Treasury is said to urge bank mergers; Rescue funds may encourage expansion" by Mark Landler, New York Times News Service | October 21, 2008
WASHINGTON - In a step that could accelerate a shakeout of the nation's banks, the Treasury Department hopes to spur a new round of mergers by steering some of the money in its $250 billion rescue package to banks that are willing to buy weaker rivals, according to government officials.
Great!!! That means MORE JOB LOSSES and LOOTING (see second MSM article in this post)!
As the Treasury Department embarks on its unprecedented recapitalization, it is becoming clear that the government wants not only to stabilize the industry, but also to reshape it. "Treasury doesn't want to prop up weak banks," said an official who spoke on condition of anonymity, because of the sensitivity of the matter. With $125 billion left over after investing in the nine largest banks, Treasury Secretary Henry M. Paulson Jr. said at a news conference there was enough capital to invest in every qualified bank.
Paulson did not address the issue of bank mergers in his remarks, but officials say it has been widely discussed within the Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corp."I come on here EVERY DAY saying (and linking items) this was done ON PURPOSE so these guys could DEVELOP a GLOBAL GOVERNMENT over ECONOMICS and LOOT the TAXPAYERS at the SAME TIME because they DID THIS ON PURPOSE!!!!!
You know, I get SICK of TYPING the SAME BLOODY THINGS day after fucking day!!!!! Read my BUSINESS LABEL and go to Rock the Truth and do the same, 'kay!
"Thousands of cuts likely in takeover; Merrill Lynch, Bank of America look to save $7b" by Bloomberg News | October 21, 2008
DUBAI - Merrill Lynch & Co. chief executive John Thain said he expects "thousands" of job cuts from the $50 billion takeover by Bank of America.
Most of the cuts will fall in information technology, operations, and "corporate functions," Thain, 53, said in a Bloomberg Television interview in Dubai yesterday. Thain said he expects the credit markets to thaw over the next six to 12 months, helped by the trillions of dollars that governments in Europe and the United States injected into banks last week. The US government will put $125 billion into nine banks, including $25 billion into the combined Bank of America/Merrill.
ALL DONE ON PURPOSE!!!
Interbank lending rates, which surged as banks hoarded cash after the US subprime market collapsed, have fallen from records. The London interbank offered rate for three-month loans in dollars, last week posted its first weekly drop since July. "That is the beginning of unfreezing of liquidity between banks," Thain said.
Easy to do when THE SAME GUYS FROZE IT UP -- ON PURPOSE!!!!
The government plan won't avert a recession, Thain added. "Over the next 12 months we are still going to be in a global recession," he said. "I don't think the economies of the world will recover quickly. Clearly the US economy is contracting significantly. The question for me is how deep and how long the recession will be."
You mean DEPRESSION, right, bub?
Translation: NONE of these shenanigans these EVIL, LYING LOOTERS are taking are meant to HELP YOU, average Amurkn!!!!! You are STILL GONNA HURT, no matter what!!!!
How much longer are you going to take being shat on, AmeriKa?
Better start HITTING the BRICKS for that JOB!!!
Yahoo Inc., the Internet company that rejected a takeover offer from Microsoft Corp., is considering whether to eliminate more than 1,000 jobs, a person familiar with the matter said.
The company, owner of the second most popular search engine, hired consulting firm Bain & Co. in September to review its costs. The latest reductions would be bigger than a round of 1,000 job cuts in January, said the person, who asked to remain anonymous because the discussions are private.
Yahoo, which had 14,300 employees at the end of last year, is slashing expenses as advertisers cut back on Internet promotions. The online ad industry may lose $6.7 billion in business because of collapsing credit markets, according to Collins Stewart PLC ."
Oh. Well, don't apply there!
Again, DONE ON PURPOSE, readers!!!
