Breaking News,Bailout Real Time News items

• B;berg FOIA request granted; FED must fork over records on emergency lending to financial firms last fallPosted:25/08/2009 13:42 GMT by NeedToKnowNews
  B'berg's FOIA request has been granted and the FED has 5 days to fulfill the request for records of FED lending to financial institutions. The FED could appeal the decision, but the argument will likely have to be more profound than the one offered - that revealing the names of the institutions might harm same. The judge in the case essentially agreed with the petitioners that the public's right to know should be served. The FED's argument that the firms might suffer from bank runs and/or loss of competitive advantage was rejected. There are 11 programs which in the FED/TSY arsenal of lending programs. The fulfillment of the FOIA request would name institutions and collateral posted as well as amount drawn against same.
  
• FDICâs Board of Directors will meet in open session at 3:30 p.m. EDT on Wednesday, August 26, 2009Posted:19/08/2009 20:04 GMT by NeedToKnowNews
  Memorandum and resolution re: Final Statement of Policy of Qualifications for Failed Bank Acquisitions.
  Memorandum and resolution re: Final Rule on the Extension of the Transaction Account Guarantee Program.
  Memorandum and resolution re: Notice of Proposed Rulemaking Regarding Risk-Based Capital Guidelines; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programsâ¦and Other Related Issues.
  Meeting will be Webcast Live here
  
• SIGTARP study finds banks claim TARP funds used for increased lending for residential, comm'l loans, small business loans, credit cards...and other types of lendingPosted:20/07/2009 19:54 GMT by NeedToKnowNews
  This seems to fly directly in the face of both the Sr Lending Officer Survey and the Monthly TARP lending which indicate a decided reluctance and reduction in lending.
  
• FDIC expecting deluge of bank failures - The DealPosted:09/07/2009 16:22 GMT by NeedToKnowNews
  The Deal writes that the FDIC is gearing up for a surge in bank failures noting last Friday's shuttering of 7 banks and also citing the FDIC's intention to hire 500 people for it's Jacksonville, Florida office.
  52 banks have failed this year which puts us on course for over 100 by year end but given the FDIC's apparent preparation in hiring in a state very much in hot water on mortgages and commercial loans - the number could be significantly higher. The FDIC has already done a good bit of hiring in California but it's worth watching if other Sand States - AZ, NV - have temporary FDIC offices opened and or hiring.
  Deal story here
  
• CDS of BAC and C widen out on Nationalization talkPosted:10/07/2009 0:31 GMT by NeedToKnowNews
  BAC 1yr is 427bps mid C 5yr out at 460bps Other financial CDS have also ballooned as the rumors re C and BAC circulate.  Ken Lewis of BAC said their balance sheet is fine, if misunderstood.  No word from Mr. Pandit yet.
• B of A hosted conf call to defeat labor bill 3 days post $25bln bailoutPosted:14/07/2009 21:54 GMT by NeedToKnowNews
  click here for story and recording of conference call ; huffingtonpost article claims Home Depot, BofA and AIG gathered together in the conference call to urge contributions to defeat the of the Employee Free Trade Act.
• TSY - will ensure intergrity, regularity in application processPosted:14/07/2009 19:37 GMT by NeedToKnowNews
  TSY will make monies available to process applications for funds w/ priority on date app arrived at OFS.
• Geithner - Keeping politics out of funding decisionsPosted:09/07/2009 13:35 GMT by NeedToKnowNews
  TSY will ensure "political influence" does not interfere with EESA decision making...using the model that limits political influence over tax decsions.
• Geither - New Rules include - strict lobbyist limitations on EESA apps and distributionPosted:15/07/2009 9:19 GMT by NeedToKnowNews
  Combating Lobbyist influence in EESA process; TSY will restrict contacts w/ lobbyists regarding applications for or disbursements of, EESA funds
• Geither - EESA reforms to include exec comp limits and preventing shareholders from benefitting at public's expensePosted:10/07/2009 16:40 GMT by NeedToKnowNews
  Exec Comp limits not defined yet but he shareholders benefitting at public expense likely refers to dividends paid w/TARP monies.
• Julian Robertson (form Tiger fund tiger) - up to 85% of Americans are broke CNBC interviewPosted:12/07/2009 0:07 GMT by NeedToKnowNews
  Julian Robertson, legendary Tiger Fund manager, says Americans are bust - or alot of them..up to 85% he says are bankrupt.  He cites home ownership as a drag on cash and says without home values thrown in, we're broke.