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Originally posted by elston
WTO %9 drop in trade.
Yeah! More great news. Let's buy, buy, buy. The markets will keep going up, back to 14,000 maybe 15,000. How are people seeing the rainbow? Just announcing a plan doesn't make it so. Timmy made some statements, didn't actually do anything. His "satements" would take much time to put into effect and who knows what will happen between now and then. WTF?
According to LEAP/E2020, there are only two options left for the G20 leaders who gather next April 2nd in London: either they rebuild a new international monetary system, creating the conditions for a new global system that involves all the main global players, and reducing the crisis to a maximum of 3 to 5 years; or they strive to prolong the current system, thrusting the world into a decade long tragic crisis starting at the end of 2009
Home foreclosures were up 30 percent in February from a year earlier, according to RealtyTrac Inc., an Irvine, California-based seller of default data. A total of 290,631 properties got a default or auction notice or were seized by banks. Properties that received a foreclosure filing for the first time totaled 161,976, the highest in RealtyTrac records dating to January 2005.
...See that wasn't hard...big scam...banks are going to bid against themselfs...drive up prices...screw us...
UPDATE 2-BlackRock profit dives on fees slump, write-downs
Bank of America Corp owns 4.9 percent of the common shares outstanding of BlackRock, while PNC Financial Services Group Inc owns 47 percent of its common shares. If preferred shares are also taken into account, then Bank of America owns 49 percent of BlackRock and PNC owns 33 percent.
it's all a big scam...we're scroomed...
PNC Financial Services
PNC Bank is the flagship subsidiary of the PNC Financial Services Group, Inc. Based out of Pittsburgh, Pennsylvania, PNC Bank offers consumer and corporate services in nearly 800 branches in Delaware, the District of Columbia, Florida, Virginia, Kentucky, New Jersey, Ohio, Maryland, and Pennsylvania. PNC owns about 35% of publicly traded fund manager BlackRock, which specializes in fixed-income products. BlackRock merged with Merrill Lynch Investment Managers in October 2006.
In June 2003, PNC Bank agreed to pay $115 million to settle federal securities fraud charges after one of its subsidiaries fraudulently transferred $762 million in bad loans and other venture-capital investments to hide them from investors. PNC acquired the former United National Bancorp based in Bridgewater, New Jersey in 2004, and later announced that it would buy the Riggs National Bank which operates in the Washington, DC area. PNC successfully completed the acquisition of Riggs in 2005 after the banks resolved a disagreement on the acquisition price.
Originally posted by irishchic
reply to post by Hx3_1963
Okay...will it start to fall?
Has been this time of day for a couple of weeks now or will it hold?
REEKS of manipulation to me.
Let's say that I am a bank ("financial institution") with $100 billion in "toxic assets". I have them on my balance sheet at 80 cents on the dollar. The market has them marked at 30 cents. We do not know what the held-to-maturity performance will be, since that requires knowing the future, although for the moment let's assume that they are cash-flowing at the present time. What I (the bank) do know, however, is that if I sell them at 30 cents I take a monstrous loss - perhaps enough to force me under Tier Capital limits and thus render me subject to an FDIC enforcement action. I therefore will not sell for 30 cents so long as I have any belief whatsoever that the cash flow - or any government subsidy - will exceed that value. If I, as a "financial institution" can participate as a bidder in these auctions I can foist off my loss onto the taxpayer. Here is how I can rig the game so as to avoid an otherwise-inevitable loss: * I become a "bidder" and "bid" on my own assets at 75 cents. * I am providing 5 or 10% of the money. The rest is covered by Treasury, The Fed and the FDIC via guaranteed bond issuance. * The loan, ex my contribution, is non-recourse. That is, I can lose 5 or 10% of the total portfolio purchased, but nothing more. Now the "assets" (a passel of CDOs?) turn out to be worthless. I lose 5% of $75 billion, or $3.75 billion that I put up, plus the other nickel on the original mark, but that's all. The taxpayer gets hosed for the remaining $71.25 billion dollars.
This program has the potential to shift literally $500 billion or more in losses onto the taxpayer, not through the operation of "bad luck" but rather through what amounts to a bid rigging operation.