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 American Investment Banking on the Ropes - Lehman / Citigroup etc. - the 8.5 trillion Bailout

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PostSubject: Re: American Investment Banking on the Ropes - Lehman / Citigroup etc. - the 8.5 trillion Bailout   Thu Oct 09, 2008 1:38 am

Classic post on p.ie from youngdan

youngdan wrote:
You are gone beyond redemption Droughedasouth.

Let me give it to you straight. Jamie Dimon is president of JP Morgan. Jamie Dimon sits on the board of the NY Federal Reserve. Jamie was about to lose about 100 billion. Jamie looked into the mirror and told himself that he should give Lehman 138 billion so that Lehman could pay off Jamie. Jamie then told Jamie that as soon as Jamie got the cash, that he, Jamie, would reinburse Jamie for the 138 billion that Jamie had lent Lehman to give to Jamie. Jamie agreed with Jamie that this would be a good plan for Jamie. Jamie got 100 billion and then Jamie gave Jamie 138 billion

What is so hard to understand about this

Bloomberg is saying that Ireland might have to fork out 19 billion something or other to the banks .. does that mean even more public jobs will have to be cut and television and dog licences raised to pay Jamie so Jamie can pay himself?
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PostSubject: Re: American Investment Banking on the Ropes - Lehman / Citigroup etc. - the 8.5 trillion Bailout   Thu Oct 09, 2008 2:21 am

Irish Times again says

1. The Government guarantee has made it harder for Government to acquire equity in the banks and has given them a blank cheque signed by us,
2. The banks need a very large cash injection.


http://www.irishtimes.com/newspaper/opinion/2008/1008/1223335466453.html


The Irish Government's blanket guarantee is the most far-reaching, going well beyond what would be needed to make the personal depositor secure and even guaranteeing all existing and future subordinated debt.
Subordinated debt is issued by banks at high interest rates to comply with regulations designed to supplement shareholders' funds in ensuring an adequate cushion to absorb losses.
By including this debt, the guarantee enables an Irish bank - unless it is forbidden to do so by some new regulation - to boost capital at a low cost, given that the risk is being borne by the State.
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PostSubject: Re: American Investment Banking on the Ropes - Lehman / Citigroup etc. - the 8.5 trillion Bailout   Thu Oct 09, 2008 2:44 am

So they'll take the money, head in behind the closed door and tell us that they'll sort it out - the same ones who opened up the sh!tfloodgates on us in the first place? And our politicians voted for this wittingly?

Do we even know what's on the books of the banks? How does J.P.Morgan know and our Government doesn't. It's kinda important that we know how much crap we are wading through.
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PostSubject: Re: American Investment Banking on the Ropes - Lehman / Citigroup etc. - the 8.5 trillion Bailout   Thu Oct 09, 2008 7:07 am

cactus flower wrote:
Irish Times again says

1. The Government guarantee has made it harder for Government to acquire equity in the banks and has given them a blank cheque signed by us,

Sound article.

We have been through this before, but in all probability several Irish Banks need to fail. There is no point guaranteeing or trying to keep afloat a lead weight. So in that sort of context how clever does the guarantee look?
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PostSubject: Re: American Investment Banking on the Ropes - Lehman / Citigroup etc. - the 8.5 trillion Bailout   Thu Oct 09, 2008 4:18 pm

Auditor #9 wrote:
So they'll take the money, head in behind the closed door and tell us that they'll sort it out - the same ones who opened up the sh!tfloodgates on us in the first place? And our politicians voted for this wittingly?

Do we even know what's on the books of the banks? How does J.P.Morgan know and our Government doesn't. It's kinda important that we know how much crap we are wading through.

Its beyond doubt that nobody knows.
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PostSubject: Re: American Investment Banking on the Ropes - Lehman / Citigroup etc. - the 8.5 trillion Bailout   Thu Nov 27, 2008 12:29 pm

This guy is a Harvard Business School graduate and an economic youtuber. He seems to be well respected in that community for his predictions which have got totally dire in the past few weeks/months. Here he is saying that bailing out citigroup is really bailing out some Saudi Prince types, that 7.7 trillion is getting pumped into the American economy by the Fed and that USA Today is reporting food bank shortages in parts of the states.

He is not an Obama supporter but here is talking about the need for managing Change ...


http://www.youtube.com/watch?v=gJVt-mg7Ozs
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PostSubject: Re: American Investment Banking on the Ropes - Lehman / Citigroup etc. - the 8.5 trillion Bailout   Mon Dec 01, 2008 11:11 am



Quote :
The federal government committed an additional $800 billion to two new loan programs on Tuesday, bringing its cumulative commitment to financial rescue initiatives to a staggering $8.5 trillion, according to Bloomberg News.

That sum represents almost 60 percent of the nation's estimated gross domestic product.

Given the unprecedented size and complexity of these programs and the fact that many have never been tried before, it's impossible to predict how much they will cost taxpayers. The final cost won't be known for many years.

The money has been committed to a wide array of programs, including loans and loan guarantees, asset purchases, equity investments in financial companies, tax breaks for banks, help for struggling homeowners and a currency stabilization fund.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/26/MNVN14C8QR.DTL
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PostSubject: Re: American Investment Banking on the Ropes - Lehman / Citigroup etc. - the 8.5 trillion Bailout   Mon Dec 01, 2008 6:28 pm

This is the kind of debt that is usually run up by nations only in times of war.
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PostSubject: Re: American Investment Banking on the Ropes - Lehman / Citigroup etc. - the 8.5 trillion Bailout   Mon Jan 26, 2009 10:04 pm

Citigroup got $45bn a short while ago and they go shopping with it. Weyhey! And why not? There's absolutely tons of cake in America for people to eat ... Exclamation Why don't they just start calling the Food Stamps "Cake Stamps"??


http://www.huffingtonpost.com/2009/01/26/citi-jet-purchase-50-mill_n_160807.html

DEMCAD has other wonderful economic news.
http://ie.youtube.com/watch?v=PqsyTXxyqQg
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