lucifer(Unrated) writes: \tLet us just nationalize all of these banks, fire the current upper admin, create reasonable and appropriate lending criteria- and just move on. lucifer | 01.16.09 - 8:27 am | #
Sounds too much like responsibility. That's not in the TARP playbook.
I am concerned that unless we have an orderly and workable mass bank nationalization within 3 months, people may not trust banks for a generation. It has happened before..
I'm thinking Popeye's going to be mixing champagne with his Beefeaters tonight.
j marston | 01.16.09 - 8:30 am | #
Of course, yesterday we were down 200 and rallied. Could be very easy to dump stocks at the close, if you didn't want to tbe left holding the bag over a long weekend.
From WSJ: "The search is under way to find a leader for Citi Holdings"
There must be a line of people applying for this job - there is no downside, guaranteed bonus, unlimited credit line with the government, no need to grow the business. All you have to do is to look like an important banker. What's not to like?
Obviously the US government is not representing the will of the people. Though I'm willing to give some benefit of the doubt to the next administration, the facts are shaping up - based on proposed appointments - that more of the same is to be expected.
I have to spread this from FT Alphaville around....
Selected excepts from Ken Lewis (Banker of the Year) on the Bank of America/Merrill Lynch conference call, September 15th, 2008.
Enjoy!
we could have rolled the dice and possibly could have got it at a cheaper price. We thought the long-term benefits were so overwhelming, it was such a strategic opportunity that we elected not to roll the dice and to go ahead and do it at this time.
More quotes from the Banker Of The Year Ken Lewis ( NO JOKE)!
They are all garbage and fiction.. all Level 3 assets have been tortured beyond any correlation with reality.
//crispy&cole writes:
If MER's level 3 was garbage (we all said that at the time) then what makes it different from MS or GS? NOTHING!
crispy&cole | Homepage | 01.16.09 - 8:50 am | #//
According to Ken Lewis, Bank of America's chief executive, Bank of America realized soon after its merger deal with Merrill Lynch in mid-September that Merrill's losses were accelerating beyond expectations.
Gee, whokoodanode? I mean it wasn't like Merrill was in trouble, or anything, right???
Obviously the US government is not representing the will of the people.
When you add all the people on the government teat to all the people who aspire to be on the government teat... it becomes obvious that the US government is representing the will of the people.
Wally,
in answer to your post, the LATimes has edit. comment.....
"there has been substantial activity by the Bush administration over the last several weeks to implant ("burrow") various Bush partisans into crucial agencies and to institute policies that, as everyone knows, will be opposed by the Obama administration. Whether or not the level of this activity is higher than what prior outgoing administrations have done, it seems clear that the intent is to close off policy avenues for Barack Obama and even sabotage the next president's ability to govern by ensuring that high-level, powerful agency officials will be ideologically and politically loyal to the outgoing president rather than the new one."
To continue from the same article and to provide a link for those who want to read the whole thing...
"The most serious examples of burrowing were the ones to which Obama consented. He has chosen as his vice president and secretary of State Democratic senators who voted for the Iraq war when it was popular but were slow to turn against it when it became unpopular. His Treasury secretary-designate is difficult to distinguish from Henry M. Paulson Jr., and he is retaining Robert M. Gates as secretary of Defense. I don't have a problem with the Gates retention, but if the bloom is off the "change" rose, I think these staffing choices have more to do with that than any sinecures the outgoing president secured for Bush administration alumni."
Re: Citigroup, once the champion of the "financial supermarket" model, is splitting into two operating units in what is known as a "good bank/bad bank" strategy. Critics of the bank, who argue it had become too big and complex to manage, have demanded a break-up for some time.
Why didn't this get split into maybe 8 parts or just fragment into lots of tiny bits or just vanish?
this fricken myth that a company is "to big to fail" is getting tired....hey if two people were drowning and one weighed 160 pounds and the either weighed 260 pounds....who would you save????
Bofa is to big to save, we cannot save everyone and ourselves too!
But Citi used to like the consolidation idea so much..
AND YOU CAN TAKE THE MARKET ON THAT!
Eric, you have made me so cynical.
Let us just nationalize all of these banks, fire the current upper admin, create reasonable and appropriate lending criteria- and just move on.
Eric, you have made me so cynical.
Comrade Byzantine_Ruins | Homepage | 01.16.09 - 8:26 am | #
Oh, just wait.... in eight minutes CPI comes out, and they'll REALLY FUCKING TAKE THE MARKET ON THAT
people.. why are we still keeping dead people on life support.. the corpses are stinking!!
lucifer(Unrated) writes:
\tLet us just nationalize all of these banks, fire the current upper admin, create reasonable and appropriate lending criteria- and just move on.
lucifer | 01.16.09 - 8:27 am | #
Sounds too much like responsibility. That's not in the TARP playbook.
people.. why are we still keeping dead people on life support.. the corpses are stinking!!
lucifer | 01.16.09 - 8:29 am | #
Because Paulson hasn't finished rifling through the pockets for loose change yet.
Live richly and never sleep
Is this one of the last 3 grenades?
I am concerned that unless we have an orderly and workable mass bank nationalization within 3 months, people may not trust banks for a generation. It has happened before..
"Oh, just wait...."
I'm thinking Popeye's going to be mixing champagne with his Beefeaters tonight.
Not that I'm envious, or anything...
Once the mass psychology moves in a "depression" mode it will be very hard to come out of this ditch..
I'm thinking Popeye's going to be mixing champagne with his Beefeaters tonight.
j marston | 01.16.09 - 8:30 am | #
Of course, yesterday we were down 200 and rallied. Could be very easy to dump stocks at the close, if you didn't want to tbe left holding the bag over a long weekend.
What happens when the TARP runs out?
One things is sure.. this episode in human history is going to change us in ways we still do not fully appreciate.
CPI is -0.7, -0.9 expected.
DEFLATION = -0.7%
What happens when the TARP runs out?
dashingdwl | 01.16.09 - 8:34 am | #
TARP2.
So the real deflation is probably worser
CPI not horrible - ex fuel and food it was flat MoM
A negative CPI (however small) is terrible news for central bankers.
Negative cpi print...fed balance sheet blowing thru 3T...should be the last time we see that in our lifetimes...
A negative CPI (however small) is terrible news for central bankers.
lucifer | 01.16.09 - 8:39 am | #
TAKE THE MARKET ON THAT!
a negative cpi print I mean...
From WSJ: "The search is under way to find a leader for Citi Holdings"
There must be a line of people applying for this job - there is no downside, guaranteed bonus, unlimited credit line with the government, no need to grow the business. All you have to do is to look like an important banker. What's not to like?
A negative CPI (however small) is terrible news for central bankers.
lucifer | 01.16.09 - 8:39 am | #
Madoff was confused he thought he was a central banker and he could just plug numbers in a spreadsheet and call it money too
Madoff's fund may not have made a single trade
| Reuters
Eric,
I remember one poster who once said that even if a comet was going to hit the earth in 48 hours, the market would go up!
@MrM-
Thanks for the tip. I'm ordering a redo on my glamour shots...
I think I am uniquely qualified to lead the dammed.
//From WSJ: "The search is under way to find a leader for Citi Holdings"//
Even I have more integrity than your average bankster.
The images "walking" in the Pulte ad below the post kinda look like ghosts...or some other aberration.
What do we have to do to get rid of these people?
Obviously the US government is not representing the will of the people. Though I'm willing to give some benefit of the doubt to the next administration, the facts are shaping up - based on proposed appointments - that more of the same is to be expected.
So what does it take?
Didn't Ken Lewis say the divy was safe 60 days ago???
Moin from Germany,
I have to spread this from FT Alphaville around....
Selected excepts from Ken Lewis (Banker of the Year) on the Bank of America/Merrill Lynch conference call, September 15th, 2008.
Enjoy!
we could have rolled the dice and possibly could have got it at a cheaper price. We thought the long-term benefits were so overwhelming, it was such a strategic opportunity that we elected not to roll the dice and to go ahead and do it at this time.
More quotes from the Banker Of The Year Ken Lewis ( NO JOKE)!
FT Alphaville » Blog Archive » “We’re good at this”
Hi. This is the Federal Reserve calling. The price of paper and ink declined this month. We'd like to buy all of it.
You should know better.. banksters have less credibility than almost everyone
//crispy&cole writes:
Didn't Ken Lewis say the divy was safe 60 days ago???
crispy&cole | Homepage | 01.16.09 - 8:46 am | #//
dashingdwl writes:
What happens when the TARP runs out?
dashingdwl | 01.16.09 - 8:34 am | #
TARP II, The sequel!
If MER's level 3 was garbage (we all said that at the time) then what makes it different from MS or GS? NOTHING!
They are all garbage and fiction.. all Level 3 assets have been tortured beyond any correlation with reality.
//crispy&cole writes:
If MER's level 3 was garbage (we all said that at the time) then what makes it different from MS or GS? NOTHING!
crispy&cole | Homepage | 01.16.09 - 8:50 am | #//
Expect JPM and WFC to be next in the "limelight"
According to Ken Lewis, Bank of America's chief executive, Bank of America realized soon after its merger deal with Merrill Lynch in mid-September that Merrill's losses were accelerating beyond expectations.
Gee, whokoodanode? I mean it wasn't like Merrill was in trouble, or anything, right???
Obviously the US government is not representing the will of the people.
When you add all the people on the government teat to all the people who aspire to be on the government teat... it becomes obvious that the US government is representing the will of the people.
Obviously you are in the minority.
Got peak civilization?
Wally,
in answer to your post, the LATimes has edit. comment.....
"there has been substantial activity by the Bush administration over the last several weeks to implant ("burrow") various Bush partisans into crucial agencies and to institute policies that, as everyone knows, will be opposed by the Obama administration. Whether or not the level of this activity is higher than what prior outgoing administrations have done, it seems clear that the intent is to close off policy avenues for Barack Obama and even sabotage the next president's ability to govern by ensuring that high-level, powerful agency officials will be ideologically and politically loyal to the outgoing president rather than the new one."
Too big to fail, too shit to buy
fried | 01.16.09 - 10:21 am |
To continue from the same article and to provide a link for those who want to read the whole thing...
"The most serious examples of burrowing were the ones to which Obama consented. He has chosen as his vice president and secretary of State Democratic senators who voted for the Iraq war when it was popular but were slow to turn against it when it became unpopular. His Treasury secretary-designate is difficult to distinguish from Henry M. Paulson Jr., and he is retaining Robert M. Gates as secretary of Defense. I don't have a problem with the Gates retention, but if the bloom is off the "change" rose, I think these staffing choices have more to do with that than any sinecures the outgoing president secured for Bush administration alumni."
Is Bush tying Obama's hands? -- latimes.com
Re: Citigroup, once the champion of the "financial supermarket" model, is splitting into two operating units in what is known as a "good bank/bad bank" strategy. Critics of the bank, who argue it had become too big and complex to manage, have demanded a break-up for some time.
this fricken myth that a company is "to big to fail" is getting tired....hey if two people were drowning and one weighed 160 pounds and the either weighed 260 pounds....who would you save????
Bofa is to big to save, we cannot save everyone and ourselves too!