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December 1, 2010

This bailout number is easily the biggest we’ll post today

  • $9 trillion in emergency overnight loans made during the crisis source

» Whoa! Did your heart just stop? Ours did too. It actually created a short delay in posting this. *whew* Now that we’ve caught our breath, let us explain. After Bear Stearns went under in early 2008, a special plan was put in place to offer emergency, quickly-paid-back loans to banks during the financial crisis to ensure they continued to run smoothly. All loans required collateral, all were low-interest, and all have already been paid back. The program also ended in May of last year, so no worries about any residual effects. But yeah. Have you ever seen $9 trillion? It would probably require dozens of Scrooge McDuck’s money vaults.

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20:27 // 3 years ago
November 27, 2010
Angry Irish people take to streets to protest tough austerity plan
We’ve seen this song and dance before. First in Greece, then Belgium, then France, then in Britain, but it’s still not any more frustrating to watch – especially in Ireland’s case. The Irish had a solid decade of economic growth, only to see the economy go into freefall and be forced to take upon tons of bailout money in the span of about two years. So that’s why these people are protesting in Dublin today. They’re angry because of the insane cuts they’ll be forced to swallow – the worst of any European nation so far. (Photo by Marcus Swan) source
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We’ve seen this song and dance before. First in Greece, then Belgium, then France, then in Britain, but it’s still not any more frustrating to watch – especially in Ireland’s case. The Irish had a solid decade of economic growth, only to see the economy go into freefall and be forced to take upon tons of bailout money in the span of about two years. So that’s why these people are protesting in Dublin today. They’re angry because of the insane cuts they’ll be forced to swallow – the worst of any European nation so far. (Photo by Marcus Swan) source

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13:10 // 3 years ago
November 21, 2010

Ireland willing to take bailout money … VERY begrudgingly

Hey, yo, Ireland. ShortFormBlog here. We just wanted to commend you for coming to your senses and deciding to take a loan from the European Union. But there’s still a problem – you’re remaining way too timid about accepting help. You guys don’t want to end up like Greece or Iceland, do you? While we don’t know how much you’ll be willing to take (all you’re on the record for is saying €100 billion would be “too much”), but with that crappy housing market and contracting economy of yours, you might be wise to work on improving your economic stability with a bailout, not trying to figure out how little you can get. Again, if you don’t want the bailout money, we’ll take if off your hands. source

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11:27 // 3 years ago
November 18, 2010
I don’t know where the market is going to be a year or two down the road, so I can’t make such a bold statement. Sure, I’m hopeful, and I’m not saying it can’t happen. I think the company is well positioned … so things look good for General Motors.
GM CEO Dan Akerson • Not committing to a full repayment of the taxpayers’ money from the bailout. It sounds like a hedging of the bets, honestly. If he says it now and the stock goes south, he’s on the record offering a promise he can’t keep. For what it’s worth, though, GM’s stock is doing boffo so far in its first day of trading, already up six percent in early-morning trading. source (viafollow)
10:15 // 3 years ago
November 17, 2010

GM’s initial public offering does exactly what everyone expects

  • $20.1
    billion
    the amount raised by GM’s IPO earlier today (which is amazing, and the biggest ever)
  • $4.35
    billion
    the amount in preferred shares the company sold, far above the $4 billion anticipated
  • 33%
    stake
    the amount of GM the government will still own after the IPO, down from 61 percent source
22:45 // 3 years ago
November 14, 2010

Ireland getting peer pressure to take bailouts to ease debt

Anyone know where Ireland can find 15 billion euros by Tuesday? The country of potato bread and U2 (to grossly oversimplify) needs some extra money to allay fears of other, fiscally stronger European countries, such as Germany, as well as to calm local markets, which went haywire on Friday on debt concerns. Ireland denies the need for an immediate bailout (despite a banking system in tatters), but outside sources, such as Barclay’s Capital, suggest that the country could need €80 billion (or $110 billion) in bailouts between 2011 and 2013. German Chancellor Angela Merkel says that political needs (including her own) may be in play. “There may be a conflict here between the interests of the financial world and the interests of politicians,” she said. One source suggests the possibility of an Irish default could hurt her crisis-resolution plans. Meanwhile, Ireland plans to release a budget next month it hopes will ease debt concerns. source

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11:11 // 3 years ago
September 30, 2010

Bailout bonanza: AIG brokers a payback deal with the U.S.

  • 92.1%taxpayers’ upcoming stake in AIG
  • what The U.S. government will receive $62 billion in common shares of AIG stock to replace the $49 billion in preferred shares it currently has floating around.
  • why Because, over time, the government will be able to sell these shares and hopefully make back some of the billions it paid AIG during bailout-o-rama. source
  • » But wait, there’s more: AIG also plans to pay back $20 billion that it received from the Federal Reserve Bank of New York credit facility. An end result of all of this is that taxpayers will see an instant paper profit of $10 billion along with the long-term profits from the sale. Who wants to say “screw all those future generations” and grab a piece?
11:04 // 3 years ago