Posts Tagged ‘failing banks’
Kucinich on Bailout racketeering
Posted by smeddum on November 14, 2008
Posted in Uncategorized | Tagged: bailout, failing banks, Failing industries, racketeering | Leave a Comment »
Banks borrow record $437.5 billion per day from Fed
Posted by smeddum on October 17, 2008
Banks borrow record $437.5 billion per day from Fed yahoo.news
NEW YORK (Reuters) – Financial institutions ran to their lender of last resort for record amounts of cash in the latest week, under extreme pressure from the worst global financial crisis in a generation, Federal Reserve data showed on Thursday. Read the rest of this entry »
Posted in Uncategorized | Tagged: economic collapse, failing banks, Financial crisis | Leave a Comment »
Wachovia Slumps After WaMu’s Seizure, Bailout Impasse
Posted by smeddum on September 26, 2008
Wachovia Slumps After WaMu’s Seizure, Bailout Impasse
By Linda Shen and David Mildenberg
Sept. 26 (Bloomberg)
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The pressure on Capitol Hill has all the making of a high drama; it looks to me that it will not be the bailout at issue but the type of bailout and how it should be sold to the public. In other words how to pull off the scam
— Wachovia Corp. and National City Corp. slumped after negotiations on the government’s financial bailout stalled and Washington Mutual Inc. was seized by regulators and sold to JPMorgan Chase & Co. Read the rest of this entry »
Posted in Financial crisis | Tagged: economic crash, failing banks, no bailout | Leave a Comment »
Funds reveal short bets on Irish banks
Posted by smeddum on September 26, 2008
Funds reveal short bets on Irish banks
DAVID LABANYI Irish Times
SEVEN INTERNATIONAL hedge funds that have bet hundreds of millions of euro on a fall in the share price of Irish bank stocks have revealed their positions. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, Ireland, short-selling | Leave a Comment »
The great bailout: U of M expert on mortgage crisis says Paulson plan is ‘reverse criminal action’
Posted by smeddum on September 24, 2008
The great bailout: U of M expert on mortgage crisis says Paulson plan is ‘reverse criminal action’
By MOLLY PRIESMEYER 9/23/08 12:27 PM Minesota independent
For some consumer-rights advocates, the great Wall Street bailout is starting to look like a heist for the ages. Prentiss Cox, a professor of law at the U of M and former assistant attorney general, calls Treasury Secretary Henry Paulson’s bill “outrageous.” Wall Street was the cause of the problem, he says. “And now they want a bailout completely on their terms? It serves the very wealthy and completely ignores the homeowners victimized by this. It is appalling.” Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial fraud, mortgage crisis, Paulson | 3 Comments »
Paulson’s whopper
Posted by smeddum on September 24, 2008
Good ideas and lies New York Times
Daniel Davies, in one of the great blog posts of this era, laid down a key principle:
Good ideas do not need lots of lies told about them in order to gain public acceptance.
He was talking about the selling of the Iraq war, but it applies more generally.
So, this morning Hank Paulson told a whopper: Read the rest of this entry »
Posted in Financial crisis | Tagged: bailout, economy, failing banks, financial fraud, Paulson, wall street | Leave a Comment »
Short-seller with a £1bn bet that British banks will fall
Posted by smeddum on September 24, 2008
Short-seller with a £1bn bet that British banks will fall
Tom Teodorczuk in New York Evening Standard
24.09.08
A hedge fund named as a major short seller in a string of British banks was defiant today, saying: “These companies are not strong.”
Paulson & Co, run by US billionaire John Paulson, was identified by the Financial Services Authority as gambling that four British banks would see their share prices plunge.
Its identity was revealed after a temporary ban on short selling in 32 financial firms, the practice in which investors borrow shares, sell them and gamble that they will be able to buy them back for a lower price at a profit. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, short-selling | Leave a Comment »
U.S. Stocks Fall in Market’s Worst Two-Day Drop Since 2002
Posted by smeddum on September 23, 2008
U.S. Stocks Fall in Market’s Worst Two-Day Drop Since 2002
By Elizabeth Stanton
Sept. 23 (Bloomberg) — U.S. stocks fell in the market’s worst two-day slump in six years on concern Congress will hold up a $700 billion bank bailout that Federal Reserve Chairman Ben S. Bernanke said is critical to preventing a recession.
General Motors Corp., Dillard’s Inc. and Regions Financial Corp. tumbled more than 7 percent after members of the Senate Banking Committee expressed skepticism about Treasury Secretary Henry Paulson’s plan. General Electric Co., the world’s third- biggest company, retreated 4.6 percent as Merrill Lynch & Co. downgraded the stock on “growing fundamental pressures.” ConocoPhillips and Newmont Mining Co. lost more than 3 percent as oil retreated following a record advance and gold and copper prices decreased. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial collapse | Leave a Comment »
Let’s Stop the Greatest Theft in the History of Humankind
Posted by smeddum on September 23, 2008
Let’s Stop the Greatest Theft in the History of Humankind
By Otto Spengler, Asia Times
Posted on September 23, 2008, Printed on September 23, 2008
http://www.alternet.org/story/99895/
Why should American taxpayers give US Treasury Secretary “Hank” Paulson a blank check to bail out the shareholders of busted banks? Why should the Treasury turn itself into a toxic waste dump for their bad loans? Why not let other banks join the unlamented Brothers Lehman in bankruptcy court, and start a new bank with taxpayers’ money? Or have the Treasury pay interest on delinquent mortgages, and make them whole? Even better, why not let the Chinese, or the Saudis or other foreign investors take control of failed American banks? They’ve got the money, and they gladly would pay a premium for an inside seat at the American table. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial fraud, Paulson | Leave a Comment »
Paulson Plan May Push National Debt to Post-World War II Levels
Posted by smeddum on September 23, 2008
Paulson Plan May Push National Debt to Post-World War II Levels
By Matthew Benjamin
“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Hmmm! What is wrong with this picture?
Sept. 23 (Bloomberg) — Treasury Secretary Henry Paulson’s $700 billion proposal to stabilize the banking system may push the national debt to the highest level since 1954, threatening an erosion of foreign appetite for U.S. bonds.
The plan, which asks Congress for funds to buy devalued securities from financial institutions, would drive the debt above 70 percent of gross domestic product and the annual budget gap to an all-time high, possibly exceeding $1 trillion next year, economists estimated.
“This is sobering, absolutely sobering, even to someone who doesn’t drink,” said Stan Collender, a former analyst for the House and Senate budget committees, now at Qorvis Communications in Washington. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, Paulson, US debt | Leave a Comment »
Mushroom Cloud over Wall Street
Posted by smeddum on September 22, 2008
Mushroom Cloud over Wall Street
By Mike Whitney
“One bank to rule them all;
One bank to bind them…”
21/090/08 “ICH ” — – These are dark times. While you were sleeping the cockroaches were busy about their work, rummaging through the US Constitution, and putting the finishing touches on a scheme to assert absolute power over the nation’s financial markets and the country’s economic future. Industry representative Henry Paulson has submitted legislation to congress that will finally end the pretense that Bush controls anything more than reading the lines from a 4′ by 6′ teleprompter situated just inches from his lifeless pupils. Paulson is in charge now, and the coronation is set for sometime early next week. He rose to power in a stealthily-executed Bankster’s Coup in which he, and his coterie of dodgy friends, declared martial law on the US economy while elevating himself to supreme leader.
“All Hail Caesar!” The days of the republic are over. Read the rest of this entry »
Posted in Financial crisis | Tagged: bail out, capitalism, democracy, dictatorship, failing banks, financial collapse, Paulson, rescue plan | Leave a Comment »
In These New Times 