Citigroup, Morgan Stanley, Chase, Goldman Sachs, and Bank of America–will pay out $90 billion in bonuses.

Good for You Petey Welch!

Admist reports this week that indicate a handful of the largest firms receiving TARP funds–Citigroup, Morgan Stanley, Chase, Goldman Sachs, and Bank of America–will pay out $90 billion in bonuses.
Petey will introduce legislation that would impose a 50% tax on excessive bonuses at firms that received bailout funds….which I do like as its nice for the money to come back, however are they going to stop the fee increase that is surely going to happen for them to ‘reclaim’ money and show a profit so they can pay bonuses “fair and square”?

The “Wall Street Bonus Tax Act” would apply only to bonuses over $50,000, and would use the tax revenue to support loans to small businesses.
I like it!

He says:
“As most Americans struggle to endure a long and wrenching recession, the same Wall Street bankers who came to the American taxpayer with hat in hand are now preparing to pocket record-breaking bonuses,” said Welch. “Financial firms that received taxpayer assistance must remember that they owe their return to profitability to hardworking Americans.”

You got my vote there Mr Welch! Now lets hop eyou have the attention of Reid, Pelosi and O-man

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Published in: on January 13, 2010 at 9:49 am  Comments (1)  
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SPEND, SPEND, SPEND…Spend our way out of a recession

Well, this should be interesting…

President Barack Obama outlined new multibillion-dollar stimulus and jobs proposals Tuesday, saying the nation must continue to “spend our way out of this recession” until more Americans are back at work.

Okay, so how much extra is this going to cost?

No price tag was given….I guess he has had enough of the broken promises

Obama proposed a package of new spending for highway, bridge and other infrastructure projects, deeper tax breaks for small businesses and tax incentives to encourage people to make their homes more energy efficient.

Published in: on December 9, 2009 at 10:11 am  Leave a Comment  
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$15 Billion more to Fannie Mae = Total of $110Billion, so far for Fannie and Freddie

Happy Holidays everyone…Fannie Mae are getting an extra $15Billion in errr ‘bailout’ money from the taxpayers.

Last week the Treasury Dept said it was going to pump a extra $15Billion into Fannie Mae.

That brings Fannie’s total bailout to $59.9 billion [2]; together with its sibling Freddie Mac, the toll has risen to $110.6 billion

Fannie lost $18.9 billion in the third quarter and $56.8 billion for the year so far. The company offered a couple of explanations for its continued downward spiral. First and foremost is simply the deterioration of the housing market: Fannie owns or guarantees nearly $3 trillion in mortgages, and borrowers continue to default in rising numbers. But Fannie also said its losses stem from its efforts, as an arm of the government, to modify mortgages for struggling borrowers.

Those costs will only go up in the future, since the government’s foreclosure prevention [5] program still hasn’t resulted in many permanent modifications [6]. Fannie expects to lose money through the program in a number of different ways. First, Fannie will take a loss when mortgages are modified to lower amounts. But Fannie will also be responsible for paying incentive fees (mostly to mortgage servicers) for completed modifications.

Fannie and Freddie’s bailout funds don’t come from the $700 billion TARP, but rather via a housing bill passed in July 2008 [8]. (We track both in our bailout database [4].) Treasury Secretary Tim Geithner has said that Fannie and Freddie could get as much as $200 billion each.

DAYUM!!!!

fanniemacbig

Published in: on November 9, 2009 at 8:15 am  Leave a Comment  
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The Obama administration inherited the worst economy since the Great Depression, or the economy turned out to be worse than they thought. Which is it? It can’t be both

Here is a piece by Steve Huntly from the Chicago Sun-Times, that raises all the questions we have today about the love affair that the media and others have with Obama and the thin veil it is hiding behind.

Have you heard the news? President Obama inherited an economic mess from the Bush administration.

You say that’s hardly news? But it’s been the message sounded over and over by the White House. Top Obama adviser David Axelrod said on one of the Sunday news shows, “He walked in the door, we had the worst economy since the Great Depression.” In San Francisco, Obama talked of being “busy with our mop.” White House heavy hitter Rahm Emanuel used the worst-economy-since-the-Depression line on a public TV news show.

Take, for example, all the talk of inheriting the worst economy since the 1930s crisis. That came in response to the news that the federal deficit hit $1.4 trillion.

Yet just a few months ago, the Obama camp was singing a little different tune. It was under criticism for the $787 billion stimulus package it bulldozed through Congress on grounds that massive spending was needed to keep the unemployment rate from breaching 8 percent. When joblessness hit 9.5 percent in June, Vice President Joe Biden said, “We misread how bad the economy was.”

They inherited the worst economy since the Great Depression, or the economy turned out to be worse than they thought. Which is it? It can’t be both

The MSNBC blast against the chamber appears to dovetail with what the Politico newspaper reports is a White House and Democratic effort “to marginalize” the business organization. That echoes the administration assault on the Fox News Channel: It says Fox isn’t a news organization.

The White House trying to dictate who’s a news organization. Democrats out to gut a business group. Obama media allies damning Americans as racist, unpatriotic and treasonous. Is this the America Obama promised when he campaigned to end the cynical and divisive politics of the past?

It raises very good questions and points out some great points and questions the article from CNN asking if the GOP are in trouble, are they, or is it just that so many crazies are getting the “media” spotlight and not the run or the mill normal people that are starting to see more clearly and ask better questions and know when we are getting the run around.

cartoon-gimme-an-o-600

Now, Newspaper bailouts??

Seriously, where is this money tree that the white house seem to have found, because I want one from Santa.

O-man has said he would be happy to look at bills, but as of yet he has not seen one.

O-man said that good journalism is “critical to the health of our democracy,” but expressed concern toward growing tends in reporting — especially on political blogs

You know, the same political blogs that helped him with his presidency run and win and of course the one that are against him

Sigh!

2009-02-15-bailout

Published in: on September 21, 2009 at 8:37 am  Leave a Comment  
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Bank Exec moves into $12 million beach front home, rent free!

This is a juicy story.

So, there was a forclosed home in Malibu which had been surrended to Wells Fargo.

The couple signed the property over to Wells Fargo last spring, and the bank subsequently denied requests to show the house to prospective buyers said a local real estate agent.

Well this is a very small and exclusive gated community and neighbours still look out for each other and was aware of the foreclosue, so they found it very weird that a car was often parked there, since last May

The neighbours then asked the guards who was always at the house and the guard gave them Guyton’s name as they had issued her a parking pass.

They got the number plate off the car and investigated.

It turns out the car was registered to a Cheronda Guyton a Wells Fargo senior vice president responsible for foreclosed commercial properties

CAUGHT!!!!

The nerve of that lady, yet a Genius in a strange way

I vertainly hope that Wells Fargo have paid off any bail out money

robber

Published in: on September 11, 2009 at 12:22 pm  Comments (1)  
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Swiss have the better Economy, U.S comes in second

Switzerland knocked the United States off the position as the world’s most competitive economy.

Why?

The crash of the U.S banking system left it wide open to be exposed to some serious weaknesses

Even though the Swiss Economy dipped into recession last year, too and had to bail out its largest bank UBS. But its economy is holding up better than many peers and most banks are relatively unscathed by the crisis, which drove U.S. banks into bankruptcy.

Anyone know of any jobs in Switzerland?

onedollardg0