$34 BILLION more just for BofA alone! - Mercedes-Benz Forum

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post #1 of 31 (permalink) Old 05-06-2009, 10:52 AM Thread Starter
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$34 BILLION more just for BofA alone!

Ok, so when does it stop?

I thought we were supposed to be doing better and that we stopped the bleeding there McBear.

Good money after bad.

BofA and Citi need capital as stress tests results loom - Yahoo! Finance

Who's John Galt.

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post #2 of 31 (permalink) Old 05-06-2009, 11:11 AM
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When the 0 admins have over 50% of the common stock.
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post #3 of 31 (permalink) Old 05-06-2009, 11:51 AM
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So this is 4% of the TARP money that was already in plan in the second tranche. It was know that the LARGEST institutions would require the most assistance since they had the largest number of points of vulnerability.

The Stress Test provides two discreet yet connected bits of information. First, the health of the institution. Second, IF the institution is viable then how much it needs, if anything to stabilize.

The Stress Test is there to insure that the "good money after bad" issue does not come up. An institution that fails to make it through Gate 1 would not get TARP funds and would, like several have, be shut down.

Read ALL the information on the subject before jumping to conclusions.

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post #4 of 31 (permalink) Old 05-06-2009, 12:10 PM
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What part of TARP TNT and Stu are not understanding?
Ah yeah, I remember, they want that TARP money unaccounted for just like Bush had it set up! So if Obama makes them accountable and he will step in and take over that's now a bad thing? You guys prefer that those fat cat bankers take the money, call the shots and if the money is gone to paper heaven it's all good and no one will own up to any shit.
I prefer to have a stake in those banks as a tax payer for my money than having nothing for it. Am I wrong here?
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post #5 of 31 (permalink) Old 05-06-2009, 12:31 PM Thread Starter
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Originally Posted by drewprof View Post
What part of TARP TNT and Stu are not understanding?
Ah yeah, I remember, they want that TARP money unaccounted for just like Bush had it set up! So if Obama makes them accountable and he will step in and take over that's now a bad thing? You guys prefer that those fat cat bankers take the money, call the shots and if the money is gone to paper heaven it's all good and no one will own up to any shit.
I prefer to have a stake in those banks as a tax payer for my money than having nothing for it. Am I wrong here?
Yes you are wrong here. Why would you want your money in an institution that is failing? Secondly why would you want to be told where you are investing your money? And not for nothing, since when has a government run business done as well as a privately run business, hence not losing your money?

You and I and everyone else has been forced to invest in companies where we know we will not be getting the money back.

How is that a good thing?

Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

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post #6 of 31 (permalink) Old 05-06-2009, 12:42 PM
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Originally Posted by TNTRower View Post
Yes you are wrong here. Why would you want your money in an institution that is failing? Secondly why would you want to be told where you are investing your money? And not for nothing, since when has a government run business done as well as a privately run business, hence not losing your money?

You and I and everyone else has been forced to invest in companies where we know we will not be getting the money back.

How is that a good thing?
Why aren't you complaining about TARP instead? The way it was initially set up that money would have returned nothing to the tax payers should the banks have failed. Should they fail now, any assets sold will be returned to the tax payers. Don't you want this outcome if they fail or do you want the bankers to walk away with the money instead?
Of course should they not fail, with the original TARP the money would have been a simple give away but now as structured they have to pay it back. Is that such a bad thing that we get our money back? Ah yeah, maybe you prefer that it sinks into the bankers pockets just like Bush intended...
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post #7 of 31 (permalink) Old 05-06-2009, 12:42 PM
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Originally Posted by TNTRower View Post
Yes you are wrong here. Why would you want your money in an institution that is failing? Secondly why would you want to be told where you are investing your money? And not for nothing, since when has a government run business done as well as a privately run business, hence not losing your money?

You and I and everyone else has been forced to invest in companies where we know we will not be getting the money back.

How is that a good thing?
Your first assumption is erroneous. BoA is not failing. There is a difference between failing and not fully capitalized for assured success.

Note that several of the banks that got TARP are now showing profits, moving forward after they were able to stabilize. BoA will do the same thing. It is taking longer for some than others. It has only been six months. But again, since we are now grading Paulson's program on the Obama scale, since it has not had 100% success in 100 days, it must be a failure.

Please send someone to staple up posters on telephone poles so others can help you look for your lost common sense. You either dropped it somewhere or someone on the rightwing blogsphere put a worm in your computer and stole it.

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post #8 of 31 (permalink) Old 05-06-2009, 12:48 PM Thread Starter
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Originally Posted by drewprof View Post
Why aren't you complaining about TARP instead? The way it was initially set up that money would have returned nothing to the tax payers should the banks have failed. Should they fail now, any assets sold will be returned to the tax payers. Don't you want this outcome if they fail or do you want the bankers to walk away with the money instead?
Of course should they not fail, with the original TARP the money would have been a simple give away but now as structured they have to pay it back. Is that such a bad thing that we get our money back? Ah yeah, maybe you prefer that it sinks into the bankers pockets just like Bush intended...
I complained about TARP when Bush first brought out the stupid idea!

As for paying it back...why won't the administration allow banks to pay it back now?

Barack Obama Maintains Control Over Banks By Refusing to Accept Repayment of TARP Money - WSJ.com

This was posted a couple of weeks ago here.

Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

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post #9 of 31 (permalink) Old 05-06-2009, 12:51 PM Thread Starter
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Your first assumption is erroneous. BoA is not failing. There is a difference between failing and not fully capitalized for assured success.

Note that several of the banks that got TARP are now showing profits, moving forward after they were able to stabilize. BoA will do the same thing. It is taking longer for some than others. It has only been six months. But again, since we are now grading Paulson's program on the Obama scale, since it has not had 100% success in 100 days, it must be a failure.

Please send someone to staple up posters on telephone poles so others can help you look for your lost common sense. You either dropped it somewhere or someone on the rightwing blogsphere put a worm in your computer and stole it.
Profits? You want to talk about Profits?

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First - and most obvious - the "profits" are made possible only because you and I have stuffed the banks with massive infusions of tax dollars. Indeed, they wouldn't even be standing without our money. I don't mean merely the $700 billion straightforward bailout approved by Congress, but also the nearly $2.5 trillion in such backdoor subsidies as dirt-cheap loans and government guarantees quietly extended by the Federal Reserve and the Treasury Department.

Second, the banks lobbied for and won a regulatory break that lets them pretend that all of those bad housing investments weighing down their books like a load of toxic waste are worth ... well, worth whatever the bankers say they're worth. So - Shazam! - huge losses are wiped clean by banker fantasy.

Then there are special little puffs of smoke used by particular banks. For example, Goldman Sachs (which has us taxpayers on the hook for more than $50 billion in its bailout package) breathlessly announced a dazzling profit of $1.8 billion for the first quarter. The dazzle dimmed, however, when it was learned that Goldman had altered its definition of "quarter," shifting its normal December-to-March quarter ahead one month, thus disappearing December.

That was a month in which the bank lost $1.5 billion, so scrubbing it gave the revised calendar a neat banker buff job.
That was in the Jim Hightower article I posted yesterday. Of which you never did respond to the specific assertions about the profits.

There profits? Pffftt. Read the quoted material.

Who's John Galt.

"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2

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post #10 of 31 (permalink) Old 05-06-2009, 01:43 PM
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Profits? You want to talk about Profits?



That was in the Jim Hightower article I posted yesterday. Of which you never did respond to the specific assertions about the profits.

There profits? Pffftt. Read the quoted material.
PLEASE take a macroeconomics class before you make comments for which you don't know or understand what you are talking about

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