"The news cycle is ruining everyone's weekend!!" Chief financial officers are Boo-hooing!

[chill_wind]

On the Seventh Day, They Worked, Amid Finance Crisis (Update1)

By Oshrat Carmiel and Demian McLean

Oct. 3 (Bloomberg) -- Sunday is the new Monday.


(...)

From Wall Street to Washington, the U.S. credit crisis has claimed the leisurely weekend along with Lehman Brothers Holdings Inc. and Washington Mutual Inc.

``The news cycle is ruining everyone's weekend,'' Chris Rupkey, chief financial economist for Bank of Tokyo-Mitsubishi UFJ in New York, said in an e-mail. In addition to working more at the office, he's tethered to his BlackBerry on Saturdays and Sundays ``waiting for the next shoe to drop.''

Every weekend since Labor Day, the meltdown has forced U.S. Treasury and Federal Reserve officials, members of Congress and Wall Street executives to huddle under pressure to react before Asian markets reopened.

On Saturday, Sept. 6, Treasury Secretary Henry Paulson gathered with the chief executive officers of Fannie Mae and Freddie Mac. On Sunday, Sept. 7, the government seized control of the mortgage-finance companies.

The following weekend, New York Fed President Timothy Geithner summoned Wall Street leaders to discuss the possible sale of Lehman Brothers. By Sunday night, Lehman was preparing bankruptcy papers and Merrill Lynch & Co. was selling itself to Bank of America Corp.

Forget Fishing

The next two weekends, government officials met in Washington to discuss a proposed $700 billion bailout of the financial-services industry.

The Senate approved the rescue on Oct. 1 and the House of Representatives is scheduled to vote on it today, setting up another weekend of work to study and implement details if the measure passes, or come up with something else if it fails.

``Every weekend, there's been a crisis,'' said David Kotok, chief investment officer at Cumberland Advisors Inc. in Vineland, New Jersey, which manages $1 billion in assets.

Kotok said he had planned to spend his September weekends on a fishing boat. Instead, he's been on his computer and phone, trying to translate details of the latest news to worried clients.

``I've been here the last three Sundays, and I'll be here this Sunday,'' John Silvia, chief economist at Wachovia Corp., said on Sept. 26, referring to the bank's Charlotte, North Carolina, headquarters. ``A lot of people are here.''

from: http://www.bloomberg.com/apps/news?pid=20601068&sid=aHZQnqjOlXZs&refer=economy


Can you FOOKING BELIEVE these men?

[billyoc]

1. I know! What's the use of having yachts and shit if you never have a day off!

:rofl:

[Subdivisions]

2. If I don't work every day, I don't eat. And I sleep in the rain. n/t

[Cirque du So-What]

3. Cry me a fucking river!

Whiney babies wouldn't last a day in the real world, and a single day of hard physical work would probably send more than a few on swan dives off high bridges.

[Union Thug]

4. Stop cry-babying. If I had my way, you criminals would be getting raped in a federal penitentiary

for the rest of your lives. You overpaid, Dickensian social parasites deserve far worse than having to work the fucking weekend now and then. Have you ever had to work two jobs just to make a subsistance living? Try that for a decade or two, asshole. Fuck off.

[coalition_unwilling]

8. Are you really advocating rape of inmates? If so, perhaps

you could explain hnw you are any different or better than those who advocate torture???

[chill_wind]

5. kicking, because I can't believe anyone would even print this.

eom

[MadrasT]

6. Oh, boo fucking hoo, cry me a river,

pansy ass lying thieving asshats expect that anybody's going to give a rat's ass about their ruined Sundays?

How about our ruined futures?

[BelgianMadCow]

7. We had better wonder what they have been cooking this weekend

:-/

[chill_wind]

9. We know what one of them is tied up in at the moment:

John Silvia

DR. JOHN SILVIA
Managing Director, Chief Economist

Dr. John Silvia joined Wachovia Corporation in February 2002 as chief economist for the Bank. Previously, John worked on Capitol Hill as senior economist for the U.S. Senate Joint Economic Committee and chief economist for the U.S. Senate Banking, Housing and Urban Affairs Committee. Prior to that, he was chief economist of Kemper Funds and managing director of Scudder Kemper Investments, Inc.

John holds a B.A. and a Ph.D. degree in economics from Northeastern University in Boston and has a Master’s degree in economics from Brown University in Providence, RI.

John serves as a member of the Blue Chip Panel of Economic Forecasters and also serves on an informal advisory group for the Federal Reserve Bank of Philadelphia. He is a director of the National Association of Business Economics (NABE). He serves on the Economic Development Board for the State of North Carolina as appointed by Governor Mike Easley. He was a member of the Economic Advisory Committee at the American Bankers Association and was President of the Charlotte Economics Club. In the past, John has served on economic advisory committees to the Federal Reserve Bank of Cleveland, the Federal Reserve Bank of Chicago, and the Public Securities Association.

more bio: http://www.wachovia.com/corp_inst/page/0,,13_54_1071_1077,00.html


From David Kotok's bio: http://www.cumber.com/person.aspx?file=kotok.asp&n=lPeople

"Mr. Kotok hosts an annual Maine fishing trip, where, it is rumored, most of the nation’s important financial and economic decisions are actually made."

Hilarious.....NOT.


This is not Chris Rupkey's first economic pearl harbor.

He declared the world's stock markets were in a global meltdown last January:

"The world's stock markets are in meltdown so the Fed came in with an inter-meeting move to try to stop the panic," Christopher Rupkey, senior economist at Bank of Tokyo-Mitsubishi.

Global financial markets had plunged Monday as investors grew more concerned about the possibility that the United States, the world's largest economy, could be headed into a recession. Many markets suffered their biggest declines since the September 2001 terrorist attacks

http://www.annistonstar.com/breaking/2008/as-wireupdate-0122-0-8a22k1107.htm


*****************************************************************************************************

LAST JANUARY. And Congressional Committee men and Paulson only emerged from that meeting a couple weeks ago "white-faced and ashen" Only then?

[onethatcares]

10. oh gaud, a twelve pack of Cristal and some

rockin seas, these guys make up the financial decisions for our country. Anyone want to bet they don't bait their own hooks or take the fish off the line?

Trust me, I luv weekend fishing trips. Usually they end when the beer runs out and the slimjims are all gone.:wow:

[chill_wind]

11. Heh. :-)

eom