Posts Tagged ‘fraudulent taxpayer ripoff’

Geithner Lies Again as PPIP Prepares for Launch

Geithner Lies Again as PPIP Prepares for Launch

Tim GeithnerCourtesy of Mish 

Geithner is back at it, and this time it appears the PPIP will manage to launch, mysteriously without PIMCO as noticed by Calculated Risk.

Please consider the Joint Statement on the PPIP Legacy Asset, Securities, and Loan Programs by Secretary of the Treasury Timothy F. Geithner, Chairman of the Board of Governors of the Federal Reserve System Ben S. Bernanke, and Chairman of the Federal Deposit Insurance Corporation Sheila Bair.

Legacy Asset Program

On March 23, 2009, the Treasury Department, the Federal Reserve, and the FDIC announced the detailed designs for the Legacy Loan and Legacy Securities Programs. Since that announcement, we have been working jointly to put in place the operational structure for these programs, including setting guidelines to ensure that the taxpayer is adequately protected, addressing compensation matters, setting program participation limits, and establishing stringent conflict of interest rules and procedures.

Legacy Securities Program

The Legacy Securities program is designed to support market functioning and facilitate price discovery in the asset-backed securities markets, allowing banks and other financial institutions to re-deploy capital and extend new credit to households and businesses.

Under this program, Treasury will invest up to $30 billion of equity and debt in PPIFs established with private sector fund managers and private investors for the purpose of purchasing legacy securities. Thus, Legacy Securities PPIP allows the Treasury to partner with leading investment management firms in a way that increases the flow of private capital into these markets while maintaining equity "upside" for US taxpayers.

Initially, the Legacy Securities PPIP will participate in the market for commercial mortgage-backed securities and non-agency residential mortgage-backed securities. To qualify, for purchase by a Legacy Securities PPIP, these securities must have been issued prior to 2009 and have originally been rated AAA — or an equivalent rating by two or more nationally recognized statistical rating organizations — without ratings enhancement and must be secured directly by the actual mortgage loans, leases, or other assets ("Eligible Assets").

Given that nearly everything was initially rated AAA there is essentially no restriction on the garbage PPIP participants can speculate on.

More importantly, it is disingenuous at best to suggest the public is in any way shape or form protected when the public is putting up 93% of the funds while private corporations only have to put up 7%.


continue reading


Tags: , , ,




 
 
 

Zero Hedge

Atlanta Mayor Set To Reimpose Lockdown As Cases Surge, Defying Gov Kemp, Trump: Live Updates

Courtesy of ZeroHedge View original post here.

Summary:

  • Atlanta reportedly returning to lockdown mode
  • Texas sees another near-record day for new cases, hospitalizations
  • Georgia reopens convention center in Atlanta to treat COVID patients
  • US sees 799 new deaths, lower than yesterday
  • Phoenix mayor says hospital running out of morgue space
  • California positivity rate ticks higher
  • New Jersey rate of spread
  • Trump says Fauci "A nice man", but "he's made a lot of mistakes"
  • Dr. Fauci says 'divis...


more from Tyler

ValueWalk

Coronavirus stimulus checks: Wait could be over, suggests Mnuchin

By Aman Jain. Originally published at ValueWalk.

We have already seen President Donald Trump, as well as Senate Majority leader Mitch McConnell talking in favor of another round of stimulus checks this week. Now, on Thursday, Treasury Secretary Steven Mnuchin suggested a second round of coronavirus stimulus checks could be part of the next stimulus package.

Q2 2020 hedge fund letters, conferences and more

Mnuchin backs second coronavirus stimulus checks

In an interview to CNBC, Mnuchin said the Trump administ...



more from ValueWalk

Phil's Favorites

Actually, Mr Trump, it's stronger environmental regulation that makes economic winners

 

Actually, Mr Trump, it's stronger environmental regulation that makes economic winners

Courtesy of Ou Yang, University of Melbourne

Donald Trump has ordered US federal agencies to bypass environmental protection laws and fast-track pipeline, highway and other infrastructure projects. Signing the executive order last month, the US president declared regulatory delays would hinder “our economic recovery from the national emergency”.

Trump withdrew the US from the Paris Agreement for international climate action in 2017 for the same reason. The accord, ...



more from Ilene

Biotech/COVID-19

Coronavirus's painful side effect is deep budget cuts for state and local government services

 

Coronavirus's painful side effect is deep budget cuts for state and local government services

Washington state cut both merit raises and instituted furloughs as it faced a projected $8.8 billion budget deficit because of the coronavirus. Wolfgang Kaehler/LightRocket via Getty Images

Courtesy of Carla Flink, American University

Nationwide, state and local government leaders are warning of major budget cuts as a result of the pandemic. One state – ...



more from Biotech/COVID-19

Kimble Charting Solutions

Red Hot China Attempting Key Breakout, Says Joe Friday

Courtesy of Chris Kimble

China ETF (FXI) has been “Red Hot” of late? Is it about to run out of steam or will it remain on fire going forward?

This chart of FXI comes from Investors Business Daily and Marketsmith.com. It reflects that FXI is above key long-term moving averages and its RS ratings is moving sharply higher of late.

Line (1) has been support and resistance several times over the past 3-years. The rally of late has FXI ...



more from Kimble C.S.

The Technical Traders

Retail Traders & Investors Squeezed to Buy High-Risk Assets Again

Courtesy of Technical Traders

Yes, we certainly live in interesting times.  This, the last segment of our multi-part article on the current Q2 and Q3 2020 US and global economic expectations, as well as current data points, referencing very real ongoing concerns, we urge you to continue using common sense to help protect your assets and families from what we believe will be a very volatile end to 2020.  If you missed the first two segments of this research article, please take a moment to review them before continuing.

On May 24th, 2020, we published this ...



more from Tech. Traders

Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Saturday, 14 March 2020, 05:51:16 PM

Click for popup. Clear your browser cache if image is not showing.


Comment: Crash in perspective - its Bad, and not over!



Date Found: Saturday, 14 March 2020, 07:49:29 PM

Click for popup. Clear your browser cache if image is not showing.


Comment: The Blood Bath Has Begun youtu.be/bmC8k1qmM0s



Date Found:...

more from Chart School

Lee's Free Thinking

These Charts Show COVID 19 Is Spreading in the US and Will Kill the Economy

 

These Charts Show COVID 19 Is Spreading in the US and Will Kill the Economy

Courtesy of  

The COVID 19 pandemic is, predictably, worsening again in much of the US. Only the Northeast, and to a lesser extent some Midwestern states, have been consistently improving. And that trend could also reverse as those states fully reopen.

The problem in the US seems to be widespread public resistance to recommended practices of social distancing and mask wearing. In countries where these practices have been practi...



more from Lee

Digital Currencies

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

 

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

App-etising? LDprod

Courtesy of Michael Rogerson, University of Bath and Glenn Parry, University of Surrey

Food supply chains were vulnerable long before the coronavirus pandemic. Recent scandals have ranged from modern slavery ...



more from Bitcoin

Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



more from Our Members

Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

http://www.insidercow.com/ more from Insider

Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

...

more from Promotions

Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

more from M.T.M.





About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

Learn more About Phil >>


As Seen On:




About Ilene:

Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.