Monday
Aug082011
Monday
Aug082011
AIG Sues Bank Of America For $10 Billion Over 'Massive Mortgage Fraud'
Updated on Aug 8, 2011 at 12:35 PM by
DailyBail
It's getting ugly. BofA will need at least $100 billion to avoid bankruptcy. Ken Lewis' retirement SIV (BAC stock) is trading sharply lower (currently down 17%) dragging down all financials.
(Reuters) - The insurer American International Group Inc (AIG:nyse) is suing Bank of America Corp (BAC:nyse) to recover more than $10 billion of losses from a "massive fraud" on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank.
AIG, still largely owned by taxpayers after $182.3 billion of government bailouts, is the latest of a growing number of investors filing lawsuits seeking to hold banks responsible for losses on troubled mortgages that contributed to the financial crisis.
The AIG complaint, being filed in the New York State Supreme Court in Manhattan, accuses Bank of America and its Countrywide and Merrill Lynch units of misrepresenting the quality of mortgages placed in securities and sold to investors.
Reuters obtained a copy of the complaint. AIG is preparing similar lawsuits against other large banks.
Monday
Aug082011
ECB Decision To Buy Bonds Of Italy, Spain Deepens Rift With Germany's Bundesbank
Europe trades sharply lower Monday - Marketwatch
Picking a fight with Bundesbank dangerous for ECB - Commentary
Financial Times
The decision by the European Central Bank to intervene in the bond markets to buy Italian and Spanish government debt is likely to prove hugely controversial – both inside and outside the eurozone’s chief monetary guardian.
It was not clear on Sunday night whether the ECB governing council was still split on the issue, after the German Bundesbank had argued strongly last week against taking such an intitiative. But there remains a clear division of principle between members of the ruling body. Opponents of such bond buying, led by Germany’s Bundesbank, have constantly argued that such measures go beyond the monetary policy responsibilities of the ECB, and should be left to the governments of the 17 eurozone member states.
Monday
Aug082011
S&P Affirms U.S. Short-Term Debt Ratings Keeping Money Market Funds Safe - For Now
Treasuries Little Changed In Monday Trading - Marketwatch
Bloomberg
The decision by Standard & Poor’s to affirm the U.S.’s short-term rating at the top A-1+ level even as it cut the long-term grade from AAA may help to stabilize money markets, according to strategists and economists.
The move means money market funds won’t be forced to sell Treasuries, said Mansoor Mohi-uddin, the Singapore-based chief currency strategist at UBS AG. The “impact” on money funds “appears to be limited,” Philip Marey, the senior U.S. strategist at Rabobank Groep in Utrecht, Netherlands, wrote in a report to clients.
Monday
Aug082011
VIDEO - S&P Debt Chief Warns Agency Might Downgrade U.S. Rating AGAIN
Video - David Beers On Fox with Chris Wallace - Aug. 7, 2011
From earlier this morning.
Q: Can you explain Tel Aviv markets’ reaction today? (Israel's stock market fell 6% and trading was halted.)
Beers: A lot of what is worrying markets is Europe and from a global economic perspective that the economy might be slowing. So the market is not just reacting to S&P's decision.
More inside.
Sunday
Aug072011
CHART: U.S. Dollar Chart From 1980 Thru 2010
It's easier to see at this link
Chart is courtesy of JCA...
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Sunday
Aug072011
Larry Summers & Warren Buffet Are Economic Idiots, Citigroup Must Pay Lehman $1 Billion, Europe In Crisis, USPS IS Broke, Bank Of America In MORE Trouble
Saturday
Aug062011
Saturday
Aug062011
Fannie Mae Asks For ANOTHER Bailout, China Blasts U.S. 'Debt Addiction', Saudi Stock Market First To PLUNGE On U.S. Downgrade, GOP Wants Geithner Fired, G-7 Plans Action In Wake Of Downgrade, BofA Fraud Claims Rise
Stories from around the web Saturday.
- Fannie Mae seeks $5.1 billion MORE from taxpayers - Reuters
- Bank Of America Getting MORE Claims Of FRAUD From Fannie
- China blasts US 'debt addiction' and calls for new global reserve currency
- Saudi stock market first to PLUNGE on S&P U.S. downgrade - Down 6%
- Republicans Want Geithner to Walk The Plank After AAA Downgrade
- G-7 Holds Special Meeting to Coordinate Central Bank Action after U.S. Downgrade
- After S&P downgrade, White House says 'we must do better'
- IRS: Not enough rich Americans to cover the deficit
- Harry Reid: S&P downgrade backs Dems' call for New Taxes
- Obama Looks to Super Rich, Wall Street to Fund 2012 Campaign
- Helicopter Crash in Afghanistan Reportedly Kills All Members of SEAL Team 6
- Leon Panetta Hypes al Qaeda to Ward Off More Defense Cuts
- Hedge Funds lose hundreds of millions in UK banks
- How JP Morgan Took Over The State Of Kentucky
Saturday
Aug062011
Geithner: No Risk U.S. Will Lose AAA Credit Rating - EVER
Updated on Aug 5, 2011 at 10:32 PM by
DailyBail
UPDATE - Geithner gets it wrong again as S&P downgrades U.S. AAA
Video - Tim Geithner Speaks Too Soon - April 25, 2011
Geithner Downgrades His Own Credibility to Junk
Friday
Aug052011
PHOTO OF THE YEAR - Mt. Debtmore, USA
S&P just upgraded this photo to AAA...
We didn't get a deal to cut spending. We got a deal to INCREASE spending by $7 Trillion over the next 10 years, instead of $9.5 Trillion.
Friday
Aug052011
National Debt & Wall Street Bailouts -- Thoughts From Jay Leno, Craig Ferguson & Wanda Sykes (VIDEO)
3 short clips. Craig Ferguson is the most impressive. You'll be pleasantly surprised. And Wanda Sykes is just flat-out funny.