Friday, July 17, 2009

Wall Street Rich Prosper: While the City Goes Out of Work, Again

Wall Street Rich Prosper
While City Unemployment Goes to Record Levels

J.D. Rockerfeller hands a young boy a dime during the depression

Rich Swim in Money The Titans of Wall Street Are Back *** The Joy of Sachs Goldman Sachs’s record quarterly profits show us that the investment bank is very good at what it does. Unfortunately, what it does is bad for America (Krugman) *** Earn Like Goldman Sachs, a ProPublica How-To *** Two Giants Emerge From Wall Street Ruins *** JPMorgan's 'Stellar' Second-Quarter Results *** J.P. Morgan Chase mints money on Wall St. . . . While the City Goes Out of Work JOBLESS 'DOUBLE' TROUBLE The city's unemployment rate skyrocketed to 9.3 percent last month, with nearly twice as many people jobless compared with a year ago *** City Jobless Rate Reaches 9.5 Percent, Matching National Figure *** THREADS THREAT DIMON SEEN AS SUITOR FOR APPAREL-TIED CIT *** Oy! Trouble Awaits Choice to Lead M.T.A. *** Benefits Extended As State Unemployment Numbers Rise *** NYC’s jobless rate hits 12-year high *** Construction activity falls into a deep hole *** Construction activity falls into a deep hole *** Retailers Fear Impact of a CIT Bankruptcy *** NYC economy's 1-year anniversary Significant job losses in retail—and related activities like wholesaling—as well as in construction, have hit every part of the New York region (CrainsNY) *** NYC Comptroller Sees 400000 Jobless By 2010, Most Since 1993

Pay to Play Ex-Councilman Admits Stealing $100,000, Starting Soon After He Took Office *** Former Councilman Pleads Guilty To Fraud *** Martinez's Mailing *** District 10 Fallout: The Dust Settles *** Stop the thieves: City Council must end pork-barrel member items (DN Editorial) *** Councilman Miguel Martinez admits he stole tens of thousands *** Public Advocate's race is heading toward a run-off, rules board, freeing up cash NEXT Councilwoman Maria del Carmen Arroyo on radar in slush probe What about Albany Pork? NY Senate allocates $85 million in local grants ***Criminal prosecutors are reviewing complaints about improper spending by Tom Golisano's political action committee.

Rattner Update: To Big to Face Justice?, Maybe Not peHUB: Steve Rattner buys $4 million house before leaving DC When Steve Rattner stepped down as auto czar earlier this week, Tim Geithner said the following: “Steven Rattner, whose leadership and vision were invaluable to the Auto Task Force’s efforts, has decided to transition back to private life and his family in New York City.” Almost sounds as if he’d been just renting in DC, and that the Big Apple itch became unbearable. Except… We’ve learned that Rattner bought a $4.35 million home in Washington D.C. just two months ago. Now why would you spend that much money – including more than $1 million up-front – if you weren’t planning a long-term stay?

Road to City Hall We built it we pay for it also? THOMPSON ANGRY CITY LETTING METS $LIDE *** $7,000 for Pizza, and Other Bloomberg Campaign Expenses *** Mayoral Campaign Spending in Graph Form *** A Republican blogger thinks the G.O.P. has a good shot at taking the Gillibrand seat *** Carolyn Maloney has an edge over Kirsten Gillibrand in a Rasmussen poll

Albany: Their Cause is Clear STATE STIMULUS CASH SITS IDLE *** ELECTRIC $HOCKER New Yorkers were ripped off when energy traders took advantage of poor management of the state's electric grid last year -- but consumers can't have their millions back *** EVEN DAVE'S DOG IS 'SIC' OF ALBANY *** TURNCOAT IS SERVED $2M PORK Switching sides -- twice -- and holding up state government for a month apparently has its privileges. Double double-crossing Bronx Sen. Pedro Espada Jr .won $2 million in pork-barrel *** PRIORITY NO. 1: PORK, OF COURSE (NYP Editorial) *** School may be out for summer for state senators, leaving Bloomberg hanging *** Espada: Senate Won't Take Up Mayoral Control *** The difference a majority switch makes… *** NO-CLASS SENATE'S NEW STALL A bid to re-establish mayoral control over city schools broke down yesterday after a battle of words escalated between City Hall and Democratic senators *** Pedro Espada Plays Moneyball - July 15, 2009The new Senate majority leader heads straight for the bank (Robins, Voice) *** State Democrats get lion's share of pork

Washington SCHOOL THE NEW COOL O TO PARENTS: IT'S NOT JUST ABOUT RAP *** Obama Tells Fellow Blacks: ‘No Excuses’ for Any Failure *** Democrats Drop Key Part of Bill to Assist Unions *** Kennedy’s Absent Voice on Health Bill Resonates *** Senate GOP Won't Block Vote Republican decision all but ensures the rapid confirmation of Sotomayor to Supreme Court (Washington Post) *** Thousands Jam Federal Job Fair More than 6,000 people join lines to apply for openings at 75 government agencies (Washington Post) *** Obama in NYC at NAACP convention *** Goldman's Sudden Boom Could Be a Bust for Obama (Time) *** Gates Takes Aim at the Military's Spending Wish Lists *** The 10 Key Players in Health-Care Reform (Time) *** Big Pharma Winning Most Of What It Wants In Health-Care Overhaul *** Hate-Crimes Law to Cover Gays *** House moves to save car dealerships *** House Democrats Flush With Early Cash *** Baucus Will Not Rush Negotiations Over Health Care Bill *** Blue Dogs Threaten to Block the Healthcare Bill *** GOP Strategists Seek to Alter the Health Care Reform Debate *** AMA Backs House Health Bill *** LOL Cindy Adams hears Hillary Clinton is unhappy

National Falling Revenue Pinches State Budgets *** Charter Schools Get Stimulus Boost *** JFK Jr.'s death: Ten years later *** NASA Restores Moon-Landing Footage

Wall Street Mess PAULSON'S RIPPED $700B BAILOUT CALLED 'MASTERFUL DECEIT' *** The Joy of Sachs Goldman Sachs’s record quarterly profits show us that the investment bank is very good at what it does. Unfortunately, what it does is bad for America (Krugman) *** Two Giants Emerge From Wall Street Ruins *** ‘Was This a Good Old-fashioned Brooklyn Shakedown?’ Congress had fun with former Treasury secretary Hank Paulson *** JPMorgan's 'Stellar' Second-Quarter Results *** J.P. Morgan Chase mints money on Wall St. *** GE Earnings Drop On Finance Woes *** CIT Clients Scramble To Secure Lifelines *** 1 Million Small Businesses Are Now At Risk

Media RATTNER WRAPS AT MAXIM CERBERUS TAKES OVER FROM QUADRANGLE AT LAD MAG *** VIDEO GAME SALES DROPPED *** GOOGLE EARNINGS ARE DISAPPOINTING *** A Hollywood Blogger Feared by Executives *** Seasoned Celebrity-Watcher Turns From Print to Web *** Google To Newspapers: Opt Out Of Search If You Don't Like It *** FT Editor: "Almost All" News Orgs Charging Online Within A Year