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Keyword: toobigtofail

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  • U.S. Government Is Now a Major Counterparty to Wall Street Derivatives

    04/24/2016 7:43:59 PM PDT · by Lorianne · 19 replies
    Wall Street on Parade ^ | 21 April 2016 | Pam Martens and Russ Martens
    According to a study released by the Federal Reserve Bank of New York in March of last year, U.S. taxpayers have already injected $187.5 billion into Fannie Mae and Freddie Mac, two companies that prior to the 2008 financial crash traded on the New York Stock Exchange, had shareholders and their own Board of Directors while also receiving an implicit taxpayer guarantee on their debt. The U.S. government put the pair into conservatorship on September 6, 2008. The public has been led to believe that the $187.5 billion bailout of the pair was the full extent of the taxpayers’ tab....
  • US banks not prepared for another financial crisis, say federal regulators

    04/14/2016 6:42:10 PM PDT · by Lorianne · 10 replies
    Guardian UK ^ | 13 | Jana Kasperkevic
    Some of the US’s biggest banks still lack a proper plan for bankruptcy, in the event of another major financial crisis, US regulators said on Wednesday. In the wake of the great recession banks were required to come up with “living wills” to prove they had a credible plan for bankruptcy that would not require another bailout from the taxpayers. But after reviewing the plans of five institutions – JP Morgan Chase, Wells Fargo, Bank of America, Bank of New York Mellon and State Street Corp – the Federal Reserve and the Federal Deposit Insurance Corp (FDIC) have determined that...
  • Jamie Dimon Tells Us We Need to Leave Too Big to Fail Banks Alone

    04/10/2016 3:21:52 PM PDT · by Lorianne · 15 replies
    Naked Capitalism ^ | 07 April 2016 | Yves Smith
    Jamie Dimon likes to write grandiose letters to shareholders. Unfortunately, the financial media sees fit to treat them seriously. And his minders manage to save him from himself. Right after the crisis, DimonÂ’s annual missive contained an section praising the heroics of his staff, comparing them at length to the soldiers at Iowa Jima. Dimon was persuaded to get rid of that bit only because his outside PR firm threatened to quit. This yearÂ’s letter, as recapped by the Financial Times, is every bit as exaggerated, although less obviously so to the outsider. The theme this year is why too...
  • Job totals trail pre-recession levels in 10 US states

    03/25/2016 9:22:44 AM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Mar. 25, 2016 12:18 PM EDT | Christopher S. Rugaber
    Ten U.S. states still have not regained all the jobs they lost in the Great Recession, even after six and a half years of recovery, while many more have seen only modest gains. […] Wyoming had 3 percent fewer jobs last month than it did in December 2007, when the recession began, the Labor Department said Friday. That is the biggest percentage decline among the states. Alabama's job total trails its pre-recession level by 2.7 percent, followed by New Mexico, where job totals are 2.6 percent lower. Some larger states are also still behind. New Jersey has nearly 1 percent...
  • Germany ends audits against Deutsche Bank over price fixing

    02/27/2016 5:49:13 AM PST · by Olog-hai · 2 replies
    Deutsche Welle ^ | 25.02.2016 | [mg/jr (Reuters, dpa)]
    Germany's financial regulator has said it won't take further action against the country's largest bank over alleged interest rate rigging and precious metals price fixing. The moves takes the spotlight off a former boss. The watchdog, known as Bafin, announced on Thursday it had ended several major special audits against Deutsche Bank. [...] Deutsche Bank paid $2.5 billion (2.26 billion euros) in fines in April last year after investigations on manipulating interest rates. The bank was also probed for its role in rigging prices of gold, silver, platinum and palladium. It also recorded a multibillion-euro loss for 2015. Bafin officials...
  • Big banks brace for oil loans to implode

    02/24/2016 6:13:37 PM PST · by Lorianne · 17 replies
    CNN ^ | 18 February 2016 | Matt Egan
    Big banks are cringing as crude oil is crumbling. Firms on Wall Street helped bankroll America's energy boom, financing very expensive drilling projects that ended up flooding the world with oil. Now that the oil glut has caused prices to crash below $30 a barrel, turmoil is rippling through the energy industry and souring many of those loans. Dozens of oil companies have gone bankrupt and the ones that haven't are feeling enough financial stress to slash spending and cut tens of thousands of jobs. Three of America's biggest banks warned last week that oil prices will continue to create...
  • J.P. Morgan’s exposure to oil, gas debt has Wall Street jittery

    02/24/2016 6:09:07 PM PST · by Lorianne · 4 replies
    Market Watch ^ | 23 February 2016 | Mark DeCambre
    J.P. Morgan Chase CEO Jamie Dimon is focused on building a so-called fortress balance sheet at his behemoth bank. To that end, he said the bank JPM, +0.04% has added around $500 million to its reserves against loans losses in the oil-and-gas sector in the first quarter of 2016. The move comes as crude-oil prices have fallen about 12% so far this year and have plunged 34% over the past 12 months, putting the finances of energy companies under pressure. Offering details about its balance sheet at an event for investors in New York on Tuesday, the sprawling bank said...
  • The World's Biggest Banks May Very Well Grow Even Larger

    02/23/2016 7:11:16 PM PST · by Tolerance Sucks Rocks · 14 replies
    Fortune ^ | February 23, 2016 | Eleanor Bloxham
    Ever since the financial crisis, many outside the wealthy elite (sometimes referred to as populists) have argued that the largest banks are too big and too risky. Minneapolis Federal Reserve president Neel Kashkari recently echoed those beliefs.Yet if a new Federal Reserve proposal goes through, Wells Fargo and other large banks might get even bigger and riskier, adding billions to their balance sheets that could increase the banks’ risk profiles.The Federal Reserve says the proposal, which specifies the amount and kind of debt that systemically important large banks must hold, could help make sure that those banks can be wound...
  • Big banks are fleeing the mortgage market

    02/13/2016 6:17:35 AM PST · by Lorianne · 19 replies
    Market Watch ^ | 12 February 2016 | Andrea Riquier
    When it comes to residential mortgages, big banks are waving the white flag. Banks originated 74% of all mortgages in 2007, but their share fell to 52% in 2014, the most recent data available from the Mortgage Bankers Association. And it could go even lower. But even at these levels, the big bank backtrack is reshaping a lending landscape that’s already undergone seismic shifts since the housing bubble burst. While there’s widespread agreement that banks should have been reined in — and perhaps punished — after playing a major role in the housing bubble that helped tank the economy, the...
  • Forget oil stocks. Banks are killing your portfolio

    02/05/2016 6:15:44 AM PST · by Citizen Zed · 4 replies
    cnn ^ | 2-5-2016 | Ivana Kottasova
    Shares in some of the world's biggest banks are plunging. Financial stocks in the S&P 500 are down more than 11% so far this year. That's worse than oil, energy stocks, and even the emerging markets index. European banks have fallen even further. Deutsche Bank (DB) has lost 31% so far this year, Unicredit (UNCFF) is down 35%, and Credit Suisse (CSGKF) is 30% down. Barclays (BCLYF), BNP Paribas (BNPQF), Societe General (SCGLF), and UBS (UBS) have all lost about 20% since the beginning of 2016. Bank earnings have generally been disappointing. Credit Suisse shares hit a 24-year low after...
  • Too Big to Fail: The Sequel?

    01/19/2016 4:12:14 PM PST · by Kaslin · 2 replies
    Townhall.com ^ | January 19, 2016 | Cal Thomas
    Movie sequels are rarely as good as the original films on which they're based. The same dictum, it appears, holds for finance. The 2008 housing market collapse was bad enough, but it appears now that we're on the verge of experiencing it all again. And the financial sequel, working from a similar script as its original version, could prove to be just as devastating to the American taxpayer. The Federal National Mortgage Association (commonly referred to as Fannie Mae) plans a mortgage loan reboot, which could produce the same insane and predictable results as when the mortgage agency loaned so...
  • Hank Greenberg Distances Himself From Bush PAC Donation (+ Fox News gets new $4M ad buy from RTR)

    01/08/2016 8:01:56 AM PST · by jimbo123 · 8 replies
    Fox Business ^ | 1/7/16 | Charlie Gasparino
    Billionaire businessman Maurice "Hank" Greenberg backed away from an alleged $10 million contribution he was said to have made to a PAC affiliated with the presidential campaign of former Florida Governor Jeb Bush.
  • Federal Reserve will pay banks $12 billion in 2016

    12/24/2015 10:30:21 AM PST · by Toddsterpatriot · 15 replies
    Yahoo! Finance ^ | Dec 24, 2015 | Jared Blikre
    In 2016, the Federal Reserve will pay at least $12.2 billion to U.S. and foreign banks to keep the money created via its quantitative easing programs out of the economy. If the Fed raises rates as expected next year, the amount nearly doubles to $23.1 billion. From 2008 to 2015, the Fed purchased over $4 trillion worth of bonds to stimulate growth in the economy. Risk markets responded, as is demonstrated by the close correlation between the S&P 500 and growth of the Fed's balance sheet through its bond purchases.
  • Former Citigroup CEO: Big banks don't work

    11/12/2015 8:47:30 AM PST · by RoosterRedux · 23 replies
    money.cnn.com ^ | Heather Long
    In an op-ed published in the Financial Times, John Reed says large banks like the one he used to run are now "inherently unstable and unworkable." The man who was one of the chief architects of the "Big Bank" model now says says the United States never should have repealed the Glass-Steagall banking act in 1999. That's exactly what Democratic presidential hopefuls Bernie Sanders and Martin O'Malley have been arguing on the campaign trail. They want the law reinstated. Hillary Clinton and the Republican candidates do not. As CEO of Citi from 1984 to 2000, Reed was one of the...
  • Cruz in Debate: Let Big Banks Fail

    11/10/2015 10:38:19 PM PST · by Isara · 47 replies
    Texas Tribune ^ | Nov. 10, 2015 | Abby Livingston
    Presidential candidate and U.S. Sen. Ted Cruz at the fourth GOP debate in Milwaukee, Wisconsin on November 10, 2015. MILWAUKEE — A rare debate flub by U.S. Sen. Ted Cruz Tuesday night sparked a boomlet of social media jokes about Texas presidential candidates, but the White House hopeful's most notable moment came when discussing how he would handle a banking crisis as the country's chief executive. Asked toward the end of the fourth GOP presidential debate about the banking crisis of 2008, and the notion of the government treating some banks as "too big to fail," Cruz said he would...
  • 'Too big to fail' banks need $1.2 trillion

    11/09/2015 10:21:49 AM PST · by PAR35 · 47 replies
    CNN ^ | November 9, 2015 | Matt Egan
    Big banks better start looking under the couch cushions. They need to come up with $1.2 trillion to fortify themselves from the next financial meltdown. Global financial regulators Monday issued new rules that are designed to prevent a failing big bank from dragging down the entire financial system. That's what happened in 2008 when Lehman Brothers imploded, sparking the worst financial crisis since the Great Depression. ... Wells Fargo (WFC) and JPMorgan are the U.S. banks most vulnerable to the new G20 rules, Morningstar's Baker said. He estimates Wells Fargo may need to raise up to $30 billion, while JPMorgan...
  • Deutsche Bank Forecasts a Loss of Nearly $7 Billion, Taking an Array of Charges

    10/08/2015 10:29:17 AM PDT · by Lorianne · 7 replies
    New York Times ^ | 07 October 2015 | Peter Eavis
    Deutsche Bank, the giant German bank that has a big presence on Wall Street and is facing much regulatory scrutiny in the United States, on Wednesday warned that it expects to post a hefty loss in the third quarter. The bank, Germany’s largest, forecast a net loss of 6.2 billion euros, or nearly $7 billion, for the quarter. It comes just months into the tenure of Deutsche Bank’s new co-chief executive, John Cryan, who is trying to overhaul the institution. Along with the scandal and upheaval at Volkswagen, Deutsche’s struggles point to some of the weaknesses of Germany’s corporate culture....
  • It’s ending purposeless, perpetual, global warfare, stupid

    12/27/2014 8:29:24 PM PST · by Tolerance Sucks Rocks · 36 replies
    The Washington Times ^ | December 26, 2014 | Bruce Fein
    “It’s ending purposeless, perpetual, global warfare, stupid.” Republican presidential contenders for 2016 should embrace that campaign theme to demolish the ultra-hawkish Hillary Clinton and her Napoleonic complex. Bill Clinton’s 1992 campaign theme, “It’s the economy, stupid,” is obsolete. Presidential strategists sermonize that voters are instinctively concerned more about jobs, mortgages, and health care than about national security policy. True enough. But that is because presidential aspirants have failed to discern and to explain the direct connection between, on the one hand, purposeless, perpetual, global warfare and the projection of military force everywhere that has created an exorbitant, inefficient, and corrupt...
  • Regulators Explain ‘Too Big to Fail’ Decision on MetLife

    12/26/2014 3:19:06 PM PST · by Lorianne · 24 replies
    NYT ^ | 19 December 2014 | Mary Williams Walsh
    A panel of regulators said on Friday that MetLife required heightened scrutiny by the Federal Reserve because of its size, leverage and interconnectedness with other financial institutions. “Material financial distress at MetLife could have significant adverse effects on a broad range of financial firms and financial markets,” the Financial Stability Oversight Council said in a 31-page statement explaining why it had voted 9 to 1 on Thursday to designate MetLife a “systemically important financial institution,” or SIFI. In such a situation, the market disruption could be severe enough “to inflict significant damage on the economy,” the council found. The council,...
  • “Too Big To Fail” Banks Are Now Bigger Than Ever Before

    11/03/2014 8:04:40 AM PST · by Citizen Zed · 12 replies
    ETF Daily News blog courtesy of Michael Snyder Economic Collapse blog ^ | November 2nd, 2014 | courtesy of Michael Snyder Economic Collapse blog
    At this point, the five largest banks account for 42 percent of all loans in the United States, and the six largest banks account for 67 percent of all assets in our financial system. The bets that I am most concerned about are known as “derivatives“.  In essence, they are bets about what will or will not happen in the future.  The big banks use very sophisticated algorithms that are supposed to help them be on the winning side of these bets the vast majority of the time, but these algorithms are not perfect.  The reason these algorithms are not perfect is because they...
  • GM Could Make Huge Payments to Crash Victims [Feinberg, Obama Czar, Involved]

    06/30/2014 7:15:08 AM PDT · by SoFloFreeper · 7 replies
    ABC "News" ^ | 6/30/14
    ...The decision on how much to pay claimants is being made by compensation expert Kenneth Feinberg. GM says the faulty switches are responsible for at least 54 crashes and more than 13 deaths.....
  • GOP’s Obamacare fears come true: A national enrollment system under Obamacare.

    06/01/2014 11:52:25 AM PDT · by SeekAndFind · 35 replies
    Politico ^ | 06/01/2014 | By KYLE CHENEY and JENNIFER HABERKORN
    Liberals wanted a national enrollment system under Obamacare. They might just get it. Right now, 36 states rely on HealthCare.gov, the federal exchange, to enroll people in health coverage. At least two more states are opting in next year, with a few others likely to follow. Only two states are trying to get out. That’s precisely the opposite of the Affordable Care Act’s original intent: 50 exchanges run by 50 states. The federal option was supposed to be a limited and temporary fallback. But a shift to a bigger, more permanent Washington-controlled system is instead underway — without preparation, funding...
  • Federal funds earmarked to offset Affordable Care Act insurer losses (Too Big to Fail)

    he 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 companies providing coverage through the Affordable Care Act lose money.. The move was buried in hundreds of pages of new regulations issued late last week. It comes as part of an intensive administration effort to hold down premium increases for next year, a top priority for the White House as the rates will be announced ahead of this fall's congressional elections. Administration officials for months have denied charges by opponents that they plan...
  • It Turns Out That The Smartest People Do Run The US

    05/01/2014 7:17:25 AM PDT · by SeekAndFind · 35 replies
    Business Insider ^ | 05/01/2014 | JONATHAN WAI
    Does IQ correlate with power? How many powerful people in the U.S. are actually geniuses, and how much does intelligence really affect success? In one of my research papers published last year, Investigating America's Elite, I set out to address these questions. I collected data on some key groups that greatly influence society: Fortune 500 CEOs, billionaires, federal judges, Senators, and House members. Individuals were deemed to be in the top 1% of ability if they attended an undergraduate or graduate school that had extremely high average standardized test scores that put the typical person well within the top 1%....
  • Nearly all major US banks pass Fed ‘stress tests’

    03/20/2014 5:48:35 PM PDT · by Olog-hai · 3 replies
    Associated Press ^ | Mar 20, 2014 7:29 PM EDT | Marcy Gordon and Alex Veiga
    More than five years after the financial crisis struck, the biggest U.S. banks are better able to withstand a severe recession than at any time since the meltdown, the Federal Reserve has determined. Results of the Fed’s annual “stress tests” showed Thursday that all but one of 30 top banks passed muster with sufficient capital buffers to keep them lending through an economic crisis. Only Zions Bancorp fell short. The results showed continued improvement in banks’ financial positions since the 2008 crisis, the Fed said. That built on positive results from last year’s tests. “The industry is stronger and more...
  • FULL DOCUMENTARY: Bankrupt – How Cronyism and Corruption Brought Down Detroit

    01/31/2014 8:55:24 PM PST · by absentee · 14 replies
    The Right Scoop ^ | 1/31/2014 | Caleb Howe
    Detroit was one of America’s great jewels. A center for industry, innovation, ingenuity, and the American can-do spirt. A shining example of the capitalist tide lifting all boats. Today, Detroit rests in shadow. It is a husk, a decaying testament to what can go wrong when government and bad policy intersect with bad business. What happened? Bankrupt is the new documentary that will lead you through the brambles and reveal what went wrong. What’s more, it answers the question of what there is to learn from the story of the rise and fall of America’s auto empire, and what it...
  • Washington & Wall Street: Too Big to Fail and the Detroit Bankruptcy

    12/30/2013 2:49:03 PM PST · by george76 · 9 replies
    Breitbart ^ | 27 Dec 2013 | Christopher Whalen
    the bogey man known as “systemic risk” to gain advantage over the other creditors . ... In order for the OTC casino to work, the derivatives contracts had to be given special priority in bankruptcy. Speculative derivative instruments such as credit default swaps (CDS), which caused the failure and government bailout of American International Group, could never exist in significant size were in not for the safe harbor from bankruptcy for derivatives created by Congress in the 1980s and 1990s. Members of Congress from both parties were paid very well for their treachery. ... The intellectual author of the “systemic...
  • Too Big To Fail Banks Are Taking Over As Number Of U.S. Banks Falls To All-Time Record Low

    12/07/2013 10:37:20 AM PST · by SeekAndFind · 21 replies
    TEC ^ | 12/06/2013 | Michael Snyder
    <p>The too big to fail banks have a larger share of the U.S. banking industry than they have ever had before. So if having banks that were too big to fail was a "problem" back in 2008, what is it today? As you will read about below, the total number of banks in the United States has fallen to a brand new all-time record low and that means that the health of the too big to fail banks is now more critical to our economy than ever. In 1985, there were more than 18,000 banks in the United States. Today, there are only 6,891 left, and that number continues to drop every single year. That means that more than 10,000 U.S. banks have gone out of existence since 1985. Meanwhile, the too big to fail banks just keep on getting even bigger. In fact, the six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger over the past five years. If even one of those banks collapses, it would be absolutely crippling to the U.S. economy. If several of them were to collapse at the same time, it could potentially plunge us into an economic depression unlike anything that this nation has ever seen before.</p>
  • Dodd-Frank: Making it Harder For You to Get a Mortgage

    11/18/2013 6:44:23 AM PST · by Kaslin · 16 replies
    Townhall.com ^ | November 18, 2013 | Rachel Alexander
    The Dodd–Frank Wall Street Reform and Consumer Protection Act, sarcastically known as Dodd-Frankery and Dodd-Frankenstein, was passed into law in response to the financial crisis and recession of 2008. It contains the most drastic changes to financial regulations since the regulatory reform after the Great Depression. Proposed by Obama in 2009 and signed into law in 2010, the Democratic bill was the handiwork of former Financial Services Committee Chairman Barney Frank (D-Mass.) in the House and former Banking Committee Chairman Chris Dodd (D-Conn.) in the Senate. It was supposedly going to stop banks from making loans to risky buyers who...
  • How the Authors of Obamacare Protected Insurance Companies (Bailout details)

    11/13/2013 10:57:00 AM PST · by jimbo123 · 17 replies
    National Journal ^ | 11/10/13 | Sam Baker
    The troubled launch of Health Care.gov has raised plenty of questions about whether young, healthy people will enroll in coverage—and, if they don't, whether insurance companies will have to raise their premiums or give up on Obama- care's new insurance markets altogether. But the law's authors built in a safety net to help guard against that worst-case scenario. In essence, it's an insurance policy for insurance companies. The backstop is an approach known as the "three R's." And health care experts say that, taken together, the three prongs will help insurers not only grapple with the transition to the new...
  • CNN source: If White House has no solution by Friday, Dems may vote for “Keep Your Plan Act”

    11/12/2013 7:01:51 PM PST · by SeekAndFind · 151 replies
    Hotair ^ | 11/12/2013 | AllahPundit
    Amazing stuff via Mediaite. The “Keep Your Plan Act” is Fred Upton’s bill, which Jay Carney spent a few minutes attacking at today’s press briefing because it would make canceled plans available to all consumers, not just the ones who’d been enrolled in those plans before. That would be a disaster for the insurance industry. Healthy people would flee the new, more expensive plans for the resurrected cheaper ones, leaving no one in the new risk pool except sick people with very expensive treatments. That means either heavy losses for insurers, steep premium hikes next year to make up the...
  • Is it too late now for “Keep Your Plan?”

    11/12/2013 7:03:30 PM PST · by SeekAndFind · 20 replies
    Hotair ^ | 11/12/2013 | Mary Katherine Ham
    Either version of the law (Upton’s or Landrieu’s) likely creates an adverse selection problem that will further hurt the insurance industry, which let’s recall, was in bed with the administration on Obamacare because of all the new customers that would be required to buy its product. Obamacare has, with an impressive combination of incompetence and irony, seemingly been optimized to create a death spiral. But is it logistically possible for people to keep their plans? For insurance companies to reinstate them? John McCormack at the Weekly Standard: With millions of Americans losing their health insurance because of Obamacare, bills have...
  • What happens to Insurance Company Revenues now that ObamaCare® has failed?

    11/12/2013 5:19:08 PM PST · by Vendome · 46 replies
    Vanity | 11/12/13 | Vendome
    So I am sitting here contemplating some business decisions and doing my forecasting for 2014. Suddenly it occurs to me the insurance companies must have done the same thing and expected a certain amount of customers and revenue relative to each spend. Bit...here it comes....this forecasts are crap since ObamaCare® website doesn't make it easy to acquire a customer and in fact, it impedes utilization. How are the presidents of these companies going to explain their churn and a funnel that operates more like a sieve ?
  • White House pledges another ObamaCare fix, as Clinton critiques rollout

    11/12/2013 1:26:35 PM PST · by tobyhill · 53 replies
    fox news ^ | 11/12/2013 | fox news
    A blunt critique from Bill Clinton on President Obama's handling of the rocky ObamaCare rollout is prompting the White House to pledge another set of health law fixes -- though in doing so, it could inadvertently build the case for those calling for a delay in the law's implementation. Aside from scrambling to fix the broken HealthCare.gov website, the administration is now trying to deal with the millions of Americans who have received cancellation notices. On Tuesday, White House Press Secretary Jay Carney said the president's team is trying to figure out a way to offer relief to some of...
  • Viable fix for individual market may be non-starter (Let the bailout talks begin...)

    11/12/2013 7:52:30 AM PST · by jimbo123 · 9 replies
    Politico ^ | 11/12/13 | JENNIFER HABERKORN and BRETT NORMAN
    It’s not so easy to repair the White House’s broken promise that millions of consumers would be able to keep their insurance coverage under Obamacare, according to several health and insurance industry experts. President Barack Obama apologized Thursday to the Americans who are losing their coverage despite his pledge and has ordered aides to look into options to try to fix the problem. But there are no obvious solutions that would restore their plans without significantly disrupting the insurance market. -snip- The White House is “just reacting to one broken promise by imposing a much larger and harmful one: our...
  • Walmart is More Valuable than Uncle Sam

    10/01/2013 4:19:36 AM PDT · by Kaslin · 19 replies
    Townhall.com ^ | October 1, 2013 | Michael Schaus
    While all eleven minutes of Obama’s apocalyptic “government shutdown” speech is well within the definition of “disingenuous”, there was one mundane comment that demands attention. The comment was more or less a throwaway line, aimed at illustrating the gravity of a government shutdown. Startling, the President uttered a fact during his 11 minutes of blaming Republicans. The Federal Government is, in fact, the largest employer in America. “The federal government is America's largest employer” Obama reminded the press as he launched into a childish explanation of Keynesian economics. And now, some of those “non-essential” employees might be getting furloughed. (Inexplicably,...
  • Gov’t sells more GM shares, cuts stake to 7 pct.

    09/26/2013 10:49:47 AM PDT · by Olog-hai
    Associated Press ^ | Sep 26, 2013 1:15 PM EDT | Tom Krisher
    The U.S. government is starting another phase of selling off its General Motors stock after cutting its stake in the automaker to just over 7 percent. The Treasury Department says it still owns 101.3 million GM shares. It got 912 million shares, a 60.8 percent stake in the company, in exchange for a $49.5 billion bailout of GM in 2009. So far taxpayers have recovered about $36 billion. That means they’re still around $13.5 billion in the hole. …
  • EU seeks new $68 billion aid fund for banks

    09/26/2013 9:37:27 AM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Sep 26, 2013 12:24 PM EDT | Juergen Baetz
    The European Commission wants to create a new financial backstop for ailing banks from its member countries that do not use the euro currency. The 17 EU countries that use the euro have a €500 billion fund, called the European Stability Mechanism, that they can tap to help rescue troubled banks. But the other 11 members, which include Britain, Poland and Hungary, do not. For those countries, the Commission, the 28-nation EU’s executive arm, is proposing to use an existing €50 billion ($68 billion) fund currently being used as a backstop for countries experiencing a balance-of-payment crisis, Commission spokesman Simon...
  • Bust Up the Banks; ‘Banking Should Be Boring,’ Says Elizabeth Warren

    07/13/2013 1:34:07 PM PDT · by Olog-hai · 39 replies
    Cybercast News Service ^ | July 12, 2013 - 10:23 AM | Susan Jones
    Sen. Elizabeth Warren (D-Mass.), alarmed that big banks are getting bigger, says she has a plan to bust them apart. To prevent another financial crisis, Warren wants to revive portions of the Banking Act of 1933, dubbed Glass-Steagall, a law passed after the Great Depression to separate commercial banking from investment banking. “Banking should be boring,” she told MSNBC’s “Morning Joe” on Friday. … Warren said her effort to pass a 21st century Glass-Steagall Act has the support of Sens. John McCain (R-Ariz.), Maria Cantwell (D-Wash), and Angus King (I-Maine). … Why didn’t the separation of commercial and investment banking...
  • Corzine Off The Crook - No Criminal Charges (Disgraced Former NJ Gov Goes Scott Free on MF Global)

    07/08/2013 9:33:50 AM PDT · by DogByte6RER · 28 replies
    New York Post ^ | July 8, 2013 | KAJA WHITEHOUSE
    Corzine off the crook - No criminal charges It’s official. Jon Corzine will not be cuffed over MF Global’s improper handling of customers’ funds leading up to the commodity brokerage firm’s spectacular collapse in late 2011, The Post has learned. Federal investigators have found no evidence that the disgraced Wall Street titan broke the law. “After 18 months of investigation, the criminal probe into Jon Corzine is now being dropped,” a person with knowledge of the probe told The Post. “There is no evidence of criminal wrongdoing,” this person said. The Justice Department’s decision to drop the case is sure...
  • Archbishop's warning over economic 'depression' (UK-Anglican)

    04/22/2013 10:27:32 PM PDT · by haffast · 11 replies
    BBC ^ | 22 April 2013 Last updated at 19:07 ET | BBC
    It will take "something very, very major" to get the UK out of its economic "depression", the Archbishop of Canterbury has said. A "severe" economic crisis and "a breakdown in confidence" made for "a generational problem", the Most Rev Justin Welby said. "Recapitalising at least one of our major banks" and breaking it up into regional banks could help, he said. He was speaking at a Bible Society-organised event at Westminster. The former oil executive is on Parliament's banking standards commission and his comments come days before the release of gross domestic product figures that are expected to show the...
  • Judge approves $2.43B Bank of America settlement

    04/07/2013 8:25:19 PM PDT · by haffast · 2 replies
    Associated Press ^ | Fri, Apr 5, 2013 | Associated Press
    NEW YORK (AP) — A New York judge has approved Bank of America's $2.43 billion settlement of a class action lawsuit brought by shareholders over the company's acquisition of former competitor Merrill Lynch. A judge for the U.S. District Court for the Southern District of Manhattan approved the settlement Friday. The bank proposed the settlement in late September. The agreement resolves allegations that Bank of America did not disclose the state of its finances or those of Merrill Lynch when it agreed to buy Merrill in September 2008. Judge Kevin Castel said the settlement was "hard fought," but called the...
  • (Too Big To Fail) Indian Tribes Seek Federal Bailout Money for Casinos

    03/27/2013 7:04:21 PM PDT · by DogByte6RER · 18 replies
    The Washington Times ^ | March 27, 2013 | Cheryl K. Chumley
    Indian tribes seek federal bailout money for casinos A native-American tribe struggling to keep its Foxwoods Resort Casino in the red is now turning to the U.S. government for a helping hand. The Associated Press reports that the Mashantucket Pequot Tribal Nation has already received more than $4.5 million in grants from the Department of Health and Human Services and from the Interior Department in the last five years. But now members are facing tough times with its casino — which used to be a billion-dollar empire — and are looking at the government for more grants, AP says. Critics...
  • Nigel Farage: My God, The TRUTH!

    03/20/2013 9:47:09 AM PDT · by Kartographer · 8 replies
    Market-Ticker ^ | 3/20/13 | Karl Denninger
    We are to blame for this because we failed to demand and enforce a stop to this crap of un-margined derivative exposure that is "off book" and unsupervised on a daily basis, unlike positions in the futures and stock markets. I have been calling for "pulling the fuse" on this bomb since I started The Ticker for this very reason. The banks have hundreds of trillions of "gross" exposure in these instruments and while that grossly overstates the actual risk the fact of the matter is that these institutions have not and cannot post margin against these positions as they...
  • Suddenly, Things Are Going “Terribly Wrong” for the Big Banks

    03/18/2013 11:21:46 AM PDT · by Kartographer · 23 replies
    Daily Ticker/Yahoo Finance ^ | 3/18/13 | Aaron Task
    In fact, U.S. stocks might be solidly in the green now if it weren’t for another development that bears watching: Weakness in financials. Monday's slide is also being attributed to Cyprus, which has revived fears of "contagion" emanating from Europe and the related counterparty risk faced by banks. But bank stocks were under pressure before the Cyprus "bail in" hit the headlines. Starting late Thursday, the financials had a really bad weekend when a Senate report found JPMorgan had misled regulators (and investors) in its disclosures surrounding the now infamous London Whale trade.
  • Consumer Comfort Declines, Fed Bank Stress Test Dings JPMorgan, Bank Size Debate Heats Up

    03/15/2013 8:51:16 AM PDT · by whitedog57
    Confounded Interest ^ | 03/15/2013 | Anthony B. Sanders
    While the US Senate takes on Too-Big-To-Fail banks, other economic news hit the wires. First, the University of Michigan Survey of Consumer Confidence Sentiment fell to 71.8 and has not been above 80 last seen in 2007. Industrial production rose 0.7% in February and capacity utilization rose to 79.6%. Not quite 80%, but getting really close. But notice that the peaks of capacity utilization are falling. But the big news today was the Senate hearing on JPMorganChase and its CEO Jamie Dimon. JPMorgan Report Ignites Debate on Bank Size By Dawn Kopecki, Clea Benson and Hugh Son JPMorgan Chase &...
  • Jack Lew and Citigroup: How the Corrupt Rich Get Richer with Cronyism

    03/01/2013 9:29:57 AM PST · by Kaslin · 5 replies
    Townhall.com ^ | March 1, 2013 | Daniel J. Mitchell
    If you’re an amoral person with political connections, it’s possible to make a lot of money. Warren Buffett lined his pockets by making a government-subsidized investment in Goldman Sachs during the financial crisis.The rest of us suffered and he got richer, but the left seems to be okay with that perverse form of redistribution because he supports class-warfare tax hikes. Sort of like buying an indulgence in the Middle Ages.Hey, nice work if you can get it.But Buffett may be an amateur compared to the crony capitalists at Citigroup.The just-confirmed Treasury Secretary Jack Lew was given a huge bonus for...
  • CNBC's Bartiromo Takes (Barney) Frank to Task Over Lack of ’08 Financial Crisis Prosecutions

    02/16/2013 8:27:39 AM PST · by DogByte6RER · 21 replies
    Washington Free Beacon ^ | February 15, 2013 | Washington Free Beacon Staff
    Bartiromo Takes Frank to Task Over Lack of ’08 Financial Crisis Prosecutions • Frank: 'Individuals' should be prosecuted on Wall Street, will not say who Former Massachusetts Congressman Barney Frank (D., Mass.) advocated criminal prosecutions against “individuals” involved in the 2008 financial crisis and the subsequent collapse on Wall Street Friday on CNBC. Maria Bartiromo reacted incredulously to Frank’s refusal to name specific individuals who may have perpetrated criminal wrongdoing, accusing the former Congressman of playing populist politics by making specious allegations against the financial industry. Frank attempted to deflect the criticism by stating as Chair of House Financial Services...
  • The Coming Derivatives Panic That Will Destroy Global Financial Markets

    12/05/2012 9:26:29 AM PST · by blam · 19 replies
    TMO ^ | 12-5-2012 | John Rolls - Michael Snyder
    The Coming Derivatives Panic That Will Destroy Global Financial Markets Stock-Markets / Financial CrashDec 05, 2012 - 04:24 AM By: John Rolls John Rolls Submits, Michael Snyder writes: When financial markets in the United States crash, so does the U.S. economy. Just remember what happened back in 2008. The financial markets crashed, the credit markets froze up, and suddenly the economy went into cardiac arrest. Well, there are very few things that could cause the financial markets to crash harder or farther than a derivatives panic. Sadly, most Americans don't even understand what derivatives are. Unlike stocks and bonds, a...
  • The Fiscal Cliff Is A Mole Hill Compared TAG Program Expiry

    11/12/2012 7:38:32 PM PST · by blam · 24 replies
    TMO ^ | 11-12-2012 | Shah Gilani - Money Morning
    The Fiscal Cliff Is A Mole Hill Compared TAG Program Expiry Stock-Markets / Credit Crisis 2012Nov 12, 2012 - 07:24 AM By: Money Morning Shah Gilani writes: Everyone is afraid of falling off the "fiscal cliff." But there's another dangerous countdown clock about hit to zero. And no one is talking about it, even though it will spell even more financial problems for us all. At midnight on December 31, 2012, the Transaction Account Guarantee (TAG) program will expire. The TAG program was initiated at the height of the credit crisis when depositors were fleeing banks for fear they would...