In an attempt to rid itself of assets from failed banks, the Federal Deposit Insurance Corp. (FDIC) is looking to tap into the securitization market with three new guaranteed deals totaling $4 billion
Tag: financial crisis
Failing Big Banks? Euthanize ‘Em! | Mother Jones
It’s a plan Volcker has been pushing since he emerged on the financial-reform scene in the past year or so, and Obama so far seems to be support some kind of bank wind-down process. “You get very aggressive traders, and they’re out there,” Volcker said. “Millions of dollars are at stake, and personal bonuses, so they have a real incentive to take risks, which is fine, if you’re not being protected by the government.”
Buyable Spacecrafts – The NASA Space Shuttles can now be Purchased Privately (GALLERY)
Best Places to Launch a Small Business 2009 – Lending Hot Spots – FORTUNE Small Business
The link below has
data on banks that have made loans through the SBA’s 7(a) small business loan program in the 2009 fiscal year.
John Thain Makes Bold Promise He Most Likely Can’t Keep | Dealbreaker
This is poetic justice.
John Thain (not in photo) is the former CEO of Merrill Lynch who famously spent millions of dollars redecorating his offices while the firm went down in flames. At left is the office he has sworn not to alter at his new job at CIT Group.
For a man who spent $87,000 on a rug and $1,000 a yard for drapes, this is perfect.
The cardboard cutout in the photo will presumably be removed.
Sweet.
Find Out Where Your Money Goes! | An Occasional Series
I hear nonstop bitching from Democrats and Republicans and Independents about where all the bailout (or stimulus) money is going. This is one of those times in life where the more educated about reality you are, the better.
Click here to be taken to a map that shows which banks received TARP money. This is from the government website http://www.financialstability.gov. At whim or random, we will keep putting information from this site out because it’s important stuff. But really, you should become familiar with it so you at least know what the facts are (or ‘facts’ are, depending 0n your political affiliation).
You know how to tell when a politician is lying, right?
Euro Area Headed for Break-Up, SocGen’s Edwards Says (Update2) – BusinessWeek
More fallout from the Greece situation:
Tommaso Padoa-Schioppa, a former European Central Bank executive board member and Italian finance minister, said today there was no possibility of a partition of the euro-zone.
“I don’t think there is any prospect for such an event and I don’t think it makes much sense to talk about it,” he said in an interview on Bloomberg Television.
Hackers Steal $50,000. Bank Says ‘Tough Luck’ | CBS MoneyWatch.com
Another reason to love BofA:
The bank recognized that the transfers were improbable, but didn’t stop them. A bank official called Bao to report “unusual activity” on his account, but refused to tell him what it was because Huang was the company’s only “authorized agent” and she was on a business trip in Hong Kong
Europe Risks Another Global Depression | The Baseline Scenario
You may or may not be aware, but Greece is on the edge of a complete economic collapse. The problem is that the more prosperous European Union countries don’t want to ride to the rescue of their unfortunate neighbors:
But the Europeans are not being careful – and it’s not just about Greece any more. Worries about government debt and associated public sector liabilities (e.g., because banking systems are in deep trouble) have spread through the eurozone to Spain and Portugal. Ireland and Italy are next up for hostile reconsideration by the markets, and the UK may not be far behind.
Mortgage bankers group sells D.C. offices to Bethesda company | Washington Post
This is irony.
The Mortgage B
ankers Association moved into the building in 2008 just as the real estate market was crashing, and ended up paying millions of dollars more when interest rates rose. Moreover, the leasing market slowed considerably and the association had trouble getting other tenants into the 168,000-square-foot building.
Dispatches From The Front 