Judicial Watch, which lucked out majorly on a FOIA request to the Treasury, has received several hundred pages of stunning revelations, among which are that Hank Paulson essentially used the same tactics that he used on Ken Lewis on a group of nine bankers at the October 13 meeting which apportioned government investments to the various "critical" banking institutions. The major disclosure was captured in a memo called CEO Talking Points, which delineates the continuous use of strongarming tactics by not just Paulson, but by Tim Geithner, and Sheila Bair, who were also present at the meetings. According to one of the Talking Points:
“If a capital infusion is not appealing, you should be aware that your regulator will require it in any circumstance. We don’t believe it is tenable to opt out because doing so would leave you vulnerable and exposed.”
Among the banking CEOs who were forced into a pre-envisioned arrangement were:
Ken Lewis (BofA)
Vik Pandit (Citi)
Lloyd Blankfein (GS)
Jamie Dimon (JPM)
John Thain (ML)
Robert Kelley (BONY)
Ronald Logue (SS)
John Mack (MS)
Richard Kovacevich (WFC)
Among the key disclosures obtained by Judicial Watch are:
"CEO Talking Points" used by former Treasury Secretary Hank Paulson confirming that the nine bank CEOs present at the October 13 meeting had no choice but to accede to the government’s demands for equity stakes and the resulting government control. The talking points emphasize that "if a capital infusion is not appealing, you should be aware your regulator will require it in any circumstance." Suggested edits of the "talking points" by Tim Geithner, then-New York Fed President, were withheld by the Obama Treasury Department.
Email documenting that, on the very day of the meeting, the Chief of Staff to the Treasury Secretary and other top Treasury staff did not know the names of any of the banks that would be in attendance.
Email showing Treasury officials wanted to use the Secret Service to help keep the press away from the CEOs arriving at the meeting.
With today's release of the May S&P/Case-Shiller Home Price we learned that seasonally adjusted home prices for the benchmark 20-city index were down month over month at -0.1%. The seasonally adjusted year-over-year change has hovered between 4.4% and 5.4% for the last twelve months.
The adjacent column chart illustrates the month-over-month change in the seasonally adjusted 20-city index, which tends to be the most closely watched of the Case-Shiller series. It was down -0.1% from the previous month. The nonseasonally adjusted index was up 5.2% year-over-year.
Investing.com had forecast a -0.1% MoM seasonally adjusted decrease and 5.5% ...
While USDJPY notched down and Oil had been slipping, stocks suddenly lurched lower, gapping to yesterday's lows on heavy volume. As one veteran trader exclaimed "what the f**k was that?" as no obvious catalyst sprung up, unless of course this morning's series of economic "beats" was sufficiently good to be bad for stocks and raise the dreaded rate hike specter.
The U.S. Federal Reserve is expected to keep interest rates unchanged this week, deferring any possible increase until September or December, as policymakers hold out for more evidence of a pickup in inflation.
My vision of driverless trucks and taxis within the time frame of six to eight years looks downright feeble to that of Chris Dixon, a partner at prestigious Silicon Valley investment firm Andreessen Horowitz.
Not only does Horowitz see things happening faster than I do, he envisions entire cities totally driverless within ten years.
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Companies around the world are exploring blockchain, the technology underpinning digital currency bitcoin. In this Blockchain unleashed series, we investigate the many possible use cases for the blockchain, from the novel to the transformative.
Most people agree we do not need to know how a television works to enjoy using one. This is true of many existing and emerging technologies. Most of us happily drive cars, use mobile phones and send emails without knowing how they work. With this in mind, here is a tech-free user guide to the blockchain - the technology infrastructure behind bitcoin...
After a three-year bull run that more than quadrupled its value by its peak last July, IBD’s Medical-Biomed/Biotech Industry Group plunged 50% by early February, hurt by backlashes against high drug prices and mergers that seek to lower corporate taxes.
This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at email@example.com with any questions.
Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
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