Word: feds
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...duck, so I can't really say how it feels, but the process itself is not a sadistic torturous process. When you look at the ducks that have just been fed and the ones about to be fed, there is not a perceptible difference between them. The counter-argument is that ducks are prey animals and are conditioned not to show you if they're suffering. And if you've got a liver that's 10 times its normal size, a duck is going to be uncomfortable. But a duck being uncomfortable in the last days before it's slaughtered...
Clearly a student of the history of momentum in politics, Geithner decided to strike while the iron was hot. He and hapless Fed chairman Ben Bernanke went before Congress. Geithner, who was supposed to be unemployed last week, aimed high. He asked that Treasury to be given the power to essentially liquidate large non-bank financial institutions. The department would have the ability to seize a company like AIG, sell its assets, and manage its business to do as little harm to the global financial system as possible. All of this would be accomplished using taxpayer money, but there...
...Under TALF, the Fed will only finance AAA-rated ABS. Investors are not given an incentive to purchase the riskier tranches. The result is that securitizers would have to keep the riskier tranches on their own balance sheet. And, given banks recent experience with this approach, it is unlikely that they will be eager to do so again. However, in the event a bank wishes to act as a securitizer, they will have no choice...
...Finally, the nature of assistance and type of recipient make TARP and TALF wholly different programs. Under TARP, the government encouraged and even forced banks to accept financing because their financial position was so precarious it was threatening the stability of the entire market. Conversely, under TALF, the Fed and Treasury are seeking to persuade private investors to purchase assets from banks. Although these private investors were an integral part of the issuance of these instruments in the past, they are not seeking assistance from the government. Instead, they have been presented with an opportunity to invest in an uncertain...
...Tien claims the $6 bribe offered was more than fair, but the officer wanted more to ignore the traffic violation. Words between the two escalated. Insults flew. And then Tien snapped. "I grabbed his neck and pushed hard," he says. "I have never dared challenge the police. I'm fed up with corruption and at that moment I was just so frustrated...