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Fed says gov't ready to save stress-tested banks
WASHINGTON – The Federal Reserve on Friday said the government is prepared to rescue any of the banks that underwent "stress tests" and were deemed vulnerable if the recession worsened sharply. The Fed, in outlining the tests' methodology, said the 19 companies that hold one-half of the loans in the U.S. banking system won't be allowed to fail — even if they fared poorly on the stress tests.
The Fed reinforced its view that major financial firms are "too big to fail," and the government must do whatever is necessary to save them, said former Fed examiner Mark Williams.
"It appears 'too big to fail' is a fundamental philosophy — it's a philosophical principle," said Williams, a finance professor at Boston University.
Originally posted by Vitchilo
U.S. Bank, Minneapolis, Minnesota Cost: 191.2 millions $
The failed bank had seven offices in Idaho and Wyoming. All seven offices will reopen on Monday as branches of U.S. Bank. Depositors of First Bank of Idaho will automatically become depositors of U.S. Bank. The two drive-up windows with Saturday hours will reopen tomorrow and operate under normal business hours.
Carrier Corporation -140
Scientific American Magazine -21
Holland, MI Public School System -30
XL Foods (Canada) -200
Caterpillar (NYSE:CAT) Research and Development Group -103
St. Bernard, OH School District -10
Chicago Tribune lays off their recession reporter
Peabody, MA School District -7
International Textile Group -100
Medtronic, Inc (NYSE:MDT) -240
WHYY-FM, Philadelphia PA -17
Embarq Corp (NYSE:EQ) -51
Sumitomo Electric Wiring Systems -79
L.L. Bean -200
Citigroup (NYSE:C) Private Equity Fundraising Group -45
Wells Fargo (NYSE:WFC) pink slips i-banking unit -150
Hawthorn, IL School District -23
Convergys Call Center -240
Clearwater Paper Corp. temporary layoffs (NYSE:CLW) -50
Tejon Ranch Corp (NYSE:TRC) -9
Springfield, OH City Schools -26
Lucia Mar, CA Unified School District -56
Bridgewater-Raynham, MA School District -11
TrinityRail North American Freight Car -659
Wauseon, OH School Board -8
National Public Radio -13
Rialto, CA Unified School District -93
Apple, Inc. Retail Stores -1,600
enton, MI School District -14
Columbus McKinnon Corp. -105
Anderson, IN Community Schools -70
YUSA Corporation -200
Wentville, MO GM Plant permanent layoffs -300
Steuben Glass -20
TOTAL - 7,670+
Mass layoffs in Germany could spark social unrest
Unemployed French workers kidnapping their bosses as labor protests spiral out of control
Roubini predicts double digit U.S. unemployment by Q4'09
Originally posted by marg6043
reply to post by redhatty
If that is true then there goes the unemployment rates again, because low profits means more people that will lose their jobs so this big companies can survive.
Yesterday was UPS this means thousands of jobs in the line we are losing jobs at an alarming rate along with this companies.
Its becoming very scary out there in main street america.
[edit on 24-4-2009 by marg6043]
IMF in Final Stages of Designing Its First Bond
Brazil, China and Russia Consider IMF's First Bond Offering
WASHINGTON -- The International Monetary Fund is finalizing plans for its first bond offering and lining up Russia, China and Brazil as potential purchasers, said officials gathered for an IMF meeting.
Brazil, China, Russia and India -- the so-called BRIC countries -- met Friday, in part, to hash out a common position on terms they want to see in such a bond, said Brazilian Finance Minister Guido Mantega. Brazil plans to buy the bonds, he said, to contribute to the quadrupling of IMF resources to $1 trillion.
A new bond "is an important instrument" to help the IMF "meet the capital needs of emerging countries," said Mr. Mantega, who would not estimate how much Brazil planned to buy.
It is not fundamental.
There is a cycle that business responds to.
The market makes the business, not the other way around.
You can armchair quarterback it all you want after the fact.