So whom did I pick to emcee the LOLFed New Year? Michael Carpenter, GMAC’s CEO, because he got some shiny new cash this morning and should be in a celebratory mood: The government is providing a fresh $3.8 billion cash infusion to stabilize GMAC Financial Services as it struggles with hefty losses in its home [...]
Entries from December 31st, 2009
Another $4 Trillion For The Banks From Barney The Elf
December 30th, 2009 · 3 Comments · all ur bankz, bailout
Barney Frank did some last minute shopping and picked up the following gifts for the banking industry. These are the visions of sugarplums dancing in the bank’s heads from HR 4173, the 1,279-page “Wall Street Reform and Consumer Protection Act”: It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding [...]
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A Little Shocking (It’s a pun, you’ll get it later)
December 30th, 2009 · 3 Comments · fail
Until recently, we genuinely did not care one way or another about the tribulations of Raj Rajaratnam. Raj-Raj, founder of hedge fund firm Galleon Group, has been in some hot water for some insider trading. Don’t get us wrong, that is definitely not cool, but he only turned a profit of $12m or thereabouts so, [...]
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Unsurprisingly, It’s Hard Out There For A Madoff
December 28th, 2009 · 3 Comments · madoff
Bernie’s son Andy is apparently getting ready for it all to turn into The Road: Andrew Madoff, 43, applied for a license to keep a handgun in his swanky Upper East Side pad more than six months ago — and his name appears on NYPD and state police lists of approved permit holders. This despite [...]
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In Ur TARP, Missin Ur Dividend Payments
December 23rd, 2009 · No Comments · all ur bankz
Is fail still in the air? Maybe the too-big-to-fail fatcats like $C, $BAC and $WFC have found ways to wiggle out from under the big TARP, but the smaller set is still struggling. The gov’t requires quarterly payments on the 5% dividend the TARP recipients are required to pay on its ‘investment’ – and granted, [...]
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