No big deal because these were due to “big Oil” layoffs. Anyway, the banks would cry about their losses... The monies they lost were not the numbers they loaned.
I figure banks are doing just fine with this bailout. Money they would never reap over 30 years are being pumped back overnight.
I should be in the ink business!
“I figure banks are doing just fine with this bailout.”
Except for Paulson and his New York investment bank crowd, I don’t see any significant American bank execs or orgs. clamoring for something.
But if something comes for them by happenstance, they might as well take it. They have no incentive to say “we don’t need it”, why give up freebies?
The only bankers reaction I’ve seen is when Bush floated the idea that the govt. would take shares in banks, even if they didn’t want govt. ownership, an idea apparently forced on Bush by the Europeans to whom this seemed the way to go rather than Paulson’s ridiculous direct purchases of derivatives.
The Bush Admin is flopping like a landed fish. The banks must wait for the “conclusion” to caluculate their actions.
Also, we must consider that Bush is not getting the best advice from Paulson who is protecting himself, his prior actions, and his subset of friends and cronies in the finance industry. Yesterday or so he made a comment on behalf of China that we should work with them in the future, blah, blah.
Paulson traveled many times to China to hawk Goldman’s derivatives.