Posts Tagged ‘failing banks’
US rally: ‘Too big to fail’ not too big to jail
Posted by seumasach on May 18, 2010
Posted in Financial crisis | Tagged: failing banks | Leave a Comment »
Financial Crisis: The Next Big Bank Bailout is on the Way
Posted by seumasach on March 17, 2010
Mike Whitney
17th March, 2010
Housing is on the rocks and prices are headed lower. That’s not the consensus view, but it’s a reasonably safe assumption. Master illusionist Ben Bernanke managed to engineer a modest 7-month uptick in sales, but the fairydust will wear off later this month when the Fed stops purchasing mortgage-backed securities and long-term interest rates begin to creep higher. The objective of Bernanke’s $1.25 trillion program, which is called quantitative easing, was to transfer the banks “unsellable” MBS onto the Fed’s balance sheet. Having achieved that goal, Bernanke will now have to unload those same toxic assets onto Freddie and Fannie. (as soon as the public is no longer paying attention)
Posted in Financial crisis | Tagged: failing banks, financial fraud | Leave a Comment »
Castles in the sand
Posted by seumasach on November 27, 2009
Dan Roberts
27th November, 2009
The biggest mystery of the Dubai debt crisis is not why this desert dream has turned into a nightmare, but why it took so long. Ever since US homeowners started defaulting on sub-prime mortgages two years ago, the tightening of international lending conditions has put the squeeze on investment bubbles around the world. Some, like Iceland or the British housing boom, popped relatively quickly, but others have been slower to collapse.
Posted in Financial crisis | Tagged: Dubai, failing banks, financial collapse | Leave a Comment »
More public outrage as details come spilling out of the Kaupthing loan book
Posted by seumasach on August 4, 2009
4th august, 2009
Public outrage continued today over the injunction ordered against RÚV [the Icelandic state broadcaster], aimed at stopping it from processing thedetails of the Kaupthing loan book.
Bizarrely, an injunction has not been ordered against other media – only the state broadcaster, although the other media have been sternly instructed by Kaupthing to ignore the WikiLeaks report, OR ELSE. At the same time everybody knows this injunction is a farce – the information has already been downloaded by everyone and his dog here in Iceland and besides, it’s still readily available online.
Some people are doing an excellent job at processing the information in theWikiLeaks article – including the excellent Dagblaðið NEI. It points out, among other things, that Kaupthing, which at the time of its privatization in the early part of this decade was estimated to be worth ISK 20 billion [USD 159 million], loaned its TEN LARGEST CLIENTS a grand total of ISK 1,500 billion [yes, you read that right] in the subsequent few years that it operated as a private banking institution.
Many of the largest recipients of loans from Kaupthing were shareholders in the bank, while the collateral for the loan were shares in the bank itself. [And if you’re like me, this is the point where you’re tempted to stop reading because the mind starts turning somersaults. Is it any wonder they need a team of highly-specialized experts to unravel all the endless knots and tangles in this sorry scenario? This is only the beginning!]
Click here to read more
Posted in Revolution in Iceland | Tagged: bankrupt iceland, failing banks, financial fraud, Kaupthing, Revolution in Iceland | Leave a Comment »
Darling and King clash over banking rules
Posted by seumasach on June 18, 2009
The dangerous consequences of New Labour’s massive bailout of the banks is causing some disquiet. As we have already noted King appears intent on protecting the pound, for whose value the Government seems to have a cavalier disregard. As UK PLC goes down we can expect more sparks to fly as the elite agenda starts to fragment.
18th June, 2009
Government policy on City regulation was last night thrown into deeper confusion by sharply contrasting speeches by Mervyn King and Alistair Darling.
Posted in Financial crisis | Tagged: bankrupt Britain, failing banks, Financial crisis, King v. Darling, stop the bailout | Leave a Comment »
Short-Sellers Set For Flame Forum
Posted by smeddum on May 28, 2009
Wall Street
Liz Moyer, 05.27.09,
One year ago, David Einhorn of Greenlight Capital took to the stage at an annual investor conference in New York and skewered Lehman Brothers, claiming its feckless risk taking had put the financial system in peril. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks | 2 Comments »
‘Run on UK’ sees foreign investors pull $1 trillion out of the City
Posted by seumasach on March 8, 2009
Banking crisis undermines Britain’s reputation as a safe place to hold funds
A silent $1 trillion “Run on Britain” by foreign investors was revealed yesterday in the latest statistical releases from the Bank of England. The external liabilities of banks operating in the UK – that is monies held in the UK on behalf of foreign investors – fell by $1 trillion (£700bn) between the spring and the end of 2008, representing a huge loss of funds and of confidence in the City of London.
Posted in Financial crisis | Tagged: End of empire, failing banks, financial collapse, stop the bailout | Leave a Comment »
Dennis Kucinich States His Intention To Put The Federal Reserve Under Government Control
Posted by seumasach on March 7, 2009
Posted in Financial crisis, Uncategorized | Tagged: failing banks, financial collapse, Kucinich, nationalise the Federal Reserve, nationalsie the Federal Reserve, stop the bailout | Leave a Comment »
Minnesota Bank Asks Why It Pays for Wall Street Greed
Posted by smeddum on March 6, 2009
By Linda Shen
March 6(Bloomberg) — TCF Financial Corp., the Wayzata, Minnesota-based bank that never made a subprime loan and hasn’t lost money since 1995, is asking why it should help clean up the mess made by Wall Street.
“I’m kind of bitter,” said William Cooper, chief executive officer of the 448-branch bank, adding that over the years TCF has invested about $1 billion in the Federal Deposit Insurance Corp.’s fund that guarantees bank deposits. “We pay for the excesses of our competitor over and over again.” Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, wall st greed | Leave a Comment »
Kiss the Banks Goodbye and Refocus on Rebuilding the American People
Posted by seumasach on March 5, 2009
4th March, 2009
The futility and stupidity of the Fed’s and the Obama administration’s policy of pumping ever more money into failing banks and insurance companies in a vain effort to get them lending again was demonstrated—if anyone was paying attention—by the collapse in auto sales this past month, with all the leading companies, Ford, GM and Toyota, reporting sales down by about 40%.
Posted in Uncategorized | Tagged: failing banks, financial collapse, Obama agenda, stop the bailout | 1 Comment »
Bank of England ready to pump money into UK economy
Posted by seumasach on March 4, 2009
I,m intrigued by this notion of pumping money “into the economy”. Could they be more specific? Will I wake to find envelopes stuffed with £20 notes have been pushed through my letter box? Or will it all go to help buy certain worthless securities which our financial institutions have been accumulating? Definately a “no-brainer”. Click here for an explanation of quantitaive easing
Guardian
4th March, 2009
The Bank of England is expected to reduce interest rates to yet another record low tomorrow lunchtime; but with their rate-cutting ammunition all but exhausted, governor Mervyn King and his colleagues are expected to press the button on a much more drastic policy — quantitative easing.
Posted in Uncategorized | Tagged: bankrupt Britain, failing banks, Financial crisis, financial fraud, quantitative easing, stop the bailout | Leave a Comment »
In These New Times 