New York Fed’s Hand in A.I.G. Payout

The Federal Reserve Bank of New York was behind the decision last fall to pay off Goldman Sachs and other banks at 100 cents on the dollar for toxic collateralized debt obligations they had with the American International Group, Bloomberg News reported, a move that may have cost American taxpayers at least $13 billion. When A.I.G. was teetering on the edge of collapse last year, Elias Haayeb, chief financial officer of A.I.G.’s financial products unit, tried to persuade the bank counterparties

SEIU stews in Chicago

The SIEU has descended en masse (Do they descend any other way?) on Chicago this week to protest the ABA (American Bankers Association). . . and Wall Street . . .and bailouts..and big banks. You get the idea. While it’s easy to blame a group that sounds guilty, like the American Bankers Association, it’s another thing entirely to be right. Perhaps the SEIU is just hoping no one will notice that the vast majority of the banks in the ABA (literally hundreds) are small banks–not the kind

Posts about George Soros as of October 25, 2009

What is the criteria for the Economic Stimulus package? - planning-financial.com 10/25/2009 I’ve heard single-filing tax payers will get 0, I’ve heard they will get 0.. which one is it? Related Articles Forum : Depriciation – CAclubindia – Interactive Platform for … Forum : Share transfer Committee – CAclubindia – Interactive … George Soros: Taxpayers Resentment of Wall Street’s Leading Banks … Ten Tips for Taxpayers Making Charitable Donations Articles … How [...] George Soros

What is the criteria for the Economic Stimulus package?

I’ve heard single-filing tax payers will get 0, I’ve heard they will get 0.. which one is it? Related Articles Forum : Depriciation – CAclubindia – Interactive Platform for … Forum : Share transfer Committee – CAclubindia – Interactive … George Soros: Taxpayers Resentment of Wall Street's Leading Banks … Ten Tips for Taxpayers Making Charitable Donations Articles … How [...]

George Soros: Taxpayers Resentment of Wall Street’s Leading Banks is ‘Justified’

Billionaire investor George Soros believes U.S. taxpayers’ resentment at some of Wall Street’s leading banks is ‘justified’ because their surging profits were funded by government bailouts, according to an interview published in the Financial Times. “Those earnings are not...

Banks and Commercial Lending Bust

Yesterday, seven more banks were closed – quietly – as the number reached 106 for the year. The Wall Street Journal has an interactive map of bank failures (131) since the beginning of 2008. On a related note, as the commercial real estate bust heats up, Capmark Financial Group, Inc. ( formerly GMAC Commercial Holding Corp .) one of the largest commercial real estate lenders in the U.S., is heading into bankruptcy . Capmark has originated more than $10 billion in commercial real-estat

It’s Not Ridiculous That Wall Street Pays 50% Of Revenue In Bonuses

In another piece on bonuses at bailed-out banks, NYT columnist Joe Nocera lets out a real whopper. The truth is, Wall Street simply pays its people too much money. No other segment of industry pays out 50 percent of its revenue in bonuses, only Wall Street . In no other segment do so many people get rich for doing so little for the broader society. As it happens, Mr. Feinberg made this point, at least inferentially, when he issued his reports on Thursday. What he says is true, and total

Dick Bove Says Housing Market Has Bottomed

The main problem that banks have had to face was the fall in the housing market, and this seems to have bottomed, Rochdale Securities financial strategist Richard Bove told CNBC. “I really believe that the industry has bottomed, that we’re not going to see any further, if you will,...

CFPA Gutted by Democrats

The Consumer Financial Protection Act (CFPA) has been gutted by Democrats. Yesterday, the House Financial Services Committee, approved an amendment to exempt 98% nation’s banks from oversight by a new agency created to protect consumers from abusive or deceptive credit cards, mortgages and other loans . So, small banks and credit unions don't commit fraud or implement deceptive lending practices. Is there a proof or evidence of a correlation between size of a financial institution and its l

Bill Shields Most Banks From Review

Bowing to political pressure from community bankers, the House Financial Services Committee approved an exemption on Thursday for more than 98 percent of the nation’s banks from oversight by a new agency created to protect consumers from abusive or deceptive credit cards, mortgages and other loans, The New York Times’s Stephen Labaton reported.The carve-out in legislation overhauling the regulatory system would prevent the new consumer financial protection agency from conducting annual examinati

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