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Keyword: bailout

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  • AIG Bailout Trial Bombshell III: Paulson Lied to Congress About TARP

    10/21/2014 7:01:47 PM PDT · by Lorianne · 39 replies
    Naked Capitalism ^ | 17 October 2014 | Yves Smith
    I’ve gone through only the first day of testimony from the AIG bailout trial, and we are already up to our third bombshell. The first witness called by the plaintiff, Starr International (an investment vehicle controlled by Hank Greenberg), was Scott Alvarez, general counsel for the Federal Reserve Board of Governors. Part of the testimony covered a discussion that took place late in the evening of September 15, the day Lehman declared bankruptcy in the wee hours of the morning. The topic was AIG. The participants included Alvarez, Timothy Geithner, Fed governors Don Kohn and Kevin Warsh, Ken Wilson, a...
  • The new AIG lawsuit should enrage every American taxpayer

    10/08/2014 8:42:41 PM PDT · by Lorianne · 12 replies
    Market Watch ^ | 07 October 2014 | David Weidner
    Imagine you have a friend who drinks a lot and often. Until now, they always seem to have a good time. He tells the best stories, gets all the girls. He’s the life of the party. Then, one day, he wrecks his car. And you and some buddies, who happened to be in the neighborhood, see your pal trapped. Of course, you rush to the rescue. You try to break open the door with a tire iron. Ultimately, you smash the window and pull the poor fellow out. And just when you’d think this guy would sober up and see...
  • Geithner grilled in court over AIG bailout

    10/07/2014 10:36:20 PM PDT · by Olog-hai · 10 replies
    Associated Press ^ | Oct 8, 2014 12:25 AM EDT | Marcy Gordon
    Timothy Geithner, a key player in the U.S. government’s 2008 bailout of American International Group Inc., is due back in court Wednesday in a trial of a lawsuit filed by the insurance giant’s former CEO over the handling of the rescue. On Tuesday, Geithner affirmed his belief that the bailout was needed to avert disaster for the financial system. Geithner was president of the New York Federal Reserve at the time of the rescue and later Treasury secretary. …
  • Now That Electric Cadillac Can't Compete With Tesla, GM Tries Frequent Flyer Miles

    10/07/2014 1:25:19 PM PDT · by jazusamo · 43 replies
    NLPC ^ | October 7, 2014 | Mark Modica
    Cadillac sales continue to sputter at General Motors. In fact, the brand is the only make at GM that has seen a year over year sales decline for the period ending in September at a time when the auto industry was booming. Specifically, Cadillac has logged in 127,837 sales for the first nine months of 2014 compared to 133,414 in 2013 for a sales decline of 4.2 percent. GM will now offer frequent flyer miles to help spur sales at the division. The marketing move at GM follows a decision to relocate Cadillac's sales team to New York City....
  • Euro Disney shares dive as it needs bailout

    10/06/2014 1:08:09 PM PDT · by Olog-hai · 18 replies
    Associated Press ^ | Oct 6, 2014 9:25 AM EDT | Greg Keller
    In Europe, even Mickey Mouse is getting a bailout. The Disney resort on the outskirts of Paris is getting a financial lifeline from owner The Walt Disney Company to handle rising debt and a decline in visitors at a time of economic uncertainty in Europe. The €1 billion ($1.3 billion) lifeline will see the park’s California masters take control of Euro Disney, which runs Disneyland Paris and Walt Disney Studios Park. Until now, the U.S. company owned only 40 percent of the theme park operator, alongside Saudi prince Al-Waleed Bin Talal and a host of small European investors who originally...
  • Caveat, investor: Now feds want a bite of your mutual fund

    10/02/2014 5:59:33 PM PDT · by TurboZamboni · 16 replies
    The Citizen ^ | 9-4-14 | Paul S. Atkins
    To oversee this process, Dodd-Frank created the Financial Stability Oversight Council (FSOC), made up of the heads of the financial services regulatory agencies. The council claims very broad power to designate certain activities (like asset management) or companies and products (including mutual funds) as systemically important and subject them to Federal Reserve bank-style regulation, including leverage and capital requirements. And the council is doing just that – first with banks, then insurance companies and now, potentially, mutual funds. President Obama’s “independent” insurance expert on the council issued a blistering dissent when it designated Prudential – the nation’s second-largest life insurer...
  • Next Big Bailout May Go To ObamaCare Health Insurers

    10/02/2014 7:39:05 AM PDT · by SeekAndFind · 13 replies
    IBD ^ | 10/02/2014 | Steve Moore
    It didn't get much attention outside Capitol Hill, but late last week House Republican leaders scuttled a vote to repeal an ObamaCare bailout plan for major heath insurance companies if they lose money on new Affordable Care Act policies. Taxpayers could be on the hook for billions of dollars of payouts for ACA insurance policies that incur losses that exceed premiums collected. Despite pleas from conservatives to hold a vote to repeal the sham subsidy program to the biggest insurers — like Aetna (NYSE:AET), Cigna (NYSE:CI) and Humana (NYSE:HUM) — our sources tell us the House leadership reportedly said that...
  • SIGTARP: Excessive Pay at Bailed-Out GM

    09/30/2014 10:32:50 AM PDT · by jazusamo · 3 replies
    NLPC ^ | September 30, 2014 | Mark Modica
    A special inspector general report on compensation for executives at General Motors and Ally Financial blasts the Treasury Department for allowing excessive pay at the companies as taxpayers lost billions of dollars on the auto bailouts. The watchdog group issuing the report monitors the Troubled Asset Relief Program (TARP), which was set up to save financial corporations deemed "too big to fail" due to systemic risk to America's financial system. The program was expanded to allow for the bailing out of the auto industry, despite the questionable use of funds specifically designated for financial institutions. A NY Times piece...
  • Watchdog Says Treasury Let GM, Ally Give Executives Big Raises During TARP

    09/24/2014 10:52:26 AM PDT · by jazusamo · 12 replies
    Wall Street Journal ^ | September 24, 2014 | Alan Zibel
    Report Criticizes Treasury for Allowing Pay Packages Worth at Least $1 Million a YearWASHINGTON—The Treasury Department allowed General Motors Co. GM +0.69% and Ally Financial Corp. ALLY +0.43% to give big pay raises to top executives while the firms struggled to exit their federal bailouts, a federal watchdog said Wednesday. The report criticized the Treasury for allowing Ally and GM to pay compensation packages worth at least $1 million in 2013 for all 25 top executives at each company. The companies paid those executives an average of $3 million annually, an increase of 28% from 2009, the report found. The...
  • Obama Silent on Chrysler Tax Inversion Deal

    09/09/2014 9:19:47 AM PDT · by jazusamo · 13 replies
    NLPC ^ | September 9, 2014 | Mark Modica
    It's official. Chrysler has now wholly-merged with Italian auto maker, Fiat. It had taken a bit over five years for Fiat to gain total control of the bailed out, once-American Chrysler Corporation. Back in June of 2009, President Obama gifted (payment was made in the form of "technology") an initial 20% stake in Chrysler to Fiat as part of his orchestrated auto bailout process. Fiat parlayed that into full ownership and is now showing its gratitude to the American taxpayers who helped fund the deal by relocating Chrysler's headquarters to London ; a move which will lessen the company's...
  • The Mega Debt and Sustainable Capitalism

    08/26/2014 7:41:37 AM PDT · by mgist · 11 replies
    market Oracle ^ | 8/24/2014 | Tom Naysburn
    The Mega Debt and Sustainable Capitalism Economics / Credit Crisis Bailouts Tom Naysburn writes: Accepted thought acknowledges the financial crisis of 2008 was a near apocalyptic event which needed the citizens of the Anglo American dominated financial world to bailout the banking system to the conservative tune of $10 trillion in the US, and at least Ł1 trillion by UK taxpayers. For perspective, the entire cumulative national government debt in the UK stood at Ł350bn at the turn of the century. Why then was a bailout required? Would we have woken and the sky had fallen? No. The answer given...
  • G20 Edging Towards 'Bail-In' Global Banking Reform Deal

    08/23/2014 4:38:23 AM PDT · by mgist · 18 replies
    Newsweek ^ | 8/21/14
    Government leaders are expected to agree in November that the world's top banks must issue special bonds to increase the amount of capital which can be tapped in a crisis instead of calling on taxpayers to come to the rescue, industry and G20 officials said. The bonds, known as "gone concern loss absorption capacity" or GLAC, are seen by regulators as essential to stopping the world's 29 biggest lenders from being "too big to fail". The plans are being drafted by the Financial Stability Board, the regulatory task force of the Group of 20 economies which declined to comment ahead...
  • Chevy Volt Resale Values Plunge as Lease Returns Hit Market

    08/08/2014 9:06:15 AM PDT · by jazusamo · 46 replies
    NLPC ^ | August 8, 2014 | Mark Modica
    It has been two years since General Motors admitted that there was little demand for the Chevy Volt (as reported here)due to there being "no plug-in market." Their answer was to "create market" to drive sales for the politically popular but economically-nonviable Volt. GM manipulated sales for the Volt through the use of subsidized leases at a time when President Obama's favorite, green wonder-car was being criticized for low sales as it failed to live up to the early hype. GM was able to use taxpayer money in the form of electric vehicle tax credits to help drive down...
  • Emails show White House adviser intervened on ObamaCare ‘bailout’ after industry appeals

    07/29/2014 1:19:22 PM PDT · by jazusamo · 10 replies
    Fox News ^ | July 29, 2014 | Judson Berger
    Newly released emails show a key White House adviser intervened on behalf of the health insurance industry after an executive repeatedly warned that massive premium hikes were coming unless the administration expanded an ObamaCare program that Republicans call an industry "bailout." The insurance industry ultimately got a more "generous" offer from the administration -- one that Republicans warn could transfer potentially billions of taxpayer dollars into the Affordable Care Act to bail out insurance companies. The documents were included as part of a report by Republicans on the House Oversight and Government Reform Committee. Republicans allege that White House adviser...
  • GM recalls 717,950 vehicles in U.S., not for ignition switches

    07/23/2014 11:22:19 AM PDT · by TurboZamboni · 4 replies
    Reuters ^ | 7-23-14 | rooters
    General Motors Co (GM.N) on Wednesday announced six recalls covering 717,950 vehicles in the United States for varying reasons. None of the recalls were related to the ignition switch issues that have caused nearly 15 million recalls of GM vehicles worldwide this year. The new set of recalls brings GM's recalls worldwide this year to nearly 30 million. The largest recall is for a potentially loose bolt in power adjustable front seats for several cars from model years 2010 and 2012.
  • Lawmakers step into Delphi pension case

    07/21/2014 3:03:07 PM PDT · by TurboZamboni · 7 replies
    Benefits Pro ^ | 7-18-14 | Benefits Pro
    The pensions of retired salaried workers at Delphi have been in limbo since they were assumed by the Pension Benefit Guarantee Corporation. This week, U.S. Sen. Sherrod Brown, D-Ohio, and three more Democratic lawmakers from Ohio sent a letter to Labor Secretary Thomas Perez, urging him to intervene on behalf of Delphi retirees. “The 20,000 members of the salaried plan have been waiting for almost five years for a final benefit determination from the PBGC. Recent comments from the PBGC have suggested that the agency has yet to take basic initial steps towards making such a determination,” wrote the Ohio...
  • The Looting of Italy

    06/30/2014 12:05:45 PM PDT · by Enza Ferreri · 10 replies
    Enza Ferreri Blog ^ | 23 June 2014 | Enza Ferreri
    This is an article that was written and sent to me by Alessandra Nucci, an Italian journalist and friend. It describes what the European Union has done to Italy. Since it's a very long article, I've broken it down in 4 parts. Here is the first part. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ How would you feel if for years you had been picking up shipwrecked penniless migrants from Africa, dumped by criminal agents all over the Mediterranean, ferrying them to your shores and taking them in by the thousands, only to see yourself made the butt of sarcasm, reproaches and even pecuniary fines...
  • An Obamacare Bailout? Insurers Already Got One!

    06/26/2014 7:49:05 PM PDT · by upbeat5 · 4 replies
    CNBC.com ^ | June 26, 2014 | Jake Novack
    For ordinary consumers, the answer varies. A lot of Americans who never had insurance before have indeed been able to find health coverage AND health care, (they're two different things, after all). But a lot of Americas have lost their previous plans, and now they're having trouble finding actual doctors to treat them even under their more expensive coverage. Whether the ACA has actually helped more citizens than it's hurt has turned into a partisan war of statistics. That war will be waged for years to come. While I believe the new law will ultimately hurt more people than it...
  • Delaware Senate OKs $10M bailout for casinos

    06/26/2014 10:58:36 AM PDT · by beaversmom · 20 replies
    The Washington Post ^ | June 25, 2014
    Senate lawmakers on Wednesday approved a $10 million financial bailout for Delaware’s three gambling casinos. The Senate voted 14-5 to pass legislation to help the casinos, which say they are struggling with increased competition from neighboring states and have to share too much of their gambling revenue with the state. [...] The change would take effect in July 2015, at an estimated cost to the state of about $10 million annually. To help the casinos until then, lawmakers cobbled together a similar amount of taxpayer money, mostly from unspent funds that are supposed to be used for economic development projects....
  • Eric Cantor’s Opponent Beat Him By Calling Out GOP Corruption

    06/12/2014 10:21:04 AM PDT · by Theoria · 8 replies
    Republic Report ^ | 12 June 2014 | Lee Fang
    “All of the investment banks, up in New York and D.C., they should have gone to jail.”That isn’t a quote from an Occupy Wall Street protester or Senator Elizabeth Warren. That’s a common campaign slogan repeated by Dave Brat, the Virginia college professor who scored one of the biggest political upsets in over a century by defeating Majority Leader Eric Cantor in the Republican primary last night.The national media is buzzing about Brat’s victory, but for all of the wrong reasons.Did the Tea Party swoop in and help Brat, as many in the Democratic Party are suggesting? Actually, the Wall Street...
  • Patty Murray: ‘Crushing’ college costs hurt students, entire economy

    06/04/2014 4:01:44 PM PDT · by Oldeconomybuyer · 35 replies
    Seattle Times ^ | June 4, 2014 | By Kyung M. Song
    The nation’s $1.2 trillion — and growing — student debt is reshaping Americans’ economic lives in far-reaching ways, from slowing rates of homeownership to retirement security to choice of specialty for medical students. The consequences of that financial burden on both borrowers and the U.S. economy were the focus of a Senate Budget Committee hearing Wednesday chaired by Sen. Patty Murray. In her opening statement, Murray noted that nearly one-third of young households now carry student debts. Each college graduate owes an average of $30,000. Such a “crushing” load, Murray said, could dog students through their entire financial lives. “A...
  • Did the Bailout Ruin GM?

    05/28/2014 1:39:14 AM PDT · by grundle · 56 replies
    National Review ^ | May 28, 2014 | Jim Geraghty
    The recalls are multiplying, and the bailout stigma remains. You may have noticed that General Motors recalled a lot of vehicles lately. You may not have noticed just how many separate recalls the company announced, 30 since January 1, or just how many vehicles are being recalled — 13.79 million vehicles in the U.S. For perspective, consider that GM sold roughly 2.6 million vehicles in 2012. ... consumer-data research indicates that pickup-truck buyers skew Republican by a margin five to one, according to a 2008 survey. Whether GM wants to admit it or not, the “Government Motors” label did serious...
  • How Low Can the President Stoop?

    05/28/2014 8:16:22 AM PDT · by afraidfortherepublic · 26 replies
    The Weekly Standard ^ | 5-27-14 | Gary Schmitt
    Today in the Rose Garden, President Obama announced that he’s going to keep a little under 10,000 troops in Afghanistan through 2014, half that number by the end of 2015, and will have all those forces out by the end of 2016. Putting aside the fact that this is the lowest number military advisors estimated was necessary to maintain training and some counterterrorism capability in country over not just one year but several, the decision to halve and then zero out those forces by 2016 is a reminder not only of how seriously unserious this president on strategic matters can...
  • Iran Hangs Crooked Banker and Billionaire

    05/25/2014 2:05:28 PM PDT · by apoliticalone · 18 replies
    AP - Fox News ^ | 05-24-2014 | AP
    TEHRAN, Iran – A billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported. Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran's Supreme Court upheld his death sentence. Khosravi's lawyer, Gholam Ali Riahi, was quoted by news website khabaronline.ir as saying that his client was put to death without any notice.
  • Hybrid Cadillac inventory sits on dealer lots

    05/23/2014 6:54:20 AM PDT · by Oldeconomybuyer · 63 replies
    MarketWatch ^ | May 23, 2014 | By Jay Ramey
    The Cadillac ELR has been on sale for just five months, but General Motors is now offering dealers a $5,000 incentive to offer test drives in the Chevrolet Volt-based plug-in hybrid. To receive the incentive, dealers have until June 2 to designate ELRs in their current inventory as test vehicles, after which each test car has to log a minimum of 750 test-drive miles. The incentives could be because 1,700 ELR coupes remained unsold in dealer inventories at the end of April. At current sales rates, that’s a 725-day supply, which is almost exactly two years’ worth of cars.
  • QOTD: Marchionne Says Government Made Him Sell Fiat 500

    05/22/2014 4:16:58 AM PDT · by jjotto · 11 replies
    The Truth About Cars ^ | May 21, 2014 | Derek Kreindler
    An event held at Washington D.C’s Brookings Institute saw FCA CEO Sergio Marchionne and former National Economic Council head Larry Summers discuss the auto bailout on its five-year anniversary. As always, Marchionne had some colorful commentary, with a one interesting nugget about Fiat. According to Christina Rogers of the Wall Street Journal, Marchionne claimed that the Fiat 500 was only imported to the United States due to the government’s hand, with Marchionne stating “It was a condition assigned to the [bailout] deal” This has previously never been stated in any bailout related discussion – only the Dodge Dart and its...
  • The Next Obamacare Scandal: A Taxpayer-Funded Bailout Of Insurers

    05/21/2014 10:16:49 AM PDT · by SeekAndFind · 14 replies
    Zero Hedge ^ | 05/21/2014 | Tyler Durden
    The teleprompter is still hot from all the Obama spit unleashed in his latest sincerely passionate denial that his administration knew anything, anything at all, about what is merely the latest scandal to rock the president, this time surrounding the Veterans Affairs fiasco, and already a brand new scandal is taking shape, this one Obama however will not be able to sweep as easily under the rug. The LA Times reports that the "Obama administration has quietly adjusted key provisions of its signature healthcare law to potentially make billions of additional taxpayer dollars available to the insurance industry if...
  • How to make sure we never, ever, ever bail out Wall Street again: Let the banks fail!

    05/18/2014 6:43:28 AM PDT · by SeekAndFind · 29 replies
    The Week ^ | 05/18/2014 | James Pethokoukis
    It's easy: Let the banks fail and give the money to American taxpayers instead Are you still angry that Washington forced Main Street to bail out Wall Street during the Great Recession? Timothy Geithner can live with that. In his new book, Stress Test: Reflections on Financial Crises, the former Obama Treasury secretary insists government needed to stop the panic by whatever means necessary. During a five-alarm inferno, the thinking goes, it's smarter to focus on extinguishing the blaze than punishing the arsonists. And to Geithner, dissenters are misguided purveyors of "Old Testament vengeance" and "moral hazard fundamentalists." Geithner is...
  • Obama Administration Promises to Shift Money Around to Make Obamacare's Health Insurer Bailouts Work

    05/16/2014 5:32:37 PM PDT · by Nachum · 18 replies
    Reason ^ | 5/16/14 | Peter Suderman
    Obamacare's defenders have responded to charges that the law creates a system of bailouts for health insurers by arguing that the bailouts may not actually be bailouts. After all, the law's risk corridors create a system of symmetrical payments in which insurers that spend somewhat more than expected on health claims get paid by the administration, but those spending somewhat less than expected must pay in. In theory, it all balances out, with some insurers paying in and others getting paid. And it's even possible that, overall, insurers will pay in more than they are paid. Possible, yes, but far...
  • EU ‘bullied’ Ireland into bailout, former Barroso aide says

    05/09/2014 12:40:06 AM PDT · by Olog-hai · 7 replies
    EU Observer ^ | 08.05.14 @ 09:14 (May 8) | Benjamin Fox
    The EU’s institutions “bullied” Ireland into a bailout, a senior former adviser to the European Commission’s president said on Wednesday (7 May). In an interview with Irish network RTE, Phillipe Legrain accused the Commission and the Frankfurt-based European Central Bank (ECB) of having sided with France and Germany in insisting that Irish taxpayers were left solely responsible for the €64 billion debt burden held by its banks, a move he described as “unjust and unbearable”. […] “I think the bullying came from Germany because German banks were exposed a lot to Ireland, and from the European Commission which aligned itself...
  • How to Pass a Detroit Bailout the Majority Party Opposes

    05/08/2014 1:58:42 PM PDT · by MichCapCon · 4 replies
    Capitol Confidential ^ | 5/6/2014 | Jack McHugh
    Notwithstanding some mixed poll results, outside of Detroit most Michigan voters probably regard a proposed partial state bailout for the city as unfair, given they played no role in the fiscal malpractice that landed the city in federal bankruptcy court. Also, other local officials may be nervous that details in the proposal potentially giving a bigger financial "haircut" to the city's lenders will mean higher borrowing costs for their own communities' infrastructure needs in the future. Reflecting these concerns, it is likely most out-state legislators — especially Republicans — are less than eager to cast a roll call vote on...
  • U.S. Government Says It Lost $11.2 Billion On GM Bailout

    04/30/2014 10:27:47 AM PDT · by SeekAndFind · 49 replies
    Fox Business News ^ | 04/30/2014
    The U.S. government lost $11.2 billion on its bailout of General Motors Co, more than the $10.3 billion the Treasury Department estimated when it sold its remaining GM shares in December, according to a government report released on Wednesday. The $11.2 billion loss includes a write-off in March of the government's remaining $826 million investment in "old" GM, the quarterly report by a Treasury watchdog said.
  • Treasury secretary to show 'commitment' to Detroit in visit

    04/22/2014 4:47:37 AM PDT · by Oldeconomybuyer · 9 replies
    Reuters ^ | April 21, 2014 | By Lisa Lambert
    Treasury Secretary Jack Lew will visit bankrupt Detroit this week to highlight the Obama administration's "continued commitment to the city's revitalization and explore ways to promote job creation and economic growth," according to an advisory his department released on Monday. --snip-- "I have urged President Obama to examine all options for executive action to help the city of Detroit overcome its fiscal challenges, and I am pleased that he is seeking to take positive action," said Representative John Conyers, a Democrat from Michigan. "I will be discussing further legislative options with my colleagues in Congress."
  • Budget Chief Is Choice as New Health Secretary

    04/10/2014 4:27:29 PM PDT · by Nachum · 21 replies
    New York Times ^ | 4/10/14 | Michael D. Shear
    Washington - Even when Sylvia Mathews Burwell was in her early 30s, friends speculated that she might return to her native Hinton, W.Va., and run for governor someday. After all, she had been a Rhodes scholar, and her mother — who later became mayor of Hinton, pop. 2,600 — had driven her daughter’s interest in politics. So far that has not happened, but plenty of other things under two presidents have. On Friday, President Obama is to nominate Ms. Burwell, currently director of the White House Office of Management and Budget, to take over one of the largest and most...
  • Obamacare has 7.5 million sign ups, Kathleen Sebelius says

    04/10/2014 4:46:29 PM PDT · by Oldeconomybuyer · 12 replies
    CBS News ^ | April 10, 2014
    Enrollment for the president's health care law has grown to 7.5 million Americans, the Obama administration announced Thursday, handing President Barack Obama and the Democrats bigger coverage numbers to tout in the face of election-year attacks. Sebelius said she expects the figure to continue to grow. The original number already exceeded expectations, a surprise success after a disastrous roll-out and welcome news for Democrats who've been forced to defend their support for the unpopular law derided by critics as "Obamacare." Democratic senators took turns Thursday praising the robust sign-up numbers.
  • Eric Cantor tweets "Thank You" to Kathleen Sebelius

    04/10/2014 5:03:50 PM PDT · by gwgn02 · 51 replies
    Twitter ^ | 4/10/14 | Eric Cantor
    Eric Cantor ‏@GOPLeader 1h I thank Secretary Sebelius for her service. She had an impossible task: nobody can make Obamacare work.
  • BREAKING: White House Admits Democrats Will Lose the Senate

    04/10/2014 4:54:37 PM PDT · by cotton1706 · 41 replies
    redstate.com ^ | 4/10/14 | Erick Erickson
    Put another way, Kathleen Sebelius has resigned and “Senior Administration Officials” are telling the media it is because of healthcare.gov. You do not have a celebration event last week to celebrate 7 million sign ups and have Sebelius there to get credit then this week throw her under the bus because of a screw up that happened last October. They have been standing with her since last October. They stood with her when the President’s polling was nosediving and throwing her under the bus could have stopped the bleeding. They are doing so now. Sebelius actually resigned last week and...
  • Did the EU Bail Out the US in December?

    02/20/2014 8:44:51 PM PST · by Tolerance Sucks Rocks · 3 replies
    Last Resistance ^ | February 19, 2014 | Michael Minkoff
    It’s Wednesday. So it’s time for more bad news. If you’ve been paying attention, you will have already noticed that the United States is headed toward a cliff of imminent destruction at astonishing speeds. Our financial situation is dire, our political situation is dismal, our international situation is tenuous, and our cultural situation is pathetic. It’s sad. I didn’t think my generation would live to see this, but it looks like America is past the point of no return in its drive toward complete collapse.The most recent sign of doom in the financial sector is the alarming news that China...
  • Did GM Delay Recall With Deadly Results? Problems Reported Years Ago

    02/14/2014 9:10:08 AM PST · by jazusamo · 30 replies
    NLPC ^ | February 14, 2014 | Mark Modica
    General Motors recently recalled close to a million vehicles for a deadly problem that resulted in six deaths. The models involved were Chevy Cobalts and Pontiac G5s from the 2005 through 2007 model years. The question is, why did NHTSA and GM wait so long to recall vehicles with a dangerous defect when the problems surfaced years ago? Scouring the internet reveals many reported stalling incidents for the models in question. My particular Google search went back to 2009 and unearthed disturbing evidence that GM did not properly address issues with faulty vehicles. While the vehicles were manufactured by...
  • GM’s Debt Rises as Earnings Disappoint; Warns on First Quarter

    02/06/2014 9:49:20 AM PST · by jazusamo · 23 replies
    NLPC ^ | February 6, 2014 | Mark Modica
    General Motors announced disappointing earnings results today and issued a warning that first quarter results will underwhelm as well. The reasons behind the earnings' miss are surely going to be explained away by pundits and proponents of the company still known as Government Motors to many. Sorting through the smoke and mirrors can lead to some important and simple explanations as to what is going on at GM. Before looking at the reasons why GM has drastically underperformed the broader markets since the Obama-orchestrated bankruptcy process of 2009, let's take a look at one of the most critical takeaways from...
  • Bankruptcy In The USSA: Detroit Bondholders About To Be GM'ed In Favor Of Pensioners

    01/31/2014 3:39:07 PM PST · by Rusty0604 · 16 replies
    zerohedge ^ | 01/31/2014 | Tyler Durden
    First, the Obama administration showed during the course of the GM and Chrysler bankruptcy proceedings, that when it comes to Most Preferred Voter classes, some unsecured creditors - namely labor unions, and the millions of votes they bring - are more equal than other unsecured creditors - namely bondholders, and the zero votes they bring. Five years later we are about to get a stark reminder that under the superpriority rule of a community organizer for whom "fairness" trumps contract law any day, it is now Detroit's turn to make a mockery of the recovery waterfall. As it turns out,...
  • Michigan Taxpayers Have Already Bailed Out Detroit - Again and again and again

    01/30/2014 7:11:07 PM PST · by MichCapCon · 8 replies
    Capitol Confidential ^ | 1/27/2014 | Jarrett Skorup
    Michigan Gov. Rick Snyder, House Speaker Jase Bolger and Senate Majority Leader Randy Richardville submitted a $350 million plan to benefit the City of Detroit. But the state has repeatedly given Motown extra cash and allowed special rules to help get the city out of repeated jams. When asked last month if extra state help was on the table, Detroit Emergency Manager Kevyn Orr responded: "No. It was made abundantly clear that a state bailout of Detroit's finances was not a possibility." The proposed deal, which would have to be agreed to by the full Legislature, signals an unfortunate about-face....
  • Obama/Barra Embrace Shows GM is Still Government Motors

    01/30/2014 1:49:56 PM PST · by jazusamo · 10 replies
    NLPC ^ | January 30, 2014 | Mark Modica
    The Obama Administration may have sold the last of the taxpayers' shares in General Motors, but it appears that politics will continue to play a powerful role in the management of the company. New GM CEO Mary Barra did not seem too concerned about appearances when she attended the State of the Union as Obama's guest. Her predecessor Dan Akerson in previous months had gone to great lengths to distance GM from the federal government. With President Obama praising Ms. Barra in front of the nation, the field is once again set for GM to take the stage during upcoming...
  • Bailing Out Health Insurers and Helping Obamacare

    01/19/2014 6:52:02 AM PST · by KeyLargo · 12 replies
    Weekly Standard ^ | Jan 13, 2014 | Jeffrey H. Anderson
    Bailing Out Health Insurers and Helping Obamacare Jeffrey H. Anderson January 13, 2014 Robert Laszewski—a prominent consultant to health insurance companies—recently wrote in a remarkably candid blog post that, while Obamacare is almost certain to cause insurance costs to skyrocket even higher than it already has, “insurers won’t be losing a lot of sleep over it.” How can this be? Because insurance companies won’t bear the cost of their own losses—at least not more than about a quarter of them. The other three-quarters will be borne by American taxpayers. For some reason, President Obama hasn’t talked about this particular feature...
  • Biden tells Ford chairman at Auto Show: ‘Thanks for saving our a$$’

    01/18/2014 4:08:54 AM PST · by Libloather · 22 replies
    Canada Free Press ^ | 1/17/14 | Dan Calabrese
    **SNIP** But a lot of people are having fun trying to decipher if there was something meaningful to be discerned here. Visiting the North American International Auto Show in Detroit, Biden said to Ford Motor Company Chairman William Clay Ford Jr., “Thanks for saving our #.” What? Now you might think it would be an auto executive saying to Biden, “Thanks for saving our #,” although Ford didn’t take the bailout money GM and Chrysler took (although Ford has accepted plenty of federal support in other forms, such as loans for green technology development).
  • Curious Timing for GM Dividend Announcement

    01/16/2014 1:58:52 PM PST · by jazusamo · 4 replies
    NLPC ^ | January 16, 2014 | Mark Modica
    The internet was ablaze Tuesday evening with stories presenting a perceived positive move by General Motors' outgoing government-appointed management. All hail! "General Motors to pay first dividend since 2008," trumpeted the headlines. GM shares immediately spiked up in after-hours trading with shares rising about $1.60 or 4% on the news. Unfortunately for those duped by the proclamation, GM followed the story hours later with a profit warning. For the time being, the bad news outweighed the good with GM shares reversing course and ending the day Wednesday with a loss of over one and a half percent on a day...
  • The Great Italian Auto Bailout — Courtesy of U.S. Taxpayers

    01/02/2014 6:00:05 AM PST · by Hoodat · 9 replies
    openmarket.org ^ | Jan 1, 2014 | John Berlau
    At the beginning of 2014, Detroit may be bankrupt, but they’re cheering the five-year-old U.S. auto bailout in Italy. That’s because after being the beneficiary of billions in U.S. taxpayer largesse, Fiat, the leading Italian auto company, is going to buy its final stake in Chrysler from that other big bailout recipient, the United Auto Workers (UAW). “Chrysler’s Now Fully an Italian Auto Company,” reads the Time magazine online headline. But wait a minute! Wasn’t the bailout supposed to be about saving the American auto industry? As Mark Beatty and wrote in The Daily Caller in November 2012, after presidential...
  • Obamacare Pork to UAW Rolled Out Without a Glitch

    12/26/2013 2:42:24 PM PST · by jazusamo · 9 replies
    NLPC ^ | December 23, 2013 | Mark Modica
    While the Obama Administration is still pumping resources and taxpayer money into the implementation of Obamacare, the initial disbursement of pork included in the bill was successfully doled out almost a full two years ago. And the main recipient of taxpayer largess was, once again, the UAW. The Obamacare pork came in the form of a program called the Early Retiree Reinsurance Program or ERRP. $5 billion of taxpayer money was allocated to help pay for healthcare costs to retirees between the age of 55 and 65 . Number one on the union-dominated list of recipients was the UAW, which...
  • The State we are and the State we can become (Ireland)

    12/18/2013 5:22:09 PM PST · by Lorianne · 3 replies
    Irish Times ^ | 13 December 2013 | Diarmaid Ferriter
    The humiliation of losing our sovereignty was palpable in 2010. Now is our best opportunity to inaugurate a new phase of Irish statehood ___ And yet, much was made of the description “the loss of sovereignty” in the context of that bailout being imposed in 2010. The despondency and humiliation was palpable, reflected memorably in an Irish Times editorial that invoked the 1916 Rising: “A bailout from the German chancellor with a few shillings of sympathy from the British chancellor on the side. There is the shame of it all. Having obtained our political independence from Britain to be the...
  • GM Spends $1.3 Billion to “Create or Retain” 1,000 Jobs

    12/18/2013 9:02:41 AM PST · by jazusamo · 22 replies
    NLPC ^ | December 18, 2013 | Mark Modica
    Just days after the US government announced their exit from General Motors, the company announced a move that sounds like it could have come directly out of the Obama Administration playbook. GM is boasting about "creating or retaining" roughly a thousand jobs at the cost of approximately $1.3 million per job in a move that could only be viewed as a positive from a political point of view. The heavy spending to preserve union jobs did not go unrecognized by the Obama-friendly UAW. UAW Vice President Joe Ashton stated: Today's announcement is a win for American workers. The UAW is...