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 Topic: CITI... AIG & NewsPosted: January 10 2009 at 10:52am |
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.
 Morgan Stanley
..Since its founding in 1935, Morgan Stanley and its people have helped redefine the meaning of financial services.
Very cool historical time line from the 1930's... click on the years.
.............
CNBC reported....
As part of the deal being discussed, Morgan Stanley would make a payment to Citi and end up with a majority stake in the joint venture. The firm would also have the right to increase its stake in future years, possible ending up with all the business, CNBC said.
A Citi spokeswoman declined to comment. A spokesman for Morgan Stanley didn't return a phone call and email seeking comment Friday afternoon.
.............
STOCKS TO WATCH Alcoa, Micron, Rambus, Citigroup By MarketWatch
Last update: 12:01 a.m. EST Jan. 10, 2009
SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to
see active trade in Monday's session are Alcoa, Micron Technology, Rambus and Citigroup. excerpt-
Citi Group ...is in talks to sell its Smith Barney brokerage unit and may even seriously consider a joint venture with Morgan Stanley... according to media reports.
No deal has been reached yet, the reports said. Separately, Robert Rubin, former Treasury secretary who has come under fire for his role in the financial crisis,
has decided to leave Citigroup, the banking giant announced.
........................................
In the midst of the October 2008 stock market crash, concerns over the completion of the Mitsubishi deal caused a dramatic fall in
Morgan Stanley's stock price to levels last seen in 1994. The stock grew considerably after Mitsubishi UFJ closed the deal
to buy 21% of Morgan Stanley on October 14, 2008.
wikipedia
Morgan Stanley
19.06 CitiGroup
6.75
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Posted: January 10 2009 at 1:39pm |
 (April 17 1837 - March 31 1913)
John Pierpont Morgan
.....................................
Morgan's process of taking over troubled businesses to reorganize them
was known as "Morganization".
...................................................
J. P. Morgan in his earlier years. Morgan entered banking in 1857 at his father's London branch, moving to New York City the next year where he worked at the banking house of Duncan, Sherman & Company, the American representatives of George Peabody & Company. From 1860 to 1864, as J. Pierpont Morgan & Company, he acted as agent in New York for his father's firm. By 1864-72, he was a member of the firm of Dabney, Morgan & Company; in 1871, he partnered with the Drexels of Philadelphia to form the New York firm of Drexel, Morgan & Company.
During the American Civil War, Morgan was approached to finance the purchase of antiquated rifles being sold by the army for $3.50 each. Morgan's partner re-machined them and sold the rifles back to the army for $22 each. While it became a scandal, the military knew it was buying back its own guns and Morgan never even saw the guns, acting only as a lender.[citation needed] Morgan himself, like many wealthy persons, avoided military service by paying $1000 for a substitute.[1]
After the 1893 death of Anthony Drexel, the firm was rechristened J. P. Morgan & Company in 1895, and retained close ties with Drexel & Company of Philadelphia, Morgan, Harjes & Company of Paris, and J. S. Morgan & Company (after 1910 Morgan, Grenfell & Company), of London. By 1900, it was one of the most powerful banking houses of the world, carrying through many deals especially reorganizations and consolidations. Morgan had many partners over the years, such as George W. Perkins, but remained firmly in charge.[2]
Morgan's ascent to power was accompanied by dramatic financial battles. He wrestled control of the Albany and Susquehanna Railroad from Jay Gould and Jim Fisk in 1869. He led the syndicate that broke the government-financing privileges of Jay Cooke, and soon became deeply involved in developing and financing a railroad empire by reorganizations and consolidations in all parts of the United States.
He raised large sums in Europe, but instead of only handling the funds, he helped the railroads reorganize and achieve greater efficiencies. He fought against the speculators interested in speculative profits, and built a vision of an integrated transportation system. In 1885, he reorganized the New York, West Shore & Buffalo Railroad, leasing it to the New York Central. In 1886, he reorganized the Philadelphia & Reading, and in 1888 the Chesapeake & Ohio. He was heavily involved with railroad tycoon James J. Hill and the Great Northern Railway.
After Congress passed the Interstate Commerce Act in 1887, Morgan set up conferences in 1889 and 1890 that brought together railroad presidents in order to help the industry follow the new laws and write agreements for the maintenance of "public, reasonable, uniform and stable rates." The conferences were the first of their kind, and by creating a community of interest among competing lines paved the way for the great consolidations of the early 20th century.
Morgan's process of taking over troubled businesses to reorganize them was known as "Morganization".[3] Morgan reorganized business structures and management in order to return them to profitability. His reputation as a banker and financier also helped bring interest from investors to the businesses he took over.[4]
In 1895, at the depths of the Panic of 1893, the Federal Treasury was nearly out of gold. President Grover Cleveland arranged for Morgan to create a private syndicate on Wall Street to supply the U.S. Treasury with $65 million in gold, half of it from Europe, to float a bond issue that restored the treasury surplus of $100 million.
The episode saved the Treasury but hurt Cleveland with the agrarian wing of his Democratic party and became an issue in the election of 1896, when banks came under withering attack from William Jennings Bryan. Morgan and Wall Street bankers donated heavily to Republican William McKinley, who was elected in 1896 and reelected in 1900 on a gold standard platform.[5]
In 1902, J. P. Morgan & Co. purchased the Leyland line of Atlantic steamships and other British lines, creating an Atlantic shipping combine, the International Mercantile Marine Company, which eventually became the owner of White Star Line, builder and operator of RMS Titanic.
U.S. Steel aimed to achieve greater economies of scale, reduce transportation and resource costs, expand product lines, and improve distribution.[6] It was also planned to allow the United States to compete globally with Britain and Germany. U.S. Steel's size was claimed by Schwab and others to allow the company to pursue distant international markets-globalization.[6] U.S. Steel was regarded as a monopoly by critics, as the business was attempting to dominate not only steel but also the construction of bridges, ships, railroad cars and rails, wire, nails, and a host of other products.
With U.S. Steel, Morgan had captured two-thirds of the steel market, and Schwab was confident that the company would soon hold a 75 percent market share.[6] However, after 1901 the businesses' market share dropped; Schwab, himself, played an important role in falsifying his own prediction: finding the new company unwieldy, Schwab resigned from U.S. Steel in 1903 to form Bethlehem Steel, which became the second largest U.S. producer on the strength of such innovations as the wide flange "H" beam - precursor to the I-beam - widely used in construction.
Morgan's role in the economy was perceived as larger than the Federal Government, a belief this political cartoon with a giant Morgan and smaller Uncle Sam illustrates.Enemies of banking attacked Morgan for the terms of his loan of gold to the federal government in the 1895 crisis, for his financial resolution of the Panic of 1907, and for bringing on the financial ills of the New York, New Haven and Hartford Railroad. In December 1912, Morgan testified before the Pujo Committee, a subcommittee of the House Banking and Currency committee.
The committee ultimately found that a cabal of financial leaders were abusing their public trust to consolidate control over many industries: the partners of J.P. Morgan & Co. along with the directors of First National and National City Bank controlled aggregate resources of $22.245 billion. Louis Brandeis, later a U.S. Supreme Court Justice, compared this sum to the value of all the property in the twenty-two states west of the Mississippi River.[7]
At the height of Morgan's career during the early 1900s, he and his partners controlled directly and indirectly assets worth $1.3 billion.[9]
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Posted: January 10 2009 at 5:29pm |
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UPDATE 4--Citi backs mortgage bankruptcy reform-senators
Thu Jan 8, 2009 6:51pm EST
Market News
WASHINGTON, Jan 8 (Reuters) - Financial giant Citigroup Inc (C.N) has agreed to support a rewrite of bankruptcy law being proposed in the U.S. Congress to help troubled mortgage borrowers avoid foreclosure, lawmakers said on Thursday.
Known as "cramdown," the change in the law would let bankruptcy court judges cut mortgage debts to help bankrupt homeowners, subject to strict conditions. The legal reform would help "millions of families save their homes," said Democratic senators Richard Durbin of Illinois, Charles Schumer of New York and Christopher Dodd of Connecticut. Michigan Democratic Rep. John Conyers has introduced the measure in the House of Representatives.
A financial industry group said it opposes the bill, calling it too broad and a "risk to the mortgage markets." "The industry will still oppose the Durbin bill," said Scott Talbott, a lobbyist for the Financial Services Roundtable, in a statement. But a coalition of five consumer groups, including the Center for Responsible Lending, said: "We welcome the support of Citigroup, one of the nation's largest mortgage lenders, for responsible and urgently needed legislation."
Last year, Durbin failed to win Senate passage of a similar measure against stiff opposition from Republicans, some Democrats and banking and housing industry lobbyists who said that giving bankruptcy judges the power to erase mortgage debt would increase costs for future homeowners.
This time around -- amid recession and a housing market in crisis -- Citigroup backs the reform, under certain conditions, said the senators. They hope to attach their bill to an economic stimulus package taking shape in Washington.
Republicans were wary of staking out a position yet on the measure. "It's far too early to make that kind of decision," Utah Republican Sen. Robert Bennett told Reuters on Thursday. A spokesman for Citigroup, one of the nation's largest mortgage lenders, declined to comment. MORTGAGES PROTECTED Today, most forms of personal debt such as vacation homes and family farms can be restructured in bankruptcy. But a mortgage on a primary residence cannot. Under the terms of the reform as agreed, only mortgages entered into prior to the date of enactment of the bill would be eligible for the treatment, the senators said. Homeowners would have to certify that they have tried to contact their lender before filing for bankruptcy, they said. source |
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Posted: January 12 2009 at 7:01pm |
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Holding Tight...with Citi...
Morgan Stanley...Deal
...................................................................
Monday January 12, 2009, 8:23 pm EST
By Dan Wilchins and Joseph A. Giannone
NEW YORK (Reuters)
excerpts....
...Citigroup and Morgan Stanley have agreed on major terms, and are expected to announce a deal by mid-week, a person familiar with the matter said. Morgan Stanley would combine Citigroup's Smith Barney unit with its own retail business to create the world's largest network of brokers, according to sources. Citigroup, the third-largest U.S. bank by assets, would retain a 49 percent stake in the joint venture, and receive a payment in excess of $2.5 billion and would write up the value of its brokerage business, boosting capital. Morgan Stanley would expect over time to buy the whole of Smith Barney. A joint venture could give Citigroup an additional $5 billion to $6 billion of tangible common equity, a boon for a bank under U.S. government pressure to shore up a balance sheet ...The deal is structured to give Citigroup cash and capital upfront, with the opportunity to benefit as the business improves in the future.
Morgan Stanley would expect to buy more of the joint venture later, but at a price to be determined in the future rather than now, according to a person familiar with the deal. Being able to benefit from any market recovery was important to Citigroup, a person close to the matter said. That ruled out selling the business to JPMorgan Chase & Co, whose chief executive, Jamie Dimon, has long been interested in buying a brokerage, but which could not have done a joint venture. Citigroup would be entitled to revenue from the venture for at least another three years under the deal, the source said. ............................................................................................
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Posted: January 12 2009 at 7:38pm |
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Confusion In The PRESS/Market....
....................................................................
Citi signed a deal with the government.
that $300 Billion deal is very different from...
the second half of ...
the $700 billion........ Troubled Asset Relief Program
that Barack Obama has asked his Treasury Department to place restrictions on.
.............
The government announcing Citigroup will get an influx of $20 billion
and a taxpayer guarantee for more than 300 billion ...
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Posted: January 12 2009 at 7:55pm |
I hope everyone else remembers how Mr. Buffet thinks....................................
Warren Buffett, the 2nd richest person in the world, was recently
quoted of saying: "Be afraid when everybody's happy and be happy when everybody's afraid." Well, right now, a lot of people are afraid so you should be very, very happy. :) Buffett is literally spending billions on buying all kinds of investments right now. I don't know about you, but I am listening to Warren Buffett and I recommend you jump in now! (you tell em Brett...)
Ignore Your Instinct to FleeToo many people rush into shares when prices are booming, and run away when they collapse. But the smart approach is to go about things the other way. Some of the smartest money managers today are starting to see value in the market.
One of the many paradoxes of the stock market is that the worse it gets, the better it gets – at least, for those still able to invest. Too many people rush into shares when prices are booming, and run away when they collapse. It is the natural human instinct. But of course the smart approach is to go about things the other way. Warren Buffett, in conversation with me at Fenway Park earlier this week, said he was starting to see value in some places in the market. That would be, of course, partly as a result of the collapse in prices across the board. Now comes Jeremy Grantham, the frequently bearish chairman of Grantham Mayo Van Otterloo & Co., to say something sort of similar. His firm now believes that if you invest in "high quality" U.S. equities and tuck the shares away in a drawer for seven years, you will probably find when you look at them again that you have, over the course of that time, earned about 5.6% a year on top of inflation. Or, to put it more simply, you will find that for each dollar you put in you will be able to take out about $1.50 – in today's money. He also thinks that over the next seven years a broad investment in emerging market equities will earn about 4.8% after inflation, turning each $1 into about $1.39 in today's money. Small cap international equities (3.7% a year, after inflation) and large cap international equities (3.0%) also come out several points ahead of inflation in his model. more from Brett... |
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Posted: January 14 2009 at 9:29am |
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( CITIGROUP 2 TRILLION IN ASSETS) Source-
excerpt- ...Citigroup in November got $306 billion of U.S. government guarantees for troubled mortgages and toxic assets to stabilize the bank. The deal, brokered by the Federal Reserve, Treasury Department and Federal Deposit Insurance Corp. required the bank to modify terms for guaranteed troubled loans based on a model created by the FDIC. Congress has passed several measures in the past year to stem home foreclosures, including a $300 billion bill passed in July aimed at helping 400,000 borrowers keep their homes. Senate Democrats were unable in April to adopt the bankruptcy proposal. Republicans, and the banking industry, said the plan would raise costs because lenders would try to recoup losses in court with higher rates on other loans. The revised bill Citigroup endorsed would give judges the ability to adjust principle payments or interest rates on existing loans, and could extend the term on the loan, according to the language of the bill, which would force lenders to take losses without a say in bankruptcy court proceedings. ‘Important Step Forward’ "This legislation would represent an important step forward," Citigroup Chief Executive Officer Vikram Pandit said in a letter to the Senate released by Durbin. "It will serve as an additional tool to the extensive home retention programs currently in place to help at-risk borrowers." Durbin, set back by the defeat of the legislation in April, reintroduced his legislation Jan. 6, the same day House Judiciary Committee Chairman John Conyers introduced a similar bill. The Senate and House bills may be included in the economic stimulus proposals this year, said Max Gleischman, a Durbin spokesman. Lawmakers modified the bill to require that borrowers show they had contacted their lender 10 days prior to filing with a bankruptcy judge to determine if an agreement can be reached, Durbin said. Schumer said limiting the provision to current mortgages helped ease Citigroup's opposition. 'Change The Law' "If you do it just for existing mortgages then there's not a danger that future mortgage prices will be raised," Schumer said. "Citigroup cannot do this voluntarily, you have to change the law." Citigroup accounted for 7 percent of the U.S. market for servicing home loans as of Sept. 30, according to the Inside Mortgage Finance newsletter in October. "This is something that Citi is championing but it's not clear that anyone is with them," said Bert Ely, chief executive officer of Ely & Co. Inc., a financial institutions and monetary policy consultant in Alexandria, Virginia, in a phone interview. "It's an interesting political problem. There may be a poker game going on."
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Posted: January 14 2009 at 11:16am |
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Tue 01/13/09 17:15 PM EST We knew it was coming... More Capital injection for banks. |
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Posted: January 15 2009 at 11:13am |
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hard to wait...
CNNMoney.com Tuesday's action, however, represents what some consider to be the first step by Citigroup to dismantle its so-called "universal banking" business model, offering all types of financial products to consumers and businesses.
A source close to the matter indicated that the company will unveil a reorganization plan in the coming weeks. The Wall Street Journal reported that the company could time the announcement to coincide with its fourth-quarter results on Jan. 22.
Source ...............................................................................................................
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endman
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Joined: February 16 2006 Status: Offline Points: 1232 |
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Posted: January 15 2009 at 1:53pm |
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If the government bails out CITI, who will be bailing out the government?
Who will be bailing out all of us? Everybody is looking at China because it has our money, what would happen if China would safer a devastating calamity? And would need the money for themselves |
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Posted: January 15 2009 at 3:22pm |
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"Citigroup's core commercial, retail and investment banking worldwide -- the good bank
-- will be reorganized as Citicorp and led by Citigroup Chief Executive Vikram Pandit."
ok....I'll give him a chance.
A big bank like that... bought so low, someone could do alright.
thinking like Warren Buffet ... when people are afraid...go for it.
787 @ 3.81 per share .......... for $3,000
In a year or so the stock might be $20.00 per share.
the value of 787 share would be.......... 15,740.00... not bad
will the Govt. Nationalize Citi ? waiting for more news next week.
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Posted: January 16 2009 at 9:38am |
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.
It's All About RESETTING The Economy
........................................................ (discussion of ...Creation of a ....private credit industry....over years.) Deflation is the issue... VIDEO
............
Trillions More: Govt. Will Keep Spending Until Economy Reflates, Mauldin Says
Posted Jan 16, 2009 09:00am EST by Aaron Task Barack Obama's stimulus package has now grown to $825 billion, news that comes as no surprise to John Mauldin, president of Millennium Wave Advisors.
"We are in uncharted waters. But the captains of the boats are all Keynesians," Mauldin says, meaning they believe government spending is key to fighting the downturn. "They will keep spending until the economy reflates."
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Posted: January 16 2009 at 7:28pm |
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U.S. Plots New Phase in Banking Bailout
WASHINGTON -- The U.S. government, recognizing that the banking crisis is far larger than originally thought, is laying the groundwork for a second phase of its rescue attempt, with plans to purge bad assets that are paralyzing the financial system. Officials at the Treasury, Federal Reserve and Federal Deposit Insurance Corp., in consultation with the incoming Obama administration, are discussing a plan to create a government bank that would buy up the bad investments and loans that are behind the huge losses that U.S. banks continue to report, say government officials. Also under consideration is an additional and giant government guarantee of banks' assets against further losses. The discussions, which are intensifying, show how the rapid deterioration of bank assets is outpacing the government's rescue efforts. Banks are now struggling not only with the real-estate investments that sparked the crisis, but also with the car loans, credit-card debt and other consumer debt that have taken a hit with the faltering economy. Goldman Sachs economists estimate that financial institutions and investors world-wide will ultimately realize $2 trillion in losses on U.S. loans, but have recognized only half those losses so far. That scares investors who might otherwise give banks needed capital, and makes banks reluctant to make new loans. Regulators say they worry that the only remaining source of capital for banks is the government. That was underscored by Friday's announcements of deep losses at Citigroup Inc. and Bank of America Corp. At earlier stages of the crisis, these institutions had been considered among the potential deep-pocketed saviors for struggling banks and mortgage lenders. Citigroup disclosed an $8.3 billion fourth-quarter net loss as the bank was hammered by writedowns on bad loans and securities. Bank of America, which recently absorbed Countrywide Financial and Merrill Lynch, reported a fourth-quarter loss of $1.79 billion. That came as new details emerged Friday that Bank of America had made an agreement with the government for $20 billion in additional federal aid to help it complete its Merrill purchase. The struggles aren't limited to big banks. Late Friday, the Office of the Comptroller of the Currency said it had closed National Bank of Commerce in Berkeley, Ill. The bank had large holdings of Fannie Mae and Freddie Mac preferred shares, which were wiped out when the government took over the mortgage giants last September. The bank had $431 million of assets. More In the U.S., Federal Reserve officials are advocating aggressive action to take assets such as mortgage-backed securities off the balance sheets of financial firms. The incoming Obama administration, which shares the Fed's belief that these assets are impeding financial and economic recovery, is also exploring ways to deal with the matter. Getting a greater commitment from lawmakers could be a hurdle. Lawmakers have been critical of the Bush administration's handling of the early stages of the bailout. The Congressional Budget Office estimated Friday that taxpayers could lose $64 billion on investments made with the first third of the $700 billion Troubled Asset Relief Program, despite assurances by U.S. officials that the rescue could make money for the U.S. government. It is unclear whether the plans now under discussion would require Congress to authorize more money beyond its $700 billion financial bailout fund. Congress released the second half of the Troubled Asset Relief Program on Thursday, but a chunk has already been committed to helping homeowners, U.S. auto makers and Bank of America. The idea of buying up bad bank assets echoes the original idea of Treasury Secretary Henry Paulson, who asked Congress in September to fund the plan. Mr. Paulson abandoned that idea in favor of investing directly in banks after he concluded that the program would be too slow, costly and difficult to implement. The switch to making direct investments helped stave off a collapse of the financial system in September. But it did little to get banks back on track. On Friday, Mr. Paulson said regulators are still interested in removing bad bank assets from the financial system and are considering many ways of doing that, including an "aggregator bank" that could purchase the securities, transferring the risk of holding them to the government. continued... |
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cgh18
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Joined: November 28 2006 Status: Offline Points: 142 |
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Posted: January 17 2009 at 4:26am |
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It's hard to do the math and investing on banks, without government bail outs they would be bank-rupt and worth very little. I thought a while ago you did the math at 7.004 per share and 40.00$ future price.
Even with "free" government bailouts, banks will fail with all the money they have on the books to poor risks and people who no longer can pay back due to the current crisis. |
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Posted: January 17 2009 at 1:18pm |
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hi cgh18...point well taken... yes it is a gamble...but some do, on the chance that for a small invest there may be a turn around down the road. Citi is very large...they are breaking it into thirds. CitiCorp will be what's left to carry on. It did quite well as CitiCorp a while back. There are all sorts of figures.... for purchases, depending on the number of shares aquired ...at differing quotes. The bottom line is...the Govt. has to purchase the (crap) from all the big players...or in any way...keep it separate so that everyone knows what's left ie. transparency. Bank of America fibbed... We all knew poor Citi was a mess
because of credit cards... like waiting for the other shoe to drop...after this round, everyone may be able to get back up. Not to run a marathon mind you.
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Posted: January 18 2009 at 5:03pm |
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Posted: January 21 2009 at 12:34pm |
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.
Politics as Usual: Change Comes to Washington, But Not Bank Bailouts
VIDEO
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Posted: January 21 2009 at 1:09pm |
.
What is too Big to Fail? .................................. Citi...Like the first domino in a long line.
A big holder of
Citi
......................... AXA
.............
through its subsidiaries, provides insurance and asset management services worldwide. It operates in five segments: Life and Savings, Property and Casualty, International Insurance, Asset Management, and Banking. The Life and Savings segment offers term life, whole life, universal life, endowment, deferred annuities, immediate annuities, and other investment-based products, as well as critical illness and permanent health insurance products for individuals and commercial clients.
The Property and Casualty segment provides motor, household, property, and general liability insurance for personal and commercial customers, as well as health products and engineering services to support prevention policies in companies. The International Insurance segment underwrites various insurance risks, such as property damage, liability, construction risks, motor fleet, marine, and aviation;
offers loss-prevention and risk management services; and provides assistance services, including medical aid for travelers, automobile-related road assistance, home assistance, and health-related services primarily to banking and insurance companies, tour operators, telecommunication operators, and automobile manufacturers, as well as to gas, water, and electricity utilities.
a few big holders of
AXA (Insurance)
.......................... Fisher Investments
Founder, Chairman, and CEO
Kenneth L. Fisher (born November 29, 1950 (1950-11-29) (age 58)) is an American businessman and the founder, chairman, and CEO of
Fisher Investments, a money management firm headquartered in Woodside, California.
Fisher writes the monthly 'Portfolio Strategy' column in Forbes magazine, contributes to other financial and news magazines,
has authored four books, and has written research papers in the field of behavioral finance.
[1] Fisher is ranked #281 on the 2008 Forbes 400 list of richest Americans[2] and #677 on Forbes list of world billionaires.[3]
...Wikipedia
JP MORGAN CHASE & COMPANY
FIDELITY DIVERSIFIED INTERNATIONAL FUND
FIDELITY ADVISOR DIVERSIFIED INTERNATIONAL FUND
............................
and holders of the above?
one of the largest is
Fidelity Investments, .................................. is one of the world's largest mutual fund firms. Serving more than 24 million individual and institutional clients, Fidelity manages more than 300 funds and has more than $1.4 trillion of assets under management.
Citi ....failing, would hurt a lot of people.
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Posted: January 22 2009 at 5:12am |
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.
Economy news...Hillary Clinton Confirmed...Pres. gives out new rules...etc.
Listen to ...
Wall Street Journal This Morning
.......................................................
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Posted: January 24 2009 at 5:13pm |
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Remembering the details....checking the results excerpt from...
http://www.politico.com/news/stories/0109/17485.html
House Dems push recovery plan
By DAVID ROGERS | 1/15/09 10:53 AM EST
$54 billion for energy-related projects emphasizing renewable fuel projection, greater conservation and an estimated $11 billion dedicated to modernizing the nation’s electric grid. Added flexibility has been promised to the executive branch in apportioning the grid funds in light that this is a new endeavor. $43 billion for increased unemployment benefits and job training. The bulk of this money will go to maintain extended benefits for the long-term unemployed through December 2009. But major changes are also included to extend coverage to more temporary workers — who have not qualified for any aid in the past. And the basic benefit averaging $300 a week and paid out of state trust funds would be increased for this year by $25 a week — paid for from the new federal appropriations. $38.9 billion to help the jobless preserve some healthcare coverage for their families. An estimated $8.6 billion is allocated to provide 100 percent federal funding through 2010 for an optional Medicaid initiative aimed at households below 200 percent of poverty. But the biggest chunk of money, $30.3 billion, represents a novel effort to assist workers to meet so-called COBRA payments, allowing them to maintain the coverage they had from their company plans when employed. $20 billion to increase food stamp benefits by about 13% to meet rising food costs. $15.6 billion to accelerate a planned increase in annual Pell Grants for low-come college students, raising the current maximum award by $500 a year. While their first-stated target is job creation, both Pelosi and Obama have emphasized the need to invest in new technologies as well. Toward this end, the bill sets aside $20 billion to encourage hospitals to adopt new information systems which have been shown to reduce long-term operating costs. An estimated $1 billion is dedicated for more computer and science labs in public schools as well as teacher technology training. And $6 billion would be invested to extend broadband and wireless services to underserved areas, a major priority for rural lawmakers as well as Pelosi. Sorting out the full dimensions of the aid to state and local governments is difficult given the immense scope of the bill and the impact of spending on infrastructure, such as highways, transit and water projects. But Obey listed about $318 billion in expenditures, including some money that goes directly to local anti-poverty agencies. A novel $79 billion state fiscal relief fund is created as part of the education budget but also giving governors some flexibility to spend at least $25 billion over the next two years on other needs. Separately, $2.5 billion is allocated for block grants to help states deal with the surge in enrollment for the Temporary Assistance for Needy Families (TANF) program. And another $4 billion would go to state and local law enforcement, including $1 billion to hire about 13,000 new police officers. |
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Posted: January 25 2009 at 11:49am |
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JULIE HIRSCHFELD DAVIS, Associated Press WASHINGTON – President Barack Obama's ban on earmarks in the $825 billion economic stimulus bill doesn't mean interest groups, lobbyists and lawmakers won't be able to funnel money to pet projects. They're just working around it — and perhaps inadvertently making the process more secretive.
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Posted: January 25 2009 at 7:07pm |
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Not a surprise Mary08! The more you regulate the Lobbists the more the Congressmen and Senators go underground to get their perks from the Lobbists.
We The People Of The United States Of America need to hire a Lobbist to work for us since our politicans do not care about us anymore. |
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Posted: January 26 2009 at 1:52pm |
Levin livid over reported Citigroup jet purchaseBy TODD SPANGLER • FREE PRESS WASHINGTON STAFF • January 26, 2009 WASHINGTON – Sen. Carl Levin of Michigan is beside himself over a report that Citigroup is buying a $50-million
corporate jet considering that when the heads of Detroit’s automakers came to Washington in
private jets to ask for aid they got blasted for it.
article here-
+livid+over+reported+Citigroup+jet+purchase |
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Posted: January 27 2009 at 7:38am |
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The report is actually...
CITI plans to Nix a Few Planes...paring down the existing fleet to two from five :) ....................................................................................................................................... The Associated Press January 27, 2009, 8:56AM ET
By STEPHEN BERNARD
Citigroup Inc. on Tuesday denied a previous day's report in the New York Post that it plans to take possession of a brand-new $50 million jet. "Citi has no intent to take delivery of any new aircraft," the New York-based bank said in a statement. article here- .............................
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Posted: January 27 2009 at 11:18am |
Citi Holdings: 'Visualizing' a Growth PhaseLet’s have some fun. To paraphrase what The Marines say, we will visualize all that Citi Holdings can be. After all, Citigroup (C) is in no hurry to divest this fine set of assets according to CEO Vikram Pandit. JANUARY 27, 2009, 1:35 P.M. ET
The company earlier this month detailed a restructuring plan that will segregate peripheral or ailing businesses and assets in an isolated division, dubbed Citi Holdings. article here- ..........................................
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Posted: January 29 2009 at 6:12am |
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Born April 4, 1948 (1948-04-04) (age 60)
Occupation Chairman-designate of Citigroup
.........................
Prominent connections From the early 1980s through much of the 1990s, Parsons owned a house at Rockefeller family estate in Pocantico Hills, (see Kykuit), where his grandfather was once a groundskeeper. For a brief time he had worked for Nelson at the family office, Room 5600, at Rockefeller Center (he currently has a Time Warner office in Rockefeller Plaza at the Center).[3] Parsons is chairman emeritus of the Partnership for New York City,[6] established by David Rockefeller in 1979,[7] who has known him for many years. He is an advisory trustee of the family's principal philanthropy, the Rockefeller Brothers Fund and he sits with David Rockefeller on the board of the World Trade Center Memorial Foundation. Parsons is also on the board of the family created Museum of Modern Art.
In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. In 2006, Parsons was selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer.[8]
Parsons is now a member of the economic advisory team for President Barack Obama. He met with the then President-elect on Friday, November 7, along with many other economic experts, to discuss measures to solve the current economic crisis. After New Mexico Governor Bill Richardson withdrew his name from consideration for the position of Secretary of Commerce in the Obama Administration, Parson's name was floated as a possible nominee.[11]
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Posted: February 02 2009 at 12:38pm |
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US Treasury to unveil new bailout plans next week
New financial bailout plans expected next week; rules on executive payouts this week
Daniel Wagner, AP Business Writer
Monday February 2, 2009, 2:38 pm EST WASHINGTON (AP) -- Treasury Secretary Timothy Geithner will announce new plans for rescuing the financial sector in a speech next week, a Treasury official said Monday. The plans will include new programs aimed at helping homeowners stave off foreclosure, and efforts to stabilize the banking sector.
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Posted: February 02 2009 at 2:36pm |
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.
Heeere's .......... Citicorp
 Citi's Weill: Gives up corporate aircraft Last Updated: February 2, 2009: 12:01 PM ET
Bowing to political pressure, Citi , which has accepted $45 billion of taxpayer money, said last week it would not accept delivery of a $50 million jet ordered in 2005.
and...
Citigroup Announces Quarterly
 Dividend Payable On 27 February 2009 The Board of Directors of Citigroup declares a quarterly dividend on the company's common stock of one cent per share, payable on 27 February 2009
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Posted: February 03 2009 at 6:23pm |
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.
  Senate votes to give a tax break to new car buyers
By DAVID ESPO, Associated Press Writer WASHINGTON – The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag approaching $900 billion.
article here-
And.... Stepping down like Crazy....
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Posted: February 03 2009 at 9:10pm |
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.
MANIC MEDIA
Bashes Another Bank
.................................
Wells Fargo reconsiders posh Vegas casino retreat
Feb 3, 5:56 PM (ET)
By DANIEL WAGNER and MATT APUZZO
WASHINGTON (AP) - Bailed-out bank Wells Fargo says it's reconsidering whether to hold a corporate junket to Las Vegas amid criticism from Capitol Hill. The company had planned a posh outing for its top mortgage writers to kick off this week at the Wynn Las Vegas. The conference is a Wells Fargo tradition. Previous years have included all-expense-paid helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 employees and guests.
Article Here-
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Posted: February 04 2009 at 5:15am |
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.
World stocks rise on hopes downturn is stabilizing
World stocks advance as US, China data offer hopes for global economy; Tokyo up 2.7 pct Louise Watt, Associated Press Writer
Wednesday February 4, 2009, 7:49 am EST excerpt- LONDON (AP) -- World stocks advanced Wednesday, with Tokyo's index up nearly 3 percent, as better-than-expected news about the U.S. and Chinese economies raised hopes the global downturn is stabilizing. By noon in mainland Europe, Britain's FTSE 100 rose 0.4 percent to 4,182.28, Germany's DAX added 0.7 percent to 4,406.72 and France's CAC 40 jumped 1.0 percent to 3,013.24.
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Posted: February 04 2009 at 9:32pm |
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It's .... OK
Let the Banks make money, so many Boomers have retirement at stake.
Banks could still find wiggle room in pay caps By STEVENSON JACOBS, AP Business Writer Wed Feb 4, 9:12 pm ET NEW YORK – The squeeze on big paydays for executives of bailed-out banks will probably leave Wall Street plenty of wiggle room. Consultants on executive pay say the caps imposed by President Barack Obama on Wednesday will probably apply only to a few executives — not star traders, brokers and salespeople who routinely earn whopping pay packages. article here- ......................
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Posted: February 04 2009 at 10:07pm |
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Senate OKs $15,000 tax break for homebuyers
By DAVID ESPO, AP Special Correspondent 33 mins ago AFP - US President Barack Obama speaks regarding executive compensation in Cross Hall at the White House in … WASHINGTON – The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, a victory for Republicans eager to leave their mark on a mammoth economic stimulus bill at the heart of President Barack Obama's recovery plan.
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Posted: February 05 2009 at 3:07pm |
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Get A GRiP... Just Pass The Bill
(He who hesitates is lost.)
"...The criticism underscores a key tension complicating the Obama administration's financial-rescue efforts: how to stabilize the financial system without appearing to hurt taxpayers. The administration has been wrestling with the issue as it works to fashion a new financial-rescue plan. While officials know they have to help banks, the growing public unhappiness over the government's efforts so far means they have to craft something that doesn't appear to unduly burden taxpayers...." Article here-
HE WHO HESITATES IS LOST - "Swift and resolute action leads to success; self-doubt is a prelude to disaster. The proverb goes back to 'Cato' (1713) by English essayist and poet Joseph Addison. First attested in the United States in 'The Autocrat of the Breakfast Table" (1858) by Oliver Wendell Holmes."
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Posted: February 07 2009 at 1:45pm |
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How about NO TAXES
on the First 16,000.00 ? Hello???
Kick back with a hot drink and watch a few videos...
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Posted: February 08 2009 at 4:21pm |
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Not Yet..... Almost.....
UPDATE 4-U.S. Treasury delays bank bailout announcement
Sun Feb 8, 2009 4:36pm EST
WASHINGTON, Feb 8 (Reuters) - The Obama administration on Sunday pushed back until Tuesday the announcement of a keenly awaited bank rescue plan as it pressed lawmakers to settle their differences over a huge economic stimulus package article here ....................................
$800 billion which the White House hopes will create 3 million - 4 million jobs
UPDATE 5-U.S.Treasury delays bank bailout announcementSun Feb 8, 2009 6:49pm EST
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Posted: February 09 2009 at 9:20am |
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I've got my sandwich and coffee....time to relax and watch some financial videos...
My fav time of day :)
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Posted: February 09 2009 at 1:23pm |
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Let The Banks Fail?
Tamny Are You Joking? (do the homework dude)
401k's and Teacher, and other civil servant......... Pensions.
......................................................................................................
Capital World Investors 265,227,600 4.87 $5,439,818,076 30-Sep-08
Barclays Global Investors UK Holdings Ltd 237,948,658 4.37 $4,880,326,975 30-Sep-08 >>>>>>STATE STREET CORPORATION 219,179,168 4.02 $4,495,364,735 30-Sep-08 VANGUARD GROUP, INC. (THE) 166,350,408 3.05 $3,411,846,868 30-Sep-08 Capital Research Global Investors 160,607,000 2.95 $3,294,049,570 30-Sep-08 AXA 143,799,621 2.64 $2,949,330,226 30-Sep-08 DODGE & COX INC 84,966,394 1.56 $1,742,660,740 30-Sep-08 Bank of New York Mellon Corporation 79,162,761 1.45 $1,623,628,228 30-Sep-08 MORGAN STANLEY 78,293,925 1.44 $1,605,808,401 30-Sep-08 UBS GLOBAL ASSET MANAGEMENT (AMERICAS) INC 75,334,087 1.38 $1,545,102,124 30-Sep-08 TOP MUTUAL FUND HOLDERS
Let's pull out.......... STATE STREET CORPORATION...... from that list above
They are invested in one of those..... so called ...Failed Banks...
So if that one Bank goes down..... check out..... who ....loses out.....below.
Talk about a web. It's nuts to figure out. Everything is interconnected.
Don't listen to....Let them fail. Retirements would fail too.
PRICE (T.ROWE) ASSOCIATES INC 19,912,419 4.61 $1,132,618,392 30-Sep-08 TOP MUTUAL FUND HOLDERS Please see VIDEO
HISTORY OF A CRISIS
.......................................
here-
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Posted: February 11 2009 at 6:38pm |
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Posted: February 11 2009 at 8:33pm |
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Posted: February 12 2009 at 12:10pm |
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The Political Theatre of the Absurd Congress's grandstanding, general lack of knowledge and absence of common sense is tragic comedy. excerpt- These are the same individuals who sanctioned deregulation of our financial institutions (and permitted the proliferation of the unsupervised shadow banking industry), dismissed the need for financial transparency and sponsored legislation that permitted the leading brokerages to lever up willy-nilly. full article |
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Posted: February 12 2009 at 4:19pm |
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Stocks Rebound on Mortgage Report
By PETER A. MCKAY, ROB CURRAN and GEOFFREY ROGOW
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Posted: February 13 2009 at 12:20pm |
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Goodafternoon all.... hoping someone else
bought in low on Citigroup..... for lookin looooong :)
Cramer: Shorts Can't Break the Big Banks02/13/09 - 01:55 PM EST Every day they play break the bank. They play it because Tim Geithner gave them ammo. But I think they have a lot of assumptions wrong.
article here-
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Posted: February 17 2009 at 8:41am |
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Having a look at .............. BBC World News
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Posted: February 17 2009 at 4:12pm |
 What Is Keeping Wall Street Up At Night?
...........................................................................................................................................
Weekly Outlook: February 17, 2009
Chris Tyler Optionetics.com excerpt-
Finally, how the government intends to rid banks of somewhere in the neighborhood of $500B worth of toxic assets is a pressing and unresolved issue. Unfortunately, it will also likely remain much more than just the somewhat quaint,
"million dollar question" for investors. As those details aren't expected to be announced during the coming week-
climbing a wall of worry is always possible, but absolute clarity isn't likely to be a part of the package.
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