Via the NYT:
Dozens of banks and a handful of insurers have applied for funds from the Treasury Department as part of the $700 billion Troubled Asset Relief Program. The Treasury has transferred capital to 30 of these companies and to A.I.G. More are expected to announce their participation in the coming weeks.
"Stocks have reached what looks like a permanently high plateau." —Irving Fisher, Professor of Economics, Yale University, 1929
Add Nicolas Sarkozy to the choir of calls on the US$ as he is saying at the G8 that the US$ can't remain the only reserve currency. Even before his comments, the $ index has been weak all day on the heels of the Bank of England MPC statement this morning. The $ index is back below the important 80 level and has failed at its 50 day moving average. Before the break below in Sept '07, 80 has been a key level of support going back to when the index began in 1967 and while there has been much...
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November 21st, 2008 at 12:40 pm
One question. Why do we need that many banks?
November 21st, 2008 at 12:44 pm
William Greider has called for an end to the bank bailouts:
http://www.thenation.com/doc/20081208/greider
November 21st, 2008 at 1:11 pm
See the sharks. Beware the soon to be eaten…
November 21st, 2008 at 1:17 pm
Obama talking about pre-packaged btcy for the automakers with any taxpayer investment made at super-senior level. that template shd apply to the financial industry as well, otherwise we’re pissing away the future borrowing capacity and welfare of the amurrican people. if you’re levered 40-1 vs historical 10-1 then wiping out the equity only takes care of 1/40th of the problem, which is why there’s been no improvement to date. we have to wipe out the preferred and the debt at failing companies. everyone needs to learn their lesson before taxpayer money goes in. short of that the downward spiral continues.
November 21st, 2008 at 1:21 pm
What is interesting is how some of these banks take the funds without a peep. Washington Federal, for example talks about their top rating and strength:
http://www.washingtonfederal.com
but has nothing to say whatsoever regarding their TARP participation, including, in particular, why.