Wall Street Folly

It's Official: We've moved! Our new home is www.wallstreetfolly.com

Please join us over at our new Wall Street Folly site.  We're still working out some kinks, but it's up and running! (Note, if for some reason you're not directed to that site, keep trying.  It gonna take a bit for the redirection of our wallstreetfolly.com url to be propogated through the system.)

Gutsy AIG guy outs himself and says: 'Take this $1 buck a year job and shove it, and by the way, that retention bonus? I'm not paying it back and instead donating what's left after taxes to those suffering from the downturn'

Screw Charlie Rangel and the rest of the Congress.  Screw NY AG (and future gubernatorial candidate) Andrew Cuomo and  CT AG Richard Blumenthal who were strong arming the AIG retention payment recipients into returning the money or have their names revealed to the out-for-blood masses. And screw the rest of them:  President Obama, Fed Chief Ben Bernanke and Treasury Secretary Tim Geithner.

Jake DeSantis beat those trying to strong arm / guilt trip him to the punch. He said 'I quit', and isn't returning the $742,006.40 after tax payment he received.  If you haven't read it yet, you must read his resignation letter on the Op-ed page of today's NY Times.   In his forceful letter he notes that he was not part of the small, mostly no longer at the firm group of traders responsible for dragging down AIG.  Instead, he worked for one of the profitable areas, and agreeing to a salary of $1 a year like CEO Ed Liddy, was working hard to wind assets down enduring 10-14 hour days with the promise of a retention payment after 12 months.    He notes that three separate times employees were reassured that they would be getting their retention payments.  And DeSantis expressed his disappointment at Ed Liddy's before Congress 'outrage' about the payments.  DeSantis said that Liddy let down the troops by not going to bat for them.....

Video: '60 Minutes' interview with Barack Obama

 Part 1: 20:36

Must See: Jimmy Fallon and The Roots sing the AIG blues - Fallon turns the recent outrage headlines into a song ($AIG, $GS)

Slow Jam The News: We watched this on 'Late Night with Jimmy Fallon" after the Leno interview with Barack Obama and thought it was really well done.  Fallon talked about the big bonuses paid out at AIG and how the government now wants the money back. "This story ignites a passion in me... and you knows what it means when a news story ignites my passion..." and then they launched into their Slow Jam of the News -- "Talkin' Bout AIG"..... Well placed mentions: Goldman Sachs, Ben Bernanke, Barack Obama and naturally, those demonized bonuses recently paid to AIG executives.  "GET ROUGH ON 'EM OBAMA!" "AIG Likes it ROUGH!"   A "Must See"!

In need of weekend plans? Try the bus tour of AIG cribs

Cityfile reports that the homes of AIG executives are now fodder for tourists;  "Connecticut Working Families" is organizing a sightseeing tour.  They also have an "AIG Cribs" Facebook Group.

Video: Obama on Leno - 3/19/09

Tim Geithner keeps stepping in it: The buck stops here with the AIG bonus fiasco

Jon Stewart: The Notorious AIG

The Daily Show With Jon StewartM - Th 11p / 10c

The Notorious AIG

Daily Show Full Episodes
Important Things w/ Demetri Martin

Political Humor
Jim Cramer

Ed Liddy's testimony before the House Financial Services Committee

The hearing's at 10am.  Here's Liddy's prepared testimony

AIG CEO Ed Liddy op-ed piece: " The anger is understandable, and I share it."

Embattled AIG CEO Ed Liddy, about to be skewered today in his apppearance before the House Financial Services Committee over the bonus payout brouhaha published an op-ed piece in today's Washington Post: