Bailout News Links: Fannie, Geithner, Citi, BAC, Thain and Lewis 'Tour of Lies'

This morning in our bailout news round-up, there are several stories to cover.  Geithner got the job in an easy vote despite his tax issues.  Phoney has made a formal request to Treasury for $16 billion in emergency funds (they'll need much, much more before it's over).  Shittygroup took possession of their new custom, corporate jet that you paid for, and the 'Thain and Lewis Tour of Lies' blossoms into a 'she said-she said' cat fight.  Good stuff.

These stories plus about 30 more await you on the other side, including word of stress-release squeezable, banker dolls resembling Paulson, Bernanke and others.  You can't make this stuff up. 

Don't be afraid to click, we promise there are no needles.  Just lean back and relax while you take a leisurely stroll down bailout lane.

Phoney needs an emergency $16 billion to stay afloat     bloomberg...this is just the begining.  before it's over, you can expect the tab to your children to be in the $200 billion range and perhaps as much as $400 billion(worst case) to keep phoney and fraudie functioning.

Should bankers face the death penalty?    clusterstock

How america embraced 'Lemon Socialism'   fmr. labor secretary robert reich

Thain memo to merrill employees says Lewis KNEW about losses  cat fight begins

Bank failures to spike in 2009     CNN  Fortune

Bloody Monday: more than 71,000 job cuts announced today  CNN Fortune  has a great table in the right side column listing the total job cuts in 2009 by major corporations.  it's a very long list and a great resource for those who want these numbers in an easy-to-read format.

Banks have stolen enough: Time to sieze      Economist Dean Baker from the huffpo site  nice read.

How to fix the bank bailout     nobel economics winner 2001 Joseph Stiglitz  recommended

Nationalization gets look see from Obama     NYTimes

Role of news media in fiancial crisis   TPM Cafe

Housing endgame  chart and graph porn.  wonkish.

Thain: shocked to be fired and says ken lewis KNEW about merrill losses    clusterstock  the cat fight continues.  includes summary, full text plus video of thain interview on CNBS. 

Lewis: merrill losses were a shock   clusterstock via Gasbag

Geithner confirmed 60-34   it's now official.

Citi's new custom, corporate jet on your dime     NY Post

Senator Levin of michigan demands geithner scuttle Citi's plane purchase   thank you sen. levin

China puts limits on pay for bank managements    clusterstock

Lehman's Fuld sells mansion to wife for $10    NYTimes   Fuld=shady bastard

Bloomberg looks at Morgan Stanley's ceo john mack

Henry blodgett on why banks aren't lending

Newsweek Q&A with chief central banker of zimbabwe   interesting

Here comes TARP version 3 and 4            John Mauldin   minyanville  no surprise here.

Fed moves into uncharted waters         bloomberg 

FDIC looks to limit the interest certain banks may pay to depositors     bloomberg

Fed eyes risks of treasury purchases            bloomberg

Economic cures are like booze for an alcoholic     bloomberg

JPM: when i say insolvent, i mean really, really insolvent    reggie middleton   reggie has gotten everything right for 18 months on the banks.  if you don't read him, you are not fully informed.

Bank market cap losses    beautiful chart porn!

Frustration Dolls:  squeeze the banker and feel better for it   actual dolls of paulson, etc.

Comments

[Brasco]

"Shitty never sleeps?" LOL!!

[InWestor]

Anyone see CNBC's "CEOS GONE WILD" where there was debate on the topic? I can't believe there were arguments for each side. A $35,000 commode in a $1,200,000 office remodel? But it’s only about 10 minutes worth of their annualized revenues. Talking about it is nothing but a sound bite. Why worry about such little amounts? Who cares about fiduciary responsibility to their shareholders, let alone the taxpayers that are bailing them out? Hello?? The office was probably just fine the way it was. Citi’s old jet probably worked just fine. Everyone else (you and I the taxpayer) seems to be cutting out wasteful spending in most facets of life, why aren’t the greedy execs of corporations doing the same? I guess the answer is the greedy part.

It’s pretty scary to think how bad our economy will be when the wasteful fluff spending is also taken out of the marketplace. There’s a bunch of it. Kudlow did pose the question---what about all those poor employees that make those airplanes that would be out of jobs?

[Gregg Somerville]

Thanks for nice intro on my bailout rap...The pre cursor to that song was Sub prime mortgage blues..it's very funny....granted it's a bit long and I like rap better...But blues song has 5 times the hits...Go figure...

http://www.youtube.com/watch?v=13qWw7waSeM

[DailyBail]

@gregg

No. WE THANK YOU for finding us and submitting your amazing piece of work. It is a tour de force. It educates and entertains. as the kids say, you got mad skillz.

In my view it is 'orders of magnitude' better than the TARP song that was recently on CNBC. We think you will be getting a call from them soon about an appearnace.

We especially appreciate the lyrical quality of the piece. And kudos to you for taking the time to cover the entire taxpayer road to hell: from Bear all the way to Phoney, Fraudie, the shithole that is AIG, Lehman, Citi, etc.

My nephew who is 9 loves the beat. So it's working for kids as well.

You, Gregg and Christopher, are TRUE AMERICAN TAXPAYER HEROES.

Don't stop raging agaisnt these injustices. Your nation needs you to keep doing your part.

You will always have an outlet for your work here. We will showcase it to the best or our abilities.


All the best,

DailyBail

here's the direct link to the song for those who haven't seen it yet.

http://dailybail.com/home/2009/1/26/bailout-comedy-brand-new-and-exclusive-to-dailybail-readers.html

[I came from CR]

I like the photo.

[MKizzy]

I am so fucking sick of this manipulated market. Its just hilarious that "positive and false hope" news comes out when the stock market is at key levels to fall, and rightfully so, to violent rip ups. I am sick of all these bullshit reasons on how "expectations" are always revised and changed to make things look better. I cant believe people feed into this ridiculous nonsense of this is a great time to buy and the stimulus is a savior or else... Whats worse is that we have to listen to paid cheerleaders such as Larry Kudlow and other retarted personalities on TV screwing with the publics minds. Something must happen asap. You can not expect investors to start getting into the market when the government supports and pops the market up and creating a great feel good comeback story, only to see the market come crashing down and see the looks of dumb peoples faces when they are just completely shocked. SHIT needs to pan out, this is insolvant! NO MATTER how scary, we are making it worse with speculation! We are trying to prevent the inevitable, I predict the SnP will go as low as 500-600.

I would right more, but I am too annoyed and angry to add to did post. I will be back, but for now I need to medicate myself and forget about whats to come in the future. THC is the only answer! who is with me?

ill be back....