New York Times is reporting $250 billion for investing in large and small banks.
The FDIC will give unlimited insurance on non-interest bearing bank deposits.
Now check out the New York Times graph of who gets the most, already decided. That is $125 billion already doled out to our fab 8 which means there is only half left for anyone else.
At least they are getting preferred stock for the deal.
Supposedly the program was not voluntary and supposedly they will have reduced executive compensation so far ill defined.
Hank getting tough with his buddies? Not too sure since he just handed over billions.
Can't keep track of all of the events except you have that funny feeling somehow you just witnessed the biggest theft in History? Check out this interactive flash presentation of all the national changes in the last couple of weeks, presented by the Financial Times. When you look at this from their interactive map, it's quite astounding. Pretty amazing huh that there is never any money for universal health care when you see something like this.
Comrade Poulson Nationalizes Banks
This description of the Treasury purchase is not the sugar coated deal it was described by some. Poulson actually ordered the 9 largest banks to grant shares. The shares are fully participating preferred. The U.S. is an equity owner of the 9 largest bank.
NY Times 10/16/2008
"
WASHINGTON — The chief executives of the nine largest banks in the United States trooped into a gilded conference room at the Treasury Department at 3 p.m. Monday. To their astonishment, they were each handed a one-page document that said they agreed to sell shares to the government, then TreasurSkip to next paragraph by Secretary Henry M. Paulson Jr. said they must sign it before they left.
The chairman of JPMorgan Chase, Jamie Dimon, was receptive, saying he thought the deal looked pretty good once he ran the numbers through his head. The chairman of Wells Fargo, Richard M. Kovacevich, protested strongly that, unlike his New York rivals, his bank was not in trouble because of investments in exotic mortgages, and did not need a bailout, according to people briefed on the meeting.
Did John Mitchell, Nixon's convicted Attorney General say"
This country's going so far to the right you won't be able to recognize it." ?
Burton Leed
Wells Fargo
I did find it very strange that Wells Fargo was forced into this deal for they stayed completely out of subprime, have good earnings....beyond Wachovia it seems very strange to include them, unless one is creating some sort of cartel.
Alternative answer
OR unless one is trying to distract from the idea that every piece of money in the system is just a counterfeit note, either paper or electronic, and that there are no assets at all behind it.
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Maximum jobs, not maximum profits.
CT
ok, I mean seriously. It's very easy to get into conspiracy theory thinking because global money supplies, international floating exchanges and financial systems are complex and difficult to understand.
I notice this consistently, when concepts become abstract, difficult to comprehend, conspiracy theories come in, maybe they put some free video on Google, use images to explain which leave out a huge portion of the system or take a few facts to skew to paranoid conclusions...
and distorting the actual history or global banking system.
But, understand is the point of this site, not promote conspiracy theories.
Again, the place to look is derivatives and how they are a 65 trillion dollar industry.