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Yes, I know, you have a potential $500 billion credit line from Treasury, but that line isn't funded and in order to do so Turbo Tax Timmy would have to go auction off another $500 billion in Treasuries, and there might be a tiny problem...
FBI agents from the Washington, D.C. field office have raided a building in downtown Orlando. Federal and local law enforcement surrounded the Colonial Bank building on East Pine Street in Orlando just before noon. The FBI is working with the Office of the Special Inspector General for the Troubled Asset Relief Program which was established by the Emergency Economic Stabilization Act of 2008.
HAHAHA. It’s all good, bro. We’re on the cusp of another financial eclipse. The Shadow of Wall St.’s banking pyramid is covering the U.S. dollar in a blanket of Chinese sell orders.
Update: All is now taken care of - BAC settles with the SEC for $33 million, less than an hour after the suit becomes public. And... it's gone. The market ramp can now continue with commercial interruptions from the Federal Reserve...
Here, in the dog days of summer, it seems to me that the situation in the USA is so fundamentally bad, so unpromising, so booby-trapped for failure, that I wonder if there has ever been a society so badly deluded as ours. We're prisoners of our wishes...
The economy is "improving" because the government showered borrowed money in the form of massive handouts into the economy. However, the government also allowed banks to hide stupendous losses - a trillion dollars or more...
Watch BO Lie again and again! Videos at site. [There is nothing like watching it said on camera--ed.]
"The greatest heist in American history, probably world history is happening before the eyes of the people, and either the people have been so beaten down or lost resistance to it, or they just don't want to face the facts."
However, many experienced Wall Street observers have offered another, darker explanation. They assert that high-speed trading platforms combined with split-second advance notice can make it very easy for sophisticated players to game the system.
Have you ever read Barack Obama's Wall Street Problem is now Americas? Google it (by No Quarter) and Is Obama in Wall Streets Pockets (The Business Insider) Bank CEOs should give Uncle Sam a little kudos in their earnings reports. Without the U.S. government's help, financial companies wouldn't be showing such stellar results in the midst of a recession. There has been a flood of surprisingly strong profit news coming from the nation's banks in recent weeks. Asset sales and higher trading volumes have been a big help, but that's not all that got them there.
Obama progressives should cringe at their president's bear hug of one of the most ethically compromised politicians on Capitol Hill. The Beltway swamp is teeming with Democratic corruption scandals -- Pennsylvania congressman John Murtha's earmark factory and tax-subsidized airports and radars to nowhere; New York Rep. Charlie Rangel's rent-controlled apartment scams and tax scandals; California Rep. Maxine Waters' business ties to a minority-owned bank that received $12 million in TARP money under smelly circumstances, for starters. But Dodd's career epitomizes the most fetid aspects of Washington's culture of corruption. It's a textbook case of nepotism, self-dealing, back scratching, corporate lobbying, government favors and entrenched incumbency.
His environmentalist advocacy supports his business interests Al Gore is pretty much the embodiment of what we will all soon be calling the Green-Industrial Complex. Gore is getting rich from environmentalism, not just by being paid a whopping $175,000 per speech but by using political pressure to force government policy in a direction that benefits his business interests. But Gore is also chairman of a green investment firm called Generation Investment Management, which is a member of the Copenhagen Climate Council, an international collaboration of businesses and science bodies that promotes climate-change mitigation strategies and invests in companies that are environmentally friendly—including firms that produce renewable energy and low-carbon technology. So Gore uses one of his multimillion-dollar organizations—the Alliance for Climate Protection—to put pressure on government to promote the low-carbon lifestyle, which furnishes one of
Our new boy on the poster, Sen Charles Grassley of Iowa, doesn’t have
the worst overall record of Repubs or Dems but he has, by virtual of
his longevity in Congress, reached a position where he has been able to
influence enactment of some of the most damaging legislation to our
freedoms and well-being. The ethanol disaster is one and now, Obama’s
plan to take over healthcare has Grassley in position to enable Obama’s
power grab. He’s working on a “compromise” that he says won’t concede
the entire health care system of the USA to the State –just a part of
what is left in the free market. Government already controls about half
of healthcare through Medicare and other federal programs. Where is
THAT in the US Constitution? Who benefits from a FedGov command of
health care for each and every one of us commoners? Note that all of
the plans offered so far by the Obama regime exempts royalty --federal
officials and Congress-- from the restrictions and regulations.
psst...also insure government sachs! The worry is that the company, which has never paid out a claim, might be unable to cope with the Lehman bankruptcy. If it were overwhelmed by claims, the banks and brokerage companies that own Capco, as it is known, could end up owing billions of dollars. By some industry estimates reviewed by the insurance department, Capco could face nearly $11 billion in claims but has only about $150 million with which to meet them. The state is examining whether the company sold policies without the means to cover them
hmm BO got one also but no one wants to talk about that oh well... The Senate Ethics Committee investigation looking into allegedly preferential treatment afforded powerful Senators Dodd (D-CT) and Conrad (D-ND) by mortgage giant Countrywide Financial has sprung a few leaks. And the emerging details do not look good for either senator.
U.S. House of Representatives Speaker Nancy Pelosi ramped up her criticism of insurance companies, accusing them of unethical behavior and working to kill a plan to create a new government-run health plan. “It’s almost immoral what they are doing,” Pelosi said to reporters, referring to insurance companies. “Of course they’ve been immoral all along in how they have treated the people that they insure,” she said, adding, “They are the villains. They have been part of the problem in a major way. They are doing everything in their power to stop a public option from happening.” oh, but…she’ll still take their money Pelosi Will Keep “Villains” Campaign Contributions
Customer Asset Protection Company, a little-known insurer whose members include Morgan Stanley, Goldman Sachs,, JPMorgan Chase and Wells Fargo, is becoming the focus of swirling questions as Lehman Brothers' bankruptcy filing puts it to the test. By some industry estimates reviewed by the insurance department, Capco could face nearly $11 billion in claims as a result of the Lehman bankruptcy but has only about $150 million with which to meet them, NYT writes. How do you say Ponzi, in insuranceeze?
Remember the fairy tale about AIG being an otherwise healthy insurance company that just got a little crazy selling credit default swaps? Well, it's time to put that one to rest. snippet.. Regulators have been turning a blind eye to this sort of thing because they are worried about putting the taxpayer investment in AIG at risk. Read that again: we invested billions in AIG and now we can't properly regulate it without putting that investment at risk. It's a brand new type of regulatory capture. Great work, team.
An insider’s view of Wall Street’s rebound. This is perhaps the most important thing I learned over my years working on Wall Street, including as a managing director at Goldman Sachs: Numbers lie. In a normal time, the fact that the numbers generated by the nation's biggest banks can't be trusted might not matter very much to the rest of us. But since the record bank profits we're now hearing about are essentially created by massive federal funding, perhaps it behooves us to dig beneath their data. On July 27, 10 congressmen, led by Rep. Alan Grayson (D-Fla.), did just that, writing a letter to Federal Reserve Chairman Ben Bernanke questioning the Fed's role in Goldman's rapid return to the top of Wall Street.
Goldman Sachs is too entrenched in the Federal Government. What is President Barack Obama going to do about it? July 17 (Bloomberg) -- President Barack Obama announced today he was nominating Robert Hormats, a vice chairman of Goldman Sachs International, to a top economic position at the State Department. The Goldman Sachs issue creates extreme cognitive dissonance in the media. Goldman is evil. Goldman is robbing taxpayers. Obama supports the "little guy." How does the media reconcile these conflicting beliefs? Thus far, the media has ignored Barack Obama's connections to Goldman Sachs. Otherwise, one might be forced to ask the uncomfortable questions: Does Obama care more about Wall Street than Main Street?
Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.
Thirty four year-old blogger, Elisha Strom, has been arrested in Bedford County, Virginia for posting photos and the home address of an undercover narc on her blog. Her most recent post is rather harrowing. It simply reads “Uh-Oh. They’re Here."
Remember our old friend Charles Millard? He's the former Lehman investment banker who, after taking over the federal agency that guarantees our pension systems, had a genius idea to ignore a host of warnings and switch
The Pension Benefit Guaranty Corporation recently revoked contracts with BlackRock, Goldman Sachs and JPMorgan Chase based on questions surrounding how the formal bidding process was run “This is a very big fish on the line,” one BlackRock executive wrote to another, discussing the government official.
I assure you that I can make an incredible amount of money at the horse racing track if I'm able to get tomorrow's newspaper today.
Readers of this blog know I'm allergic to conspiracy theories. But surveying the scene out there, it is hard to not conclude that Goldman Sachs has become the "front-runner" of a criminal syndicate defrauding US taxpayers.
You've got to hand it to Max Keiser; the man just doesn't mince his words.
The Senate on Friday unanimously approved Mignon Clyburn's appointment by President Barack Obama to a five-year term on the Federal Communications Commission.
The Senate confirmation vote places the eldest daughter of a powerful congressman, House Majority Whip Jim Clyburn, on a key oversight agency at a turbulent time for media and other telecommunications industries.
Former Florida House Speaker Ray Sansom insists he did not misuse his position when he funneled tens of millions to a state college that later hired him, but he wants a legislative panel to delay its investigation until after his criminal trial.
"Rep. Sansom denies all of the probable cause allegations'' outlined in a report by an investigator hired by the House, reads a letter delivered Friday to Rep. Bill Galvano, the Bradenton Republican who will oversee the tribunal.
Rather than drive or fly commercial planes, a small group of
lawmakers has billed taxpayers for the convenience of getting to
Tallahassee on private planes -- some of them linked to lobbyists and
companies with a stake in the decisions legislators make.
The 19 Democratic and Republican legislators took private flights
totaling more than $37,000 during the recent legislative session, state
records show. That represents a fraction of the state's $66.5 billion
budget, but it raises questions about the relationships between
lawmakers and the groups seeking their votes. And in a time of deep bud
