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Keyword: toobigtofail

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  • 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...
  • 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, "You’re 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 it’s 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...
  • Should Everyone Get Bonus For Paying Mortgage On Time?

    07/11/2011 7:52:54 PM PDT · by Fred · 31 replies
    CNBC ^ | Diane olcik
    At what point is moral hazard trumped by corporate survival and the cold hard need to get people to pay their mortgages? The answer is: Now. As home values continue to fall and more borrowers fall into a negative equity position on their home loans, those who stand to lose, banks and investors, are working to keep borrowers current. To date, they have focused on delinquent borrowers, offering loan modifications and foreclosure alternatives, like short sales and deeds in lieu of foreclosure. Last fall, New Jersey-based Loan Value Group launched a new business model, offering lenders and mortgage investors a...
  • Goldman to Embark on Hiring Spree in Singapore

    06/28/2011 1:07:36 AM PDT · by T.L.Sink · 15 replies
    Fox Business News ^ | June 27, 2011
    Goldman Sachs plans major job cuts in the United States while planning a major hiring spree in Singapore. With profits coming under major pressure in the U.S., Goldman appears to be launching possibly the most aggressive effort among big banks to expand overseas where the business climate is more favorable. A major source of trouble for banks and investment firms is the new regulatory environment. Those regulations, found primarily in the Dodd/Frank financial reform bill sponsored by Senator Chris Dodd and his counterpart in the House, Congressman Barney Frank, have forced banks to hold higher capital reserves and also forced...
  • Eight ways to transfer illegal assets overseas

    06/18/2011 11:45:24 AM PDT · by Fred · 8 replies · 1+ views
    China Daily ^ | 061611 | Yan Jie
    BEIJING - Corrupt officials and company executives in China transfer their assets overseas through at least eight channels, according to a report released on Monday by the Anti-Money Laundering Monitoring and Analysis Center set up by the People's Bank of China. Often a combination of legal and illegal channels is used to make cross-border transfers of ill-gotten gains, the report said. The eight main channels are smuggling cash, underground banking services, trade under current accounts, overseas investment, credit cards, offshore financial centers, direct overseas payments and payments to family members or lovers living overseas. However, the exact amount of assets...
  • Street's 'Fat Cats' Won't Be Out in Force at Obama Fundraiser

    06/14/2011 1:23:46 PM PDT · by Fred · 6 replies · 1+ views
    Fox Business Channel ^ | 061411 | Charlie Gasparino
    The chief executives at the big Wall Street banks likely will be noticeably absent from next week's $38,500-a-head dinner/fundraiser for President Obama in New York City, an indication that the heads of the big firms are still hedging their bets before throwing their support to either Republicans or Democrats as the 2012 presidential election approaches, FOX Business has learned. The fundraiser, to be held at Daniel, a swanky upper-East Side eatery that caters mainly to well-to-do New Yorkers, is being hosted mainly by a coterie of private equity and hedge fund executives, many of them long-time Obama supporters. But absent...
  • Fannie, Freddie: Too Big To Fail?

    06/13/2011 7:42:59 PM PDT · by Kaslin · 7 replies
    IBD Editorials ^ | June 13, 2011 | Staff
    Subprime Scandal: Turns out the true cost of bailing out Fannie Mae and Freddie Mac is double what the White House claims. Yet reforming the failed mortgage giants remains in limbo. In a new report delivered to the House Budget Committee, the Congressional Budget Office puts the bailout figure at $317 billion — not the $130 billion claimed by the Obama administration, which has vowed to "reform" Fannie and Freddie. And CBO says costs to taxpayers will continue to rise as the housing market weakens. Why low-ball the bleeding from these quasi-governmental agencies? Because the White House doesn't really want...
  • Mark Mobius Echoes Carl Icahn: "There Is Definitely Going To Be Another Financial Crisis"

    05/30/2011 9:34:15 AM PDT · by george76 · 12 replies
    zh ^ | 05/30/2011 | Tyler Durden
    In an almost verbatim repeat of Carl Icahn's words of caution which we noted yesterday, Templeton's legendary chairman Mark Mobius said that "another financial crisis is inevitable because the causes of the previous one haven’t been resolved" ... at the Foreign Correspondents’ Club of Japan in Tokyo... "There is definitely going to be another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis,” Mobius said at the Foreign Correspondents’ Club of Japan in Tokyo today in response to a question about price swings...nothing in the structure of capital markets has changed,...
  • Too Big to Fail Surprises

    05/19/2011 3:26:02 PM PDT · by MrTim29 · 3 replies
    A Hollywood Republican ^ | 05/19/11 | Tim Ross
    I’ve written several articles skewering HBO for producing political projects destined to air immediately prior to the 2012 election, where the vast majority of the cast and crew are passionate Barack Obama supporters, and where the content is aimed at the Democrat’s two favorite Republican villains… Sarah Palin and Dick Cheney. So, when I sat down to watch HBO’s Too Big to Fail, I prepared myself for the worst. What I didn’t expect was the big surprise awaiting me. Too Big to Fail, which premieres on HBO on May 23, 2011, features a star studded cast recounting the events that...