Keyword: financelist

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  • The bondage of debt

    12/20/2009 5:57:02 AM PST · by rabscuttle385 · 31 replies · 1,039+ views
    Renew America ^ | 2009-12-19 | Ken Connor
    The rich rules over the poor, And the borrower is the slave of the lender. (Proverbs 22:7 ESV)In the Old Testament book of Proverbs, King Solomon details the differences in thought, word, and deed between a wise man and a fool. In addressing the foolishness associated with borrowing money, he makes clear the relationship between debt and servitude: No man can truly be free when he is bound by financial indebtedness to another. It's clear, however, that the danger of debt is something a majority of the American people — including members of Congress and our President — have yet...
  • Seven U.S. banks closed by regulators; failures at 140 (FDIC Friday) (Obamanomics alert)

    12/20/2009 5:48:35 AM PST · by rabscuttle385 · 14 replies · 927+ views
    Dow Jones / Market Watch ^ | 2009-12-19 | John Letzing
    SAN FRANCISCO (MarketWatch) -- Seven U.S. banks were closed by regulators on Friday, bring the total this year to 140 as the effects of the credit crisis continued to be felt across the country. What's more, the Federal Deposit Insurance Corp. established temporary institutions to help close two of the failed banks.
  • For Banks, Wads of Cash and Loads of Trouble [brokered deposits and risky loans]

    07/06/2009 9:51:51 AM PDT · by rabscuttle385 · 3 replies · 1,155+ views
    The New York Times ^ | 2009-07-04 | Eric Lipton & Andrew Martin
    MACON, Ga. — H. Averett Walker used hot money to turn Security Bank from a sleepy Southern lender into a regional powerhouse. Darrell D. Pittard used hot money to jump-start his brand-new MagnetBank, allowing it to lend hundreds of millions of dollars even though it did not have a single drive-up window or even a customer with a checking account. It is a formula being replicated at banks across the United States. Rather than simply wooing local customers, they have turned to out-of-state brokers who deliver billions of dollars in bulk deposits, widely known as “hot money,” from investors nationwide....
  • The Banker Who Said No

    04/05/2009 10:29:05 AM PDT · by rabscuttle385 · 22 replies · 2,212+ views
    Forbes ^ | 2009-04-03
    While the nation's lenders ran amok during the boom, Andy Beal hoarded his money. Now he's cleaning up--with scant help from Uncle Sam. BY BERNARD CONDON & NATHAN VARDI Standing outside the glass-domed headquarters of his Plano, Texas, bank in March, D. Andrew Beal presses a cellphone to his ear. He's discussing a deal to buy mortgage securities. In just a few minutes, the deal's done: His Beal Bank will buy $15 million of face value for $5 million. A few hours earlier he reviewed details on a $500 million loan his bank is making to a company heading into...
  • Deep Capture: How a cabal of corrupt traders, reporters and lawyers looted freely on Wall Street

    03/11/2009 2:05:04 PM PDT · by Jack Black · 31 replies · 1,716+ views
    Deep ^ | Feb. 2009 | Patrick M. Byrne
    In 2006 a CJR editor (a seasoned journalist formerly with Time magazine in Asia, The Wall Street Journal Europe, and The Far Eastern Economic Review) called me to discuss suspicions he was forming about the US financial media. I gave him leads but warned, “Chasing this will take you down a rabbit hole with no bottom.” For months he pursued his story against pressure and threats he once described as, “something out of a Hollywood B movie, but unlike the movies, the evil corporations fighting the journalist are not thugs burying toxic waste, they are Wall Street and the financial...
  • New York Attorney Gen. Cuomo subpoenas ex-CEO Thain

    01/27/2009 9:19:34 AM PST · by randita · 4 replies · 352+ views
    Market Watch ^ | 1/28/09 | Sue Chang
    New York Attorney Gen. Cuomo subpoenas ex-CEO Thain By Sue Chang Last update: 11:13 a.m. EST Jan. 27, 2009 SAN FRANCISCO (MarketWatch) -- The office of New York Attorney General Andrew Cuomo said Tuesday it issued subpoenas to former Merrill Lynch Chief Executive Officer John Thain and Bank of America Chief Administrative Officer J. Steele Alphin. The subpoenas were issued as part of its ongoing inquiry into billions of dollars in bonuses paid by Merrill Lynch just days before Merrill was taken over by Bank of America (BAC: "The fact that Merrill Lynch appears to have moved up the timetable...
  • Bernanke: Game Over?

    01/26/2009 5:57:58 AM PST · by randita · 19 replies · 1,404+ views
    The Market Ticker ^ | 1/25/09 | Karl Denninger
    Bernanke: Game Over? The Market Ticker Monday, January 26. 2009 Posted by Karl Denninger at 07:12 Bernanke: Game Over? Bloomberg is allegedly reporting that Bernanke is "contemplating" buying the long end of the Treasury Curve due to "bond market instability."Here's what he's unhappy about:There is nothing "unstable" about any of this. Rates are going higher. Why? Gee, let's see, Obama says he's going to blow $1 trillion on a "stimulus" package, the other $350 billion of the TARP was released, the GAO says we're going to run well north of a Trillion in deficits, and people are wondering why...
  • Revealed: Day the banks were just three hours from collapse (UK)

    01/25/2009 6:08:38 PM PST · by randita · 13 replies · 1,018+ views
    Daily Mail ^ | 1/26/09 | Glen Owen
    Monday, Jan 26 2009 Revealed: Day the banks were just three hours from collapse By Glen Owen Britain was just three hours away from going bust last year after a secret run on the banks, one of Gordon Brown's Ministers has revealed. City Minister Paul Myners disclosed that on Friday, October 10, the country was 'very close' to a complete banking collapse after 'major depositors' attempted to withdraw their money en masse. The Mail on Sunday has been told that the Treasury was preparing for the banks to shut their doors to all customers, terminate electronic transfers and even block...
  • The Zombie Apocalypse Will Eat Our Economy

    01/25/2009 4:32:58 PM PST · by randita · 19 replies · 1,069+ views
    The Motley Fool ^ | 1/23/09 | Alyce Lomax
    The Zombie Apocalypse Will Eat Our Economy Alyce Lomax January 23, 2009 According to horror movie canon, there are many ways zombies could come about. These terrifying quirks could consist of anything from radioactivity to pollution to a virus to some mysterious substance from outer space. Whatever the cause, though, it usually reflects something our society fears -- or possibly should fear -- at any given time. Unfortunately, it's becoming clear that the threat of zombies here and now is real. That is, the zombie banks and zombie corporations that are artificially kept alive even though in any rational,...
  • Jim Rogers/Asian Financial Forum (World Commodities fundamenals enhanced)

    01/24/2009 7:38:14 PM PST · by sickoflibs · 51 replies · 1,617+ views
    youtube/JimRogers Channel ^ | 1/21/09 | sickoflibs/Jim Rogers
    “If you go back in history whenever we have had periods of forced liquidation like we are having now, periods that only have happened nine or ten times every 100 or 150 years, people have had to sell everything without regards to the fundamentals. The way you make money historically in times like this is you find the fundamentals that are unimpaired and that’s what you buy.” “The fundamentals of General Motors are impaired. The fundamentals of City Bank are impaired by what is happening. The fundamentals of most industries of the world are very impaired. The only thing I...
  • TARP Part Deux? Do It Right Or Don't Do It

    01/24/2009 3:23:04 PM PST · by randita · 4 replies · 100+ views
    The Market Ticker ^ | 1/24/09 | Karl Denninger
    TARP Part Deux? Do It Right Or Don't Do It The Market Ticker Saturday, January 24. 2009 Posted by Karl Denninger at 14:04 TARP Part Deux? Do It Right Or Don't Do It Virtually everyone agrees on two things right now. The second part of the TARP, $350 billion, will not go to Wall Street bankers (in the main)$700 billion isn't anywhere near enough to clear the credit markets. The second statement is axiomatic (remember, for more than a year I've said this is a $2.5-3 trillion problem just in residential real estate) while the first is one that...
  • The Great College Hoax

    01/15/2009 10:10:48 AM PST · by rabscuttle385 · 161 replies · 4,618+ views
    Forbes ^ | 2009-02-02
    Higher education can be a financial disaster. Especially with the return on degrees down and student loan sharks on the prowl. BY KATHY KRISTOF As steadily as ivy creeps up the walls of its well-groomed campuses, the education industrial complex has cultivated the image of college as a sure-fire path to a life of social and economic privilege. Joel Kellum says he's living proof that the claim is a lie. A 40-year-old Los Angeles resident, Kellum did everything he was supposed to do to get ahead in life. He worked hard as a high schooler, got into the University of...
  • Gold as a Store of Wealth

    01/10/2009 11:08:04 AM PST · by An Old Man · 55 replies · 1,235+ views
    Sock Research Portal ^ | Aug 24, 2008 | icampbell
    Gold is unique among commodities as it is perceived as a principal store of wealth. It is an element that does not chemically combine with other elements, does not tarnish, is highly malleable, easy to melt, can be subdivided indefinitely, and can’t be counterfeited. I believe gold’s economics to be comparatively straightforward: • gold is the ultimate competitor to the U.S. dollar; • in the current environment of increasing global competition and military conflict anyone with an interest in building or maintaining wealth who ignores the gold market – and by inference both gold bullion and gold stocks - does...
  • Regulator Let IndyMac Backdate Infusion [OTS]

    12/24/2008 7:29:45 AM PST · by rabscuttle385 · 12 replies · 1,357+ views
    The Wall Street Journal ^ | 2008-12-23 | Michael M. Phillips & Jessica Holzer
    A senior bank regulator was removed from his job after being accused of helping mortgage lender IndyMac Bancorp alter its records so it appeared to be in better shape -- weeks before it was seized by the government. The Office of Thrift Supervision has reassigned its top West Coast official, Darrel Dochow, who was also a controversial figure in the regulatory lapses surrounding the savings-and-loan crisis of the late 1980s. In a letter sent Monday to Sen. Charles Grassley, the senior Republican on the Senate Finance Committee, the Treasury Department's inspector general wrote that the federal OTS allowed the bank...
  • Sale of IndyMac Bank appears imminent

    12/24/2008 7:49:01 AM PST · by rabscuttle385 · 6 replies · 815+ views
    The Los Angeles Times ^ | 2008-12-24 | Tom Petruno
    A long-awaited sale of IndyMac Bank may be announced as early as today. The Federal Deposit Insurance Corp. has been looking for a buyer, or buyers, for the Pasadena lender since the government declared it insolvent and seized it in July. Final bids were due by Dec. 12, and the FDIC said it expected to close a deal by the end of the year. The American Banker newspaper reported Tuesday that the announcement could come today.
  • Bankruptcy Before Bailouts [DeMint]

    12/11/2008 6:51:05 PM PST · by rabscuttle385 · 16 replies · 1,019+ views
    National Review ^ | 2008-12-11
    The House passed a $14-billion, stopgap bailout of the automotive industry on Wednesday night. But in the Senate, Republicans have the votes to prevent it. And despite urging from the exiting Bush administration, they appear poised to do so. This is big. Normally, lame-duck congresses concern themselves with far less consequential matters. The addition of seven or eight more Democrats in the next Congress may come weeks too late to prevent the bankruptcy (or, in the worst case, failure) of General Motors. In the hours leading up to the critical votes, NRO spoke with Sen. Jim DeMint (R., S.C.), a...
  • Jim Rogers calls most big U.S. banks "bankrupt"

    12/11/2008 6:03:58 PM PST · by rabscuttle385 · 86 replies · 2,711+ views
    Reuters ^ | 2008-12-11 | Jonathan Stempel
    NEW YORK (Reuters) - Jim Rogers, one of the world's most prominent international investors, on Thursday called most of the largest U.S. banks "totally bankrupt," and said government efforts to fix the sector are wrongheaded. Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government's $700 billion rescue package for the sector doesn't address how banks manage their balance sheets, and instead rewards weaker lenders with new capital. Dozens of banks have won infusions from the Troubled Asset Relief Program created in early October, just after the Sept...
  • Fed mulls issuing own debt: report

    12/10/2008 12:12:08 AM PST · by fightinJAG · 16 replies · 818+ views
    News Daily ^ | Dec 10, 2008 | Pratish Narayanan in Bangalore
    Dec. 10, 2008 (Reuters) — The U.S. Federal Reserve is considering issuing its own debt for the first time, the Wall Street Journal said, citing people familiar with the matter. Fed officials have approached Congress about the move, which could include issuing bills or some other form of debt and would provide the central bank with more flexibility to tackle the financial crisis, the Journal said. The Fed could not be immediately reached for comment. The Fed can already print as much money as it wants, but issuing debt is largely the province of the Treasury Department. The Fed stepped...
  • Fed mulling issuing own debt: report

    12/09/2008 11:04:59 PM PST · by Vince Ferrer · 161 replies · 2,023+ views
    Reuters ^ | Dec 10, 2008 | Pratish Narayanan
    The U.S. Federal Reserve is considering issuing its own debt for the first time, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Fed officials have approached Congress about the concept, which could include issuing bills or some other form of debt, it said.
  • Georgia bank is 23rd failure in U.S. this year

    12/06/2008 10:10:27 AM PST · by rabscuttle385 · 15 replies · 713+ views
    Reuters ^ | 2008-12-05
    WASHINGTON, Dec 5 (Reuters) - First Georgia Community Bank, a small institution with $237.5 million in assets, was closed by state regulators on Friday, marking the 23rd U.S. bank failure this year. All $197.4 million in deposits were transferred to United Bank of Zebulon, Georgia, and the failed bank and its offices will reopen as branches of United Bank, the U.S. Federal Deposit Insurance Corp said. First Georgia had branches in Jackson, Covington, Griffin and Locust Grove. United Bank will also buy about $60.6 million of First Georgia's assets, the FDIC said. The bank failure will cost the FDIC's deposit...
  • Auto sales hit new lows; GM sales plunge 41 pct

    12/03/2008 3:24:41 AM PST · by SkyPilot · 98 replies · 2,201+ views
    MyWay ^ | 2 Dec 08 | BREE FOWLER
    NEW YORK (AP) - General Motors' November U.S. sales plunged 41 percent, while Ford's dropped 31 percent, dashing hopes that the industrywide drop in vehicle demand might be easing as Detroit's automakers prepare to state their second case for a federal bailout. Their overseas rivals posted abismal (???) results as well. Toyota's November sales tumbled 34 percent, and Honda's fell 32 percent. A dreary economy, swooning consumer confidence and tight credit markets have combined to keep consumers out of vehicle showrooms this year. On Monday, the National Bureau of Economic Research said the U.S. entered a recession in December 2007,...
  • Iceland bank Kaupthing files for US bankruptcy

    12/03/2008 3:16:30 AM PST · by rabscuttle385 · 6 replies · 577+ views
    Reuters ^ | 2008-12-04 | Jonathan Stempel
    NEW YORK (Reuters) - Kaupthing Bank hf (KAUP.IC), Iceland's largest bank, has sought bankruptcy protection from its U.S. creditors. The Reykjavik-based lender filed a Chapter 15 bankruptcy petition on Sunday with the U.S. bankruptcy court for the Southern District of New York.
  • Thailand slashes rates as protests hit economy [financial crisis continues]

    12/03/2008 3:00:05 AM PST · by rabscuttle385 · 7 replies · 481+ views
    Reuters ^ | 2008-12-04 | Kitiphong Thaichareon
    BANGKOK, Dec 3 (Reuters) - The Bank of Thailand surprised markets by cutting interest rates by a full point on Wednesday, saying the economic damage wrought by political unrest and the global downturn triggered its first easing since mid-2007. A rapid retreat in inflation in recent months made it easier for the central bank to slash rates by the biggest margin in over eight years to help the economy, hit by anti-government protests that culminated in an eight-day siege of Bangkok's main airports. "The political problem is having quite a severe impact on the economy," BoT Assistant Governor Duangmanee Vongpradhip...
  • Democrats may tax health benefits

    12/01/2008 12:42:09 PM PST · by rabscuttle385 · 214 replies · 7,087+ views
    The Boston Globe ^ | 2008-12-01 | Lisa Wangsness
    WASHINGTON - In the last month of the presidential campaign, it was one of Barack Obama and Joe Biden's strongest attack lines: John McCain, they warned, would "tax your healthcare benefits for the first time ever." But now, some Congressional Democrats in charge of health reform are talking about doing just that. They would not go as far as McCain, who wanted to end the tax exclusion entirely for employer-sponsored insurance, which excludes money spent by employees and their employers on health benefits from income and payroll taxes. But some key Democrats are talking about limiting the benefit for workers,...
  • Neil Hrab: It's 'FDIC Friday' as U.S. bank failures grow

    11/28/2008 8:22:29 PM PST · by rabscuttle385 · 10 replies · 792+ views
    The National Post, Toronto, Ontario ^ | 2008-11-28 | Kelly McParland
    The end of the work week is generally welcomed, giving rise to the term "TGIF" -- Thank God it's Friday. But the expansion of the U.S. economic crisis has given rise to a new and more worrying acronym: "FDIC Friday." FDIC is a reference to the Federal Deposit Insurance Corporation. This US government agency is charged with the task of limiting "the effect on the economy and the financial system when a bank or thrift institution fails," according to its website. And "FDIC Friday" refers to the fact that Friday is usually the day of the week when the FDIC...
  • Citigroup directors removal sought by NY Post, WSJ

    11/25/2008 3:49:36 PM PST · by Bokababe · 54 replies · 2,872+ views
    Reuters ^ | Tue Nov 25, 2008 6:21pm EST | Jonathan Spicer
    NEW YORK, Nov 25 (Reuters) - Two of New York's four major daily newspapers slammed the board of Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) on Tuesday, with a New York Post editorial calling for all of the directors to be removed and the Wall Street Journal saying most of them did not deserve to remain. The day after the government stepped in to rescue the New York-based bank with an injection of $20 billion and a plan to shoulder most of the potential losses on $306 billion of toxic assets, the New York Post said that "they need...
  • U.S. Agrees to Citigroup Bailout (Guarantees $300 billion in toxic assets)

    11/23/2008 8:43:14 PM PST · by mathwhizz · 130 replies · 5,917+ views
    The federal government agreed Sunday to take unprecedented steps to stabilize Citigroup Inc. by moving to guarantee close to $300 billion in troubled assets weighing on the bank's books, according to people familiar with details of the plan. Treasury has agreed to inject an additional $20 billion in capital into Citigroup under terms of the deal hashed out between the bank, the Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corp. Treasury officials will charge a higher interest rate for the capital injection -- 8% for the first few years -- than it has charged to dozens of...
  • FOMC sees yearlong recession, minutes show

    11/19/2008 12:29:05 PM PST · by Ernest_at_the_Beach · 11 replies · 483+ views
    MarketWatch ^ | Nov. 19, 2008 2:21 p.m. EST | Rex Nutting, MarketWatch
    Fed policymakers will take 'whatever steps necessary'WASHINGTON (MarketWatch) - Federal Reserve policymakers now expect the U.S. economy to contract for as much as a year, with the risk that the slowdown could persist for even longer, according to edited minutes of a closed-door meeting of the Federal Open Market Committee on Oct. 28 and 29. The Fed governors and Fed bank presidents "generally expected the economy to contract moderately in the second half of 2008 and the first half of 2009, and agreed that the downside risks to growth had increased," the minutes said. Without using the word, the Fed...
  • Bankruptcy only path to salvation

    11/19/2008 6:24:53 AM PST · by Graybeard58 · 39 replies · 862+ views
    Waterbury Republican-American ^ | November 19, 2008 | Editorial
    The U.S. economy is in the toilet because Congress, led by Sen. Christopher Dodd and Rep. Barney Frank, browbeat lenders into giving mortgages to unqualified borrowers. To date, the government has allocated almost $4 trillion it doesn't have to try to repair the resulting economic damage. Unchastened by the experience, Congress may lend the nation's Big Three automakers $25 billion to keep them afloat into 2009. Congress has become the bank of last resort for General Motors, Ford and Chrysler because they no longer can get private financing. For good reason. Combined, they have a negative net worth exceeding $60...
  • Bush Backs Plan to Release $25B Loan to Automakers

    11/15/2008 8:20:36 AM PST · by EagleUSA · 90 replies · 1,555+ views
    Fox Business ^ | 11/15/2008 | EagleUSA
    <p>The White House on Friday threw its support behind a plan to speed release of $25 billion in existing loans to the Big Three automakers but rejected a Democratic proposal to use money from a financial bailout to help the troubled industry.</p>
  • HSBC chief hits at state bank bail-outs

    11/14/2008 5:53:55 PM PST · by rabscuttle385 · 12 replies · 765+ views
    Financial Times ^ | 2008-11-10 | Peter Thal Larsen
    The state-sponsored bail-outs of western banks risk rewarding management teams for failure, the chief executive of HSBC warned. Michael Geoghegan’s comments on Monday reflect a deep frustration the recent bail-outs has caused among executives at HSBC, which, despite suffering heavy losses in the US mortgage market, has weathered the credit crisis in better shape than many of its rivals. He said: “There is no question that guarantees have been given to failed managements. “I hope these guarantees don’t last too long because they may create the wrong type of behaviour by managements in those banks.” He added that they risked...
  • The Meltdown That Wasn't

    11/14/2008 5:27:19 PM PST · by Lorianne · 19 replies · 938+ views
    Wall Street Journal ^ | NOVEMBER 15, 2008
    On Friday, the Federal Reserve, SEC and CFTC announced an agreement to begin anointing "central counterparties" for the credit default swap market. Before the pols create still more institutions that are too big to fail, and further endanger taxpayers, they might want to spend time defining the problem they intend to solve. The same goes for House Oversight Chairman Henry Waxman. On Thursday he held his latest hearing designed to blame everything other than failed housing policy for the credit debacle. Eager to avoid being scapegoated, hedge-fund managers at the hearing agreed that the credit default swap market is a...
  • The Surest Path Back to Prosperity

    11/14/2008 5:48:36 PM PST · by rabscuttle385 · 22 replies · 954+ views
    The Wall Street Journal ^ | 2008-11-15 | George W. Bush
    As we have seen in recent months, financial turmoil anywhere in the world affects economies everywhere in the world. And so this weekend I'm going to host a Summit on Financial Markets and the World Economy with leaders from developed and developing nations that account for nearly 90% of the world economy. The leaders attending this weekend's meeting agree on a clear purpose -- to address the current crisis, and to lay the foundation for reforms that will help prevent a similar crisis in the future. This crisis did not develop overnight, and it's not going to be solved overnight....
  • The day-trading market of a lifetime

    11/14/2008 9:09:00 AM PST · by reaganaut1 · 12 replies · 768+ views
    November 14, 2008 | me
    Obama is making me rich. When the stock market went up 4% on election day, I saw no evidence of a Republican surge to support that, so I shorted the E-mini S&P futures. After the market tanked for a few days, I went long, since even under socialists the market won't go straight down. At yesterday's close I shorted again. I have found in backtests that it has been profitable to buy/sell S&P futures when they have been down/up for a few days. Interested Freepers should do their own analysis. Of course, there is no guarantee that any pattern will...
  • Beware this Saudi deal to help bail out Britain. It comes with a devastating IOU

    11/12/2008 3:40:41 PM PST · by Mount Athos · 6 replies · 681+ views
    Daily Mail (UK) ^ | 10th November 2008 | Melanie Phillips
    A week ago Gordon Brown went cap in hand to Saudi Arabia and the Gulf states to ask them to help bail out the stricken economies of the West by pumping billions into the International Monetary Fund. This loan comes with a devastating IOU — nothing less than a big slice of control over Britain and the West by a regime at the heart of the attempt to bring about the Islamisation of the free world. It is Saudi money which has fuelled the enormous spread of Wahhabi mosques, preachers and educational institutions in this country, delivering the message of...
  • Regulators Nix Credit Card Forgiveness Plan (No pie for you!)

    11/12/2008 2:59:29 PM PST · by jimbo123 · 21 replies · 1,458+ views ^ | 11/12/08 |
    -snip Federal bank regulators changed their mind Wednesday, revealing they have rejected a request by banks and consumer advocates for a program to let lenders forgive huge portions of credit card debt. A Treasury Department agency rejected the request for a special program that would allow as much as 40 percent of credit card debt to be forgiven for consumers who don't qualify for existing repayment plans. An agency official says it objects to allowing banks to defer tax losses for several years on the forgiven debt, as would occur under the special program.
  • GE says gets FDIC backing for $139 billion in debt

    11/12/2008 2:56:24 PM PST · by Shermy · 60 replies · 2,194+ views
    Reuters ^ | November 12, 2008
    BOSTON (Reuters) – General Electric Co (GE.N) has secured the temporary backing of the Federal Deposit Insurance Corp for up to $139 billion of the debt of its finance arm, a spokesman said on Wednesday. "We are eligible now and included in the FDIC temporary liquidity guarantee program," said Russell Wilkerson, a spokesman for the U.S. conglomerate.
  • Boehner Wants Transparency on Bailout Money [Bloomberg FOIA]

    11/12/2008 12:53:51 PM PST · by rabscuttle385 · 36 replies · 1,050+ views
    Roll Call ^ | 2008-11-12 | Stephen T. Dennis
    House Minority Leader John Boehner (R-Ohio) took a whack at the Bush administration on Wednesday for failing to disclose all of the financial institutions that are getting emergency loans under the $700 billion bailout. Boehner said the Treasury and Federal Reserve should comply with a Freedom of Information Act request into who is receiving taxpayer money, and “they must begin providing lawmakers and taxpayers all information about how they are using federal tax dollars.” Boehner said the bipartisan negotiations behind the financial bailout package stressed the need for meaningful oversight of how the money was being spent.
  • Paulson's speech and bank nationalization

    11/12/2008 11:08:51 AM PST · by reaganaut1 · 5 replies · 501+ views
    November 12, 2008 | me
    Paulson's speech and in particular the bit about not using tarp funds to buy troubled mortgage assets from banks is a striking negative for financial equities in my opinion. When the initial plan was announced these stocks absolutely ripped on the hope they could dump their bad mortgages (Alt-A, subprime, pick-a-pay, etc, etc) on the government and not have to mark them to market (Citi's ABS CDO book still marked 58 cents on the dollar) and take losses. Now that this is off the table atleast for now, the government will only be able to inject dillutive equity into the...
  • AmEx Said to Request $3.5 Billion in U.S. Aid

    11/12/2008 7:04:15 AM PST · by Red Badger · 108 replies · 2,034+ views ^ | 11/12/2008 | Staff
    American Express Co. which is being hit by slowing consumer spending and rising defaults, is seeking roughly $3.5 billion in taxpayer-funded capital from the federal government, according to people familiar with the situation. The card issuer is the latest company not directly hit by the housing crisis to request cash from the federal government. While retailers, car companies and others hit by the slowdown in consumer spending haven't gotten the government money, financial firms of all kinds are getting federal bailouts. It isn't clear if the application under ...
  • People's United to replace Unisys on S&P 500 Index (Will Unisys declare bankruptcy?)

    11/10/2008 12:29:01 PM PST · by Kid Shelleen · 3 replies · 211+ views
    Reuters ^ | 10/10/2008 | Amiteshwar Singh
    Shares of People's United Financial Inc (PBCT.O: Quote, Profile, Research, Stock Buzz), a savings and loan holding company, rose 9 percent Monday, after news that it will be added to the S&P 500 Index .SPX, replacing Unisys Corp (UIS.N: Quote, Profile, Research, Stock Buzz).
  • A Quiet Windfall For U.S. Banks

    11/10/2008 6:30:12 AM PST · by allmost · 5 replies · 135+ views
    Washington Post ^ | Monday, November 10, 2008 | By Amit R. Paley
    The financial world was fixated on Capitol Hill as Congress battled over the Bush administration's request for a $700 billion bailout of the banking industry. In the midst of this late-September drama, the Treasury Department issued a five-sentence notice that attracted almost no public attention. But corporate tax lawyers quickly realized the enormous implications of the document: Administration officials had just given American banks a windfall of as much as $140 billion. The sweeping change to two decades of tax policy escaped the notice of lawmakers for several days, as they remained consumed with the controversial bailout bill.
  • What happens if you take out $10k and travel with it?

    11/10/2008 7:17:34 AM PST · by rvoitier · 91 replies · 908+ views
    What actually happens? Is it a matter of just filling out forms or seizure of your money?
  • Fed refuses to identify recipients of $2 Trillion

    11/10/2008 6:39:15 AM PST · by rabscuttle385 · 142 replies · 1,289+ views
    Link only due to FR policy.
  • Obama mulls naming Jewish economist secretary of treasury

    11/09/2008 2:16:51 AM PST · by Tailgunner Joe · 37 replies · 311+ views ^ | 11/09/08 | Roni Sofer
    Former Federal Reserve Chairman Paul Volcker is on the shortlist for the US secretary of the treasury position in the Obama administration, Ynet has learned. Should Volcker, 82, be passed for the position, he is likely to be named head of the US Financial Council. Volcker, who chaired the Federal Reserve for eight years, was appointed head of the committee which probed the liability of Swiss banks to holocaust victims, in 1995. The committee's effort yielded $1.5 billion in restitutions to Holocaust survivors. While spearheaded by Volcker, the committee met once a moth, usually in Zurich. The committee was made...
  • G20 looks to expand emerging nations role in global economy

    11/09/2008 12:59:19 AM PST · by Tailgunner Joe · 1 replies · 129+ views
    AFP ^ | November 9, 2008
    World finance chiefs aimed to forge a consensus Sunday on boosting the role of emerging nations and crafting a new system to help a struggling global economy. The Group of 20 gathering of finance ministers and central bank governors wrap up a meeting in Sao Paulo that seeks to lay the groundwork for next week's Washington summit on the deepening economic crisis. World Bank President Robert Zoellick, who is part of the discussions, said a new financial architecture will take time but that all countries see the need for a coordinated response to the economic troubles. "All of us know...
  • The Fed as a central bank to the world

    11/05/2008 10:07:59 PM PST · by Tailgunner Joe · 9 replies · 703+ views ^ | November 02, 2008 | Jacqueline Thorpe
    Nicolas Sarkozy may be pushing for a new financial order but Federal Reserve Chairman Ben Bernanke and U.S. Treasury Secretary Henry Paulson have beaten him to it. While the French President dreams of global economic cooperation ahead of the G20 summit in Washington, the Fed is quietly becoming central bank to the world, backed by the full might of the U.S. Treasury and a teflon-coated greenback. Last week saw a new program added to the barrage of bailouts, backstops and stimuli announced by the United States -- US$30-billion currency swap lines for Brazil, Mexico, South Korea and Singapore. This is...
  • Feds just closed down Security Pacific Bank

    11/07/2008 6:07:36 PM PST · by dragnet2 · 28 replies · 3,342+ views
    KFI Los Angeles AM640 ^ | 11/7/08 | KFI Los Angeles
    Will open Monday under new receivership. Just breaking. Announced at on Friday evening.. Oh yeah.
  • Americans losing confidence in the Fed: survey

    11/07/2008 6:15:31 PM PST · by rabscuttle385 · 62 replies · 1,457+ views
    Reuters ^ | 2008-11-07
    NEW YORK (Reuters) - Most Americans say the country's financial crisis has hurt their confidence in the Federal Reserve, according to a Reuters/University of Michigan survey released on Friday. The poll found sentiment toward banks and other financial institutions, like insurance firms and mutual funds, has also deteriorated. At the same time, the economic downturn has dented trust in the nation's financial authorities. Twenty-six percent of Americans said they were "a lot less" confident in the Fed, which is the U.S. central bank, now than five years ago. That was up from 7 percent back in 1987, before Greenspan began...
  • Prosperity Bank Acquires All the Deposits of Franklin Bank, S.S.B., Houston, Texas [FDIC Friday!]

    11/07/2008 4:58:52 PM PST · by rabscuttle385 · 7 replies · 667+ views
    FDIC ^ | 2008-11-07
    Franklin Bank, S.S.B., Houston, Texas, was closed today by the Texas Department of Savings and Mortgage Lending, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Prosperity Bank, El Campo, Texas, to assume all of the deposits, including those that exceeded the insurance limit, of Franklin Bank. Franklin Bank's 46 offices will reopen as branches of Prosperity Bank under their normal hours, including those with Saturday hours. Depositors of the failed bank automatically become depositors of Prosperity Bank. Customers of both banks should continue to...