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it didn't argue that the solomon amendment was unconstitutional. it argued that it didn't apply. argued that the law schools like harvard were treating the military equally because they excluded all employers that discriminated. and as soon as the supreme court rejected that position, she allowed military recruiters on campus. >> it's going to be a tough subject of questioning, no doubt about that when she comes before the judiciary committee. professors, guys, thanks very much for coming in. we're only just beginning this conversation. professor anita hill is standing by next. k you so much. constipation's uncomfortable enough, so why take a harsh laxative? phillips' caplets work naturally with your colon... for overnight relief without cramps. phillips' caplets. communities. industry. energy. her. this. lives. how ? by bringing together... information. ... people ... ... machines ... ... systems ... ideas... verizon helps businesses worldwide... including fortune 500 companies... find and achieve... better. better. better. better. as having to decide to go for it? at the hartfo
it didn't argue that the solomon amendment was unconstitutional. it argued that it didn't apply. argued that the law schools like harvard were treating the military equally because they excluded all employers that discriminated. and as soon as the supreme court rejected that position, she allowed military recruiters on campus. >> it's going to be a tough subject of questioning, no doubt about that when she comes before the judiciary committee. professors, guys, thanks very much for coming...
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May 11, 2010
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it didn't argue that the solomon amendment was unconstitutional. it argued that it didn't apply.rgued that the law schools like harvard were treating the military equally because they excluded all employers that discriminated. and as soon as the supreme court rejected that position, she allowed military recruiters on campus. >> it's going to be a tough subject of questioning, no doubt about that when she comes before the judiciary committee. professors, guys, thanks very much for coming in. we're only just beginning this conversation. professor anita hill is standing by next. thank you so much. constipation's uncomfortable enough, so why take a harsh laxative? phillips' caplets work naturally with your colon... for overnight relief without cramps. phillips' caplets. soak our yards in color. get our hands a little busier. our dollars a little stronger. and our thinking a little greener. let's grab all the bags and all the plants and all the latest tools out there. so we can turn all these savings into more colorful shades of doing. more saving. more doing. that's the power of the
it didn't argue that the solomon amendment was unconstitutional. it argued that it didn't apply.rgued that the law schools like harvard were treating the military equally because they excluded all employers that discriminated. and as soon as the supreme court rejected that position, she allowed military recruiters on campus. >> it's going to be a tough subject of questioning, no doubt about that when she comes before the judiciary committee. professors, guys, thanks very much for coming...
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May 30, 2010
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and her opposition to the solomon law which says in effect if you're going to take students with federal scholarships and loans, then you've got to let the military recruit on your campus. i voted for justice sota myor, not because i agree with her. i don't think they're supposed to be on my political side or the president's side. but because i thought she was well qualified. and i would like to get back to the point where except in extraordinary case wess don't filibuster supreme court justice is. republicans never have. democrats started it and i hope we don't get into. and where we generally vote to confirm them unless they're not qualified for the position. >> have you seen anything to lead you to believe that she will not be ooch proved? >> hearings haven't started. and having gone through a confirmation process myself when i was education secretary, a lot can come out in hearings. >> senator, you mentioned that you had serious concerns about this financial regulation bill and questions about whether it would really solve the problems that we saw in the 2008 crisis. senator scott br
and her opposition to the solomon law which says in effect if you're going to take students with federal scholarships and loans, then you've got to let the military recruit on your campus. i voted for justice sota myor, not because i agree with her. i don't think they're supposed to be on my political side or the president's side. but because i thought she was well qualified. and i would like to get back to the point where except in extraordinary case wess don't filibuster supreme court justice...
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May 10, 2010
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let me quickly ask -- and this relates to the solomon discussed earlier. the brief you signed and was submitted on behalf of the group of law schools, the court itself said in a rather cramped interpretation of the law -- was not kind to the interpretation in the brief submitted, the think if you had been solicitor general when rumsfeld had come to the court that you would have defended the statute, and prevented universities from discriminating against military recruiters? >> i would have. i'm glad you asked. it held the statute unconstitutional. it was not the ground on which we are giving go there is a clear obligation on the part of the s.g. to find a statute unless there is no reasonable basis to argue for the statute. in this case it is historic, because i know the facts and the litigating posture. i feel comfortable saying, of course, there was a reasonable basis. my gosh, the supreme court ruled 9-0. i would have defended it in the same exact way that senator feingold noted that olson and clement defended the mccain law. >> that was elena kagan las
let me quickly ask -- and this relates to the solomon discussed earlier. the brief you signed and was submitted on behalf of the group of law schools, the court itself said in a rather cramped interpretation of the law -- was not kind to the interpretation in the brief submitted, the think if you had been solicitor general when rumsfeld had come to the court that you would have defended the statute, and prevented universities from discriminating against military recruiters? >> i would...
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May 24, 2010
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showers are drifting off to the west, hitting areas there like calvert beach and solomon's. once the sun sets about 8:30 or so, those showers are going to become less and less around the area. what we will have, though, is an easterly wind. still plenty of lingering moisture across the area. first thing tomorrow morning, we're likely to have some fog across the area that will be slowing us down. temperature right now at 75 degrees in baltimore. 78 degrees currently in d.c. 74 clinton. 76 degrees right now in fairfax and sterling. 72 in culpepper. and 75 degrees currently in winchester. that's the easterly wind, but still under this huge ridge of high pressure that's still keeping us plenty warm across the area. that ridge is just going to get stronger and as we go through the next coup of days. southern plains all the way to the north eastward. first thing early tomorrow morning with temperatures in foggy conditions. i'm going to give you the forecast panel probably during the next weather hit. i've lorded the short show here this time. we'll get to the detail forecast a lit
showers are drifting off to the west, hitting areas there like calvert beach and solomon's. once the sun sets about 8:30 or so, those showers are going to become less and less around the area. what we will have, though, is an easterly wind. still plenty of lingering moisture across the area. first thing tomorrow morning, we're likely to have some fog across the area that will be slowing us down. temperature right now at 75 degrees in baltimore. 78 degrees currently in d.c. 74 clinton. 76...
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May 2, 2010
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of throat the bible or the old testament david, solomon, nehemiah, th ey all say usury is dead and wrong and bad but in deuteronomy bailout day loophole that is almost a bill that says and to a stranger upon whom is land they usury you cannot lend to your brother of lot and a charge interest because you would be a bad guy is a curious $1,000 i want teeeleven hundred back your sister-in-law would never talk to you. but until a stranger you can cause interest but then something happened. the next stage is 35 a.d.. what happens? anybody here old enough to remember? [laughter] 35 a.d. saw on the road to damascus. he is blinded by the white. and the lord says, go this man is my chosen instrument to carry my name before the gentiles in kings and the people of israel and what this means is that there are no more strangers. know every ready as part of a family and says the phrase and to a stranger almost most politically consequential word in all of the continent to set them on the road of division although it would be synergistic antagonism they would need each other and use each other along th
of throat the bible or the old testament david, solomon, nehemiah, th ey all say usury is dead and wrong and bad but in deuteronomy bailout day loophole that is almost a bill that says and to a stranger upon whom is land they usury you cannot lend to your brother of lot and a charge interest because you would be a bad guy is a curious $1,000 i want teeeleven hundred back your sister-in-law would never talk to you. but until a stranger you can cause interest but then something happened. the next...
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May 11, 2010
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i can understand the challenge to the underlying basis of the solomon decision, but this is wh she said. "as dean- as dean, as she reinstated military recruiters to the harvard law school because to do otherwise would have been to forfeit a great deal of federal funding. she noted that the "action caused her deep distress." >> as a moral and justice of the first order. how can you, and could contras cannot be an effective advocate? this bearsn the ability to apply the law. it was countered that the solicitor general has the obligation to uphold the constitutionality of the law. there is a song -- is strong resumption of constitutionality. i commented to her about a case when i was district attorney with the pennsylvania statute treating women differently than men put it there were given a determinate sentences so that if they were convicted of larceny, they went to a woman's priso and having served the maximum, they could be kept longer. when i was asked to defend the statute, i refused. they brought in the state attorney general who defended the statute and it s stricken. there is a re
i can understand the challenge to the underlying basis of the solomon decision, but this is wh she said. "as dean- as dean, as she reinstated military recruiters to the harvard law school because to do otherwise would have been to forfeit a great deal of federal funding. she noted that the "action caused her deep distress." >> as a moral and justice of the first order. how can you, and could contras cannot be an effective advocate? this bearsn the ability to apply the law....
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May 21, 2010
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solomon at 78 degrees. one of our cool spots. 82 up to the north in mt. airy with a light wind out of the south. let me show you where there are storms talg place. these are associated with the next weather system moving this way for saturday afternoon. up around ohio and areas of indiana, storms pep ring the area. does include north of chicago right now headed toward detroit, michigan. and we've got more storms peppering the south. montgomery, alabama, as well as around atlanta, georgia. there's a severe thunderstorm watch that's been issued down there until 8:00 p.m. for areas around tuscaloosa, montgomery, even east toward macon. let me take you now to texas and show you some storms that rolled through yesterday. i believe we've got the video for that. this is north texas. mid lothian where yet again they've been getting more severe weather. a lot of slow-moving thunderstorms produced several tornadoes yesterday. this is some home video that was taken where there were several other funnel clouds as well spotted in the area. midlothian, texas. where's t
solomon at 78 degrees. one of our cool spots. 82 up to the north in mt. airy with a light wind out of the south. let me show you where there are storms talg place. these are associated with the next weather system moving this way for saturday afternoon. up around ohio and areas of indiana, storms pep ring the area. does include north of chicago right now headed toward detroit, michigan. and we've got more storms peppering the south. montgomery, alabama, as well as around atlanta, georgia....
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May 16, 2010
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themselves become the object was actually keeping away from people from the meeting we had to read from solomonpoke and keeping their names off the boat. they said no, i don't want to sign. and i told a story i didn't want to say anything at all to undermine the memory of arthur, but he said he know what, you probably don't need me. after all that jewish would attract attention and change the subject. it's amazing how persuasive fear can be for good reason. i'll behave better next time. maybe this isn't such a crux after all. and i remember thinking, this is really to meet a moral and intellectual and personal crisis because the author of the crucible has decided that this is an appoint tnt's reluctant to keep overall and very grave trouble. it has a happy ending and has come through very well acted a number of other people's presentation. i'll never forget what i learned about how fragile, how tenuous the commitment of the society to its basic values often is and how easy it is to get people to portray them. and i'll say with this trip if you don't mind because i think it back and they think t
themselves become the object was actually keeping away from people from the meeting we had to read from solomonpoke and keeping their names off the boat. they said no, i don't want to sign. and i told a story i didn't want to say anything at all to undermine the memory of arthur, but he said he know what, you probably don't need me. after all that jewish would attract attention and change the subject. it's amazing how persuasive fear can be for good reason. i'll behave better next time. maybe...
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May 8, 2010
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all throughout the bible, all throughout the old testament, david, solomon, nehemiah, isaiah they all say he usery is a sin, usery is wrong, usery is bad but in deuteronomy they allow a loophole and it is a louisville that is fatal in a way. unto a stranger thou may land upon usery. so, in jewish culture you cannot lend to your mother-in-law and charge interest because you would be a bad guy. you would be a real cad or go you would be today. if you said to your brother-in-law here is 1000 but then i want 1100 bucks back in six month your sister would never talk to you. at that time they were part of the tribe and a ban usery amongst themselves but a stranger-- then something happened. the next day they give you is 35 a.d.. what happened in 35 a.d.? anyone here old enough to remember? i am sorry, just kidding. 35 a.d., saul was on the road to damascus. he gets knocked off his horse and gets blinded by the light work of the lord said to anna nye, couple days later, he says go. this man is my chosen instrument to carry my name before the gentiles and their kings and before the people of
all throughout the bible, all throughout the old testament, david, solomon, nehemiah, isaiah they all say he usery is a sin, usery is wrong, usery is bad but in deuteronomy they allow a loophole and it is a louisville that is fatal in a way. unto a stranger thou may land upon usery. so, in jewish culture you cannot lend to your mother-in-law and charge interest because you would be a bad guy. you would be a real cad or go you would be today. if you said to your brother-in-law here is 1000 but...
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May 11, 2010
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supreme court signed the solomon amendment and the military readiness says two things. what happened in harvard and filing the court brief makes her appointment an affront to the u.s. military. [inaudible] >> first and foremost a think it's important -- you left of a few things in your series of events: one, a circuit court ruling that was opposite that of the supreme court before the case, rightly came to the supreme court. and i just don't do that could didn't know if you left that out for some reason. and then secondly -- >> just making a short question. [laughter] >> lester will get a chance to comment on the brevity of the situation. [laughter] i think that -- look, don't take their word for it, take the word of those that have gone to harvard law school, that have seen her -- the support that she's given to those that have joined them about to become a brave young men and women that have served our country that have gone to harvard but speak of the dedication that she had both to the school and to our military. i think they are -- i think they speak of her dedicat
supreme court signed the solomon amendment and the military readiness says two things. what happened in harvard and filing the court brief makes her appointment an affront to the u.s. military. [inaudible] >> first and foremost a think it's important -- you left of a few things in your series of events: one, a circuit court ruling that was opposite that of the supreme court before the case, rightly came to the supreme court. and i just don't do that could didn't know if you left that out...
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as you know, that is the so- called solomon amendment. during her hearings of february of 2009, she said she would enforce the law as a government lawyer. it has not come before the supreme court since then. it has not come up. she is the first appointee in nearly 40 years who has not previously been a judge. some people probably think that is a real value. we now have a court made up of people who were elevated from lower courts. that is not historically the norm. there have been in manmany senas who have said been not just pick a judge. i'm sure there will be critics who say -- the issue will have the experience? when she was up for the solicitor general post, she had never argued before the justices in her life. here she was being asked to serve as the government's top lawyer for the court. senator coburn of oklahoma criticized for lack of experience and said that he would never send patients to a position coolly talked about a field -- physician who only talked about a field. host: what about her relationship as a solicitor general be
as you know, that is the so- called solomon amendment. during her hearings of february of 2009, she said she would enforce the law as a government lawyer. it has not come before the supreme court since then. it has not come up. she is the first appointee in nearly 40 years who has not previously been a judge. some people probably think that is a real value. we now have a court made up of people who were elevated from lower courts. that is not historically the norm. there have been in manmany...
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i asked you about the solomon military issue, where you had very strong moral objections. do you assert that you can function in an advocacy role, notwithstanding your own personal views? how would you distinguish your confidence to do so in light of what you say here? i understand why you say it. religious organizations might be inclined to reject some of their religious doctrine. but is not that an inevitable consequence, even for a skilled advocate who feels very strongly about the matter, with respect to the capability to really do the right job in advocacy? >> senator, thank you for raising that memo. i first looked at that memo and thought about that memo -- for the first time in 20 years, just a couple of days ago when it was quoted on a blog. i looked edit and thought, that is the dumbest thing i have never heard. [laughter] >> you do not have to go any further. [laughter] are you telling us you will not make that same mistake again? >> you should never make the same mistake twice. >> i wish i could follow that advice. [laughter] one final question, mr. chairman. i
i asked you about the solomon military issue, where you had very strong moral objections. do you assert that you can function in an advocacy role, notwithstanding your own personal views? how would you distinguish your confidence to do so in light of what you say here? i understand why you say it. religious organizations might be inclined to reject some of their religious doctrine. but is not that an inevitable consequence, even for a skilled advocate who feels very strongly about the matter,...
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May 2, 2010
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you may have seen news reports that "washington times" is up for sale and john solomon could be the buyerington post, which has a critical column about the white house correspondents' dinner on this site and it was written by a former staffer of john edwards. but the huffington post is also there this evening. they have scarlet joehansen, bill maher, the committee that's looking into the fall, 2008, financial crisis situation. talking points memo has former n.s.a. director brent scowcroft and glamour is there and they have jessica alba as a guest. so in just a few minutes, this is all going to begin. we'll continue to watch the room as the president, as you can see, is still seated at the head table. >> live coverage of the white house correspondents' dinner continues. in about 6 or 7 minutes, the speaking and entertainment portion begins. we've been following your tweets at whcd and one from nerd prom. colleen is asking, who is up first? ed chen will do the introductions. then michelle obama will present some journalism scholarships. the president speaks and then jay leno speaks after th
you may have seen news reports that "washington times" is up for sale and john solomon could be the buyerington post, which has a critical column about the white house correspondents' dinner on this site and it was written by a former staffer of john edwards. but the huffington post is also there this evening. they have scarlet joehansen, bill maher, the committee that's looking into the fall, 2008, financial crisis situation. talking points memo has former n.s.a. director brent...
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May 16, 2010
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and eventually the solomon amendment was upheld and the military could go on campus, but she was an advocate, she was a leader, she looked for the opportunity to pressure the military. the thing that's worrisome, congress and president clinton established this policy. it wasn't the military. yet, they were punishing our military men and women for something the political branches did. if she want to do complain, let them complain to us. >> are you surprised that she's gotten push back and criticism from both the left and right, so many of them say she has an unknown record in many respects and so we have some folks on the left saying, we don't think she's going to be a great advocate for us and we are concerned. >> i think she does lack a record and i suppose the left could be worried about this nomination. one thing we should give her a full opportunity to do is to explain these issues and i think this hearing, shannon, is pretty significant. she has such a small legal record that can be examined, i think how she testifies is going to be important, the hearing will set a high bar, i think, a
and eventually the solomon amendment was upheld and the military could go on campus, but she was an advocate, she was a leader, she looked for the opportunity to pressure the military. the thing that's worrisome, congress and president clinton established this policy. it wasn't the military. yet, they were punishing our military men and women for something the political branches did. if she want to do complain, let them complain to us. >> are you surprised that she's gotten push back and...
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May 14, 2010
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now i am happy to turn the podium over ambassador richard solomon. >> president karzei, we are honoredve you join us at the institute of peace. there are other folks that i want to mention. our board chairman, robin west, and other board members are here. we are pleased that they are able to join us today as well. senator john warner, a good friend and supporter of the institute, congressman jane harman, and accompanying president karzei, we have members of his cabinet. down the hall, we have other folks. we have established a professional training academy in conflict management and peace building skills. this facility is down the hall and under training right now are some folks working with the defense department who will be going to afghanistan to try to help strengthen the defense of interior ministries as they bring stability to that country. let me just say briefly that the institute of peace has been working on the ground in afghanistan since 2002. we currently have an office in cobble a full-time working -- cobble -- to promote reconciliation with programs focused on the rule of
now i am happy to turn the podium over ambassador richard solomon. >> president karzei, we are honoredve you join us at the institute of peace. there are other folks that i want to mention. our board chairman, robin west, and other board members are here. we are pleased that they are able to join us today as well. senator john warner, a good friend and supporter of the institute, congressman jane harman, and accompanying president karzei, we have members of his cabinet. down the hall, we...
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May 27, 2010
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one of the first jewish pioneers was fred solomon who arrived in the area in june, 1859. he became the general manager of the first general mercantile in the area. they were joined by another brother who became the first elected official as arustee of greeley, colorado. another one of our famous early jewish coloradans was francis yaycobs, born in 1843, died in 1892. she was born in kentucky to bavarian immigrants but moved to colorado when she was young. she joined with the city's congregational ministers and catholic archdiocese to create a multifaith charity. she left her mark on tuberculosis relief, which denver became known for. she was one of the first to conceive of a free hospital for indigent tuberculosis victims for whom denver became known. she's one of 16 recognized as colorado pioneers, the only woman and only jew, in a stained glass window in the state capitol. she was inducted into the national women's hall of fame and awarded the denver mayor's award. from its humble beginning, the jewish population has grown. immigrants from the east coast, as my parents
one of the first jewish pioneers was fred solomon who arrived in the area in june, 1859. he became the general manager of the first general mercantile in the area. they were joined by another brother who became the first elected official as arustee of greeley, colorado. another one of our famous early jewish coloradans was francis yaycobs, born in 1843, died in 1892. she was born in kentucky to bavarian immigrants but moved to colorado when she was young. she joined with the city's...
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May 6, 2010
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now in the past in the securities business as you have mentioned drexer, solomon, they all failed, noarticular disaster in the market as a result of all of those failures and people learned lessons. bear stearns was the first time the u.s. government had ever stepped in to rescue a security firm as distinguished from the bank. so in your view and let me add one more point is that is the officials of bear stearns who were here before us, just before you said they didn't think that bear stearns was too big to fail. do you think their stearns to big to fail? did you participate in a recommendation of concerning bear stearns this position that week? and i don't want to mess with your recommendation was because the executive privilege but if you choose to imply what you said and what you thought we would like to hear it. >> mr. chairman, i yield an additional five minutes. >> thank you. >> yes, i heard the testimony earlier today on that subject. i thought it was eliminating to learn that there was not an expectancy on bear stearns of the ground rescue. that contrasts with what we heard fr
now in the past in the securities business as you have mentioned drexer, solomon, they all failed, noarticular disaster in the market as a result of all of those failures and people learned lessons. bear stearns was the first time the u.s. government had ever stepped in to rescue a security firm as distinguished from the bank. so in your view and let me add one more point is that is the officials of bear stearns who were here before us, just before you said they didn't think that bear stearns...
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May 15, 2010
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following this event, this discussion and now i am happy to turn the podium over to ambassador richard solomon, president of usip. >> good afternoon, and many thanks for joining us. madam secretary, thanks for coming to our humble abode. we are so jammed in here and i think we need more space, and we are working on that. and president karzai, we are honored to have you join us at the institute of peace. we have our board chamber, and other members, ambassador holebrook and ambassador ikenberry, and senator john warren, and congresswoman jane harmon, and accompanying president karzai, we have members of his cabinet. and we have down the hall other folks,we have established a training academy for problem conflict and peace building skills. this facility is down the hall and under training. with folks working with the defense department going to afghanistan to try to help strengthen the defense of interior ministries as they bring stability to that country. let me just say briefly that the institute of peace has been working on the ground in afghanistan since 2002. we currently have an office in
following this event, this discussion and now i am happy to turn the podium over to ambassador richard solomon, president of usip. >> good afternoon, and many thanks for joining us. madam secretary, thanks for coming to our humble abode. we are so jammed in here and i think we need more space, and we are working on that. and president karzai, we are honored to have you join us at the institute of peace. we have our board chamber, and other members, ambassador holebrook and ambassador...
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May 8, 2010
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hutton, solomon brothers, and more. while the voluntary program, meant to give early warning, it was not capable of preventing them because a new government regulation could do that. mr. chairman, an important lesson from this is that the concept of too big to fail must be eliminated. along with the regulatory uncertainties that follow from it. the freedom to fail, which is a cornerstone of risk taking in a well functioning market, has to be restored. i would add to this that transparency is a powerful antidote for much that happened in the financial crisis. that is no more jurors than in the over-the-counter derivatives market. -- that is no more true than in the over-the-counter derivatives market. >> thank you for the invitation to testify about the sec proxy regulation of investment banks in the shadow banking system. -- about the sec's regulation. from september to a dozen sex until april to thousand nine, i was a director [inaudible] we aim to ensure that in the event of a firm's failure, they retain their cash an
hutton, solomon brothers, and more. while the voluntary program, meant to give early warning, it was not capable of preventing them because a new government regulation could do that. mr. chairman, an important lesson from this is that the concept of too big to fail must be eliminated. along with the regulatory uncertainties that follow from it. the freedom to fail, which is a cornerstone of risk taking in a well functioning market, has to be restored. i would add to this that transparency is a...
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May 27, 2010
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skelton, ranking member mcke and the chairman of our subcommittee and my good friend from texas, solomon ortiz. creating legislation of this magnitude and of critical importance to the defense of this nation is no easy task and i appreciate their leadership and hard work in crafting a solid bipartisan bill. mr. chairman, our founding fathers kw that our freedoms were so precious they were worth protecting d defending. they also knew, as we know today, that one of the realities of having these freedoms is that there will always be individuals who want to rob them from us. throughout the course of our nation's history we've seen this to be true. today it no different. recent attempts in times square, new york city, and on passenger airlines on christmas day are stark reminds that there are teorist organizations that are actively trying to kill american cizens. mr. chairman, we need to keep terrorists off u.s. soil, not provide mes for any administration to bring them here. and while theommittee did not support an amendment that would have prevented the transfer of any guantanamo bay detain
skelton, ranking member mcke and the chairman of our subcommittee and my good friend from texas, solomon ortiz. creating legislation of this magnitude and of critical importance to the defense of this nation is no easy task and i appreciate their leadership and hard work in crafting a solid bipartisan bill. mr. chairman, our founding fathers kw that our freedoms were so precious they were worth protecting d defending. they also knew, as we know today, that one of the realities of having these...
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May 26, 2010
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market break, the failure of the bank of credit and commerce international, the near bankruptcy of solomon brothers, the private sector rescue of long-term capital management and the terrorist attacks of september 11, which stand in a category all their own. my experience across three decades gives me a perspective on the context in which federal reserve policymakers needed to make their decisions concerning a.i.g. you cannot understand the decision without an appreciation of the crisis context. a.i.g. came before federal reserve policymakers in the midst of the greatest financial crisis we have experienced in -- since the great depression. in testimony on january 27, 2010, before the house committee on government oversight, secretary geithner described the policy choice as, quote, whether to rescue a.i.g. by putting billions of taxpayer dollars at risk or to let a.i.g. fail and accept potentially catastrophic damage to the economy, period, unquote. on the morning of september 16, 2008, there were no other realistic options. congress had provided the federal reserve with the ability to len
market break, the failure of the bank of credit and commerce international, the near bankruptcy of solomon brothers, the private sector rescue of long-term capital management and the terrorist attacks of september 11, which stand in a category all their own. my experience across three decades gives me a perspective on the context in which federal reserve policymakers needed to make their decisions concerning a.i.g. you cannot understand the decision without an appreciation of the crisis...