rmptr
Silver Member
Ilargi: Message to the board at Friedman, Billings, Ramsey: you guys may want to take a serious second and third look at your analyst Paul Miller. Boy, was he off. The banks didn't need $150 billion, as he claimed. Turns out, after the results of Tim Geithner's thorough and transparent stress tests were announced, that Miller missed the boat by $75.4 billion. And you Goldman boys should take a look at your experts as well: only yesterday did they claim US banks would need $130 billion. Sure, they didn't specify if they meant just the 19 biggest, but still, those are mistakes that must hurt.
One more employer who needs to check on one of his employees is Barack Obama. You see, Mr. President, Steve Friedman resigned today as Chairman of the New York Fed. He did so because the Wall Street Journal recently found out that he made millions on illegal purchases of Goldman stock, behind the veil of a waiver bestowed on him by then New York Fed President Tim Geithner. If you would like to find out exactly how illegal all this was, just ask Friedman why he resigned. And once you have the answer, tell Geithner to publicly explain his role in Friedman's millions.
Oh, and while you're busy providing the transparency we can believe in, make sure to give Andrew Cuomo a call and demand he start an investigation and, if he finds any wrongdoing, prosecute Friedman to make sure he's held accountable to the full extent of the law, no matter what that may mean for your Treasury Secretary. The only society people can possibly believe in is one in which the law is upheld. Anything else is just a hugely expensive waste of time. Like all the rescues and bail-outs to date in your first hundred plus days, and those muddy water stress debacles.
Goldman & J.P. Morgan: Your New Banking Overlords
Jamie Dimon and Lloyd Blankfein, the chief executives of J.P. Morgan Chase and Goldman Sachs Group, are poised for world domination. After the Treasury Department released the results of its stress tests today, six financial institutions were spared from having to raise any more capital: J.P. Morgan, Goldman Sachs, MetLife, American Express, Bank of New York Mellon and Capital One Financial. J.P. Morgan and Goldman were the only banks that made the cut. All of their biggest rivals have to raise boatloads of capital. Bank of America needs roughly $34 billion; Wells Fargo, $13 billion; Citigroup, $5 billion; and Morgan Stanley, $1.5 billion. For some of those big banks, the need for capital will push them even further into bed with the government, because federal funds remain the most reliable source of capital.
***Yes, I would like to see transparent geithner explain how freidman made millions.
***Better yet, explain it to a grand jury.
One more employer who needs to check on one of his employees is Barack Obama. You see, Mr. President, Steve Friedman resigned today as Chairman of the New York Fed. He did so because the Wall Street Journal recently found out that he made millions on illegal purchases of Goldman stock, behind the veil of a waiver bestowed on him by then New York Fed President Tim Geithner. If you would like to find out exactly how illegal all this was, just ask Friedman why he resigned. And once you have the answer, tell Geithner to publicly explain his role in Friedman's millions.
Oh, and while you're busy providing the transparency we can believe in, make sure to give Andrew Cuomo a call and demand he start an investigation and, if he finds any wrongdoing, prosecute Friedman to make sure he's held accountable to the full extent of the law, no matter what that may mean for your Treasury Secretary. The only society people can possibly believe in is one in which the law is upheld. Anything else is just a hugely expensive waste of time. Like all the rescues and bail-outs to date in your first hundred plus days, and those muddy water stress debacles.
Goldman & J.P. Morgan: Your New Banking Overlords
Jamie Dimon and Lloyd Blankfein, the chief executives of J.P. Morgan Chase and Goldman Sachs Group, are poised for world domination. After the Treasury Department released the results of its stress tests today, six financial institutions were spared from having to raise any more capital: J.P. Morgan, Goldman Sachs, MetLife, American Express, Bank of New York Mellon and Capital One Financial. J.P. Morgan and Goldman were the only banks that made the cut. All of their biggest rivals have to raise boatloads of capital. Bank of America needs roughly $34 billion; Wells Fargo, $13 billion; Citigroup, $5 billion; and Morgan Stanley, $1.5 billion. For some of those big banks, the need for capital will push them even further into bed with the government, because federal funds remain the most reliable source of capital.
***Yes, I would like to see transparent geithner explain how freidman made millions.
***Better yet, explain it to a grand jury.
