2008-12-23 Party On: Even as the seats in the feat on a try and see who is eating the fruits of their labor the Treasury Department invited another 49 banks to the party at a cost to the peons of a mere $2.8 billion, you’d think they’d be happy.
The Treasury Department says it has provided an additional $4.7 billion to 92 banks as part of the government’s $700 billion rescue of the financial system.
The department released a list of 49 banks that got final approval last Friday to receive $2.8 billion. It said an additional 43 banks received final approval Tuesday, but those names will not be released until Monday.
In addition preliminary approval has been granted to American Express Corporation and CIT group. This brings the tally to $204.7 billion. 2008-12-23 Justice Blinded: The US Treasury Department is still keeping the little people paying for the $700 billion bailout in the dark as to who they are paying and how much.
But in the publicly released copy of the contract, compensation figures for the bank, described by the government as the “prime contractor,” remain just as blacked out as they were two months ago. The Treasury, meanwhile, has already plowed through nearly $250 billion in TARP cash, with Bank of New York Mellon holding and tracking the assets.
One wonders when the pheasants will come to the gates with torches. 2008-12-22 The Bail Out Rip Off: Pro Publica is putting the bailing outing bonanza count at 210 financial institutions for about $200 billion big ones all told. 2008-12-04 The Bail Out Rip Off: The rip off goes on and the cover up gets more laughable as the next bail out bill rolls over an already over-leveraged nation. <> 2008-11-26 Bail Out Costs Rise Exponentially: The bailout passed off on US taxpayers was first $700B, then was $3 trillion, and is now $8.5 trillion. If that number is to big to have any real meaning to you, it’s 60 percent of the entire US GDP. What is even more insidious is that the very people paying for the billionaire charity are the same ones being suffocated it.
Just another reminder that the private, run for profit, Federal Reserve has the printing presses cranked on overdrive in order to bailout Wall Street and the big banks, while the homeowner and the middle class see their savings devalued out of existence.
2008-11-05 Bailing for Bucks-: The banks went bailing for bucks once again today. This time it was U.S. Bancorp that that got a $6.6 billion holiday gift from the everyday you and me working stiffs.
the Treasury Department has approved investments of $170.5 billion in 40 banks. (Treasury has set aside a total of $250 billion for the capital injection program.) The vast majority of that, of course, has gone to the country’s largest banks: $100 billion went to just four banks. But as more regional banks join, the list becomes more varied. The Treasury has so far invested less than $1 billion in 18 of the banks. The smallest investment so far? California’s Saigon National, for a mere $1.2 million.
2008-11-03 Count Up!: With everyone and his brothers uncle signing up for a handout; how does anyone think that the bailout bill won’t exceed $700 million dollars many times over. By the new year there could be thousands of banks, three auto companies, and dog walking companies signing up for handout. For now we are counting up to 35.
By our count, 35 banks have now signed up for the government’s capital injection plan – that’s an investment of $163.4 billion in federal funds.
2008-10-31 Bailouts Billionaires and Bonuses: With one hand in the public till and the other on the jugular the bankers brazenly bleed the public dry as a stone. The Alice in Wonderland accounting principles transfer staggering amounts of wealth from the working class to a few families who view themselves as elites.
$11.8 billion at Goldman Sachs, $8.5 billion at J.P. Morgan Chase, $10 billion to $12 billion at Morgan Stanley, and around $5 billion at Citigroup. In the case of Goldman, that sum vastly exceeds its $399 million pension plan for employees.
2008-10-29 Transaction Report 1-: The official count starts with nine banks at $125 billion. You can click here to see the official report hold Transaction Report 1. It’s worth noting that the list is growing and now there are at least 26 banks on it.
Based on news reports and press releases, we’ve cobbled together a partial list, totaling 26 banks at an overall investment of approximately $160 billion. According to reports, the Treasury Department has approved at least 28 banks – meaning that there are two that, as far as we can tell, haven’t been made public.
With reluctance that government is displaying in showing what they are doing with the TARP money, you just know this is not going to get much better. 2008-10-28 The Great Rubout: It’s not hard to see that Big banker Paulson is using the publicly funded TARP money to squeeze out the smaller banks. In a business where competition is sin, the bankers have achieved nirvana.
The American Bankers Association wants the Treasury Department to clear something up: Just because the government is doling out money to its members through the Troubled Asset Relief Program doesn’t mean that those who do or do not receive the funds are, well, troubled.
2008-10-22 Mission Impossible: With the plunger protection team in charge of the TARP there is no surprise that sooner or later spy tactics would be employed. If you want to know why documents in the public domain are redacted it simple they have something to hide. Check out the redacted documents yourself right here. 2008-10-16 The Taxpayer’s Tab for the Great Ripoff: Here is a historical chart giving the breakdown of the cost per taxpayer for each bailout along with the jolt to the national debt. 2008-10-15 The Great Ripoff Begins-: $700 B in two installments. The first hand outs have gone out and bailout snowball is pushed down the hill, so ladies and gentlemen start your counting for the Billionare Bailout : Nine banks $125 billion. 2008-10-03 The Great Ripoff Law-: Today great ripoff begins as US Treasury Secretary, Goldman Sachs CEO Henry Paulson, batting for the bankers hit. The bailout bill out of the park. Paulson could barely keep himself from laughing as priced the bail out at $700 billion, we could barely keep from crying. Throwing $700 billion at these liabilities is like stopping a freight train with a beach ball, but the lapdogs in congress went right along.
