About Time!
Have you guys been watching the top news headlines on Josh's front page? There's this and this, right at the top of the news feed, and both are making me feel quite good right now.
Just thought I'd point these two stories out, in case y'all are missing them.
Just thought I'd point these two stories out, in case y'all are missing them.
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They are covering both on MSNBC which I have on this morning...cool beans, huh?
Now if we can get Geithner and Summers to support going back to regulating the banks/other financial institutions like we used to...
October 21, 2009 3:26 PM | Reply | Permalink
Why isn't Goldman Sachs on the list???
It's at least some steps in the right direction.
Thanks LisB
October 21, 2009 3:38 PM | Reply | Permalink
Goldman has repaid their TARP funds with interest thus they are not on the list.
October 21, 2009 3:51 PM | Reply | Permalink
Thanks for making that distinction, jsfox. I apologize for not digging further or adding much to my post - not feeling very well so I'm being lazy today.
Seems to me that it would behoove AIG and BofA and the others to repay their TARP funds too, rather than be penalized in this way.
October 21, 2009 4:29 PM | Reply | Permalink
Right. And as far as I can tell, AIG has been making it's payments, plus interest...
As long as we get the money back (with interest) this will have been a good deal for all of us!
Having said that... I'm not sure it's possible for AIG to actually pay it all back as agreed. I'll believe it when I see it.
To the rest of them: Get crackin'!!! Pay us back!
October 21, 2009 4:35 PM | Reply | Permalink
Before we start patting Goldman on the back, they still have to buy back their warrants from the government, which they are trying to do at below market prices (read: trying to rip the government off).
Let's not forget that without any taxpayer money none of these places would even exist, let alone be able to pay their executives millions (which they will end up doing this year, pay cut enforcement or not).
October 21, 2009 6:12 PM | Reply | Permalink
They also sucked tens of billions more off AIG's bailout, and that hasn't, and won't be repaid.
October 22, 2009 10:36 AM | Reply | Permalink
Good points, both of you.
October 21, 2009 3:50 PM | Reply | Permalink
http://www.youtube.com/watch?v=WlBiLNN1NhQ
Our favorite song Sweetheart!!!
October 21, 2009 4:28 PM | Reply | Permalink
LOL! Thanks Dickon - that made me smile.
October 21, 2009 4:34 PM | Reply | Permalink
Poor Lissie. We're not feeling well, either. This article about pairing money honeys and grouchy old men to talk about business in a bad climate is interesting:
http://www.observer.com/2009/media/recession-money-honeys-get-company-grumpy-old-dudes
October 21, 2009 5:18 PM | Reply | Permalink
Ha! So when times are good we like our financial news to come from young, pretty talking heads, and when times are bad, we like to hear it coming out of the mouths of grumpy old men. Mix the two up, and all will be well......right.
October 21, 2009 6:26 PM | Reply | Permalink
Heh.
Feels better, miss you.
xoxoxoxo
October 21, 2009 7:25 PM | Reply | Permalink
Thanks for the link chicken.
October 22, 2009 2:10 AM | Reply | Permalink
The world is incredulous that we, the people, have not managed to rein in our banks. They are furious that our mismanagement has led to a near global economic collapse, and they will be spreading their wealth around much more discreetly to other countries with better regulations. "Trust but verify" is probably the wisest thing Ronald reagan ever uttered. To those who live with the delusion we are now a great nation, please STFU. We have a lot of work to do before we go dancing around in the endzone. Right now, we'r eon our own two and just trying to avoid a safety.
October 22, 2009 12:52 PM | Reply | Permalink
Like I said over at Saladin's blog, these moves piss me off more than anything.
Leaving out Goldman and the Morgans seems like a mistake on the compensation regs front. The really big part of the subsidy these banks have is the full liquidity insurance that the Fed provides. It's worth a lot of money, but the value isn't apparent - like with all insurance - until the emergency arises where you need it. The TARP is actually just a small part of the subsidy, so paying back those funds is just a token gesture letting them proclaim they are off the govt teet. All compensation at ALL banks should be regulated so that it is mainly in stock that vests slowly over 10 years or something like that. This way at least the first to pay when the next crisis hits will be the culprits - as their stock-value falls.
As for targetted TARP funds for small business loans - it makes me want to scream. They are rolling this out at the same time that they are letting the biggest small business lender - CIT - fail! Why not infuse some TARP funds there? Because Goldman has a big derivatives bet that pays out a billion dollars when CIT defaults. And you CAN'T hurt Goldman, can you? Even in the interests of the country...
Fuck 'em!
October 22, 2009 6:44 AM | Reply | Permalink
Until Obama or our regulators fire and then bar future employment in the financial sector for those persons who head the companies responsible for this royal screwup, it won't be enough for me.
The scale of the harm done requires this. I do not want these people operating as the caretakers of our economy. You have to be brain dead or completely corrupt to keep these people. And if I really had my way they'd be pushing up daisies.
October 22, 2009 9:34 AM | Reply | Permalink
Pushing up daisies would be the easy way out. They should get a gazzillion hours of community service, forced to help the people they screwed over with their greed. The more manual the labor, the better.
October 22, 2009 10:01 AM | Reply | Permalink
I like the manual labor idea. They could do with some humility.
October 22, 2009 11:19 AM | Reply | Permalink
And they need to be reminded how every day folks live, as compared to the way they do... Have to sit at the table with an older couple who just discovered they will NOT be retiring next year like they thought...
October 22, 2009 1:58 PM | Reply | Permalink
"About time" is right. When, way back in February, everyone was up in arms about bonuses and pay, why weren't adjustments to TARP made right then?
October 22, 2009 12:00 PM | Reply | Permalink