"Citic Pacific may lose $2b on bad bets" by Associated Press | October 21, 2008
HONG KONG - Citic Pacific Ltd., the Hong Kong arm of the Chinese government's main investment company, warned yesterday it could face losses of almost $2 billion after a top executive made unauthorized bets against the US dollar.
Citic Pacific, which holds property, steel, and infrastructure assets, discovered the bad bets on leveraged foreign-currency contracts last month and has since unwound many of them, contributing to a realized loss of nearly $104 million, it said in a statement to the Hong Kong stock exchange.
The rest could cost the company another $1.89 billion when it marks the contracts at the end of the year. Citic Pacific has secured a $1.5 billion standby loan from its major shareholder, Beijing-based Citic Group."
Huh. Somehow they SECURED a LOAN!
Also see: The Sun Never Sets on the Rich
WILMINGTON, Del. - Washington Mutual Inc., the bankrupt former parent of the biggest US bank to fail, may be forced to fight the Federal Deposit Insurance Corporation for $4.4 billion in deposits held by JPMorgan Chase & Co.
You get a whiff of fascism there, readers?
The FDIC said in court papers yesterday it may claim part of the cash because it is the agency responsible for selling WaMu's banking subsidiaries last month to JPMorgan after the units were seized by regulators. Bankruptcy attorneys say the $4.4 billion in deposits is likely to become a prize fought over by competing bondholders owed billions by WaMu.
Translation; taxpayer ain't gonna see a damn dime of return!
WaMu filed for bankruptcy Sept. 26, the day after it was seized by regulators and sold to JPMorgan for $1.9 billion. JPMorgan, the FDIC, and WaMu are working on an agreement that would allow WaMu to withdraw the $4.4 billion, WaMu attorney Marcia Goldstein. Allowing the withdrawal would be unfair without forcing WaMu to prove it owns the cash, noteholders of Washington Mutual Bank said in court papers yesterday.
"No bank would ever let someone walk up to the teller window and withdraw even one dollar from an account without confirming that the account was actually established and that the account actually belonged to the customer," the noteholders said. Bankruptcy Judge Mary F. Walrath scheduled an Oct. 27 hearing on the agreement."
No, but the GOVERNMENT will throw TAXPAYER DOLLARS at just such a scheming buch of lying looters --wherever they may be found (big Pharma, big-MIC, Israel, banks, corporations, war-looters, etc, etc)!
PARIS - France will lend $14.12 billion to the country's top six banks before year-end to prop up their capital reserves, Economy Minister Christine Lagarde said yesterday.
President Nicolas Sarkozy last week said the government had earmarked $479.5 billion as part of an international effort to help banks survive the worst financial crisis in 80 years. Banks will pay an interest rate of more than 400 basis points above the risk-free rate to make sure the deal does not appear a giveaway to bankers."
Yeah, but DON'T MAKE IT LOOK LIKE a LOOTING -- even if IT IS!!!!!!!!!!!
And here is ONE MORE POKE in your FANNIE, Amurka!!!!
NEW YORK - Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the US government last month, said they are rethinking their policies on investing and bond-guarantee pricing to provide aid to the housing market.
"I want to assure you we at Fannie Mae are doing all we possibly can," Fannie chief executive Herb Allison said at the Mortgage Bankers Association's annual meeting yesterday in San Francisco. He said the company is putting less emphasis on investment returns and more of a focus on helping the market.
Translation: They were MORE WORRIED about THEIR INVESTMENTS than YOU, Amurkn!
Please, please, America, WAKE UP to these WALL STREET LOOTERS!!!!!!!!!
Isn't that HOW WE GOT INTO this MESS?!!!!!!!!
Nevertheless, BACK IN with BOTH FEET says the Zionist War Daily that ENABLED these vermin to rob you, Amurka!! Check that, it is a DP (double penetration) move!!
"Putnam CEO acts to turn it around; Reynolds hires more analysts, names two new fund managers" by Ross Kerber, Globe Staff | October 21, 2008
The stock market just had one of its worst weeks in history. Investors have seen billions of dollars of savings wiped out on paper. The financial industry is shedding jobs by the thousands.
What better time for Putnam Investments to charge back into the fray?
That's the thinking of new chief executive Robert Reynolds as he remakes the beleaguered Boston firm. Recent steps include adding more analysts, appointing new managers to key funds, and preparing new investment choices, including funds that are designed to protect investors against a bear market."
Wall Street looters saying get back in? Then DO the OPPOSITE of WHATEVER that LYING, AGENDA-PUSHING PIECE of SCITTE says! That's my NEW MOTTO!!!!
