Using Potter’s indisputable logic, it’s hard not to see something obscene in how Wall Street reaped massive profits and bonuses in 2009 — and continues to do so, as is clear from Monday’s announcement by Citigroup that it had earned $4.4 billion in the first quarter of 2010, which was even more than earned by Bank of America ($3.2 billion) and JPMorgan Chase ($3.3 billion) in the same period — merely 18 months after trillions of dollars of American taxpayers’ treasure was used to save a financial system brought to the precipice by Wall Street’s greed and irresponsible risk-taking. Goldman Sachs, which is facing a civil fraud suit filed by Washington regulators, is expected to report robust earnings Tuesday morning as well.

TO CONTINUE READING THIS ARTICLE, CLICK THIS LINK FOR THE NEW YORK TIMES:   You’re Welcome, Wall Street – Opinionator Blog – NYTimes.com.

Daniel Mudd, Fannie Mae’s former chief executive, and Robert Levin, the company’s former chief business officer, testified before a panel examining the roots of the financial crisis.

Levin said company executives were concerned about losing relevance as Wall Street companies issued mortgage securities and stole market share.

“It posed a number of threats to the company,” Levin told the panel, adding, “Could we really sit out? Would we be permitted to sit out? That’s what we were grappling with.”

As the market turned down, Mudd noted “virtually every other housing sector investor fled the market.” Fannie and sibling company Freddie Mac “were specifically required to take up the slack.”

Both executives left Washington-based Fannie Mae after it was seized by regulators in fall 2008. Also scheduled to appear Friday were James Lockhart and Armando Falcon, both of whom headed up the federal regulator for Fannie Mae and Freddie Mac.

The inquiry is being held by the congressionally chartered Financial Crisis Inquiry Commission. Congress created the commission last year to examine the causes of the crisis. The panel’s goal is to get an in-depth understanding of decisions that inflated the mortgage bubble and triggered a financial crisis that tipped the economy into the longest recession in 70 years. Its report is due Dec. 15.

TO CONTINUE READING THIS ARTICLE, CLICK THIS LINK:  Ex-Fannie Mae execs try to defend track record – Yahoo! News.

“No new testing, no new warheads,” Marine Gen. James Cartwright, vice chairman of the Joint Chiefs of Staff, pledged in a Pentagon briefing.

Yet officials said later that the policy could allow them to bring back older, tested warhead components and designs to build what would be, for all practical purposes, a new weapon.

The administration’s hedge on the warhead issue was but one example of the caution built into a policy portrayed as a groundbreaking effort to reduce U.S. reliance on nuclear weapons.

Although Obama campaigned on a pledge to overhaul nuclear policy, administration officials listened closely to the more conservative advice of Pentagon officials in a yearlong study, said people close to the discussions. And they were sensitive to the need to win Republican votes in the Senate for ratification this year of a new arms control treaty with Russia.

The nuclear weapons policy sets limits on the use of U.S. warheads, declaring some countries off-limits even in wartime, as a step toward reducing U.S. reliance on its most destructive weapons.

The new policy came two days before Obama travels to Prague, Czech Republic, to sign the new arms reduction treaty with Russia and the week before he holds an international nuclear summit in Washington.

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Tax breaks were created, or in some cases expanded, for autos and home purchases, as well as for certain residential improvements. Uncle Sam now pays more of some educational costs. Some workers get bigger tax benefits to offset their commute to work. Folks who no longer have jobs at least get some tax relief. Even how you pay your IRS bill could turn into a deduction.

Here’s a look at some popular tax laws that could come in handy as you work on your 2009 tax return.

TO CONTINUE READING THIS ARTICLE, CLICK THIS LINK TO BANKRATE.COM7 new tax laws to know.

1. Check this: refrigerators suck up a whopping 20% of your household electricity use. Time to turn them down! Aim for somewhere between 38-42 degrees in the fridge, and 0-5 degrees in the freezer. If you’ve got an energy saver switch, make sure it’s flipped on. Doors should be sealed tight: to test, stick a dollar bill between the gaskets and close the fridge door; if the bill is hard to pull out you’re in good shape. If not, it’s time to replace the gaskets.

TO CONTINUE READING THIS ARTICLE, CLICK THIS LINK TO YAHOO! Save power, save money: 6 easy tips to reduce your electricity usage and bills on Shine.

Warren Buffett
Millions of people read Buffett’s books and follow his firm, Berkshire Hathaway’s, every move. But the real secret to Buffett’s personal fortune may be his penchant for frugality. Buffett, who is worth an estimated $47 billion, eschews opulent homes and luxury items. He and his wife still live in their modest home in Omaha, Nebraska which they purchased for just $31,500 more than 50 years ago. Although he’s dined in the best restaurants around the globe, given the choice he would opt for a good burger and fries accompanied by a cold cherry Coke. When asked why he doesn’t own a yacht he responded “Most toys are just a pain in the neck.” (Find out how he went from selling soft drinks to buying up companies and making billions of dollars. Read Warren Buffett: The Road To Riches.)

TO CONTINUE READING THIS ARTICLE, CLICK THIS LINK TO INVESTOPEDIA: 5 Billionaires Who Live Below Their Means – Investopedia.com.