I may be wrong in my reading here (and yes, this is another of the "gastropod was bored, so he read some pages on the FedRes or FDIC website" series)... If I understand this correctly...the FDIC pushed out some of the "assets" they have accrued from shutting down banks...this was the stuff that wasn't sold to the "acquiring" bank...$1.6 billion of it...and they got $0.46 on the dollar for $1.4 billion of it...they got $0.883 on $0.4 billion of it....what does this say about the crap that has been pawned off on the Federal Reserve by the TBTF banks? What is in the $1.+ trillion that the Fed has in Mortgage Backed Securities??? Please, if I am wrong in my understanding here - please correct me! Here are the links (a little reading required)... This page shows the division of the $1.8 billion... http://www.fdic.gov/news/news/press/2010/pr10050.html This page shows the "overcollateralization" ... http://www.fdic.gov/news/news/press/2010/pr10050a.html Oh, and don't forget to note that this CRAP is now backed with the full faith and credit of the US...the links say so Please read the previous line to mean: American taxpayers were put at gunpoint to benefit some "investment" bankers! -gastropod
OK, I'll defend my original post! Would it have been responded to if I had said, "Blowjobs for all who want them...respond for location."? If the members of this forum don't know or understand this post....no problem...I am asking if my post is right! Here is the "gist" of what I got out of the links above... The FDIC gave special motherfu<(ing privilege to some of their a$$hole buddies and mother fu<(ing gave them GUARANTEED (AT YOUR AND MY EXPENSE) fu<(ing "investments." They did this at a like 56% discount.....here is my reasoning.... The FDIC did NOT need to GIVE overcapitallization....this is the fu<(ing FDIC - no?!?!? If the FDIC "NEEDED" to give a GUARANTEE AND OVERCAPITALLIZATION WE ARE (ALL US CITIZENS) - FU<(ED!!!! = THE CREDIT RATING OF THE US IS EFFECTIVELY SH!T If the FDIC DID NEED to guarantee this sh!t....then WHAT THE FU<( is on the Federal Reserves "balance sheet," because this crap that the banks had to "pawn" off on the public was discounted over 50%!!!!! Am I right or wrong? Please help me understand this sh!t!!!! -gastropod
what the fuck is fu<( plus you are asking multiple questions in your posts, if you are asking why 'The timely payment of principal and interest due on the notes are guaranteed by the FDIC' even though the notes were sold at half the unpaid balance, well that's just special treatment for those in the club "American taxpayers were put at gunpoint to ..." and no american taxpayers were not put at gunpoint, because first of all money collected from the taxpayer covers only half the federal budget, the other half is printed out of the government's ass, so you don't know maybe this was paid using the money printed and second the american taxpayer is too stupid to realize what is going on so there is no need to put him at gunpoint
Thanks for responding!!! You have more guts than many others! I agree that the "club" got a deal, but, that is why I am pissed. Oh, you are not in the "club" - fuck you - you can go "gamble" your money in the markets...but, had you been in the club, we would have guaranteed your money with taxpayer (or printed) money! Ciao, gastropod
I don't understand why this comes as a surprise to you given the fact that things like these take place so frequently I think for some stupid reason (maybe due to the influence of the media) the average american assumes he is in the club (just because he's a US citizen) so he defends all the actions of the government as just and rightful regardless of what they are, the american has been brainwashed to never question unfounded assumptions like 'america is a free country', 'the US government wants what's best for the US citizen', 'US government defends and supports human rights' and shit like that
The FDIC issued $1.81 billion in notes backed by non-agency residential mortgage backed securities. The underlying securities, which were held by the FDIC as receiver for various depository institutions, were sold to a statutory trust, which issued senior notes backed by those underlying securities. The notes were issued with the benefit of a full and unconditional FDIC Guaranty backed by the full faith and credit of the United States of America. -------------------------------------------- Nothing special here. Next. Investor Participation The transaction was met with robust investor demand and subscription levels with over 70 accounts participating across fixed and floating rate series. Investors included banks, investment funds, insurance funds, and pension funds. All investors were 144A eligible (Qualified Institutional Buyers). ------------------ Question I have, How are these accounted for? Off balance sheet? The investors who bought this issue, are they re packaging/reselling? To me this look like the same shell game that began the whole mess. ------------------- "floating rate coupon of 1-month LIBOR plus 0.55% per annum with a maximum rate of 7.00% per annum." Suppose the 7.00% is arbritrary, if these get resold at that figure to maximize value and all goes south, someone else is taking a loss. If the FDIC retains equity (probably only way they could sell them), this could wind up back at the FDIC at some point.