Ctrl BG: A Shortcut to Financial News 12/14

It's been a stressful few weeks for US auto makers. Last week, they handed in their proposals to be reviewed by Congress ... from a bankrupt car company, which is a very valid point (think of the warranty/repair issues!). On Friday ... to do so. They are trying to renegotiate with debt holders to swap the debt for a smaller amount of debt, cash [more...]

Date: 2008-12-14 01:06:00

Blog posts (21) | Videos (2)
 

THE FINTAG NEWSLETTER @ 25 August 2009

FINTAG COMMENT Plastic Ono Bank. Bank of America is having trouble packaging up its credit card receivables and flogging them on. You see, to get a decent FICO score you need debts that are likely to be paid back but BoA seems unable to throw any into the mix. I made the error yesterday of stating Mastercard and Visa were in trouble and rightly so I was shot down for they are payment processors not debt holders. I was using a metaphorical term but it didn't work. [more...]

Date: 2009-08-25 23:35:00

Markets Vote Against Bailout Bill; Dodd Circulating Variant, Takes Equity for Dodgy Debt (Updated)

Aha, Congress isn't being so supine after all. Christopher Dodd, who in his initial press comments seemed to be behind the Paulson bailout plan, ... take senior debt instead, placing it in the front of the line of debt holders for repayment ... in which it buys bad assets. This creates a disincentive against using the program casually as a dumping [more...]

Date: 2008-09-22 19:09:40

Is a GM Bankruptcy Inevitable?

Markets in Asia are staging a peppy rebound rally on the assumption that US rescue of the Big Three is in the cards ... parties, including factory workers, dealers and holders of the companies' debt. Without ... to impose wage cuts and debt write-downs on the US’s troubled auto industry as conditions of the $14bn [more...]

Date: 2008-12-15 04:38:07

Citigroup Memo: ?We Are and Will Remain a Bank?

Vikram Pandit has a reputation as a brilliant mathematician, but his job at the helm of Citigroup also requires him to be one heck of a cheerleader ... to help clients save, borrow, invest, transact, and we will provide them advice. * Our commitment ... . We continue to be focused on creating value for our shareholders and debt holders and restoring [more...]

Date: 2009-01-14 12:29:00

The Next Big Bubble To Burst: U.S. Treasuries

Everyone in the world knows that the U.S. has a huge debt, and that the U.S. economy is performing poorly. Yet, people are flocking to U.S ... of stopping the debt train, though, so who knows how high it will go. We are on uncharted ground right now, and all it would take to push this train off the tracks is one major debt holder to start selling [more...]

Date: 2008-12-15 18:11:33

Fed bets $800 billion on consumers

That $200 billion aimed at spurring consumer borrowing will come from the Federal Reserve Bank of New York, which will lend that money to holders of securities backed by consumer debt, such as credit card debt. ... He said the fact that the Fed and Treasury had to work together to get an additional $800 [more...]

Date: 2008-11-25 19:04:49

Summary of Corker proposals the UAW rejected

Jackson Baker, the accomplished senior editor of the Memphis Flyer provides us with the draft “Corker plan”, ... it proposed: Comments in parenthesis are mine. 1)Debt Load Reduction (bond holders would ... would probably be ahead) 4)Elimination of Jobs Bank and Supplemental Unemployment Benefits [more...]

Date: 2008-12-15 16:38:15

Transcript: DICK Cheney on Fox News Sunday | The Exit Interview | December 21, 2008

(Source: CQ Transcriptswire) Editor’s Note: This portion of the show transcript contains only the Cheney interview. Mr. Chris WALLACE: Mr ... s package basically extends a line of credit to the companies for a specified period of time and also ... that’s a target. That’s not a restriction. The bond holders taking equity instead of debt — that’ [more...]

Date: 2008-12-21 20:13:21

What Should Be Done With The Next $350 Billion of Taxpayer Bailout Money: Criteria for TARP II

It’s difficult to make the case that the first $350 billion bailout of Wall Street — so-called “TARP I” — fulfilled its goals, ... of board meetings at which they obviously didn’t oversee very much); to some holders of bank debt [more...]

Date: 2009-01-15 15:54:46

W. and the damage done

President Bush inherited a peaceful, prosperous America. As he exits, Salon consults experts in seven fields to try to assess the devastation ... of $128 billion. Now he's about to dash out the door, leaving a large, unpaid bill ... , or is not among the nearly one in four mortgage-holders whose homes are worth less than the debt on their homes [more...]

Date: 2009-01-09 18:02:54

Finance Crisis Hits Credit Card Business

The financial crisis appears to be spreading to the credit-card business. Credit card companies say that their charge-offs of delinquent debt from card-holders have spiked to 5.5 percent, and could jump to 8 percent in coming months, a level not seen since the dot-com [more...]

Date: 2008-10-31 17:12:26

What Should Be Done With The Next $350 Billion of Taxpayer Bailout Money: Criteria for TARP II

It's difficult to make the case that the first $350 billion bailout of Wall Street -- so-called "TARP I" -- fulfilled its goals, ... of board meetings at which they obviously didn't oversee very much); to some holders of bank debt [more...]

Date: 2009-01-15 15:20:01

GMAC gets help from $21.2B debt swap

By David Goldman CNNMoney.com staff writer NEW YORK (CNNMoney.com) ... would help it become better capitalized and viable for the future. The company, which provides loans to auto dealers and customers, said holders of $21.2 billion of its debt have agreed to a plan [more...]

Date: 2008-12-31 15:30:07

GM Could Go to Zero, Chrysler Even More Likely. Ahh... So We Do Have a Non-Govt Mechanism for Restructuring Companies

Yes we know. We could have been more succinct with our title ... , and there you have it GM can reduce its onerous debt burden. So where's the problem? Ah yes, the UAW. They refused ... of equity value could be wiped out as debt restructuring could lead to current equity holders being diluted [more...]

Date: 2008-12-23 05:49:55

A. E. Fekete: Open The Mint to Gold!

Could a Private Firm Force the Government to Do It? Antal E. FeketeGold Standard UniversityE-mail: aefekete@hotmail ... by several sitting Presidents, to pay holders of its short-term debt gold at a fixed rate of exchange [more...]

Date: 2009-01-12 19:03:08

Holders of GM Debt Form Group

General Motors' bondholders formed a committee to negotiate a debt-for-equity swap that is key to obtaining new bailout monies. [more...]

Date: 2009-01-16 01:15:55

Credit Card Issuers See the Writing on the Wall: Forgiveness of Debt — they also got paid in full through securitization, so there is no obligation owed to them

Credit Card Companies Willing to Deal Over DebtBank of America says it eased off on more than 700,000 credit card holders in 2008, ... to foster the explosive growth of consumer debt in recent years, credit card companies are realizing ... and card companies are bracing for a wave of defaults on credit card debt in early 2009 [more...]

Date: 2009-01-05 00:34:25

Debt Consolidation Benefits

If you’ve ever been in a situation where you needed money that you didn’t have, you probably already know about loans and credit cards ... the borrower will be responsible for paying back a certain amount of the total debt each month. Credit Card A credit card is a “card” whose holder has been given a revolving credit line by a financial [more...]

Date: 2009-01-14 10:09:15

What are my Credit Rights?

Knowing your credit rights as a credit card holder will be your guide and protection against unlawful practices that may be committed by creditors and debt collectors. The Fair Credit Reporting Act (FCRA) has made distinct stipulations ... details or inaccurate information on your credit report. Notify a Consumer Reporting Agency [more...]

Date: 2008-12-22 06:55:21

'Tis the season for bold predictions...

As customary, we are now in the part of the year where many will make predictions on what happens next year ... holders in danger of losing their homes will receive more assistance from a variety of programs since ... extensive income and debt documentation. Those with the best credit will get the best rates [more...]

Date: 2008-12-19 18:45:00

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