Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.  


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

Yikes, I just watched it.  It was bad  - both in content and how it was written/acted.  For those who can't stay awake that late, here's the link.  http://www.nbc.com/Saturday_Night_Live/video/clips/c-span-bailout/727521/

-----Original Message-----
From: Sarah Wartell
Sent: Sunday, October 05, 2008 1:26 PM
To: Daniella Leger; Faiz Shakir; laurasnichols@yahoo.com; John Halpin; john.podesta@gmail.com; Jennifer Palmieri; Debby Goldberg
Subject: Re: A first

My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

I cant watch again now on train and I forget the script exactly but it suggested they walked away with billions from havng done illegal and immoral lending.  Cant remember if they used word subprime.  

I did skim some news clips and it appears default rates on their stuff was high (herb says not more so than others) and the losses were key to almsot wachovia failure -- athough herb emphasizes that they were only one of the institutions problems.  so we should try to understand these facts and get them right in pushback.  

I reached out to martin eakes too and will try to reach him.  In some ways they (esp their california office) are most knowledgable and in best position to say what characteristics of golden west portfolio was and why this was unfair.  Not sure their comfort zone.

Did herb sound like he' d' talked to martin? 



I suspect there is a movement of wachovia employees who are angry and may be driving some of this.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: john.podesta@gmail.com 
To: Sarah Wartell; Daniella Leger; Faiz Shakir; laurasnichols@yahoo.com ; John Halpin; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 14:10:51 2008
Subject: Re: A first

For some reason I lost audio on my laptop. So I haven't heard what they said in the skit.  Were they portrayed as subprime lenders? They didn't do any subprimes.  I did see should be shot label.  Talked to Herb. They are obviosly upset.  Weird that snl  should pick them out. They did soros too so maybe this is one of those right wing writers ala ABC 9/11. 

At any rate, we should figure out a way to push back. 
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 13:25:39 
To: ; Faiz Shakir; ; John Halpin; ; Jennifer Palmieri; Debby Goldberg
Subject: Re: A first


My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.  


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

I didn't the sense of right-wing writer. More of a left-wing writer angry at democrats and trying to assign motives


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: john.podesta@gmail.com 
To: Sarah Wartell; Daniella Leger; Faiz Shakir; laurasnichols@yahoo.com ; John Halpin; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 14:10:51 2008
Subject: Re: A first

For some reason I lost audio on my laptop. So I haven't heard what they said in the skit.  Were they portrayed as subprime lenders? They didn't do any subprimes.  I did see should be shot label.  Talked to Herb. They are obviosly upset.  Weird that snl  should pick them out. They did soros too so maybe this is one of those right wing writers ala ABC 9/11. 

At any rate, we should figure out a way to push back. 
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 13:25:39 
To: ; Faiz Shakir; ; John Halpin; ; Jennifer Palmieri; Debby Goldberg
Subject: Re: A first


My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.  


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

Sarah - should we pull together the right group of folks in the am to figure out the response?  

----- Original Message -----
From: laurasnichols@yahoo.com 
To: Sarah Wartell; John Podesta ; Daniella Leger; Faiz Shakir; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Sent: Sun Oct 05 14:50:56 2008
Subject: Re: A first

I'm going to loop in pelosi peeps as her character intro'd them and they r her constituents
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 14:24:08 
To: ; ; Faiz Shakir; ; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Subject: Re: A first


I cant watch again now on train and I forget the script exactly but it suggested they walked away with billions from havng done illegal and immoral lending.  Cant remember if they used word subprime.  

I did skim some news clips and it appears default rates on their stuff was high (herb says not more so than others) and the losses were key to almsot wachovia failure -- athough herb emphasizes that they were only one of the institutions problems.  so we should try to understand these facts and get them right in pushback.  

I reached out to martin eakes too and will try to reach him.  In some ways they (esp their california office) are most knowledgable and in best position to say what characteristics of golden west portfolio was and why this was unfair.  Not sure their comfort zone.

Did herb sound like he' d' talked to martin? 



I suspect there is a movement of wachovia employees who are angry and may be driving some of this.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: john.podesta@gmail.com 
To: Sarah Wartell; Daniella Leger; Faiz Shakir; laurasnichols@yahoo.com ; John Halpin; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 14:10:51 2008
Subject: Re: A first

For some reason I lost audio on my laptop. So I haven't heard what they said in the skit.  Were they portrayed as subprime lenders? They didn't do any subprimes.  I did see should be shot label.  Talked to Herb. They are obviosly upset.  Weird that snl  should pick them out. They did soros too so maybe this is one of those right wing writers ala ABC 9/11. 

At any rate, we should figure out a way to push back. 
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 13:25:39 
To: ; Faiz Shakir; ; John Halpin; ; Jennifer Palmieri; Debby Goldberg
Subject: Re: A first


My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.  


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

Yes.  I have jdp at 1030 but can do 930

Need andrew and michael -- i'll see if they are avail. 
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Jennifer Palmieri
To: 'laurasnichols@yahoo.com' ; Sarah Wartell; 'john.podesta@gmail.com' ; 'dleger@americanprogress.org' ; Faiz Shakir; John Halpin; Debby Goldberg; John Podesta
Sent: Sun Oct 05 16:39:16 2008
Subject: Re: A first

Sarah - should we pull together the right group of folks in the am to figure out the response?  

----- Original Message -----
From: laurasnichols@yahoo.com 
To: Sarah Wartell; John Podesta ; Daniella Leger; Faiz Shakir; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Sent: Sun Oct 05 14:50:56 2008
Subject: Re: A first

I'm going to loop in pelosi peeps as her character intro'd them and they r her constituents
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 14:24:08 
To: ; ; Faiz Shakir; ; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Subject: Re: A first


I cant watch again now on train and I forget the script exactly but it suggested they walked away with billions from havng done illegal and immoral lending.  Cant remember if they used word subprime.  

I did skim some news clips and it appears default rates on their stuff was high (herb says not more so than others) and the losses were key to almsot wachovia failure -- athough herb emphasizes that they were only one of the institutions problems.  so we should try to understand these facts and get them right in pushback.  

I reached out to martin eakes too and will try to reach him.  In some ways they (esp their california office) are most knowledgable and in best position to say what characteristics of golden west portfolio was and why this was unfair.  Not sure their comfort zone.

Did herb sound like he' d' talked to martin? 



I suspect there is a movement of wachovia employees who are angry and may be driving some of this.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: john.podesta@gmail.com 
To: Sarah Wartell; Daniella Leger; Faiz Shakir; laurasnichols@yahoo.com ; John Halpin; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 14:10:51 2008
Subject: Re: A first

For some reason I lost audio on my laptop. So I haven't heard what they said in the skit.  Were they portrayed as subprime lenders? They didn't do any subprimes.  I did see should be shot label.  Talked to Herb. They are obviosly upset.  Weird that snl  should pick them out. They did soros too so maybe this is one of those right wing writers ala ABC 9/11. 

At any rate, we should figure out a way to push back. 
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 13:25:39 
To: ; Faiz Shakir; ; John Halpin; ; Jennifer Palmieri; Debby Goldberg
Subject: Re: A first


My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.  


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

Fyi -- from note jakobovics wrote to me on this:

From what I've seen generally reported, it was the option ARMs that all went bad as property values tanked b/c the option to choose the payment disappears once you hit an LTV of 105. In general, they were structured so that you had several years with the option of minimal payment, with the interest shortfall added to the loan balance. When values fell, however, the higher payments kicked in sooner than expected. I think for a lot of those borrowers, it wasn't an interest-rate adjustment generated payment shock but rather hitting the full payment period much sooner than anticipated. 
To the extent things are getting reported as subprime, it's probably because the media isn't distinguishing between non-traditional loan products and "subprimes." It's sort of just another piece of the misnomer that all subprimes are predatory or that all ARMs are bad.

--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Jennifer Palmieri
To: 'laurasnichols@yahoo.com' ; Sarah Wartell; 'john.podesta@gmail.com' ; 'dleger@americanprogress.org' ; Faiz Shakir; John Halpin; Debby Goldberg; John Podesta
Sent: Sun Oct 05 16:39:16 2008
Subject: Re: A first

Sarah - should we pull together the right group of folks in the am to figure out the response?  

----- Original Message -----
From: laurasnichols@yahoo.com 
To: Sarah Wartell; John Podesta ; Daniella Leger; Faiz Shakir; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Sent: Sun Oct 05 14:50:56 2008
Subject: Re: A first

I'm going to loop in pelosi peeps as her character intro'd them and they r her constituents
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 14:24:08 
To: ; ; Faiz Shakir; ; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Subject: Re: A first


I cant watch again now on train and I forget the script exactly but it suggested they walked away with billions from havng done illegal and immoral lending.  Cant remember if they used word subprime.  

I did skim some news clips and it appears default rates on their stuff was high (herb says not more so than others) and the losses were key to almsot wachovia failure -- athough herb emphasizes that they were only one of the institutions problems.  so we should try to understand these facts and get them right in pushback.  

I reached out to martin eakes too and will try to reach him.  In some ways they (esp their california office) are most knowledgable and in best position to say what characteristics of golden west portfolio was and why this was unfair.  Not sure their comfort zone.

Did herb sound like he' d' talked to martin? 



I suspect there is a movement of wachovia employees who are angry and may be driving some of this.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: john.podesta@gmail.com 
To: Sarah Wartell; Daniella Leger; Faiz Shakir; laurasnichols@yahoo.com ; John Halpin; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 14:10:51 2008
Subject: Re: A first

For some reason I lost audio on my laptop. So I haven't heard what they said in the skit.  Were they portrayed as subprime lenders? They didn't do any subprimes.  I did see should be shot label.  Talked to Herb. They are obviosly upset.  Weird that snl  should pick them out. They did soros too so maybe this is one of those right wing writers ala ABC 9/11. 

At any rate, we should figure out a way to push back. 
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 13:25:39 
To: ; Faiz Shakir; ; John Halpin; ; Jennifer Palmieri; Debby Goldberg
Subject: Re: A first


My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.  


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

Fyi:  i am with a friend who works at promontory financial -- gene ludwig's banking firm -- a good dem but possible that wachovia was their client. But his reaction to mimi mager (this is a busy train) mentioning sandlers on snl was chilling. ("They have giant target on their back," he said, and "NO ONE will have any sympathy for them" etc.)  

--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Sarah Wartell
To: Jennifer Palmieri; 'laurasnichols@yahoo.com' ; 'john.podesta@gmail.com' ; 'dleger@americanprogress.org' ; Faiz Shakir; John Halpin; Debby Goldberg; John Podesta
Sent: Sun Oct 05 17:05:39 2008
Subject: Re: A first

Fyi -- from note jakobovics wrote to me on this:

From what I've seen generally reported, it was the option ARMs that all went bad as property values tanked b/c the option to choose the payment disappears once you hit an LTV of 105. In general, they were structured so that you had several years with the option of minimal payment, with the interest shortfall added to the loan balance. When values fell, however, the higher payments kicked in sooner than expected. I think for a lot of those borrowers, it wasn't an interest-rate adjustment generated payment shock but rather hitting the full payment period much sooner than anticipated. 
To the extent things are getting reported as subprime, it's probably because the media isn't distinguishing between non-traditional loan products and "subprimes." It's sort of just another piece of the misnomer that all subprimes are predatory or that all ARMs are bad.

--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Jennifer Palmieri
To: 'laurasnichols@yahoo.com' ; Sarah Wartell; 'john.podesta@gmail.com' ; 'dleger@americanprogress.org' ; Faiz Shakir; John Halpin; Debby Goldberg; John Podesta
Sent: Sun Oct 05 16:39:16 2008
Subject: Re: A first

Sarah - should we pull together the right group of folks in the am to figure out the response?  

----- Original Message -----
From: laurasnichols@yahoo.com 
To: Sarah Wartell; John Podesta ; Daniella Leger; Faiz Shakir; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Sent: Sun Oct 05 14:50:56 2008
Subject: Re: A first

I'm going to loop in pelosi peeps as her character intro'd them and they r her constituents
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 14:24:08 
To: ; ; Faiz Shakir; ; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Subject: Re: A first


I cant watch again now on train and I forget the script exactly but it suggested they walked away with billions from havng done illegal and immoral lending.  Cant remember if they used word subprime.  

I did skim some news clips and it appears default rates on their stuff was high (herb says not more so than others) and the losses were key to almsot wachovia failure -- athough herb emphasizes that they were only one of the institutions problems.  so we should try to understand these facts and get them right in pushback.  

I reached out to martin eakes too and will try to reach him.  In some ways they (esp their california office) are most knowledgable and in best position to say what characteristics of golden west portfolio was and why this was unfair.  Not sure their comfort zone.

Did herb sound like he' d' talked to martin? 



I suspect there is a movement of wachovia employees who are angry and may be driving some of this.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: john.podesta@gmail.com 
To: Sarah Wartell; Daniella Leger; Faiz Shakir; laurasnichols@yahoo.com ; John Halpin; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 14:10:51 2008
Subject: Re: A first

For some reason I lost audio on my laptop. So I haven't heard what they said in the skit.  Were they portrayed as subprime lenders? They didn't do any subprimes.  I did see should be shot label.  Talked to Herb. They are obviosly upset.  Weird that snl  should pick them out. They did soros too so maybe this is one of those right wing writers ala ABC 9/11. 

At any rate, we should figure out a way to push back. 
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 13:25:39 
To: ; Faiz Shakir; ; John Halpin; ; Jennifer Palmieri; Debby Goldberg
Subject: Re: A first


My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.  


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

right-wing Media Research Center (Brent Bozell operation) picked up on it:

http://newsbusters.org/blogs/noel-sheppard/2008/10/05/snl-skit-blames-democrats-financial-crisis

Herbert and Marion Sandler (played by Darrell Hammond and Casey Wilson respectively), the former banking moguls now with clear financial ties to ultra-leftwing outlets such as the Center for American Progress and Media Matters for America, were exposed as major players in the subprime mortgage market before they sold their company, Golden West Financial, to Wachovia. Under their captioned names on screen, the words "People who should be shot" were displayed. 




-----Original Message-----
From: Sarah Wartell
Sent: Sun 10/5/2008 5:18 PM
To: Jennifer Palmieri; 'laurasnichols@yahoo.com'; 'john.podesta@gmail.com'; 'dleger@americanprogress.org'; Faiz Shakir; John Halpin; Debby Goldberg; John Podesta
Subject: Re: A first
 
Fyi:  i am with a friend who works at promontory financial -- gene ludwig's banking firm -- a good dem but possible that wachovia was their client. But his reaction to mimi mager (this is a busy train) mentioning sandlers on snl was chilling. ("They have giant target on their back," he said, and "NO ONE will have any sympathy for them" etc.)  

--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Sarah Wartell
To: Jennifer Palmieri; 'laurasnichols@yahoo.com' ; 'john.podesta@gmail.com' ; 'dleger@americanprogress.org' ; Faiz Shakir; John Halpin; Debby Goldberg; John Podesta
Sent: Sun Oct 05 17:05:39 2008
Subject: Re: A first

Fyi -- from note jakobovics wrote to me on this:

>From what I've seen generally reported, it was the option ARMs that all went bad as property values tanked b/c the option to choose the payment disappears once you hit an LTV of 105. In general, they were structured so that you had several years with the option of minimal payment, with the interest shortfall added to the loan balance. When values fell, however, the higher payments kicked in sooner than expected. I think for a lot of those borrowers, it wasn't an interest-rate adjustment generated payment shock but rather hitting the full payment period much sooner than anticipated. 
To the extent things are getting reported as subprime, it's probably because the media isn't distinguishing between non-traditional loan products and "subprimes." It's sort of just another piece of the misnomer that all subprimes are predatory or that all ARMs are bad.

--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Jennifer Palmieri
To: 'laurasnichols@yahoo.com' ; Sarah Wartell; 'john.podesta@gmail.com' ; 'dleger@americanprogress.org' ; Faiz Shakir; John Halpin; Debby Goldberg; John Podesta
Sent: Sun Oct 05 16:39:16 2008
Subject: Re: A first

Sarah - should we pull together the right group of folks in the am to figure out the response?  

----- Original Message -----
From: laurasnichols@yahoo.com 
To: Sarah Wartell; John Podesta ; Daniella Leger; Faiz Shakir; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Sent: Sun Oct 05 14:50:56 2008
Subject: Re: A first

I'm going to loop in pelosi peeps as her character intro'd them and they r her constituents
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 14:24:08 
To: ; ; Faiz Shakir; ; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Subject: Re: A first


I cant watch again now on train and I forget the script exactly but it suggested they walked away with billions from havng done illegal and immoral lending.  Cant remember if they used word subprime.  

I did skim some news clips and it appears default rates on their stuff was high (herb says not more so than others) and the losses were key to almsot wachovia failure -- athough herb emphasizes that they were only one of the institutions problems.  so we should try to understand these facts and get them right in pushback.  

I reached out to martin eakes too and will try to reach him.  In some ways they (esp their california office) are most knowledgable and in best position to say what characteristics of golden west portfolio was and why this was unfair.  Not sure their comfort zone.

Did herb sound like he' d' talked to martin? 



I suspect there is a movement of wachovia employees who are angry and may be driving some of this.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: john.podesta@gmail.com 
To: Sarah Wartell; Daniella Leger; Faiz Shakir; laurasnichols@yahoo.com ; John Halpin; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 14:10:51 2008
Subject: Re: A first

For some reason I lost audio on my laptop. So I haven't heard what they said in the skit.  Were they portrayed as subprime lenders? They didn't do any subprimes.  I did see should be shot label.  Talked to Herb. They are obviosly upset.  Weird that snl  should pick them out. They did soros too so maybe this is one of those right wing writers ala ABC 9/11. 

At any rate, we should figure out a way to push back. 
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 13:25:39 
To: ; Faiz Shakir; ; John Halpin; ; Jennifer Palmieri; Debby Goldberg
Subject: Re: A first


My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.  


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

For some reason I lost audio on my laptop. So I haven't heard what they said in the skit.  Were they portrayed as subprime lenders? They didn't do any subprimes.  I did see should be shot label.  Talked to Herb. They are obviosly upset.  Weird that snl  should pick them out. They did soros too so maybe this is one of those right wing writers ala ABC 9/11. 

At any rate, we should figure out a way to push back. 
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 13:25:39 
To: ; Faiz Shakir; ; John Halpin; ; Jennifer Palmieri; Debby Goldberg
Subject: Re: A first


My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.  


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

I'm going to loop in pelosi peeps as her character intro'd them and they r her constituents
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 14:24:08 
To: ; ; Faiz Shakir; ; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Subject: Re: A first


I cant watch again now on train and I forget the script exactly but it suggested they walked away with billions from havng done illegal and immoral lending.  Cant remember if they used word subprime.  

I did skim some news clips and it appears default rates on their stuff was high (herb says not more so than others) and the losses were key to almsot wachovia failure -- athough herb emphasizes that they were only one of the institutions problems.  so we should try to understand these facts and get them right in pushback.  

I reached out to martin eakes too and will try to reach him.  In some ways they (esp their california office) are most knowledgable and in best position to say what characteristics of golden west portfolio was and why this was unfair.  Not sure their comfort zone.

Did herb sound like he' d' talked to martin? 



I suspect there is a movement of wachovia employees who are angry and may be driving some of this.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: john.podesta@gmail.com 
To: Sarah Wartell; Daniella Leger; Faiz Shakir; laurasnichols@yahoo.com ; John Halpin; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 14:10:51 2008
Subject: Re: A first

For some reason I lost audio on my laptop. So I haven't heard what they said in the skit.  Were they portrayed as subprime lenders? They didn't do any subprimes.  I did see should be shot label.  Talked to Herb. They are obviosly upset.  Weird that snl  should pick them out. They did soros too so maybe this is one of those right wing writers ala ABC 9/11. 

At any rate, we should figure out a way to push back. 
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 13:25:39 
To: ; Faiz Shakir; ; John Halpin; ; Jennifer Palmieri; Debby Goldberg
Subject: Re: A first


My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.  


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.  
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

Herb goes on the record today:
http://ap.google.com/article/ALeqM5ggdpmQ-8k4xFiSEsOhIWQD40onkQD93KKQJO0

________________________________________
From: Sarah Wartell
Sent: Sunday, October 05, 2008 5:05 PM
To: Jennifer Palmieri; laurasnichols@yahoo.com; john.podesta@gmail.com; Daniella Leger; Faiz Shakir; John Halpin; Debby Goldberg; John Podesta
Subject: Re: A first

Fyi -- from note jakobovics wrote to me on this:

>From what I've seen generally reported, it was the option ARMs that all went bad as property values tanked b/c the option to choose the payment disappears once you hit an LTV of 105. In general, they were structured so that you had several years with the option of minimal payment, with the interest shortfall added to the loan balance. When values fell, however, the higher payments kicked in sooner than expected. I think for a lot of those borrowers, it wasn't an interest-rate adjustment generated payment shock but rather hitting the full payment period much sooner than anticipated.
To the extent things are getting reported as subprime, it's probably because the media isn't distinguishing between non-traditional loan products and "subprimes." It's sort of just another piece of the misnomer that all subprimes are predatory or that all ARMs are bad.

--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Jennifer Palmieri
To: 'laurasnichols@yahoo.com' ; Sarah Wartell; 'john.podesta@gmail.com' ; 'dleger@americanprogress.org' ; Faiz Shakir; John Halpin; Debby Goldberg; John Podesta
Sent: Sun Oct 05 16:39:16 2008
Subject: Re: A first

Sarah - should we pull together the right group of folks in the am to figure out the response?

----- Original Message -----
From: laurasnichols@yahoo.com 
To: Sarah Wartell; John Podesta ; Daniella Leger; Faiz Shakir; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Sent: Sun Oct 05 14:50:56 2008
Subject: Re: A first

I'm going to loop in pelosi peeps as her character intro'd them and they r her constituents
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 14:24:08
To: ; ; Faiz Shakir; ; John Halpin; Jennifer Palmieri; Debby Goldberg; John Podesta
Subject: Re: A first


I cant watch again now on train and I forget the script exactly but it suggested they walked away with billions from havng done illegal and immoral lending.  Cant remember if they used word subprime.

I did skim some news clips and it appears default rates on their stuff was high (herb says not more so than others) and the losses were key to almsot wachovia failure -- athough herb emphasizes that they were only one of the institutions problems.  so we should try to understand these facts and get them right in pushback.

I reached out to martin eakes too and will try to reach him.  In some ways they (esp their california office) are most knowledgable and in best position to say what characteristics of golden west portfolio was and why this was unfair.  Not sure their comfort zone.

Did herb sound like he' d' talked to martin?



I suspect there is a movement of wachovia employees who are angry and may be driving some of this.
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: john.podesta@gmail.com 
To: Sarah Wartell; Daniella Leger; Faiz Shakir; laurasnichols@yahoo.com ; John Halpin; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 14:10:51 2008
Subject: Re: A first

For some reason I lost audio on my laptop. So I haven't heard what they said in the skit.  Were they portrayed as subprime lenders? They didn't do any subprimes.  I did see should be shot label.  Talked to Herb. They are obviosly upset.  Weird that snl  should pick them out. They did soros too so maybe this is one of those right wing writers ala ABC 9/11.

At any rate, we should figure out a way to push back.
Sent via BlackBerry from T-Mobile

-----Original Message-----
From: "Sarah Wartell" 

Date: Sun, 5 Oct 2008 13:25:39
To: ; Faiz Shakir; ; John Halpin; ; Jennifer Palmieri; Debby Goldberg
Subject: Re: A first


My impression had always been that while world savings/golden west led in the area of adjustible rate mortgages they did so with pretty conservative underwriting and underwrote to the fully indexed rate.  That is certainly not the impression on gets from the current media and I tried to figure out how i know that and i cant find anything to that effect in a quick review.  Whatever the case there, given their role in CRL and advocacy for sound underwriting practices the charactchure (sp?) is unfair.


--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: Daniella Leger
To: Faiz Shakir; Sarah Wartell; 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg
Sent: Sun Oct 05 09:08:13 2008
Subject: Re: A first

No way...

----- Original Message -----
From: Faiz Shakir
To: Sarah Wartell; laurasnichols@yahoo.com ; John Halpin; john.podesta@gmail.com ; Jennifer Palmieri; Debby Goldberg; Daniella Leger
Sent: Sun Oct 05 00:04:49 2008
Subject: Re: A first

The chyron labeled them "people who should be shot"


--------------------------
Sent from my BlackBerry Wireless Device


----- Original Message -----
From: Sarah Wartell
To: 'laurasnichols@yahoo.com' ; John Halpin; 'john.podesta@gmail.com' ; Jennifer Palmieri; Debby Goldberg; Faiz Shakir; 'dleger@americanprogress.org' 
Sent: Sun Oct 05 00:01:42 2008
Subject: Re: A first

And it was very bad.
--------------------------
Sent from my BlackBerry Wireless Handheld


----- Original Message -----
From: laurasnichols@yahoo.com 
To: John Halpin; John Podesta ; Jennifer Palmieri; Sarah Wartell; Debby Goldberg; Faiz Shakir; Daniella Leger
Sent: Sun Oct 05 00:00:03 2008
Subject: A first

SNL just did a skit in bailout w/characters playing herb annbd marion sandler!!!!
Sent via BlackBerry from T-Mobile

Michelle Malkin is pushing the Sandler-Soros-Dem conspiracy using the
work of Ed Lasky, one of the most prominent right wing cave dwellers
pushing the "Obama hates Israel" meme.  

Lead Story
The missing SNL bailout skit - and the Soros connection
By Michelle Malkin  *  October 6, 2008 10:46 PM

Scroll down for updates...still no response from NBC/SNL...the vid clip
is currently up on YouTube...watch below before it goes down...

Over the weekend, I watched a hilarious, dead-on, and surprisingly
honest skit on Saturday Night Live about the craptastic bailout and its
Democrat roots. The skit called out Fannie/Freddie and featured Nancy
Pelosi dragging out various sob-story "victims" - who turned out to be a
parade of deadbeats and schemers. I was going to post the video for you
tonight, but I can't.

The video has been pulled. Vanished into thin air. (Go here for full
transcript and screenshots.)

Where did it go and why?

I have a theory.

One of the rapacious couples featured in the skit was Herbert and Marion
Sandler (portrayed by Darrell Hammond and Casey Wilson). Unlike the
other composite figures, the Sandlers are a real-life couple.

Also lampooned: Left-wing billionaire George Soros.

As Todd Thurman at Heritage notes, the Sandlers are left-wing moguls who
built "a mortgage company whose major product was subprime mortgages and
they sold it to Wachovia for $24.2 billion in 2006. And what do the
Sandlers do when they are not peddling subprime garbage? They are busy
writing checks to leftist groups like the Center for American Progress,
the American Civil Liberties Union, and Association of Community
Organizations for Reform Now (ACORN). Yes that ACORN."

The Sandlers are seething over the skit. And George Soros must be livid
as well. Anyone else smell a legal threat behind the disappearance of
the vid?

Read:

    Sandler, 77, spoke to The Associated Press in the San Francisco
office of his family's charitable foundation the morning after NBC's
"Saturday Night Live" broadcast a skit deriding the Sandlers as
predatory lenders who had duped unsophisticated borrowers and Wachovia,
too. A caption shown on during the sketch skewered the Sandlers as
"people who should be shot."

    Although the timing of the interview was coincidental, Sandler was
seething after watching a replay of the skit on the Internet.

    "I have been listening to this crap for two years," Sandler said.
"We are being unfairly tarred. People have been telling us to speak out
for some time, but we didn't think it was appropriate. That was clearly
a mistake."

Ed Lasky recently reported on how the Sandlers - allies of left-wing
billionaire George Soros - helped bring down Wachovia Bank:

    Herbert and Marion Sandler, a New York lawyer and Wall Street
analyst respectively, bought a small California thrift in 1963 and built
it into GDW - one of the largest thrifts in the nation. The company's
business was built on adjustable rate mortgages (ARMs. These were
mortgages offered at low "teaser" rates that ratcheted upward as
interest rates increased. They were often sold aggressively to
unsophisticated home buyers who did not comprehend the vast financial
risks they were taking, or who assumed that housing prices would rise
high enough to provide a profit to them when they sold their houses.
They were targets for lenders peddling mortgages that should have been
stamped with a skull and crossbones, for these were among the most
seductive and dangerous types of mortgage.

    This book of business is the core reason for Wachovia's current
difficulties

    The Sandlers knew their business far better than any other person
could. Not only were they the founders and major owners, they famously
ran the company as a husband and wife team for all these years.

    So why did they happen to cash out at precisely the right time? Did
they see the handwriting on the wall, realizing the massive risks
inherent in the mortgages they originated throughout one of the most
overheated real estate markets in the nation's history? They are not
talking, but when smart people cash in some of their chips, it's rarely
a good time to bet against them. Nevertheless, Wachovia bet 24 billion
dollars and lost big time.

    The collapse was primarily caused by the GDW purchase, which became
an albatross around Wachovia's neck soon after the purchase. "Wachovia
found itself in ARM's Way" was the headline of a recent Wall Street
Journal article. A huge percentage of these Wachovia ARMs were made to
deep subprime borrowers with very poor credit scores. Most of these were
"inherited from its ill-timed acquisition of Golden West" at the end of
the housing boom in 2006.

    The Sandlers have started to invest their billions of dollars
politically, in the manner of George Soros, sugar daddy of many far-left
wing groups and an early and prominent supporter of Presidential
candidate Barack Obama. Soros has developed an empire of so-called 527
groups, putatively independent political activists groups that have
influence within the Democratic Party. These 527 groups include the
Center for American Progress, MoveOn.Org, Human Rights Watch, Media
Matters and a slew of other like-minded groups...

    Soros, Lewis, and the Sandlers form a core group of billionaire
activists and Democrat partisans who have formed a group called The
Democracy Alliance. They realized that they could magnify their power by
working in unison and tapping other wealthy donors to further their
agenda (the superb Boston Globe article "Follow the money" is a good
primer on how money and 527 groups have come together to have a huge
impact on politics in America).

    The Democracy Alliance is a major avenue to help them achieve their
goals. The roster of its growing membership consists of a list of
billionaires and mere multi-millionaires who collectively hope to give
upwards of 500 million dollars each year to further promote a left-wing
agenda. A partial roster of the Democracy Alliance membership can be
found here.

    Half a billion dollars a year can purchase a great deal of
influence.

    The Sandlers certainly know quite a bit about leverage from their
savings and loan days.

    Among the beneficiaries of their largesse: Air America, ACORN (a
group that has very close and long lasting ties to Barack Obama and has
a long history of engaging in voter fraud. Citizens for Responsibility
and Ethics in Washington (basically a private detective group focused on
the private faults and foibles of Republicans), Media Matters, a media
watchdog group that engages in harsh partisan attacks against media
figures and articles it considers supportive of Republicans). The list
goes on and on.

    They are not merely out to elect Democrats, but to also permanently
realign U.S. politics and shift our society and culture in a far-left
wing direction...

Read much more from Ed Lasky here.

If you suspect a few high-placed phone calls to NBC led to the bailout
skit slipping down the memory hole, you're not alone.

I just e-mailed NBC and SNL asking why the video was pulled.

You can ask, too. Click here.

***

Terry Ann at The Unfocused reports that NBC.com is deleting questions
about the skit from message boards.

Go here for links to the vid (which will probably be yanked) on YouTube,
plus full transcript and screenshots.

***

Update 10/7: I'm still awaiting comment from NBC/SNL. AdAge weighs in. 

apparently, the Sandlers caption will be removed and the video reposted on SNL's site

http://media.nationalreview.com/post/?q=MjgwNGRjOWRlZTYxNDY0MmVlYzczMDkyZDRhNWY3Zjk=