Here’s a list of toxic assets that blew up….

Wall Street on Parade ^ | April 13 22 | Pam and Russ Martens

[delta7]

The big takeaway from all of this is that despite the crisis in money market funds during the Wall Street crash of 2008, federal regulators appear to have done very little to reform what Wall Street is allowed to stuff into money market funds – which are peddled to investors as safe and liquid. This might explain why the Boston Fed has adopted a mantle of silence about what went on in its MMLF bailout fund and why it has made journalists run an obstacle course to get at the facts.….

[delta7]

This sort of behind the scenes bailouts happened a few months before the 2008 crash. What is concerning is these were money markets, money markets are thought of as “ cash”, 1 share = $1, it seems they are breaking the buck ….1 share = < $1.

[Paladin2]

Headline and links pretty mismatched.,.....

[Repeal The 17th]

Do what now?

[Fido969]

Countrywide showed that Sarbanes-Oxley was just a farce. Lawyers and accountants got rich with the “regulations” but the banks kept running the scams.

And when the house of cards came down, no one had to give back a dime of their fat salaries.

[plain talk]

“money market funds”???

I used to love money market funds when they actually paid something. Now they are hardly worth the trouble.

[Eccl 10:2]

I hate the current misuse/overuse of the phrase “blew up”. It’s so ambiguous. Sometimes it’s good, sometimes it’s bad. Which makes it useless.

[Paladin2]

Now the links work.

A miracle?

Something with my computer and ISP?

[RicocheT]

Folks, that FDIC promise and similar promises from MM funds and the firm you have your stocks & savings in are all that, “promises.” Sort of like that goofy bro-in-law says when he borrows $$ from you.

Keep some physical gold/silver, cask money, ammo, bottled booze, survival food and bottled water at home as bad times are inevitable

[Freest Republican]

We’re bailing out foreign banks yet again.

A little something that I saved fr 2008-
UBS, Switzerland’s largest bank, was the biggest borrower from the Commercial Paper Funding Facility, tapping the program 11 times for $74.5 billion.

Six European banks were among the top 11 companies that saccumulated the most debt overall — a combined $274.1 billion .

Dexia tapped the US government for $53.5 billion. Other European users included Barclays Plc in London at $38.8 billion; Royal Bank of Scotland Group Plc at $38.5 billion; and Paris-based Natixis at $27 billion.

The Fed listed borrowing for Paris-based BNP Paribas at $41.8 billion.

Commerzbank of Germany borrowed $350 million at the Fed’s discount window.

[Rockingham]

All too true. The Bernanke prescription for weathering the financial crisis was to flood the system with liquidity and then clean up the mess later. It worked to prevent a Depression type systemic seize up and general financial collapse, but at the price of bailing out a lot of imprudent investments and covering dishonest practices.

There has to be a better way. My suggestion is to provide most of the liquidity to investors by conducting a series of auctions every few days in which the Fed sets up a pool of cash to buy impaired assets at a discount from major financial institutions, with the details of any deals made public in short order. That would suck the bad debt out of Wall Street portfolios and find and raise the floor under the market pretty quickly.

There should also be a bankruptcy type claw-back provision and summary proceeding as to excessive salaries and other forms of compensation.