Category: banking

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By David on October 31st, 2008

Someone Is Finally Looking Into Accountability On Wall Street.

Seems someone has some cajones to jump right in and look for some accountability over there on Wall Street. Granted, they have not launched a formal investigation as of yet, but as soon as they realize that the CEO’s of these banks are not going to willingly participate, I am sure a thorough investigation will be started. I even read that some of the bailout money was going to be used to buy banks, and NOT for it’s intended purpose of making loans. These people have zero shame.

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banking
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By David on October 27th, 2008

Lobbying The Bailout Money Is The Biggest Game In Town Now.

Want a piece of the pie? Got a spare hand to use? Stick it out, what are you waiting for?

Insurers, automakers and American subsidiaries of foreign banks all want the Treasury Department to cut them a piece of the largest government rescue in U.S. history.

The Treasury is considering requests from a variety of industries, but has not decided whether to expand the program, officials said Saturday.

Lobbying efforts are intensifying.

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banking
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By David on October 24th, 2008

AIG Has Already Used 3/4 of Its $123 Billion Bailout Loan

Ouch. Does anything more need to be said other than Ouch?

The troubled insurance giant American International Group already has consumed three-quarters of a federal $123 billion rescue loan, a little more than a month after the government stepped in to save the company from bankruptcy.

AIG has borrowed $90.3 billion from the Federal Reserve’s credit line as of yesterday, the bulk of it to pay off bad bets the company made in guaranteeing other firms’ risky mortgage investments. That’s up from roughly $83 billion AIG had borrowed a week ago, and the $68 billion level it reached a week before that. The news comes as the company’s new chief executive warned Wednesday that the government’s financial lifeline may not be enough to keep AIG afloat.

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banking
4
By David on October 21st, 2008

Taxpayers Are Funding $70 Billion In Bonuses For Execs, Too.

Did you know part of that $700 billion bailout plan was for bonuses for these guys? I sure didn’t, and I have not seen it mentioned anywhere in our media, but the Guardian over in the UK seemed to notice:

US congressman Dennis Kucinich has called for an inquiry into remuneration proposals at Wall Street’s top banks, after a Guardian report revealed that six distressed institutions had drawn up pay plans, including substantial discretionary bonuses, worth more than $70bn for the first nine months of the year.

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banking
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By David on October 17th, 2008

AIG Execs Caught Wasting Even More Of Our Money After Bailout.

My Two Dollars reader Chris email me this story last night because he knows how much this kind of crap bothers me! Turns out that the $440K spa trip that the AIG executives took after they took our bailout money wasn’t the only giant “screw-you” that they said to us – they also just took an $86,000 hunting trip:

“This was an annual event for customers of the AIG property casualty insurance companies in the U.K. and Europe, and planned months before the Federal Reserve Bank of New York’s loan to AIG,” company spokesman Peter Tulupman said Wednesday.

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banking
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