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Sherrod Brown, a Democrat, represents Ohio in the U.S. Senate. Two years ago — after the worst financial crisis in more than a half-century — one-third of the Senate proclaimed that “too big to fail” is simply too big. A bipartisan group of 33 senators supported a proposal called the SAFE Banking Act, which I introduced with my former colleague, Ted Kaufman (D-Del.). This act would eliminate the taxpayer support enjoyed by the largest Wall Street banks [...] 1. The Board issues a statement accusing bloggers of spreading both irresponsible and factually incorrect rumours as the bank is sound and has no need of new capital. 2. The Bank issues a statement of confidence in its management. 3. The Bank tries to raise more private capital in spite of it having no need for it. 4. If this does not work the relevant government(s) express(es) complete confidence in the bank and [...] by Rob Wile Freddie Mac CEO Charles Haldeman, Jr. has written a rebuttal to the NPR/ProPublica story that criticized the corporation for making bets that would pay off if homeowners were stuck in onerous mortgages. In an op-ed published in American Banker, Haldeman defended the corporation’s purchase of inverse floater swaps as a hedging strategy that would limit taxpayer exposure to losses: Even though we reduced Freddie Mac’s investment portfolio significantly from $867 billion to $653 billion [...] 1. The Board issues a statement accusing bloggers of spreading both irresponsible and factually incorrect rumours as the bank is sound and has no need of new capital. 2. The Bank issues a statement of confidence in its management. 3. The Bank tries to raise more private capital in spite of it having no need for it. 4. If this does not work the relevant government(s) express(es) complete confidence in [...] ?From FT: Tim Geithner, the US Treasury secretary, issued a blunt warning to Europe’s leaders on Friday to stop bickering with the European Central Bank and take decisive action to tame adebt crisis that has added “catastrophic risk” to financial markets. The sharp rebuke from Mr Geithner came as he made a rare appearance at a meeting of eurozone finance ministers in the Polish city of Wroclaw that [...] From Washington Post: A White House official fretted privately that the Obama administration could suffer serious political damage if it gave additional taxpayer support to the beleaguered solar-panel company Solyndra, according to newly released e-mails. The firm had burned through millions of dollars and in January still tottered near collapse. The official wanted the government’s top budget official to warn Obama’s energy secretary about the risk, [...] via CBS News: (CNSNews.com) – House Budget Committee Chairman Congressman Paul Ryan (R-Wisc.) said President Obama’s budget strategy is to “do nothing, punt, duck, kick the can down the road.” Whereas the House Republicans’ FY2012 budget, said Ryan, saves Medicare and helps the United States avoid a debt crisis. “It all comes down to this: Either you fix this problem now where we, [...] By BINYAMIN APPELBAUM The Treasury Department has spent $135 billion on Fannie and Freddie since they were seized by the government in 2008, to cover their losses on soured mortgage loans. The government is propping up the two companies to make sure that money remains available for mortgage loans. Even under the worst case detailed on Thursday by the housing finance agency, the pace of new [...] by David Tim Geithner bids TARP farewell by debunking five TARP ‘myths’: (1) That TARP cost hundreds of billions (ok). (2) That TARP was a gift for Wall St., not Main St. (hmm…). (3) That TARP was a quick fix (wasn’t it?). (4) That the banking sector is even more vulnerable now to systemic risk (?). (5) That TARP was a Republican ploy to take over the [...] Yet, one year after the fact, nothing has been done about those who drove the economy off the cliff. No one has been prosecuted, no one removed from power, not a thing done to help the real victims here: the average American. The banks are super sized now and even more powerful, gambling with everyone’s future. The structure of our current financial markets doesn’t reflect the critical market principles that [...] |
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