Wednesday, Jun 03, 2009
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CNN: Bailed-out banks
The US Treasury Department has invested about $200 billion in hundreds of banks through its Capital Purchase Program in an effort to prop up capital and support new lending. Here’s a list of the banks that got bailed out.
Posted by devo @ 11:50 PM (395 views) Add Comment
3 Comments
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1. devo said...
Note that JPMorgan Chase & Co. , fourth on the list, have received $25 billion of taxpayers' money.
(Denninger followers will know where I'm going with this).
2. devo said...
"LONDON, June 3 (Reuters) - JPMorgan Chase & Co (JPM.N) has hired a crude tanker vessel to store gas oil off Malta's coast, shipping sources said on Wednesday. The U.S. investment bank declined to comment. Storing any light, refined oil products in a crude oil tanker is unusual."
Can it be any clearer?
We were told that we, the taxpayers, HAD to bailout the banks to avoid systemic failure.
The image of Hank Paulson, former US treasury secretary, going down on one knee in supplication is particularly vivid.
3. devo said...
Fast forward a few short months and 'everything is fine.'
- We're OK now, say the financiers...
- We'll pay back your money now, and retain our bonuses now, say the financiers...
- We've used your money to buy petrol and other commodities now, say the financiers...
We'll sell when we're ready, say the financiers... but it's gonna cost you.