Kansas
Carry On My Wayward Son
"May 14 (Bloomberg) -- Former Treasury Secretary Henry Paulson , saying nine U.S. banks were “central to any solution” of the credit crisis, told their leaders to take government aid or be forced to by regulators, according to a memo prepared for an October meeting.Then you add to that the fact that the new administration is using the acceptance of TARP money as a license to run the bank and tell them how much you can pay people, and you have a big mess. Upshot of all this is, it will be a very long, long time until private business will cooperate with the government again in the future.
“If a capital infusion is not appealing, you should be aware that your regulator will require it in any circumstance,” Paulson’s one-page list of talking points for the session with the banks’ chief executives said. “We don’t believe it is tenable to opt out because doing so would leave you vulnerable and exposed.”
Investing $125 billion in the banks was a shift for the Bush administration, which had proposed buying troubled assets with $700 billion Congress approved 10 days earlier. The memo was among Treasury Department documents containing details about the Oct. 13 meeting.
“Most Americans are going to be uncomfortable with the government forcing the banks into this arrangement,” said Tom Fitton, president of Judicial Watch, a nonprofit research group in Washington that obtained the documents under a Freedom of Information Act request."
~ Three Wood
HA HA HA, polite man!Obviously you have been out of town.
Your cooperation is not required,
and the concept of private has been decreed Haram.
Render unto Seizer what is Seizers, MFer.
Documents Reveal How Paulson Forced Banks To Take TARP Cash
Kneel Cash Carry Returning to Rocket Science
Maybe he'll fly away.
Goldman's banker quits for return to pharmaceuticals
After narrowly missing out on top job, Mr Symonds, 50, quit AstraZeneca in June 2007 to join investment bank Goldman Sachs, where he was charged with building new client relationships. His appointment was so senior that he joined as one of Goldman's 300 elite global partners with a pay package of around £5m.The rise of China's ultimate dealmaker
All about the Gold Man's Fang...
Goldman Takes Heat for Conflicts at Whitehall
One of Goldman Sachs Group Inc.'s premier real-estate funds is in discussions with its lenders to restructure debt on some of its biggest investments: Nevada casinos, German office buildings and a U.S. hotel chain.RELATED OLD SPLEEN POSTS:The wrinkle: One of the main lenders on those deals is Goldman Sachs.
Ubersecretary Paulson: Bad Idea
Czar Paulson's DNA
Gold Man Sacks: Satan Clause ~ The Anti-Santa
Glow Ballin' Porkulations of DOOM
Mapping the People's Republic of Goldman Sachs
Ok, now this gets interesting. In a hearing not covered by the so-called "mainstream media" but covered on Cspan, Liddy, AIG's CEO, in response to a question by Rep Kaptur said: "When The Fed set up Maiden Lane they took on responsibility for settlement of all of the CDS."
WHOAH! Ok, now we're getting into interesting territory.
Specifically, I quote: "The Federal Reserve decided we should pay 100 cents on the dollar", but Mr. Issa nailed the truth on this in a followup - they could have purchased those contracts for far less in the open market at the time.
The bottom line is that the testimony was that The Fed decided to settle the contracts in a non-economic manner that resulted in screwing the taxpayer by transferring more than $100 billion dollars of taxpayer money out to these banks when the cash value at the time was FAR LESS. (Mr. Issa, by the way, is one of the Congressfolk who actually does understand securities - and it shows. He refused to let this go until he hammered it into the ground and got the answer in plain, irrefutable English.)
Bluntly - we got raped. Is it any surprise that CNBC is refusing to cover this? Is it any wonder how the banks managed to "report decent profits"? The allegation just made by Liddy is that Bernanke and The Fed literally stole $100 billion dollars from you and I by intentionally and wantonly overpaying on the settlement of these contracts! I want to see indictments; nothing less is sufficient any more.
Q+A: Derivatives~What they are and why they matterWASHINGTON --The Obama administration is asking Congress to extend its oversight of the financial system to include the shadowy market of derivatives, the kind of complex financial instruments that helped bring down the giant insurer AIG.
In a two-page letter sent Wednesday to congressional leaders, Treasury Secretary Timothy Geithner said he wants to create a central electronic-based system that would track the buying and selling of derivatives. He also wants to ensure that financial firms selling the instruments have enough capital on hand in case they default and subject them to stringent standards of conduct and new reporting requirements.
The legislative proposal is the administration's first major step in overhauling the nation's financial regulatory system.
"All (over-the-counter) derivatives dealers and all other firms whose activities in those markets create large exposures to counterparties should be subject to a robust regime of prudential supervision and regulation," Geithner wrote in his letter.
Bankers boo US Treasury's plan for new bank bailout I boo, also too. BOO.
DIARY-Federal Reserve Events
Collectively, you are a source of strength and resilience for the U.S. financial system. And you will play a critical role in laying the foundation for economic recovery.The Collective Must Render Unto Seizer What is Seizers! Independence is not an option!
US moving ahead on bank oversight
SEC proposes tougher investment adviser rules
Wells Fargo to pay government $312.5M dividend
California State Treasurer calls on US Treasury for help
Senate Takes Up $100 Billion Emergency Spending Request for IMFThat's International Mutha Fuckas to me, see.
Carlyle to Pay $20 Million to Resolve Cuomo Probe
Carlyle Group agreed to end “pay to play” tactics in its public pension fund business and pay $20 million to resolve a corruption probe by New York Attorney General Andrew Cuomo.Under the agreement, Carlyle will adopt Cuomo’s code of conduct, which bans investment firms from using placement agents or other third parties to negotiate with public pension funds to obtain investments. To avoid pay-to-play schemes, investment firms will be prohibited under the code from doing business with a public pension fund for two years after the firm makes a campaign contribution to a public official who can influence the fund’s investment decisions.
Carlyle Group is big with the Glow Ballin' Oymerikan Caliphabulous Bush/Clinton Nexus
2001: It is hard to imagine an address closer to the heart of American power. The offices of the Carlyle Group are on Pennsylvania Avenue in Washington DC, midway between the White House and the Capitol building, and within a stone's throw of the headquarters of the FBI and numerous government departments. The address reflects Carlyle's position at the very center of the Washington establishment, but amid the frenetic politicking that has occupied the higher reaches of that world in recent weeks, few have paid it much attention. Elsewhere, few have even heard of it...
The Five Whoremen of the ApocalypseHA HA HA!
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