Opening Bell: 12.09.09
Geithner Said to Be Seeking $700 Billion TARP Extension Until Next October (Bloomberg)
"There has rarely been a less loved or more necessary emergency program than TARP," President Obama said yesterday in a speech in Washington. "I'm asking my Treasury secretary to continue mobilizing the remaining TARP funds to facilitate lending to small businesses."
Year-End Audit Finds TARP Program Effective (NYT)
"Although the government's response to the crisis was at first haphazard and uncertain, it eventually proved decisive enough to stop the panic and restore market confidence."
Baroness Vadera: 'I still have nightmares about the financial crisis (Telegraph)
The former Government minister and one of the architects of the British efforts to rescue the financial system, told a high-level business conference in Sussex: "I don't think we are through it yet... an IMF study showed at the middle of this year that banks had only declared half their losses on their books: we have a long way to go."
Live-Blog: UK Pre-Budget Report (The Source)
Sorry, chippies: "Chancellor Darling has imposed a 50% charge on bankers' bonuses over £25,000. And if you're trying to dodge it, you'll have to be quick. It's coming into force today. It'll apply to all U.K. banks and building societies (mutual lenders) and includes foreign branches and subsidiaries. Oh, and it's paid by employers. Once the banker gets it, there's still income tax to be paid on top."
Paulson And Co. Buying Stocks (NYT)
"Today our net long exposure is perhaps the highest it has ever been in our portfolio," Paulson said during a luncheon presentation at the Japan Society.
U.S. SEC Sues to Freeze Assets Of 'Ponzi Scheme' (Reuters)
You're on notice, Rockford Funding Group.