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Keyword: toobigtofail

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  • 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The man who was one of the chief architects of the "Big Bank" model now says says the United States never should have repealed the Glass-Steagall banking act in 1999.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, Germanys 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 Banks new co-chief executive, John Cryan, who is trying to overhaul the institution. Along with the scandal and upheaval at Volkswagen, Deutsches struggles point to some of the weaknesses of Germanys corporate culture....
  • Its 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
    Its 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 Clintons 1992 campaign theme, Its 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 for42 percentof all loans in the United States, and the six largest banks account for67 percentof 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.....
  • GOPs 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. Thats precisely the opposite of the Affordable Care Acts 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 Feds 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 years 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 Americas 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. Whats more, it answers the question of what there is to learn from the story of the rise and fall of Americas 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 DoddFrank 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 coverageand, 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
    Its not so easy to repair the White Houses 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 Obamas 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,...
  • Govt 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 theyre 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 EUs 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 MSNBCs 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 didnt 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 Its official. Jon Corzine will not be cuffed over MF Globals improper handling of customers funds leading up to the commodity brokerage firms 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 Departments 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 werent 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 youre an amoral person with political connections, its 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 Franks 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...
  • Peter Schiff-Socialism is the Problem, Capitalism Is The Solution

    07/16/2012 11:19:44 AM PDT · by appeal2 · 4 replies
    The Financial Survival Network ^ | 07/16/2012 | Kerry Lutz
    We caught up with our old friend Peter Schiff at Freedom Fest. While he was on a panel, security was sicked on Doug Casey for smoking a cigar (Cubano of course) while participating on stage. Freedom took a major hit when Doug was forced to extinguish his rich stogie. But as Doug said, he was on someone else's property, so he had to comply with the management's wishes. I want to know who the Buzzkill was that turned him in. Peter made the case for limited government and eliminated socialism in his usual eloquent manner. Too Big To Fail Banks...
  • TBTF Get TBTFer: Top 5 Banks Hold 95.7%, Or $221 Trillion, Of Outstanding Derivatives

    03/26/2012 1:22:10 PM PDT · by SatinDoll · 8 replies · 10+ views
    The Zero Hedge ^ | 03/26/2012 | Tyler Durden
    Every quarter the Office of the Currency Comptroller releases its report on Bank Derivative Activities, and every quarter we find that the Too Big To Fail get Too Bigger To Fail. To wit: in Q4 2011, of the total $230.8 trillion in US outstanding derivatives, the Top 5 banks (JPM, BofA, Morgan Stanley, Goldman and HSBC) accounted for 95.7% of all Derivatives. In some respects this is good news: in Q2, the Top 5 banks held 95.9% of the $250 trillion in derivatives. Unfortunately it is also bad news, because $220 trillion is more than enough for the world to...
  • Gingrich hints he may release details on Freddie Mac payments today

    11/18/2011 10:59:24 AM PST · by Fred · 26 replies
    CBS ^ | 111811 | Walt Cronkite
    Republican presidential candidate Newt Gingrich said Thursday that he's trying to figure out how much money he made from controversial housing giant Freddie Mac and suggested he may release the information as early as Friday. Gingrich's comments, in an interview with Fox News' Greta Van Susteren, represent the latest shift in his campaign's response to a Bloomberg News story earlier this week that said the former House speaker made as much as $1.6 million from Freddie. Initially, the Gingrich campaign promised to release details about the payment, then appeared to back off that pledge. Freddie Mac and its sister quasi-governmental...
  • Gingrich Said to Be Paid $1.6M by Freddie Mac (RINO Alert)

    11/15/2011 9:06:05 PM PST · by rabscuttle385 · 132 replies
    Bloomberg | 2011-11-15 | Clea Benson & Dawn Kopecki
    Link only, per FR posting rules
  • Poll shows Gov. Perry tied for the GOP lead in N.C.

    08/22/2011 10:29:19 AM PDT · by AAABEST · 35 replies
    North Carolina News Network ^ | August 22, 2011 | Josh Zach/David Horn
    (RALEIGH) -- Texas Gov. Rick Perry has been in the Presidential race for barely more than a week, but Tom Jensen with Public Policy Polling said a recent round of polling in North Carolina and Colorado already ranks Perry close to deserving front runner status. "We're already finding Perry tied for the lead in both North Carolina and Colorado and these polls were conducted before he even officially entered the race," said Jensen. In North Carolina Perry is in a three way tie with Mitt Romney and Sarah Palin. Each getting 17-percent. Perry also led a poll conducted in Virginia...
  • Wall Street Secretly Borrowed $1.2 Trillion From the Fed

    08/22/2011 7:55:04 AM PDT · by Dubya-M-DeesWent2SyriaStupid! · 13 replies
    nymag.com/daily ^ | Aug 22, 2011 | By: Joe Coscarelli
    The largest and most powerful financial institutions in the world all borrowed billions of dollars in emergency loans from the United States Federal Reserve during the financial crisis, totaling up to $1.2 trillion, a number that has remained secret until now. The $160 billion public bailout was "dwarfed," Bloomberg reports, by the Fed's covert lending, which included $107.3 billion to Morgan Stanley, $99.5 billion to Citigroup, and $91.4 billion to Bank of America. As one expert put it, "Youre talking about the aristocracy of American finance going down the tubes without the federal money."
  • Bank of America's Dead Drop To Rick Perry: "We Will Help You Out"

    08/19/2011 11:46:27 AM PDT · by Fred · 46 replies
    Zero Hedge ^ | 081911 | Tyler Durden
    Should we be surprised, frightened, disgusted or simply say "we knew it", that in the informal mixer just after Texas Governor and Republican presidential candidate Rick Perry spoke at a Politics and Eggs breakfast in Bedford, New Hampshire, an unknown gentlemen approaches a casual Perry like an Ian Flemming character, and proceeds to dead drop the following: "Bank of America... We will help you out"... and silently moves on. At least we know now who is funding what, and whose interests potential future president Perry will be paid to defend.
  • Smart Money: Forget the Market. Buy a House

    08/19/2011 8:01:29 AM PDT · by SeekAndFind · 18 replies
    Smart Money ^ | 08/19/2011 | Jilian Mincer
    With the Dow Jones Industrial Average down more than 400 points today, and many market experts predicting more volatility ahead, some advisers are recommending their clients put some of their cash to another use: To buy that house or summer home at the shore. Getty ImagesPotential homebuyers certainly have plenty of incentives: Home prices are still way down in many parts of the country, and mortgage rates are nearing their all-time lows. Consider: The benchmark 30-year fixed-rate mortgage fell 1 basis point this week, to 4.45 percent just a few basis points above the record low hit in October...
  • Reports: Bank of America to cut 10,000 jobs

    08/19/2011 7:52:47 AM PDT · by AngelesCrestHighway · 26 replies
    Atlanta Journal Constitution ^ | 08/19/11 | Atlanta Journal Constitution
    Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported citing people familiar with the situation. The reports Friday said that the job cuts at the biggest U.S. bank by assets might exceed 10,000 or about 3.5 percent of its current work force. The retrenchments are part of CEO Brian Moynihan's efforts to engineer a recovery at BoA, which was hit hard by the bursting of the housing bubble. Its share price has fallen nearly 50 percent so...
  • Conventional Fed Wisdom, Defied

    08/14/2011 3:49:08 PM PDT · by neverdem · 14 replies
    NY Times ^ | August 13, 2011 | GRETCHEN MORGENSON
    NEWS last week that the Federal Reserve would keep interest rates near zero until mid-2013 was welcomed by many investors, but the bleak message about the economy still came through loud and clear. The Fed has spent several years trying to kick-start the economy with low rates and other policies, with little success. Which raises this question: Will more of the same help now? Among the doubters is Thomas M. Hoenig, the soon-to-be former president of the Federal Reserve Bank of Kansas City. Mr. Hoenig, at the helm of the Kansas City Fed for the last 20 years, has thought...
  • U.S. moves to sell, rent 92,000 foreclosures Administration looks for buyers for U.S.-owned REOs

    08/10/2011 2:13:26 PM PDT · by Fred · 31 replies
    Market Watch ^ | 081011 | Ronald D. Orol
    WASHINGTON (MarketWatch) Struggling to clear its inventory of foreclosed properties, the Obama administration said Wednesday its looking for investor ideas for converting more than 92,000 foreclosed properties owned by the U.S. government into rental units, a sign of the depths to which the U.S. housing market has sunk. Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets and support neighborhood and home-price stability, Treasury Secretary Timothy Geithner said in a statement. The Obama administration is working with the Federal Housing Finance Agency, the regulator for...
  • Marc Faber: "The Best Thing The Fed Could Do For Markets Wold Be To Collectively Resign"

    08/09/2011 9:22:21 PM PDT · by Fred · 3 replies
    Zero Hedge ^ | 080911 | Tyler Durden
    In a Bloomberg TV interview following today's quixotic "QE3/non-QE3 announcement, which is Operation Twist 2, but not LSAP, and ushers in economic recession, even as it sends risk assets soaring, and somehow pushes the 2 Year a whopping 20 bps tighter so buy,buy, buy" and is really very much ado about nothing, the always outspoken Marc Faber had some very choice words about life, the universe and especially the residents of the Marriner Eccles building. While there still appears to be some confusions as to whether today's Fed decision to peg rates at zero for 2 years is QE3 or...
  • Too Big To Fail?: 10 Banks Own 77 Percent Of All U.S. Banking Assets

    07/18/2011 2:47:30 PM PDT · by lbryce · 11 replies
    The Economic Collapse ^ | July 18, 2011 | Staff
    Back during the financial crisis of 2008, the American people were told that the largest banks in the United States were "too big to fail" and that was why it was necessary for the federal government to step in and bail them out. The idea was that if several of our biggest banks collapsed at the same time the financial system would not be strong enough to keep things going and economic activity all across America would simply come to a standstill. Congress was told that if the "too big to fail" banks did not receive bailouts that there would...