Chris Whalen: Taxpayers Getting TAGGED By TBTF Banks

TAG - The unknown banking subsidy.

In the case of JPM, the hundreds of billions of dollars in new deposits helped to fuel the speculative mischief we now know as the “London Whale” trade. Faced with vast amounts of cash that the bank could not deploy in the loan market, JPM instead gave the TAG funds to the JPM office of the chief investment officer.  The London-based trader Bruno Iksil and his colleagues gambled the excess funds generated by TAG in the derivatives market, causing a significant financial and reputational loss for the bank.

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IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family

Morning reading.  15 stories inside.

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CHART - It's The Spending, Stupid!

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HOT LINKS: SEC Seeks Stock Exchange Only For The Rich

Monday linksbomb.  30 stories.

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Hank Greenberg: 'Geithner & Paulson Smelled Blood In The Water'

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Cleansing Of The Banking Soul At Barclays

A new and improved Barclays.  Fat chance.

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Michael Crichton: 'Al Gore Is Wrong About Global Warming'

Good interview with Charlie Rose.

'Telling the truth about climate hysteria has made me a pariah.'

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Blankfein: 'Facebook Is Still A Good Friend Of Goldman'

Lloyd still loves Faceplant.

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Jon Stewart: Obama The Skeet Fighter

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Obama: 'The Pentagon Must Be Protected At All Costs'

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MUST SEE: Neurosurgeon Lectures Obama On Obamacare

And Obama is forced to listen.

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David Stockman: 'The United States Of Insolvency'

Two minutes of must see television.

'The fiscal cliff settlement actually added $4.5 trillion to the deficit over the next 5 years, so the sequester is a good thing.  Defense spending is out of control.  Neither party has faced up to the need to take on the military industrial complex or entitlements.'

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Inhofe On The Bailouts: 'Champagne Corks Were Popping'

TARP flashback to Dec., 2009.  Jim Inhofe in the basement of the Senate.

Busting the bailout troika.

"I could hear the champagne corks popping the night of Oct 1, 2008.  I think Bernanke should be replaced.  And I feel the same way about Tim Geithner.  And as far as that's concerned I think the same about Hank Paulson.  They are all three kind of the same."

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Biden: 'I'm Proud To Be PRESIDENT Of The United States'

Classic Biden.  The night before the inauguration.

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