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Old 12-23-2008, 03:09 PM
 
Location: Road Warrior
2,015 posts, read 5,093,395 times
Reputation: 798

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LOL! I posted the CNBC video a few days ago ... but somehow this whole bailout business is looking like money laundering.
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Old 12-23-2008, 03:17 PM
 
26,669 posts, read 40,690,994 times
Reputation: 14782
Quote:
Originally Posted by evilnewbie View Post
Thats why you need a bigger bite than the government and the only way to do that is to get a smaller government... unfortunately, nobody seems to want that... let the corruption continue, hoorray!
You hit the nail on the head!
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Old 12-23-2008, 05:52 PM
 
2,652 posts, read 7,925,098 times
Reputation: 1884
I don't know the truth but I heard somewhere (can't remember) that $5 BILLION of that bailout money went to buy a Chinese bank.

Can anyone verify this???
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Old 12-23-2008, 08:37 PM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 16,962,594 times
Reputation: 8800
Quote:
Originally Posted by bentlebee View Post
Shows how smart Paulsen is......
And how weak and/or corrupt.

We don't need to get government off the backs of the people, as much as we need to get business off the backs of government.
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Old 12-26-2008, 12:32 AM
 
1,297 posts, read 5,107,762 times
Reputation: 566
Where did the money go?

Reserves.


Banks are holding it as reserves because credit is too tight. No one is lending to eachother and if they are, only in small amounts.

AIG is most likely using it as a reserve for the credit default swaps they underwrote and also to pay the owners of those policies for the bad mortgages in foreclosure. They still have to honor those contracts they wrote with the mortgage & investment co's. Until they raise capital from the sale of their other divisions, they will use that bailout $ as a reserve and source of capital.
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Old 12-26-2008, 02:23 AM
 
Location: ATLANTA
4 posts, read 5,284 times
Reputation: 12
This is Absolutely Hillarious are you kidding me...boy what a freaking system we live in. U mean its so hard to get it but you dont have to give accountability for it..after that...????? Wait something's not right with this picture... monet simone
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Old 12-26-2008, 03:51 AM
 
12,869 posts, read 13,447,255 times
Reputation: 4453
Quote:
Originally Posted by Luke9686 View Post
I don't know the truth but I heard somewhere (can't remember) that $5 BILLION of that bailout money went to buy a Chinese bank.

Can anyone verify this???
Goldman Sachs Group has increased its shares proportion in the Industrial and Commercial Bank of China (ICBC) from 19.99 percent to 20.01 percent by buying 20.529 million of the bank's shares on the Hong Kong Exchanges and Clearing Ltd.

On Dec 17, Goldman Sachs bought the shares at a price of HK$ 4.309 to HK$4.35 per share with a total investment of about HK$88 million.

Goldman Sachs released a report on Dec 23 which said it would continue to rate the H shares of ICBC as "buy" and at a targeted price of HK$4.2.

H shares of ICBC dropped by 2.56 percent to close at HK$4.19 on Dec 23. As the overseas strategic investor of ICBC, Goldman Sachs invested about $2.58 billion to buy 16.48 billion shares of the bank in 2006, at a price of 1.26 yuan per share.
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Old 12-26-2008, 11:02 PM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 16,962,594 times
Reputation: 8800
Quote:
Originally Posted by floridasandy View Post
Goldman Sachs Group has increased its shares proportion in the Industrial and Commercial Bank of China (ICBC) from 19.99 percent to 20.01 percent by buying 20.529 million of the bank's shares on the Hong Kong Exchanges and Clearing Ltd.

On Dec 17, Goldman Sachs bought the shares at a price of HK$ 4.309 to HK$4.35 per share with a total investment of about HK$88 million.

Goldman Sachs released a report on Dec 23 which said it would continue to rate the H shares of ICBC as "buy" and at a targeted price of HK$4.2.

H shares of ICBC dropped by 2.56 percent to close at HK$4.19 on Dec 23. As the overseas strategic investor of ICBC, Goldman Sachs invested about $2.58 billion to buy 16.48 billion shares of the bank in 2006, at a price of 1.26 yuan per share.
Wasn't Lehman the largest competitor of Goldman Sachs?
I heard that.
And Goldman is rewarded while Lehman gets the boot.
Didn't Paulison and an unusual number of officials come from Goldman?

Corzine, Governor of New Jersey, is from Goldman - wanna bet he gets into national politics? Why should working for a particular financial house seem to be a qualification for national politics?
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Old 12-26-2008, 11:17 PM
 
Location: where you sip the tea of the breasts of the spinsters of Utica
8,299 posts, read 12,559,141 times
Reputation: 8057
Quote:
Originally Posted by greggd View Post
Where did the money go?

Reserves.


Banks are holding it as reserves because credit is too tight. No one is lending to eachother and if they are, only in small amounts.

AIG is most likely using it as a reserve for the credit default swaps they underwrote and also to pay the owners of those policies for the bad mortgages in foreclosure. They still have to honor those contracts they wrote with the mortgage & investment co's. Until they raise capital from the sale of their other divisions, they will use that bailout $ as a reserve and source of capital.
Plus they need the bailout money to pay for parties and enormous bonuses to upper management, in reward for the fine job they did, and to retain their invaluable services.
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Old 12-27-2008, 03:01 AM
 
12,869 posts, read 13,447,255 times
Reputation: 4453
Quote:
Originally Posted by goldengrain View Post
Wasn't Lehman the largest competitor of Goldman Sachs?
I heard that.
And Goldman is rewarded while Lehman gets the boot.
Didn't Paulison and an unusual number of officials come from Goldman?

Corzine, Governor of New Jersey, is from Goldman - wanna bet he gets into national politics? Why should working for a particular financial house seem to be a qualification for national politics?
treasury secretary paulson's brother worked for lehman. there are so many ties between sachs, wall street, and all of the bailouts. not everyone at lehman suffered. fuld (CEO) got about a half a billion dollars in total compensation alone.
i doubt if corzine can win reelection in NJ since he is pretty unpopular there and the state is literally bankrupt. (about 60 billion in debt now)
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