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November 21, 2013
14:43 // 8 months ago
May 24, 2013
motherjones:

If you were wondering why the new House bill on bank bailouts seemed like it was written by Citigroup, it’s because it was literally written by Citigroup.

"Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill."

motherjones:

If you were wondering why the new House bill on bank bailouts seemed like it was written by Citigroup, it’s because it was literally written by Citigroup.

"Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill."

(via afternoonsnoozebutton)

14:51 // 1 year ago
March 26, 2013
Bank Head Resigns: Antreas Artemis, former CEO of Cyprus’ largest bank, stepped down on Tuesday, citing government interference with the Bank of Cyprus as his primary cause of departure. Banks throughout Cyprus remain closed on Tuesday, following a government ordered 48-hour delay of the previously scheduled return to semi-normalcy. Officials in Cyprus are working to verify that recently adjusted systems will function smoothly when banking operations resume, amid fears of a bank run in the recently bailed-out nation. Many in Cyprus have vehemently opposed the bailout plan, which will see steep levies on those who have more than 100 thousand euros in the bank. (Photo via EuroNews)

Bank Head Resigns: Antreas Artemis, former CEO of Cyprus’ largest bank, stepped down on Tuesday, citing government interference with the Bank of Cyprus as his primary cause of departure. Banks throughout Cyprus remain closed on Tuesday, following a government ordered 48-hour delay of the previously scheduled return to semi-normalcy. Officials in Cyprus are working to verify that recently adjusted systems will function smoothly when banking operations resume, amid fears of a bank run in the recently bailed-out nation. Many in Cyprus have vehemently opposed the bailout plan, which will see steep levies on those who have more than 100 thousand euros in the bank. (Photo via EuroNews)

16:04 // 1 year ago
September 9, 2012

For sale: Most of the U.S. government’s bailout investment in AIG

  • $18B being sold off by the U.S. government, which is more than half of the government’s overall stake in the firm and would downgrade them to a minority stake in the company
  • 92% the amount of  the U.S. government’s total $182 billion stake in AIG that has been divested since 2011; the government could soon score a profit on the deal source
23:45 // 1 year ago
February 6, 2012
l am certainly not politically affiliated with Mr. Obama. It was meant to be a message about job growth and the spirit of America. … If Obama or any other politician wants to run with the spirit of that ad, go for it.
Clint Eastwood • Speaking to Bill O’Reilly about the "It’s Halftime in America" Super Bowl ad he did for Chrysler, which has sparked speculation as to whether he intended a specific political endorsement for the ad. He did not. It’s worth noting that, no, he did not support the auto bailouts, and he’s a lifelong Republican who has only voted for one Democrat as far as he can remember: Former California Gov. Gray Davis in 1998. The effective ad, a political fireball reminiscent of Ronald Reagan’s "It’s Morning in America Again" ad from 1984, has drawn scrutiny from some on the right — Karl Rove suggested the Obama administration was using Chrysler to make indirect political ads for them. With Eastwood’s comments, it’s clear things are more complicated than that.
20:18 // 2 years ago
January 24, 2012
Obama says no more bailouts: "So if you’re a big bank or financial institution, you are no longer allowed to make risky bets with your customers’ deposits. You’re required to write out a “living will” that details exactly how you’ll pay the bills if you fail – because the rest of us aren’t bailing you out ever again." But wait … we saw “Inside Job.” 

Obama says no more bailouts: "So if you’re a big bank or financial institution, you are no longer allowed to make risky bets with your customers’ deposits. You’re required to write out a “living will” that details exactly how you’ll pay the bills if you fail – because the rest of us aren’t bailing you out ever again." But wait … we saw “Inside Job.” 

21:54 // 2 years ago

Obama selling point: I saved the auto industry

On the day I took office, our auto industry was on the verge of collapse. Some even said we should let it die. With a million jobs at stake, I refused to let that happen. In exchange for help, we demanded responsibility. We got workers and automakers to settle their differences. We got the industry to retool and restructure. Today, General Motors is back on top as the world’s number one automaker. Chrysler has grown faster in the U.S. than any major car company. Ford is investing billions in U.S. plants and factories. And together, the entire industry added nearly 160,000 jobs. We bet on American workers. We bet on American ingenuity. And tonight, the American auto industry is back.

Was this the right thing for us to do, seeing the success we’ve had? (more here)

21:25 // 2 years ago
November 28, 2011

Bloomberg: Banks scored sneaky profits on emergency loans

  • $13 billion earned by banks via roundabout loans source

» How they worked: These banks took advantage of a set of emergency loans from the Federal Reserve distributed between August 2007 and April 2010. Bloomberg Markets magazine did the math on the numbers and figured out that, by looking at the companies’ net interest margin, you could see how the companies took advantage of the below-market rates they got on the loans to earn a profit. The companies that scored the biggest paydays? Citigroup, which earned $1.8 billion, and Bank of America, which earned $1.5 billion.

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11:28 // 2 years ago
November 3, 2011
20:49 // 2 years ago