Comments on: Treasury Secretary Paulson Repeatedly Called The U.S. Banking System ‘Safe And Sound’ http://wonkroom.thinkprogress.org/2008/09/17/paulson-safe-sound/ Thu, 26 Nov 2009 16:42:01 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: stateofthedivision http://wonkroom.thinkprogress.org/2008/09/17/paulson-safe-sound/comment-page-1/#comment-2318 stateofthedivision Wed, 17 Sep 2008 17:04:44 +0000 http://thinkprogress.org/wonkroom/2008/09/17/paulson-safe-sound/#comment-2318 With all the nonbank failures, why should the Bush administration relax banking regulations to allow a higher percentage of nonbank ownership? Private equity firms, like the Carlyle Group, want in on failing banks. <em>A.I.G.-Insurance Fannie Mae-Mortgage Freddie Mac-Mortgage Bear, Sterns-Investment house</em> More "hair of the dog" medicine from Bush for America's financial hangover. With all the nonbank failures, why should the Bush administration relax banking regulations to allow a higher percentage of nonbank ownership? Private equity firms, like the Carlyle Group, want in on failing banks.

A.I.G.-Insurance
Fannie Mae-Mortgage
Freddie Mac-Mortgage
Bear, Sterns-Investment house

More “hair of the dog” medicine from Bush for America’s financial hangover.

]]> By: stateofthedivision http://wonkroom.thinkprogress.org/2008/09/17/paulson-safe-sound/comment-page-1/#comment-2316 stateofthedivision Wed, 17 Sep 2008 17:00:25 +0000 http://thinkprogress.org/wonkroom/2008/09/17/paulson-safe-sound/#comment-2316 Most of the moves helped nonbanks. Even though they're called investment banks, their more like investment houses. They earn fees from packaging unregulated financial instruments, consult on takeovers, help take companies private or public. There isn't a real bank on this list. Bear, Sterns Freddie Mac Fannie Mae A.I.G. That said, some banks failed. The most recent was one where Andrew McCain sat on the board. It was the 11th failure this year. http://www.bloggingstocks.com/2008/09/06/bank-failure-count-2008s-11th-bank-fails-mccains-son-was-dir/print/ I'm pretty sure the nonbank failures cost the American taxpayer more than the bankruptcy of the 11 banks. Most of the moves helped nonbanks. Even though they’re called investment banks, their more like investment houses. They earn fees from packaging unregulated financial instruments, consult on takeovers, help take companies private or public. There isn’t a real bank on this list.

Bear, Sterns
Freddie Mac
Fannie Mae
A.I.G.

That said, some banks failed. The most recent was one where Andrew McCain sat on the board. It was the 11th failure this year.

http://www.bloggingstocks.com/2008/09/06/bank-failure-count-2008s-11th-bank-fails-mccains-son-was-dir/print/

I’m pretty sure the nonbank failures cost the American taxpayer more than the bankruptcy of the 11 banks.

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