Archive for the 'Banks' Category

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Stress Tests for Wall Street — What About the Billions in off-the-Books Toxic Assets?

By American News Project | Related entries in Bailouts, Banks, Barack, Books, Business, Congress, Corporate Business, D.C., Economic recovery, Economy, Fiscal Responsibility, geithner, Money, News, Obama, Politics, recession, Washington, WTF?

At the center of President Obama’s overhaul strategy for Wall Street are the “stress tests” which will be applied to all financial institutions. But how accurate will the test results be? That will depend on whether the treasury takes off-balance-sheet assets into account, experts say. This is Danielle Ivory, reporting from the American News Project [...]

April 6th, 2009 | Permalink| 2 Comments »

Quote Of The Day – Pitchforks

By Justin Gardner | Related entries in Banks, Barack, Economy, Quotes

“Be careful how you make those statements, gentlemen. The public isn’t buying that. My administration is the only thing between you and the pitchforks.” – Obama cautioning bank executives on justifying high salaries in a recent private meeting I think it’s pretty clear that the bank executives simply don’t get how angry folks are. And [...]

April 3rd, 2009 | Permalink| 20 Comments »

Are Banks Already Gaming The Geithner Plan?

By Justin Gardner | Related entries in Banks, Economy, Money

If you really know what’s going on with how Geithner’s plan is structured and how the banks can take advantage of it, then this is the type of behavior is incredibly suspect because it appears as if they’re gambling with the TARP money when they should be lending it instead. From NY Post: As Treasury [...]

March 27th, 2009 | Permalink| 7 Comments »

Paul Krugman And Donald Marron Debate Geithner’s Plan

By Justin Gardner | Related entries in Banks, Barack, Economy, Money, Video, Wall Street

Krugman doesn’t like it because it doesn’t punish the behavior that got us into this mess in the first place. And while I have a soft spot in my heart for that line of reasoning, his idea of nationalizing the banks is a non-starter. I wish he realized that, but nonetheless. Marron makes the point [...]

March 24th, 2009 | Permalink| 2 Comments »

Bernie’s Big House

By donar | Related entries in Bad Decisions, Banks, Business, Cartoons, Economy, Ethics, Political Graffiti, recession
March 23rd, 2009 | Permalink| No Comments »

Dodd Admits Creating Bonus Loophole

By Alan Stewart Carl | Related entries in Bailouts, Banks, Dodd, Senate

Senate Banking Committee Chair Chris Dodd has had better days. Looks like the AIG bonus scandal just found a political whipping boy: Dodd just admitted on CNN that he inserted a loophole in the stimulus legislation that allowed million-dollar bonuses to insurance giant AIG to go forward – after previously denying any involvement in writing [...]

March 18th, 2009 | Permalink| 4 Comments »

Credit Card Defaults At 20 Year High

By Justin Gardner | Related entries in Banks, Economy

Too much easy credit, not enough income and scant capitalization have created yet another perfect storm. From Reuters: AmEx, the largest U.S. charge card operator by sales volume, said its net charge-off rate — debts companies believe they will never be able to collect — rose to 8.70 percent in February from 8.30 percent in [...]

March 17th, 2009 | Permalink| 6 Comments »

Obama Angry at AIG

By Alan Stewart Carl | Related entries in Bailouts, Banks, Barack

AIG’s decision to pay out bonuses despite the financial company’s massive troubles has angered a lot of people. Place the president in the angry category. Joining a wave of public anger, President Barack Obama blistered insurance giant AIG for “recklessness and greed” Monday and pledged to try to block it from handing its executives $165 [...]

March 16th, 2009 | Permalink| 7 Comments »

Alt-A Mortgage Backed Securities Downgraded

By Justin Gardner | Related entries in Banks, Economy, Housing, Money

Remember when I highlighted a 60 Minutes piece back in December that talked about this? Well, now it’s happening. From WSJ via Calculated Risk: Standard & Poor’s Ratings Service on Monday placed its ratings on $552.8 billion worth of U.S. first-lien Alt-A residential mortgage-backed securities issued between 2005 and 2007 on watch for downgrade, saying [...]

March 10th, 2009 | Permalink| 3 Comments »

Republicans Call For Banks To Fail

By Justin Gardner | Related entries in Banks, McCain, Republicans

And so it begins… “Close them down, get them out of business. If they’re dead, they ought to be buried,” Sen. Richard Shelby, the Ranking Republican on the banking committee, told ABC’s This Week. “We bury the small banks — we’ve got to bury some big ones, and send a strong message to the market.” [...]

March 9th, 2009 | Permalink| 9 Comments »

Too Big

By donar | Related entries in Bailouts, Banks, Cartoons, Economic recovery, Economy, Fiscal stimulus, Political Graffiti
March 4th, 2009 | Permalink| 5 Comments »

Nationalization Not A Viable Strategy?

By Justin Gardner | Related entries in Banks, Money

I’ve been wary of nationalization because, while I think there’s some logic to it, I question the idea of completely wiping out shareholders. Basically, it seems like an action like that could create a domino effect that would send the Dow spiraling out of control. William M. Issac, somebody who has done this type of [...]

March 2nd, 2009 | Permalink| 6 Comments »

Charlie Rose Talks To Larry Summers, Nouriel Roubini, Mark Zandi, and Fred Mishkin

By Justin Gardner | Related entries in Banks, Economy, Housing, Video

The topic? Their favorite restaurants in D.C. No, of course it’s the economic crisis and the housing situation and the banks and TARP and and and and and and… Most of the pundit shows really don’t have the time to give complicated topics like the economic crisis the attention they deserve. So what we usually [...]

February 20th, 2009 | Permalink| No Comments »

Quote Of The Day – On Bank Nationalization

By Justin Gardner | Related entries in Bailouts, Banks, Barack, Economy, Quotes

“It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring. I understand that once in a hundred years this is what you do.” – Alan Greenspan in an interview with Financial Times Here’s more… Mr Greenspan’s comments capped a frenetic day in which policymakers across the political [...]

February 18th, 2009 | Permalink| 2 Comments »
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