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CIT To Be Bailed Out By Goldman And JP Morgan
Developing Story: I am the great vampire squid's total lack of surprise. So the government and FDIC will not touch CIT, but Goldman and JPM which have tens of billion in dollars owed to the FDIC via the TLGP can bail them out and make it seem like a private bail out? Are all conversations between 85 Broad and Tim Geithner/Sheila Bair over the past 48 hours FOIAble? Red pill please. Also explains the two banks' recent commingled dinning patterns.
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Let me guess. Sheila Bair will backstop any losses thru the FDIC. Party Time!!!!!
This is equivalent to Money Laundering. Keep the scent off the trail. Confuse the money flow radar. See any government bail out will be instantly criticised. Now the government can launder the bailout thro' its subsidiaries GS and JPM.
you have it precisely backward....the executive
branch and congress are subsidiaries of
goldman sachs.
Sorry for the folly. You are correct.
The gov't has outsourced its bailouts! Brilliant! says the guiness guys
right now I need a barrel of guiness
You know, anyone who complains about government oversight/overreach by bureaucrats should probably start considering the alternative which is developing - to be ruled by a bunch of I-bankers. Choice B is not better.
too late. investment bankers are already in charge of the government.
Granted, but some of the "liberty" lovers want less government. So let the IBs rule directly, right?
IBs cannot rule without government ensuring they have no competition, no legal ramifications for their actions, and no chance of failing...ever.
Only then are they able to exert the power they do.
I am sure all the bad stuff immediately gets hidden in some SIV, or off balance sheet bullshit. Do they still intend on starting the new FASB this November or will the banks and congress force the FASB to cave on bringing all the TOXIC GARBAGE on to the books?
Oh yeah......Fuck Goldman
Maiden Lane VVXXX.
This is getting more and more insane........the government is amuck..........it must be stopped.
FUCKING BIGGEST --MOST EXPENSIVE PR MOVE IN HISTORY!!!
WE ARE NOT FOOLED YOU FUCKING LEECHES !!!!!
LET CIT FAIL THIS WILL BE THE ONLY WAY TO LINE THE STREETS WITH PITCHFORKS! (WHEN EVERYONE LOSSES THEIR JOBS!)
CIT YOU HAVE THEM BY THE BALLS!!!!! YOU ARE NOW HOLDING THE CARDS ....DON'T MAKE A DEAL WITH THE DEVIL IT WON'T CHANGE YOUR DEMISE!!! DO IT FOR HUMANITY!!!!
Does this mean I wont be getting my $700,000 bonus?
The 64 billion dollar question is how they will work over CIT's balance sheet to instantly turn this into a Q3 earnings boon.
"Come on CIT, you have billions in untapped Credit Value Adjustments! And whoa whoa whoa! Didn't you get the memo? M2M is back out the window. Look, now you're with the big boys. We'll show you how it's done."
Seems to me the international elite are setting up goldman as the scape goat to which we will all focus our indignation on while the ruling party will remain unseen. That could be the only explanation for all this media coverage. For all the carnage that has been caused and yet to be caused world wide someone has to be blamed and as of yet we have no one other than maddof that went to prison. Though goldman is truly evil they are only the front man of the evil agenda... no different than the president of the united states. I wont be satified until the Rothchilds, Rockefellers and Morgan familys (to name a few) are chained up for their crimes against humanity.
troublesum,
BINGO! By the way, don't count on the New World Order to throw those "elite" in the clink.
hear hear!!....the rockefeller cabal is obama's
pimp. his associations with u of chicago are not
incidental.
URL to clip of Jay Rockefeller ripping on the internet. Making information readily available to the people who should be kept in the dark by the "elite" is the worst thing that has ever happened.
http://www.youtube.com/watch?v=Ct9xzXUQLuY
anyone wanting more information on the
rockefeller murderers should watch aaron russo
interview.
http://www.youtube.com/watch?v=7nD7dbkkBIA
he makes me want to puke... granted im only 27 but im ashamed that I woke up only a few months ago about the reality I live in. Nice to see others that are aware.
welcome to the party =)
great link.
Well that's trouble alright. Because it makes the Campaign for Liberty (Ron Paul) part of the international elite. Say it ain't so.
Like marked to market was ever in.
Winston Wolf.
We seem to be witnessing an accelerating trend: Risk taking is becoming more concentrated at the very top of the business pyramid, more and more monopolized by the likes of GS-JPM. "Don't worry about risk, we'll take care of it for you!"
The reason things are accelerating is becuase as they gain more power they have more power with which to gain more power. Quoted from David Icke.
Yep ... based on the everyday observation ... the faster you go, the faster you can go faster.
What I do see is that GS has become a nice distraction from the "Audit the Fed" controversy.
Winston Wolf.
Touche.
The old bait and switch, hmmmmmmm.
They are both just as guilty though.
Big PR move? Well, it's working CIT up 100+%.....the excrement just keeps getting deeper.
And btw, I'm talking about active risk taking -- with everyone else in thrall to GS-JPM pyrotechnics. The risk becomes ours passively; it's super-systemic.
I wonder how many shares of CIT GS's prop trading desk bought when it selling for .40 a share.
and are selling now, right before "talks break off".
I just upgraded GS to strong buy. Price target is $1,750/sh. And, that's just by next Wednesday.
First of all, this isn't a done deal, yet.
If it is, the rich simply get richer. Not all of CIT is damaged, their business finance platform has short- term money access problems but the talent is valuable, certainly to Goldman.
Some things to think about;
- It would be hard to see the Treasury sitting by and watching perhaps another Lehman take place. Nobody knows whether there is systemic risks or not. Hence the money- laundering operation. Why take a chance?
- Treasury gets to have its cake and eat it, too.
- The inner game is perhaps Goldman v. GE. Who needs light bulbs, anyway?
If CIT stands, what happens to GE? GE's failure would be more systemically devastating than CIT's? All of Kneale's and Cramer's idiocy makes sense if their boss is concerned about being too big to bail. GE is a Goldman competitor as was Bear and Lehman. Remember what happened to them ...
Immelt is on the board of the NYFRB. they won't fail.
True, but so was Dick Fuld. Maybe he was a plant, a fall guy to get the ball rolling.
No more TBTF means even bigger and more important to bail.
What is said and what is done are as far as the East is from the West.
Say one thing do another, the opposite actually.
What has BO done that he said he would? Seriously?
Wow, looks like I called this one to the "T" a couple days ago...not that it wasn't as obvious as saying the sky is blue and water is wet.
Step 1: Fed won't bailout. Calls GS and asks if they would bail out CIT.
Step 2: GS says 'Naw... Well, if the share price drops like a rock then I'll consider it.'
Step 3: Market sells off CIT due to 'asymmetric information' accruing from Fed not bailing out CIT. SURELY the Fed knows best!
Step 4: Market vultures (JPM / GS) swoop in to the 'rescue.'
It's amusing...oh Hell, it's hilarious how Blanfein and Dimon wont let Tim "I am Sam" Geithner, Bernanke, or Bair act as middlemen/bagmen anymore.
1) Ben calls Jaime and instructs him to takeover CIT. Jaime says hell no, remember Bear?
2) Ben calls everyone else he knows, no one bites.
3) Ben calls Jaime back. After ten more NOs, Ben tells Jaime he will do this, but at no cost or risk to JPM. He'll work out the details by Monday morning. Don't bother arguing.
4) Ben calls in one of the zillions of favors that GS owes.
9) Profit.
Are you implying that the govt is in cahoots with the banks? No way. LOL
5) Ben threatens to replace Jamie. Jamie says he'll speak to the board.
6) Jamie calls trading desk and they buy a shitload of CIT at .40.
7) Jamie calls Lloyd to get in on the action.
8) Jamie Calls Ben back and says ok.
9) Profit
10) Jamie and Lloyd short every CIT share in sight.
11) Jamie calls Timothy at the Treasury and says he can't do it (cites the MAC clause). Timothy gets mad, but Jamie just laughs (I know Paulson, and you're no Paulson.)
12) Profit.
Why would GS & JPM bailout CIT when they can steal it over the weekend through a bankruptcy? They can have the FDIC and the treasury backstop and losses and they will then own it for free.
why wouldn't gs/jpm do this? There was no arm twisting here, they bought all the CIT stock they could at lows because they knew it was guaranteed to sky-rocket when they announced. Just like when the mob bails out your business, then runs it into the ground for profit. this is brazen.
GS need exposure to the common people. Jamie told lloyd that he need to step up to the plate and get the exposure through CIT.
Hopefully for GS, they will realize some some losses with CIT which shows they are taking one for team United States (a force for good).
All in all, a decent opening pr move by GS.
BTW jamie is playing this better than anyone. Dimon has GS out front (like junior soparno) taking all the hits.
I don't think Jamie has conspired to have Lloyd take all the hits. I blame that to those who are supposed to be watching. It's just half-assed politics.
I wonder how Erin, Maria, and MCC reacted to the news?
Agreed. CIT is now the world's most expensive PR firm.
I guess we all knew this was coming:
"Goldman Sachs in Talks to Acquire Treasury Department"
http://www.borowitzreport.com/article.aspx?ID=7047
they already own it....
"I wonder how Erin, Maria, and MCC reacted to the news?"
Orgasmically, I would imagine. I ain't gonna look or listen though. I wanna keep my lunch down.
maria is pregnant. so the best she can do is waddle with extremem pleasure.
All this means is the GS killer prop desk was frontrunning the story to get a cool 124% return for 2 hours work. JPM prolly joined the fun because their equities desk needs to make up for lost time (2q09).
now they are talking it will be DIP financing - we all know what that means, those 70cent poker chips will be worth nothing.
i took the bait, piled in at 65cent... willing to lay the risk over the weekend.
http://www.creditwritedowns.com/2009/07/forget-about-goldman.html
Gvt is the problem