Bank of America getting another NY Fed bailout.

[Acanthus]

http://www.nytimes.com/2013/02/17/b...another-bank-bailout.html?smid=tw-share&_r=2&

This shit needs to stop.

 

[Anarchist420]

The Fed is a perpetual bailout.

 

[Deleted member 4644]

These people need to be put in a prison labor camp. In the snow.

 

[momeNt]

Working as intended.

The Federal Reserve was created to insulate the banks from their actions in the marketplace.

Perpetual prosperity for the ultra wealthy whose wealth is mostly invested and for the banks who spread that wealth. The rest of us are simply indoctrinated in Keynesian economics so that we continue to support the actions.

Move along now, nothing to see.

 

[Acanthus]

To me, the fact that they are also shielding them from litigation over mortgage fraud is worse than the bailout itself.

 

[OverVolt]

Well they certainly don't need deposits to operate anymore. Since that 0.01% savings interest rate is so tempting eh.

Banks don't need deposits to lend money! Or... any money at all! LOL all you can do is laugh honestly.

 

[gevorg]

BofA + Fed = corrupt to the core

 

[LegendKiller]

Angelo Mozilo should be in prison. Period.

There isn't a single reason why he shouldn't be there. The top execs of Countrywide should be there along with him. Instead, he bought his way out and it is a travesty to our legal system that wealth = freedom.

As far as the securities, AIG was saved by the Fed, while the claims didn't legally follow them by the documentation, they received a bailout and paid with Maiden Lane. They received consideration and should walk away.

As far as the banks, they should be broken up and none should be allowed to hold deposits in excess of 5% of the national deposit base.

 

[DucatiMonster696]

Continued bank bailouts prove one thing and one thing only and that is the lesson of failure is never taught by the markets to the banking industry.

Any lesson is automatically muted and vaporized by the actions of central banks in order to help government prop up its own spending and debt addiction being provided and fueled by those who run the banking industry and who head and chair central bank committees.

 

[Exterous]

Continued bank bailouts prove one thing and one thing only and that is the lesson of failure is never taught by the markets to the banking industry.

Any lesson is automatically muted and vaporized by the actions of central banks in order to help government prop up its own spending and debt addiction being provided and fueled by those who run the banking industry and who head and chair central bank committees.

:thumbsup:

 

[airdata]

What the fukkkkkkk+

Was there not something all over the news.... 1-2 years ago where they gambled BILLIONS of shareholders money and lost it?

And the CEO wouldn't disclose all of the details because they had shit to hide?

So we're going to give criminals money?

 

[dmcowen674]

Wonder how many in here have gotten a piece of this multi-billion bailout, some have gotten pretty quiet.

 

[soulcougher73]

This country is fucked. Bring on the downfall already.

 

[blackangst1]

I didnt read that BofA is getting another bailout, but rather the NY Fed is shielding BofA from lawsuits stemming from toxic mortgages? Im not saying thats any better, but Im not reading a direct bailout. Did I miss it?

 

[Xonim]

I didnt read that BofA is getting another bailout, but rather the NY Fed is shielding BofA from lawsuits stemming from toxic mortgages? Im not saying thats any better, but Im not reading a direct bailout. Did I miss it?

Seems to be what I read. And the "good guy" in this story is AIG, who we're supposed to feel sorry for? Yeah, I'm not feeling it...

 

[blackangst1]

"“I did not run for office to be helping out a bunch of fat-cat bankers on Wall Street,” “The people on Wall Street still don’t get it. They don’t get it.”
~President Obama on 60 minutes 12/13/10

For the lulz

 

[blackangst1]

Seems appropriate

 

[zephyrprime]

Banks don't need deposits to lend money! Or... any money at all! LOL all you can do is laugh honestly.

Money is just paper and banks control the printing. That's the truth. (only now the printing is mostly digital and the money is digital too).

 

[Ausm]

Seems appropriate

LOLWUT? You really think this man introduced the policies that fucked us over in the first place? You should really study up on the repeal of Glass-Steagall and also concentrate on the Party which first pushed for the repeal.

 

[OverVolt]

Money is just paper and banks control the printing. That's the truth. (only now the printing is mostly digital and the money is digital too).

Thats weird because I can't just print some to pay my bills at the end of the month like the government does :awe:

 

[blackangst1]

LOLWUT? You really think this man introduced the policies that fucked us over in the first place? You should really study up on the repeal of Glass-Steagall and also concentrate on the Party which first pushed for the repeal.

Wait...are we talking about the repeal of glass steagall under Clinton's watch or the OP's article about how the fed last July, under Obama's watch, exempted BofA from " from all legal claims arising from losses in some mortgage-backed securities the Fed received when the government bailed out the American International Group in 2008"?

What are we talking about here?

edit: Dont misunderstand me. Bush had a hand in the collapse of the market as well, but the ball was put in motion by the Clinton administration, To deny that is, well, simply blindness on your part. And to deny Obama's continuation of big bank protection is also blindness. I suggest you read this article McCain get's it, Obama doesn't.

But, thats not what the OP is about.

 

[Pray To Jesus]

Seems appropriate

LoL

 

[Meghan54]

Wait...are we talking about the repeal of glass steagall under Clinton's watch or the OP's article about how the fed last July, under Obama's watch, exempted BofA from " from all legal claims arising from losses in some mortgage-backed securities the Fed received when the government bailed out the American International Group in 2008"?

What are we talking about here?

edit: Dont misunderstand me. Bush had a hand in the collapse of the market as well, but the ball was put in motion by the Clinton administration, To deny that is, well, simply blindness on your part. And to deny Obama's continuation of big bank protection is also blindness. I suggest you read this article McCain get's it, Obama doesn't.

But, thats not what the OP is about.

Actually, to deny that the Reagan admininstration started the assault on the Glass-Steagall is, simply put, pure blindness on your part.

Beginning in 1982, with "policy statements" from the FDIC that began allowing state chartered non-Federal Reserve member banks to establish subsidiaries to underwrite and deal in securities, and the simultaneous allowance by the OCC to allow Dreyfus Corp. and Sears to establish “nonbank bank” subsidiaries that were not covered by the Bank Holding Company Act were the first major shots across the bow of Glass-Steagall.

Then the Fed. in 1987, under Volker, approved several bank holding companies to underwrite and deal in residential mortgage-backed securities, municipal revenue bonds, and commercial paper. By 1991, under Geo. Bush, the dismantling of Glass-Steagall was well underway.

Clinton's action was just the end of what Congress had put into motion during the 1980's. Poor decision in retrospect, but it had so much momentum by that point that it was hard to stop.

Hell, even Volker stated repealing Glass-Steagall wouldn't have been bad if Congress had thought about what they replaced it with. Volcker’s criticism was that Congress didn’t replace it with other restrictions, creating the 1920's all over again.

 

[airdata]

It's clearly obama's fault.

 

[blackangst1]

Actually, to deny that the Reagan admininstration started the assault on the Glass-Steagall is, simply put, pure blindness on your part.

Beginning in 1982, with "policy statements" from the FDIC that began allowing state chartered non-Federal Reserve member banks to establish subsidiaries to underwrite and deal in securities, and the simultaneous allowance by the OCC to allow Dreyfus Corp. and Sears to establish “nonbank bank” subsidiaries that were not covered by the Bank Holding Company Act were the first major shots across the bow of Glass-Steagall.

Then the Fed. in 1987, under Volker, approved several bank holding companies to underwrite and deal in residential mortgage-backed securities, municipal revenue bonds, and commercial paper. By 1991, under Geo. Bush, the dismantling of Glass-Steagall was well underway.

Clinton's action was just the end of what Congress had put into motion during the 1980's. Poor decision in retrospect, but it had so much momentum by that point that it was hard to stop.

Hell, even Volker stated repealing Glass-Steagall wouldn't have been bad if Congress had thought about what they replaced it with. Volcker’s criticism was that Congress didn’t replace it with other restrictions, creating the 1920's all over again.

Fair enough