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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on November 10, 2008, 08:03:21 AM
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Fed Defies Transparency Aim in Refusal to Disclose
Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.
"Banks oppose any release of information because it might signal weakness and spur short-selling or a run by depositors, said Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable, a Washington trade group."
http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide
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Go back to sleep America, there is nothing to see here. Go back to sleep. Turn on American Gladiators, the government is in control and you have nothing to worry about.
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Go back to sleep America, there is nothing to see here. Go back to sleep. Turn on American Gladiators, the government is in control and you have nothing to worry about.
;D
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;D
9,500 jobs lost again at DHL. Car makers asking for billions, the AIG bullshit, the Fannie May losses, Circuit City going bankrupt and now this, but the Dow is up this morning. hahaha The world has gone insane. :) :-\
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30 views and not a hint of disdain. Nice. Seems like they know no one gives a shit about this.
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Sure..Obama's fault.
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Sure..Obama's fault.
The country has turned into a bunch of sleeping pussies. They expect one man to change everything while they go about with their heads in the sand.
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"Banks oppose any release of information because it might signal weakness and spur short-selling or a run by depositors, said Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable, a Washington trade group."
http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide
So basically they're saying they're not going to name names to protect the guilty. Nice.
Well I've said my piece on this before--I would've liked to have seen natural selection take its course rather than dumping billions of taxpayer money into a black hole.
I don't think these companies need to be babysat. If they were left to their own devices I'm pretty sure they would've figured out a way to save their own asses. Say they're on a ship and it's sinking and there's no rescuer in sight--what are they going to do? Salvage what they can and start swimming like hell. But say they see a Coast Guard cutter on its way to rescue them, what are they going to do? Stand there with their hands in their pockets and wait to be rescued. Oh, and then enjoy a nice luxury cruise on the taxpayer's dime. Greedy bastards.
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The country has turned into a bunch of sleeping pussies. They expect one man to change everything while they go about with their heads in the sand.
Truth
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pitiful.
everyone would rather talk about the red herring Palin, than stuff like this.
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Isn't this cute... Fannie Mae
fat cats execs took a $6000 golf trip in Texas after being seized by the government.
The only thing those greedy arrogant fvckers "regret" is that their little taxpayer-funded junket was found out and made public.
I work with these financial people every day (my company makes financial software). I don't like the vast majority of them. They're rude, arrogant and obnoxious and this kind of behavior (you can be sure this isn't an isolated incident) does not surprise me in the least.
But hey... on the bright side, our financial ratings software business has gone up since the financial crisis started. :)
Mortgage finance company Fannie Mae acknowledged Tuesday that it spent more than $6,000 on a golf outing after it was seized by the government earlier this year, but said it is halting similar company-sponsored events.
Dallas-Fort Worth area television station KTVT reported Monday night that Fannie paid for 20 golfers, including several company executives, to attend a Sept. 29 golf excursion in Texas. Fannie Mae, which did not dispute the report, described the event as a mortgage industry customer meeting held twice annually.
"We do regret that the activities surrounding the customer meetings in Dallas may be perceived as excessive," company spokesman Brian Faith said in an e-mail message. "We have ceased all similar activities as those associated with this event, and we regret having not done so in this case."
http://www.businessweek.com/ap/financialnews/D948A8100.htm (http://www.businessweek.com/ap/financialnews/D948A8100.htm)
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pitiful.
everyone would rather talk about the red herring Palin, than stuff like this.
What a sad state of affairs. Palin 2012. ::)
The good news is Bloomberg is going through other legal means for the information from what I understand.