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Post Info TOPIC: FDIC going broke? Say it aint so!


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FDIC going broke? Say it aint so!


Well... Well... Well....

Did Obama over look the fact that the govenment could go broke trying to save all the corporate fat cats?

WASHINGTON - Tired of the government bailing out banks? Get ready for this: officials may soon ask banks to bail out the government.

Senior regulators say they are seriously considering a plan to have the nations healthy banks lend billions of dollars to rescue the insurance fund that protects bank depositors. That would enable the fund, which is rapidly running out of money because of a wave of bank failures, to continue to rescue the sickest banks.

The plan, strongly supported by bankers and their lobbyists, would be a major reversal of fortune.

A hallmark of the financial crisis has been the decision by successive administrations over the last year to lend hundreds of billions of taxpayer dollars to large and small banks.

'Least worst options'
Its a nice irony, said Karen Shaw Petrou, managing partner of Federal Financial Analytics, a consulting company. Like so much of this crisis, this is an issue that involves the least worst options.

Bankers and their lobbyists like the idea because it is more attractive than the alternatives: yet another across-the-board emergency assessment on them, or tapping an existing $100 billion credit line to the Treasury.

The Federal Deposit Insurance Corporation, which oversees the fund, is said to be reluctant to use its authority to borrow from the Treasury.

Under the law, the F.D.I.C. would not need permission from the Treasury to tap into a credit line of up to $100 billion. But such a step is said to be unpalatable to Sheila C. Bair, the agency chairwoman whose relations with the Treasury secretary, Timothy F. Geithner, have been strained.

Sheila Bair would take bamboo shoots under her nails before going to Tim Geithner and the Treasury for help, said Camden R. Fine, president of the Independent Community Bankers. Shed do just about anything before going there.

Bankers worry that a special assessment of $5 billion to $10 billion over the next six months would crimp their profits and could push a handful of banks into deeper financial trouble or even receivership. And any new borrowing from the Treasury would be construed as a taxpayer bailout that could open the industry to a political reaction, resulting in a wave of restrictions like fresh limits on executive pay.

Any populist furor could be avoided, the thinking goes, if the government borrows instead from the banks.

Borrowing from healthy banks, instead of the Treasury, has the advantage of keeping this in the family, said Karen M. Thomas, executive vice president of government relations at the Independent Community Bankers of America, a trade group representing about 5,000 banks. It is much better for perceptions than having the fund borrow from somewhere else.

Ultimately, officials say, the deposit insurance corporation could settle on a plan that replenishes the insurance fund by doing some of both: borrowing from healthy banks to shore up the shorter-term liquidity needs of the fund, and imposing a special fee on banks to increase the longer-term capital level of the fund.

Rapid decline
Since January the F.D.I.C. has seized 94 failing banks, causing a rapid decline in the deposit insurance fund. Despite a special assessment imposed on banks a few months ago to keep the fund afloat, its cash balance now stands at about $10 billion, a third of its size at the start of the year. (Another $32 billion has been set aside for failures that officials expect to occur in the coming months.)

The fund, which stands behind $4.8 trillion in insured deposits, could be wiped out by the failure of a single large bank, although the deposit insurance corporation could always seek a taxpayer bailout by borrowing from the Treasury to stay afloat.

Officials say that the F.D.I.C. will issue a proposed plan next week to begin to restore the financial health of the ailing fund.

There is no consensus among the five board members, consisting of Ms. Bair, two other F.D.I.C. officials, and the heads of the Office of Thrift Supervision and the Office of the Comptroller of the Currency. Others may propose novel ways to replenish the fund, for example, by asking the banks to prepay the premiums that they were planning to make next year.

Borrowing from the industry is allowed under an obscure provision of a 1991 law adopted during the savings and loan crisis. The lending banks would receive bonds from the government at an interest rate that would be set by the Treasury secretary and ultimately would be paid by the rest of the industry. The bonds would be listed as an asset on the books of the banks.

This story, "F.D.I.C. May Borrow Funds From Banks," originally appeared in The New York Times.

http://www.msnbc.msn.com/id/32963393/ns/business-the_new_york_times/



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"Well... Well... Well....

Did Obama over look the fact that the govenment could go broke trying to save all the corporate fat cats?"



Rex, the banks began failing under the Bush administration as a result of the Republican party (and Clinton) spending the last 30 years deregulating the financial sector.  Don't blame President Obama for this... Please

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It's time you boys sink or swim.

EVERYTHING IS OBAMA'S FAULT NOW!

Bush is not the president anymore. Obama is.

If Obama thought the stimulus was bad, then he could have stopped it. Did he? No he did not.

Why must you keep blaming other people PowerStroker? Obama is screwing up so bad now that you have to try and go 30 years back to place blame. Who's next? George Washington?

Get a grip. It's not working.

When Obama was elected president I gave him a clean slate, even though there was wide spread talk about his agenda and his birth certificate, things that I have NEVER seen questioned about a person running for President. Despite all that I still gave him the benefit of the doubt! He knew for a fact he had a BIG JOB ahead of him, I mean come on, he announced that he would be running for president as if he was a boxing announcer.




Bush did not have banks going bankrupt, Bush never tried to destroy the moral of the American public by stating we were in a recession. That move was made by OweBama and it was the equivalent of shooting himself in the foot. Had he not tried to hard to push this talk of recession then people might not have started to panic and hold back, but every since I seen that tactic and his on again off again race comments, along with his presidential speeches in foreign tong, rather than the native English language, I have felt Obama wishes to tear America apart in the most profound way.

Hell the guy refused to wear a United States Flag lapel pin in the beginning!!

PowerStroker wont be happy until the country is run into the ground and the Republic has to shoot its way out.



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Since when was the bipartisan stimulus a bad thing? Without it we would be in a Depression. Leman Brothers failed under BUSH. The bank bailout bill happend under BUSH. The recession didn't happen because Obama said we're in one. It happened after 5 consecutive quarters of negative growth (This happened under Bush) and the Federal Reserve Chairman Ben Bernanke (a Bush appointee) Declared a recession accurately once those results were in. Obama had nothing to do with it. Sure President Obama is responsible for getting us out of this mess, but don't think for one second that he caused it. The Dow Industrial average is up over 2500 since Obama took office.

Stop watching Fox "news" Rex.
You're entitled to your own opinion, but not your own facts

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Leman Brothers???

LOL

That has to be a joke. Leman Brothers was more of a benevolent gesture to help Obama until he got the bulk of the stimulus money. The shit didnt start hitting the fan until after Obama took office. I think you will find that the 5 consecutive quarters may have been more of a fluke rather than blowing it out of proportion with talks of recession and even worse depression. Now since it has been used to prop up Obama and make the Republicans look bad its out of control, even for Obama. Oh the irony! How convenient for Obama to use this excuse to undermine the American people. This way, even though he's no good, he can always say he was handed a bag of shit, and continued to shit in it.

All you Bush haters sound the same! Does your Obama web site have list of things to say? I never even mention Fox News, yet you decided to blame my thoughts on a TV news network! I will have you know that I dont watch TV. I rent DVDs. I get my information from print so I can draw my own conclusions without the face or fan fare behind the report. Perhaps you should try it sometime.

I am entitled to my own opinion; the facts are something you folks would like to hide. How arrogant of you to act like YOU have all the facts, when clearly you are grasping for straws.



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header

Better Business Bureau

Start With Trust

Serving Southfield, Serving Detroit, Eastern Michigan and the Upper Peninsula

 
report-noaccredit-top.gif

BBB Reliability Report for
Stellar Enterprise LLC dba Auto-Trend Repairs & Service

 

find-out-top.gif
BBB issues Reliability Reports on all businesses, whether or not they are BBB accredited. If a business is a BBB Accredited Business, it is stated in this report.



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Since you dont own a business you wouldnt know about the $$$ these people want to join their club.

They can eat a dick and get a job.

"BBB issues Reliability Reports on all businesses, whether or not they are BBB accredited. If a business is a BBB Accredited Business, it is stated in this report."

I also do not see anything saying what critera they use to rate a business, nor do I see any complaints with merit, actually I dont see any complaints what-so-ever. Seems there was one complaint, but it was closed. One complaint in 36 months, and that one complaint was most likely due to a customer not wanting to pay for services.

Here is the rest of the information that you decided to leave out,

--------------------------------------------------------------------------
Business Contact & Profile

Back to Top
Business Name:
Stellar Enterprise LLC dba Auto-Trend Repairs & Service
Business Address:7970 North Lilley Road
Canton , MI 48187
See the location on a Mapquest Map
See the location on a Google Map
BBB Accreditation:This business is not a BBB Accredited Business
Website Address:
autotrend.us

Business Management

Back to Top

BBB has no information regarding Business Management at this time.

Customer Complaint History

Back to Top

 

When considering complaint information, please take into account the business's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.

BBB processed a total of 1 complaint(s) about this business in the last 36 months, our standard reporting period. Of the total 1 complaint(s) closed in the last 36 months, 1 was closed in the last 12 months.

--------------------------------------------------------------------------------------------------------


So did I get an "F" rating because I tell the BBB to get fucked every time they come around wanting to sell me an ornament for my wall?

Nice try PowerStroker. Keep grasping for straws! Why dont you give us your business name and such so we can see where the business you work for stands.



-- Edited by SELLC on Tuesday 22nd of September 2009 08:29:36 PM

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Hey PowerStroker,

Can we please have the name of your Dealership so that we can see where you stand in terms of complaints?

Dont be a pussy! Give it to us so we can see how many you have. I bet its a hell of a lot more than 1 in 36 months.

If you dont respond, well then, I guess we know your full of shit. Course anyone with access to the V8 Cafe already knows this.

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Well, I want to remain somewhat anonymous, but I checked this morning and my dealer is at a C+ with 3 repair issues in 36 months. Keep in mind we are a high volume shop with 22 full time techs that each average about 1000 vehicles per year. There are also some other issues resulting from the sales department but I didn't include those because you don't have a car sales dept and it wouldn't be an apples to apples comparison.

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You edited my signature douche bag. You afraid of people seeing your BBB score? All I had was a link to a site with public information about your company... I'm trying to advertise for you Rex. Are you ashamed of something?

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Absolutly not.

The fact that you wish to keep the whereabouts and name of your dealer private means that you dont want to man up. The passion on your end is lacking.

Come on... Its not like I am asking you to buy a $1200 plauq that says SELLC to be in my club like the BBB. All you need to is the Auto Passion here. Everything else is



You should know this by now.

While I really dont care for that video link in your signature, you spent the time to make it. I respect that. It still sucks ass like a low budget film, but its definatly "B-" work with passion.



  

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