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06 Nov 2010 00:01

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Biz: Fannie Mae’s losses like a depressing slow-motion car crash

  • $3.5billion lost in the most recent quarter; that’s great!
  • 13 number of quarterly losses the government-owned mortgage finance firm has had in a row
  • $19.8B the amount of money it lost in the same ultra-depressing quarter about a year ago
  • $89B the amount of money the government has poured into Fannie Mae during the recession source
  • » Oh yeah, they need more help. We can’t imagine how much fun it is to work at Fannie Mae right now. The company, after all the loans they’ve already gotten from the government, needs another $2.5 billion from the U.S. Treasury. And their buddy Freddie Mac had an even bigger loss last quarter, with $4.1 billion falling in their depressing money pit.
Posted by Ernie Smith • 0 Comments • Permalink

04 Nov 2010 20:39

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Biz: Stock market really likes Federal Reserve’s stimulus plan

  • 11,434 the Dow Jones Industrial’s close today, the highest close of the entire year so far
  • 1.96% the leap the Dow made in reaction to the Federal Reserve’s $600 billion money bomb announcement source
  • » The most impressive part: This is the highest that the Dow has closed since September of 2008, just before Lehman Brothers collapsed and turned the stock market into a shell of its former self. Alright, great. Now when are these largely rehabilitated firms going to start hiring some people back so everyone else can feel the economic recovery?
Posted by Ernie Smith • 0 Comments • Permalink

01 Oct 2010 00:10

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Biz, U.S.: TARP’s final cost could be way less than first advertised

  • $700 billion the amount TARP cost taxpayers when it first happened two years ago
  • $50
    billion     the most TARP will cost taxpayers when all is said and done source
  • » Says who?: The White House’s Treasury Secretary, Timothy Geithner, suggested that the final bill for TARP could be 7 percent of the original cost – or less, depending on how the markets go. But don’t expect anyone to gloat about this. TARP is political poison.
Posted by Ernie Smith • 1 Comment • Permalink

26 Feb 2010 11:11

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Biz: AIG’s post-bailout earnings remain full of failure

  • $8.9
    billion     the size of AIG’s losses this quarter alone, which is laughable
  • $182.3
    billion     the size of the many bailouts the U.S. government has given it source
Posted by Ernie Smith • 0 Comments • Permalink

16 Dec 2009 09:57

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Politics: Time’s Person of the Year: Twitter weirded out by Ben Bernanke

Posted by Ernie Smith • 0 Comments • Permalink

09 Dec 2009 09:58

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Biz, U.S.: The phrase “TARP” isn’t leaving our lives anytime soon

  • TARP is going nowhere, guys. Treasury secretary Timothy Geithner informed Congress this morning that the program, set to expire at the end of the year, will be extended until at least October. Which means that the bailouts won’t be going anywhere anytime soon, as a way to extend small-business credit. source
Posted by Ernie Smith • 0 Comments • Permalink

31 Aug 2009 10:15

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Biz, U.S.: The U.S. actually made some money on the bailouts

  • $4 billion in profits – that’s just enough to buy Marvel Comics! source
Posted by Ernie Smith • 0 Comments • Permalink
 

11 Mar 2009 10:43

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Biz, U.S.: Banks: The bailout money’s too restrictive, we’re giving it back.

  • We are taking an approach that wants the banks to help the economy and whether it is ultimately good for a particular bank is secondary. Weak banks are being asked to do things that will erode their position.
  • L. William Seidman • A former senior regulator who presided over the savings and loan bailout. Many small banks are either choosing not to take the bailout money at all or are looking to give it back, noting things such as executive pay and other strings are necessary for big banks but too restrictive for them. • source
Posted by Ernie Smith • 0 Comments • Permalink
 
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