Comments on: How banks are spinning the rescue… http://www.footnoted.com/pr-spin/how-banks-are-spinning-the-rescue/ Morningstar's guide to what's hiding in SEC filings Sat, 04 Feb 2012 00:16:39 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Daniel Woelfel http://www.footnoted.com/pr-spin/how-banks-are-spinning-the-rescue/comment-page-1/#comment-7652 Daniel Woelfel Wed, 04 Mar 2009 14:20:07 +0000 http://www.footnoted.com/?p=2898#comment-7652 John Allison fully explained his view on the bailout in his talk, "The Financial Crisis: Causes and Possible Cures." The full talk can be viewed online here: http://www.aynrand.org/site/PageServer?pagename=reg_ls_financial_crisis. John Allison fully explained his view on the bailout in his talk, “The Financial Crisis: Causes and Possible Cures.” The full talk can be viewed online here: http://www.aynrand.org/site/PageServer?pagename=reg_ls_financial_crisis.

]]> By: Gardiner Menefree http://www.footnoted.com/pr-spin/how-banks-are-spinning-the-rescue/comment-page-1/#comment-6658 Gardiner Menefree Fri, 31 Oct 2008 19:39:34 +0000 http://www.footnoted.com/?p=2898#comment-6658 Updating the previous link regarding the first injection into the financial circulatory system of OR, the reporter has fleshed out a tad the implications of Treasury's blatant program of strengthening the strong, of enriching the wealthy, of aiding those who do not need aid: http://www.oregonlive.com/business/oregonian/index.ssf?/base/business/1225247150237600.xml&coll=7 In 2003, the Bush administration declared patriotism to be equivalent to shopping. So it should be no surprise that Treasury has decided to give strong banks pocket money to buy other banks. Those other banks, dealt a steroidal disadvantage by Paulson, are more likely to succumb to rapacious consolidation. How patriotic. Umpqua, btw, is not a community bank -- a form of financial institution to which Paulson and his cronies seem completely antagonistic. Could someone provide current data on layoffs and unemployment in the banking industry? Updating the previous link regarding the first injection into the financial circulatory system of OR, the reporter has fleshed out a tad the implications of Treasury’s blatant program of strengthening the strong, of enriching the wealthy, of aiding those who do not need aid:
http://www.oregonlive.com/business/oregonian/index.ssf?/base/business/1225247150237600.xml&coll=7

In 2003, the Bush administration declared patriotism to be equivalent to shopping. So it should be no surprise that Treasury has decided to give strong banks pocket money to buy other banks. Those other banks, dealt a steroidal disadvantage by Paulson, are more likely to succumb to rapacious consolidation. How patriotic. Umpqua, btw, is not a community bank — a form of financial institution to which Paulson and his cronies seem completely antagonistic.

Could someone provide current data on layoffs and unemployment in the banking industry?

]]> By: rjp http://www.footnoted.com/pr-spin/how-banks-are-spinning-the-rescue/comment-page-1/#comment-6647 rjp Wed, 29 Oct 2008 17:32:01 +0000 http://www.footnoted.com/?p=2898#comment-6647 Subjest Line of the October 27, 2008, (Crain's) Chicago Business Today email with Lisa Leiter: Northern Trust wins $1.5B Subjest Line of the October 27, 2008, (Crain’s) Chicago Business Today email with Lisa Leiter:

Northern Trust wins $1.5B

]]> By: Gardiner Menefree http://www.footnoted.com/pr-spin/how-banks-are-spinning-the-rescue/comment-page-1/#comment-6640 Gardiner Menefree Wed, 29 Oct 2008 06:05:00 +0000 http://www.footnoted.com/?p=2898#comment-6640 The first injection came to Oregon today -- to a strong bank that says it doesn't need the money but assumes Treasury is encouraging it to use the cash to buy up "weaker" banks: http://www.oregonlive.com/business/index.ssf/2008/10/feds_aim_214m_in_bank_bailout.html In addition to the patriotic blather from Treasury and recipient banks, we have state-subsidized economic Darwinism. Red in tooth and claw with the gore of slaughtered common shareholders, the select few banks will lead us...into yet another round of consolidation. The first injection came to Oregon today — to a strong bank that says it doesn’t need the money but
assumes Treasury is encouraging it to use the cash to buy up “weaker” banks:
http://www.oregonlive.com/business/index.ssf/2008/10/feds_aim_214m_in_bank_bailout.html

In addition to the patriotic blather from Treasury and recipient banks, we have state-subsidized
economic Darwinism. Red in tooth and claw with the gore of slaughtered common shareholders, the select
few banks will lead us…into yet another round of consolidation.

]]> By: Gardiner Menefree http://www.footnoted.com/pr-spin/how-banks-are-spinning-the-rescue/comment-page-1/#comment-6638 Gardiner Menefree Wed, 29 Oct 2008 02:33:54 +0000 http://www.footnoted.com/?p=2898#comment-6638 Aren't the banks just taking their cue from Eric Dash, NYTimes, who wrote a couple of weeks ago that JPMorgan Chase did the FDIC a favor by taking WaMu off Sheila Bair's hands? As if JPM did not do itself a multi-year favor by obtaining -- for a meagre $1.9Bill -- the deposits of the nation's largest thrift together with enough tax write-offs to avoid paying taxes long into the future. And, btw, this little favor made JPM the largest bankster in our late-stage monopoly capitalism economy. Main Stream Media has certainly assumed a spread-leg policy regarding the hand-in-glove relationship between government and the financial industry. Don't look for Pulitzer Prizes from our current crop of cheerleading scribes. Aren’t the banks just taking their cue from Eric Dash, NYTimes, who wrote a couple of weeks ago that JPMorgan Chase did the FDIC a favor by taking WaMu off Sheila Bair’s hands? As if JPM did not do itself a multi-year favor by obtaining — for a meagre $1.9Bill — the deposits of the nation’s largest thrift together with enough tax write-offs to avoid paying taxes long into the future. And, btw, this little favor made JPM the largest bankster in our late-stage monopoly capitalism economy. Main Stream Media has certainly assumed a spread-leg policy regarding
the hand-in-glove relationship between government and the financial industry. Don’t look for Pulitzer Prizes from
our current crop of cheerleading scribes.

]]> By: Daniel Woelfel http://www.footnoted.com/pr-spin/how-banks-are-spinning-the-rescue/comment-page-1/#comment-6632 Daniel Woelfel Tue, 28 Oct 2008 18:45:37 +0000 http://www.footnoted.com/?p=2898#comment-6632 Here is a link to the BB&T press release: http://bbt.mediaroom.com/index.php?s=43&item=717 And here is a link to the article, “BB&T chief exec slams bailout plan:” http://triangle.bizjournals.com/louisville/stories/2008/09/22/daily53.html Here is a link to the BB&T press release:
http://bbt.mediaroom.com/index.php?s=43&item=717

And here is a link to the article, “BB&T chief exec slams bailout plan:”
http://triangle.bizjournals.com/louisville/stories/2008/09/22/daily53.html

]]> By: Michelle Leder http://www.footnoted.com/pr-spin/how-banks-are-spinning-the-rescue/comment-page-1/#comment-6631 Michelle Leder Tue, 28 Oct 2008 17:05:30 +0000 http://www.footnoted.com/?p=2898#comment-6631 Interesting, Dan. Do you have a link to that article so that I can add it to your comments? Interesting, Dan. Do you have a link to that article so that I can add it to your comments?

]]> By: Daniel Woelfel http://www.footnoted.com/pr-spin/how-banks-are-spinning-the-rescue/comment-page-1/#comment-6630 Daniel Woelfel Tue, 28 Oct 2008 16:54:20 +0000 http://www.footnoted.com/?p=2898#comment-6630 I think this gushing support for the bailout plan may be a condition of receiving the money. Even BB&T's John Allison supports the plan: "'We support the Treasury's efforts to stabilize the credit markets and restore confidence in the financial system,' said BB&T Chairman and CEO John A. Allison. 'Fortunately, our own strong capital position has allowed us to meet the lending needs of our clients, even during this economic downturn. For us, the additional capital will not only extend and strengthen our lending capacity, but provide other strategic options as well.'" His support of the Treasury's efforts isn't so clear in a quote from an article titled "BB&T chief exec slams bailout plan:" "The U.S. Treasury, he says, is 'totally dominated by Wall Street investment bankers,' and 'cannot be relied on to objectively assess all the implications of government policy on all financial intermediaries.'" I think this gushing support for the bailout plan may be a condition of receiving the money. Even BB&T’s John Allison supports the plan:

“‘We support the Treasury’s efforts to stabilize the credit markets and restore confidence in the financial system,’ said BB&T Chairman and CEO John A. Allison. ‘Fortunately, our own strong capital position has allowed us to meet the lending needs of our clients, even during this economic downturn. For us, the additional capital will not only extend and strengthen our lending capacity, but provide other strategic options as well.’”

His support of the Treasury’s efforts isn’t so clear in a quote from an article titled “BB&T chief exec slams bailout plan:”

“The U.S. Treasury, he says, is ‘totally dominated by Wall Street investment bankers,’ and ‘cannot be relied on to objectively assess all the implications of government policy on all financial intermediaries.’”

]]>