This means that the investment bank's European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn't get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to "give relief" to the bank holding company, which is under heavy pressure.Read more »
It "worked" for Greece, why not Ireland?...
EU nations agreed an euro85 billion ($113 billion) bailout deal for Ireland on Sunday to help the debt-struck country with its banking crisis, and sketched out new rules for future emergencies in an effort to restore faith in the euro currency.
Story about an older middle class couple who always followed the law getting fucked by the system, in danger of losing their home, and finally saying "Fuck it." Interesting look at what might be some unintended consequences not seen by the supposed super computers run by the DoD.Read more »
"The determination to direct delisting is related to stock exchange requirements for maintaing price levels and curing deficiencies," said FHFA acting Director Edward DeMarco.Read more »
The pictures below are from one of the protests that lead the President to veto the bill. Remember all that talk about torches and pitchforks? Well, Iceland went ahead and broke out the torches (ok - they're flares, technically):Read more »
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