Godfather Revisited: Tim Geithner as Michael Corleone, Vikram Pandit as Moe Green
Godfather Revisited:In the City
starring
Tim Geithner as Michael Corleone
Vikram Pandit as Moe Green
Win Bischoff as Fredo.
Co-Starring Hank Paulson as Tom Hagen.
Michael/Tim: My credit good enough to buy you out?
Moe Greene/Vikram Pandit: Buy me out?
[Fredo/Win Bischoff laughs nervously]
Michael/Tim: The bank, the brokerage. The Administration and the Fed want to buy you out.
Moe Greene/Pandit: The Fed wants to buy me out? No, I need funds I come to the window, you don’t buy me out.
Michael/Tim: Your operation loses money, maybe we can do better.
Moe Greene/Pandit: You think I’m skimmin off the top, Tim?
Michael/Tim: [Michael shakes his head] You’re unlucky.
Moe Greene/Pandit: You goddamn public servants you really make me laugh. I do you a favor and take Freddie Mac and Fannie Mae when you’re having a bad time, and now you’re gonna try and push me out!
Michael/Tim: You took Freddie Mac and Frannie Mae in because the Treasury bankrolled your bank/casino, and the Federal Reserve guaranteed your paper. Now we’re talking business, let’s talk business.
Moe Greene/Pandit: Yeah, let’s talk business, Tim. First of all, you’re all done. The FED’s policy options don’t even have that kind of muscle anymore. The FED’s balance sheet is sick, right? You’re getting chased out of the currency markets by China and borrowing from the Saudis. What do you think is going on here? You think you can come to my bank and take over? I talked to the Saudis- I can make a deal with them, and still keep my bank!
Michael/Tim: Is that why you failed to integrate Smith Barney into the operation?
Geithner: Hot Child and the CITI…
Will he or won’t he?
Tim Geithner, the future Treasury Secretary, is currently the head regulator of CITI, and he is likely to have a substantial role this weekend in helping to formulate the future of that company.
CITI’s Board met today in an attempt to come to a solution for the markets rough and tumble treatment of its stock. Best quote of the day, Jeff Macke on Fast Money compares Vikram Pandit, CITI CEO, comments today promising no pieces of the company would be sold, to Moe Green telling the Corleones there is no room for them in Vegas. It has about as much effect.
From the Guardian: …
But market-watchers will hone in on Citigroup over the weekend for any developments as to the future of the bank, the second-largest in the United States by assets.
Citigroup’s board is meeting Friday to discuss the bank’s options, according to a person familiar with the matter. The bank could sell parts of the company, or merge with another institution….
(more…)
Tim Geithner gets Treasury: Dow reacts UP UP and AWAY
W.O.S./R.O.Y.: Word on the Street/Rumor on the Yard is that there will be a move made on CITI over the weekend. I certainly hope a move is made to address CITI, it closed trading today at $3.77, no pop today, a drop of another 20%, despite the Geithner bounce. Under $5.00, many funds are forced to sell their positions..wonder what shape the ‘intervention’ will take…
FT:…A government-aided deal with a relatively healthy regional bank like US Bancorp or Wells Fargo or a better placed New York bank like JPMorgan Chase, Goldman Sachs or even Morgan Stanley was also mooted. A break-up of Citi into its consumer, wholesale and corporate businesses, with different buyers for each piece, is also seen as a possibility….
MORE on Geithner: He has been on the ball on the need to regulate these financial instruments via Politico:
…Years before the current crisis, he began sounding the alarm about risks associated with a lack of federal oversight over complex financial products. In 2005, at his urging, financial services companies established a national registry to help process and track their trades of credit derivatives, an insurance-like product bought by financial services companies to cover risky subprime mortgage investments….
UPDATE: 4:22 pm EST: DOW closed up 494.13 to close back above an 8 handle, 8046.42; NAS up 68.23 to 1384.35 and S&P has a rise of 47.59 to 800.03, (retracing back above those nasty 2002 lows)..a nice ringing endorsement for the new Treasury Secretary..
Film Noir Friday : Howard Hawks’ To Have and Have Not (1944)
(copyright Warner Brothers )
courtesy of rameyerguam’s channel on Youtube
Film Noir : crime, dames, men who seem to really enjoy hard-living, drinking, swearing, smoking and driving (and everyone has great clothes and wears hats!); this genre has it all, including ‘hearts full of passion, jealousy and hate’, but that’s another film and I digress…
Merriam Webster says it this way: a type of crime film featuring cynical malevolent characters in a sleazy setting and an ominous atmosphere that is conveyed by shadowy photography and foreboding background music
M-W doesn’t give you the truth of it, after all this is the genre where we find, surely one of the most romantic couples of all time…hey don’t call me Shirley
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