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Remember The AIG Bailout? It Should Be Called The Goldman Sachs Bailout
20 hours ago ago from MURDER OF LEHMAN BROTHERS
A Wall Street Journal analysis of AIG's trades, which were on pools of mortgage debt, shows that Goldman was a key player in many of them, even the ones involving other banks. Goldman originated or bought protection from AIG on about $33 billion of the $80 billion of U.S. mortgage assets that AIG insured during the housing boom. That is roughly twice as much as Société Générale and Merrill Lynch, the banks with the biggest exposure to ...
Related contentFederal Reserve
6 hours ago ago from Mallbo
Federal Reserve keeps key interest rate near zero Los Angeles Times Reporting from Washington The Federal Reserve said today that it would leave its benchmark interest rate at near zero, where it has been for . Positive Fed Tone Helps Dollar Wall Street Journal The dollar gained, while short-dated Treasurys and stocks were steady after the Federal Reserve left rates near zero and reiterated they . ...
Related contentExcerpts of Time Interview With Person of the Year Ben Bernanke
18 hours ago ago from Alextatic
Thank you Real Time Economics, great summary and excerpts. Excerpts of Time Interview With Person of the Year Ben Bernanke : Time Magazine today named Ben Bernanke as its Person of the Year . Senior Time editors Richard Stengel, John Huey, Michael Duffy, and correspondent Michael Grunwald conducted an extensive interview with the Fed chairman. Read the full interview here. Below are some excerpts on key issues: On the necessity of ...
Related contentTop Secret Musings And Other Economic Insanity
12 hours ago ago from Economy News, Continent Economy
Interesting stories are stacking up again so it"s time for some economic potpourri starting with secret dealings by the Fed. Fed Refuses to Release Bank Lending Data, Insists on Secrecy The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast �a stigma� on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as ...
Related contentThe Gnomes of Canterbury
31 minutes ago ago from Offsetting Behaviour
It's good to be at a place with a good history. I checked around a bit this morning for where the term "The Gnomes of Canterbury" originated. Best I can reckon, it's this Bruce Jesson article from Auckland Metro, August 1986. Jesson first complains that Treasury and the Reserve Bank have taken too strong a hold of the policy process in Wellington (the reforms of the mid-1980s) Cabinet as a whole is overwhelmed by the expertise, volume and ...
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Pat Choate: Why Are the Banks Not Lending More?
8 hours ago ago from Huffington Post
The Treasury Department reports that October was the ninth consecutive month of declining loans by the 22 top recipients of federal bailout funds. Yet, most of these banks are also reporting significant gains in profits. The vital question is: Why are these banks not lending more? The answer is White House politicking and old-fashioned banker greed. The White House realizes that the voting public is furious about the bank bailout. To ...
Related contentBig Decision Looms on Fannie, Freddie
23 hours ago ago from Wall Street Journal
The U.S. Treasury faces a decision by year end on whether to increase its bailout of Fannie Mae and Freddie Mac beyond the $400 billion it has already committed. So far, the companies have taken $112 billion in capital infusions from the government, and most analysts believe they are unlikely to use up the full $400 billion. But some analysts say the Treasury and regulators should take precautions, in case losses run higher than expected. ...
Related contentTreasury Halts Plan to Sell Off Citi Stock
3 hours ago ago from Wall Street Journal
BY DAVID ENRICH The U.S. government abruptly shelved plans to start trimming its 34% stake in Citigroup Inc., after investors demanded a price so low that the Treasury Department would have lost hundreds of millions of dollars on the deal. The embarrassing reversal came two days after the Treasury said it planned to sell as much as $5 billion of stock in the New York company, as part of Citigroup's plan to pay back $20 billion in taxpayer ...
Related contentFed Statement: Interpreting The New Paragraph - MarketBeat - WSJ
7 hours ago ago from Wall Street Journal
By Matt Phillips While the key extended period language was unaltered, there was a sizable addition to the end of the FOMC statement. It's an entire paragraph actually, in which the Fed ticks off the various liquidity programs the central bank expects will expire by the start of February. It's less than riveting reading, but it's important. If you're bored to death just skip to the analysis at the bottom of the post: In light of ongoing ...
Related contentRead the Fed statement
8 hours ago ago from CNN Money
Read the Fed statement December 16, 2009: 2:19 PM ET NEW YORK (CNNMoney.com) -- Information received since the Federal Open Market Committee met in November suggests that economic activity has continued to pick up and that the deterioration in the labor market is abating. The housing sector has shown some signs of improvement over recent months. Household spending appears to be expanding at a moderate rate, though it remains ...
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