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11/27/2011 Secret Fed Loans Gave Banks $13 Billion
Banks worldwide earned an estimated $13 billion by taking advantage of below-market rates on emergency U.S. Federal Reserve loans from August 2007 through April 2010. Roll over the bars below to explore details for each. To compare results with banks' net income or losses for the same timeframes, click the corresponding button. Worldwide total is the sum for 190 firms with available data; those banks lost a combined $21.6 billion. The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue. (Bloomberg)
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posted: 11/29/11                   0       6
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keywords: American Bankers Association, Ancel Martinez, Andrea Priest, Anil Kashyap, Anthony Coley, Bailouts, Bank Of America, Barack Obama, Barney Frank, Basel, Bear Stearns, Ben Bernanke, Berkeley, Bloomberg Lp, Brad Miller, Byron Dorgan, California, Center For Economic And Policy Research, Center For Responsive Politics, Charlotte, Citigroup, Clearing House Association, Countrywide Financial, Dallas, David Jones, Dean Baker, Dodd-frank Wall Street Reform Act, Dow Jones, Federal Reserve, Financial Crisis, Financial Crisis Inquiry Commission, Financial Services Forum, Financial Stability Oversight Council, Gary Stern, George Mason University, George W Bush, Gerald Hanweck, Glass-steagall Act, Goldman Sachs, Government Transparency, Graham Fisher & CO, Henry Paulson, Howard Opinsky, Jamie Dimon, Jerry Dubrowski, John Dearie, Jon Diat, Joshua Rosner, Jpmorgan Chase, Judd Gregg, Kenneth Lewis, Lehman Brothers, Mark Lake, Merrill Lynch, Minneapolis, Morgan Stanley, Neil Barofsky, New York, New York City, New York University, Nobel Prize, North Carolina, Occupy Boston, Occupy California, Occupy Oakland, Occupy Seattle, Occupy Wall Street, Oliver Williamson, Phillip Swagel, Police, Realtytrac, Richard Fisher, Richard Shelby, Scott Alvarez, Sherrill Shaffer, Sherrod Brown, Switzerland, Tea Party, Ted Kaufman, Timothy Geithner, US Bureau Of Labor Statistics, US Congress, US Department Of The Treasury, US Freedom Of Information Act, US Supreme Court, United States, University Of California, University Of Chicago, University Of Maryland, University Of Wyoming, Vikram Pandit, Viral Acharya, Wachovia, Wall Street, Washington DC, Washington Mutual, Wells Fargo, William English Add New Keyword To Link



10/11/2011 How politicians can kick the Wall Street habit
So, protesters are occupying Wall Street and downtown banking districts in scores of other cities. Many Democratic politicos have endorsed the movement’s spirit and goals. Now what? The pols are in no position to enact any further left-populist reforms — laws that create, say, a financial transaction tax, or that make it easier for employees to form unions — so long as Republicans control the House and have veto power in the Senate. For that matter, the Democrats couldn’t even get those bills enacted when they controlled both houses of Congress. So what, besides affirming their solidarity with the demonstrators, can they do? (Washington Post)
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posted: 11/27/11                   0       2
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3/1/2011 It's the Inequality, Stupid: Eleven charts that explain everything that's wrong with America.
How Rich Are the Superrich? A huge share of the nation's economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household. The average income for the bottom 90 percent of us? $31,244. (Mother Jones)
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posted: 2/28/11                   0       10
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1/1/2011 Barack Obama (D) Top Contributors 2008
This table lists the top donors to this candidate in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organization's PAC, its individual members or employees or owners, and those individuals' immediate families. Organization totals include subsidiaries and affiliates. Because of contribution limits, organizations that bundle together many individual contributions are often among the top donors to presidential candidates. These contributions can come from the organization's members or employees (and their families). The organization may support one candidate, or hedge its bets by supporting multiple candidates. Groups with national networks of donors

like EMILY's List and Club for Growth

make for particularly big bundlers. University of California $1,642,735 Goldman Sachs $1,012,841 Harvard University $862,604 Microsoft Corp $852,167 Google Inc $814,540 JPMorgan Chase & Co $807,799 Citigroup Inc $736,771 Time Warner $623,118 Sidley Austin LLP $600,298 Stanford University $595,716 National Amusements Inc $563,548 WilmerHale Llp $549,918 Skadden, Arps et al $543,539 Columbia University $536,202 UBS AG $532,674 IBM Corp $532,372 General Electric $528,180 US Government $517,908 Morgan Stanley $512,232 Latham & Watkins $502,045 (Center for Responsive Politics)
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posted: 8/1/11                   0       1
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4/20/2010 Goldman Donations to Obama Campaign Totaled Nearly $1 Million
Obama received the money from employees and their family members, making Goldman Sachs second only to the University of California as his biggest single source for donors in 2007 and 2008, according to the Center for Responsive Politics.

Wall Street provided three of Obama’s seven biggest sources of contributors for his presidential bid. In 2007 and 2008, Goldman Sachs employees and family members gave him $994,795, Citigroup Inc. $701,290, and JPMorgan Chase & Co. $695,132. (Bloomberg)
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posted: 6/4/10                   0       8
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12/28/2009 Financial Industry Invests Heavily in Key Lawmakers
(Originally published Nov. 16, 2009; Updated with third quarter Senate data Dec. 28, 2009) As Congress considers legislation to reregulate the financial services industry in response to the greatest economic downturn since the Great Depression, the industry is focusing campaign contributions on the congressional leadership and members of the committees crafting reform legislation. Between November 2008 (when the current election cycle began) and Sept. 30, 2009, the financial industry – including banks, investment firms, insurance companies and real estate companies – has given $48.3 million in campaign contributions to members of Congress and their leadership political action committees, according to data provided by the Center for Responsive Politics (www.opensecrets.org).

Between November 2008...and Sept. 30, 2009, the financial industry...has given $48.3 million in campaign contributions to members of Congress and their leadership political action committees... ...The 94 members of the two finance committees have received $16.9 million overall. The top 10 committee recipients include the Democratic chairmen: Sen. Chris Dodd (Conn.) and Rep. Barney Frank (Mass.); and the ranking Republicans on the committees: Sen. Richard Shelby (Ala.) and Rep. Spencer Bachus (Ala.). (Public Citizen)
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posted: 8/1/11                   0       1
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8/21/2009 Rand Paul ‘money bomb’ nets $433K in one day
After roughly three weeks of campaigning, the son of Texas Congressman Ron Paul has shown himself to be a viable challenger for the Republican nomination to Kentucky’s U.S. Senate seat (The Raw Story)
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posted: 8/27/09                   0       11
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7/6/2009 Familiar Players in Health Bill Lobbying
Firms Are Enlisting Ex-Lawmakers, Aides

three of every four major health-care firms have at least one former insider on their lobbying payrolls (Washington Post)
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posted: 7/7/09                   0       10
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2/4/2009 TARP Recipients Paid Out $114 Million for Politicking Last Year
The companies that have been awarded taxpayers' money from Congress's bailout bill spent $77 million on lobbying and $37 million on federal campaign contributions, Center finds. The return on investment: 258,449 percent (Communications)
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posted: 7/9/09                   0       13
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3/21/2008 Democrats are darlings of Wall St: Some fear donations will soften attitudes on financial regulation
Hillary Rodham Clinton and Barack Obama, who are running for president as economic populists, are benefiting handsomely from Wall Street donations, easily surpassing Republican John McCain in campaign contributions from the troubled financial services sector. It is part of a broader fundraising shift toward Democrats, compared to past campaigns when Republicans were the favorites of Wall Street. Some Democrats worry that the influx of money will make their candidates less willing to call for increased regulation of financial markets, which have been in turmoil after a wave of foreclosures on sub-prime mortgages. These concerned Democrats argue that their candidates, and presumptive Republican nominee McCain, should be willing to push for financial institutions to accept more government regulation -- in exchange for likely future bailouts, such as the recent deal the Federal Reserve orchestrated for JPMorgan Chase & Co. to take over Bear Stearns Cos. (Los Angeles Times)
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posted: 8/1/11                   0       1
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8/26/2006 Profiting from Disaster
Fraud, Scandal and Greed Has Crippled the Gulf Coast's Recovery, But Made Some Very, Very Rich (Counter Punch)
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posted: 8/7/09                   0       12
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