Wall Street Rescue Deal nearing completion...

[jfk2008]

It hasn't been passed at all - latest news is that Republicans are unhappy with it and are withholding approval.

[constitutionus]

i have to admit its been a great source of fun to see the banks reactions to this.

they actually thought they'd just get the money. its amazing. as someone else posted in another thread if your business near went to the wall and you went to them for a bail out they'd screw you to the wall and demand a 51%share in your company.

now the same is being applied to them theyre having the mother of all hissyfits.

couldnt happen to a nicer bunch of bastards. we ALL know the deal's going through, thats inevitable, but the form of it? well to quote the bard "thats the rub!" :mrgreen:

[Anorakphobia]

I suspect the deal is every bit as bad as I initially feared.
A blank cheque to criminals with little or no conditions.
The American people should be outraged.
Sodomised by scumbag bankers, regulators and politicians.

If someone came to me with a business that was crocked and asked me to provide the capital to try to resucitate it, the minimum I would require would be a large equity stake and a decent coupon.
Those assorted criminals, frauds, con men and imbeciles on Capitol Hill look like they will ask for neither.
The banks are in no position to negotiate so this is a total stitch up. A fix.
A government intervention to prop up a stock market.
Fradulent, dishonest and corrupt.

The advocates of this plan keep insisting it is "a rescue of Main St and not Wall St".
What a load of cow************************e.
If they cared about Main St, they'd take a huge equity slice of every bank they assisted.

The best comment I've heard all week was on Bloomberg last night.
A commentator said.
Goldman isn't even meant to be among the distressed banks yet Warren Buffet loans them $5 billion and he gets a 10% coupo and $5 billion of stock at a 20% discount, and not just ordinary stock but preferential stock!
Yet the US taxpayer loans far more distressed banks $700 billlion and in return receive nothing.
The Buffett/Goldman deal should be the absolute minimum extracted by Congress on behalf of the taxpayer and if it isn't accepted, let the ba*tards go down the plug hole and let their shareholders hound them all the way to prison for gross negligence if they do.

These ba*tards went to Paulson last Wed and begged for their lives. They would have accepted anything at that stage no matter how punitive but their boy Paulson told them not to be so desperate, he'd tell a tale so scary to Congress and the simpleton in the White House, they'd get the loot for nothing.
And after a hiccup or two to allow the Democrats posture and huff and puff and let Barney Frank act the predictable class clown, that's exactly what they look like they have got.
A $700 billion cheque with no conditions and little or no oversight.

YEEEEEEEEEE HAAAAAAAAWWWWWWWWWWWWWW!

[grassroots]

I suspect the deal is every bit as bad as I initially feared.
A blank cheque to criminals with little or no conditions.
The American people should be outraged.
Sodomised by scumbag bankers, regulators and politicians.

If someone came to me with a business that was crocked and asked me to provide the capital to try to resucitate it, the minimum I would require would be a large equity stake and a decent coupon.
Those assorted criminals, frauds, con men and imbeciles on Capitol Hill look like they will ask for neither.
The banks are in no position to negotiate so this is a total stitch up. A fix.
A government intervention to prop up a stock market.
Fradulent, dishonest and corrupt.

The advocates of this plan keep insisting it is "a rescue of Main St and not Wall St".
What a load of cow************************e.
If they cared about Main St, they'd take a huge equity slice of every bank they assisted.

The best comment I've heard all week was on Bloomberg last night.
A commentator said.
Goldman isn't even meant to be among the distressed banks yet Warren Buffet loans them $5 billion and he gets a 10% coupo and $5 billion of stock at a 20% discount, and not just ordinary stock but preferential stock!
Yet the US taxpayer loans far more distressed banks $700 billlion and in return receive nothing.
The Buffett/Goldman deal should be the absolute minimum extracted by Congress on behalf of the taxpayer and if it isn't accepted, let the ba*tards go down the plug hole and let their shareholders hound them all the way to prison for gross negligence if they do.

These ba*tards went to Paulson last Wed and begged for their lives. They would have accepted anything at that stage no matter how punitive but their boy Paulson told them not to be so desperate, he'd tell a tale so scary to Congress and the simpleton in the White House, they'd get the loot for nothing.
And after a hiccup or two to allow the Democrats posture and huff and puff and let Barney Frank act the predictable class clown, that's exactly what they look like they have got.
A $700 billion cheque with no conditions and little or no oversight.

YEEEEEEEEEE HAAAAAAAAWWWWWWWWWWWWWW!

Would you by any chance be short?

[Squire Allworthy]

If someone came to me with a business that was crocked and asked me to provide the capital to try to resucitate it, the minimum I would require would be a large equity stake and a decent coupon.

I agree this deal is utterly unbelievable.

It was an opportunity to extract pain and what do the muppets do give them money. Who was going with the begging bowl?

Just imagine you were short of a few euro and went to the bank! They would be looking at your assets, earnings, forward cash flow projections and projection of earnings. They would then expect you to sign over all worldly goods and extract any gold fillings. So why should we treat them any differently???? You would do them over good and proper and extract every concession possible.

They should be allowed to go into receivership, and that is when to intervene. Trying to refloat this lot in their current form is plain stupid.

What this tells us is that politics in the USA is utterly corrupt. It is either that or the public representatives are of below average intelligence and I would prefer to give them the benifit of the doubt.

[youngdan]

This bill is a long way from passed as far as I can see. In the meantime of course we can see that there is no difference in Obama/McCain. Lets see if they both vote for the bailout. There will still be 105 million fools who can not see what the score is

[Aggressor]

No white smoke yet.

[Universal_001]

No white smoke yet.

Oh that was just a photo op, they were not doin any actual work
The people in Congress are the ones working on the deal, Dodd and Frank

[Anorakphobia]

I have been short world markets for 18 months partly because if my way of life is going to be destroyed by these criminals, i want a nice stash to help compensate me.
I have been short up to 15 Irish shares for the same period and am still short the ISEQ etf.

Irish shares will not rally tomorrow.
Why?
Because there are no buyers. No one believes our rubbish anymore, we are the pariahs of Europe. Politically, economically and commercially we are viewed now as dishonest greedy spivs who lost the run of ourselves.
Italy without the style.

Dan
I think it's a done deal (although a passed deal by next Tuesday is now trading at 70 on Intrade down from 90 earlier, thats not much better than a 2/1 chance of failure) but think a big rump of Reps will sit it out and therefore if it goes belly up, the Dems will cop it like the misguided imbeciles they always have been.

Have to say disapointed in some of your/our boys last few days, a few decent efforts but didn't look really up for it.
Bunning as well looked and sounded just exasperated instead of furious.

[Universal_001]

Did someone rename my thread????????????

How ************************************g dare they!

Don't they know the deals done and Senator McCains already taking credit??