and Gates had Russian proxies working for them at the time they worked for Trump.

I found the opening interesting -- suggesting that keeping hope alive is getting more difficult:

For weeks, I’ve been having a persistent exchange with people, including editors. They say there’s no evidence of collusion between Trump and Russians. I say it wouldn’t be collusion anyway, but conspiracy. They say there’s no evidence of conspiracy either. Then I point to Rick Gates’ guilty plea on conspiracy to defraud the US. I note that Gates effectively pled guilty to hiding the fact that he and Paul Manafort were working for pro-Russian Ukrainians while pretending to be engaging in politics for independent reasons. My interlocutors always say, in spite of the fact that Mueller has always insisted this went through the election period, that that doesn’t have anything to do with the election

[Old Lurker]

I saw that I checked out just in time to miss all those high dollar suggestions last night, Maryrose. I read them all to Mrs. OL and she laughed. Then after a moment she asked "do you think Thermomixes would be a good gift for the Bridesmaids?

OL has no place to hide.

[maryrose]

I do enjoy the light- hearted repartee here on JOM.
I love all the unique ways people employ their sense of humor.
Spring is a time of hope for me and gratitude for the blessings that God continues to bestow on all of us.

[maryrose]

Clarice:
I think OL is finally ready to surrender and place an order.

[jimmyk]

Catching up on last night--congrats to OL on the daughter's engagement!

[Old Lurker]

What did Maggie Thatcher say about Socialism?

Cry me a river:

https://www.wsj.com/articles/why-are-states-so-strapped-for-cash-there-are-two-big-reasons-1522255521

[Tom R]

Happy Opening Day to my fellow baseball fans.

Go Red Sox!!

[maryrose]

Appalled:
Keeping hope alive that somehow this all come back on the President is a fools errand.
The House committee has spoken- no collusion except by the democrats who illegally tried to beat Donald Trump and when people rejected Hillary, tried to build a phony case for impeachment.
Manafort had one job.
Make sure the Dems didn’t cheat or try to steal delegates.
He succeeded in that role and was then let go. Face reality, Dems will go down for this treachery, hopefully in time for the midterm elections.
This gang of crooks will taint their Dem counterpart so badly they won’t be able to be elected dogcatcher.

[Miss Marple the Deplorable]

Threadkiller,

Some information on Amazon from ChiTown Lurker, who knows about this stuff:

Bezos strings out his Accounts Payable to 18-24 months instead of the 90 days more commonly accepted by the IRS. Bezos does this to stiff his vendors once they are on board. It's a form of monopoly pricing and apparently leaves him open to charges of tax fraud.

I would say that if the President is tweeting about Amazon, there is deleterious information already in fed custody.

[Old Lurker]

"Bezos strings out his Accounts Payable to 18-24 months "

I sure hope the Landlords who are prostituting themselves trying to land the East Coast HQ for Amazon know that...

[henry]

Bezos is just following Walmart's lead on that.

[Captain Hate]

That is a ridiculously long payment period. I can't believe a lot of bidnesses can live with that cash flow.

[henry]

CH, if it is your top "customer" what options do you have?

[Jack is Back (Again)!]

I think I'll try that Accounts Payable dodge of 18-24 months.

What could go wrong?

[Old Lurker]

If a tree falls in the forest...

If Time Mag runs the AG's picture on the cover with the statement "Nobody is Above the Law", does that make it true?

[Captain Hate]

I understand the quandary, henry, but it creates a lot of ill will that will probably be harmful to Amazon in the long run.

[Captain Hate]

This explains a lot:

I have noted before that the UNC School of Journalism has eliminated requirements for History and Economics.

Presumably, journalists have no need for such tedious subjects.
Posted by: Mike Hammer, etc., etc. at March 29, 2018 09:05 AM (5OO3x)

[Miss Marple the Deplorable]

I am bringing over the President's tweet on Amazon because what he says is very relevant:

Donald J. Trump
‏Verified account @realDonaldTrump
1h1 hour ago

I have stated my concerns with Amazon long before the Election. Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!
=====================================
That comment about the postal service is quite true.

When I had my eBay store I usually shipped by Priority Mail because eBay had worked out a discount for their retailers if you printed your shipping labels on line.

The discount was approximately 25% of what it would cost if you went to the post office and shipped from there.

At the tie, I wondered about this because it seemed to me that this was a money loser for the USPS. However, I figured it was to get shipping business away from USPS and Fed Ex. I also thought that perhaps they had calculated how much labor and material were saved by me doing the shipping label generation and maybe it all worked out.

The post office used to make a lot of money from first class letters. That is no longer the case with the rise of email and social media, on-line banking and bill-paying, etc. I think they wanted to pick up shipping business to generate additional income.

However, the deal they worked out with eBay seems flawed to me, especially because they will also give you free boxes which you can order in bulk shipped to your nome, for free!

Now, enter Amazon, who must have worked out an even crappier deal for them. President Trump must go bonkers looking at this stuff.

Amazon has so many predatory practices I cannot name them all, but certainly undercutting local retailers by using the US government postal operation (and stiffing it as well) has to be one of them. It is almost impossible to buy a book locally here, especially if you want something on a specialized subject. ToysRUs has gone under.

I am not against Amazon in theory, but they do have a lot of questionable business practices.

[Miss Marple the Deplorable]

TRUMP News 24/7
‏ @MichaelDelauzon
9m9 minutes ago

Date set for the meeting of the two Koreas: April 27. Kim Jong Un will be 1st North Korean leader in history to enter South Korea. Meeting viewed as precursor to meeting between Kim and President Trump.

[Extraneus]

Eric Holder: I’ll Run for President if I Believe I can Unify the Country

“If I were gonna do it, I’d do it because I think I would have concluded that maybe I could unify the country,” Holder said.

He then clarified, “help unify the country, because it’s bigger than any one person.”

“That I could advance—actually, that I could repair then advance the nation in a variety of contexts. That I thought I had something to contribute, that would be the thing that would push me toward considering a run,” Holder said.

[sbw]

JMH, from the previous thread.

When you exhibit the series as prints, how big are (will be) the prints? That information would color the cropping. Bigger prints allow wider cropping since your eye crops visually as you look at different sections of the photograph.

For instance, visiting the Norman Rockwell museum, the Post covers (smaller) look different than the many-times-larger originals.

[sbw]

Key Holder takeaway: Holder “believes”; he does not think.

[Captain Hate]

Stedman's standup comedy routine isn't funny.

[James D.]

I've seen some of Amazon's less-pleasant practices from the self-published author perspective.

The payment terms (and many other aspects of their Kindle publishing system) change fairly regularly, and generally not to the benefit of authors. But they're the 800 lb gorilla, and while you can try to make a go of it without selling through Amazon, good luck with that.

[JimNorCal]

http://donsurber.blogspot.com/2018/03/why-trump-called-kim-jong-un-rocket-man.html
Remember the Washington Post story last November, "Trump promotes his New Jersey golf course during speech to South Korea parliament"?
Here is what he said:
Your wealth is measured in more than money — it is measured in achievements of the mind and achievements of spirit. Over the last several decades, your scientists of engineers — have engineered so many magnificent things. You’ve pushed the boundaries of technology, pioneered miraculous medical treatments, and emerged as leaders in unlocking the mysteries of our universe.

Korean authors penned roughly 40,000 books this year. Korean musicians fill concert halls all around the world. Young Korean students graduate from college at the highest rates of any country. And Korean golfers are some of the best on Earth.

Fact — and you know what I’m going to say — the Women’s U.S. Open was held this year at Trump National Golf Club in Bedminster, New Jersey, and it just happened to be won by a great Korean golfer, Sung-hyun Park. An eighth of the top 10 players were from Korea. And the top four golfers — one, two, three, four — the top four were from Korea. Congratulations. (Applause.) Congratulations. And that’s something. That is really something.
...

But the Post said he was just promoting his golf course.

[henry]

whining from Riko Mendez, Executive Board Member of SEIU California and Chief Elected Officer of Local 521. Is Riko a citizen? (or even a documented alien?)

https://yubanet.com/california/seiu-california-attorney-general-sessions-seeks-to-wipe-out-immigrants-people-of-color-with-census-tampering/

[Captain Hate]

Levin pointed out that Slick added a citizenship question on the 2000 census to no complaints or controversy.

[JimNorCal]

One of these things ... not like the other

[Miss Marple the Deplorable]

Mark Knoller
‏Verified account @markknoller
5m5 minutes ago

DefSec Mattis to meet for first time this afternoon with incoming National Security Advisor @AmbJohnBolton. "I look forward to working with him -- no reservations, no concerns at all," Mattis said the other day. "He's an American. I'm not in the least bit concerned."

[narcisocenfl]

Ah marcy is going to find that pony, appalled who do you think have business contacts in a post soviet republic, klimnik was hired from Mccain own iri, which received state department contacts.

Mcdonough was the other blues brother, to Ben Rhodesia from congressman Hamilton's staff, always wrong never corrected

[Miss Marple the Deplorable]

https://www.bloomberg.com/news/articles/2018-03-29/saudi-prince-meets-new-york-rabbis-in-nod-to-greater-tolerance

[JimNorCal]

"If Time Mag runs the AG's picture on the cover with the statement "Nobody is Above the Law", does that make it true?"

Which AG? Sessions or California AG Becerra?

[henry]

Sessions, with evil lighting.

[jimmyk]

Holder is floating the idea of running for president so that when he's indicted he can claim political persecution.

[clarice feldman]

OL, I'm glad Mrs. OL likes the suggestions..Has she decided which she prefers:The wedding party arriving in Montgolfier balloons or on elephants along palm treed routes? I have to contact the vendors in time.

[Appalled]

narc:

Marcy is more intellectually honest than most and knowledgeable about the issues, which is why I sometimes bring her stuff here. Also, it's pretty clear Manafort is a bad actor.

Whether this all ties up to Trump -- again, the man is too invested in his own gut and pridefulness to take dictation from anyone, including Putin. I've never bought collusion as anything more than wishful thinking. Corruption is another matter, but that's not what all the hollaring is about.

[jimmyk]

Now, enter Amazon, who must have worked out an even crappier deal for them. President Trump must go bonkers looking at this stuff.

I don't know, if the USPS made a money-losing deal with Amazon, that's on them, not Amazon. Assuming it was all above board, i.e. no one was bribed.

[clarice feldman]

True,jimmyk--However, have you ever met a GS 15 who knew how to negotiate anything? As we shovel a lot of money to keep the USPS afloat, I don't think it crazy for the president to want it to have a better deal.(I think the comments about small businesses are just a sop to them. Nothing he can do can change that and more are taking advantage of the Amazon platform to sell to a braoder audience.)

[Threadkiller]

Now, enter Amazon, who must have worked out an even crappier deal for them. President Trump must go bonkers looking at this stuff.

Wasn't this the basis for Trump's explanation as to why he had some of his products made overseas?

During the campaign I remember him explaining how businessman think. Because China manipulated their currency and America was so stupid, he took the best advantage for himself. His plan was to make America not so stupid anymore.

Under that framework, didn't Bezos take advantage of a stupid American system? Trump should be hounding the Postal dealmakers in his tweets.

If something is in the works to slam Amazon on some tax crime, just do it. His tweet clues are no better than the actions of what his name that tanked the stock market with the false report on Trump's Russian connections.

He is using Twitter as leverage over an American company that he does not like. I don't think that is appropriate.

[Threadkiller]

And Jimmy beats me to it while I was fat fingering my keyboard.

:-)

[Ignatz Ratzkiwatzki]

--No, they blew it with Clinton. Proof---the Evangelicals supporting Trump, blowing off this Stormy Daniels crap.--

Because there are close to zero prog Evangelicals the Dems have no clue what motivates us.
They either think we believe we are sinless or cannot tolerate it in others.
The opposite of both is the truth. We acknowledge all of us are sinners and that there is no rigid hierarchy of sin; it all separates us from God and in our unregenerate state makes us His enemies.
Because we recognize our own sins mean in the spiritual sense we deserve the same reward as an ax murderer we are nearly infinitely more tolerant of the weaknesses in our fellow man than the judgmental rigid secular scolds of the authoritarian left.
We don't look to a pol for our salvation for there is none there. We look to him to advance our interests like other sensible voters and whoever he might be we KNOW no matter who he is in fact going to be a sinner just like us. it is the progs who are forever seeking their earthly flavor-of-the-month messiah riding into DC on a Dem donkey.

Martin Luther apparently didn't say it but he should have because it's good;
I'd rather be ruled by a competent Turk than an incompetent Christian.
Who made the better president or was more valuable to promoting the interests of Evangelicals, the deist Jefferson or the pious Carter?

[Miss Marple the Deplorable]

jimmyk,

Yes, it's on them (USPS) BUT guess who makes up for that lost revenue?

http://fortune.com/2015/03/27/us-postal-service/

Video attached to site says Amazon pays about $2 per package. That is assinine. On an average 1-pound package that means they are paying $4 LESS than an idividual shipper.

Who signed this agreement? When? Where is that person now?

[narcisocenfl]

So the people who were paid by him, to lobby, podesta and weber, why aren't they charged, or the European pols who were also on the gravy train?

[clarice feldman]

excellent, Iggy.

[henry]

If something is in the works to slam Amazon on some tax crime, just do it.

The only thing floating around to "slam" Amazon is a bill overriding Quinn and making every seller responsible for collecting sales tax for all state and local jurisdictions. That helps Amazon more than hurts it -- Amazon can make a better deal on tax compliance services and use that to drive more commerce through it's marketplace.

[Old Lurker]

I don't hear suggestions of crime by Amazon, just questions of "is this the right way to transition from buggy whips to space shuttles or is there a smarter way?"

[Ignatz Ratzkiwatzki]

As president though his actual clients are supposed to be not the USPS but the taxpayers.
Seems appropriate to blame both parties to a lousy deal that is costing his clients money.

[JimNorCal]

From InstaPundit, doubtless daddy will be amused at the equivalence

Shampooing Hair And Piloting Commercial Airliners Require Same Number Of Training Hours In Michigan.

[Threadkiller]

I guess we will have to wait for his tweet that blames the other party.

[Ignatz Ratzkiwatzki]

Out the door but, I don't defend capitalists because they are inherently pigs, like all men. I defend capitalism or more precisely the free market, because it forces pigs to act like moral entities.

A billionaire cutting an advantageous deal for himself at the taxpayers' expense with a bunch of unaccountable bureaucrats is about as far from a free market as exists.

[clarice feldman]

True, Henry-- the cost of complying with all those different sales tax rules is too much for small vendors to bear.

[Extraneus]

He is using Twitter as leverage over an American company that he does not like. I don't think that is appropriate.

Me neither, but I also think it was a dumb move on Bezos's part to buy the Washington Post.

[Ignatz Ratzkiwatzki]

Waiting for what you choose to wait for is a boundlessly free market. Have at it.

[Miss Marple the Deplorable]

ChiTown Lurker gives me another interesting detail about the Post Office:

They lose most of their money on Mail Fraud cases. If any prosecutor can attach mail fraud to charges against a defendant, the USPS picks up the costs for the ENTIRE prosecution, by Congressional statute.

[Captain Hate]

So nobody here, not even the ambulance chasers, wants to talk about the merits of Manafort's attorneys suit to dismiss the charges against their client because Rosenstein has no authority to approve anything beyond that which Sessions recused himself from? So it's ok for Grand Inquisitor Mueller to just run amok because 4D chess? Plus nobody likes Manafort anyway so he's expendable.

[Ignatz Ratzkiwatzki]

Amazon was historically, fiercely opposed to sales taxes because it gave them an inherent advantage over those businesses that have to collect it.
It then made a conscious decision to emphasize delivery as their competitive advantage by expanding shipping centers exponentially which meant they could no longer avoid most sales taxes because they had physical presence everywhere, so they explicitly changed their stance on the collection of sales taxes on internet sales.
Their "negotiations" with the USPS were integral to that strategy.

[jimmyk]

It would be a good opportunity for Trump to force the USPS off the dole. Who knows if they actually lose money with Amazon? I suspect a lot of their losses are overhead more than operating losses.

[Old Lurker]

"A billionaire cutting an advantageous deal for himself at the taxpayers' expense with a bunch of unaccountable bureaucrats is about as far from a free market as exists."

Solyndra and all the others?

[clarice feldman]

CH, I think it's a fine argument, I don't know if a district ct judge will have the balls to grant it. Assuming he doesn't, I'm not sure whether the CT would certify the issue for an interlocutory appeal00which I hope he would,

[Ignatz Ratzkiwatzki]

CH,
I think his lawyers are exactly right but I suspect they will lose in court because that's how courts work.
Whether Manafort is a crook or not I have no idea and is irrelevant to the merits of his argument.

[henry]

jimmyk, too many storefronts (aka local post offices). too many retirees. standard retail problems put on steroids by being a part of govt.

[jimmyk]

CH I think it goes without saying that everyone here shares that view.

[Ignatz Ratzkiwatzki]

--I suspect a lot of their losses are overhead more than operating losses.--

Isn't overhead on the profit side of the ledger, per Barry?

[Ignatz Ratzkiwatzki]

And now I really am out the door.

[Captain Hate]

Ok, thanks for those responses. Levin added that his attorneys should be prepared to take it to the Supreme Court and that Sessions could resolve it immediately by taking control of this part away from Rosenstein. He suggested that the MFM would skewer him for doing it but that future historians would overwhelmingly approve of it.

[Neo]

"... the Obama administration secretly ended a policy to prevent Social Security fraud ..."

This explains the story, early in the Obama Administration, of the CEO of IBM offering software to end fraud in the federal government, but was rejected by Obama, even when it was offered for free.

[Captain Hate]

If any prosecutor can attach mail fraud to charges against a defendant, the USPS picks up the costs for the ENTIRE prosecution, by Congressional statute.

Our public servants are infinitely adept at spending money not coming out of their pockets.

[Miss Marple the Deplorable]

https://www.cnbc.com/2018/03/29/microsoft-reorganizes-splits-company-into-2-divisions.html

[narcisocenfl]

Guess who were among those detained by prince salman:

https://www.reuters.com/article/us-usa-saudi-sept11/saudi-arabia-must-face-u-s-lawsuits-over-sept-11-attacks-idUSKBN1H43A1?il=0

[Appalled]

CH:

The argument by Manafort's attorneys is here:

https://www.courtlistener.com/recap/gov.uscourts.dcd.190597/gov.uscourts.dcd.190597.235.0_1.pdf

Apparently, a similar argument was tried in the Scooter Libby case, and that argument failed.

[Threadkiller]

https://www.washingtontimes.com/news/2018/mar/28/california-sanctuary-law-exception-police-can-shar/

[Miss Marple the Deplorable]

https://www.washingtonexaminer.com/for-every-amazon-package-it-delivers-the-postal-service-loses-146

[Old Lurker]

So the Pope says "There is no Hell"

Now they tell us...

https://www.cnsnews.com/blog/michael-w-chapman/pope-francis-there-no-hell

[Jack is Back (Again)!]

Wasn't it Bill O'Reilly who used to get profit and profit margin confused when discussing the oil companies when oil was over the $100/bbl price? Which is the dunces' position on capitalism: When you are just making more than you should.

Stop. If oil goes over, lets say, price X, you no longer make a profit but you can recover your overhead. When it goes over Price Y, you give it away free and no margin.

I think Venezuela is running PDVSA that way now.

[rich]

Keep Hope Alive, Appalled!

I thought the "conspiracy to defraud the USG" was standard language for tax fraud. So of like a pipe bomb being a "weapon of mass destruction".

So what-he was greedy. He did business in the Ukraine. Like a democrat.

[Captain Hate]

The Peronist Pope said eternal souls just disappear? Maybe it was a bad translation.

[rich]

and Manafort can make the argument twice since Mueller and his Stasi office brought charges in 2 districts.

[rich]

Posted by: Old Lurker | March 29, 2018 at 10:43 AM

I was thinking Tesla ... the ATM machine for SpaceX.

[henry]

Just finished signing tax returns for all 50 states and the feds. I really dont like government right now.

[Old Lurker]

I was too, Rich. But the list is too long.

[Porchlight]

Pope Frank has done several interviews with the same atheist and "the translation" is always blamed.

https://cruxnow.com/vatican/2018/03/29/vatican-says-interview-in-which-pope-doubts-hell-not-a-faithful-transcript/

Maybe he ought to stop talking to this guy, or get a new translator, or something.

Pathetic.

[Captain Hate]

Cavuto might be a jerk otherwise but he was hilarious when pointing out how economically illiterate BOR was.

[rich]

henry's radicalization is complete.

[Extraneus]

and Manafort can make the argument twice since Mueller and his Stasi office brought charges in 2 districts.

He did make it in both.

[narcisocenfl]

Good grief, what kind of chemist was he again,
No creation is not a different concept to grasp,
The UK re burleigh had a whole host of these types in the 60d 0

[Extraneus]

Parkland Student-Activist David Hogg Targets Laura Ingraham’s Advertisers for Boycott

[Captain Hate]

henry needs a Founders Breakfast Stout. Or a Backwoods Bastard which will be available year round starting next month.

[rse]

porch-this is being piloted in the austin school district. http://formativeassessmentpractice.org/

[rich]

Ex-

yeah, I mangled that. The reason why it was in the news again was that it was the filing for the other district.

finally!

Marines train with DRONE-KILLER lasers...

[Dave (in MA)]

Shampooing Hair And Piloting Commercial Airliners Require Same Number Of Training Hours In Michigan.

Lather. Rinse. Repeat.
Take off. Land. Repeat.

[daddy]

Alice laughed. "There's no use trying," she said: "one can't believe impossible things."
"I daresay you haven't had much practice," said the Queen. "When I was your age, I always did it for half-an-hour a day. Why, sometimes I've believed as many as six impossible things before breakfast."

I'm only up to two impossible things before breakfast.

1)---Pope Francis: 'There Is No Hell'
2)---First-ever NFL MALE cheerleaders...

Little help, please. What else impossible have I missed today?

[rich]

I could use one of each Captain Hate.

[Extraneus]

Dave's a funny dude. :-)