Final Segment #1:
'Outrage of the Day'
Friday, March 20, 2009

Jim:     Okay, enough's enough. I think it's imperative that we investigate everything that went wrong... and figure out how this crisis happened. I want to find anyone who broke the law, and punish them. I want those who stayed within the law, but behaved unethically, to be publicly shamed and humiliated.

I want the government to set this up so this never happens again... but, for heaven's sake, none of this should be done by Congress...

If we keep letting it control the agenda, we're just going to get endless amounts of political posturing and not much in the way of action. Our legislature shouldn't be wasting time over less than $200 million in bonuses at AIG... but, as long as the ball's in theirt court, that's exactly what will happen.

If we really want to find out the truth about what happened, then President Obama should set up the equivalent of a Warren Commission to investigate things... and give the Commission subpoena power, and have it make recommendations to Justice about who to indict... Let the Commission do the job. Get the whole thing out of the Huey Long - dominated Congress...

If elected officials are in charge of the demonizing and the perp walks, there will be no end to them, or no rhyme or no reason either...

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Market Results today:

Dow:  - 122

Nasdaq:  - 26

S&P 500:  - 15

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Friday, October 22, 2008
(Cont'd from above)...

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Jim (cont'd):

A commission won't feel the pressure to make political hay over every little thing, but put somebody who's respected and apolitical in charge. Nobody in business can take this position, so... I don't know... give it to General Petraeus... He's viewed as a non-political hero... He's be great. Hey, how about this?... Retired Marine General, Anthony Zinnie.... Maybe Obama should get a Supreme Court Justice to run the Commission... Even better, give it to Sandra Day O'Connor. She's retired, unassailable, and always focused on the specifics when she was on the Court. We need people who aren't looking for votes or trying to score cheap political points...

If we keep letting Congress run the show, then everything will keep getting blown up as though it's Watergate... like the AIG bonuses did... "What did Geithner know, and when did he know it?!" (he said sarcastically)... Come on! Don't these people have better things to do?...

President Obama, set up an independent tough-but-fair commission, and stop the daily outrages and shenanigans coming out of Congress...

Let's do some Mad Mail...

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Jim's
rating on
this stock

STOCK
SYMBOL

Closing
price that
day

Full Company Name

TD

33.31

Toronto-Dominion Bank (TD)


Q:     I've been led to believe that the Canadian banks are the safest and best-managed in the world. I'm told that the Canadian regulators are far superior to those in the U.S. which is why they are far healthier than the American banks. What is your read on this? Would you recommend any Canadian banks?

Jim:      I like TD very, very much. I like Royal... but, I've got to tell you something... They didn't favor financial innovation and tinkering in Canada. That's why they're better. They did not believe that financial innovation was a good idea. So Canadian banks could inherit... they could inherit the U.S. world when this period is over. That's how much better they are. The only way they screwed up... was that they bought American CDOs (collateralized debt obligations)... Shame on them... I mean, shame on us.



RY

28.37

Royal Bank of Canada (RY)

See TD comments above for:
RY



 

 

[verbatim recap]

[end of segment]


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