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View Full Version : bailed out Bank of A. sponsored SuperBowl fling


mhgaffney
02-02-2009, 10:28 PM
This is how YOUR hard earned tax (bail out) dollars are being spent by the banksters. High rollers were evidently skinny dipping with party girls at the SB. Looks like more of the same old ****.
MHG

Bailed Out Bank of America Sponsors Super Bowl Fun Fest

Morgan Stanley Hosts Conference at 5-Star Resort in Palm Beach

By BRIAN ROSS, MEGAN CHUCHMACH, ASA ESLOCKER and JOE RHEE
February 2, 2009

Despite a near collapse that required $45 billion in federal taxpayer bailout funds, Bank of America sponsored a five day carnival-like affair just outside the Super Bowl stadium this past week as President Obama decried wasteful spending on Wall St.

The event – known as the NFL Experience – was 850,000 square feet of sports games and interactive entertainment attractions for football fans and was blanketed in Bank of America logos and marketing calls to sign up for football-themed banking products.

The bank staunchly defended its sponsorship, saying it was a "business proposition" and part of its "growth strategy."

Critics blasted the spending as a serious abuse of taxpayer money.

for the rest of the report go to:
http://www.abcnews.go.com/Blotter/story?id=6782719

mhgaffney
02-02-2009, 10:33 PM
This is the second part of this double barrel thread:

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4424418/Let-banks-fail-says-Nobel-economist-Joseph-Stiglitz.html

Let banks fail, says Nobel economist Joseph Stiglitz

The Government should allow every distressed bank to go bankrupt and set up a fresh banking system under temporary state control rather than cripple the country by propping up a corrupt edifice, according to Joseph Stiglitz, the Nobel Prize-winning economist.

By Ambrose Evans-Pritchard in Davos
Last Updated: 8:29AM GMT 02 Feb 2009

Professor Stiglitz, the former chair of the White House Council of Economic Advisers, told The Daily Telegraph that Britain should let the banks default on their vast foreign operations and start afresh with new set of healthy banks.

"The UK has been hit hard because the banks took on enormously large liabilities in foreign currencies. Should the British taxpayers have to lower their standard of living for 20 years to pay off mistakes that benefited a small elite?" he said.

"There is an argument for letting the banks go bust. It may cause turmoil but it will be a cheaper way to deal with this in the end. The British Parliament never offered a blanket guarantee for all liabilities and derivative positions of these banks," he said.

Mr Stiglitz said the Government should underwrite all deposits to protect the UK's domestic credit system and safeguard money markets that lubricate lending. It should use the skeletons of the old banks to build a healthier structure.

"The new banks will be more credible once they no longer have these liabilities on their back."

Mr Stiglitz said the City of London would survive the shock of such a default because it would uphold the principle of free market responsibility. "Counter-parties entered into voluntary agreements with the banks and they must accept the consequences," he said.

Such a drastic course of action would be fraught with difficulties and risks, however. It would leave healthy banks in an untenable position since they would have to compete for funds in the markets with state-run entities.
Mr Stiglitz's radical proposal is a "Chapter 11" scheme for households to allow them to bring their debts under control without having to go into bankruptcy. "Families matter just as much as firms. The US government can borrow at 1pc so why can't it lend directly to poor people for mortgages at 4pc. ," he said.

24champ
02-02-2009, 10:36 PM
B of A is run by the Mossad.

Buy my book.

Florida_Bronco
02-02-2009, 11:53 PM
B of A is run by the Mossad.

Buy my book.

You'd think this dumbass would have learned to keep this crap in the WRP cesspool.

brncs_fan
02-03-2009, 06:15 AM
Bank of America is run by heartless children.

There is a reason that we keep our money in local credit unions.

baja
02-03-2009, 07:07 AM
The Government should allow every distressed bank to go bankrupt and set up a fresh banking system under temporary state control rather than cripple the country by propping up a corrupt edifice, according to Joseph Stiglitz, the Nobel Prize-winning economist.

Eventually this is what must happen question is how many Trillions will the federal government flush down the rabbit hole before it does happen?

baja
02-03-2009, 07:10 AM
Bank of America is run by heartless children.

There is a reason that we keep our money in local credit unions.

I now have only enough money in banks to handle monthly reoccurring bills

Garcia Bronco
02-03-2009, 07:27 AM
Has anyone seen the interest rates these big banks are offering compared to smaller banks. LMAO

Taco John
02-03-2009, 08:48 AM
Has anyone seen the interest rates these big banks are offering compared to smaller banks. LMAO

I actually haven't. What are they like?

worm
02-03-2009, 08:53 AM
I now have only enough money in banks to handle monthly reoccurring bills

No worries Baja. After you harvest your 'crop' you will be more liquid again.

Kaylore
02-03-2009, 09:03 AM
B of A is run by the Mossad.

Buy my book.

:~ohyah!:

Archer81
02-03-2009, 09:13 AM
Letting industries fail...we do that? I was confused after watching money get thrown at Mortgage companies, banks, airlines, auto makers...

:Broncos:

Garcia Bronco
02-03-2009, 09:17 AM
I actually haven't. What are they like?

Mostly less than a percent APY. It's not even close to being able to compete with smaller banks on CD's and Money Market Accounts at 2-3 percent. BOA is offering 1.25 APY on money market accounts 250K and above. It's a joke

400HZ
02-03-2009, 09:19 AM
I had to work, but I'm glad they had fun.

brncs_fan
02-03-2009, 09:19 AM
Seriously, if you have the cash and you don't need it, put it in a CD or Money Market account and watch it grow.

broncocalijohn
02-03-2009, 09:40 AM
After winning 11k in a poker tournament last week, I wanted to put $7k in a cd. Wells Fargo told me they have one for 6 months at 1.25%. I LMAO right there and told them my wife's credit union gives 4% without a cd. If I wasnt broke (well, before the poker win), I would never store money in these big banks.

Garcia Bronco
02-03-2009, 09:54 AM
After winning 11k in a poker tournament last week, I wanted to put $7k in a cd. Wells Fargo told me they have one for 6 months at 1.25%. I LMAO right there and told them my wife's credit union gives 4% without a cd. If I wasnt broke (well, before the poker win), I would never store money in these big banks.

Yep. Just deposted a huge pile of money in my account before a launch it off elsewhere. They offered me their money market rate and I literally snickered. I told them that 3.5 percent would get them the money. They couldn't bend. Get this..... .08 apy. I told them thery are not even close to being able to compete for my money.

Tombstone RJ
02-03-2009, 11:40 AM
I'm closing my BOA account... fug'm.