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Yeah, that's exactly what we want. The government to run the banking industry in this country. What, you think if the government has voting shares its going to stop with telling the banks to lend out the capital injection money? I have a feeling the government will want say into who is being lent to. Hell, they probably will even without voting shares.
Why don't we just create a Bank of the US instead in that case?
It worked great in Sweden and it will probably work great in the UK as well. Not to mention voting shares are worth more then nonvoting shares so when it comes time to sell those shares on the open market the taxpayers would recover more of their money back.
BTW the Bank of the US was a huge asset to this country and President Jackson really hurt the country when he killed it for ideological reasons.
Posted Oct 21 2008, 03:35 PM by Todd Harrison Rating: Filed under: M & A, Todd Harrison
Banks, it appears, may finally be tired of losing money.
The $700 billion bailout plan rushed through Congress was aimed at shoring up the American financial system, providing banks with capital that they could then blithely begin lending again. The law of unintended consequences -- already familiar to us following the recent spate of unprecedented government intervention -- is once again rearing its unsightly head.
The Wall Street Journal reports that, rather than extending credit to embattled American consumers, banks may use recently allocated taxpayer funds to gobble up competitors. Zions and BB&T are eager to go shopping for attractively priced banks, and are considering accepting government funds to do so.
Many argue this is a healthy, natural progression as the banking sector consolidates and prepares for its eventual recovery. Others, however, aren’t pleased to see taxpayer funds funneled into takeovers, which will do little to pump credit into the economy in the near term.
Furthermore, as Professor Sedacca noted on this morning's Buzz and Banter, banks like KeyCorp are tapping the government for cash - only to turn around and dole it out to shareholders in the form of dividends. Good for equity owners; not so good for taxpayers.
Lending money to consumers in the past 12 months has been a losing bet. Banks -- obligated to make good on credit lines handed out during better times to individuals and businesses alike -- are finding themselves with more bad loans than they know what to do with. American Express, heretofore the lender of first resort to the world’s wealthiest, saw third-quarter profits tumble 24% on a 51% jump on credit-loss provisions.
Banks, like any responsible economic actor, act in their own best interests. Irrespective of whatever pressure Treasury Secretary Hank Paulson or French President Nicolas Sarkozy puts on financial institutions to start lending again, government officials cannot force money into the real economy.
The massive amount of liquidity being pumped into the financial system may be a short-term fix for the panic gripping world markets, but self-preservation is paramount during hard economic times. If an acquisition makes more financial sense than extending credit to struggling consumers, banks won't think twice.
A few lost customers or a few angry borrowers is a small price to pay for survival - and the chance to emerge on the top of the heap.
Top Stocks blogging partner Todd Harrison is founder & CEO of Minyanville.com. This post was written by Minyanville Contributor Andrew Jeffery.
I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett Kavanaugh
If Oerdin et al can call us supply siders, can we call Oerdin et al Communists for calling for a bank of the US? It's right there in the manifesto.
No. It's a horrible idea. Honestly, would you want it where the government could deny you a loan based on the fact that you are a registered democrat? I could see it happening with a Bank of the USA owned by the state.
Plus it would kill off an incredible number of jobs.
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Originally posted by Ben Kenobi
No. It's a horrible idea. Honestly, would you want it where the government could deny you a loan based on the fact that you are a registered democrat? I could see it happening with a Bank of the USA owned by the state.
Do you think that people are denied benefits like Social Security because of their political affiliation?
Plus it would kill off an incredible number of jobs.
That's a good thing since there are too many jobs in that sector anyway. It's a parasitic industry.
I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
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Originally posted by Ben Kenobi
If Oerdin et al can call us supply siders, can we call Oerdin et al Communists for calling for a bank of the US? It's right there in the manifesto.
Come on Ben. Public health care and motorways were in the manifesto of the National Socialist German Workers' party, which doesn't automatically make the Conservative Party of Great Britain a Nazi party.
State owned banks are not much of a big deal.
New Zealand has a state owned bank, called Kiwibank. It is just like the one we used to have before the right abolished it, which was the Post Office Savings Bank (which was surprise surprise, run out of post offices). I had an account at the POSB, and a lot of people were pissed off when it was privatized, sold off and eliminated (the same government closed most post offices which pissed people off even more).
Kiwibank, like the POSB is just another bank. It keeps the private banks on their toes by preventing them from colluding to raise bank fees.
No. It's a horrible idea. Honestly, would you want it where the government could deny you a loan based on the fact that you are a registered democrat? I could see it happening with a Bank of the USA owned by the state.
Government banks only work like that in Banana Republics. But, since we are talking about the US here, I take your point.
There's nothing wrong with the State owning banks, power companies or even fish and chip shops in principle.
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Reuters
NYAG Cuomo warns nine banks about bonus payments
Wednesday October 29, 5:10 pm ET
By Grant McCool
NEW YORK (Reuters) - New York Attorney General Andrew Cuomo, who negotiated executive payment clawbacks by American International Group Inc (NYSE:AIG - News) as it received a taxpayer bailout, warned nine banks receiving government money on Wednesday that using the funds for bonus payments may be illegal under state law.
In a letter sent to Bank of America Corp (NYSE:BAC - News), Bank of New York Mellon Corp (NYSE:BK - News), Citigroup Inc (NYSE:C - News), Goldman Sachs Group Inc (NYSE:GS - News), JPMorgan Chase & Co (NYSE:JPM - News), Merrill Lynch & Co Inc (NYSE:MER - News), Morgan Stanley (NYSE:MS - News), State Street Corp (NYSE:STT - News) and Wells Fargo & Co (NYSE:WFC - News), he also asked their boards to explain what mechanisms they have put in place to protect taxpayer money.
"Specifically, corporate expenditures and payments, made in the absence of fair consideration of undercapitalized firms, may well violate NY Debtor and Creditor Law 274, which deems such payments illegal fraudulent conveyances," Cuomo's letter said.
Representatives of Bank of America, Goldman Sachs and Morgan Stanley declined comment. Representatives of Merrill, JPMorgan, Citigroup, Wells Fargo, State Street and Bank of New York Mellon were not immediately available to comment.
The letter said that "obviously, we will have grave concerns if your expected bonus pool has increased in any way as a result of your receipt or expected receipt of taxpayer funds from the Troubled Asset Relief Program."
Cuomo asked the banks to provide the information by November 5.
Earlier this month, AIG promised to recover executive payments and other compensation, cancel perks and institute reforms after Cuomo threatened legal action over its controversial spending.
"Cuomo demands detailed information regarding bonus pool allocations from the boards of directors of the nine banks," his office said in a statement accompanying copies of the letters.
Cuomo objected to "extravagant" payments to AIG executives who ran the company into near-collapse, including a $5 million cash bonus and $15 million "golden parachute" to former CEO Martin Sullivan earlier this year.
A $34 million bonus was also designated for the former head of the AIG Financial Products Unit, Joseph Cassano, whose unit generated the bulk of the firm's losses.
(Reporting by Grant McCool; Editing by Andre Grenon)
Originally posted by Kuciwalker
You really don't support education subsidies?
I'm skeptical about all subsidies, including education subsidies as currently structured.
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891
Unless you have a very logical reason, I wil have to move you into the extremist column.
JM
Jon Miller- I AM.CANADIAN
GENERATION 35: The first time you see this, copy it into your sig on any forum and add 1 to the generation. Social experiment.
Higher education has become extremely expensive lately, in large part because of those subsidies.
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891
I would argue that to get the needed faculty and to undertake the needed research, lots of money is needed. In fact, many universities are underfunded. This means that the institutions need the money, they aren't charging more out of greed because that is what people can afford.
That is assuming that sports makes the university money like I have always heard.
JM
Jon Miller- I AM.CANADIAN
GENERATION 35: The first time you see this, copy it into your sig on any forum and add 1 to the generation. Social experiment.
BTW, I have heard that before, but considering the money starved nature of a lot of schools, I don't believe it.
Unless it can be shown that they are wasting their money.
JM
Jon Miller- I AM.CANADIAN
GENERATION 35: The first time you see this, copy it into your sig on any forum and add 1 to the generation. Social experiment.
To be honest, I haven't thought about this a ton, but off the top of my head, it certainly raises the price of education that the market will bear.
NB: I think education is important and would like to see everyone well educated. Further, it may be that the current system is not as bad as some others.
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891
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