Posts under ‘Corporate Welfare’

A fine piece detailing the extend and pretend shenanigans over at Fannie Mae and Freddie Mac, collective black holes for our tax Dollars, and apparently worse.

Existing home sales and prices fall in February. More lipstick for the pig from the latest bankster stress tests. The sun sets on Neil Barofsky and SIGTARP.

Japan’s nuclear disaster plagues the markets. TARP worked, probably won’t cost us much but was riddled with problems. Real estate is rapidly going south again.

The 4th quarter saw 46% of refinancing involve cash in, the highest amount on record, as consumers compensated for the decline in values and also to get better loan rates.

The banks have successfully lobbied to make mark to model accounting permanent. Which conveniently allows them to maintain the fiction of solvency, keep reserves low and bonuses high.

We bailed out the GSE banned them from lobbying and fired most of their senior management. The bailed out banks weren’t banned from lobbying and 92% of their executives and senior management remain employed preserving the status quo.

A collection of links to the Financial Crisis Inquiry Commission Report excerpts so that you don’t have to read all 600 pages.

The Financial Crisis Inquiry Commission report will be released on Thursday, but we do have a few excerpts. Surprisingly the commission gets a lot right in its report as it described the 2008 financial crises as avoidable.

98 recipients of TARP funds were at material risk of failure due to inadequate capital levels and or too many non-performing loans. In fact 7 have failed to date costing the TARP Program, and us taxpayers 2.7 billion so far.

It starts with “Fraud as a Business Model” and goes on from there listing the major players and their crimes; Investment Banks- Securities Fraud; Mortgage Lenders – Widespread Fraud;