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Thread: mainstream news of toxic financials begins to spread beyond banks ...

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    Default mainstream news of toxic financials begins to spread beyond banks ...

    (snip)"The Treasury Department has decided to extend bailout funds to a number of struggling life-insurance companies, helping an industry that is a lynchpin of the U.S. financial system, people familiar with the matter said.

    The department is expected to announce the expansion of the Troubled Asset Relief Program to aid the ailing industry within the next several days, these people said.

    The news will come as a relief to a number of iconic American companies that have suffered big losses made worse by generous promises to buyers of some investment products. Shares of life insurers have fallen more than 40% this year. Their troubles led to a string of rating-agency downgrades that, in a vicious cycle, made it more difficult for some insurers to raise funds."(snip)




    (snip)"crisis facing pension plans for US state and municipal employees is deepening as investment losses deplete the resources of retirement funds for teachers, police officers, firefighters and other local government workers.

    The largest state and municipal pension plans lost 9 per cent of their value of more than $2,000bn in the first two months of this year, according to data from Northern Trust. That followed a loss of 30 per cent in 2008, equal to about $900bn. Smaller funds, which underperform the larger ones, lost more, experts say."(snip)


    common thread here is that if you have paid money to some institution with a promise that your money will be paid back (with interest) at some point in the future, don't count on it actually happening !!!

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    Default Re: mainstream news of toxic financials begins to spread beyond banks ...

    Banks, auto manufacturing, life insurance. Any bets on the next target of government "takeover".
    Quote Originally Posted by The Snark View Post
    But then I suppose the sort of people who write this kind of crap generally don't allow their opinions to be tainted by things like "facts" and "reality".
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    Default Re: mainstream news of toxic financials begins to spread beyond banks ...

    Several life companies have applied for the TARP funds, but after watching what has happened recently at GM and some of the banks they may not be so quick to accept the aid.
    If you can't win. Make the fellow in front of you break the record.


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    Default Re: mainstream news of toxic financials begins to spread beyond banks ...

    A bank that took about 1bill in aid is trying to give it back because of the increased regs they face. The govt is refusing to accept it.
    Quote Originally Posted by The Snark View Post
    But then I suppose the sort of people who write this kind of crap generally don't allow their opinions to be tainted by things like "facts" and "reality".
    Distortion becomes somehow pure in its wildness
    The note that began all can also destroy

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