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Брайан Мойнихан
Брайан Мойнихан
Штрихи к портрету: друзья отмечают в Мойнихане две главные черты, которые ему как-то удается совмещать. Он трудоголик, который, кажется, бросает вызов пределам выносливости. И одновременно он прекрасный семьянин. Он умудрялся тренировать баскетбольную команду, где играла его дочь, успевая из Нью-Йор ...
Штрихи к портрету: друзья отмечают в Мойнихане две главные черты, которые ему как-то удается совмещать. Он трудоголик, который, кажется, бросает вызов пределам выносливости. И одновременно он прекрасный семьянин. Он умудрялся тренировать баскетбольную команду, где играла его дочь, успевая из Нью-Йорка доехать до Бостона к вечернему матчу. Джейн Мегпионг, бывшая сослуживица Мойнихана, живущая неподалеку от него, до сих пор не может забыть, как тот с женой под проливным дождем следили за счетом, пока их дочери играли в лакросс.
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09 января, 15:00

Are you a 'la la la, I can't hear you' liberal? | Frances Robinson

A new study suggests that liberals have the same confirmation biases as right-wing people. That’s why we all need to do a better job at listening to othersIt’s been a year of polarizing decisions. The US election, Brexit: a world of binary choices where everyone who disagrees is a hater, a loser, a deplorable, a fascist or a deplorable loser fascist hater. Worldwide, people – whether that’s “coastal metropolitan elite citizens” or “honest hardworking rural folk” – have retreated into their bubble, an echo chamber where they are only confronted with news which conforms with their existing worldview.The internet, initially envisioned as a wonderful tool which would bring us all closer together, has unfortunately been instrumental in this. From Senator Daniel Moynihan saying everyone is entitled to their own opinion, but not their own facts, we’ve come to a world where wildly divergent facts are available, as succinctly shown by the Wall Street Journal’s “Blue Feed, Red Feed,” graphic. Continue reading...

06 января, 01:14

CIVILIZATION AND ITS DISCONTENTS: Shot: “It is lack of confidence, more than anything else, th…

CIVILIZATION AND ITS DISCONTENTS: Shot: “It is lack of confidence, more than anything else, that kills a civilisation. We can destroy ourselves by cynicism and disillusion*, just as effectively as by bombs.” —Kenneth Clark, script for [1969 BBC TV series] Civilisation. —“Almanac: Kenneth Clark on how civilizations commit suicide,” Terry Teachout, today. Chaser: Judge Edwin […]

02 января, 00:00

Defund the United Nations

Rich Lowry, New York PostWe’ve come a long way from Daniel Patrick Moynihan excoriating the United Nations’ 1975 “Zionism is racism” resolution in one of the finer exhibits of righteous indignation in the history of American speechifying. The Obama administration acceded to — and, reportedly, assisted behind the scenes — a less-notorious but still noxious Security Council resolution condemning Israeli settlements. By the administration’s lights, the action is clever — it will be extremely difficult to reverse and will increase Israel’s international isolation.

26 декабря 2016, 10:54

Tweeters Mock Donald Trump's 'Lazy Screencap' Christmas Message

Twitter users couldn’t resist poking fun at Donald Trump’s Christmas tweet over the weekend. The president-elect wished his followers “Merry Christmas” on Sunday morning with what appeared to be a photograph of just himself walking past a Christmas tree, with his fist raised and clenched: #MerryChristmas pic.twitter.com/5GgDmJrGMS— Donald J. Trump (@realDonaldTrump) December 25, 2016 He followed it up five hours with this message: Merry Christmas and a very, very, very , very Happy New Year to everyone!— Donald J. Trump (@realDonaldTrump) December 25, 2016 While some tweeters thanked PEOTUS for his festive wishes, many poured scorn on the image.  One dubbed it a “lazy screencap” and dozens of others questioned why his wife, Melania Trump, and other family members weren’t included in the shot.  “Why the hell would your Christmas picture be you, alone, making a tiny fist?” asked one user. Here are some of the most popular replies we’ve seen so far: @JentotheDen @tonyposnanski @realDonaldTrump I also love that it's just him, no family, no warmth, just a tiny fist and a tree.— BreadBitch (@mary_olliff) December 25, 2016 @realDonaldTrump you ruined it.— Brian Abrams (@BrianAbrams) December 25, 2016 @realDonaldTrump That picture is extremely festive— Tony Posnanski (@tonyposnanski) December 25, 2016 @realDonaldTrump and let's hope it's not our last! pic.twitter.com/ZQ79hBB3vO— Don Moynihan (@donmoyn) December 25, 2016 .@realDonaldTrump Oh Donald I know you think that looks handsome, but do one without the smug look and fist in the air.— Bess Kalb (@bessbell) December 25, 2016 @realDonaldTrump Impressive you couldn't even be bothered to pose for a Christmas photo, just a lazy screencap of you walking past a tree.— Hong Kong Hermit (@HongKongHermit) December 25, 2016 @realDonaldTrump Cheers mate! Let's make this last one a good one!— Neil Claxton (@MintRoyale) December 25, 2016 @realDonaldTrump you love seeing your own face don't ya— Matt Shore (@mattshore) December 25, 2016 @realDonaldTrump What's with the fist, Donny?— Maria Langer (@mlanger) December 25, 2016 .@realDonaldTrump Based on pic, seems your endgame to ending War on Christmas was to make yourself God?— Shannon Watts (@shannonrwatts) December 25, 2016 @realDonaldTrump Nothing says: Merry Christmas like a clenched, infantile fist; similar to the fist of tiny baby Jebus. — (((CPT.BILL KELSO))) (@TrumpsMeltDown) December 25, 2016 @bessbell @realDonaldTrump Nothing celebrates Jesus' birth like a balled fist.— Mary Wooten (@mfwooten1) December 25, 2016 @realDonaldTrump Why the hell would your Christmas picture be you, alone, making a tiny fist? Your existence is so depressing.— Christy Kilgore (@ckilgore) December 25, 2016 @realDonaldTrump do you just have a folder of scanned in jpegs to pull from for these— Alyssa Onofreo ✨ (@omgchomp) December 26, 2016 @realDonaldTrump The raised fist? This guy is a complete cliche— Saad Chaudry (@SdotChaudry) December 26, 2016 @realDonaldTrump hope Santa left coal for you.— Jen Dent (@JentotheDen) December 25, 2016 type=type=RelatedArticlesblockTitle=Related Coverage + articlesList=585f7d3ae4b0d9a594588ed2,585f6fd9e4b0de3a08f59210,585f9ab6e4b0de3a08f5943a -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

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11 декабря 2016, 00:00

Pat Moynihan and the Post-Modern Presidency

Greg Weiner, RealClearPoliticsFor the better part of two generations, the political theory of the hard left has held that language—“discourse,” in the argot of the academy—is a matter of social construction rather than a means of describing objective realities. The slogan celebrates when the oppressed “speak truth to power,” but the theoretical grounding holds that speech regarding truth is a mere assertion of power.

10 декабря 2016, 02:16

Bank Stock Roundup: Upbeat Trading Outlook and Likely Rate Hike Bring Optimism, Citigroup in Focus

Over the last five trading days, major banks showed a bullish trend. Heightened expectations of a rate hike this month have boosted investors' optimism.

08 декабря 2016, 20:01

Citigroup (C) Projects Q4 Trading Revenues to Climb 20% Y/Y

At the Goldman Sachs Group Inc.'s financial services conference in New York on Wednesday, Citigroup Inc.'s (C) Chief Financial Officer, John Gerspach, announced the recent outlook for the fourth quarter.

08 декабря 2016, 01:34

Wells Fargo’s New Boss Comes Out Swinging

Wells Fargo’s new boss has come out swinging. At the first gathering of big-bank chief executives since the U.S. election, Tim Sloan detailed a laundry list of rules he wants

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30 ноября 2016, 23:09

John Mearsheimer's Unrealistic Realism

Robert J. Lieber Security, To adapt a phrase from Daniel Patrick Moynihan, when it comes to rising revisionist powers, Mearsheimer’s approach, through its emphasis on structure, defines deviancy down. There are reasons to be worried about a Trump presidency, but a major addition to the list would be if the President-elect were to adopt University of Chicago professor John Mearsheimer’s “realist” foreign policy, which he recently espoused in The National Interest. In reality, this brand of realism is profoundly unrealistic, both in its reading of recent history and in its policy prescriptions. Start with Mearsheimer’s assertion that for the past twenty-five years, American leaders have pursued a policy of “liberal hegemony which calls for the United States to dominate the entire globe.” There is more than a touch of hyperbole concerning the Clinton and George W. Bush eras, but to include in this claim the nearly eight years of Obama’s presidency looks more like a stunning departure from the real world.  Instead, that record has more often been one of retrenchment, inaction, or withdrawal. In Syria, for example, the president rejected the advice of his top foreign policy cabinet members (representatives of what Obama’s Deputy, Ben Rhodes, and Mearsheimer call “the blob”) and not only failed to provide meaningful support to moderate rebels when this might have made the difference, but failed to enforce his own “red line” against Assad’s use of chemical weapons. Obama sees this as his finest hour, but in the Middle East, Europe and Asia it was viewed as a dramatic signal of disengagement. Read full article

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30 ноября 2016, 01:13

Bank of America CEO sees long road ahead for payments technology payoff

NEW YORK, Nov 29 (Reuters) - It may be more than a decade before banks see substantial benefits from investments they are now making in new payments technologies, Bank of America Corp Chief Executive Brian Moynihan said on Tuesday.

23 ноября 2016, 14:43

Мода на грех

Указание папы римского Франциска разрешить рядовым католическим священникам отпускать грех аборта вызвало неожиданно бурную реакцию, однако оно было вполне ожидаемым. Поясню ещё раз, о чём идёт речь. Раньше отпускать этот грех могли лишь епископы — главы церковных регионов — и специально назначенные священники, как правило, также по одному на регион. Теперь это может делать каждый. И наверняка найдутся сотни клириков, которые будут с лёгкостью отпускать грех, приравниваемый в христианской традиции к убийству. Понятно, что такие священники наверняка сразу же станут пользоваться особой популярностью в обществе. Решение папы вполне укладывается в его логику постепенного, маленькими шажками, ослабления строгости католических нравов. Он фактически отказался от осуждения гомосексуальности (хотя и не перестал считать грехом гомосексуальные половые акты), начал открывать дорогу для допуска к причастию людей, разведшихся и вступивших в повторный брак (совсем недавно это для католической традиции было немыслимо, ведь Христос приравнивал женитьбу на разведённой к прелюбодейству). Приспособление к нравам "современного человека", в том числе к привычкам, которые в Библии объявляются греховными, — это политика не только нынешнего папы, но и всего ордена иезуитов, к которому он принадлежит. "Общество Иисуса" в миссионерских целях готово было "подстроиться" под самые разные культуры, этносы, моды и привычки. Похоже, оно до мелочей определяет и деятельность Франциска — вспомним, что до избрания папой кардинал Бергольо практически не отметился самостоятельными взглядами, а на фото представал довольно угрюмым, без знаменитой нынче широкой улыбки. Теперь он — явно "коллективный проект", цель которого — приспособиться к нравам широкой западной публики. Однако может ли это быть успешной миссионерской стратегией? Или речь идёт просто о том, чтобы продлить — хоть на пару веков — спокойное существование католической структуры, которое может кончиться спокойным умиранием? Церковная история показывает: христианство выигрывало именно тогда, когда не успокаивало людей, не сливалось с "социологическим фоном", а говорило правду — неудобную, раздражающую, заставляющую меняться или бурно протестовать. Не случайно в высших католических кругах зреет недовольство папой, всё чаще вырывающееся наружу. "Начинается" — так озаглавил известный ватиканист Роберт Мойнихан свою статью о критическом письме, направленном понтифику четырьмя кардиналами ещё 19 сентября этого года. Ответа так и не последовало (уход от прямого разговора — тоже известная иезуитская тактика), и потому послание на днях было обнародовано. Первый из пяти изложенных в нём пунктов — прямой вопрос: действительно ли папа считает возможным допуск к причастию людей, живущих во втором браке при нерасторгнутом первом (а католический брак вообще практически нерасторжим)? Дальше Франциска спрашивают, действует ли в учении о разводе и причастии значительно более строгая позиция, занятая ранее папой Иоанном Павлом II (по католическому учению, папа неправильного учения провозглашать не может). Между прочим, ещё в октябре 2015 года 13 других кардиналов, причём гораздо более влиятельных, "поставили вопросы" в связи с линией Франциска в области личной и семейной этики. Тогда ответом тоже стало молчание. Логика "Общества Иисуса" старается уходить от евангельского "да — да, нет — нет"… Однако кардиналы и другие внутренние критики всё сильнее припирают Франциска к стене, спрашивая: продолжает ли Ватикан считать христианское нравственное учение неизменным, потому что оно дано неизменным Богом, или же всё относительно, а главное — выживание и популярность? Будем надеяться, что лукавая логика не проникнет в православное социальное учение вслед за не самым удачным примером папы, популярного всё более вне Церкви, а не внутри неё. Кстати, подход православной церкви к греху аборта до недавнего времени оказывался де-факто более либеральным, чем у католиков. Этот грех отпускали обычно сразу и без долгих рассуждений. Вызвано это было тем, что в советское и раннее постсоветское время женщины считали аборт обычным делом и не были готовы к тому, что о нём вообще спрашивают на исповеди. Но сейчас — во многом благодаря СМИ — о греховности аборта многие узнали. И всё больше священников стали накладывать на лицо, совершившее аборт (а также и на врача, и на мужчину — отца неродившегося ребенка), временное отлучение от причастия. Традиционный его срок — 10 лет, как за убийство — сейчас редко соблюдается. Но полгода-год — очень часто. Это предписывают и Основы социальной концепции Русской православной церкви: "Не отвергая женщин, совершивших аборт, Церковь призывает их к покаянию и к преодолению пагубных последствий греха через молитву и несение епитимии с последующим участием в спасительных Таинствах" (XIII.2). Епитимия — это наказание, обычно в форме временного отлучения от причастия. Таким образом, доступ к этому таинству сразу после раскаяния в аборте объявляется невозможным. В таинстве покаяния — то есть при исповеди — Господь прощает любой грех. Но за некоторые грехи Церковь обязана наложить ту самую епитимию. Прежде всего для того, чтобы изгладить духовные и нравственные последствия греха. Тем, кто приходит в храм за быстрым и комфортным "религиозным обслуживанием", это, конечно, не понравится. Но христиане превратятся в самопародию, если будут думать прежде всего о привлечении или удержании "клиента", а не о том, что говорится в Евангелии. Увы, Нагорная проповедь, а тем более следование ей (а именно к этому призывал Христос) мало совместимы с приспособлением к моде на грех.

02 ноября 2016, 00:54

Evan Bayh’s Meetings With Bankers Went Beyond Official Business, Schedule Shows

WASHINGTON ― Evan Bayh, the former Indiana senator seeking to regain his old seat, spent the last year of his time in office meeting with corporate recruiters to line up his next job. Back in 2010, when Bayh first announced his retirement from the Senate in an op-ed in the New York Times, he explained that he was leaving the institution because it had become too dysfunctional. Over the next few months, he offered a set of reforms he said would make the chamber a better place ― like it was when he watched his father serve there 35 years ago. Bayh told Ezra Klein, then of The Washington Post, that he was quitting the Senate because he wanted “to be engaged in an honorable line of work.” Klein called that line “the single most pervasive and devastating critique” of the Senate he’d ever seen. What Bayh was actually doing during his final year in office, it turns out, is an even more devastating critique. In October, the Associated Press obtained a copy of his Senate schedule and reported he held “more than four dozen meetings and phone calls with headhunters and future corporate employers.” A campaign spokesman told the AP, “It was entirely ordinary and even important for him to meet with industry leaders to insist upon regulatory changes.” Bayh was, after all, a member of the banking committee, which in 2010 was debating the Wall Street reform bill known as Dodd-Frank. The AP didn’t publish his schedule and offered few details of the meetings, but The Huffington Post has independently obtained a copy. Meeting with corporate headhunters is acceptable under Senate rules, since headhunters typically don’t have specific interests to litigate before the Congress. But the job of headhunters, of course, is to connect companies with potential job candidates ― even when that candidate may be a senator who still has considerable influence over the legislative agenda those companies care about. The job titles of four of the people Bayh met with were at the time “chief talent officer”; “global head of human resources”; “senior vice president, talent acquisition leader for campus recruiting, executive recruiting and commercial banking”; and “global head of talent acquisition.” Those are not the sort of executives a senator meets with to talk about legislation. Bayh’s spokesman warned about relying on the schedule, adding that Bayh’s Senate opponent would be a far worse occupant of the seat. “This alleged schedule is incomplete, missing more than 40 percent of the votes Evan took in 2010, and clearly not a reliable source of information on how Evan Bayh’s time was spent,” he said. “Hoosiers know that Evan Bayh has always stood with them, and will see through this transparent effort to hand a Senate seat to a known tax cheat who voted to risk the privatization of Social Security.” Bayh’s campaign has come under a brutal onslaught in the past several weeks, and a race in which he was comfortable ahead is now neck and neck, putting Hillary Clinton’s ability to fill the vacant Supreme Court seat in jeopardy. The next president could end up appointing as many as three additional new justices. Republicans have suggested that if they maintain control of the upper chamber, they will prevent Clinton from making appointments, triggering a full-blown constitutional crisis, and slowing progress on everything from LGBT rights to the environment to immigration, civil rights, reproductive freedom and the role of money in the political system. Bayh’s race could tip the balance. *** When Evan Bayh met with Credit Suisse Americas CEO Rob Shafir for the first time in 2010, it really was for official Senate business. Bayh, Shafir and Credit Suisse lobbyist Michael Williams sat down in his Senate office in the Russell building on April 15 for a meeting described as “Volcker Rule and OTC derivatives provisions.” Bayh would later play a leading role in watering down the Volcker Rule, which was an effort to prevent banks from gambling with taxpayer-backed assets. The Senate passed the final version of the Dodd-Frank financial reform bill that included the rule on July 15, with Bayh voting to approve it. A little more than a month later, on Aug. 23, Bayh met with Credit Suisse CEO Brady Dougan at the bank’s New York office. Two weeks later, he met again with Shafir. This time it was at Shafir’s office in New York rather than Bayh’s Senate office. A week later he had a call with Credit Suisse Investment Bank CEO Eric Varvel. On Sept. 27, he met in person with Varvel and Bruce Ling, Varvel’s chief of staff, in New York. That same day he met with Pamela Thomas-Graham, and this one was the giveaway: She was global head of human resources. According to the schedule, the hotel tab was picked up by “EBC.” The source who provided the document to HuffPost said the notation is shorthand for the Evan Bayh Committee, meaning it was paid for by his campaign fund (politicians are allowed to keep their campaign funds running even if they are not planning to run for re-election, as was the case with Bayh at that time). The expense was justified by a breakfast he did that morning, a fundraiser for New York Sen. Kirsten Gillibrand held at the office of Centerview Partners, a boutique investment bank. Bayh may have seen a familiar faces there; on June 7, he had met in the same office with Centerview’s co-founder Blair Effron. A Centerview spokesman declined to comment on the meetings. On Oct. 1, Bayh also traveled to Charlotte to meet with Bank of America executives. Mike Flood, a headhunter at the firm Westwood Partners, paid for the hotel in Charlotte, putting to rest any question of whether the trip was job-search-related. His schedule lists him meeting with Andrea Smith, whose title was global head of human resources, and Karen Kirchner, whose mouthful of a title was “SVP, Talent Acquisition Leader for Campus Recruiting, Executive Recruiting and Commercial Banking.” Kirchner has since left the bank, and declined to comment. The Bank of America courtship had started earlier that year. Bayh had lunch with Jim Forbes, who ran the bank’s private equity arm, on June 12. A month later, on July 12, he met in Bank of America’s New York office with Sallie Krawcheck, the head of the global banking division, just days before Bayh played a major role in weakening the Volcker Rule. Bayh met with the bank’s then-president Brian Moynihan in his New York office on Sept. 2, and a month later he was in Charlotte talking with HR. And three days after his Charlotte meeting, he flew to Boston to meet with Anne Finacune, who was Bank of America’s global head of marketing, branding and government relations at the time. According to the schedule, Michael Sherman, whose title was global head of talent acquisition, met Bayh in the lobby and escorted him up to Finacune’s office. For good measure, Bayh also met with executives at the private equity firm Advent International and Bain Capital, made famous by its former founder Mitt Romney’s 2012 White House run, while he was in Boston. (A spokeswoman for Bain declined to comment. Advent did not return request for comment.) Bayh stayed at the Nine Zero Hotel during that trip. It added, “NOTE: A high level quiet room away from the elevators and ice machine has been requested. Extra pillows have been requested as well.” The more pertinent detail, however, is this one: “Payment Note: Mike Flood” ― the headhunter from Westwood Partners. A spokesman for Bank of America declined to comment. The Investment Banking and Private Equity World Bayh also entertained meetings with two other types of businesses willing to pay him millions of dollars for his experience: small investment banks and private equity firms. Over the course of 2010, the departing senator met or stayed with executives at five boutique investment banks ― Allen & Co., Centerview, Evercore, Moelis, GH Partners ― and 11 private equity firms ― Advent, American Securities, Apollo, Bain, Carlyle, Centerbridge, Silver Lake, TowerBrook, Providence Equity, KKR, General Atlantic ― in addition to well-connected bankers at larger firms. Why would these companies want to hire Bayh? Besides his history of trying to push financial-industry-friendly language into bills, they valued Bayh’s core skill set: Powerful people would return his phone calls. That’s pretty much the definition of influence peddling, but it’s also the definition of the job of senior investment bankers and private equity executives. People like Bayh get paid to know lots of people and figure out what those people think about things. Bayh’s schedule for March 1, 2010, shows his apparent private equity and investment banking job hunt in full swing. The day started at the Upper East Side’s members-only Links Club, where Bayh had breakfast with Bob Rubin, a board member and senior executive at Citigroup. (Rubin had helped steer the firm to mortgage securities disaster and almost $500 billion in total bailouts, and previously served as the co-head of Goldman Sachs and as the Treasury Secretary under Bill Clinton.) After breakfast, Bayh was scheduled to meet with Roger Altman, the co-founder of boutique investment bank Evercore, whose career has whipsawed between finance and government for more than three decades. Then Bayh had lunch with Glenn Hutchins, who co-founded the $26 billion private equity fund Silver Lake and a month later lobbied Bayh on behalf of the PE industry in a meeting in his Senate office. (A spokeswoman for Hutchins declined to comment.) After lunch, he met with Jon Ledecky, the wealthy now-owner of the New York Islanders, before meeting with another then-Citigroup executive, investment banker Ned Kelly, who was then one of the bank’s top dealmakers and had previously overseen its private equity and hedge fund investments. (Kelly also previously worked at private equity giant Carlyle Group.) A spokesman for Citigroup declined to comment on Bayh’s meetings with Rubin and Kelly. Bayh then shifted themes and went to tape an episode of the Charlie Rose Show in his New York studio, where he complained that Republicans were hyper-partisan and progressives on the left thought of accepting “half a loaf … as in some ways being a sellout.” Washington is dysfunctional and American voters, he said, need to think about their role in the problem. “After all,” Bayh said, “we do vote these people in. All of us, and I have said this to myself, need to take a long look in the mirror and say, OK, who are we rewarding?” After that pause for a moment of conspicuous public introspection, Bayh ended his day with a visit to Goldman Sachs’ old 85 Broad Street headquarters to meet with John Rogers, the firm’s well-Rolodexed chief of staff who began his career in the Ford White House and worked for the Reagan and H.W. Bush administrations. (A Goldman spokesman also declined to comment.) Back In Washington While all this Wall Street job hunting as going on, Evan Bayh was still technically a senator. And as a senator, there were things he could do to help the industry. One of those things was working to preserve the carried interest, the preferential tax rate that hedge fund and private equity managers pay. In June, Bayh voted against a bill that would have narrowed the loophole, and was a “key player” in negotiations to water it down. Bayh says that he has always been in favor of closing the carried interest loophole, and that vote was more about his disagreements with the spending provisions of the bill rather than the tax provisions. That may be true, but at the time Bayh cast his vote, the public had no way of knowing he was deep into his job hunt with private equity managers and others whose main legislative concern was to kill that effort to close it. Apollo Global Management spent $1.5 million lobbying against the measure, and had an extraordinary amount of money at stake. Since 2010, they’ve clocked more than $6 billion in carried interest gains. Bayh met with Apollo’s founder Leon Black twice in 2010, and then went on to work for the company. His latest financial disclosure form lists somewhere between $5.7 million and $20.9 million in wealth directly tied to Apollo. More important, perhaps, was his work on the Volcker Rule. Bayh was among the senators pushing to allow exemptions for “trusts, sweep accounts, a broader set of insurance companies & affiliates, feeder funds, hedge funds with seed capital, and most firms in Massachusetts,” former Treasury Secretary Tim Geithner wrote in his book Stress Test, citing an aide’s account of the Senate wrangling over the law. “The amendment ended up looking like Swiss cheese.” What makes progress in Washington so difficult is that there are a nearly infinite number of access points for industry to nudge policy in a direction that’s more favorable, especially when public attention is focused elsewhere. One of those moments is immediately after a bill passes. Passing legislation is just the first step. Next comes the process of writing the regulations that implement the law. After that, there are often court challenges. As the industry looks to influence both, they benefit if they can base their arguments on “congressional intent,” and there is plenty of jockeying to establish what that intent was. For the Volcker Rule, that fight began the day Wall Street reform ― known as Dodd-Frank ― passed the Senate, on July 15, 2010. Bayh voted for the legislation, and according to the federal record engaged in what’s known as a colloquy with the bill’s sponsor, Sen. Chris Dodd (D-Conn.), shortly after passage. “With respect to the Volcker Rule, the conference report states that banking entities are not prohibited from purchasing and disposing of securities and other instruments in connection with underwriting or market making activities, provided that activity does not exceed the reasonably expected near term demands of clients, customers, or counterparties,” Bayh told Dodd. “I want to clarify this language would allow banks to maintain an appropriate dealer inventory and residual risk positions, which are essential parts of the market making function. Without that flexibility, market makers would not be able to provide liquidity to markets.” Banks like Credit Suisse and Bank of America of course care a lot about this, as do some of their biggest customers: investors who buy and sell huge chunks of stock and debt. To investors like Apollo, hedge fund founder Eric Mindich, Oaktree’s Howard Marks, BlackRock founder Rob Kapito, or AllianceBernstein’s CEO Peter Kraus, each of whom Bayh met with in 2010, being able to buy and sell securities fast and relatively cheaply from big banks is a crucial part of how they operate. If the securities markets became harder to trade in and out of, it would be harder for them to make money. (Spokespeople for Apollo, Mindich, BlackRock and Oaktree declined to comment. AllianceBernstein did not return a request for comment.) Dodd responded that Bayh was right. “The gentleman is correct in his description of the language,” he said, according to the record. At a banking committee hearing two months later, Bayh asked regulators if they were familiar with his colloquy, and whether they were taking it into account when writing regulations. They assured him they were.  *** When the CFTC issued the final regulations in 2014, Bayh’s colloquy was cited directly. As influential as that colloquy may have been, it may never have happened. The Congressional Record is a combination of things that happened on the floor and in hearings, as well as things that have been added into the record with the consent of the rest of the body. The wording Bayh used, like a lot of bank-speak, doesn’t sound like spoken English ― “I want to clarify this language would allow banks to maintain an appropriate dealer inventory and residual risk positions.” A review of C-SPAN for that day, cross-checked with the Congressional Record, finds Bayh never rose to speak. What’s far more likely is that Bayh’s colloquy never happened in real time, but was written and submitted for the record after the fact. The Bayh language was cited in regulatory lobbying by the parent company of the New York Stock Exchange, the Association of Institutional Investors, Fidelity and SIFMA, as well as a 2012 comment to regulators from a group of financial institutions led by Apollo Global Management. Bayh had gone to work for Apollo the previous year.   Ben Walsh worked for Rogers for a portion of his time at Goldman Sachs. Sign up here to get Ryan Grim’s newsletter, Bad News, in your inbox. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

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17 октября 2016, 15:08

Bank of America увеличил прибыль в III кв. на 6,6%

Bank of America Corp, второй по размеру активов банк США, сообщил об увеличении прибыли в третьем квартале текущего года, что было вызвано ростом объемов торговли облигациями, передает агентство Reuters.

17 октября 2016, 15:08

Bank of America увеличил прибыль в III кв. на 6,6%

Bank of America Corp, второй по размеру активов банк США, сообщил об увеличении прибыли в III квартале текущего года, что было вызвано ростом объемов торговли облигациями, передает агентство Reuters.

12 октября 2016, 02:00

Glenn Beck: Conservative in Exile

Radio and TV personality Glenn Beck is a man without a party. Vice News’ Michael Moynihan spent time with Beck on his ranch to talk about conservatism, Donald Trump and Roger Ailes Source: Vice The post Glenn Beck: Conservative in Exile appeared first on The Big Picture.

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10 октября 2016, 23:31

Inside New York City's Moynihan Train Hall: The Future of Penn Station

The dark, dank, decrepit, dehumanizing, cramped, confusing, stinky (yes, stinky) and generally misery-inducing hellhole that is New York Citys Pennsylvania Station is finally destined for an overhaul. And it could be fantastic.

10 октября 2016, 07:29

Meet Kenneth Bone, The Real Winner Of Sunday Night's Debate

function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); Need a Halloween costume? Get yourself a red sweater, a pair of glasses and a mustache and become America’s new hero.  Kenneth Bone, an undecided voter chosen to ask a question at Sunday night’s presidential debate between Hillary Clinton and Donald Trump, went viral after the event. Not for his question, which related to energy, but for his calm demeanor and bold fashion sense that briefly restored order to an often bizarre debate.  Kenny Bone for president in 2020! #debate2016 pic.twitter.com/mGjcl39N0X— Eric Stonestreet (@ericstonestreet) October 10, 2016 Ken Bone is the best and he was put on earth so Bobby Moynihan could play him this weekend.— Jack Moore (@JackPMoore) October 10, 2016 Tonight.. A star was born. World, meet Kenneth Bone. Ken Bone, meet the world. https://t.co/O9zMvjicmh— Jordie (@BarstoolJordie) October 10, 2016 I am fully anticipating Kenneth Bone fan-fiction comming in the following days.— Tadd Ghostal (@lehi1984) October 10, 2016 @RoFlo GOAT pic.twitter.com/TIYXO60Dgq— Jeff Valois (@jeffvalois) October 10, 2016 Besides looking adorable, #KennethBone was the one to ask the energy question. Kind of a fan.— Laura Brookbanks (@LauraBrookbanks) October 10, 2016 BREAKING NEWS: Clinton drops Kaine as Running mate. Hillary Clinton / Kenneth Bone 2016 #debates— Andrew Blanchard (@AndyTheBlanch) October 10, 2016 This is the hero America needs right now. pic.twitter.com/H606ZZuHiz— Adam Conover (@adamconover) October 10, 2016 "Hey, weird, I have 4,000,000 text messages" - Kenneth Bone in 2 minutes when he looks at his phone #debate— Jensen Karp (@JensenClan88) October 10, 2016 Ken Bone. Power name. Power outfit. pic.twitter.com/vvPPdZrA74— Dillon Cheverere (@DCheverere) October 10, 2016 I find it hard to believe Kenneth Bone is undecided with such a confident sweater choice. #debate— Betty F*ckin' White (@BettyFckinWhite) October 10, 2016 #KennethBone for President pic.twitter.com/FwcXvasmRg— John Greenwood (@johngreenwood26) October 10, 2016 Would vote for #KennethBone— Emily Grant (@iemilyann) October 10, 2016 I knew I had seen Kenneth Bone before! #debate #USPresidentialDebate pic.twitter.com/TSOzeudcP8— mike shannon Ⴟ (@mkeshnnn) October 10, 2016 "Microphone. Red sweater. White collar shirt. Mustache. Glasses." -preparing my Kenneth Bone Halloween costume #debate— Jon Friedman (@friedmanjon) October 10, 2016 This Halloween will be full of bad Harley Quinn's and Kenneth Bone's— Bonner (@bonner_11) October 10, 2016 Real American Heroes. Today we salute you, Kenneth Bone! #debate #kenbone pic.twitter.com/hTgWxDkXY0— laura matlin (@matlinlaura) October 10, 2016 When Kenneth Bone gets that feeling... https://t.co/hSCazJ9gpM— Heavens! (@HeavensHawkeye) October 10, 2016 I bet Ken Bone brings roses to his wife randomly. Just because. What a gem. #Debate— Pam Chvotkin (@reddusfoximus) October 10, 2016 Look who's ready for school in his brand new Ken Bone t-shirt!#kennethbone pic.twitter.com/XCoAGdpK1W— Ben The Actual Leaf (@bennyboy317) October 10, 2016 Kenneth Bone looks like the human version of a hug #debate #kennethbone— Carpe DM (@zacthezac) October 10, 2016 pic.twitter.com/p2dG1dg2A8— Kenneth Bone (@KennethBone16) October 10, 2016 CBS NEWS POST-DEBATE FLASH POLLClinton - 26%Trump - 19%Kenneth Bone - 53%— Nick Wiger (@nickwiger) October 10, 2016 Afterward, eagle-eyed viewers spotted Bone snapping a photo. Like many in attendance at the debate, he was equipped with what appeared to be a disposable camera:  Kenneth Bone, fashion icon, and disposable camera user https://t.co/1Lr8robAoq— Brody Logan (@BrodyLogan) October 10, 2016 Good things kids aren't watching, because it would take all night to explain a disposable camera to my 7 year old. #debate— Carly (@nuclearcarly) October 10, 2016 The red sweater, the moustache, soft spoken but confident, the disposable camera. Exactly what America needs. Ken Bone for President #debate— BrandonBall (@Brandon_Ball) October 10, 2016 His camera may be disposable but Ken Bone is not. #kenbone #debates https://t.co/XyVhMHejXH— Emily Dill (@emilyreads247) October 10, 2016 Enjoy your fame, Kenneth Bone.  -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

11 декабря 2013, 00:45

Правило Волкера одобрено и вступит в силу в 2015 г.

Пол Волкер, инициатор "правила Волкера" Американские регуляторы одобрили законодательство по ограничению торговой деятельности банков, которое получило название "правило Волкера". Банковские компании отрицают необходимость принятия данных мер и готовят судебные иски против данного закона.  За принятие “правила Волкера” проголосовали все пять регуляторов, которые участвовали в процессе создания данного закона: ФРС США, Комиссии по ценным бумагам и биржам (SEC), Комиссии по торговле товарными фьючерсами (CFTC), Федеральной корпорации по страхованию вкладов (FDIC), свою подпись под проектом закона также поставил глава Управления валютного контролера (OCC). “Правило Волкера” запрещает банковским компаниям участвовать в торговых операциях на финансовых рынках, в том числе “с целью хеджирования рисков”, с использованием собственных средств (proprietary trading). Кроме того, банкам также запрещается увеличивать размеры компенсаций и денежных вознаграждений с целью поощрения подобных операций на финансовом рынке. Впервые с инициативой введения данного законодательства в 2009 г. выступил Пол Волкер, бывший глава ФРС (он занимал этот пост с 1979 по 1987 гг.). По мнению Волкера, повышенная торговая активность банковских компаний США по целому спектру активов стала одной из причин финансового кризиса 2008 г. С данной точкой зрения согласились в администрации президента Обамы, который одобрил начало работы над законопроектом в 2010 г. Однако в своем конечном виде, который был одобрен регуляторами, законопроект появился только 3 с половиной года спустя. Целью данного законодательства является снижение риска для финансовой системы США, а также всей глобальной экономики от торговой активности банков. Одним из громких примеров подобной активности банков в посткризисный период стало дело “Лондонского кита”: из-за рискованной стратегии JP Morgan потерял свыше $6 млрд. “Правило Волкера” начнет функционировать только в 2015 г. Во многом такое решение было принято под давлением банковских компаний, которые активно лоббировали против принятия данного законодательства. По данным некоммерческой организации Sunlight Foundation, в период 2010-2013 гг. наиболее тесно с регуляторами общались именно представители крупных банковских организаций.   За это время представители JP Morgan встречались с регуляторами более 30 раз, Goldman Sachs – более 20 раз. Также свой активный интерес к процессу формирования “правила Волкера” проявили в Bank of America, Morgan Stanley, Bank of New York Mellon, Citigroup, фонде BlackRock и ряде других финансовых компаний. Главы ряда банковских компаний, в частности Брайан Мойнихан из Bank of America Merill Lynch, уже попытались принизить значение данного закона.  BofA: "правило Волкера" ничего не изменит По мнению Мойнихана, "правило Волкера" не окажет заметного влияния на банковский сектор США. Однако при этом банковские компании не оставляют надежд на противодействие нововведению. По информации издания Financial Times, американские банки уже готовят иски против принятия "правила Волкера" (Wall St prepares Volcker rule legal challenges). Ряд экспертов уже поставили под сомнение эффективность "правила Волкера", назвав закон слишком мягким и содержащим слишком много лазеек для продолжения торговых операций банков с использованием собственного капитала. Подобная точка зрения высказывается в издании Forbes (The Volcker Rule Will Not Work). Стоит добавить, что принятие "правила Волкера" многие рассматривают как попытку частичного воссоздания закона Гласса – Стиголла (Glass – Steagall Act). После финансового краха 1929 г., который стал одним из катализаторов Великой депрессии в США, американские власти постарались ограничить спекулятивную активность коммерческих банков. Банкам было запрещено заниматься инвестиционной деятельностью. Были серьезно ограничены их возможности по операциям с ценными бумагами. Закона Гласса – Стиголла действовал в США с 1933 по 1999 гг., пока не был отменен "Законом о финансовой модернизации".