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NEW YORK (Reuters) - U.S. stocks tumbled further on Friday, with indexes sliding more than 2 percent after comments from JPMorgan Chase's chief executive that March was "a little tough."
Originally posted by DangerDeath
Money is not just what you own! Careful people... Money is also what you owe.
George dude has it right
Those that charge interest and lend money given no opposition from honest men will indeed end up owning all the means of production. Want historical precedent? Why sure...Where have we read about money-changers and this kind of behavior before? bible.cc... was it? Wonder if it's covered in the Book of Timothy? Maybe this time...
Then Jesus went into the temple, threw out everyone who was selling and buying in the temple, and overturned the moneychangers' tables and the chairs of those who sold doves.
www.urbansurvival.com...
More at Link...
G20 summit: What to expect
www.telegraph.co.uk...
The G20 London Summit will be surrounded by protestors, campaigners and police: Here is a timeline of major events:
:snip:
Wednesday 1 April
11am G20 Meltdown. Groups styling themselves as "Four Horsefolk of the Apocalypse" expected to converge at London stations including Moorgate, Liverpool Street, London Bridge and Cannon Street stations.
On a worldwide scale some (not all) of the problems are caused by greed and self-centeredness in the richer nations. At the same time the richer nations also generate so much wealth it enables many nations/companies/individuals to be generous in their international assistance and giving. And a significant part of the rich nations' dynamic has historically come from borrowing from banks and financiers. The crux of the matter is therefore the use of wealth to enslave, rather than to cooperate in a spirit of benevolence or philanthropy.
JRT JER INV TRUST NEW 0.99 2:43PM ET -0.29 (-22.66%)
finance.yahoo.com...
JER Investors Trust Inc.
1650 Tysons Boulevard
Suite 1600
McLean, VA 22102
United States - Map
Phone: 703-714-8000
Fax: 703-714-8100
Web Site: www.jer.com...
DETAILS
Index Membership: N/A
Sector: Financial
Industry: REIT - Retail
Full Time Employees: NaN
BUSINESS SUMMARY
JER Investors Trust, Inc., a specialty finance company, originates and acquires a portfolio of commercial real estate structured finance investments. Its target investments include commercial real estate structured finance products, such as commercial mortgage backed securities, mezzanine loans, and B-Note participations in mortgage loans, as well as whole commercial mortgage loans, loans to real estate companies, preferred equity, net leased real estate, and residential mortgages and related securities. The company was founded in 2004 and is based in McLean, Virginia.
Bankers Say They Offered Obama to Help With Recovery
The chief executives of the nation’s largest banks told President Obama on Friday that they were committed to helping the administration spur an economic recovery. “It was all about getting the economy going again,” John J. Mack, chief executive of Morgan Stanley, said of Friday’s meeting at the White House. Mr. Obama met with the bankers, seeking their support for his plan to stabilize the financial system and move beyond the furor over bailouts and bonuses.
More at Link...
Emerging from U.S. bankruptcy gets even tougher
www.reuters.com...
NEW YORK (Reuters) - Bankrupt U.S. companies lucky enough to survive a court restructuring are hitting another roadblock created by the economic downturn -- finding the money they need to put it all behind them.
Getting out of bankruptcy has never been easy. Companies often have to lay off employees, close plants and sell assets to reduce operating costs before they can receive the court approval they need to stand alone again.
When credit markets were healthy, companies would often turn to them to boost capital as they exited bankruptcy. But today's weak markets are not an option now. And like the market for the debtor-in-possession financing that is used to pay for bankruptcy, the outlook is not much better, bankers and lawyers say.
"Exit financing is a pretty tough game right now to be honest with you," said Brian Trust, a partner at Mayer Brown in New York.
"I'm not saying that you are going to see exit finance markets break open. I think they are going to be subject to the same issues, concerns, constrictions and tightness of credit that we have seen in the current DIP market -- although we have seen a crack in the general credit markets."
UPDATE 1-NY Gov: state nears "life threatening" budget cuts
www.reuters.com...
NEW YORK, March 27 (Reuters) - New York state's deficit likely will increase by $3 billion this year, even after enacting a new budget that must close a $16 billion deficit, Governor David Paterson said on Friday.
Paterson told Albany reporters the shortfall could even top $20 billion.
New York faces an April 1 budget deadline and Paterson, who has repeatedly warned that tax revenues are sliding along with losses at Wall Street's financial institutions, said the legislature must make even deeper cuts before he would consider their proposals to raise income taxes on the rich.
Paterson, underscoring the severity of the situation, said the state "is on the verge of cuts and service reductions that I would have to describe as life threatening".
He again declined to rule out higher income taxes for the many well-to-do who live in the state, saying: "obviously in situations like that everything is on the table."
Paterson did not offer any details about further cuts. The New York Times reported on Friday that federal stimulus money will make up for some cuts planned for education.
The paper said insurers had beaten back a new $120 million tax the governor proposed for their industry the Senate had killed plans for a 5-cent deposit for water bottles, and the Assembly seems to have spurned a measure to let groceries sell wine.
Regarding an extra $4 billion or so raised by increasing the current top 6.85 percent state income tax rate, the Democratic-led Assembly wants to use it for the overall budget.
However the Senate, also run by Democrats, wants to use the extra revenue for the state's mass transit agency.
Both houses want to save bus, subway, rail commuters and motorists from the 20 to 30 percent increases in their fares, tickets and tolls that the agency approved on Wednesday.
Asked if progress had been made in bailing out the Metropolitan Transportation Authority, Speaker Sheldon Silver said: "We are actively pursuing reversing the outrageous fare increase and service cuts that are proposed by the MTA Board and I am hopeful that we will have a deal before long to reverse it."
Senate Majority Leader Malcolm Smith said his members had not yet decided how much people would have to earn before the new top income rates began.
"We are just trying to get a formula that gets us out of the hole," he said. "We need some severe cuts and we want to do what is necessary."
More at Link...
Geithner's Toxic-Asset Plan on Slow Track as Securities Values Deteriorate
www.bloomberg.com...
The Obama administration’s plan to remove distressed assets from bank balance sheets may take three months to begin operating, risking further deterioration in the value of the securities and driving up rescue costs.
It has come to my attention that Dylan Ratigan has "severed" his relationship with CNBC, and rumors are flying that it was over a difference of opinion with management.
A quick check of the web shows that Fast Money no longer lists him as part of the team.
I called CNBC's Public Relations Department this morning when I first got wind of this perhaps being the case to make sure they were aware of my considered opinion that Mr. Ratigan was one of the few reasons to watch their network, as he has been one of the few people who has been willing to take on the "mis statements", question the "conventional wisdom" and raise hell when appropriate - such as his recent rants about AIG being apparently used as a conduit for US Taxpayer funds to banks, a subject that has now drawn the attention of NY Attorney General Mr. Cuomo who is investigating (as he is charged with) whether laws have been violated.
Whatever the circumstances surrounding Mr. Ratigan's separation from CNBC, the fact remains that CNBC has a well-deserve reputation among many in the investing community, including Ticker readers and Tickerforum users, of being a "pumper's channel", refusing, for the most part, to present the markets and news related to them in an even-handed manner.
This is not a new view or belief, and indeed, if one were to go back and view their coverage "objectively" in 2006, 2007 and the first part of 2008, I believe it would be flatly impossible in light of the outcome of events in the markets to characterize their coverage as "balanced", "even-handed" or, for that matter, even in the category of "journalism."
Mr. Ratigan was the notable exception to that commonly-held belief in my opinion, and CNBC will be much the poorer for the loss of his talent and refusal to do other than call 'em as he saw 'em.
In addition I have noted a rather interesting change of tone in Rick Santelli's reporting over the last couple of weeks. I can only speculate on who applied a jackboot to his neck - and shake my head in sad acceptance of his decision not to provide a one-finger salute in response.
Journalism is not about parroting a party line or being "polite." The entire purpose of journalism, and the reason we have a First Amendment, is to expressly permit and encourage the exposure of those events and words that others would prefer remain hidden.
After all, nobody ever tries to censor speech that they do not find offensive.
While the blogging community has picked up the torch of expositive journalism to a large degree, it is an affront to the public rights of way and airwaves over which both cable and over-the-air TV operate when repression of investigative reporting and exposition of believed wrong-doing is driven from those public resources as a consequence of corporate or political pressure.
This much I can tell you - there will be one fewer television tuned to CNBC as a consequence of this event - mine.
I wish Mr. Ratigan the best in his future endeavors, and as for CNBC, perhaps this is the beginning of the disintegration of their sorry franchise.
Hope springs eternal.
Dylan Ratigan Leaves CNBC
Dylan Ratigan has left CNBC effective immediately, network spokesperson Brian Steel told TVNewser.
The New York Post's Page Six reported Friday that Ratigan had quit following a dispute with network VP Susan Krakower — though insiders deny to TV Newser that Krakower is responsible for Ratigan's exit:
"It's less about Krakower and more about him," says the source. "He wants to be the next Letterman."
...and there it is...*boink*
Press Releases
www.fdic.gov...
SunTrust Bank, Atlanta, Georgia, Receives the Insured Deposits of Omni National Bank, Atlanta, Georgia
FOR IMMEDIATE RELEASE
March 27, 2009 Media Contact:
LaJuan Williams-Dickerson
[email protected]
202-898-3876 (office)
Omni National Bank, Atlanta, Georgia, was closed today by the Office of the Comptroller of the Currency, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into an agreement with SunTrust Bank, Atlanta, Georgia, to act as paying agent for the insured deposits of Omni National Bank.
As the FDIC's paying agent, SunTrust will operate the six former branches of Omni National, on behalf of the receiver, until April 27, 2009. Omni National had branches in Atlanta, Georgia; Dalton, Georgia; Tampa, Florida; Chicago, Illinois, Dallas, Texas; and Houston, Texas. Banking activities, such as writing checks, can continue normally for former Omni National customers during this transition period.
All insured depositors of Omni National may transfer their accounts to other banks at any time until April 27, 2009. At that time, all of the former Omni National branches will be closed. During this 30-day transition period, depositors in Georgia and Florida can choose to either open an account with SunTrust or close their account and receive a check. Customers of those branches who do not open new accounts at SunTrust or withdraw their funds by April 27th will be automatically transferred to SunTrust. For depositors of the Omni National branches in Illinois and Texas who have not closed their accounts by April 27, SunTrust will mail checks to the address of record.
The FDIC entered into the agreement with SunTrust to avoid the inconvenience and disruption of customers receiving checks for their insured deposits. This arrangement also allows for uninterrupted direct deposits, including Social Security payments, to and automated payments from customers' accounts through April 27. In addition, the transaction allows Omni National customers, particularly in Chicago, Dallas and Houston, time to find another institution in which to do business.
As of March 9, 2009, Omni National Bank had total assets of $956.0 million and total deposits of $796.8 million. At the time of closing, there were approximately $2.0 million in uninsured deposits that potentially exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers. Brokered deposits are not a part of this transaction. The FDIC will pay the $320.1 million in brokered deposits directly to the brokers for the amount of their insured funds.
Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-800-830-3256 to set up an appointment to discuss their deposits. This phone number will be operational this evening until 9:00 p.m., EDT; on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Customers who would like more information on today's transaction should visit the FDIC's Web site at www.fdic.gov...
Beginning Monday, depositors of Omni National Bank with more than $250,000 at the bank may visit the FDIC's Web page "Is My Account Fully Insured?" at www2.fdic.gov... to determine their insurance coverage.
The FDIC will retain all the assets for later disposition except for cash, correspondent accounts, and loans fully secured by deposits.
The cost to the FDIC's Deposit Insurance Fund is estimated to be $290 million. Omni National Bank is the twenty-first bank to fail this year. The last bank failure in Georgia was FirstCity Bank, Stockbridge, on March 20, 2009.
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,305 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-50-2009