Friday, March 27, 2009

Financial Bailout News

Video: Bailout schadenfreude spills into advertising
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Video: Bailout schadenfreude spills into advertising
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Financial Bailout News

Bailout schadenfreude spills into advertising
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Bailout schadenfreude spills into advertising
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Financial Bailout News

Billions in bailout waste?
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Billions in bailout waste?
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Financial Bailout News

The Big, Bad Bailout
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The Big, Bad Bailout
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Financial Bailout News

Free Business and Tech Magazines. Sign up Today!
Sponsored Link

Free Business and Tech Magazines. Sign up Today!
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Thursday, March 26, 2009

Financial Bailout News

The Big, Bad Bailout
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The Big, Bad Bailout
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Financial Bailout News

Video: American people oppose bank bailout
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Video: American people oppose bank bailout
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Financial Bailout News

Unicredit Seeks Government Bailout
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Unicredit Seeks Government Bailout
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Financial Bailout News

Bailout schadenfreude spills into advertising
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Bailout schadenfreude spills into advertising
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Financial Bailout News

Video: Todd: AIG bailout three times Homeland Security budget
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Video: Todd: AIG bailout three times Homeland Security budget
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Financial Bailout News

House Passes Bill Taxing Bailout Bonuses
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House Passes Bill Taxing Bailout Bonuses
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Financial Bailout News

Bailout Buyer's Remorse
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Bailout Buyer's Remorse
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Financial Bailout News

The Big, Bad Bailout
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The Big, Bad Bailout
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Financial Bailout News

AIG Bailout Money Used for Bonuses
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AIG Bailout Money Used for Bonuses
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Wednesday, March 25, 2009

Financial Bailout News

Video: AIG bailout outrage felt beyond Beltway
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Video: AIG bailout outrage felt beyond Beltway
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Financial Bailout News

Video: Bailout schadenfreude spills into advertising
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Video: Bailout schadenfreude spills into advertising
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Financial Bailout News

Video: Bailout shadenfreude spills in advertising
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Video: Bailout shadenfreude spills in advertising
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Tuesday, March 24, 2009

Financial Bailout News

Video: Bailout schadenfreude spills into advertising
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Video: Bailout schadenfreude spills into advertising
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Financial Bailout News

Video: Bailout shadenfreude spills into advertising
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Video: Bailout shadenfreude spills into advertising
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Monday, March 23, 2009

Financial Bailout News

Video: American people oppose bank bailout
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Video: American people oppose bank bailout
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Financial Bailout News

Taking Bailout Bucks Back
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Taking Bailout Bucks Back
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Financial Bailout News

The Gift That Keeps on Giving
Congress must investigate where all of the A.I.G. bailout money went, and the new disclosures give them enough to get started

The Gift That Keeps on Giving
Congress must investigate where all of the A.I.G. bailout money went, and the new disclosures give them enough to get started
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Financial Bailout News

Outrage Over AIG Bailout for Bonuses
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Outrage Over AIG Bailout for Bonuses
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Sunday, March 22, 2009

Financial Bailout News

Government Bailout for HSBC Unlikely
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Government Bailout for HSBC Unlikely
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Investigating AIG

Investigating AIG

Everyone seems to be all abuzz about the Mike Taibbi takedown of AIG in Rolling Stone. Its a fun read — as is any piece that begins “we’re officially, royally fucked” — but there are a few other columns that do an excellent job contextualizing 1) How AIG got so heavily involved in CDOs and CDSs, and 2) What its going to take to clean up the ginormous mess they made.

If you are interested in learning the nitty gritty details about how AIG’s Financial Product division (AIGFP as it came to be known), then the place to start reading is the 3 part series WaPo did in the fall: Investigating AIG (full linkage below).

The clean up half of the story is best described by Carol Loomis in this month’s Fortune. (She makes it pretty clear that Liddy is not the bad guy).

Get crackin’ . . .

Investigating AIG: The Washington Post
Part I: The Beautiful Machine
Part 2: A Crack in the System
Part 3: Downgrades and Downfalls

AIG’s rescue has a long way to go
Carol J. Loomis
Fortune DECEMBER 29, 2008: 10:46 AM ET
http://money.cnn.com/2008/12/23/news/companies/AIG_150bailout_Loomis.fortune/index.htm

Behind Insurer’s Crisis, Blind Eye to a Web of Risk
GRETCHEN MORGENSON
The New York Times, September 27, 2008
http://www.nytimes.com/2008/09/28/business/28melt.html
The Big Takeover
MATT TAIBBI
Rolling Stone Mar 19, 2009 12:49 PM
http://www.rollingstone.com/politics/story/26793903/the_big_takeover



Investigating AIG

Everyone seems to be all abuzz about the Mike Taibbi takedown of AIG in Rolling Stone. Its a fun read — as is any piece that begins “we’re officially, royally fucked” — but there are a few other columns that do an excellent job contextualizing 1) How AIG got so heavily involved in CDOs and CDSs, and 2) What its going to take to clean up the ginormous mess they made.

If you are interested in learning the nitty gritty details about how AIG’s Financial Product division (AIGFP as it came to be known), then the place to start reading is the 3 part series WaPo did in the fall: Investigating AIG (full linkage below).

The clean up half of the story is best described by Carol Loomis in this month’s Fortune. (She makes it pretty clear that Liddy is not the bad guy).

Get crackin’ . . .

Investigating AIG: The Washington Post
Part I: The Beautiful Machine
Part 2: A Crack in the System
Part 3: Downgrades and Downfalls

AIG’s rescue has a long way to go
Carol J. Loomis
Fortune DECEMBER 29, 2008: 10:46 AM ET
http://money.cnn.com/2008/12/23/news/companies/AIG_150bailout_Loomis.fortune/index.htm

Behind Insurer’s Crisis, Blind Eye to a Web of Risk
GRETCHEN MORGENSON
The New York Times, September 27, 2008
http://www.nytimes.com/2008/09/28/business/28melt.html
The Big Takeover
MATT TAIBBI
Rolling Stone Mar 19, 2009 12:49 PM
http://www.rollingstone.com/politics/story/26793903/the_big_takeover


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Banks Leaving Money on the Table "All Day Long"

Banks Leaving Money on the Table "All Day Long"
If you missed this, Zach Fox at the North County Times had an incredible story: HOUSING: Banks selling properties in bulk for cheap
For example, a unit of Citigroup, the troubled financial giant, sold a foreclosure in Temecula to an Arizona investment firm for $139,000 when comparable homes in the area were selling for $240,000 to $260,000.

The firm listed the home for $249,000, received multiple offers and the property has entered escrow, said Amber Schlieder, the real estate agent who handled the listing.
Citi just left $100,000 on the table.

I hear stories like this all the time.

Here is a short video from KCET with a couple more examples (these are short sales):



Clearly the banks are overwhelmed and the process is broken. Maybe there is an opportunity here for added transparency ...



Banks Leaving Money on the Table "All Day Long"
If you missed this, Zach Fox at the North County Times had an incredible story: HOUSING: Banks selling properties in bulk for cheap
For example, a unit of Citigroup, the troubled financial giant, sold a foreclosure in Temecula to an Arizona investment firm for $139,000 when comparable homes in the area were selling for $240,000 to $260,000.

The firm listed the home for $249,000, received multiple offers and the property has entered escrow, said Amber Schlieder, the real estate agent who handled the listing.
Citi just left $100,000 on the table.

I hear stories like this all the time.

Here is a short video from KCET with a couple more examples (these are short sales):



Clearly the banks are overwhelmed and the process is broken. Maybe there is an opportunity here for added transparency ...


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Friday Nite Jazz: Ain’t No Rest For the Wicked

Friday Nite Jazz: Ain’t No Rest For the Wicked

This is my favorite new song, which is a mix between Beck, White Stripes and something not quite hiphop.

I really like the lyrics:

>

Bastardo! They turned the embedding off! (shrink that window)

You can stream the entire disc here: http://www.myspace.com/cagetheelephant

http://en.wikipedia.org/wiki/Cage_the_Elephant_(album)

(Check out the reggae “New Devil” mix)



Friday Nite Jazz: Ain’t No Rest For the Wicked

This is my favorite new song, which is a mix between Beck, White Stripes and something not quite hiphop.

I really like the lyrics:

>

Bastardo! They turned the embedding off! (shrink that window)

You can stream the entire disc here: http://www.myspace.com/cagetheelephant

http://en.wikipedia.org/wiki/Cage_the_Elephant_(album)

(Check out the reggae “New Devil” mix)


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WAMU Sues FDIC for $6.5 Billion

WAMU Sues FDIC for $6.5 Billion

Now ain’t this a bitch?

Washington Mutual’s holding company is suing federal regulators for billions of dollars, saying the firesale of the bank’s assets to JPMorgan Chase violated its rights. The lawsuit was filed Friday in federal court against the Federal Deposit Insurance Corp., which seized the Seattle-based savings and loan in September. It was the largest bank failure in U.S. history.

Lawyers for the holding company, Washington Mutual Inc., argue that the bank was worth more than the $1.9 billion JPMorgan paid for it in a deal arranged by the FDIC. The lawsuit argues that if WaMu’s assets had been liquidated prudently, they would have been worth more than that.
An FDIC spokesman did not immediately return a call seeking comment Saturday.

At what point do you just liquidate every last one of these sons of bitches — and throw their management in jail?

>

Sources:
Washington Mutual sues FDIC for over $13 billion
Reuters, Sat Mar 21, 2009 1:49pm EDT
http://www.reuters.com/article/newsOne/idUSTRE52K1K620090321

WaMu holding company sues FDIC over bank seizure
AP, Sat Mar 21, 7:05 pm ET
http://news.yahoo.com/s/ap/20090321/ap_on_bi_ge/wamu_lawsuit



WAMU Sues FDIC for $6.5 Billion

Now ain’t this a bitch?

Washington Mutual’s holding company is suing federal regulators for billions of dollars, saying the firesale of the bank’s assets to JPMorgan Chase violated its rights. The lawsuit was filed Friday in federal court against the Federal Deposit Insurance Corp., which seized the Seattle-based savings and loan in September. It was the largest bank failure in U.S. history.

Lawyers for the holding company, Washington Mutual Inc., argue that the bank was worth more than the $1.9 billion JPMorgan paid for it in a deal arranged by the FDIC. The lawsuit argues that if WaMu’s assets had been liquidated prudently, they would have been worth more than that.
An FDIC spokesman did not immediately return a call seeking comment Saturday.

At what point do you just liquidate every last one of these sons of bitches — and throw their management in jail?

>

Sources:
Washington Mutual sues FDIC for over $13 billion
Reuters, Sat Mar 21, 2009 1:49pm EDT
http://www.reuters.com/article/newsOne/idUSTRE52K1K620090321

WaMu holding company sues FDIC over bank seizure
AP, Sat Mar 21, 7:05 pm ET
http://news.yahoo.com/s/ap/20090321/ap_on_bi_ge/wamu_lawsuit


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