Geithner to hold briefing Monday on toxic assets plan By Siobhan Hughes Last update: 8:37 p.m. EDT March 22, 2009 WASHINGTON (MarketWatch) -- U.S. Treasury Secretary Timothy Geithner will on Monday provide details about the government's latest plan to help rid banks of toxic assets clogging the financial system. The Treasury Department said in a press release that it will hold the briefing at 8:45 a.m. EDT on Monday. The Treasury Department's program involves setting up a new investment fund to buy mortgage-related securities and other assets weighing down bank balance sheets. The new Public Private Investment Program would combine taxpayer money with private funds, aiming to buy loans and free up banks to renew lending. The Wall Street Journal earlier reported that the Treasury could announce the new three-part plan as early as Monday.
Paulson, his lackey, Geithner, and Bernanke should all be prosecuted and convicted of treason and imprisoned for life. Goldman Sachs should be prosecuted by all State Attorneys' General, and it should be sued in civil proceedings by every investor, pension fund, mutual fund or other entity that saw a portion of its portfolio vaporized due to the criminal conspiracy between Paulson as acting Treasury Secretary and Goldman Sachs, whereby every entity owing Goldman $$$ was bailed out with taxpayer dollars.
BLSH, I share your frustration dude. It is blantantly obvious that this whole bailout shit was simply a means to make whole the asses at GS. When Paulson took the job, his pals knew they had an ace in the hole, and executed that trump card quite well. There is a ton of blame to go around. But instead of the people at the top having to accept responsibility and suffer the consequences, they get bailed out. They took a huge gamble, lost, and now the house says it was all for fun, here's your money back. Bullshit, I gamble ( make losing trades) and I gotta pay the dealer. I search everyday for something encouraging, that will give a rational thinking person a reason to be optimistic about the future. I am yet to come across anything that would suggest this crap will be over shortly and things turn back up. I am expecting the worse, and planning for it. I hope I'm wrong, but if I'm right, at least I won't be surprised or caught off guard. Ahhh,,,,just had a revelation. When I see reports of jail terms, or public hangings for the parties at fault, that will be encouraging news. Then I will be optimistic again.
Too sweet. Buy the bank's toxic trash; but if you make toooo much money Congress will reserve the right to pass a new tax to get any profits you make back.
The whole plan should cost $ 1 trillions, Jesus Christ...click on link below for more details . http://biz.yahoo.com/ap/090322/bank_rescue.html?sec=topStories&pos=main&asset=TBD&ccode=TBD And now, if I read correctly, the Treasury and the Fed. Bank have new powers, the power to take over any bank at anytime...WOW ! what is going on ??
Treasury is sure to get a less than mediocre deal, in effort to get banks the best (unadjusted) prices for assets with thin (or none) markets. But hey, if the deal loses, losses are diverted to the public! If profitable, profits will likely have some sort of preferential tax treatment. What the hell sign me up, Citi is up nearly 200% in 7 days. Clearly the worldwide recession/depression is over. TurboTaxTim is a hero! On second thought, TurboTaxTim is a zero! Bretton Woods II starts April 2. Time to nibble at the miners instead. Once unthinkable, now unstoppable obama-lama
Doesn't appear that way to me. Did you see the (likely unhedged) exposures of the European banks to AIG?