The "up-to-the-minute Market Data" thread

Another thread on the toxic assets.

European banks have 20 TRILLION in toxic assets and loans??? Is the USA in better shape than Europe?

I wonder if the federal Reserve and the Treasury printing presses will be paying for this also.

www.abovetopsecret.com...'

reply to post by redhatty


I know who owns the Federal Reserve and anyone here can google it up and see. If you think that money is created to let sit then I'm afraid you have a basic misunderstanding of what money is for.

It's been fun, except for the condescending stuff, see ya round!

And again, speaking of toxic assets

OBAMA PLAN FOR TOXIC ASSETS TO BE RELEASED MONDAY

The federal government will announce as soon as Monday a three-pronged plan to rid the financial system of toxic assets, betting that investors will be attracted to the combination of discount prices and government assistance.

But the framework, designed to expand existing programs and create new mechanisms, relies heavily on participation from private-sector investors. They've been the target of a virulent anti-Wall Street backlash from Washington in the wake of the American International Group Inc. bonus furor. As a result, many investors have expressed concern about doing business with the government in this climate -- potentially casting a cloud over the program's prospects.Another sticking point: the program is smaller than originally envisioned, raising questions about whether it will be adequate to the task.

The administration's plan, which has been eagerly awaited by jittery investors, includes creating an entity, backed by the Federal Deposit Insurance Corp., to purchase and hold loans.

In addition, the Treasury Department intends to expand a Federal Reserve facility to include older -- so-called "legacy" -- assets. Currently, it's only set up to buy newly issued securities backing all manner of consumer loans. But some of the most toxic assets are securities created in 2005 and 2006.

Finally, the government is moving ahead with plans, sketched out by Treasury Secretary Timothy Geithner last month, to establish public-private investment funds to purchase mortgage-backed and other securities. These funds would be run by private investment managers but be financed with a combination of private money and capital from the government, which would share in any profit or loss.

more at link

reply to post by redhatty


Well now they don't have any other choice but try to shove the toxic assets up the butts of private investors.

Well the word said it all they are nothing but trash.

Why they don't take them and shove them up the butts of the people that created them AIG.

LAYOFF DAILY
Fri 3-20-2009

Certainteed -55
Gibson Guitar -50
Orange County Bus Drivers -400
First Data Closes FL Call Center -105
Temp Layoffs At Finnair -1,600
Tri-Rivers Schools -15
Pacific Capital Bancorp -300
Boeing Issues Layoff Notices -900
Day-Brite -45
Motorsports Authentics -40
Wausau Homes -79
WH Transportation -49
TyssenKrupp -3,000
Areva Uranium Mine -100
Wisconsin Public Service Co. -310
Lam Research -375
Swanson Group Cuts Again -43
Georgia Pacific Dubuque Plant -12
Manitowoc -86
Flight Options Pilots -105
Trimaco LLC -10
International Paper Mount Vernon Plant -58
OptiSolar Shuts Down -200
Timken Honea Path Plant -65
University of Rochester -40
Katten Muchin Rosenman -69
Acciona Wind Turbine Plant -58
Anchorage Daily News -45
Jenner and Block Law Firm -34
TOTAL - (apprx) 8,318

This total does not include these stories -
or the little ma and pa shop on the corner that just closed.

IBM Sun Merger Could Mean Big Layoffs
www.boston.com...

While both companies have shed jobs in Massachusetts in recent months,and Sun is in the process of cutting 6,000 jobs worldwide, , neither would say yesterday how many workers they still employ here. Nor would they comment on news media reports that IBM is in talks to acquire Sun.

Sun's shares rose $3.92 cents, or 78.87 percent, to $8.89 on the Nasdaq exchange yesterday. Shares of IBM slid 96 cents, or 1.03 percent, to $91.95 on the New York Stock Exchange.

More Layoffs On The Way For FedEx

Three months ago, Smith acknowledged a reality many didn't want to hear - the economic downturn was hitting the shipping giant head on. The company answered with hiring freezes, pay cuts, no raises and by laying off about 1,400 workers. Thursday morning, FedEx announced that profits were down 75 percent from a year ago and more job cuts are eminent.

Yuma County Unemployment Hits 22%
Michigan Highest Jobless Rate 11.6%
GM Shutting 5 More Plants
Porter Novelli -15%

HIRING
PODS Enterprises +116

[edit on 20-3-2009 by spinkyboo]

The BIG news will be in April when banks begin reporting earnings. Everything else is pennies until then. If they report profitability, expect a rally till at least the next quarter.

reply to post by RetinoidReceptor
With all our cash being stuffed in their pockets they should "look" good...

...But...depends on how they cook the books...if they can keep all their off balance sheet stuff roped off then...maybe...have to see...

Originally posted by Hx3_1963
reply to post by RetinoidReceptor

 

With all our cash being stuffed in their pockets they should "look" good...

...But...depends on how they cook the books...if they can keep all their off balance sheet stuff roped off then...maybe...have to see...

I'll probably buy in anticipation for a profit. I am sure at least some banks will produce a profit.

reply to post by RetinoidReceptor


HEH I'm holding some C, BAC, GS & JPM hoping they will go back up

Don't know that they will, but I sure am hoping

Originally posted by redhatty
reply to post by RetinoidReceptor

 

HEH I'm holding some C, BAC, GS & JPM hoping they will go back up

Don't know that they will, but I sure am hoping

I'd buy BAC at 3 dollars...but I am reluctant to buy at any other price.

[edit on 20-3-2009 by RetinoidReceptor]

people, i can only talk as a layman, but i got nothing to loose(not even those called 401k) so what more can you take from me before i reform and become even more dangerous identity.

Your money is fake and your belief system your capital system is build on is an illusion, which are about to break. So get your "money" out of this circle and lets call the truth for once. No "last minute update on stockmarket" can change this situation and no great idea came out of capitalism, money is(were the you like it or not) owned by a very few selected people who control when and where you and your family´s resources are going to hit the ground.

So please keep these "last minute update info" disinfo to another part of this universe. Maybe Cnbc would like these topstories but in here its shear negligence. Stop pushing your capitalism way of thinking over our heads in these forums which are not build to commercialize your ideas.

Best regards.

Loke.

I forgot to say: Blinded by light....

reply to post by Loke.


Normally how it works is that if you don't like what is being discussed in a particular thread, you don't pay attention to it.

Keep up the good work guys. Another lurker here who enjoys the "updates."

FBI SENDING AGENTS UNDERCOVER INTO MORTGAGE CO.s
www.foxnews.com...

per levine
Just wanted to point out that at a hearing before the House Committee on Financial Services today, FBI Deputy Director John Pistole said that one of the ways the FBI is fighting mortgage fraud (and trying to stem the economic problems) is by sending FBI agents undercover into companies.
Here is an excerpt from his statement...
"The FBI has implemented new and innovative methods to detect and combat mortgage fraud. ... [including] undercover operations and wiretaps. These investigative measures not only result in the collection of valuable evidence, they also provide an opportunity to apprehend criminals in the commission of their crimes, thus reducing loss to individuals and financial institutions."
Also, there is this from tapelog:
11:09:10 "We have several on-going undercover investigations"

and on a related topic...

U.S. regulator probing "rampant Ponzimonium"
www.reuters.com...

This is different now...

Wonder if they'll crack a big scam?

...And if they do will we ever find out about it?

...Or is it just Disinfo???

U.S. bank rescue plan could come on Monday: report
www.reuters.com...

NEW YORK (Reuters) - The U.S. government will announce as soon as Monday a long-awaited plan to try to get bad assets off the books of banks, a cornerstone of its efforts to tackle the credit crisis, The Wall Street Journal reported.

The Obama administration, battling a deepening recession, is set to adopt a three-pronged approach to ridding the financial system of so-called toxic assets, the newspaper and the New York Times said on their websites on Friday.

The plan would create an entity, backed by the Federal Deposit Insurance Corp, a U.S. banking regulator, to buy and hold loans, the reports said.

It would expand a newly launched Federal Reserve facility -- that lends money to investors to buy securities backed by consumer loans -- to include toxic assets. And it would create new public and privately financed funds to buy such securities under the management of private investment experts.

The Obama administration plans to contribute between $75 billion and $100 billion in new capital to the effort although that amount could be expanded, the Wall Street Journal said.

The Treasury Department and Federal Reserve declined to comment. Sources familiar with the government's thinking have told Reuters details of a plan could be announced next week.

The Bush administration tried without success late last year to set up a mechanism to get bad assets off the balance sheets of commercial banks.

The banks have been hammered by losses incurred by mortgage-related debt that has turned sour amid a fall in house prices and a pickup in defaults, sparking a credit crisis that has strangled the U.S. and global economies.

Obama's Treasury secretary, Timothy Geithner, has outlined a new proposal to soak up as much as $1 trillion in assets through a public-private program.

But investors have grown increasingly concerned that his efforts are running into problems more than a month after he outlined the plan.

The slow start of the new Federal Reserve consumer lending program this week has been seen as a sign that private capital may shun the toxic-asset plan because of public outrage over large executive bonuses.

Many big private investors are worried they could face tough new rules in U.S. financial rescue programs after Congress pressed ahead with efforts to claw back bonuses paid to executives at failed insurer American International Group.

The Wall Street Journal said the Treasury would match private sector finance for the public-private toxic asset funds on a one-for-one basis in most cases.

Washington would be a co-investor also in the new FDIC troubled loans program but could contribute 80 percent in some cases, and would guarantee as much as $500 billion in loans investments, the newspaper said in its report.

The New York Times said the FDIC program could involve government funding for up to 97 percent of the equity.

It also said the plan is likely to offer generous taxpayer subsidies, in the form of low-interest loans, to coax investors to form partnerships with the government.

Really???

Finally???

Excuse me if I'm not holding my breath...I happen to value my respirational advantages...

BTW: 3 Banks & 2 CU's might be a record for "FCID Friday" failures sooo...
Headiline should read...
U.S. bank rescue plan could come on Monday: *(If any survive)* report

Prediction market odds rising that Geithner will go
www.reuters.com...

WASHINGTON, March 20 (Reuters) - The odds on whether U.S. Treasury Secretary Timothy Geithner will leave by the end of June increased over the last week in a political prediction market, but traders still gave it only a small chance of happening.

On the Dublin-based Intrade (www.intrade.com/) prediction market, traders on Friday gave Geithner a 16 percent chance of leaving before midnight on June 30. While that is down from a spike of 20 percent on Thursday, the odds have risen since traders had an 8 percent expectation on March 13.

Geithner has been caught in a public firestorm over government bailouts of financial firms after those companies paid employees huge bonuses. President Barack Obama has repeatedly expressed confidence in his Treasury Secretary.

The political prediction market in the presidential race last year had shown betting shifting toward Obama from Republican rival John McCain as public opinion polls also began to favor Obama.

Contracts on the political prediction exchanges are structured so trading prices are expressed as a percent likelihood of an event occurring.

Studies have show the predictive power of the markets is comparable to that of opinion polls.

Huh...a market fer anything...


[edit on 3/21/2009 by Hx3_1963]

Jesus Christ he's going to miss that crucial mark and we're going to ruin the dollar. Bernanke should be arrested:

www.reuters.com...

reply to post by projectvxn


mmmmm....

Price fixing is what they are trying to do without actually legislating it. That policy has worked very well in the past.

As the article stated Japan tried it for a decade and it didn't work. You can only manipulate the numbers you cannot manipulate the actual market. It would be nice if they would recognize this and just let us go through the pain now so we come back stronger. As it currently stand they are putting us in a situation that we might not be able to recover from.

Dear Pause,

You are an expert on computer trading, so I hope you can help. You know that I'm not a greedy guy, but the morning was really slow, so I pushed CTRL + ALT + PAUSE and things started to move

[atsimg]http://files.abovetopsecret.com/images/member/11c46fb5324e.jpg[/atsimg]


but in a wrong direction. Do you know what keys to press to put it back?



Thanks,

Stander

Originally posted by HimWhoHathAnEar
reply to post by redhatty

 

I know who owns the Federal Reserve and anyone here can google it up and see. If you think that money is created to let sit then I'm afraid you have a basic misunderstanding of what money is for.

It's been fun, except for the condescending stuff, see ya round!

Nobody "Owns" the Federal Reserve .. the Federal Reserve is a Board (it has Governors) who "regulate -- or lack there of" the entire banking industry. The only difference in power that this board has that say, industries like Coal, Farming, Medicine, Pharmaceuticals, Insurance, etc, is that it is exempt from most government oversight. Granted, the US Congress could revoke it's charter, it operates without much oversight, and is incredibly opaque.

The banks that make up the board are the largest banks in the country, which in turn have majority share holders.

If you want to know who "owns the fed" you need to find who is majority share holder of the biggest banks. As of today, the US Government is the largest single share holder of almost every major bank.

This can be shown as fact that, until very, very recently, because the Federal Reserve was not in fact an actual entity but a regulatory board, it cannot own property of any kind.. like stocks.. hence the "Bail Out" .. using the Treasury to do what the Fed cannot, own equity in companies. Granted, the Fed buys the treasuries which fund the purchases made by the treasury...

There is an astounding amount of corruption in the banking world, tangled with our Government like most wouldn't believe possible.. but to believe there are these singular Jews among us who own it all is a bunch of bs, as far as I know, no Rothschild for instance, is a majority holder of any us bank -- though I could be wrong.

reply to post by Hx3_1963

The plan would create an entity, backed by the Federal Deposit Insurance Corp, a U.S. banking regulator, to buy and hold loans, the reports said.

Uhh..

Wasn't that the purpose of Fannie Mae, Freddi Mac, and Ginni Mae???

We all know the "toxic assets" are CDS and other obligations like them, and yet securities like CDS's have not been made illegal. No one even talks about them.

reply to post by stander

Dear Pause,

You are an expert on computer trading, so I hope you can help. You know that I'm not a greedy guy, but the morning was really slow, so I pushed CTRL + ALT + PAUSE and things started to move... but in a wrong direction. Do you know what keys to press to put it back?

Secrets of the trade are - you will understand - generally relayed via a nod and a wink. However you have clearly spent so much time at the keyboard that it is now only a matter of time before you happen across its lesser-known functions. The esoteric combination you seek is ALT-SHFT-MANIPULATE.