More on "The Bad Bank"
Hasta La Vista Baby... After weakening 20% last year, the currency fell to a record low of 14.4484 per dollar.
The steepest decline in Mexico’s peso since 1995’s Tequila Crisis...
driven by the U.S. recession and falling oil prices, which are cutting Mexican exports and government revenue.
We catch cold, they get the flu...PPG CEO Charlie Bunch:
"The regions outside of North America, which had been really helping PPG in the first three quarters of last year...
have sort of caught the disease that started here in the U.S. with the credit crisis." Calling for backup, but no response, comes to mind.
Never Mind The Bullocks... Following up on our post earlier this week re: The Bad Bank... From an interesting Bloomberg piece...
Mark to market or mark to model (fantasy), something we've nattered about numerous times...
As proposals for a bad bank that would buy lousy assets from U.S. banks gather speed,
an old stumbling block is re-emerging; how to price the holdings the government would buy.
One of the major offenders and falsely claimed as solvent...Wells Fargo CFO Howard Atkins said Wednesday...
that any government-owned bad bank would need to buy toxic assets at prices that are based on estimates...or what he called “mark to model,” rather than the market.
Never mind that estimates that ignore market values in the hope of capturing long-term,
intrinsic value have repeatedly led banks and investors to miss the depth and severity of the crisis.
Another major and soon to be bankrupt offender... Robert Rubin, the former Treasury secretary and Citigroup director...
laid blame for much of the debt crisis on mark-to-market accounting rules.
Never mind that he and fellow directors and executives at Citigroup misjudged the housing and credit markets.
Never mind that they were unaware of a $25 billion risk the bank took on by way of CDO collateralized debt obligations.
Never mind that Rubin and his ilk didn’t complain back when such accounting led to big bonuses and huge profits in rising markets.
Future taxpayers will be the ones who pay down the debt the government hopes to sell to fund this transfer, and make good on any losses.
That debt could prove stifling to the economy, and the losses pushed onto taxpayers could further undermine government finances.
The Nattering One muses... as we have nattered before... the governments bailout actions will only postpone the pain;
extend the duration of suffering and present a bigger bill to our children and their children.
The next time these banking douchebag thieves and their treasonous whores on the hill come calling for and pass a bailout, why don't we NEVER MIND THEM...
and then take them out back and give them all, the case of lead poisoning, that they so richly deserve.
The steepest decline in Mexico’s peso since 1995’s Tequila Crisis...
driven by the U.S. recession and falling oil prices, which are cutting Mexican exports and government revenue.
We catch cold, they get the flu...PPG CEO Charlie Bunch:
"The regions outside of North America, which had been really helping PPG in the first three quarters of last year...
have sort of caught the disease that started here in the U.S. with the credit crisis." Calling for backup, but no response, comes to mind.
Never Mind The Bullocks... Following up on our post earlier this week re: The Bad Bank... From an interesting Bloomberg piece...
Mark to market or mark to model (fantasy), something we've nattered about numerous times...
As proposals for a bad bank that would buy lousy assets from U.S. banks gather speed,
an old stumbling block is re-emerging; how to price the holdings the government would buy.
One of the major offenders and falsely claimed as solvent...Wells Fargo CFO Howard Atkins said Wednesday...
that any government-owned bad bank would need to buy toxic assets at prices that are based on estimates...or what he called “mark to model,” rather than the market.
Never mind that estimates that ignore market values in the hope of capturing long-term,
intrinsic value have repeatedly led banks and investors to miss the depth and severity of the crisis.
Another major and soon to be bankrupt offender... Robert Rubin, the former Treasury secretary and Citigroup director...
laid blame for much of the debt crisis on mark-to-market accounting rules.
Never mind that he and fellow directors and executives at Citigroup misjudged the housing and credit markets.
Never mind that they were unaware of a $25 billion risk the bank took on by way of CDO collateralized debt obligations.
Never mind that Rubin and his ilk didn’t complain back when such accounting led to big bonuses and huge profits in rising markets.
Future taxpayers will be the ones who pay down the debt the government hopes to sell to fund this transfer, and make good on any losses.
That debt could prove stifling to the economy, and the losses pushed onto taxpayers could further undermine government finances.
The Nattering One muses... as we have nattered before... the governments bailout actions will only postpone the pain;
extend the duration of suffering and present a bigger bill to our children and their children.
The next time these banking douchebag thieves and their treasonous whores on the hill come calling for and pass a bailout, why don't we NEVER MIND THEM...
and then take them out back and give them all, the case of lead poisoning, that they so richly deserve.
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