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Could the 2010 WINTER OLYMPICS BE cancelled? A BILLION DOLLAR BAILOUT IS NEEDED! 2009-01-12 12:58:37 Vancouver taxpayers are on the hook for the entire billion-dollar Olympic Athletes' Village project after the lender cut off funding to the troubled development, Mayor Gregor Robertson said Friday.
...
Fortress stopped in September doling out the monthly money needed to keep construction going after its agreement with Millennium went sour. Since then, the city has been paying to keep constructio
Wall Street: It's payback time 2009-01-12 12:52:37 "An angry mob of investors and taxpayers is assembling, and they want to see some executives' heads on pikes. The question for the courts will be, Who was just foolish with our money - and who was lying, cheating, and stealing?" Read more:Street
, payback
, Wall Street
NYC judge allows Madoff to remain free 2009-01-12 11:25:15 A judge has allowed Bernard Madoff to remain free on bail, rejecting a bid by prosecutors to send the disgraced investor to jail.
The anxiously awaited decision Monday puts further restrictions on Madoff, including forcing him to come up with a list of items at his apartment and allowing a security firm to check on it.
Bush agrees to ask for financial bailout fund 2009-01-12 11:22:17 "President-elect Barack Obama advised President George W. Bush on Monday that he intends to tap the remaining $350 billion in financial sector rescue funds and Bush agreed to submit the notification on his behalf to Congress, the White House said."
OTTI Rules Tweaked or Sharpened? 2009-01-12 11:03:53 "It appears a cranky FASB, responding to a flood of comments — some ill-informed, a bunch form letters — added a few teeth to what had been looking like a technical fix to other-than-temporary-impairment guidance for securitized assets." Read more:Rules
It’s Not Just OK to Ignore Reality — It Helps the Economy 2009-01-12 09:37:56 ""The evolving thinking is that electronics extends our central nervous system, and that economic news in particular has hit the point of speed and saturation that our microeconomic daily freak-outs are be coming the new macroeconomics" [" Read more:Ignore
Schadenfreude for a Monday 2009-01-12 09:23:05 Here's Rolfe on David Lereah's recent, piddly mea culpa:
Few people thought the crash would be THIS bad. That’s not the point. None of them published books in 2006 titled “Why the Real Estate Boom will not Bust.” Here’s a guy who willfully misled perhaps tens of thousands of folks into making the worst financial decision of their lives. If this is the only “mistake” he’ll admit Read more:Monday
Citi May Book $10 Billion Gain on Morgan Stanley Deal 2009-01-12 09:14:45 "Citigroup Inc. may book a gain of as much as $10 billion by selling control of its brokerage to MorganStanley
, helping to replenish capital depleted by the biggest losses in the bank’s history, a person familiar with the talks said. " Read more:Morgan Stanley
Three Ideas That Should Scare The Hell Out Of You 2009-01-12 05:00:34 Big government either created or made worse every problem we have today. Yet Time Magazine and free lunch proponents like Krugman propose an even bigger government is necessary to fix the enormous problems of an already too big government.
Obama for his part, is listening to this madness. If that does not scare you, nothing will. Read more:Three
, Scare
Is Antitrust the Model for Too-Big-to-Fail Finance? 2009-01-11 23:47:08 "Here’s an interesting exchange on the role of financial innovation in ameliorating–that’s right, making it better–the mess we’ve created with all of the synthetic financial products. In the middle of this Fast Company appearance by Yale’s Robert Schiller, the Zach Karabell asks the most pertinent question. "
Quick tapping of unspent $350 billion in works 2009-01-11 23:44:36 "Senate Democratic leaders said a vote could come as early as this week on providing a second $350 billion
for the financial industry, after assurances Sunday by President-elect Barack Obama and one of his top economic advisers that the money would be better monitored and spent." Read more:Quick
, tapping
Bush Prepares Request for Rest Of Bailout Funds 2009-01-11 18:44:55 The initiative could create an unusual political scenario straddling the Bush and Obama administrations. If Congress were to vote down the measure, either President Bush or Obama would have to exercise a veto to get the money.
Obama officials would prefer that Bush exercise any veto rather than leave the new president with the unsavory task of rebuffing his fellow Democrats in Congress to advance Read more:Funds
Boehner Opposes Using Remaining TARP Funds Before Need Proven 2009-01-11 18:19:02 It would be a “pretty tough sell” right now for President George W. Bush or President-elect Barack Obama to get the required votes in the House of Representatives or the Senate to release the $350 billion in funds not already committed to projects, Boehner said. Lawmakers would have 15 days to reject a request for the second half of the TARP funds. Read more:Funds
, Proven
Reform plan raises fears of Bank secrecy 2009-01-11 18:10:26 The Government is set to throw out the 165-year old law that obliges the Bank to publish a weekly account of its balance sheet – a move that will allow it theoretically to embark covertly on so-called quantitative easing. The Banking Bill, which is currently passing through Parliament, abolishes a key section of the law laid down by Robert Peel's Government in 1844 which originally granted the B Read more:Reform
An obscure firm casts shadow on IndyMac deal 2009-01-11 17:26:14 Perhaps the most obscure member of the group is Silar Advisors, a New York firm founded in 2006 that invests in distressed assets. Its principal is Robert Leeds, yet another Goldman Sachs alumnus.
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more details about Silar have emerged in a lawsuit filed against it in U.S. District Court in Nevada in 2007. The plaintiffs are a group of individual investors who hold loans on commercial proper
Paulson Bank Bailout in ‘Great Stress’ Misses Terms Buffett Won 2009-01-11 17:19:42 ``While he invested $10 billion in Goldman Sachs in October, twice as much as Buffett
did the month before, Paulson
gained certificates worth one-fourth as much as the billionaire, according to data compiled by Bloomberg. The Goldman Sachs terms were repeated in most of the other bank bailouts...
Paulson said “he had to make it attractive to banks, which is code for ‘I’m going to give mone Read more:Great
, Terms
The Great Dying 2009-01-11 13:23:52 "But now the great dying has begun, and I'm not talking about German billionaires throwing themselves in front of trains or French aristocrats slitting their wrists, as alarming as these incidents have been. No, earnings season -- the time for companies to 'fess up just how bad it's been for them in the last three months -- is here. " Read more:Great
, Dying
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