Kevin Lamson

The U.S. Banking System is Effectively Insolvent

There was a time in this country where bank shareholders were responsible to bank creditor/depositors if the bank became insolvent. Sadly now over paid executives and directors can bankrupt a bank and the FDIC is responsible to depositors for deposits up to $100,000. This was done to replace shareholders liability to depositors. Now some politicians are be seduced into plan that involve guaranteeing money market funds and amounts on deposit over $100,000. This is simply outrageous.

Don’t Blame Wall Street - At Least Not Completely

If "Wall Street is Bankrupt" then why are the same executives and directors still running the companies. When companies go bankrupt their management is ousted and replaced by trustees. Whose duty is to operate or liquidate the enterprise for the benefit of its creditors. For soem reason Hank Paulson's 4 page "bailout" plan left his old Wall Street cronies in charge of their respective companies as well as the shareholders keeping their interests intact. I'd like this plan if I held $500 Million in Goldman Sachs shares as Hank Paulson reportedly holds.
I would like to personally like to applaud each and every American who called or emailed their congressman or women and expressed their outrage with Hank Paulson's 700 Billion bailout plan and/or the various ad hoc amendments that were made by Barney Frank and Company. This so-called 700 Billion Bailout did not address the root causes that resulted in our economy taking on water and what is needed to fix those problems.
The only people who were touting this 700 Billion bailout appeared to be Wall Street and its televised shills and of course our always misinformed President, Mr. Bush. Americans have responded to this fear mongering by Wall Street and its friends in the media by saying NO to this bums rush bailout. Now we will see what kind of crazy new claims Wall Street will make for "imediate" releif to socialize its loses on the American taxpayer. Remember a good recession seems to weed out the dead wood. Maybe its time for a wholsale change of who is running Wall Street and this country.

Fearfully Fascinating Financials: Is the U.S. Financial System Leaving the Building?

READ EM AND WEEP AND LET THE CHIPS FALL WHERE THEY MAY!

In my opinion it is high time that these Wall Street executives and their respective firms are exposed for what THEY, not the "shorts", have done to their companies and American finance by playing it fast and loose with the TRUTH. The truth about how much bad debt they flipped into the domestic and international markets and the truth about how much these executives reaped by reporting false profits tied to this mortgage loan flipping scheme. Flooding the markets with phony paper. The American public should be outraged at how our government regulators, politicians and the Bush administration allowed Wall Street to get away with this international fleecing of investors. It is an international embarrassment that America’s bankers ripped off the world in the new "global economy". But, we must now "let the cards read and the chips fall where they may". We need to turn out these crooks, their companies and their disastrous scheme in order in order to regain trust and return international confidence in the American business and banking practices. Not allow them to continue to hold their cards and pretend they have a winning hand or pretend they have chips to cover their losing hand.

Fearfully Fascinating Financials: Is the U.S. Financial System Leaving the Building?

READ EM AND WEEP AND LET THE CHIPS FALL WHERE THEY LAY!

In my opinion it is high time that these Wall Street executives and their respective firms are exposed for what THEY, not the "shorts", have done to their companies and American finance by playing it fast and loose with the TRUTH. The truth about how much bad debt they flipped into the domestic and international markets and the truth about how much there executives reaped by reporting false profits tied to this mortgage loan flipping scheme. Flooding the markets with phony paper. The American public should be outraged at how our government regulators, politicians and the Bush administration allowed Wall Street to get away with this international fleecing of investors. It is an international embarrassment that America’s bankers ripped off the world in the new "global economy". But, we must now "let the cards read and the chips fall where they may". We need to turn out these crooks, their companies and their disastrous scheme in order in order to regain trust and return international confidence in the American business and banking practices. Not allow them to continue to hold their cards and pretend they have a winning hand because they don't have the chips to cover the losing hand they hold.