Comments on: Senate Approves $700B Financial Bailout

Economic Rescue Legislation Passes 74-25; House Expected To Vote Friday; Support Growing

[webburns-2009]

You are the News Media, we are the people of this country that depend on you for the NEWS, do your job
tell us the truth!.

Tell the US people who added PORK to the 700 Billion and WHY they were allowed to do so!

[t_barr]

MBIA Sues Countrywide Financial For Alleged Fraud - FT
DOW JONES NEWSWIRES

MBIA Inc. is suing Countrywide Financial (BAC), alleging that Countrywide fraudulently induced MBIA to guarantee billions of dollars of mortgage bonds, the Financial Times reported.
The lawsuit, filed in NY state supreme court, says Countrywide ''falsely represented'' to both MBIA and investors that the mortgage loans packaged into the guaranteed bonds originated in compliance with Countrywide''s underwriting standards, the newspaper reported on its Web site late Weds.
MBIA said Countrywide developed ''a systematic pattern and practice of abandoning its own guidelines for loan origination, knowingly lending to borrowers who couldn''t afford to repay the loans or who committed fraud in loan applications,'' according to the newspaper.
MBIA is suing over guarantees it provided for $14B of Countrywide''s mortgage bonds that packaged home equity loans and second lien mortgages originating between 2005 and 2007, the newspaper reported.
The insurance company said that it has paid more than $459M in guarantees on these bonds, and that it was ''exposed to claims in excess of several hundred million dollars more,'' according to the FT.
MBIA has asked the court to determine damages, including lost profits and opportunities, legal fees and payments on current and future claims under the bond guarantees, it said.
Full story: www.ft.com/cms/s/0/2fa80d88-900a-11dd-9890-0000779fd18c.html

Maybe that''s what Amy was thinking about...

[marshall_nee]

This from a friend in Atlanta with strong banking connections: ''''Reliable word that Bank of America branch managers just received a letter or memo from the USFed instructing them to perhaps be ready for a one week universal shut-down of the banking system , including access to checking accounts, savings accounts and credit cards. Reliable word has it that B of A bank branches received a shipment of signs last week, reading ''''WE''''RE SORRY, BUT DUE TO CIRCUMSTANCES BEYOND OUR CONTROL, WE CANNOT BE OPEN AT THIS TIME.''''

Posted by t_barr at 11:42 AM : Oct 02, 2008

___________________________________

Didn''t they do this in Argentina during 2002?

[t_barr]

BofA Global Risk Executive Brinkley Sells Company Shares BAC
Last update: 10/2/2008 11:54:14 AM
DOW JONES NEWSWIRES

Bank of America Corp. (BAC) Global Risk Executive Amy Woods Brinkley on Thursday reporting selling 25,000 shares of company stock for $950,000.
Brinkley exercised options on Wednesday to purchase the shares at $24.22 each, or about $605,500, according to a filing with the Securities and Exchange Commission.
She sold the shares at $38 each, or a total of $344,500 more than the exercise price, according to the filings.
Shares of Charlotte, N.C.-based Bank of America traded Thursday morning at $37.87, down 26 cents.
-Brian Kalish; Dow Jones Newswires; 202-862-1350; [e-mail]

Wonder what old Amy knows that convinced her to sell...

[bm6005]

BTW; Remember in November "Vote out ALL incumbents". Introduce yours to the unemployment line!!

[t_barr]

Bailout Fixes Nothing, Banking System Collapse Approaches Climax
The Market Oracle
www.marketoracle.co.uk/Article6587.html

Part 1

HEART ATTACKS & BANK HOLIDAYS
''The banking system breakdown is very far along, but still early. Remember USFed Chairman Bernanke stated over a year ago that the mortgage problem was contained. Try not to laugh. The bond crisis is absolute, broad, deep, and all-inclusive, enough to kill the USTreasurys after it kills the US banking system. The heart attack signals are with the LIBOR spreads over USTreasurys, the money market, the TED spread (Treasury versus EuroDollar), and short-term USTreasurys. Charts resemble heart attacks and EKG electro-cardiogram monitors.

Many details appear in the Oct Hat Trick Letter report just posted. The bank runs have begun in earnest. Nevermind the big banks for a moment. The smaller ones are entering seizures. The small and medium sized cities are also entering seizures. The Senate passed the Wall Street bailout bill, by a 3:1 majority. Some sweeteners like tax cuts and raising the limit to $250k on individual accounts for bank depositors helped. Some people might think that finally the banking system can at last receive some meaningful fixes. Call me a killjoy, but this will accomplish next to nothing as a banking system remedy. It is more a paper seal to Wall Street corruption than to ANY solution.''

[t_barr]

Part 2

''If passed by the House, as is likely, it puts an epitaph on the American badge of legitimacy. A decade of fraud has been underwritten, sanctioned, and sealed. Even foreigners might smile at the new & improved bill. Their impaired bonds can participate in the redemption process. The only trouble is they might have to accept hot shiny USTreasury Bonds in return, of certain questionable value.

Here are two stories, one about a city and another about the bank holiday coming.

This from a friend in Seattle: ''I was talking to my neighbor last night. He is in finance in the county government, King County. He said there are some very secretive budget talks being held, very hush, hush. Apparently, the county has lost around $200M of taxpayer money in toxic paper investments , with huge implications on the budget. He says he is not privy to the details, but he is taking a 10 day vacation starting today, because he has nothing to do since everything is in flux.''

This from a friend in Atlanta with strong banking connections: ''Reliable word that Bank of America branch managers just received a letter or memo from the USFed instructing them to perhaps be ready for a one week universal shut-down of the banking system , including access to checking accounts, savings accounts and credit cards. Reliable word has it that B of A bank branches received a shipment of signs last week, reading ''WE''RE SORRY, BUT DUE TO CIRCUMSTANCES BEYOND OUR CONTROL, WE CANNOT BE OPEN AT THIS TIME.''

[spiritwalk]

How Stupid do think we are ?
Posted by beehive21
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So stupid that the senators, with everyone watching, pad this bailout bill with hundreds of millions of dollars of personal pork riders and they know they will get away with it because the public is more concerned with how "the hockey mom" will do in the vp debate.

You all deserve to lose your homes, your jobs and your 401K''s because you are so stupid that you are all so focused on 2 dogs cra***ing in the front yard that you don''t notice the thieves cleaning you out your back door.

[observantx]

All animals are equal, but some animals are more equal than others. - Animal Farm, George Orwell

All voters are equal, but lobbyists are more equal than voters - Incumbent Senate and House members

[beehive21-2009]

How Stupid do think we are ?