Royal Bank of Scotland... Owned by Scotland/UK
Bank of America... Owned by America
Anglo Irish Bank... Owned by the Irish
Banco Santander Central Hispano... Owned by Spain
F*ck the banks. F*ck the bankers. Take them over, fire their managers, take the writedowns, recapitalize them, merge them, regulate them, arrest the financial terrorists, clawback the executive bonuses, and move on.
It hath been foretold.
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Charlotte, N.C.-based Bank of America enters 2009 with $61.7 billion of tangible common equity, supporting $2.4 trillion of tangible assets, Miller wrote in a note.
The bank probably needs to maintain a tangible equity ratio of 6% to 9%, he said.
"It would take over $80 billion of new common equity to reach even the low end of the range, and we believe Bank of America simply is not generating sufficient capital internally in this environment to put a dent in this size capital hole."
the bank i sharehold has lost 90 percent plus of its "value" or stock price, yet as a bank that supplies a needed service and protection of money, commerse and trade it has a value to me... i need to argue about the service ecvonomy that they have been politically babbling about these last 18 years?
told ya not to monkey with those peasant afghani farmers
Sorry this is off thread but I didn't know where to post this. I read in the paper that Singapore gov't execs at top levels are taking a 12 - 20% pay cut. And how about our senators? Salary freeze? Nope- voted themselves a raise:
http://thehill.com/leading-the-news/with-economy-in-shambles-congress-gets-a-raise-2008-12-17.html
Now that's change we can believe in... wonder if Obama will ask for pay cuts. Aren't we all supposed to 'share the pain'?
-Mike
I'm o.k. with it, as long as we start calling the shots...
Banking is going to have to be a very bland vanilla profession in the decades ahead!
With all the talk that's been circulating about bad bank/good bank strategies, what about bad bankers vs. good bankers? Why don't we seperate out the bad bankers and sequester them in a special place called... ohh... I don't know... maybe "prison"?
SKF Baby!!! A doube short on the banks and Cramer hates it. Win Win. Yes, little old you can help destroy these criminal institutions.
F*ck the banks - done
F*ck the bankers - done
Take them over - in the mail
fire their managers - yeah, right
take the writedowns - yeah, right
recapitalize them - trying, appears impossible
merge them - happening now
regulate them - over regulated
arrest the financial terrorists - yeah, right
clawback the executive bonuses - BAHAHAHAHAHA smoke crack much?
and move on - way ahead of ya
you forgot to add to your list "buy guns" and "defend property rights"
Never Happen in America.
Put down the crack pipe.
You know I'm thinking the idea of walmart being a bank is looking pretty good.At least they can run a profitable business.The banks have the govt by the balls.
I would much rather have the banks taken over in a 'RTC part duh' type situation than pursue this 'bad bank' idea.
When you nationalize the banks the holders of their shares and bonds should be wiped out since only a pure speculator would hold them right now. (well, except for the employees who are forced to hold them as compensation, of which I am one)
This 'bad bank' idea is to basically pay above market prices for bad assets while leaving the banks, their executive and their speculator shareholders whole and in place - this is morally and economically reprehensible.
When the banks are nationalized they should then have their assets sold to the highest bidders, those prudent, competent investors (northern trust?) who preserved their capital best through this crisis.
Yes, I agree with nationalizing the insolvent banks now.
Financial Crime Wave rolls on!
Nice to see more individuals like Madeoff have branched out on their own.
That corporate crime wave was so last decade. ;^D
Well if we go with the constitutional solution of Congress being allowed to coin money I say nationalize the banks and take the FED out of the equation. Sounds like a winner as long as the congress can be less corrupt the the bank CEOs.
I'd say that's 50-50...
One thing I don't understand about this whole debacle is why the banks are taking all the hits.
Here's some dumb questions:
Weren't the banks simply a conduit for mortgage backed securities, never directly owning them?
Shouldn't the mortgage backed security holder take the hit when a security goes bad, not the bank?
Sold to you. Now the debt is on Keith baby.
If you oppose giving loans to people with no means, then your a racist.
Wow, two posters in a row that say we're on crack because we want justice and sound practices going forward. I see the bankers are hard at work.
"If you oppose giving loans to people with no means, then your a racist."
---------------------------------
Look up "racist" in a dictionary and go back to your sixth grade social studies, dumbass... while you are there, learn to spell too.
I guess if the government owned the banks, then that would be an excellent place for all the new cubicle employees that Obama wants to hire.
Ya, just moving paper from one cubicle to the other, staying happily employed with great retirement and health-care benefits.
I couldn't think of anything more inefficient, but it may just happen along with government run health-care too, more efficiency!
Soviet Union, here we come! That worked-out so well as the utopian dream land that they're still pretty-well scr*wed.
Maybe there really is something to actually creating a business model where products are created and competition keeps innovation improving and people actually are doing something, meaningful.
I think one of the quotes from the old Soviet days was, "they pretend to pay us, so we pretend to work".
How can anyone hope to pay for this, if everyone "works" in the government?
Maybe I just don't understand the new paradigm, please explain, I'm so confused Obama.
The origin of the Housing and banking collasp comes from the tax xode that says debt is good and everyone should have as much as they can get.
The Federal government needs to pony up to its contribution and stop this nonsense that they are the solution.
A nationalization of the banks simply means more reckless acts by the Feds. Tehy will tax the people. Push the money into their banks and then redistrubute the "wealth".
It's messed up.
http://tinyurl.com/cg7vwm
Sheryl Crow doing a live version of Bob Dylan's "Mississippi".
"Stick with me baby anyhow,
Things should start to get interesting right about now"
The only thing that I done wrong was leave my money in America a day too long.
;)
Day before the first vote on Paulson's bill (the original one) I was on the mall in DC carrying a sign with the single word: "NATIONALIZE".
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