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David Corking

Media Release - NCUA Conserves U.S. Central and Western Corporate Credit Unions March... - 0 views

www.ncua.gov/...MR09-0320.htm

Culture Finance

shared by David Corking on 23 Mar 09 - Cached
  • The central short-term objective of NCUA’s Corporate Stabilization Program has been to increase liquidity in corporate credit unions. Since the NCUA Board first began taking stabilization actions, liquidity has demonstrated marked improvement. The reliance on external borrowing has declined from $11.8 billion to $2.1 billion. NCUA believes that the actions to conserve the two corporates, in tandem with established plans to enhance liquidity and generally stabilize the corporate network, represent the most cost effective and prudent alternative available to the credit union industry.
    • David Corking
      David Corking on 23 Mar 09
       
      Everyone seems to agree that the issue with the CU system is liquidity (being able to turn loans or bonds into cash). This is smaller, and much more easy to fix, than solvency problems that have damaged much of the rest of the financial system. (Solvency is having more assets - such as loans and bonds - than liabilities - such as customer deposits.)
alex thorn

Senate votes to roll back media ownership rule: Financial News - Yahoo! Finance - 0 views

biz.yahoo.com/...media_ownership.html

bush fcc media

shared by alex thorn on 16 May 08 - Cached
  • alex thorn on 16 May 08
     
    The Senate is trying to get rid of Bush-supported media consolidation rules... this is good! Break up the big media!
Levy Rivers

Joseph A. Palermo: Defeating the Bailout Looks Like Another Republican Ploy - 0 views

www.huffingtonpost.com/...-the-bailout-loo_b_130447.html

bailout cynicism republican

shared by Levy Rivers on 30 Sep 08 - Cached
  • House Republican leaders did not put much pressure on their rank-and-file members to back the rescue package." John Boehner, Roy Blunt and other "leaders" of the House Republicans thought they could strike a public pose as if they really cared about the credit seizure that looms over the country while secretly hoping to pin the bill's passage on Nancy Pelosi, Steny Hoyer, (and by association, Barack Obama).
  • They wanted Speaker Pelosi to pass the bill without much Republican cover so they could tell their constituents that the Democrats were just "picking the taxpayers' pockets again."
  • I agree with the critical flaws in the bill that Dennis Kucinich articulated this morning on Amy Goodman's show, Democracy Now! I don't believe in a government welfare program for Wall Street swindlers who had the audacity to pump up the paper value of one of their hidden, unregulated derivatives, "credit default swaps," from $631 billion in 2001 to $62 trillion in 2008! I think some people should be indicted; some people should go to jail.
  • ...3 more annotations...
  • Whenever you hear the word "bi-partisan," even during the waning hours of the Bush years, it usually means something very bad is about to happen.
  • All of a sudden I hear Bush Administration mouthpieces such as the billionaire Henry Paulson, who in the past have told us that we are all on our own and we shouldn't rely on government for anything, speak about "our" financial markets as if working people have been the ones swapping "collateralized debt obligations" and "hybrid debt instruments."
  • It is my hope we can seize the opportunity this crisis presents, hold President Obama's feet to the fire, and construct a new social compact in this country, a New New Deal.
Levy Rivers

In Fine Print, a Proliferation of Large Donors - 0 views

www.nytimes.com/...21donate.html

shared by Levy Rivers on 21 Oct 08 - Cached
  • The joint fund-raising committees have been utilized far more heavily this presidential election than in the past. Mr. Obama’s campaign has leaned on wealthy benefactors to contribute up to $33,100 at a time to complement his army of small donors over the Internet as he bypassed public financing for the general election. More than 600 donors contributed $25,000 or more to him in September alone, roughly three times the number who did the same for Senator John McCain.
  • Compared with Mr. Obama, Mr. McCain drew a slightly larger percentage of his big-donor money from the financial industry, about a fifth of his total. The next biggest amount in large checks for Mr. McCain came from real estate and then donors who identified themselves as retired. With his emphasis on offshore drilling, Mr. McCain has also enjoyed heavy support from generous benefactors in the oil and gas industry, a group Mr. Obama drew relatively little from.
  • Donations to these joint fund-raising committees have surged this election cycle, taking in nearly $300 million this year through September — with Mr. McCain collecting slightly more than Mr. Obama — compared with $69 million in 2004. Campaign finance watchdogs call it a worrisome trend, saying the heavy emphasis on such arrangements brings candidates one step further into the embrace of major donors.
  • ...1 more annotation...
  • McCain finance officials introduced their main joint fund-raising committee, McCain Victory 2008, in the spring. Mr. McCain was still able to accept primary money, so money was divided between his primary campaign coffers, the Republican National Committee, several state parties and his compliance fund, for a maximum check of $70,100.
Levy Rivers

Mark Kleiman: Changing the topic - Politics on The Huffington Post - 0 views

www.huffingtonpost.com/...anging-the-topic_b_104236.html

gramm lobbyist mccain politics

shared by Levy Rivers on 30 May 08 - Cached
  • Coincidentally, on the very same day the Financial Times reported that UBS had advised 50 current and former employees of its private banking group not to travel to the United States. The bank is worried that they might be arrested in connection with a massive tax-evasion scheme under which UBS helped rich Americans cheat the IRS, thus making sure that the rest of us suckers had to pay for, e.g., the War in Iraq. Some of the clients of the scheme are already testifying before a grand jury, and a senior UBS official has already been indicted. UBS is offering to provide lawyers for all of the suspects. Now, how is it that Gramm got to be Vice-Chairman of UBS? Why, by being the chief author of the banking-deregulation legislation (the repeal of the Glass-Steagall Act) that made so many bankers rich and helped create the crisis McCain doesn't want to do anything about. In keeping with McCain's decision to purge "lobbyists" from his campaign, Gramm had himself de-registered as a lobbyist. But he's still Vice Chairman of UBS, and still McCain's chief economic adviser. All the de-listing means is that he can't now personally call Congressmen or Senators; no doubt his staff can handle such details for the next few months.
Levy Rivers

Obama and McCain Clash Over Economy - NYTimes.com - 0 views

www.nytimes.com/...08debate.html

debate election mccain obama

shared by Levy Rivers on 08 Oct 08 - Cached
  • “Senator McCain suggests that somehow, you know, I’m green behind the ears and, you know, I’m just spouting off, and he’s somber and responsible,” he said. “Senator McCain, this is the guy who sang, ‘Bomb, bomb, bomb Iran,’ who called for the annihilation of North Korea. That I don’t think is an example of ‘speaking softly.’ 
  • Throughout the evening, when Mr. McCain spoke, Mr. Obama stood at the side of the stage, or seated on a chair, arms folded, gazing at his rival. When Mr. Obama spoke, Mr. McCain took notes, often looked the other way, or scribbled on a pad.
  • Even Mr. McCain’s use of humor — a central part of his appeal in his own town hall meetings — did not seem that effective. At one point he joked about how health care plans probably should not pay for hair transplants, a remark that did not seem to draw more than a titter.
  • ...1 more annotation...
  • Mr. Obama nodded disapprovingly. “Now, I’ve got to correct a little bit of Senator McCain’s history, not surprisingly,” he said “Let’s, first of all, understand that the biggest problem in this whole process was the deregulation of the financial system.
Skeptical Debunker

Arne Duncan: Move Our Money From Banks to Students - 0 views

www.huffingtonpost.com/...money-from-banks_b_471038.html

student loans banks subsidies change

shared by Skeptical Debunker on 22 Feb 10 - Cached
  • The president's student aid reform plan will save tens of billions over the next decade. We'll use these savings to make college more affordable for the next generation of engineers, teachers, and scientists who will become the backbone of the new economy. The House has passed the Student Aid and Fiscal Responsibility Act. This legislation will end bank subsidies and invest in students directly. The Senate is still working on its bill. The House bill will increase Pell Grant scholarships to $5,710 in the next fiscal year. It will guarantee that Pell Grants keep pace with the rate of inflation. It will eliminate unnecessary questions from the financial aid forms, making it faster and easier for students to qualify for federal grants and loans. This legislation also promises an historic investment in community colleges, helping these essential schools take Americans from all backgrounds and equip them to succeed. Finally, it will improve the quality of early learning programs, which are critical to America's educational success. All of this will be possible by eliminating the student loan subsidies. We will end the loans under the Federal Family Education Program and make them directly to students -- just as economist Milton Friedman proposed 50 years ago, and just as the Department of Education has been doing since 1993 through the Direct Loan Program. For future lending, we have hired experienced companies to service all new student loans and collect them for us. We selected these companies through a competitive process. The shift is underway, and it is proving to be a remarkably smooth transition. In the past two years, our Department has issued more than $50 billion in student loans. Over 2,300 colleges and universities participate in the direct lending program -- an increase of 1,300 over the past three years. It's time to do what's right for taxpayers -- move our money from bankers to students.
  • Skeptical Debunker on 22 Feb 10
     
    President Obama has a plan to move our money from banks to students. Every year, taxpayers subsidize student loans to the tune of $9 billion. Banks service these loans, collect the debt, keep the interest, and turn a profit. When borrowers default on their loans, taxpayers foot the bill, and banks still reap the interest. It's a great deal for banks and a terrible one for taxpayers.
  • Skeptical Debunker on 22 Feb 10
     
    Yet another government sponsored "socialistic" "redistribution of wealth" from taxpayers to big business. It's time to do away with it.
Skeptical Debunker

In Past Decade, American Funds Created Most Wealth - Yahoo! News - 0 views

news.yahoo.com/...americanfundscreatedmostwealth

mutual funds wealth decade performance

shared by Skeptical Debunker on 07 Mar 10 - Cached
  • Morningstar determined that Janus and Putnam were the two largest "wealth destroyers" during the decade, losing $58 billion and $46 billion, respectively. "Janus and Putnam rode the growth wave more than anyone else," Kinnel says. "They had some very aggressive funds that put up big numbers that got huge inflows." After the tech bubble burst, the funds that were most heavily invested in these types of holdings experienced huge sell-offs, which made it difficult for these funds to attract inflows through the remainder of the decade. According to Morningstar, American Funds created about $191 million in wealth for investors during the decade, followed by Vanguard and Fidelity. Since American Funds generally employs a more value-oriented strategy, the firm was largely able to avert the first bear market of the decade. "The 2000 to 2002 bear market was all growth and tech, and American barely touched that, whereas they had lots of value, dividend payers, and bonds, which did very well," Kinnel says. Recently, the tables have turned for American. In 2009, it lost the most of any fund family (more than $25 billion). No fund family, including American, was able to avoid the bear market of 2008. The same strategy that allowed American to bypass most of the first bear market failed because many well-known dividend-paying companies, like big financial firms, experienced huge losses.
  • Skeptical Debunker on 07 Mar 10
     
    In a decade with two bear markets and lackluster returns for many investors, American Funds created the most wealth for investors, while Janus destroyed the most wealth, according to a survey released by Morningstar. For the survey, Morningstar looked at the 50 largest mutual fund families and their total net assets at the end of 1999. Then the fund tracker subtracted each fund company's total cash flows over the decade and deducted their total net assets at the end of 2009. Numbers were calculated in dollar terms so that any funds that were liquidated during the decade would also be included.
  • Skeptical Debunker on 07 Mar 10
     
    Get this! Mutual funds, where most American's have their 401Ks, IRAs, and retirement savings, performed pitifully in the "great economy" of the 2000's (brought to you by Republican deregulationists starting with Ronald Reagan). The "best" made $191 million (but lost $25 billion in 2009!), the worst lost around $50 billion! What a great way to transfer all that hard earned savings, mostly by the "little guy", from them to the Wall Street gamblers. Another socialistic Republican "redistribution of wealth" of the corporate criminal rich, by the corporate criminal rich, and for the corporate criminal rich.
Frank Schreiber

House panel to begin push on financial overhaul - Yahoo! News - 1 views

news.yahoo.com/...us_financial_overhaul

shared by Frank Schreiber on 14 Oct 09 - Cached
  • Frank Schreiber on 14 Oct 09
     
    Finally, maybe some regulation that will protect the public from the Temple "Money Changers"
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