Bailouts

Reuters reports that Ireland’s parliament has approved the 85 billion euro bailout, by a vote of 81 to 75. In related news, one Canadian posing as a Irish citizen recently offered his two cents on the situation, noting that there are four causes of Ireland’s current predicament. They are: 1) ‘greed, greed and more greed’ 2) ‘the stupid fucking government’ 3) ‘very deceitful and conniving developers’ 4) ‘wanking fucking bankers…assholes.’ Read more »

  • 01 Dec 2010 at 1:45 PM

PIMCO Got A Nice $7.1 Billion From The Fed

Making it one of the largest borrowers of the Fed’s Term Asset-Backed-Securities Loan Facility. This calls for a mid-afternoon conga line.

  • 01 Dec 2010 at 12:02 PM

Federal Reserve Releases Bailout Details

As promised. If you’re looking for some lunchtime reading material, check them out here. Do feel free to share your favorite passages with the group.

The Journal reports that “European finance ministers working on an international aid package for Ireland want the U.K. to make bilateral loans to Dublin as part of a larger aid package that could total up to €100 billion ($136 billion) and include credit from the euro zone and International Monetary Fund,” according to people familiar with the matter. The deal for the banks would be around €45 billion to €50 billion, while “a broader package designed to restore confidence in Ireland’s public finances as well could range from €80 billion to €100 billion.” However, we’re not there yet, as some people are too proud to take a handout. Read more »

  • 10 Nov 2010 at 12:45 PM

This Is Why Ireland Is In Trouble

From: Ian [redacted]
Sent: 22 October 2010 10:24
To: John [redacted]
Subject: RE: Wed Read more »

You’ve been warned. (This is presumably why Vikula’s attendance at the signing was mandatory– people familiar with the matter wanted to make sure he couldn’t say he never got the memo.) [WSJ]

“[Cassano] even went so far as to claim that he might have been able to help minimize the government’s bailout of AIG. Part of the money spent to save the company was funneled to more than a dozen banks that had taken out insurance contracts against AIG defaulting on its debt. “I think I would have negotiated a much better deal for taxpayers,” said Cassano, who left the company in March 2008 after the insurer reported more than $11 billion in losses within his division for the fourth quarter of 2007.” [CNN Money]