by unbaptized 126 Replies latest watchtower beliefs
Sorry guys been out looking for a new lady
BA Quotes " ""Do not interpretations belong to God?"- Gen 40:8" yeh that's right BA your getting the idea now "to God" NOT Brother Apostate
And another thing was'nt Proverbs (or a large part of it ) written by Solomon the apostate ,you know the guy who turned his back on the true religion?
Jeez BA ,maybe you reckon Franz's writings would be good to include in the Watchtower??
Where'd the bailout money go? Shhhh, it's a secret
Dec 22, 9:52 AM (ET) By MATT APUZZO
| |||
WASHINGTON (AP) - It's something any bank would demand to know before handing out a loan: Where's the money going?
But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it.
"We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,'" said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. "We have not disclosed that to the public. We're declining to."
The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what's the plan for the rest?
None of the banks provided specific answers.
"We're not providing dollar-in, dollar-out tracking," said Barry Koling, a spokesman for Atlanta, Ga.-based SunTrust Banks Inc., which got $3.5 billion in taxpayer dollars.
Some banks said they simply didn't know where the money was going.
"We manage our capital in its aggregate," said Regions Financial Corp. (RF) spokesman Tim Deighton, who said the Birmingham, Ala.-based company is not tracking how it is spending the $3.5 billion it received as part of the financial bailout.
The answers highlight the secrecy surrounding the Troubled Asset Relief Program, which earmarked $700 billion - about the size of the Netherlands' economy - to help rescue the financial industry. The Treasury Department has been using the money to buy stock in U.S. banks, hoping that the sudden inflow of cash will get banks to start lending money.
There has been no accounting of how banks spend that money. Lawmakers summoned bank executives to Capitol Hill last month and implored them to lend the money - not to hoard it or spend it on corporate bonuses, junkets or to buy other banks. But there is no process in place to make sure that's happening and there are no consequences for banks who don't comply.
"It is entirely appropriate for the American people to know how their taxpayer dollars are being spent in private industry," said Elizabeth Warren, the top congressional watchdog overseeing the financial bailout.
But, at least for now, there's no way for taxpayers to find that out.
Pressured by the Bush administration to approve the money quickly, Congress attached nearly no strings on the $700 billion bailout in October. And the Treasury Department, which doles out the money, never asked banks how it would be spent.
"Those are legitimate questions that should have been asked on Day One," said Rep. Scott Garrett, R-N.J., a House Financial Services Committee member who opposed the bailout as it was rushed through Congress. "Where is the money going to go to? How is it going to be spent? When are we going to get a record on it?"
Nearly every bank AP questioned - including Citibank and Bank of America, two of the largest recipients of bailout money - responded with generic public relations statements explaining that the money was being used to strengthen balance sheets and continue making loans to ease the credit crisis.
A few banks described company-specific programs, such as JPMorgan Chase's plan to lend $5 billion to nonprofit and health care companies next year. Richard Becker, senior vice president of Wisconsin-based Marshall & Ilsley Corp. (MI) (MI), said the $1.75 billion in bailout money allowed the bank to temporarily stop foreclosing on homes.
But no bank provided even the most basic accounting for the federal money.
"We're choosing not to disclose that," said Kevin Heine, spokesman for Bank of New York Mellon, which received about $3 billion.
Others said the money couldn't be tracked. Bob Denham, a spokesman for North Carolina-based BB&T Corp., said the bailout money "doesn't have its own bucket." But he said taxpayer money wasn't used in the bank's recent purchase of a Florida insurance company. Asked how he could be sure, since the money wasn't being tracked, Denham said the bank would have made that deal regardless.
Others, such as Morgan Stanley (MS) spokeswoman Carissa Ramirez, offered to discuss the matter with reporters on condition of anonymity. When AP refused, Ramirez sent an e-mail saying: "We are going to decline to comment on your story."
Most banks wouldn't say why they were keeping the details secret.
"We're not sharing any other details. We're just not at this time," said Wendy Walker, a spokeswoman for Dallas-based Comerica Inc., which received $2.25 billion from the government.
Heine, the New York Mellon Corp. spokesman who said he wouldn't share spending specifics, added: "I just would prefer if you wouldn't say that we're not going to discuss those details."
The banks which came closest to answering the questions were those, such as U.S. Bancorp and Huntington Bancshares Inc., that only recently received the money and have yet to spend it. But neither provided anything more than a generic summary of how the money would be spent.
Lawmakers say they want to tighten restrictions on the remaining, yet-to-be-released $350 billion block of bailout money before more cash is handed out. Treasury Secretary Henry Paulson said the department is trying to step up its monitoring of bank spending.
"What we've been doing here is moving, I think, with lightning speed to put necessary programs in place, to develop them, implement them, and then we need to monitor them while we're doing this," Paulson said at a recent forum in New York. "So we're building this organization as we're going."
Warren, the congressional watchdog appointed by Democrats, said her oversight panel will try to force the banks to say where they've spent the money.
"It would take a lot of nerve not to give answers," she said.
But Warren said she's surprised she even has to ask.
"If the appropriate restrictions were put on the money to begin with, if the appropriate transparency was in place, then we wouldn't be in a position where you're trying to call every recipient and get the basic information that should already be in public documents," she said.
Garrett, the New Jersey congressman, said the nation might never get a clear answer on where hundreds of billions of dollars went.
"A year or two ago, when we talked about spending $100 million for a bridge to nowhere, that was considered a scandal," he said.
BA- Hmmm. Wonder where the money went? I wonder how well I would do at getting a loan when none of my intended uses are disclosed, nor ever reported on!
Oh, well- here's where $1.6 BILLION went:
AP study finds $1.6B went to bailed-out bank execs
Email this Story Dec 22, 10:06 AM (ET) By FRANK BASS and RITA BEAMISH
| ||||||
|
Banks that have their hands out in Washington this year were handing out multimillion-dollar rewards to their executives last year.
The 116 banks that so far have received taxpayer dollars to boost them through the economic crisis gave their top tier of executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007, an Associated Press analysis found.
That amount, spread among the 600 highest paid bank executives, would cover the bailout money given to 53 of the banks that have shared the $188 billion that Washington has doled out in rescue packages so far.
Some banks trimmed their executive compensation in the face of faltering performance that foreshadowed the current economic crisis, but they still granted multimillion-dollar packages. Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.
|
"Most of us sign on to do jobs, and we do them best we can," said Frank. "We're told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!"
The AP review of annual reports that the banks file with the Securities and Exchange Commission found that the average paid to each of the banks' top executives was $2.6 million in salary, bonuses and benefits.
Among other findings:
- Lloyd Blankfein, president and chief executive of Goldman Sachs, took home nearly $54 million in compensation last year. The company's top five executives received a total of $242 million.
|
The New York-based company, after gains last year, on Dec. 16 reported its first quarterly loss since it went public in 1999. It received $10 billion in taxpayer money on Oct. 28.
- Even where banks cut back on pay, some executives were left with seven- or eight-figure compensation that most people can only dream about. Richard D. Fairbank, the chairman of Capital One Financial Corp. (COF) (COF), took a $1 million hit in compensation after his company had a disappointing year, but still got $17 million in stock options. The McLean, Va.-based company received $3.56 billion in bailout money on Nov. 14.
- John A. Thain, chief executive of Merrill Lynch, topped all corporate bank bosses with $83 million in earnings last year. Thain, a former chief operating officer for Goldman Sachs, came to Merrill Lynch in December 2007, avoiding the blame for a year in which Merrill lost $7.8 billion. Since he began work late in the year, he earned $57,692 in salary, a $15 million signing bonus and an additional $68 million in stock options.
Like Goldman, Merrill tapped taxpayers for $10 billion on Oct. 28.
The AP review comes amid sharp questions about the banks' commitment to the goals of the Troubled Asset Relief Program, a law designed to buy bad mortgages and other troubled assets. Last month, the Bush administration changed the program's goals, instructing the Treasury Department to pump tax dollars directly into banks to prevent wide economic collapse.
The program set restrictions on some executive compensation for participating banks, but did not limit salaries and bonuses unless they had the effect of encouraging excessive risk to the institution. Banks were barred from giving golden parachutes to departing executives and deducting some executive pay for tax purposes. Some banks are forgoing bonuses and restricting other compensation.
The records detailing last year's pay packages show that personal financial advice was among the executive perks. Wells Fargo of San Francisco, which took $25 billion in taxpayer bailout money, gave its top executives up to $20,000 each to pay financial planners.
At Bank of New York Mellon Corp. (BK), chief executive Robert P. Kelly's stipend for financial planning services came to $66,748, on top of his $975,000 salary and $7.5 million bonus. His car and driver cost $178,879. Kelly also received $846,000 in relocation expenses, including help selling his home in Pittsburgh and purchasing one in Manhattan, the company said.
Goldman Sachs, paying as much as $233,000 for an executive's car and driver, told its shareholders that financial counseling and chauffeurs were needed so executives would have more time to focus on their jobs.
JPMorgan Chase chairman James Dimon ran up a $211,182 tab for private jet travel last year when his family lived in Chicago and he was commuting to New York. The company received $25 billion in bailout funds.
Banks cite security to justify personal use of company aircraft for some executives. But Rep. Brad Sherman, D-Calif., questioned that rationale, saying executives visit many locations more vulnerable than the nation's security-conscious commercial air terminals.
Sherman, a member of the House Financial Services Committee, said pay excesses undermine development of good bank economic policies and promote an escalating pay spiral among competing financial institutions - something particularly hard to take when banks then ask for rescue money.
He wants them to come before Congress, like the automakers did, and spell out their spending plans for bailout funds.
"The tougher we are on the executives that come to Washington, the fewer will come for a bailout," he said.
BA- Hello, McFly, looks like you've found the solution- get tough with the executives before it's too late. Actually, it already IS too late.
More news on the economy:
Monday, December 22, 2008, 2:30pm CST
Paralyzed by the credit crisis, the commercial real estate industry is the latest to seek a government bailout of sorts.
In November, a dozen real estate development groups banded together to ask Uncle Sam for help avoiding looming defaults, foreclosures and bankruptcies. On Monday, industry groups held a conference call to draw further attention to their campaign.
Some of the country’s biggest developers have asked Treasury Secretary Henry Paulson to be included in a $200 billion loan program recently created by the government. The program, the Term Asset-Backed Securities Loan Facility, was intended to support the market for car loans, student loans and credit card debt.
In a letter to Paulson, commercial real estate leaders warn that thousands of properties are in danger of foreclosure because current financing is coming due and new financing is hard to come by.
The industry envisions a credit facility that would offer financing to investors interested in purchasing highly-rated securities backed by newly-underwritten and appraised commercial properties. “Banks do not want to originate loans unless they have some way to transfer those loans to new investors,” said Jeffrey DeBoer, president and CEO of The Real Estate Roundtable. “There needs to be market support for investors who want to buy highly-rated securities. Once they have a market, other securities will be able to price off of that.”
Unlike residential mortgages, which can have up to 30-year repayment schedules, commercial mortgages are repaid over five-, seven- or 10-year terms, with balloon payments at the end of the term. If refinancing is unavailable, an owner would be faced with a distress sale or losing the property in foreclosure.
In commercial real estate’s most recent hey-day, the commercial mortgage-backed securities (CMBS) market provided easy money for purchases and refinancing. That market disappeared in the summer of 2007.
Washington D.C.’s distressed and troubled commercial property inventory ranks it fifth (by volume) in the nation, behind New York, Los Angeles, Las Vegas and South Florida.
Nationally, real estate industry analysts predict that between $160 billion and $400 billion of commercial mortgages will mature through 2009, with up to $530 billion of commercial mortgages due for refinancing in the next three years, according to the Wall Street Journal.
“It’s a rolling problem that is only going to get worse,” DeBoer said. “Rather than waiting until the situation gets so bad that the industry needs to be bailed out, we’re talking about preventing that.”
Treasury officials have indicated a willingness to consider adding commercial real estate to the $200 billion loan initiative, but it could take time. The program is not even expected to be up and running, let alone modifiable, until February.
Not everyone in the commercial real estate industry thinks a bailout is in order.
“Our business is cyclical in nature and is prone to boom and bust,” said Andrew Czekaj, chairman and CEO of Cambridge, a Herndon, Va.-based developer. “The boom in the last phase of the cycle was underwritten by cheap credit, [and] the Fed’s predisposition to over-prime the pump led to riskier and riskier bets.”
“This does not require government intervention on behalf of the ownership group. Any intervention will simply prolong the structural problem of the market — too much capital chasing too few deals — and lead to a more severe correction later,” Czekaj said.
DeBoer characterized the problem as more systemic than that. “This is putting pressure on property values and on state and local budgets. It’s causing services to be put on hold, and it’s putting in severe jeopardy good and solid businesses that provide jobs to local communities.”
BA- It just keeps gettin' better and better!
BA Quotes " ""Do not interpretations belong to God?"- Gen 40:8" yeh that's right BA your getting the idea now "to God" NOT Brother Apostate
Amen, that is now, and was, my intent in quoting it. Only those asking for and recieving Holy Spirit can interpret the deeper meaning. Of course, I already made that clear previously.
And another thing was'nt Proverbs (or a large part of it ) written by Solomon the apostate ,you know the guy who turned his back on the true religion?
You get a "D" for density. I already responded to your comment, many moons ago on this thread, replicated here:
BA .....why talk about Solomon he died an apostate to your belief in the bible ....strange is'nt it ,you believe in a book that contains the writings of an apostate ?
Not strange at all. Very telling that you missed the point. Most will. BA PS- You obviously don't understand the connection between Solomon and one of the primary figures of Revelation. That would be because you never learned anything about the Bible or prophecy that the JWs didn't tell you. So, remain ignorant, enjoy your bliss while it lasts.
Bet I can tell you where some of that bailout money went.
I think it went to temp agencies.
The last couple of times I was in the bank...new faces every time. I asked for bank manager. I notice his office was closed and the blinds were pulled. "He's out right now" they said. Also said that a few weeks ago when I went in.
I asked where is the nearest post office?
The four girls running the bank answered that they were NONE of them from this area and did not know where PO was.
Several weeks ago I asked for some other location which should be known by someone driving the area every day, and no one knew that either.
One girl in bank admitted to me today that they are all "temps". What happened to the permanent bank personnel?????
Bet I can tell you where some of that bailout money went.
Similar things around here. I have a number of banks I do (or did) business with. The faces in the last year have been those of former (recently ex) business owners, ex- white collar execs, and others you would not expect to be working as a bank teller.
It is getting more and more difficult to find any job.
Reminds me of Christ's words:
"Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal.
"But store up for yourselves treasures in heaven, where neither moth nor rust destroys, and where thieves do not break in or steal; for where your treasure is, there your heart will be also.
"The eye is the lamp of the body; so then if your eye is clear, your whole body will be full of light.
"But if your eye is bad, your whole body will be full of darkness. If then the light that is in you is darkness, how great is the darkness!
"No one can serve two masters; for either he will hate the one and love the other, or he will be devoted to one and despise the other You cannot serve God and wealth." - Matthew 6:19-24
BA- Now will be exposed those who put their faith in Mammon, as opposed to those who put their faith in God.
