Ted Kennedy Pitches, Christian Conservatives Recruiting More Catchers

Illustration for article titled Ted Kennedy Pitches, Christian Conservatives Recruiting More Catchers
  • Massachusetts Senator Ted Kennedy took time out from fixing the nation's health care system and recovering from brain cancer to throw out the first pitch of the season at Fenway Park yesterday. [Politico]
  • Former Alaska Senator Ted Stevens' conviction was officially thrown out yesterday, too. The prosecutors are under investigation for misconduct. [Washington Post]
  • Arlen Specter threw it out there that he likes Rush Limbaugh, has never, ever smoked pot and would really like to stay on as the Republican Senator from Pennsylvania. [ThinkProgress]
  • The Congressional Oversight Panel thinks we should throw out the bailout plan, fire the bank managers and liquidate the banks that are failing despite all our financial assistance (AIG, they're looking at you!). [Bloomberg]
  • GM is taking their advice in advance and planning a bankruptcy filing. [Reuters]
  • The state of Hawai'i would like Obama to let bailed out execs travel to Hawai'i on the company government dime because tourism is down. Talk to the airlines, Hawai'i, it's not the hotel expenses I can't afford. [LA Times]
  • Congress members Barbara Lee, Laura Richardson and Bobby Rush — himself last seen accusing everyone of "lynching" now-Senator Roland Burris by suspecting some shady goings-on with his appointment — met with Fidel Castro and his wife this week. New Jersey Senator Bob Menendez is gonna be pissed. [NY Times]
  • Al Franken is still totally the winner of the Minnesota Senate race and Norm Coleman is still a fucking poor loser. [Wall Street Journal]
  • The fundies' new talking point is that the only reason states are legalizing same sex marriage is because gay people are all really rich. First, off, fuck them and their class warfare. Second off: if this is true, I hereby firmly commit myself to lesbianism and would like my monocle now, thanks. [ThinkProgress]

DISCUSSION

morninggloria
Erin Gloria Ryan

stacyinbean, very strict rules govern financials that prevent "collusion" of client assets and company assets. They need to remain separate, or everyone gets in a fuckload of trouble. So, if a pension plan is managed by Merrill Lynch, and Merrill Lynch loses a jillion dollars from their books, it's not because they're taking client money and investing it in risky investments; it's because assets of Merrill Lynch itself are losing money. If the pension holding company becomes bankrupt, the pension would not be touched to pay off creditors. This isn't to say that shitty market conditions would cause the investments held within a pension to decline steeply in value (pensions are, after all, invested in the market itself), BUT a failed company would not use client money to pay its creditors. That's so very illegal. Hope that helped.