Banks successfully lobbied Fed to make ’stress tests’ less stressful.
Banks successfully lobbied Fed to make ’stress tests’ less stressful.
This week, the government released the results of the stress tests performed on the nation’s 19 largest banks. According to the report, Bank of America’s $34 billion hole was the largest. The Wall Street Journal reports, however, that the Fed Reserve initially estimated Bank of America’s figure at more than $50 billion. Over the last few weeks, a number of banks successfully lobbied the Fed to make the stress tests less stressful:
The Federal Reserve significantly scaled back the size of the capital hole facing some of the nation’s biggest banks shortly before concluding its stress tests, following two weeks of intense bargaining.
In addition, according to bank and government officials, the Fed used a different measurement of bank-capital levels than analysts and investors had been expecting, resulting in much smaller capital deficits.
The Wonk Room’s Pat Garofalo notes that one interesting element of the announcement last week is that the banks will now have the opportunity to convert government debt into equity if the need arises, leaving the taxpayer on the hook for a larger bailout of the banks.
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The supercop is corrupt
May 9th, 2009 at 10:58 amHow about a system of government where popular numbers count? We need our government to operate on the will of the people and there are means to measure that will. No more corporate dollars pushing their agendas more so than the peoples’ voice.
May 9th, 2009 at 11:00 amThe supercop is not part of the government!!! The supercop is owned by the people of the US. How can you let forgniners look over our business????
Google the owners of the federal reserve and see would interfere with our nations business.
This recession/depression was caused by the federal reserve.
Concider it the end in controlling with regulations the to big to fail companies!!!
NO WAY , NO HOW , NO NO NO !!!
May 9th, 2009 at 11:01 amThe supercop is owned by the people of the US.
May 9th, 2009 at 11:04 amSorry mistake,,,The supercop is NOT owned by the people of the US.
Well isn’t this just lovely? To think that the taxpayers are still on the hook, no matter how badly the banks screw up, we [fed government] will insure their toxic waste with more hard earned dollars so they will NOT FAIL.
” . . the administration made it clear it was not inclined to divide the job among various regulators as has been suggested by industry and some federal regulators.”
In essence, Bernanke [who is completely separate from the feds and can print money whenever he wishes] has ALL the POWER to do anything he choses meaning that his friends will be the beneficiaries of his [OUR] generosity so they can continue do whatever they want to rob us blind, and he will cover for them. Robert Reich and Paul Krugman be damned with their ‘expert advice’ which continues to go unheeded. Why is our POTUS trying to fix this phucked up quagmire ‘from the top down instead of from the bottom up’? This makes me sick because it stands to reason that WE will once again get the shaft again while these bast*rd banksters get the gold.
May 9th, 2009 at 11:09 amFrankly, I see the modern lobbying system of the USA totally corrupt. In every system in the world where money has been given a chance to change a people’s representative mind, there has ensued corruption.
May 9th, 2009 at 11:10 amCan I nominate Serpico for the supercop job?
May 9th, 2009 at 11:15 amUgh!…Follow the money and the ones in charge…..We need lots of Blessings…..
May 9th, 2009 at 11:20 amI blame our congress more so than even the bast*ard banksters because they DE-REGULATED these SOB’s due to the fact that they were lining their own pockets and that was far more important than being concerned about the health of the banks and particularly more important than being concerned about us, the people who pay their salaries and who put then into office in the first place.
Don’t be fooled by others who say, ‘no one would want to work for the government. BS! Why do you think they go to such extremes to get elected in the first place? Because they know they will go in as paupers and come out wealthy beyond their wildest dreams. God it makes me want to puke!
May 9th, 2009 at 11:26 amHow could Bush let the FED tell him there would be martial law if they didnt get a bailout.
May 9th, 2009 at 11:38 amIf people are surprised that “BigBanks&WallStreet” run this country and own both parties have I got a deal for you. Obama or McCain couldn’t/can’t stop this disasterous marriage from occuring. We are headed to one fiasco after another until America resembles a “company town” where life and death decisions are made on based on your creditworthiness or your luck playing Megabucks. If you watch the upcoming vote on the rights of consumers vs. issuers of credit cards you’ll see3 in clear detail the tail wagging the dog to death. We are mere dogs so expect to be treated as such.
May 9th, 2009 at 11:52 am10)
May 9th, 2009 at 11:52 amWould you like some assistance on the proper selection of bait and tackle?
Seems like the American public is getting an advanced course in 21st century Civics. ‘Of the people, for the people and by the people’ has been replaced with Hart’s Golden Rule…”he who has the gold, makes the rules.”
One thing I will give to this President. He promised more transparency and we are getting it. It is transparently clear that even a principled president who is trying pretty durned hard is going to be hamstrung by the politics of money that runs our country.
May 9th, 2009 at 12:06 pmConservatardForIdiocy, did your mama drop you on your head when you were a baby, or were you born brain damaged?
May 9th, 2009 at 12:14 pmWe have a major problem in our political system. I’ve brought it up before and what we need are CLEAN MONEY campaigns for our politicians. I believe in lobbying but with NO CASH in hand to influence law. This is dividing America and they’re laughing all the way to the bank while we fight amongst ourselves!
Coal
Oil
Pro-Life
Pro-Choice
Insurance
Heath care
BANKING
and many more
All of these industries pump MASSIVE amounts of cash to OUR elected officials campaigns and it’s GOT to stop. We need to take to the streets and end private funding of our politicians campaigns.
PLEASE ALL TP users, READ THIS BOOK by Jack Lohman. This book has changed my view our entire political system:
Politicians – Owned and Operated by Corporate America
Here’s a link to where these political crooks get their money from. It’s NOT from us!
Link to moneyed politicians’ site – opensecrets.org (If and when this site becomes obsolete, we’ve done our job as citizens.)
The Senator from Illinois said it finally, “The Banks OWN THE SENATE!” And now they own the FED! This is a wake up call. It’s time to take back OUR country. Let’s get off the computer and push for clean money campaigns in our states like Arizona and others.
I’m going to keep posting this until I hear TP users say, “I’ve read the book.”
May 9th, 2009 at 12:25 pmIt is time to either federally fund elections or totally eliminate the present lobby/PAC/special interest access to members of Congress. No one should have access to MOC’s other than constituents from their district. Companies may have been granted some perverted rights as individuals but they can not vote.
May 9th, 2009 at 1:26 pmIt’s nothing new, KBR has been doing this for at least six years. Cost-plus for the loss.
May 9th, 2009 at 2:37 pmXisithrus Says:
How could Bush let the FED tell him there would be martial law if they didnt get a bailout.
*****
May 9th, 2009 at 3:06 pmPlease do tell us more about this. Thanks.
ConservativeForProgress
How could you possibly be such a stupid, worthless punkass troll?
May 9th, 2009 at 3:54 pmXisithrus Says:
How could Bush let the FED tell him there would be martial law if they didnt get a bailout.
*****
Please do tell us more about this. Thanks.
I was following this closely when it happened and I believe it 100%.
http://www.youtube.com/watch?v=HaG9d_4zij8
May 9th, 2009 at 4:23 pmI just found something about it at infowars.com. Paulson’s an effin’ idiot.
Who is this Alex Jones anyway? Is he a just a fear-mongering freak or what?
May 9th, 2009 at 5:57 pmIt’s all about the money. Our “representatives” only care and protect the money. Poor bastards like myself have no represntation because I simply am unable to buy it! That is truly the bottom line for the vast majority of citizens. It’s not so much sad as criminal, I thought bribery was illegal, but it’s not. It’s not only legal but encouraged and TAX- DEDUCTABLE! AAARRRGGGHHH! Maybe with 1 in 13,000,000 million odds I can win a lottery and buy some politicians……………………..
peace
May 9th, 2009 at 7:59 pmwldj, If you win the lotto, buy me a couple Republicans ;)
May 9th, 2009 at 9:03 pmWhat happens to “supercop” during another fiscal conservative “free market” presidency?
The “supercop” will be bitten by kryptonite for 4 – 8 years.
May 10th, 2009 at 9:12 amif the government can print money, then why do we have to pay taxes?
May 10th, 2009 at 12:55 pmSNL had it right: “Kids, you ALL get a gold star!”
May 10th, 2009 at 1:01 pmtk, We pay taxes to pay for the machines and employees who print the money. Isn’t this fun ;)
May 10th, 2009 at 2:56 pmThieves!
May 10th, 2009 at 4:32 pmseslichat
May 10th, 2009 at 11:31 pmsesli chat
sesli sohbet
Thank you !
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