Stacy Summary: Obviously, reserve requirements are, shall we say, not exactly written in stone for the TBTFs.
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Stacy Summary: Morning y’all! @Mike/Liverpool, another day closer to the Thing of Beauty.
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Stacy Summary: Sorry we have been a bit quiet this afternoon; we recorded a Keiser Report and an On the Edge and now I am editing! Rather impressive how brazen the big banks are; I suppose we, the people, as they say, should have launched a Constitutional challenge back in October of last year when Hank and George were ‘rescuing’ the banks with the massive wealth transfer?
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Stacy Summary: Good morning, y’all. Here are some headlines I’m reading this morning . . .
“The bailed-out banks are using the injected funds simply to fill their pockets with gold”
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Stacy Summary: Um . . . no duh. And once you introduce these sort of welfare programs, it is very, very difficult to get rid of them.
Guess who the real winners are? Surprise, surprise, it’s the banks, whether they are acting as intermediaries between the different arms of government in the execution of QE or trading into the anticipated government intervention, the banks are raking it in – it wasn’t rocket science for the banks to work out that if the government was buying gilts, yields would fall, and yield-hungry investors would pile into high-yield bonds and equities – and to position themselves accordingly. This is one of the main reasons that recent investment banking results have been so strong, so it is a bit rich when these results are then presented as proof that the business is solid.
Defenders of QE will argue that it was supposed to bolster banks – but only in order to help them replenish capital and lend again, surely, not to boost their trading profits.
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Stacy Summary: I agree; but first we should remove all subsidies and cheap funding to the Friends of Timmy. Then, we should take back what is ours. And then, we should tar and feather them. Or should that come before the windfall profits tax?
During World War II, we imposed an excess profits tax. We should impose a 95% excess profits tax—or windfall profits tax—on certain financial institutions (including Goldman Sachs) enriching themselves with ongoing low-cost Fed funding and debt guarantees.
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Stacy Summary: This is really beyond the point of something to get angry about. Clearly, it is a system that enough Americans tolerate because it is a system in which so many Americans think they can be Timmy’s friend one day. It’s called the American Dream but it sounds like those crazy fantasists that believe they have a close relationship with celebrities. And Timmy’s wishful thinking peasant defenders are like deranged Michael Jackson fans.
Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms.
The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. Another top aide, Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund.
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Stacy Summary: Bankers defrauding both taxpayers and China. What’s new?
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Rick Ackerman
Karl Denninger – Market Ticker The Big Picture Mish David Morgan King World News SmartKnowledge GoldCore
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A Lightning War for Liberty
