Monday, September 29, 2008

The Fix is in!!!

The Naked Capitalist website reports on a secret conference call Treasury had with financial analysts last night.
"Various readers wrote us, and it was confirmed by a detailed report on the call at DealBreaker, that the Treasury Department held a conference call this evening for analysts on the bailout bill. A memo was evidently sent to SIFMA members; others may have been contacted by other means. But the report I got from one person who was on the call was the the questions came from financial services industry members. In other words, this was most assuredly not intended to be a call open to the public at large. If anyone from the media or other member of the great unwashed was listening in, it was by accident......."

Here is a live blog of the call. You need to read this and give our Congressional delegation hell today. Emailing or calling the David Hampton and Sid Salter wouldn't' be a bad idea as well. This is garbage. As I wrote last night, this bill is loaded with bad things for Americans that have nothing to do with restoring confidence in the markets.

Here is a recording of the call. Bob Hoyt works for Treasury.

Note: Good comment below from someone who listened to the audio recording.


Anonymous said...

Pickering still hasn't taken a position as of this morning. The dude is lame.

Kingfish said...

Next time you send a missionary to congress, send a damned Jesuit. We want warrior-priests, not pacifists.

Anonymous said...

As of this morning Wicker hasn't taken a position, yet. I'm beginning to think that we've elected a bunch of noodles to serve us in Congress.

Anonymous said...

Though I must say that Wicker's DC office was much more interested in my opinion than that idiot Pickering's. Pickering's phone staff just wanted a thumbs up/thumbs down -- not that ol' Chipper is focused on anything beyond his new squeeze and his next job.

Kingfish said...

Its an issue where Wicker would have over 60% of the voters supporting him if he came out against the bill.

But Wicker has always been a lapdog of the Republican leadership and won't do what he is told. At least Newt and Gramm would vote against them if they really didn't like a bill.

I'm disgusted with the Republicans from Mississippi on this bill.

Anonymous said...

The noodle parade continues ... Cochran, no stated position.

Kingfish said...

I'll agree with you on Wicker's office. Dealt with Eleanor and she was very nice and interested in learning more about the subject.

Anonymous said...

FYI, the torrent is 17.1mb and approx 43 minutes. The audio quality is difficult.

The call is a sales job clearly trying to get firms to participate. They keep emphasizing that the program is open to ALL firms holding bad paper, not just the teetering companies.

Amazing in that the bailout is being sold to taxpayers as a 'must-have' necessary to avoid a meltdown but on the call it is plain that a firm gets to not only opt in, but gets to pick and choose which bad paper to throw in the bucket.

Bend over America. Remember it is a little easier if you push at insertion.

Kingfish said...

People have no clue. Our media here has been a joke on what is actually in the bill. Why isn't this call in the media? Why isn't Fox News or MSNBC covering this?

The markets are not going to collapse if we take a few extra days to study and debate the bill.

Anonymous said...

With each minute you listen to the call you realize that this is a bill in which every financial institution in this country and worldwide gets to pawn off their bad mortgage paper on the American taxpayer.

Now the Financial Times of London is reporting that banks are going to use all this as a pretext to invoke market disruption clauses in order to jack up interest rates withing existing debt instrument agreements.

This bailout is going to screw the lower and middle classes the most because after the payoff there still won't be any f'ing credit, at least at anything near affordable rates, to those living on the margins.

Amazing that no one on the left has figured out how badly their power base is about to get screwed. If Obama was really for "change" he'd be out front saying NO FUCKING WAY.

Anonymous said...

This is exactly how Bin Laden foretold the democracies of the west could be taken out. Financially.

Kingfish said...

Republicans are so gullible. They are spiking the football because they stopped the ACORN slush fund but missed everything else. I'm starting to think the ACORN deal was a decoy of sorts.

Anonymous said...

Amazing on the call it is discussed that after the bill is passed and signed it will still take Treasury a few weeks to buy the bad paper BECAUSE THEY HAVE TO HIRE NEW STAFF TO MANAGE THE ASSETS.

Now where are they going to get these new staffers? FannieMae, FreddieMac, Lehman Bros, Bear Stearns? LMAO

Kingfish said...

Where is the FT article? Couldn't find it on their site. Thanks.

Anonymous said...

Colonics for the Obama Nation.

"A growing number of banks are concerned that Libor – a benchmark for interbank borrowing costs and the base for calculating the interest rate for many corporate loans – is no longer accurate in reflecting their actual funding costs.

Some are now considering whether they can invoke a “Market Disruption Clause” in loan agreements on certain undrawn credit facilities, allowing to charge higher interest rates to borrowers."

Anonymous said...

at 12:33 p.m., senator wicker still has no position.

Senator Wicker, HOW can you claim you are a conservative and take NO position on this yet? Seriously? For you to even fathom a yes vote to this makes me lose all respect for you. If you vote yes to this, I will vote for whomever runs against you. At least I won't be fooled into thinking they will vote like I would.

Anonymous said...

12:37 p.m. - Cochran hasn't taken a position yet.

Senator Cochran, see above.

Anonymous said...

i bet they aren't taking a position because they might not *have* to... I see it's NOT passing the house thankfully.

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