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This is in via Reuters:
American International Group Inc is close to a deal with the U.S. government that would ease the terms of its bailout, provide a further equity commitment and help it pay down debt, a person familiar with the matter said on Saturday.
The revision would be the latest sign of how federal regulators [...]
Archive for February, 2009
U.S. government near deal on another AIG bailout
Feb
BofA carrying loans on books for $44 billion above fair value
Feb
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This news comes via Reuters:
Bank of America Corp is carrying loans on its balance sheet marked at more than $44 billion above their fair value, the company said in its annual report filed with U.S. regulators on Friday.
The bank said it ended 2008 with $886.2 billion in loans, but estimated the fair value — or [...]
Banks seized by FDIC in Nevada and Illinois
Feb
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Two more Friday night specials – story via Reuters
U.S. regulators closed Security Savings Bank in Henderson, Nevada, and Heritage Community Bank in Glenwood, Illinois, the Federal Deposit Insurance Corporation said on Friday.
Heritage, which had four offices, had total assets of $232.9 million and total deposits of $218.6 million as of Dec. 5, 2008. It will [...]
General Electric to cut dividend by over 67%
Feb
Now GE has finally cut, but will they be able to maintain their AAA rating?
TALF details suggest Obama doesn’t get it
Feb
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Marshall Auerback here. As Ed lucidly suggested to me by e-mail:
“We see the Fed giving a loan for assets at the price as reported on the institutions’ books. Otherwise, you have to take a write-down just to get the loan. That’s a non-starter. So the Fed is going to take the [...]
My take on the latest Citigroup bailout
Feb
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The big news other than GDP falling off a cliff is the confirmation that the Obama Administration is going to bail out Citigroup for a third time. The market reaction this morning was quite negative, causing index futures to sell off even before the GDP number hit the tape. Citigroup itself dropped as much as [...]
Links: 2009-02-27
Feb
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Eminem’s latest day in court likely to be felt far and wide – NZ Herald (this concerns a lawsuit on how much royalties artists should get fordigital music. Steve Jobs is testifying. It’s a very big deal)
A bruised Warren Buffett to look ahead in letter – Reuters
Darling bids to stop Goodwin’s £693,000-a-year pension – Guardian
Niall Ferguson: [...]
A few words from a reader on TALF mechanics
Feb
In my post TALF: A bailout if one reads the fine print, I did not make any comments about the quality of the assets to be used as collateral or the mechanics of the operation. While much of this information has already been supplied by the Federal Reserve Bank of New York on their website, a comment from reader Brian addresses the most salient points
Jeremy Grantham: “Pull the trigger”
Feb
In a Fortune article about how the market is hitting new lows, Jeremy Grantham predicted we will see a material new low. He’s talking about 600, or mind you, 450 on the S&P 500. Now, that’s low.
Nevertheless, he’s fairly bullish here.
Jamie Galbraith: Stimulus not enough
Feb
James Galbraith, a well-known professor at the University of Texas-Austin has joined Paul Krugman in declaring Barack Obama’s nearly $800 billion stimulus plan too small. Below is a video from the Wall Street Journal explaining why the stimulus is not enough and what needs to be done with the banking plan.
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- “I spent most of my professional life in this building. Watching the politics of the things we did in the past financial crises in Mexico and Asia had a powerful effect on me. The surveys were 9-to-1 against almost everything that helped contain the damage. And I watched exceptionally capable people just get killed in the court of public opinion as they defended those policies on the Hill. This is a necessary part of the office, certainly in financial crises. I think this really says something important about the president, not about me. The test is whether you have people willing to do the things that are deeply unpopular, deeply hard to understand, knowing that they\'re necessary to do and better than the alternatives. We\'ll be judged on how we dealt with the things that were broken in the country. We broke the back of the worst financial panic in three generations, more effectively and at a much lower cost than I think anybody thought was possible.”
-- U.S. Treasury Secretary Tim Geithner, Dec. 2009
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