Tim Ryan and the SIFMA role in bailouts

From reading the documentation the Judicial Watch obtained I wonder what role Tim Ryan from SIFMA.org played in the government funding of the 9 large banks. SIFMA (Securities Industry and Financial Markets Association) is a major lobby for the securities industry and large banks. Why or how they were involved with the federal infusion of money into the banks is beyond me. You can be sure that they DON'T have the taxpayers interest in mind.


We may never know the truth, as the government has redacted most of the documents released under the FOIA request:


I hope that these industry lobby groups are looked at during the coming years as we determine how we fell so low.

UAW takes over Chrysler in hostile takeover

This is one big political payback. I will never buy a Chrysler or GM car until the companies are turned back over to their rightful creditors.

Profit from our Sweat: exploiting the credit spread and fees

As the population works hard to stay afloat, scrimping away money into savings accounts paying just over ZERO percent, Wells Fargo comes out this morning and says they're going to make a "record" profit, claiming an expected 55 cents a share? WOW - where is this profit coming from? The cost for them to borrow money is near ZERO, this has allowed them to increase their profits per home loan from $1000 to $4000. Have credit card rates fallen? NO, I don't think so. Have auto loan rates fallen? No, I don't think so.

These banks are exploiting the population both by not passing on the full extent of saving in borrowing costs and by charging exorbitant fees on customers during times of turmoil.

Bank earnings have also been helped by the recent FASB Mark to Market changes. They will also book earnings from AIG counterparty payments that are coming from taxpayers.

Don't believe the banks are out of the water yet. This is going to be a multi year problem.

Bank of America’s Bernstein Says Sell Bank Stocks After Rally - and then is fired

Bernstein speaks up and tells it like it is - and then is fired. Management doesn't like the truth being told...

Bank of America’s Bernstein Says Sell Bank Stocks After Rally - Bloomberg.com:

"March 23 (Bloomberg) -- Investors should sell bank stocks after they rallied 12 percent today because the Treasury Department’s plan to buy toxic assets won’t stop profits from dropping, Bank of America Corp.’s Richard Bernstein said.

Removing devalued loans and securities from banks’ balance sheets is a short-term solution that will delay the problem’s ultimate solution, which is bank takeovers, Bernstein said. The government won’t be able to inflate the prices banks receive for selling bad assets indefinitely, he added.

“The history of bubbles shows quite well that financial sector consolidation is inevitable,” Bernstein, Bank of America’s chief investment strategist, wrote in a research note. “Financial stocks will be attractive when the government tries to speed up that inevitable process. However, to the contrary, the government continues to attempt to stymie that inevitable consolidation.”"

Come on government - get on with it - quit trying to save the system!!!