29/08/2011

Bank of Flamerica gets FDIC non-approval of proposed settlement

By John Galt August 29, 2011 – 18:28 ET Oh man, oh man, oh man. Thank you Yves Smith for capturing this one: FDIC Objects to $8.5 Billion BofA Settlement (Updated) Click on the link to read the FDIC document and the bloodshed. Thank you Yves at Naked Capitalism. Wow, this is a fun one to read because the truth is sadistically painful and enjoyable.



Liberty Dollars May be Subject to Confiscation

By John Galt August 29, 2011 – 11:30 ET From CoinWorld.com (click on title read full article): Liberty Dollars may be subject to seizure Federal officials call medallic pieces ‘contraband’ from the article: Liberty Dollars held by collectors may be subject to seizure as contraband by federal law enforcement, officials with the U.S. Attorney’s Office and Secret Service said Aug. 24. Statements by officials for those two federal law enforcement agencies seem to reverse the position taken in comments released from the United States Attorney’s Office in Charlotte, N.C., and published…


Dallas Fed Mfg. Outlook: Going down fast

By John Galt August 29, 2011 – 10:45 ET The outlook from the Dallas Federal Reserve Bank report on manufacturing has gone from bad to worse in the August survey. The general business activity index remained negative for the fourth month in a row and fell from –2 to –11.4 and indications within the survey tend to signal further declines in the immediate future. The index overall has reached the flat line which in and of itself is a bad indicator for the nation: This is an almost perfect duplication of…


July Pending Home Sales continue long term downtrend

By John Galt August 29, 2011 – 10:20 ET The latest report from the National Association of Realtors indicates the end of the cash for clunkers housing stimulus was probably the last peak in activity we will see for quite some time. The amount is higher than last July’s low reading, which is the highlight the NAR will continue to point towards but the reality is that this is a long term trend line to the downside after the failed Obama housing stimulus program which only provided a temporary increase in…


Bank of America, which doesn’t need to raise capital, sells CCB stake raises $8.3 Billion

By John Galt August 29, 2011 – 09:55 ET The breaking news of the morning is that Bank of America, the institution whose CEO recently said on television that the company did not need to raise capital, has now raised another $8.3 billion which apparently it does not need by selling part of its stake in the China Construction Bank. This makes the one week take including Warren Buffett’s unnecessary investment a tad over $13.8 billion of fresh capital raised that they do not need. Considering the recent television appearances of…


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