Let’s Hope They Fire the Rest

Here’s something that I would normally call irony if it weren’t so evil:

Wells Fargo Home Mortgage (WFC) has fired a Des Moines worker over a 1963 incident at a Laundromat involving a fake dime in the wake of new employment guidelines. Richard Eggers, 68, was fired in July from his job as a . . . → Read More: Let’s Hope They Fire the Rest

Cleveburgh Watch: A Tale of Two Banks

So to admit upfront, this is all parasitic on some neat reporting from Bloomberg out on the Analytic Journalism frontier.  They have acquired and made available to the public (which means they want us to use it right?) data as they describe “Once secret ” from the Federal Reserve on its lending to major . . . → Read More: Cleveburgh Watch: A Tale of Two Banks

Occupy That!

Austin Hill, ladies and gentlemen:

Will you allow this question to “occupy” your minds for a moment? Seriously, what would happen to our country if we all chose to do nothing but take up space on “public” property (or even on other people’s private property as some of you have done), consume resources at . . . → Read More: Occupy That!

TARP Payback Outlook Brightens Even Further

On Wednesday, taxpayers received additional paybacks from their investments in the Troubled Asset Relief Program (TARP).

General Motors Corp., which went public last month, repurchased it’s preferred shares in the program to the tune of $2.1B.

Additionally, common shares held by the Treasury are now valued at nearly $17B based on GM’s closing price . . . → Read More: TARP Payback Outlook Brightens Even Further

A Small Price to Pay: $25B And Falling

The Troubled Asset Relief Program will cost taxpayers far less than initially feared, with the new price tag estimate now just in at $25 billion. That according to the Congressional Budget Office report released on Monday.

The nonpartisan group underscored that, “it was not apparent when the TARP was created two years ago that . . . → Read More: A Small Price to Pay: $25B And Falling

Geithner: “Unpopular 2009 Actions Were The Right Thing To Do”

Treasury Secretary Timothy F. Geithner said credit availability is improving and companies are building up unprecedented cash reserves, signs that the U.S. economy continues on a path of increased growth.

Further the Secretary claimed on Tuesday that the government’s management of the $700 billion Troubled Asset Relief Program has yield the desire results while . . . → Read More: Geithner: “Unpopular 2009 Actions Were The Right Thing To Do”

Taxpayers About to Benefit Handsomely from Citigroup Bailout

You may remember that last year Citigroup (C) got a $25B bailout that was much bigger than the rest of the big banks. Now — about a year later — the company is about to pay dearly for the taxpayer provided lifeline.

In today’s market, the TARP’s 27% take in Citi has grown in . . . → Read More: Taxpayers About to Benefit Handsomely from Citigroup Bailout

Stossel Does Atlas Shrugged, Asks "Who is Wesley Mouch?"

In tomorrow’s episode of John Stossel’s new show on Fox Business, he will address the question, “Who is Wesley Mouch?” in speaking to the parallels between Atlas Shrugged and contemporary America.  As one might expect, in my view it seems as if almost all businessmen (given their predilection towards using government to destroy markets . . . → Read More: Stossel Does Atlas Shrugged, Asks "Who is Wesley Mouch?"

Taxpayers Earn 23% Return on Goldman TARP Investment

Federal taxpayers received a 23% annualized return on their investment in Goldman Sachs. On Wednesday Goldman announced that calculation by combining the interest it paid before repaying the Treasury’s $10 billion principal loan with the warrant buyback payments it made this week.

Goldman as led the way this week with surprise Q2 earnings… profits . . . → Read More: Taxpayers Earn 23% Return on Goldman TARP Investment

TARP Warrants: A Boon for Taxpayers?

On Friday it was announced that State Street Corp. became the first of 10 large banks to repurchase warrants held by the US Treasury. The warrants were put in place to assure that taxpayers are rewarded for their collective TARP loan to banks as the finance sector recovers.

The transaction occurred on Wednesday and . . . → Read More: TARP Warrants: A Boon for Taxpayers?