Gov. Schwarzenegger Lays Out Priorities in State of the State Address

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Every once in a while, it’s good to see what the press is spinning directly, so you can judge for yourself what’s being said. Attached is The Governator’s State of the State press release for your edification.

For Immediate Release:
Wednesday, January 6, 2010

Gov. Schwarzenegger Lays out Priorities, Urges Continued Bipartisan Teamwork in State of the State Address

Today, Governor Arnold Schwarzenegger delivered his annual State of the State address before a joint session of the California legislature. The Governor reflected on the teamwork that brought California through the worst recession since the Great Depression in 2009 and laid out his vision for California in 2010.
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Geithner’s Fed Told AIG to Limit Swaps Disclosure | Bloomberg.com

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Rat Bastard!

The far enough down the road we get, the clearer people’s motivations become. After all, if your next job depended on it, wouldn’t you help out your future employer?

AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.

“It appears that the New York Fed deliberately pressured AIG to restrict and delay the disclosure of important information,” said Issa, a California Republican. Taxpayers “deserve full and complete disclosure under our nation’s securities laws, not the withholding of politically inconvenient information.”

Emphasis added

Read Article.

Offered again for your consideration:

The Great American Bubble Machine | Rolling Stone

Learn about how Goldman Sachs has participated in inflating five bubbles since the early 20th century, plus, the gas they’re about to pass our way in cap and trade.

Seriously, read this and pass it on.


Additional Funding for SBA Recovery Lending Programs will Support $4.5 Billion in Small Business Lending | SBA

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Agency plans to restart Recovery loan approvals by Dec. 28

WASHINGTON – President Obama signed the U.S. Department of Defense (DOD) appropriations bill on Saturday, which included $125 million to continue through Feb. 28, 2010, the enhancements made possible through the American Recovery and Reinvestment Act (ARRA) to SBA’s two largest loan programs. The SBA estimates the additional funding will support $4.5 billion in small business lending.

New approvals of loans with the higher guarantee and reduced fees made possible by ARRA are expected to begin by Dec. 28.  Loan applications from borrowers who chose to be placed in the SBA’s Recovery Loan Queue will be funded first, followed by new loan approvals beginning on or before Dec. 28.
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Community lenders hit the funding jackpot | CNN – CA Hispanic Chambers of Commerce

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Too bad they hit the jackpot on the nickel slots.

The entire Goldman bonus pool should be donated to small businesses, but that’s just me.

Community Development Financial Institutions (CDFIs) have been a rare small business lending success story this year — and next year, they’ll have more cash.

Continue reading “Community lenders hit the funding jackpot | CNN – CA Hispanic Chambers of Commerce” →

Banks That Bundled Bad Debt Also Bet Against It | NYTimes.com

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Lewis Sachs, left and John Paulson, right

“The simultaneous selling of securities to customers and shorting them because they believed they were going to default is the most cynical use of credit information that I have ever seen,” said Sylvain R. Raynes, an expert in structured finance at R & R Consulting in New York. “When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone else’s house and then committing arson.”

Read on to find out how Goldman Sachs created and sold securities – they thought would lose money – to investors.