"Banks, officials call truce on regulation" by Bloomberg News | February 1, 2010
DAVOS, Switzerland - Policy makers and bankers called a truce after a week of mutual recrimination at the annual World Economic Forum....
“On many aspects, we found common ground,’’ Deutsche Bank’s chief executive, Josef Ackermann, said after a private meeting of bankers and regulators yesterday....
One of the topics was how to define whether an institution is “too big to fail,’’ meaning that its collapse would harm the entire financial system, said John Sununu, a former US senator who attended the meeting....
US Representative Barney Frank, the Massachusetts Democrat who chairs the House Financial Services Committee, said after the meeting:
“The big banks, if they think they’re in a position to stop the regulation, they’re deluding themselves. They have no political support. A large part of the discussion was with other regulators about how we can coordinate.’’
Honestly, I am tired of that scum's fart mist.
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Related: Bankers' Best Friend
Barney Frank and Friends
Which means the rest of this is BS for public consumption, huh?
"Bankers at Davos told more regulation coming" by Lynn Berry and Edith M. Lederer, Associated Press | January 31, 2010
Yeah, could you pass me that salt shaker, please?
DAVOS, Switzerland - Regulators from the world’s major developed countries told bankers far and wide in Davos yesterday that greater regulation is on the way, a defensive move aimed at avoiding a repeat of last year’s financial meltdown that dragged most of the world into recession.
Yeah, sure.
US Representative Barney Frank said a bank tax and other tough new measures would be introduced by the individual countries, but in a coordinated way to prevent bankers from moving from one place to another to escape regulation.
“Lenin might have been able to put socialism in one country, but tough bank regulation in one country ain’t going to happen because we will lose people,’’ said Frank, a Massachusetts Democrat who heads the US House Financial Services Committee, a key spot for any American decisions.
The measures have been criticized by banks and hedge funds, fearful that more and more regulation could have the unintended effect of halting what most agree is a nascent economic recovery around the globe.
Of course, the lack of regulation helped cause the problem, but who has time for the facts, huh?
Government regulators, finance ministers, and central bankers from the United States and Europe laid out their financial reform plans during a two-hour meeting yesterday with bank executives at the World Economic Forum.
It came after days of tension at the Swiss Alpine resort over government plans for stricter controls on the financial industry to limit speculation and avoid a repeat of 2008.
The event was not on the forum’s official agenda, but quickly became the most significant development of the day. It also brought to mind some of Davos’s high-profile conflict-resolution efforts of past years, including a Greek-Turkey accord to avoid war in 1988, as well as meetings between President F. W. de Klerk of South Africa and the recently freed Nelson Mandela, and between Shimon Peres, then the foreign minister of Israel, and Palestine Liberation Organization chairman Yasser Arafat.
A BANKER'S SUMMIT?
Pffffft!
So when do the DEBT-INDUCING WARS END, 'eh, BANKSTERS?
Frank, who emerged from the closed-door meeting as its unofficial spokesman, rejected the notion that the Obama administration could sink the economy again with too many new controls on the banking industry.
“That’s nonsense,’’ Frank told reporters. “What we’re trying globally to recover from is a total lack of regulation.’’
Then how come you guys have done NOTHING in Washington?
And the REGULATION he wants is GLOBAL GOVERNMENT -- which would be EVEN WORSE!!!
How about DOING YOUR JOB and FULFILLING your OATH to the Constitution first, Barn?!!!
For the most part, bankers conceded that the regulations - existing and proposed - remain a key component of putting the financial crisis in the past and, to an extent, keeping it from happening again.
“The financial industry understands tough regulation is coming and it can be done thoughtfully,’’ Frank said. Few details of what was discussed were made public.
Of course not.
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"Frank leads push to disband mortgage corporations; House panel considering major overhaul" by Jeremy Herb, Globe Correspondent | January 31, 2010
WASHINGTON - Barney Frank has been one of the staunchest defenders of
Yeah, after HE MADE HIS DOUGH!!!
Related: Barney Frank Benefited From Bailout Bill
MSM Xmas Gifts: To Fannie and Freddie
Yeah, now he's leading the charge to break 'em up, sure!
The US representative from Newton recently made it clear that Fannie and Freddie have little support left in Washington when he said they should be abolished. As chairman of the House Financial Services Committee he could be a leading architect in their possible demise, working with his committee colleagues and the Obama administration to rebuild the mortgage finance industry.
For Frank and the principals at Fannie and Freddie, it’s a stunning reversal. For conservative critics, it’s about time. They charge that if Frank and Democrats had realized these institutions needed a basement-to-attic overhaul sooner, the impact of the housing crisis on taxpayers and the financial system would have been greatly reduced.
“He and other Democrats have concluded what many of us knew,’’ said Representative Jeb Hensarling, a Texas Republican on the Financial Services Committee. “These were ticking fiscal time bombs.’’ Frank counters that there were few signs the institutions were at such risk.
“Nobody saw this coming,’’ he said in an interview. “What changed was the complete collapse of the housing market, which hit Fannie and Freddie harder than anybody else.’’
You should be EMBARRASSED that this guy represents you, Massachusetts!
The guy is such a lying PoS!!!!
Once the institutions failed and were seized by the government in 2008, it was clear their model was no longer sustainable, Frank said.
Fannie and Freddie own or guarantee about half of the country’s mortgages, worth $5 trillion. They combined their public mission as a government-charted agency with a private twist: as publicly traded companies, they shared profits with shareholders.
Before Fannie and Freddie’s implosion, one of their prime activities was bundling and selling mortgages as securities. That practice was extremely profitable in the housing boom of the late 1990s and early 2000s, and the agencies started buying these securities from other companies, focused increasingly on subprime mortgages.
In other words, they SLICED UP S*** and sold them to investors as GOLD TURDS!!!
Related: A Banker's Apology
Oh, Goldman's was doing the same thing and BETTING AGAINST THEM, huh?
Also related: Bankers Plead Poverty On Bonuses
What a bunch of THIEVES, huh, America?
When the housing bubble burst and the subprime market evaporated, Fannie and Freddie were left with billions of dollars of troubled - and sometimes worthless - securities. The federal government has poured $112 billion into an effort to keep them afloat.
In December, the Obama administration lifted the $400 billion cap on how much government aid they could receive....
But it is a LOT, LOT WORSE than THAT, readers!!!
FLASHBACK:
"Obama’s budget seeks tax hikes on firms, rich; $1.1 trillion more sought in a decade" by Globe Wire Services | February 2, 2010
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Holy crap! $6.3 TRILLION?!?
That is going to be ONE HELL of a TAXPAYER BAILOUT, huh?
To critics of Fannie and Freddie, the Democrats, often led by Frank, dragged their feet on overhaul efforts in the early 2000s. “They just weren’t there with us,’’ said Representative Scott Garrett, a New Jersey Republican. “Barney Frank was front and center denying the risk,’’ said Charles Calomiris, a Columbia University Business School professor and critic of the companies....
Because HE WAS MAKING $$$$!!!!!!!!
Related: Memory Hole: Barney and Business
Also see: MSM Xmas Gifts: To OneUnited Bank
Bank need tax loot? Ask for Barney Frank!!!Now, Frank and his Republican colleagues on the Financial Services Committee have the same goal: abolish the agencies. They agree on little else, such as what a reconstructed mortgage finance industry would look like, what the government’s role would be, and how legislators can make it happen.
And neither side is optimistic about working with the other.
“I’m in 100 percent agreement with his words,’’ Hensarling said. “My fear is his idea of abolishing is to create an even worse monster to gobble up taxpayer funds.’’
Related:
“They’ve cleared the decks to use Fannie and Freddie as a vessel for whatever they want.... taking troubled mortgage investments off banks’ books.’’
Why did I think something like that was in the works?
A key issue is the securitization of mortgages into bonds.
Ooooooooh, I see!!
Related: Barney Frank Benefited From State Debts
Yeah, BARNEY BENEFITED from YOUR DEBT -- and took TAXPAYER PAY-OFFS, too!
And he is supposed to be working for you, readers?
Some conservative economists argue that such a process should be turned over to private companies. Liberals, however, say that private companies would neglect lower-income housing because it’s less profitable.
Frank declined to discuss specifics about what the mortgage lending market would look like without Fannie and Freddie, saying his committee is just starting to evaluate potential solutions.
But his statement on abolishing the agencies launched what will be a lengthy, contentious debate over how to fix not just Fannie and Freddie, but the entire housing market.
“The future of Fannie and Freddie is an issue with global implications,’’ said Jonathan GS Koppell, an associate professor at Yale University....Well, with $6.3 TRILLION in liabilities, I guess it would be, especially since they were sold to foreign investors.
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Related: Frank says banks should reveal top salaries
Pffft!
Shut up, Barn!
Also related:
Sarkozy Shills For New World Order
Monitoring the Market
And remember that OTHER FORUM, readers?
Yeah, NEVER SAW ANOTHER WORD in the Glob!!!
Update: I guess it wasn't the last word:
Secret summit of top bankers
