Fox, meet Henhouse; Henhouse, Fox

Discussion in 'Current Events' started by loosecannon, Oct 18, 2009.

  1. loosecannon
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    loosecannon Senior Member

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    LMAO!

    http://online.wsj.com/article/SB125572123250190601.html

    He's got some credentials and he might be serious but this doesn't look like a serious attempt to regulate Wall Street when you place another former exec from Goldman Sachs in a key enforcement position.

    Only if his name was Walter Whitewash could this sound more like nepotism at it's finest.

    Wall Street will be delighted no doubt.
     
    Last edited: Oct 18, 2009
  2. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    Lol
    +1
     
  3. CryGlennCry
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    CryGlennCry Member

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    The fact that our govt just gave away 3/4 TRILL to the big banks with NO ONE in charge of seeing where it went is all I have to know about the seriousness of this investigation into the failures of Wall St.
     
  4. rdean
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    rdean rddean

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    GAVE AWAY????

    Don't you people get tired of lying? Who "gave away" money?

    US Reaps Profit as Banks Pay Back TARP Funds - Business News Summaries | Newser

    profits from eight banks who’ve paid back the cash have totaled some $4 billion, or 15% annualized. Bailouts like those of AIG, Detroit, Fannie Mae and Freddie Mac could still hit coffers hard—but the profits are a “welcome surprise,” the New York Times notes.

    U.S. Gets TARP Payback From 10 Banks - WSJ.com

    Among the financial firms that returned their TARP money to the government, J.P. Morgan repaid $25 billion, and Goldman and Morgan Stanley paid back $10 billion apiece. U.S. Bancorp repaid $6.6 billion, while Capital One Financial returned $3.6 billion and AmEx gave back $3.4 billion. Bank of New York Mellon Corp., Northern Trust Corp. and State Street Corp. also returned their taxpayer-funded capital Wednesday.

    http://www.thebigmoney.com/articles...mmunity-bank-donates-415-million-tarp-o-meter

    Counting dividend payments on preferred stock held by the treasury and warrant repurchases by banks that have repaid their bailout funds, the total figure is a little more than $8.4 billion.

    Of course, it isn't ALL good news. There are 33 banks to have missed a payment and other troubling issues, but come on. To just say it was a "give-a-way" is just lying. Flat out lying.

    http://seekingalpha.com/article/165582-the-tarp-deadbeats
     
    Last edited: Oct 18, 2009
  5. loosecannon
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    loosecannon Senior Member

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    That is a very incomplete and distorted version of events.

    Of the $60 billion or so distributed under TARP a profit was realized and most of it has been repaid.

    The rest of the funds spent on AIG, Fannie, Freddie, Sally and failing banks like Citigroup and BoA , as well as the automakers and insurance companies may never be recovered at all.

    Not to mention additional funds given at super low interest to the too big to fail banks that they just turned around and invested in new stock, commodity and security bubbles.

    Record profits on Wall street, record bonuses to match and no real relief at all for the myriad un and under employed. Still no universal health plan, and the "stimulus" is still largely being held rather than distributed.
     
  6. CryGlennCry
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    CryGlennCry Member

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    Calm down, RD. I'm on your side.
    I realize it wasn't a "giveaway".
    But it was a POORLY structured loan. You can agree with that, no?
    A loan that could be payed back whenever overseen by no one.
    The money we've gotten back is great.
    Don't get me wrong.
     
  7. rdean
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    rdean rddean

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    I had already edited my post.

    Of course, it isn't ALL good news. There are 33 banks to have missed a payment and other troubling issues, but come on. To just say it was a "give-a-way" is just lying. Flat out lying.

    http://seekingalpha.com/article/1655...tarp-deadbeats

    The point is that it's too early to tell what is going to happen once the smoke clears.

    Republicans keep saying these are "give-a-ways" and throwing money away. Why do they even care? You have insurance company CEOs living in mansions and eating off gold plated silver and plates. And huge tax cuts for the rich. If the banks fail, then no borrowing. No borrowing - no economy.

    I don't understand why they cry about helping the American economy, but insist on throwing money at the super rich?
     
  8. CryGlennCry
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    CryGlennCry Member

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    This has always been a head-scratcher for me too.
     

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