Clara Bow– Love Among The Millionaires (1930) (1:16)

“I’m a big freak, because I’m myself!”

Clara Bow had ‘It’, it being sex of course.  The same year she made It (the movie), she also made Wings, the first Best Picture winner.  A non-conformist, she was dogged by a savage press which accused her (among other things) of exhibitionism, incest, lesbianism, bestiality, drug addiction, alcoholism, and laying the entire 1927 USC Football Team no doubt accounting for their one tie (to Stanford) and subsequent loss of the 1928 Rose Bowl spot to those very same Cardinals (where was BCS when you needed it?).

Love Among The Millionaires is a talkie (she hated them) but otherwise quite typical of the roles she was offered.  Sixteen years after retiring from films she was institutionalized for chronic insomnia, diagnosed schizophrenic “despite experiencing neither sound nor vision hallucinations”, and subjected to electro-shock treatment.  She spent the rest of her life a recluse.

Bank of America Settles Suit Over Merrill for $2.43 Billion

By JESSICA SILVER-GREENBERG and SUSANNE CRAIG, The New York Times

September 28, 2012, 8:49 am

The settlement, however, may undermine a battle between the New York attorney general and the bank. In 2010, Andrew M. Cuomo, New York’s attorney general at the time, sued Kenneth D. Lewis, the bank’s former chief executive, and Bank of America, contending that the bank and its executives hid from shareholders billions of dollars in losses at Merrill, later causing Bank of America to need a bailout from Washington.

The case, which now falls to Eric T. Schneiderman, could lose much of its steam. Under a decision by New York’s highest court, the attorney general can recover losses on behalf of shareholders. Once the shareholders settle, though, Mr. Schneiderman’s office can expect to obtain little more than a penalty, according to people briefed on the matter. The attorney general’s office declined to comment.

…

It is unclear how much relief the shareholders – those who owned Bank of America shares or call options from September 2008 to January 2009 – will receive. A chunk of the settlement amount will go to the plaintiffs’ lawyers, who are expected to ask the court for $150 million in fees. Bank of America will use its litigation reserves and litigation expenses to cover the settlement, saying that it and other legal expenses cost it $1.6 billion.

The bank also said on Friday that it had agreed to adopt a “say on pay” shareholder vote, an independent compensation committee of the board and policies for committees focused on acquisitions, among other corporate governance changes.

Despite the legal woes, the Merrill Lynch business has helped bolster Bank of America, contributing roughly half the bank’s revenue since 2009, according to bank analysts.

The Countrywide acquisition has proved to be a bigger albatross for Bank of America. The purchase effectively saddled Bank of America with hundreds of thousands of homeowners struggling to keep up with their mortgage payments.

The bank has spent billions of dollars to defend lawsuits related to Countrywide’s mortgage business. In the second quarter of 2011, for example, the bank reported an $8.8 billion loss, mainly related to a settlement with mortgage investors.

Earlier this year, Bank of America and four other banks agreed to a $26 billion settlement related to their foreclosure practices. That deal evolved from an investigation of the mortgage servicing practices by state attorneys general that was begun in 2010 amid mounting fury over revelations that banks evicted homeowners from their residences with false or incomplete documentation.

Bank of America’s Cascade of Settlement Payoffs Continue

By: David Dayen, Firedog Lake

Saturday September 29, 2012 11:30 am

This was outright securities fraud, and I’m more than surprised that the investors plaintiffs, led by public pension funds in Ohio and Texas, accepted this. BofA clearly withheld information from their shareholders that caused a material loss; the stock is down 2/3 since the Merrill deal, even while the bank returned to profitability (though not this quarter, as we’ll see). But the investors had little leverage. The SEC should have been all over this, but they settled over the acquisition in 2009, in a settlement so bad that the judge made them rework it. In the end, the SEC got just $150 million for their settlement, and the fact that the investors got 16 times as much should truly embarrass them.

Incidentally, Ken Lewis was specifically sued in this case and would have been personally liable for withholding information, but BofA will cover his costs in the settlement, so he won’t have to pay a dime.

This is just the latest in a long line of settlements BofA has managed to negotiate over a string of fraudulent and abusive activity since 2009. In all, BofA has paid out over $29 billion, including the $11.8 billion in cash penalties and “credits” from the foreclosure fraud settlement. The other big number included in that, the $8.5 billion settlement with mortgage backed securities holders for repurchases, hasn’t been finalized yet. But it’s clear that Bank of America has become a waystation for abused parties to take out settlement money, rather than a lender allocating capital efficiently. And of course, given the inadequacy of these settlements, the real cost of Bank of America’s practices in the economy are much, much higher.

In fact, between this settlement, some tax charges and litigation expenses (none of that $29 billion includes legal fees), BofA expects to book a loss for the third quarter, years after the end of the financial crisis. While Merrill Lynch at least provided investment banking revenue, that acquisition and the Countrywide acquisition have been extremely problematic for the bank. Countrywide in particular has been the main cause for a loss in BofA’s mortgage business of $35 billion.

If it weren’t for a massive sell-off of assets and a government lifeline, there would not be a Bank of America today. And policymakers should ask themselves why they propped up a zombie bank so it could pay off its legal exposure and not much else.

Questions

Jay Ackroyd, Eschaton

Saturday, September 29, 2012

What would it take to get you to bail on the pres. line on your ballot?  What could Team Dem line up on that would lead you to say “Fuck, no!”? I’d say something like reproductive rights, but the Senate Majority Leader is anti-choice.

I can’t say anything related to “national security” because “Yay! Dead bin Laden” and the only people  the drones kill are terrorists, and no, we’re not gonna tell you who we killed because the fact we killed them is doubledownsecret, so STFU and get in line.

All we got is the New Deal social insurance systems, Social Security, Medicare, Medicaid (which is the backstop when they cash out your house to pay for the nursing home) and Unemployment Insurance. So maybe a good question to ask your elected officials running for office is whether reduction in these programs is off the table–despite Bowles-Simpson, and Dancin’ Dave slavering after “pain.”

The Village Fix in in on Cutting Medicare

thereisnospoon, Hullabaloo

9/29/2012 07:30:00 AM

Do most voters really “understand” that we’re going to be cutting Medicare? Or has the Village decided that we’re going to cut Medicare, and that it’s going to happen no matter what the American people actually want?

…

To continue funding corporate welfare, wasteful wars and tax cuts for the obscenely wealthy while telling voters that Grandma should eat cat food is insane and immoral.

But second, Fineman is disastrously wrong on the politics. For a Democrat to cut Medicare would be politically disastrous.

If the Congress and the President take up Simpson-Bowles during the lame duck session or the new year and enact minor tip money tax increases for the wealthy in exchange for cuts to the most vulnerable, a majority of Republicans will oppose the deal. Democrats will be left holding the bag, insisting on being the “bipartisan adults in the room.”

Voters will hate the deal. Republicans will run successfully against Democrats for the next twenty years, accusing us of cutting Medicare and raising taxes. And when Republicans easily win that argument and gain Executive and Legislative power, President Christie and Speaker Ryan will voucherize Medicare, restore the funding for current seniors, and act as the cavalry riding to America’s and Medicare’s rescue.

The Village Consensus is awful, immoral policy. It’s also suicidal politics. And Howard Fineman and friends appear to be walking into it with open eyes and open arms.

But I’m still voting for the lesser evil!  What choice do I have?

As long as you think that way, none at all.

Electoral victory my ass.

Mary Pickford– Pollyanna (1920) (:57)

Somebody was wondering what a ‘Pollyanna‘ was (besides Pickford’s first film for United Artists).

noun

1. an organism that lives on or in an organism of another species, known as the host, from the body of which it obtains nutriment.
2. a person who receives support, advantage, or the like, from another or others without giving any useful or proper return, as one who lives on the hospitality of others.
3. (in ancient Greece) a person who received free meals in return for amusing or impudent conversation, flattering remarks, etc.

That’s what I’m talking about.

Zombie Rabbits for pets or food.  Originally posted here on June 7, 2011.

People like watching disasters. That’s why they watch NASCAR.

Or the Mets.

NFL Ends Lockout of Referees

By: David Dayen, Firedog Lake

Thursday September 27, 2012 6:14 am

The NFL will have its regular officials back on the field tonight, as the owners ended their lockout of the referees, reaching a tentative agreement. The referees union must vote to approve the contract, but the NFL was holding up the return to play for the officials by locking them out, so their lifting that allowed the officials to go back to work.

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So they saved their defined benefit pension for five years, and get a fairly hefty defined contribution thereafter. In one of the other major sticking points, the league will be able to hire an indeterminate number of officials full-time, and have more officials available than the current staff of 121. This is certainly a better contract than the owners wanted to give; they wanted to end the defined benefit pension immediately.

Referees are well-paid, just like everyone associated with the lucrative business of professional football. But we saw over the last few weeks that they are paid at a level commensurate with their skills. And in a rare set of circumstances, the entire nation got a chance to see in real time the documented value of skilled labor over scab labor. It has relevance for a host of labor fights, and hopefully can be used as an object lesson. More on this from the New York Times.

At noon today, sorting the recycling was my biggest challenge.  Tonight I’m a scab.

It’s the Axe Body Spray.

Daisy Daisy

I found this listed as a brandy drink, but it’s actually the grandfather of many drinks.

The essential ingredients are a few dashes of a sweet liqueur (about half a shot) usually citrus flavored though not always, some citrus juice (half a lemon or lime’s worth), superfine (sometimes called Bartenders, it’s quick dissolving) sugar, and a generous jigger (about 2 ounces) of whatever spirit you happen to be using.

This is poured into a shaker with ice and shaken (not stirred) then strained into a tall (Collins) glass and topped with seltzer or served over rocks (a more recent variation).

Scab Wefewee.  Originally posted June 6 2011.

(h/t Kevin Gosztola @ Firedog Lake)

(Transcript from OpEd News)

According to ChaCha that phrase is from from Simpson’s #39 8F03 Bart the Murderer (aired October 10, 1991).

It was spoken by Fat Tony on seeing Itchy and Scratchy for the very first time.

Just something to think about when you read all those Romney/Stench pieces.

Paul Ryan vs. The Stench

By: Roger Simon, Politico

September 25, 2012 04:38 AM EDT

Jonathan Swift did not really want Irish people to sell their children for food in 1791; George Orwell did not really want the clocks to strike thirteen in 1984; Paul Ryan, I am sure, calls Mitt Romney something more dignified than “Stench” and Microsoft did not invent PowerPoint as a means to euthanize cattle. At least I am pretty sure Microsoft didn’t.

And you see, this is where Roger Simon is completely and totally wrong, it’s perfectly true that-

PowerPoint was released by Microsoft in 1990 as a way to euthanize cattle using a method less cruel than hitting them over the head with iron mallets. After PETA successfully argued in court that PowerPoint actually was more cruel than iron mallets, the program was adopted by corporations for slide show presentations.

Conducting a PowerPoint presentation is a lot like smoking a cigar. Only the person doing it likes it. The people around him want to hit him with a chair.

PowerPoint is usually restricted to conference rooms where the doors are locked from the outside. It is, therefore, considered unsuited for large rallies, where people have a means of escape and where the purpose is to energize rather than daze.

Don’t quit your day job.