Jesse's Café Américain Wed 2010-02-03 20:13 EST

Italy Seizes Bank of America Assets In Derivatives Fraud Probe

Jesse

"more than 519 municipalities that face 990 million euros in derivatives losses"...Globalization is used as a rationale for stripping nations of their sovereign rights, and the people from their ability to rule and protect themselves in accord with their own beliefs and preferences...The US is a relative safe haven for multinational corporations that engage in various forms of fraud and market manipulation around the world, like modern day privateers. It appears unable to regulate them because of widespread political corruption and the self interest of its monied elite.

America assets; Derivatives Fraud Probe; Italy Seizes Bank; Jesse's Café Américain.

Credit Writedowns Mon 2009-09-21 15:32 EDT

The FDIC acknowledges it is to run out of money

Sheila Bair has run out of options to seize banks because the FDIC's coffers are running dry. Now she either needs to tap taxpayer money via a loan from the Treasury or she has to raise funds through a special assessment on banks, who are already capital-constrained.

credit writedowns; FDIC acknowledges; money; running.

Credit Writedowns Wed 2009-08-26 16:38 EDT

The FDIC and the socialization of banking losses

With the Federal Deposit Insurance Corporation (FDIC) about to release its latest figures for banks it regulates and its own financial condition, now is a good time to review its role in this crisis. This post is about the FDIC's role in the credit crisis, how it seizes banks and why I believe this matters. [...] ``the way assets are seized and sold represents a redistribution of income from taxpayers to the acquiring entities''

banks losses; credit writedowns; FDIC; social.