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ruaqtpi2
15 years ago
And of course, as usual, the media will be “all over” this one!! You know, the media whose reorters claim to be unbiased, or (worse still) the protector of the people; the story “behind” the “story,” etc., etc.
Do we REALLY want to put the banks in the hands of Geithner, Summers, and Rubin?
These were the “architects” of the financial meltdown!!
This administration doesn’t seem to know how to pay taxes or use simple tax software, and we want them running the largest banks and corporations of the nation??
Whose freakin’ brilliant idea was this?!?!?
And where in Sam Hill is the Supreme Court?????
I don’t feel too good right now!!!
Jeff V
Tom in CA
15 years ago
The Bankers have mouths. Why aren’t they speaking up about this? Pretty soon they will be answering to this kindergarten cop and a tax cheat. Perhaps many of them supported Obama?
@Tom in CA: The Banker’s Association did write Obama a strongly worded letter complaining about how he was demonizing their entire industry. But then, they went and endorsed his plans just a few weeks ago: http://www.nationalpost.com/news/story.html?id=1435976
I think they are scared that he is going to take over their entire industry.
Imagine going for a loan and instead of checking your credit the bank asks to see your voter registration card. If you are registered as a Republican forget about that loan.
ruaqtpi2
15 years ago
@Mike’s America,
My apologies for not being more clear. The investigations into Ted and Mary Jo were perfectly reasonable and legitimate, and I agree that it was the Democrats who turned the issue into partisan politics. Their crucifiction of Nixon was revenge for the damage they perceived to have gotten from the Republicans through the Chappaquiddick investigations.
The media played their part in the process, selectively elevating issues to “newsworthy” status, (along with their typically liberal spin, in order to galvanize popular support for the Left.) After Watergate, it seemed like every controversial issue in politics had to have a “-gate” suffix. Trooper-gate, Whitewater-gate, … too many “gates” for my liking.
My point is really that the more power that the politicians get, and the less they actually serve the public, the more they attempt to extort issues for political gain. My view is that the liberals do it more often, and with greater fanfare, but the far right has not been unwilling to participate in the mud-throwing. It also feels like the attacks are getting increasingly blown out of proportion with each “round”, especially by the radicals in each camp. I think the tension of current crises is giving all of the “trouble-makers” itchy trigger fingers, and it won’t be much longer before the public reaches its collective boiling point and screams “ENOUGH!!!!”
At least I hope it won’t take much longer.
I’m doing my part to tell my state and national congressional representatives just how dissatisfied I am with the current state of “public service,” and I’m hoping to see one of my letters to the editor posted in at least one of our local newspapers and community “bulletin boards.” The relative lack of letters critical of Obama and his administration does not give me “warm fuzzies” about our newspapers’ desire to be objective and non-partisan, but I’m not giving up yet.
Jeff V
Neo
15 years ago
Last week, one of the “talking heads” on CNBC indicated that “5 banks” had repaid TARP money.
I haven’t seen that reported anywhere else .. so go figure.
luva the scissors
15 years ago
its like the fox guarding the hen house…
OLDPUPPYMAX
15 years ago
And are any of these bankers on Rush’s door, Savage’s door, O’Reilly’s door? Yeah, sure. A couple of these guys with actual spines could do tremendous damage to the Hussein dictatorship, even with the majority of the MSM burying the story.
joe from chi
15 years ago
You can take a politician out of Chicago but you apparently cannot take the Chicago out of a politician!!
====
Could not say it any better. What you will see is all his major donors and pol operatives sitting on the boards of the big corps. Don’t think Soros is not eyeing his fair share!
Missy
15 years ago
More scams:
As with the phony reinsurance contracts that AIG and other insurers wrote for decades, when AIG wrote hundreds of billions of dollars in CDS contracts, neither AIG nor the counterparties believed that the CDS would ever be paid. Indeed, one source with personal knowledge of the matter suggests that there may be emails and actual side letters between AIG and its counterparties that could prove conclusively that AIG never intended to pay out on any of its CDS contracts.
There are two basic problems with side letters. First, they are a criminal act, a fraud that usually carries the full weight of an “A” felony in many jurisdictions. Second, once the side letter is discovered by a persistent auditor or regulator examining the buyer of protection, the transaction becomes worthless. You paid $6 million to AIG to shift risk via the reinsurance, but the side letter makes clear that the transaction is a fraud and you lose any benefit that the apparent risk shifting might have provided.
The key point is that neither the public, the Fed nor the Treasury seem to understand is that the CDS contracts written by AIG with these various non-insurers around the world were shams – with no correlation between “fees” paid and the risk assumed. These were not valid contracts as Fed Chairman Ben Bernanke, Treasury Secretary Geithner and Economic policy guru Larry Summers claim, but rather acts of criminal fraud meant to manipulate the capital positions and earnings of financial companies around the world.
Economists and market participants are coming to the realization that Treasury Secretary Timothy Geithner’s “Public Private Investment Partnership” or “PPIP” is potentially a giveaway for some of the largest dealers and asset managers on Wall Street, and thereby tests the rule of law.
The plan as presented simply replaces the current problem with a more complex, subsidized shell game meant to hide the same problem. It fails in the key goal of setting cash market prices for the underlying assets for which there is no current liquid market. But this problem is as nothing compared to the task of setting a price on a call option on assets for which there is no current market, observable price or price history on which to estimate the either historical or implied volatility.
The private sector participation, aka the “premium,” as set by the Treasury, will be at least as arbitrary as any price for the underlying assets that might have been imposed as part of the original TARP. The PPIP compounds the fatal problem with the original TARP, but is presented as the solution to the problem.
And of course, as usual, the media will be “all over” this one!! You know, the media whose reorters claim to be unbiased, or (worse still) the protector of the people; the story “behind” the “story,” etc., etc.
Do we REALLY want to put the banks in the hands of Geithner, Summers, and Rubin?
These were the “architects” of the financial meltdown!!
This administration doesn’t seem to know how to pay taxes or use simple tax software, and we want them running the largest banks and corporations of the nation??
Whose freakin’ brilliant idea was this?!?!?
And where in Sam Hill is the Supreme Court?????
I don’t feel too good right now!!!
Jeff V
The Bankers have mouths. Why aren’t they speaking up about this? Pretty soon they will be answering to this kindergarten cop and a tax cheat. Perhaps many of them supported Obama?
we are watching the largest power grab in the history of our country, it is time to take a stand.
@Tom in CA: The Banker’s Association did write Obama a strongly worded letter complaining about how he was demonizing their entire industry. But then, they went and endorsed his plans just a few weeks ago:
http://www.nationalpost.com/news/story.html?id=1435976
I think they are scared that he is going to take over their entire industry.
If they don’t fight back harder he just might.
Speaking of the looming politicization of banks:
Imagine going for a loan and instead of checking your credit the bank asks to see your voter registration card. If you are registered as a Republican forget about that loan.
@Mike’s America,
My apologies for not being more clear. The investigations into Ted and Mary Jo were perfectly reasonable and legitimate, and I agree that it was the Democrats who turned the issue into partisan politics. Their crucifiction of Nixon was revenge for the damage they perceived to have gotten from the Republicans through the Chappaquiddick investigations.
The media played their part in the process, selectively elevating issues to “newsworthy” status, (along with their typically liberal spin, in order to galvanize popular support for the Left.) After Watergate, it seemed like every controversial issue in politics had to have a “-gate” suffix. Trooper-gate, Whitewater-gate, … too many “gates” for my liking.
My point is really that the more power that the politicians get, and the less they actually serve the public, the more they attempt to extort issues for political gain. My view is that the liberals do it more often, and with greater fanfare, but the far right has not been unwilling to participate in the mud-throwing. It also feels like the attacks are getting increasingly blown out of proportion with each “round”, especially by the radicals in each camp. I think the tension of current crises is giving all of the “trouble-makers” itchy trigger fingers, and it won’t be much longer before the public reaches its collective boiling point and screams “ENOUGH!!!!”
At least I hope it won’t take much longer.
I’m doing my part to tell my state and national congressional representatives just how dissatisfied I am with the current state of “public service,” and I’m hoping to see one of my letters to the editor posted in at least one of our local newspapers and community “bulletin boards.” The relative lack of letters critical of Obama and his administration does not give me “warm fuzzies” about our newspapers’ desire to be objective and non-partisan, but I’m not giving up yet.
Jeff V
Last week, one of the “talking heads” on CNBC indicated that “5 banks” had repaid TARP money.
I haven’t seen that reported anywhere else .. so go figure.
its like the fox guarding the hen house…
And are any of these bankers on Rush’s door, Savage’s door, O’Reilly’s door? Yeah, sure. A couple of these guys with actual spines could do tremendous damage to the Hussein dictatorship, even with the majority of the MSM burying the story.
You can take a politician out of Chicago but you apparently cannot take the Chicago out of a politician!!
====
Could not say it any better. What you will see is all his major donors and pol operatives sitting on the boards of the big corps. Don’t think Soros is not eyeing his fair share!
More scams:
It gets worse:
http://market-ticker.denninger.net/archives/923-FLASH-AIG-CALLED-CRIMINAL-SCAM!.html
There’s more with Timmy’s PPIP
http://us1.institutionalriskanalytics.com/pub/IRAMain.asp