G20 Riots. Let the good times roll!

I can not for life of me figure out what is unlawful about protesting the practices of the greatest super powers of all time! Rioting is so 1969. Might be time for these protesters to be a wee bit more innovative.


AIG an even greater accounting abiss today !!!!-- http://www.gao.gov/new.items/d09975.pdf

Troubled Assets relief program - note on Government Accountability Office REPORT--]
credit the government accountability office for the data.

PAGE 12 , / page 19 of the file - states that shares of AIG went from 26.73 to close at 3.33, on SEPT 30th 2008.

Dear Sirs, what can possibly have changed from last September 30th to make , this huge sinking fund be worth $48.00 today 09/21/09 at 4:00 PM????
IT was too big to fail before and today it has 116,000 , per notes in this document DEC 2008 it had 106,000 employees, guess what ITS EVEN BIGGER TODAY....

Ladies and Gentleman, please invest with a little more caution , consider the risk of this investment as its also not insured by the FDIC. 092109 5:11PM. RC


Thank you , Mr. Wagner Is the FDIC just a sneeze away from BROKE

FDIC Chief Considers Tapping Treasury for Funds
FDIC chief Bair may ask Treasury for money to replenish dwindling deposit insurance fund
By DANIEL WAGNER AP Business WriterWASHINGTON September 18, 2009 (AP)

The Associated Press Post a Comment

The chairman of the Federal Deposit Insurance Corp. says she is "considering all options, including borrowing from Treasury," to replenish the dwindling fund that insures bank deposits.
"I never say never," FDIC Chairman Sheila Bair told an audience at Georgetown University Friday.
Bair's remarks go beyond what she said just three weeks ago when asked about tapping the Treasury after the fund that insures regular deposit accounts up to $250,000 hit its lowest point since 1992, at the height of the savings-and-loan crisis. "Not at this point in time," she said on Aug. 27.
The FDIC estimates bank failures will cost the fund around $70 billion through 2013. Ninety-two banks have failed so far this year. Hundreds more are expected to fall in coming years largely because of souring loans for commercial real estate.
The FDIC's fund has slipped to 0.22 percent of insured deposits, below a congressionally mandated minimum of 1.15 percent. The $10.4 billion in the fund at the end of June is down from $13 billion at the end of March, and $45.2 billion in the second quarter of 2008.
The FDIC board will meet at the end of the month and will likely put out several options, Bair said Friday, including tapping a Treasury credit line, assessing fees on banks in advance and again increasing the fees that banks must pay.
"We don't want to stress the industry too much at this time, when they're still in the process of recovery," she said.
Congress in May more than tripled the amount the FDIC could borrow from the Treasury if needed to restore the insurance fund, to $100 billion from $30 billion.
The FDIC then adopted a new system of special fees paid by U.S. financial institutions that shifted more of the burden to bigger banks to help replenish the insurance fund. The move cut by about two-thirds the amount of special fees to be levied on banks and thrifts compared with an earlier plan, which had prompted a wave of protests by small and community banks.

Hat tip ZeroHedge.com

Click here for more info.  Shows how the Fed has pulled junk from banks and filled their coffers with trash. Unreal. Feels like we are robbing Peter to pay Paul.


As the world keeps turning

A little Toby Keith to get you ready for the hard times ahead:

Who are the real three stooges?

Kamikaze Ben has shared a product with you: Bailout Commemorative memorabilia

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Mish today is a must read

Click here for the entire story. His post points to the biggest problem with the current financial situation. In a word collusion.

Many a banks will look this way

Here is a chart of this mornings action in the stock COF. I think it
will get even weaker in the coming weeks and months. As the market
tries to recover, many banks will not make it.


IN a Shocking move- The SEC defends acceptance of 33 million dollar settlement

Please refer yourselves to Paragraphs number 13, 14, and 15 of todays article,
thankfully reported to us, by Ms. Gordon and Mr. Bernard. AP Business Writers .

I may be a little more forgiving, if they would not have had 600 branches closed , and laid off a few more of the 30 million now unemployed. Making the bonuses, and subsequent slap in the wrist a Monumental GAFFE.

Charlotte, N.C.-based Bank of America, one of the nation's largest banks, acquired Merrill on Jan. 1, in a shotgun merger in September 2008 at the height of the financial crisis. It was later revealed that Merrill, with the knowledge of Bank of America executives, accelerated $3.6 billion in bonus payments before the deal was closed.
In seeking approval to buy Merrill Lynch, Bank of America told investors that Merrill would not pay year-end bonuses without Bank of America's consent. But in its complaint filed Aug. 3 in federal court in Manhattan, the SEC said Bank of America had already authorized Merrill to pay up to $5.8 billion in bonuses and didn't share that information with shareholders. That rendered a statement Bank of America mailed to 283,000 shareholders of both companies about the Merrill deal "materially false and misleading," the SEC said.
Merrill wound up paying $3.6 billion in bonuses in 2008, even though it lost $27.6 billion that year, a record for the firm. Those losses affected Bank of America's bottom line after its takeover of the troubled investment bank was completed.

Thank you Mr. Hall, for showing us more bank misappropiation of funds, and Incompetence by the SEC

Wednesday, September 9, 2009

Bad Day for Bank Bonuses: Today's Outrage09/09/09 - 09:32 AM EDTJPM , BAC , C Glenn Hall NEW YORK (TheStreet) -- Everywhere I look this morning there is bad news for banks -- in particular for banking bonuses.More from Glenn HallUPBonuses in the financial world are so culturally entrenched and so irresistible that financial institutions continue to award lavish payouts despite public outcries, Congressional scrutiny and in many cases such poor corporate performances that no one could reasonably expect to be rewarded. Yet they are.But maybe not for long. A study of proposed global regulatory reforms suggests that long-term profitability of U.S. and European banks would be reduced by about a third and could cause staff cuts and -- heaven forbid -- a reduction in bonuses. The study by JPMorgan Chase (JPM Quote) -- which of course has no particular bias when it comes to bonuses -- was conveniently leaked to the Financial Times.Elsewhere in the news, New York Attorney General Andrew Cuomo is preparing securities fraud charges against Bank of America (BAC Quote) executives related to bonuses paid to Merrill Lynch staff as the investment bank was in the process of being taken over by BofA.Unlike the toothless SEC settlement with BofA over the bonuses -- which is being challenged by an enlightened judge -- Cuomo is going directly after the executives involved, according to The Wall Street Journal. That makes more sense than a general fine that would come out of shareholders pockets, which isironically the approach taken by the SEC, whose job it is to protect investors.


Meanwhile, back in reality.

Sign of the times in Miami.


Introducing the 'Washington Bailout League'

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Yes, The Government Can

Hattip to Mish and Tim Hawkings. I have to recruit this guy to do a little PR for us.