I prefer not make any comment, obviously. I understand your message and your feelings, of course.
Peace and bnest wishes. Xi On Oct 16, 10:37 pm, Justice <[EMAIL PROTECTED]> wrote: > How sweet that the government wouldn't even secure the price of the > stock -- instead letting it rise and costing the taxpayers millions > more just to purchase the shares. > > NOTHING THEY DO IS FOR THE COMMON MAN. Every turn to share in the > wealth always causes them to favor the wealthy. > > Paulsen made the announcement today and should have said WE WILL > PURCHASE THE STOCK AT TODAY'S PRICES. > > They already have access to cheap money from the Fed. In fact they > MUST take money from the fed so as to encourage other banks to follow > suit. If they don't Bernanke threatened them with limited and/or > expensive access to funds in the future. > > The increased share price means we pay more initially -- what keeps > CEOs and others from selling as > the price rises and before the US government actually purchases the > shares? He announces today but it doesn't take effect for 12 days -- > plenty of time to make a fortune. > > And if CEOs want to limit their income because it doesn't look "nice" > -- they simply write deals to purchase stock below the price of today > and watch as the share price rises over next 12 days. > > SCUM OF THE EARTH PAULSEN -- Dante has a place for him. May he reach > it sooner than later. > > On Oct 14, 11:35 am, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> > wrote: > > > > > Paulson Anticipates Buying Stakes in Thousands of U.S. > > Bankshttp://www.bloomberg.com/apps/news?pid=20601087&sid=avTU6YuLG_Mw&refe... > > > Oct. 14 (Bloomberg) -- Treasury Secretary Henry Paulson plans to use > > $250 billion of taxpayer funds to purchase stakes in thousands of > > financial firms to halt a credit freeze that threatened to bankrupt > > companies and hammer the job market. > > > ``Leaving businesses and consumers without access to financing is > > totally unacceptable,'' Paulson said in Washington. He rolled out the > > emergency program after a crisis of confidence in the financial system > > last week spurred the biggest stock sell- off since 1933. Paulson > > urged companies getting the government funds to ``deploy'' the money > > in loans. > > > The Treasury chief was forced to change tack from an initial plan to > > buy distressed assets from banks after the financial panic caused > > banks to hoard cash and send money market rates to record levels. In > > its biggest effort yet to halt the 14-month credit rout, officials > > will also offer guarantees on new bank debts and start purchasing > > commercial paper in two weeks. > > > The Treasury's stock buying program will begin with nine banks, which > > it didn't name. People briefed on the matter said $125 billion will be > > put in the nine: Citigroup Inc., Goldman Sachs Group Inc., Wells Fargo > > & Co., JPMorgan Chase & Co., Bank of America Corp., Merrill Lynch & > > Co., Morgan Stanley, State Street Corp. and Bank of New York Mellon > > Corp. > > > ``These are healthy institutions, and they have taken this step for > > the good of the U.S. economy,'' Paulson said. ``These institutions, > > along with thousands of others to come, will have enhanced capacity to > > perform their vital function of lending,'' President George W. Bush's > > working group on financial markets said in a separate statement. > > > White House Meeting > > > Bush today said ``this is an essential short-term measure to ensure > > the viability of the U.S. banking system,'' after meeting with > > Paulson, Federal Reserve Chairman Ben S. Bernanke and other members of > > the working group, which includes the Securities and Exchange > > Commission and Commodity Futures Trading Commission. > > > Stocks rose around the world on expectations the rescue will help > > alleviate the credit crisis. The Standard & Poor's 500 Stock Index > > gained 3.1 percent to 1,034.14 at 9:42 a.m. in New York after climbing > > 12 percent yesterday. The index lost 18 percent last week. > > > With the equity purchases, Paulson is using more than a third of the > > $700 billion in government support Congress gave him the authority to > > use on Oct. 3. > > > Participating banks will need to accept limits on executive pay and so- > > called golden parachute payments. They also will need to give the > > Treasury warrants for an amount equal to 15 percent of the senior > > preferred investment, with a strike price determined by the bank's > > share price at the time of issuance. > > > Dividend Payments > > > The senior preferred shares will pay a dividend of 5 percent for the > > first five years and 9 percent after that, the Treasury said. The > > purchase price of the stock will be the market price of the banks' > > common shares at the time of the transaction. Companies will be able > > to buy back the equity at par after three years. > > > The government expects to purchase equity in the nine banks within > > days and to use the full $250 billion by year-end, a Treasury official > > told reporters on condition of anonymity. While banks would not be > > forced to cut existing dividends, there would be some restrictions on > > raising them, the official said. > > > The U.S. initiative followed an announcement that France, Germany, > > Spain, the Netherlands and Austria committed $1.8 trillion to > > guarantee bank loans and take stakes in lenders. > > > Europe's Dow Jones Stoxx 600 Index today climbed 3.4 percent. The MSCI > > Asia Pacific Index surged 9.3 percent today, the most since 1998, with > > Japan's Nikkei jumping 14 percent as trading resumed following > > yesterday's public holiday. > > > Losses Soar > > > Banks have struggled to regain the confidence of investors, > > counterparties and clients after bad loans caused $637 billion of > > writedowns and losses across the industry. > > > Last week, the International Monetary Fund estimated that banks around > > the world would need $675 billion in fresh capital over the next > > several years to recover. The IMF also said Oct. 7 that financial > > losses would total $1.4 trillion, an almost 50 percent increase from a > > prediction in April. > > > Under the plans announced today, the FDIC said it would fully > > guarantee newly issued, senior unsecured debt and non- interest > > bearing deposits. The expanded coverage applies to all senior > > unsecured debt issued on or before June 30, 2009, and deposits in FDIC- > > insured banks until Dec. 31, 2009. > > > The Fed said in a separate statement that its previously announced > > program to buy commercial paper will start on Oct. 27. Officials > > haven't indicated a limit for the total size of the fund. > > > Financial firms participating in the U.S.'s so-called voluntary > > capital purchase program will need to step up their efforts to stem > > mortgage foreclosures, Paulson said today. That targets the original > > spark of the crisis, caused by lax lending terms on subprime home > > loans. > > > ``The needs of our economy require that our financial institutions not > > take this new capital to hoard it, but to deploy it,'' the Treasury > > chief said. > > > On Sep 19, 12:22 am, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> > > wrote: > > > > Samurai Rules as U.S. Economy Follows Japan's: William > > > Pesekhttp://www.bloomberg.com/apps/news?pid=20601039&sid=aSpyu00BrtNQ&refe... > > > > Commentary by William Pesek > > > > Sept. 19 (Bloomberg) -- Chalk it up to bad luck that so many Japanese > > > bet big on Lehman Brothers Holdings Inc. > > > > The list of out-of-luck Lehman creditors is a who's who of banks in > > > the second-biggest economy. They hold 202.5 billion yen ($1.9 billion) > > > of potential Lehman-related losses. And there's even an angle for the > > > nation's fabled samurai. > > > > The immediate focus is on Lehman's samurai bonds, yen- denominated > > > notes sold in Japan by foreign borrowers. If Lehman reneges on its 195 > > > billion yen of bonds, the shock could be as big as Argentina's default > > > in 2001. > > > > The focus is also on the self-described samurai who seems destined to > > > become Japan's next prime minister next week: Taro Aso, whose Web site > > > plays up his familial connections to the Satsuma samurai clan. > > > > There's little excitement in this nation of 127 million over the > > > prospect of a new leader. ``Another year, another PM,'' notes Richard > > > Jerram, chief economist at Macquarie Securities Ltd. in Tokyo. All > > > indications point to Aso, who turns 68 tomorrow, grabbing the helm at > > > a time of global financial chaos and slowing Japanese growth. > > > > Is Aso the best person for the job? It's highly debatable. There can > > > be little doubt the gaffe-prone former foreign minister will make > > > headlines around Asia. > > > > Yet many in Tokyo say Japan desperately needs a strong, experienced > > > and plain-talking leader -- even if economics isn't his thing. > > > Nicholas Smith, director of equity sales at HSBC Holdings Plc, > > > explained the dynamic as well as anyone in a recent report titled, > > > colorfully, ``Who Is This Aso?'' > > > > U.S. Parallels > > > > The parallels between Japan's leadership contest and one in the U.S. > > > are striking. Voters could go with the fresh-faced Barack Obama, 47, > > > or the been-around-forever John McCain, 72. > > > > A straight-talker, McCain doesn't fit that description on the U.S. > > > economy, which he calls fundamentally strong. Asians would disagree, > > > never mind most Americans. Just ask the hundreds of Singaporean policy > > > holders thronging a unit of American International Group Inc. the > > > other day expecting its failure. > > > > And yet, polls show McCain running neck-and-neck with Obama. It's not > > > unlike Japan, where younger candidates with more interesting and > > > nuanced ideas than older, entrenched politicians are virtually > > > ignored. It's all about perceived experience. > > > > Reagan Revolution > > > > An equally important contrast is how the U.S. is becoming more > > > Japanese than free-market enthusiasts want to admit. U.S. authorities > > > are now in the banking and insurance businesses. What's next? > > > Airlines? Carmakers? > > ... > > read more » --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. 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