If you have "no place to go," come here!

I thought the FDIC was for protecting my bank deposits, not for lending money to hedge funds to buy toxic assets with

Apparently, Hank Timmy doesn't agree:

[T]he Federal Deposit Insurance Corporation will set up special-purpose investment partnerships and lend about 85 percent of the money that those partnerships will need to buy up troubled assets that banks want to sell.

Read below the fold...
Mandos's picture

Brad DeLong writes the FAQ for the Paulson/Geithner plan

Brad DeLong has a condensed FAQ of the Geithnerist POV on the bailouts. Naturally, to read it as intended, you have to make the first assumption is that it (the bailout) is being done under good faith.

Q: What is the Geithner Plan?

A: The Geithner Plan is a trillion-dollar operation by which the U.S. acts as the world's largest hedge fund investor, committing its money to funds to buy up risky and distressed but probably fundamentally undervalued assets and, as patient capital, holding them either until maturity or until markets recover so that risk discounts are normal and it can sell them off--in either case at an immense profit.

Read below the fold...

As credit froze and the bailouts came, BoA insiders loaned hundreds of millions to each other

So who said lending stopped? Charlotte News & Observer:

Bank of America vaulted into the top 10 banks for insider lending last year with an increase of more than $358 million, much of it coming as credit markets froze and mounting financial calamity threatened the industry's survival.

For at least seven years, the bank's quarterly insider lending never exceeded $300 million and was often less than half that. But by the end of 2008, it had jumped to $624 million.

The dollar gain was the biggest of any bank in the country, a 135 percent hike from a year earlier. The average for all banks with insider loans was 5.7 percent.

Read below the fold...

So much for the "good corporate citizen" concept on card check


Starbucks Corp., Whole Foods Market Inc. and Costco Wholesale Corp. are offering a compromise on union-backed “card-check” legislation [Employee Free Choice Act, EFCA] that U.S. business groups are spending millions of dollars to defeat.

Read below the fold...

Too big to fail is too big

(See "Too Big Has Failed" [PDF], from the Fed's Thomas M. Hoenig). Jeebus, Barney, you're one of the best, and you're serving out this codswallop:

“There’s still a need for a systemic-risk regulator,” Representative Barney Frank, the Massachusetts Democrat who chairs the House Financial Services Committee, said on March 20. “The argument for the Fed alone has lost a lot of political support. I think that’s now got to be re-looked at.”

Read below the fold...

198 Methods of Non-Violent Action

This is a a great list, and especially appropriate for Sundays.

Via Hipparchia, who really should have helped us (and by"us" in this context, I really mean "me") remedy our lack of imagination earlier. This reminds me of Chris Alexander's work on design pattern.

And a way, we could look at what the banksters are doing as 85: "Merchants' "general strike." Read below the fold...

Appalling racism on DU

US Rep. Corrine Brown (D-Fla) is a not always well-spoken Congresswoman. Some racist joker on Youtube took one of her short House floor speeches and jazzed it up with loops and splices. A DU jagoff linked to it, and general hilarity
ensued. (I'd quote some of this shit, but then you'd have to ban me.) Read below the fold...

Sarah's picture

IF you could read any book you wanted NOW, what would you choose?

I think I'll go down to the public library and borrow Gone With The Wind again.

PS -- The Old Farmer's Almanac is NOT a book. It's time-and-tides and phases-of-the-moon and planting advice and (bad) weather forecasts. So no, that doesn't count. If you're going to send me somewhere to read periodicals about gardening, at least let it be Mother Earth News. Read below the fold...

Socialism on the way down

I'm playing the world's smallest violin:

For the bonus class, the work-hard-play-hard mentality was a badge of success. It began with the scrum to get into the best schools, the best grad programs, the best firms and ended with the push to be the best in one's community. Social and professional competition was a way of life.

Money is the one thing that gives this group a sense of solidarity. It's the admission ticket but also the defining factor of their identity. It's hard for someone to feel shame when admitting fault means resigning from their way of life.

Read below the fold...

Dead Palestinian babies and bombed mosques - IDF fashion 2009

A headline from Haaretz that it's hard to improve on.

Beyond disgusting. Read below the fold...

Saturday Night Lo-Fi Geithner Bailout Blogging

Versailles is a sack of pus waiting to burst

So, you think the banksters haven't been looting your pension fund? Think again.

Almost excessively linky goodness. Read below the fold...

Saturday Night Lo-Fi Geithner Bailout Blogging

Call your Congresscritter and say "Show me the loan tapes!"

Until then, not a dime. Atrios.

Make him do it. Read below the fold...


Subscribe to Corrente RSS