Word: crediteers
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...results look more like an F than the B+ the bank seemed to get. Among the 19 banks the government probed, Citi was found to have the lowest common capital ratio, which the government said was a key measure to protect against insolvency. What's more, Citi also got credit for a capital conversion it has yet to complete. Strip that out, and the amount of capital Citi needs balloons to nearly $63 billion, more than any of the other banks tested. (See pictures of the dangers of printing money...
...Citi's exam also included a $58 billion credit titled "Other Capital Actions." The credit is for the conversion of preferred stock that Citi says it plans to do but has not yet completed. Among the other 18 banks that were examined, only one other, Bank of America, was allowed to include a similar credit in the results of its stress test. And at $1.8 billion, BofA's credit was far less a factor in the outcome of its test than Citi's was. Since the stress tests, other banks have announced plans or have been able to quickly complete...
...Starve the beast” has been the mantra of anti-tax Republicans for decades. But, so far, depriving the “beast”—big government—of revenue hasn’t led to starvation. The beast has had a credit card, a card with a seemingly perennial teaser rate and a credit limit it can more or less set itself. Republican politicians, who would have lost their power to vote tax cuts to their wealthy donors if they hadn’t been re-elected, have not wanted to be implicated...
...Republicans are truly out of power and, if you believe them, the Democrats are using the federal credit card to throw one crazy party. Yet, while it now indeed appears that the fiscal year 2010 federal deficit could surpass 13 percent of GDP, the borrowing is hardly paying for a party. Ironically, with the Democrats in full control of the federal government for the first time in 14 years, the beast, while in no imminent danger of death by starvation, is gravely malnourished. This is the case because the beast has two components: the federal government, but also the many...
...months, Brown looks fresh out of ideas - and luck. A tabloid newspaper this week published make-up instructions written for the Prime Minister, found among official papers left in the back of a taxi. The brief advised the P.M. on using foundation, concealer, and fake tan. To his credit, though, they didn't end up on expenses...