http://www.washingtonpost.com/wp-dyn/content/article/2010/05/05/AR2010050505227.html?wprss=rss_business
10 billion more and that's just right now after the FED unloads the rest of the crap it's holding on to Freddie, that 10 billion is going to look like CHUMP CHANGE.
Audit the FED NOW,
Ask yourself does it really make sense for the White House or the Senate to be using every trick in the book to make sure the FED remains unaudited?
No it doesn't, the question is WHY?
What's on the FED's books that they don't want the public to see?
Freddie Mac, the bailed-out mortgage-finance giant, reported Wednesday that it continues to lose money and needs an additional $10.6 billion in assistance from U.S. taxpayers.
The most recent earnings report follows three straight quarters in which the McLean-based company did not need infusions from the Treasury. Still, the firm is struggling to recover from the mortgage-market meltdown; it reported a net loss of $6.7 billion in the first quarter of 2010, compared with a loss of $9.9 billion a year ago.
Freddie Mac is turning to the Treasury again mostly because of a change in accounting. Revised rules that took effect this year require companies such as Freddie to move all mortgages they guarantee -- but don't own -- onto their books. This shift alone caused the company's equity to drop by $11.7 billion, helping to plunge its net worth into the red.
Under the terms of Freddie's September 2008 bailout, taxpayers make up the shortfall in any quarter when the firm's net worth is negative. The accounting change, along with the firm's loss and a $1.3 billion dividend payment to the Treasury, pushed Freddie's net worth to a negative $10.5 billion, down from a positive $4.4 billion last year.
Showing posts with label Bailout. Show all posts
Showing posts with label Bailout. Show all posts
Thursday, May 6, 2010
Saturday, April 24, 2010
GM In Hot Water With FTC Over Misleading "Repaid Bailout" Ad When All Just TARP Shuffle
http://www.zerohedge.com/article/welcome-banana-republic-gm-hot-water-ftc-over-misleading-repaid-bailout-ad-when-all-just-tar
Oh wow I was wondering how that payback was possible....Now I know,...it wasn't
General Motors is running ads on all the major networks this week claiming it has repaid its bailout from the taxpayers "in full." But the claim isn't standing up to scrutiny from lawmakers and government watchdogs who have found that the automaker was able to repay the bailout money only by dipping into a separate pot of bailout funds.
The TV spot may land GM in hot water with the Federal Trade Commission over its truth-in-advertising laws, which prohibit ads that are "likely to mislead consumers."
"We have repaid our government loans in full — with interest — five years ahead of the original schedule," says Ed Whitacre, chairman and CEO of General Motors Company, asking Americans to give the bankrupt company another look.
But a top Senate Republican has accused GM of misleading taxpayers about the loan repayment, saying the struggling auto giant was able to repay a $6.7 billion bailout loan only by using other bailout funds in a special escrow account.
Iowa Sen. Chuck Grassley's charge was backed up by the inspector general for the bailout — also known as the Trouble Asset Relief Program, or TARP. Watchdog Neil Barofsky told Fox News, as well as the Senate Finance Committee, that General Motors used bailout money to pay back the federal government.
"It appears to be nothing more than an elaborate TARP money shuffle," Grassley, the ranking Republican on the Senate Finance Committee, said in a letter Thursday to Treasury Secretary Timothy Geithner.
You Decide: Did GM Try to Pull a PR Fast One?
Oh wow I was wondering how that payback was possible....Now I know,...it wasn't
General Motors is running ads on all the major networks this week claiming it has repaid its bailout from the taxpayers "in full." But the claim isn't standing up to scrutiny from lawmakers and government watchdogs who have found that the automaker was able to repay the bailout money only by dipping into a separate pot of bailout funds.
The TV spot may land GM in hot water with the Federal Trade Commission over its truth-in-advertising laws, which prohibit ads that are "likely to mislead consumers."
"We have repaid our government loans in full — with interest — five years ahead of the original schedule," says Ed Whitacre, chairman and CEO of General Motors Company, asking Americans to give the bankrupt company another look.
But a top Senate Republican has accused GM of misleading taxpayers about the loan repayment, saying the struggling auto giant was able to repay a $6.7 billion bailout loan only by using other bailout funds in a special escrow account.
Iowa Sen. Chuck Grassley's charge was backed up by the inspector general for the bailout — also known as the Trouble Asset Relief Program, or TARP. Watchdog Neil Barofsky told Fox News, as well as the Senate Finance Committee, that General Motors used bailout money to pay back the federal government.
"It appears to be nothing more than an elaborate TARP money shuffle," Grassley, the ranking Republican on the Senate Finance Committee, said in a letter Thursday to Treasury Secretary Timothy Geithner.
You Decide: Did GM Try to Pull a PR Fast One?
Thursday, October 8, 2009
FHA Shortfall Seen at $54 Billion May Lead to Bailout
http://www.bloomberg.com/apps/news?pid=20601087&sid=aOmu318hOZr4
The Federal Housing Administration, which insures mortgages with low down payments, may require a U.S. bailout because of $54 billion more in losses than it can withstand, a former Fannie Mae executive said.
“It appears destined for a taxpayer bailout in the next 24 to 36 months,” consultant Edward Pinto said in testimony prepared for a House committee hearing in Washington today. Pinto was the chief credit officer from 1987 to 1989 for Fannie Mae, the mortgage-finance company that is now government-run.
The Federal Housing Administration, which insures mortgages with low down payments, may require a U.S. bailout because of $54 billion more in losses than it can withstand, a former Fannie Mae executive said.
“It appears destined for a taxpayer bailout in the next 24 to 36 months,” consultant Edward Pinto said in testimony prepared for a House committee hearing in Washington today. Pinto was the chief credit officer from 1987 to 1989 for Fannie Mae, the mortgage-finance company that is now government-run.
Monday, August 10, 2009
I want some more
http://online.wsj.com/article/SB124970470294516541.html
Have you ever seen "Interview with a vampire"? There's a really creepy part where the little girl feeds for the first time that somehow reminds me of the insatiable need for money that the treasury needs to acquire to satisfy it's needs.
U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is "critically important" that they act in the next two months.
This is a rerun of the "Hank Paulson" show, and lets not forget just how much damage that bazooka really did, and just how fast giving them that ammunition did it. a And now.... they want an unspecified amount More.
They are insatiable, just like that little girl and they rely on us "The Taxpayer" to feed them again and again just to keep the world confident that we're not going to stiff them for the bill.
I makes you wonder what happen to our country and just where they have really lead us doesn't it? It looks to me like the "Poor Farm"
Is confidence worth the cost of no future to the taxpayer other than being liable to pay the bills
They are now asking to drain us dry with their unspecified amount and who's going to stop them? You can bet it won't be Congress, who as it would have it, has never turned them away hungry at the door before. They made the mistake of actually inviting them in to feed.
They seem to have no problem with the fact that the reason they are asking to feed again so soon is because the United States really can't pay it's bills or stay on a budget for that matter.
Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors
Ah no amount, but we do have a deadline looming ahead of us.
Tell them no more debt America.
It's time to kill the vampire and watch it burn and put an end to this curse.
We owe it to our kids
Have you ever seen "Interview with a vampire"? There's a really creepy part where the little girl feeds for the first time that somehow reminds me of the insatiable need for money that the treasury needs to acquire to satisfy it's needs.
U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is "critically important" that they act in the next two months.
This is a rerun of the "Hank Paulson" show, and lets not forget just how much damage that bazooka really did, and just how fast giving them that ammunition did it. a And now.... they want an unspecified amount More.
They are insatiable, just like that little girl and they rely on us "The Taxpayer" to feed them again and again just to keep the world confident that we're not going to stiff them for the bill.
I makes you wonder what happen to our country and just where they have really lead us doesn't it? It looks to me like the "Poor Farm"
Is confidence worth the cost of no future to the taxpayer other than being liable to pay the bills
They are now asking to drain us dry with their unspecified amount and who's going to stop them? You can bet it won't be Congress, who as it would have it, has never turned them away hungry at the door before. They made the mistake of actually inviting them in to feed.
They seem to have no problem with the fact that the reason they are asking to feed again so soon is because the United States really can't pay it's bills or stay on a budget for that matter.
Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors
Ah no amount, but we do have a deadline looming ahead of us.
Tell them no more debt America.
It's time to kill the vampire and watch it burn and put an end to this curse.
We owe it to our kids
Thursday, June 4, 2009
Bailout banks hoard oil, eyeing price hikes
Bailout banks hoard oil, eyeing price hikes
--------------------------------------------------------------------------------
http://rawstory.com/08/news/2009/06/...ice-increases/
Nothing like being bitten by the bank you fed
The giant US bank JPMorgan Chase has reportedly hired a newly-built supertanker to store heating oil off the Mediterranean island of Malta. Other companies, including BP and a unit of Citigroup, have also hired ships to store either crude oil or oil products.
According to Bloomberg.com, “Traders were already using smaller tankers to store record volumes of jet fuel and heating oil in Europe as on-shore tanks filled up.”
This latest move comes amid suggestions that recent increases in oil prices may be the result of speculators looking for a new financial bubble, prompting fears that increases in energy costs could stall any hope of an economic recovery.
According to MSNBC, “Even though most analysts say crude is still overpriced, the market has created its own momentum with an enormous amount of money fleeing equity and currency markets. … With so much money flowing into the market, prices are likely to hold close to where
--------------------------------------------------------------------------------
http://rawstory.com/08/news/2009/06/...ice-increases/
Nothing like being bitten by the bank you fed
The giant US bank JPMorgan Chase has reportedly hired a newly-built supertanker to store heating oil off the Mediterranean island of Malta. Other companies, including BP and a unit of Citigroup, have also hired ships to store either crude oil or oil products.
According to Bloomberg.com, “Traders were already using smaller tankers to store record volumes of jet fuel and heating oil in Europe as on-shore tanks filled up.”
This latest move comes amid suggestions that recent increases in oil prices may be the result of speculators looking for a new financial bubble, prompting fears that increases in energy costs could stall any hope of an economic recovery.
According to MSNBC, “Even though most analysts say crude is still overpriced, the market has created its own momentum with an enormous amount of money fleeing equity and currency markets. … With so much money flowing into the market, prices are likely to hold close to where
Thursday, May 7, 2009
Americans Aren't Here to Serve the Banks, They're Here to Serve Us
http://finance.yahoo.com/tech-ticker/article/242629/Elizabeth-Warren-Americans-Aren't-Here-to-Serve-the-Banks-They're-Here-to-Serve-Us?tickers=SKF,XLF,FAS,C,JPM,WFC,GS
Bailout monitor Elizabeth Warren says the U.S. government "shows strong improvement" from the early days of TARP, when $350 billion was "shoveled into financial institutions" with a "no strings attached" and an attitude of "take my money, please."
The chair of the Congressional Oversight Panel was fairly complimentary of Treasury Secretary Tim Geithner, certainly in comparison to his predecessor in three key areas: transparency, accountability and clarity of purpose for various programs.
But "we started in the basement", she says, in terms of both the government's handling of the bailouts and the public's confidence in how taxpayer money was being spent. The Harvard law professor gives the government an “incomplete” for its handling of the bailouts, up from an early failing grade.
"It's better than it was but I'm still wanting more," Warren says, suggesting a fundamental issue remains unresolved: "Is this all about ‘we've got to fix problem at the top [and] boost high-end financial institutions' or about 117 million American households who really are in trouble?"
Bailout monitor Elizabeth Warren says the U.S. government "shows strong improvement" from the early days of TARP, when $350 billion was "shoveled into financial institutions" with a "no strings attached" and an attitude of "take my money, please."
The chair of the Congressional Oversight Panel was fairly complimentary of Treasury Secretary Tim Geithner, certainly in comparison to his predecessor in three key areas: transparency, accountability and clarity of purpose for various programs.
But "we started in the basement", she says, in terms of both the government's handling of the bailouts and the public's confidence in how taxpayer money was being spent. The Harvard law professor gives the government an “incomplete” for its handling of the bailouts, up from an early failing grade.
"It's better than it was but I'm still wanting more," Warren says, suggesting a fundamental issue remains unresolved: "Is this all about ‘we've got to fix problem at the top [and] boost high-end financial institutions' or about 117 million American households who really are in trouble?"
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