By Krishna Guha in Washington
Published: December 20 2008 05:01 | Last updated: December 20 2008 05:01
Hedge funds will be allowed to borrow from the Federal Reserve for the first time under a landmark $200bn programme intended to support consumer credit.
The Fed said on Friday it would offer low-cost three-year funding to any US company investing [...]
In a statement, the FOMC said its focus “will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal Reserve’s balance sheet at a high level.”
Ben Bernanke tipped the shift toward quantitative easing — in which cash is essentially [...]
So how much longer will $400 flat screens keep America distracted from the ugly truth of how much we have been ROBBED over the last 4 months—
From Motley Fool:
Commercial Paper Funding Facility
Federal Reserve
$1.8 trillion
Temporary Liquidity Guarantee Program
FDIC
$1.4 trillion
Term Auction Facility (TAF)
Federal Reserve
$900 billion
Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE), and Ginnie Mae
U.S. Treasury / [...]
By Shannon D. Harrington and Abigail Moses
Nov. 6 (Bloomberg) — The most comprehensive report on unregulated credit-default swaps didn’t disclose bets in the section of the more than $47 trillion market that helped destroy American International Group Inc., once the world’s biggest insurer.
A study by the Depository Trust and Clearing Corp. fails to [...]
This mess is getting bigger, it’s also hitting other related areas, it’s the snowball effect.
It started out by speculative gambling highly leveraged investments, initially hit by subprime but as property prices fall the number of mortgages now in subprime is multiplying due to negative equity in a falling market. The asset backed securities and [...]
DOW JONES NEWSWIRES
Ambac Financial Group Inc. (ABK) said it wrote down $228 million in
collateralized-debt obligations in April as it continues to be weighed down by
the credit crunch.
In a monthly update on its pretax financial data, the second-largest bond insurer
also reported a $53.4 million loss on fair-value changes in its investment
portfolio more than offset [...]
VIENNA (MarketWatch) — Merrill Lynch said it swung to a $1.96 billion, or $2.19 a share, loss during the first quarter, with revenue down 69% to $2.9 billion on $1.5 billion write-downs from asset-backed securities CDOs and credit valuation adjustments of $3 billion on hedges with financial guarantors. Merrill Lynch earned $2.16 billion in the [...]
US MARKETS
The bagging of the Bear, Bear Stearns that is, by the Illuminati, was a watershed event. Not only has this event confirmed many of our predictions and interpretations concerning recent financial events, it has shed light on what the self-proclaimed Lords of the [...]
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