What do you do for $:Fed reveals partial data on emergency lending facilities, still mum on discount window
Update: Well, it would appear absolutely EVERYONE got a bailout except the middle class. And I do mean everyone.
Zero Hedge breaks down the 35 foreign banks that the Fed bailed out here.
…$1.27 trillion in agency MBS was traded by foreign banks…
led by the $410 billion by German-based Deutsche Bank ..
…the $382 billion by the Switzerland-based Credit Suisse.
Other highlights of the disclosure include that GE among other commercial endeavors got $ from the Fed, and that the Fed has essentially been taking all the polluted assets from everyone with a pulse (again, except for the US middle class consumer/homeowner who has been lectured about ‘moral hazard’ and whose house has been foreclosed upon):
.the Federal Reserve purchased $1.25 trillion in agency MBS from all participating banks.
Goldman Sachs borrowed 84 times from Fed’s dealer facility (PDCF) from Sept. 15 to 11/26/08 for amounts ranging from $100m to $8b
Bank of America borrowed 118 times from the PDCF from Sept 18 2008 to May 2009, in amount ranging from $375 million to $11 billion.
And even CA Pension funds got in on the bail out action, per ZeroHedge:
Looking at the TALF data, we see that the biggest borrower by subscription is Calpers, with a total of about $5.4 billion
Federal Reserve data breakdown and press release here. More from WSJ here
…The data released Wednesday include short-term liquidity moves for financial institutions and companies made as part of the Fed’s traditional role as lender of last resort, liquidity injections directly to borrowers and investors in key credit markets and financial support for Bear Stearns Cos. and American International Group Inc. (See all the data from the Fed)
Fed officials reported details on more than 21,000 transactions from December 2007 to July 2010. The emergency programs caused the size of the Fed’s balance sheet to swell. (See a history of the Fed’s lending)…
SCOTUS rejects Campaign Finance Law…
Instapundit links to the opinion : Link to opinion (which I have not read yet) is here. Lots of concur, dissent, in part…
KENNEDY, J., delivered the opinion of the Court, in which ROBERTS,
C. J., and SCALIA and ALITO, JJ., joined, in which THOMAS, J., joined as to all but Part IV, and in which STEVENS, GINSBURG, BREYER, and SO-TOMAYOR, JJ., joined as to Part IV. ROBERTS, C. J., filed a concurring opinion, in which ALITO, J., joined. SCALIA, J., filed a concurring opin-ion, in which ALITO, J., joined, and in which THOMAS, J., joined in part. STEVENS, J., filed an opinion concurring in part and dissenting in part,in which GINSBURG, BREYER, and SOTOMAYOR, JJ., joined. THOMAS, J., filed an opinion concurring in part and dissenting in part.
breaking CNBC chyron…and to think it is a case by the dirtbags at ‘citizens united’ and we all know the extended acronym, that was trying to keep Hill out would be the case to overturn this law….
since Obama is bent on playing Mr Populist vs Wall St Bankstas now maybe corporate America will WAKE UP and realize these people are NOT their friends, American consumers are their friends and we need JOBS to buy their products!
Obama is taking Volcker out of mothballs to prop him up as his cred for attacking banks today….
…MNCs who think the American consumer is done and are moving to india and china for consumer spending should rethink ……America baby…..
Update: Anyone? Bueller? Market Mover Monday: Smoot-Hawley rises from the grave and TOTUS to ‘admonish’ and ‘push’ for his regulatory scheme today…
Update 2: BWAAAHAA!!! Bob Pisani of CNBC says the traders have been passing around the Ben Stein Smoot Hawley Tariff scene from Ferris Bueller on the floor this morning!! lol..
Update: OMG in his opening remarks TOTUS recognizes Barney Frank D-MA as the man who will be instrumental in leading our financial policies and regulatory reforms. OH NOES! The guy who gave FAN FRED a pass?
He mentions Paul Volcker (who seems to serve primarily as TOTUS’ figurative crucifix against the vampires of reality who note TOTUS is fumbling the economy and implementing disastrous policies) Why does Volcker let himself be used this way? Sad. TOTUS is touting him as the CHIEF of his council of something or other, and we all KNOW Volcker is being ignored..Our previous posts on Volcker here. And here is one of interest concerning his speech in February wherein he said ‘MOST aspects of capitalism will survive’.
Apparently no one ever told TOTUS you don’t start a land war with Asia and you don’t start a trade war with your banker..
TOTUS’ decision to put a tariff on Chinese Tire imports is well..untimely…to say the least. Timmeh Geithner just got back from another round of promising China we would restrain our deficit (AS IF!) and now here is TOTUS starting a trade war. At whose behest?? LABOR OF COURSE!!! Good grief! Our previous post on Smoot Hawley here
…China indicated Sunday it would restrict U.S. imports of chicken and auto products after Washington’s move to slap punitive sanctions on Chinese tire imports, raising tensions in a trade dispute ahead of two planned meetings between the countries’ leaders.
Citing a jump in Chinese imports, the Obama administration said Friday it would impose stiff tariffs on Chinese-made tires for the next three years, invoking a section of trade law that China agreed to as a condition for its joining the World Trade Organization in 2001. The move essentially would cut off the source of nearly 17% of all tires sold in the U.S. last year and hit cost-conscious consumers particularly hard, as retailers will have to find alternative sources for the lower-end tires that make up much of what China sends to the U.S….
And just to follow up, TOTUS will come on down to Wall St to give another lecture and remind everyone that they are bad bad people. Despite Sheila Bair’s resistance, TOTUS is leaning HARD on FDIC and SEC to give Treasury and the Fed expanded powers..
President Barack Obama, speaking on Wall Street Monday on the first anniversary of the crescendo of the financial crisis, will discuss the administration’s plans “to wind down government involvement in the financial sector,” will push for “immediate action” on regulatory changes need to prevent future crises and admonish Wall Street to avoid the practices that led to the crisis, an administration official said. The president’s remarks, follow similar comments from the Treasury and Federal Reserve aimed at blunting criticism that they lack an “exit strategy” for withdrawing their support for the financial system with speeches and documents timed for the first anniversary of the worst moments of the crisis.
More after the break:
Hank Paulson on the Hill…
Reminder, here is where we were almost a year ago now, the world was ending and Hank was in a sea of flotsam and jetsom trying to keep us afloat..do I like what he did, hell no, am I glad TOTUS and Timmeh werent alone at the reins then? Hell yes!
Update: Video as it is available…
Watching them grill Hank on the Hill
Live feed here
IMO this is bad, very very bad..
This is what they would do with a CIA investigation of ‘Torture’…go back and question shxt they knew about and never opened their mouths about before to look good….
They are going back and questioning every aspect of decisions they KNEW at the time were being madem, that they rolled over for..
After 9/11, after the collapse of Lehman, things were not ‘normal’
Never thought I could feel bad for Hank but I do..
This is a witch hunt and a kangaroo court and a clusterfark all rolled into one…
These people have NO CLUE about the financial system, and the things they are allowing Team TOTUS to do RIGHT NOW IMO far outweigh what Hank did with TARP and BofA and Merrill…
Shit Chrysler Senior Debtholders were threatened a few months ago, none of these Congress critters made a peep..
These are the same tools who LOVED them some Hank in October of 2008…
Hank does not look well….
The Critters are frankly really interrogating him at this point…cutting him off…beating him up and bullying him in fact with emails he has never seen…this is a guy they schmoozed like crazy, a guy who like it or not saved the system form collapsing, I do not agree with everything they did and didnt want TARP but we HAVE A FINANCIAL SYSTEM TODAY b/c Hank did something, unlike the Congress who was clueless and led by Nancy who was busy interfering with national elections and not minding the store….
Dennis Kucinich has bene on a MISSION to get Ken Lewis fired and BofA shareholders a nifty lawsuit, he is on CNBC now attacking Paulson….
Market Update: Quadruple Witching…
Quadruple Witching today, the Third Friday of the month, on which contracts for stock index futures, stock index options, stock options and single stock futures are all expiring…we usually see good volume and an up day…
An hour to the close and markets are mixed…
DOW down 37 to 8518
S & P flat at 918
NAS up 14.47 to 1822..
Gold flat at 935.20, rest of precious metals are flat to down slightly..
Oil down, yay!, down 1.74 to 69.63
HEALTH CARE SECTOR of all things is what is pulling us up, LOL! Thiss off rumors the Senate is pulling the public option off the table…call Critters anyway, could be a head fake….
Via CNBC health care stock recovery in past 4 days:
Cigna up 22%
HealthNet up 19%
Coventry up 18%
Aetna up 15%
Humana up 13%
UnitedHealth up 10%
*Eagles courtesy of rebelyeller987
SCOTUS allows Chrysler sale to Fiat: Rejects request to stop sale…
Update: CNBC
…The high court rejected a request from Indiana pension funds and other opponents of the sale to delay the deal while they challenge Chrysler’s sale to a group led by Fiat, a union-aligned trust and the U.S. and Canadian governments…
The Court did not have 4 Justices who felt the Indiana Pension funds had standing or claim to challenge the sale Phil LeBeau is reporting now..ergo the stay is lifted..Gee if only the Senior Secured Bondholders had COJONES and had filed, I am looking at you Perrella Weinberg….
…coming from Reuters via Larry Kudlow live on CNBC….
I know I play this one a lot, but it IS perfectly appropriate here….some say I always find AC/DC appropriate…well they are folks, they are…for every conceivable occasion or happening….
Courtesy of Longhorn2X
AC/DC, with the great Bon Scott, playing “Highway To Hell” live in Arnhem. 1979
Market Mover Thursday: April PPI higher than expected..WalMart same store sales flat on US dollar….weekly jobless claims higher than expected, rate hits 4.9%…
PPI rose 0.4% on higher food prices for consumers…
WalMart reported flat sales….
Weekly jobless claims higher than expected…
CNBC, what a typo they have here :
..In a separate report, producer prices rose 0.3 percent, also more than expected and a sign that economy (I think they mean INFLATION! )remained a threat to the economy.
Initial claims for state unemployment insurance benefits increased 32,000 to a seasonally adjusted 637,000 in the week ended May 9, reversing an easing trend of the previous two weeks.
PPI:
…producer prices rose faster than expected in April, government data showed on Thursday, driven by a surge in food costs.
The Labor Department said the Producer Price Index climbed 0.3 percent after declining 1.2 percent in March. Food prices rose 1.5 percent in April, the biggest increase since January 2008. Food costs rose on a record jump in egg prices, along with soaring prices for vegetables and meat….
Unemployment rate also jumped:
..Analysts polled by Reuters had forecast new claims rising to 610,000.
The number of people staying on the benefit rolls after collecting an initial week of aid jumped 202,000 to a record high of 6.56 million in the week ended May 2, the latest week for which the data is available, from 6.36 million the previous week.
This was the 15th straight week that so-called continued claims touched a record high and lifted the insured unemployment rate to 4.9 percent, the highest since December 1982, from 4.8 percent the previous week….
Wal-Mart reported a flat quarterly profit Thursday as its low prices attracted shoppers amid a global economic slowdown, but the retailer’s results suffered from the stronger U.S. dollar. For the current quarter, the company forecast results roughly in line with Wall Street expectations as it faces tough comparisons with a year ago, when it got a boost from customers spending tax rebate cash in its stores…
Market Mover Wednesday: Retail Sales Drop…Intel pays record antitrust fine…
UPDATE: TIMMEH LIVE NOW HERE CNBC STREAM
DOW futures down sharply -125, the loons were expecting consumers to shop I take it, they expected it to be flat…Pfft! Sell in May baby, hasn’t failed me yet…
Also in the headlines Timmeh is speaking in a few minutes-PPIP managers being announced, they should RUN not walk RUN away from Uncle Sam…
Intel got it’s axx kicked by the EC on an anti Trust ruling, EU fines 1.45 Billion against Intel for antitrust violations, that represents 4% of Intel’s 08 sales, AMD is happy, LOL..
And the inflation hawks are out and making waves, the 10 yr has been rising steadily and refis are dropping as the 30 yr Mortgage rate rises with it….
..refinance applications fell 11.2 percent to 4,588.6, the lowest since mid-February,…
And have you seen OIL?! It broke out over $60 a barrel briefly yesterday as the US Dollar continues to drop on the money we are printing, i-n-f-l-a-t-i-o-n- baby….
And just to put a cherry on top Team TOTUS is preparing to regulate bank pay..
Sales at U.S. retailers fell for a second straight month in April, pulled down by sluggish gasoline and electronic goods purchases, government data showed on Wednesday.
The Commerce Department said total retail sales slipped 0.4 percent after falling by a revised 1.3 percent in March, previously reported as a 1.2 percent drop.
Excluding motor vehicles and parts, sales dipped 0.5 percent in April, compared to a 1.2 percent decline the prior month.
..Analysts banks polled by Reuters had forecast retail sales to be flat in April. Excluding motor vehicles, sales had been predicted to rise 0.2 percent….
CNBC breaking Timmeh;s comments:
Reopening capital purchase program to smaller community banks..WHA??? that money is supposed to go back to taxpayers, ya know to reduce the frakkin ginormous debt! we need more info on this…I don’t think these players should want this money did they learn nada froms eeing how the big boys got rolled by Uncle TOTUS?
The European Commission fined Intel a record 1.06 billion euros ($1.45 billion) on Wednesday and ordered it to halt illegal rebates and other practices it used to squeeze out its rival, AMD.
The world’s biggest chipmaker paid computer makers to postpone or scrap plans to launch products using AMD chips, paid illegal rebates to encourage them to use Intel chips and paid a retailer to stock computers with its chips, the Commission said.
Moderate in the Middle 