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Monetary System
On releasing Citi from TARP and banking by accounting subterfuge
Credit Writedowns has made it clear how little will there is in Washington for substantive reform in financial services. But, let’s be more explicit in this post about what policy makers are doing. I will use the recent…
U.S. forfeiting billions in future taxes to let Citi repay TARP
The Washington Post is reporting that the federal government has quietly decided to exempt Citigroup from a large future tax bill in allowing it to exit the TARP program. This is a backdoor bailout worth billions and is an outrage…
Gasparino: No woodshed for the fat cats, just a lovefest
Max Keiser and Yves Smith pointed me to an article by frequent CNBC contributor Charlie Gasparino on Obama’s fat cats meeting. I love Yves’ feigned surprise. Here are a few excerpts from Gasparino followed by a link to the full article.…
Christmas spirit Wall Street edition
Source Tom Stiglich – Journal Register Newspapers See the Disney version via Scrooge McDuck here. Bah, Humbug.
Obama forgot Samuelson when he told fat cats to start lending
There has been quite a lot of hub-bub today about President Obama’s fat cat remarks and his meeting with bankers exhorting them to lend. Let me tie these events in with a few other themes into a comprehensive picture of what is happening in…
Wells Fargo becomes last of big banks to repay TARP
Wells Fargo has announced it is to repay $25 billion in funds it received from government under the Troubled Asset Relief Program. This makes Wells the last of the big banks to repay its TARP funds. In announcing the decision, the…
Citi to repay $20 billion in bailout money
Citigroup has confirmed it will repay $20 billion of the bailout money it has received from government, becoming the latest big bank to exit the TARP (troubled asset relief program). To prevent capital ratios from dipping, the company will…
News from 1930: Closing of Bank of United States
The closing of the Bank of the United States could be considered the event during the Great Depression that was most akin for the U.S. to the collapse of Lehman Brothers last year. The event occurred on 12 December 1930 – so 79 years…
Bernie Madoff is seen as a ‘godfather’ to fellow inmates
Today is the first anniversary of Bernie Madoff's scam of the century which defrauded investors out of tens of billions. The former fund manager and head of NASDAQ who ran the world's largest ever financial fraud seems to be a hit in prison…
Meredith Whitney: The government is "out of bullets"
I am not sure I buy Meredith Whitney's assertion that the government is “out of bullets” in its quest to prop up the economy. It’s a matter of political will more than anything else. Nevertheless, I do agree with her basic premise in the…