Posted on 02/10/2012 1:18:20 PM PST by Chunga85
More than a day after the announcement of a mammoth national mortgage servicing settlement, the actual terms of the deal still aren't public. The website created for the national settlement lists the document as "coming soon."
(Excerpt) Read more at americanbanker.com ...
My guess is they are taking a lot of heat from their Leftist base. Some want to see bankers going to Leavenworth. Others wanted the settlement to be $300+ bil.
FYI update
At what point do the people that signed on the dotted line for the mortgage and it’s amount take some responsibility?
What a quaint and obsolete idea..............
Are you talking about (gasp) ,b>personal responsibility? Have you no heart? Are you that evil and racist?
Surely you have developed to the point where you KNOW that personal responsibility is an old 1%'er trick to get the poor indebted for life. Now go in the peace that GAIA has granted you. We shall speak of this "personal responsibility" no more.
If I were a stockholder in any of these banks, which I am not, I would consider this “settlement” a violation of the board’s fiduciary responsibility to the company and stockholders. The banks are probably getting something from this otherwise I cannot see them taking an approximate 5 billion a piece financial hit. I also don’t believe such a suit is tax deductable either.
One of our leftoes just put a sh**load of money into BAC...and I think there was some kind of deal attached.
It was Buffett...and it was 5 billion...
Know anyone that's getting 6%??
Thanks for reminding me that following the law is not a "conservative" principle. I'd like to run the title for a few of you holier than thou folks to illustrate how many documents you "signed" without actually signing them.
Looking at this so superficially is a mistake that our grandchildren won't be able to pay for.
Let me get back in line to something easier to grasp.
Go Red Team! Obama stinks!
Warren Buffett’s stake in Bank of America Corp. increased in value by $154 million after President Obama and the U.S. Justice Department announced a $25 billion foreclosure abuse settlement with the five largest U.S. banks Thursday, records show.
Buffett invested $5 billion in Bank of America (BofA) on Aug. 25, 2011. As part of his investment deal, Buffett gained warrants that allow him to buy 700 million shares of Bank of America stock at a strike price of $7.14 a share. However, on Dec. 19, 2011, it was reported that Buffett was $1.5 billion underwater on his stock warrants, with shares of BofA stock trading at $4.94. But on Thursday, after President Obama personally announced the details of the settlement, BofA stock closed at $8.13 a share. The stock opened Friday morning at $8.31 and reached as high as $8.35 a share.
If Buffett had exercised his warrants Friday morning, he would have made $847 million. $154 million of that profit would have been related to the foreclosure deal.
This is not the first time Buffett has profited from Obama administration policies. In November 2011, it was reported that President Obama’s two-year postponement of the deadline to determine the future of the proposed Keystone XL pipeline would force North Dakota oil producers to rely more heavily on the Burlington Northern Santa Fe Railroad. Buffett’s Berkshire Hathaway Inc. holding company purchased the Burlington Northern Santa Fe Railroad Corp. in a total package worth $44 billion in 2009.
Buffett has personally contributed $5,000 to Obama this election cycle, while Berkshire Hathaway has contributed $30,800 to the Democratic National Committee.
This summer, Obama will accept the Democratic Party’s 2012 presidential nomination with a speech at Bank of America Stadium in Charlotte, N.C.
This entry was posted in Cronyism, Democratic Donors and tagged Bank of America, Berkshire Hathaway, Burlington Northern Santa Fe, Warren Buffett..
http://freebeacon.com/warren-buffetts-net-worth-jumps-154m-thanks-to-mortgage-settlement/
Buffet is a real FLIM FLAM MAN!
FOURTEEN TRILLION DOLLARS Behind The Real Size of the Obama Bailout; A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street
SOURCE motherjones.com
Mon Dec. 21, 2009 12:23 PM PST
The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets.
To get a sense of the size of the real $14 trillion bailout, see our chart at web site. Below, a guide to the pieces of the puzzle:
Treasury Department bailout programs
(Remember that Obama's Treasury Dept was controlled by his then-COS Rahm Emanuel---a G/S lobbyist in the WH)
Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.
Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."
GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---.
LONG READ---go to web site to read more and checkout the shocking financial charts.
SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout
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