dcb

Break Up the Big Banks

You need to do way more reading on the current situation before you write.
1) they are paying back tarp because of pay restrictions. that way they can loot again and not have to worry that it will be clawed back
2) the government has designed the system so they can pay it back. great, I'm getting back the money I gave to them via AIG at 100 cents on the dollar. By the way, now that Liddy has done what he needs to do (pay off the banks), get out of oversight, and the money funnel is cut off he has resigned
3)rigging mark to market has added billions to balance sheets
4) rigged stress tests. (citi, you need 30 billion. citi: your wrong we need 5. govt:Ok you need five
5) quant easing and not interest rates allowing even an idiot to make money on the interest spread
6)talf we pay them at no interest to get interest on their toxic crap. We make sure it will be over paid for in the market
the conclusion they are paying back a fraction of what we have given them in order to do harm again and make sure they get paid. we have designed to system so they can pay it back and it makes them look good. give me a break

are you aware ken lewis sent someone to merrill to lower the asset values of their securities than went and demanded more money to go through the deal.

Give me a break, you really need to wake up a bit more as to what is going on around you. stop believeing all the government wants you to. Sheep are led to the slaughter, and our government wants us to be sheep.

As for the tax payer being fully restored. how about putting in my account the interest i am loosing to provide low interest to the banks, pay me for the future inflation we have to generate to pay off the banks. pay me the amount my dollar looses to the euro because of quant easing. when you do that we can start to talk about being restored.

You think you're pissed off. If it was open season on bankers and people knew they wouldn't get thrown in jail you'd be hunted down and the mob would actually get the revenge it deserves.




On May 21 06:27 AM pissedoffbanker wrote:

> Dude, most of the firms rushing to pay back TARP (most, not all)
> were forced to take the money. Just a few actually desperately needed
> it. And oh by the way, they're paying punitive interest rates on
> it, so the taxpayer is indeed profiting from this. And once the TARP
> funds are paid back, the taxpayer has been fully restored! By the
> way, the taxpayer got lots of benefits back when they were playing
> the real estate markets (granted, alongside with the banks), so quit
> trying to blame this ALL on the banks. Everybody should share the
> blame on this one, buddy.

Bank Stress Test: The Cheat Sheet

"The Greatest Boondoggle in History": Banks Buoyed at Taxpayers' Expense
Posted May 08, 2009 04:05pm EDT by Aaron Task in Newsmakers, Recession, Banking
Related: WFC, MS, BAC, C, XLF, ^DJI, ^GSPC
Bank stocks soared Friday, including Wells Fargo and Morgan Stanley, which sold shares a discounts of more than 10% below Thursday's close.

The ability of banks to raise capital is certainly positive but the idea of shares rallying amid the capital raising and dilution is "counterintuitive," Bank of America CEO Ken Lewis said on CNBC this morning.

BofA shares were also rallying even as the government said it needs to raise an industry-leading $33.9 billion. Citigroup stock was also a big winner after the government's curious declaration that it "only" needs to raise $5 billion.

While much of the focus is on the stress tests and banks' efforts to raise cash, the real story is Geithner's Public-Private Investment Program (PPIP), says William Black, an Associate Professor of Economics and Law at the University of Missouri - Kansas City.

The PPIP is the "greatest boondoggle in the history of the world," says Black, a former bank regulator who was counsel to the Federal Home Loan Bank Board during the S&L crisis. As occurred during the S&L era, Black says the PPIP will allow banks to exchange "trash for cash" and turn "real losses into faulty gains."

If the goal of Tim Geithner and other regulators was "to rip off the American taxpayer for the benefit of the least-deserving wealthiest people you can imagine, well - mission accomplished," Black says.