Let's face it. It was a busy week for bailout news and a great week for DailyBail to get started. We're excited here and are looking forward to unveiling some of our bigger plans soon. We appreciate everyone stopping by during our soft-launch and hope that every single one of you will take a moment to post something in the comments section of one of our stories. Just pull out your soapbox, step up and tell us how you feel about spending your tax dollars on bailing out failure. Share something. We accept all forms of anger and frustration. Though cliche, there is strength in numbers and ours are growing by the hour. Tell your friends about us; tell your neighbors, heck tell anyone that cares about their future and that of their children and grandchildren. We are here now. We are not going away. Everything else will fall into place, including our elected officials. Washington can be made to listen and soon we will launch the means to make them hear us. So join up with your fellow sufferers here for a few minutes and give us a piece of your mind.
It's the weekend and that means Beach Party Bailout. This is a strange ritual where everyone gets depressed, puts on their suit, and heads to the beach in the middle of winter, and then freezes. It's great fun for the whole family and the only costs are time, sanity, and the occasional ridicule from others. It's sorta like being obsessed with following bailout stories, where the only costs are time, sanity, some ridicule and just one more little thing, our nation's future. First, hide the kids, the guns and the liquor, and then it'll be safe to go surfing. Ballyhoo!
In the tradition of the old SNL catch phrase popularized by Chevy Chase: "Generalissimo Francisco Franco is Still Dead", we humbly submit that Bank of America CEO Ken Lewis is still not fired. In other news, you gave Lewis a bunch of cash yesterday and offered up a particulary tasty asset guarantee. Take the Saturday morning click ride to see just how generous you were with the terms of the deal.
The Senate wasted no time on Thursday on its first date with the new President. Reports are that the orgy could could be heard as far away as...(editor here: stop this line of description, DailyBail, or else!). Ok, the Senate approved the release of the second tranche of TARP funds ($350 billion of your money) to the incoming Obama administration. The request is expected to face little difficulty in clearing the House. That's just peachy. Great News. Click thru to read about the ease with which your money has just been spent.
Nice. Henry Blodget is on a roll. His ire has been raised and there's no outlet except his keyboard, apparently. In his latest piece, he calls on Ken Lewis to resign or face being fired by his shareholders. It's a doozy and merits a second front-page DailyBail appearance for Henry in less than 24 hours. Some very good stuff after the jump.
Filed under 'Ken Lewis wants more of your money', the great taxpayer fleecing continues unabated. In Bank of America part II, the details are starting to emerge and they aren't pretty. Click through to see how much of your money they are getting this time.
The public bailouts of private failure must stop. We just launched and our first goal is to document it. We'll find it, read it, sort it and then publish it in one place every day. There will be bad attitude. We know we might get sued for what we say about these scumbag, public-dole CEOs. But we own these companies now, and we recommend the CEOs begin to behave accordingly. Otherwise, we'll be happy to profile these riptards all over our pages. Incessantly. Watch and see how far over the edge we'll go now that we're getting seriously pissed off. For example, see the thoughts of this calm taxpayer. Warning: contains excessive profanity.
And since nobody obsesses in quite the way we do, we expect to remain the only news aggregation source for all stories related to the institutionally dysfunctional, painfully inept and completely counter-productive taxpayer bailout of failed people, ideas, businesses, pensions, municipalities, states and ultimately, we fear, of our federal government.
Tell your friends about our site and what's going on in Washington. Help us spread the word about the immoral transfer of debt from failed, private banks directly onto the backs of your chldren. And to young people directly, seriously wake the f up, and realize that it's mostly your cash that's headed out the door.
The WSJ is reporting tonight that Bank of America is close to announcing a $20 billion infusion from you and your children. It appears Lewis approached Treasury in mid December to make his case after seeing the terms of Citi's Deal Part II. Translation: Ken wanted what Vikram got. And to the surprise of no one here at DailyBail, he's going to get it.
Citi never sleeps AND never gets tired of your money. We examine their trips to the bailout trough and focus on the quality of their Tier 1 Capital with three views on their suspect DTAs.
Not a lot of value to add here...take a look at Gary's not-so-benign thoughts about 2009...and in case you have been trading from beneath a large boulder, Gary nailed his 2008 prognostications...
The tally grows...the banks, the insurers, the brokers, the autos and now it's automotive financing.
Today it is GMAC, the ever needy financing arm of GM which is 51% owned by those PE riptards at cerberus...so PE firms now get your children's future taxpayments...nice work senor kashkari, please take a bow.