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Fed Advisory Council Demands Further Handouts For Credit Card Companies, Sponsors Today's Green Closing Print

Tyler Durden's picture




 

Today's dose of late afternoon S&P deux ex machina comes from the Fed Advisory Council, presumable a council populated by bankers, which basically gives a reprieve to the credit card companies.

  • FED DURBIN RULES DRAW `BROAD AND DEEP OPPOSITION' FROM BANKS
  • FED RULES 'EXTREMELY DAMAGING' TO CONSUMERS, BANKS, CARD FIRMS
  • FED ADVISORY COUNCIL SAYS REGULATOR SHOULD WITHDRAW PROPOSAL

Mistakes are not be made as billions more are stolen from the populace.

Presenting the Fed Advisory Council for your amusement.

The Federal Advisory Council (FAC), which is composed of twelve
representatives of the banking industry, consults with and advises the
Board on all matters within the Board's jurisdiction. The council
ordinarily meets four times a year, the minimum number of meetings
required by the Federal Reserve Act. These meetings are always held in
Washington, D.C., customarily on the first Friday of February, May,
September, and December, although occasionally the meetings are set for
different times to suit the convenience of either the council or the
Board. Each year, each Reserve Bank chooses one person to represent its
District on the FAC, and members customarily serve three one-year terms.
The members elect their own officers.

  • Joseph L. Hooley, First District
  • Robert P. Kelly, Second District
  • Bharat B. Masrani, Third District
  • James E. Rohr, Fourth District
  • Richard D. Fairbank, Fifth District
  • Daryl G. Byrd, Sixth District
  • David W. Nelms, Seventh District
  • Bryan Jordan, Eighth District
  • Richard K. Davis, Ninth District
  • Stanley A. Lybarger, Tenth District
  • Richard W. Evans, Jr., Eleventh District
  • Russell Goldsmith, Twelfth District
  • James E. Annable, Secretary
 

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Mon, 02/14/2011 - 16:00 | 960672 SilverRhino
SilverRhino's picture

Fucking Bankster Cocksucking Bastards.

Mon, 02/14/2011 - 16:04 | 960688 Cognitive Dissonance
Cognitive Dissonance's picture

To assume the FAC would do anything other than feed it's own interest is to assume the Fox Action Council would spare the chickens.

Mon, 02/14/2011 - 22:05 | 962221 Cursive
Cursive's picture

@Cog Dis

/thread  :)

Mon, 02/14/2011 - 16:17 | 960705 hedgeless_horseman
hedgeless_horseman's picture

Learning from the bankers...

GM hourly workers get $4,000 bonuses

GM will pay most hourly workers more than $4,000 each as compensation for its strong financial performance last year, said a person briefed on the bonuses.

 

...

 

The person briefed on the payments did not know the total cost of the salaried bonuses, but it's likely to top $200 million. Most GM salaried workers make more than $100,000. A bonus of 8 percent, the midpoint of the range, would give them roughly $8,000.

 

....

   

"Since the taxpayers helped these companies out of bankruptcy, the taxpayers should be repaid before bonuses go out," Sen. Charles Grassley, R-Iowa, said in a statement. "It sends a message that those in charge take shareholders, in this case the taxpayers, for a sucker."

  

http://news.yahoo.com/s/ap/20110214/ap_on_re_us/us_general_motors_bonuses

 

Just another reason why I will never buy a GM product.

Mon, 02/14/2011 - 18:00 | 961339 SRV - ES339
SRV - ES339's picture

That's a good little soldier... go after a $4k bonus for a worker (I used to pay out bonuses higher than that in a small $5M a year company) while Wall Street criminals walk away with millions in bonus money... stolen from all of us of course.

Mon, 02/14/2011 - 16:08 | 960710 Hondo
Hondo's picture

If we're going down this road then lets go all the way, I want every f***** bank, credit card company nationalized....NOW!!  Then I want my credit limit increased by .....um, let's start with 500%....I'm writing my congressman now.

Mon, 02/14/2011 - 16:08 | 960711 williambanzai7
williambanzai7's picture

Mon, 02/14/2011 - 16:10 | 960719 earnyermoney
earnyermoney's picture

Frosty Sack delivers a 100% retrace from the March 09 lows on Valentine's day.

Mon, 02/14/2011 - 16:11 | 960729 the not so migh...
the not so mighty maximiza's picture

Time to cut off these hands, no more handouts!

Mon, 02/14/2011 - 16:15 | 960745 dick cheneys ghost
dick cheneys ghost's picture

meanwhile, our schools are flat broke and facing the biggest cuts since WW2.

 

http://nakedempire.wordpress.com/

Mon, 02/14/2011 - 16:30 | 960834 Dr. Hannibal Lecter
Dr. Hannibal Lecter's picture

My Dear Friend,

Please don't start with this horseshit.  The school systems are fucked because the gubment runs em, and employs union labor.

Give me a fucking break

Warmest Regards,

H

 

Mon, 02/14/2011 - 18:27 | 961427 whatz that smell
whatz that smell's picture

is that doktor junk'll or mister Hyde-behind-foxy-news-horseshit?

also, if ya don't want a handout don't ask for a break.

Mon, 02/14/2011 - 16:23 | 960797 Robslob
Robslob's picture

All part of the plan...It all started buy allowing corporations to have an official "voice" in government...then repeal Glass-Stegall and Volker gets flushed.

The one thing I have in my arsenal of comebacks to the banksters I know when they start telling how everything is all fixed:
Would the banks be solvent if Glass-Steagall and the original Volker rule were reinstated tomorrow....followed by silence.

Mon, 02/14/2011 - 16:29 | 960833 redpill
redpill's picture

"The council ordinarily meets four times a year, the minimum number of meetings required by the Federal Reserve Act."

The legislative gift that just keeps on giving.

Mon, 02/14/2011 - 16:57 | 961003 Racer
Racer's picture

Oh the poor credit card companies, oh those are the banksters that charge 18 to 48% interest poor credit card companies I suppose? When they get the money for free?

Mon, 02/14/2011 - 17:15 | 961005 jmc8888
jmc8888's picture

Because to these asshats anything that hurts banks, will hurt consumers.  Of course we're also more than consumers, but not to the FED.

These asshats would say Glass-Steagall would hurt consumers through the SOPHISTRY that since the Banks are hurt, they would then have to take it out on....

Oh yes, when you're a bank (unneeded middleman), you have to make those you mis-serve really think you're necessary at all costs.  Of course consumers take the first hit before the banks themselves, due to suprisingly the banks decisions.

Glass-Steagall and show them what they're really needed for, and that I guarantee you, IS GOOD for the consumer, or better yet, every American, and really every human on the planet.

Mon, 02/14/2011 - 17:09 | 961068 gwar5
gwar5's picture

I'm closing all bank accounts and going to stop using cards anyway. 

Mon, 02/14/2011 - 17:14 | 961091 treasurefish
treasurefish's picture

Who funded the two flash crashes today with my coal stocks (ICO, PCX) right at market close?  CHINA?

 

http://www.nasdaq.com/aspx/nasdaqlastsale.aspx?symbol=PCX&selected=PCX

Mon, 02/14/2011 - 18:05 | 961358 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

There are derivatives contracts. Bankers are familiar with these.

There are legal contracts. Bankers do not seem familiar with these (MERS)

Then there are other types of contracts, which Bankers may become familiar with, much to their dismay ...

Mon, 02/14/2011 - 23:36 | 962491 Bartanist
Bartanist's picture

Mistakes were made, others to be blamed.

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