Community Business

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1. On a related but tangential note — ProPublica.org has posted the financial disclosure documents of the entire Obama team, free for download. They are asking the public to comb through these documents to find conflicts of interest regarding bailout money & the team members’ holdings, or anything else we should all know about.

   http://www.propublica.org/special/the-obama-teams-disclosure-documents-407

   (via BailoutSleuth.com)

2. Wells Fargo reports “record” profits and wall street financial centers have been flooded with,

   http://www.bloomberg.com/apps/news?pid=20601087&sid=armOzfkwtCA4&refer=patrick.net

   ===========================================================
   — Amounts (Billions)—
   Limit Current
   ===========================================================
   Total $12,798.14 $4,169.71
   ———————————————————–
   Federal Reserve Total $7,765.64 $1,678.71
   Primary Credit Discount $110.74 $61.31
   Secondary Credit $0.19 $1.00
   Primary dealer and others $147.00 $20.18
   ABCP Liquidity $152.11 $6.85
   AIG Credit $60.00 $43.19
   Net Portfolio CP Funding $1,800.00 $241.31
   Maiden Lane (Bear Stearns) $29.50 $28.82
   Maiden Lane II (AIG) $22.50 $18.54
   Maiden Lane III (AIG) $30.00 $24.04
   Term Securities Lending $250.00 $88.55
   Term Auction Facility $900.00 $468.59
   Securities lending overnight $10.00 $4.41
   Term Asset-Backed Loan Facility $900.00 $4.71
   Currency Swaps/Other Assets $606.00 $377.87
   MMIFF $540.00 $0.00
   GSE Debt Purchases $600.00 $50.39
   GSE Mortgage-Backed Securities $1,000.00 $236.16
   Citigroup Bailout Fed Portion $220.40 $0.00
   Bank of America Bailout $87.20 $0.00
   Commitment to Buy Treasuries $300.00 $7.50
   ———————————————————–
   FDIC Total $2,038.50 $357.50
   Public-Private Investment* $500.00 0.00
   FDIC Liquidity Guarantees $1,400.00 $316.50
   GE $126.00 $41.00
   Citigroup Bailout FDIC $10.00 $0.00
   Bank of America Bailout FDIC $2.50 $0.00
   ———————————————————–
   Treasury Total $2,694.00 $1,833.50
   TARP $700.00 $599.50
   Tax Break for Banks $29.00 $29.00
   Stimulus Package (Bush) $168.00 $168.00
   Stimulus II (Obama) $787.00 $787.00
   Treasury Exchange Stabilization $50.00 $50.00
   Student Loan Purchases $60.00 $0.00
   Support for Fannie/Freddie $400.00 $200.00
   Line of Credit for FDIC* $500.00 $0.00

   Again, since companies like Wells Fargo are so healthy, why are they receiving so much aid…without any transparency…beccause it might roil the markets. The only thing I see are 30 year old fund managers who are afriad of missing the (bull) train.

3. Forgot to add to my previous comment.

   If these banks such as Wells Fargo are so healthy that they are reporting “record” profits. Then why are they being flooded with a dizzying array of money facilities thru the FED, bailouts and who knows what behind the scenes. Everyone should be writing strongly pointed letters to your representatives why wall street financial centers are receiving all this taxpayer money, with no transparency when they are apparently reporting “record” profits.

   regards doug

4. Speaking of fraud. Wall street throwing a party because Wells Fargo reported a “record” $3 billion profit last quarter.

   What’s been happening to auto sales?
   What’s been happening to home sales? Home prices? Foreclosures?
   What’s been happening with employment/unemployment?
   What’s been happening with credit card defaults?
   What’s been happening with consumer credit?
   etc., etc., etc.,

   And how much crap (also known as toxic waste) does Wells Fargo have that is not being properly accounted for?

   And they report “record” profits. And this come from…where ??? perhaps, a miscellaneous $3 billion gain reported in footnote 67 due to an agreement with AIG. Yeah – a $3 billion profit, courtesy of American taxpayers.

   So the Federal Reserve bank creates money out of thin air. How about “profits” being created out of thin air. Like Catherine always says, pump and dump.

   regards, doug

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