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Jun 12, 2009
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if you found out about a $12 billion additional hole, whatever model you had about payback and value to the shareholders now was called into question, right? >> i tried to mention this before, but it extended the amount of time that you would get your payback, yes. >> it affected shareholder value, correct? >> yes. >> basically two questions. one, did you get a financial analysis that you reviewed before you made a decision to discuss with the treasury officials the invocation of the mac clause? >> there was financial analysis that i saw, yes. >> these are made available to you? >> they were, yes. >> and what was the conclusion of those financial analyses? >> the conclusion was that you pushed out your payback or your accretion because you had these preferred shares now that you were having to pay back. >> but that's obvious. i mean the bottom line is was there a conclusion about what the viability of this transaction was? >> well, we still felt strongly that the -- all the strategy issues that were being addressed prior to merrill lynch were being addressed by the acquisition of mer
if you found out about a $12 billion additional hole, whatever model you had about payback and value to the shareholders now was called into question, right? >> i tried to mention this before, but it extended the amount of time that you would get your payback, yes. >> it affected shareholder value, correct? >> yes. >> basically two questions. one, did you get a financial analysis that you reviewed before you made a decision to discuss with the treasury officials the...
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Jun 21, 2009
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, an immediate payback in the first and second years afterward. you didn't have to wait 10 or 20 years. they had immediate paybacks and so we had to think about the whole spectrum from early childhood through schools and workplaces through communities and clinical basis for settings and prevention and wellness. when i say that i might also mention that we can't forget about two other aspects of this. one is oral healthcare and making sure that our kids have good preventive health care in terms of oral health. we all remember the story, barbara, the young boy in your state that because he didn't get oral care got an infection and died from it simply for the lack of preventive care for a young boy on oral health care, and then the other great one is mental health. we have to integrate mental health care in all these aspects. you can talk to any doctor, and i don't want to be accused of practicing medicine without a license. you can talk to any dollar, health professionals, they'll tell you that many of the physical illness people have have their gen
, an immediate payback in the first and second years afterward. you didn't have to wait 10 or 20 years. they had immediate paybacks and so we had to think about the whole spectrum from early childhood through schools and workplaces through communities and clinical basis for settings and prevention and wellness. when i say that i might also mention that we can't forget about two other aspects of this. one is oral healthcare and making sure that our kids have good preventive health care in terms...
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Jun 16, 2009
06/09
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as a matter of fact, this thing has a payback -- it costs $5 million. this has a pay-back of two years to five years. when you put in efficient lighting it has a payback. it uses less electricity. it lowers the cost. but, no, senator dough burn comes to the floor and bashes it. so those are examples -- some examples of what he's bashing just in my state. but i have to say, madam president, i'm going to put into the record, if i might -- i ask unanimous consent to place in the record the fundin funding ns by program -- the funding notifications by program for my state of california. the presiding officer: without objection. mrs. boxer: if you go through here, madam president, you will see in this largest state of the union that is suffering with an 11.2% unemployment rate, projects that are putting people to work today and doing good things. a medical assistance program, a clean water state revolving fund grant, state energy programs, putting people to work, weatherizing for low-income, working with the youth -- it goes on and on -- safe drinking water g
as a matter of fact, this thing has a payback -- it costs $5 million. this has a pay-back of two years to five years. when you put in efficient lighting it has a payback. it uses less electricity. it lowers the cost. but, no, senator dough burn comes to the floor and bashes it. so those are examples -- some examples of what he's bashing just in my state. but i have to say, madam president, i'm going to put into the record, if i might -- i ask unanimous consent to place in the record the fundin...
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Jun 9, 2009
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treasury officials expect nine of the biggest banks are free to repay their funds with an initial payback of $50 billion in government bailout funds. congress approved the $700 billion troubled assets relief program eight months ago. the joint economic committee will meet today to secure from the chairman of the tarp congressional president obama program president will announce new rules requiring lawmakers to pay for new initiatives, including an overhaul of the health system, or face automatic spending cuts. the announcement will come from the east room of the white house. more on chrysler today. fiat says it will not walk away from its deal to buy chrysler despite a supreme court justice ruth painter ginsburg putting the deal on hold while she reveals a challenge. a federal bankruptcy judge in new york years arguments from chrysler dealers who do not want to lose franchise agreements. more from "the wall street journal" -- mitch mcconnell says republicans are not satisfied with the administration's nominee to run the u.s. census. president obama's pick to lead the bureau was approved b
treasury officials expect nine of the biggest banks are free to repay their funds with an initial payback of $50 billion in government bailout funds. congress approved the $700 billion troubled assets relief program eight months ago. the joint economic committee will meet today to secure from the chairman of the tarp congressional president obama program president will announce new rules requiring lawmakers to pay for new initiatives, including an overhaul of the health system, or face...
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Jun 10, 2009
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because once the payback this money it will be business as usual and it will not have to account forny of those exorbitant costs. host: is there some truth to that john? guest: the executive compensation issue is huge and will be hearing with the financial services committee during which barney frank will try to connect executive compensation to the entire financial crisis that exploded in 2007. executive compensation is a very large and emotional issue. there is a sense of fairness and equity, but also an issue that the committee will try to explore which is whether compensation practices created certain incentives to take risks that are not healthy. when you go to a hearing or listen to debate on a financially-related matter before the house or senate, executive compensation looms large. host: this headline saying that the administration is expected to announce their plans as far as bank compensation is concerned. in addition to standing by restrictions passed by congress, the push for broad changes in compensation practices across the industry. it will also. a pay czar to monitor
because once the payback this money it will be business as usual and it will not have to account forny of those exorbitant costs. host: is there some truth to that john? guest: the executive compensation issue is huge and will be hearing with the financial services committee during which barney frank will try to connect executive compensation to the entire financial crisis that exploded in 2007. executive compensation is a very large and emotional issue. there is a sense of fairness and equity,...
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Jun 7, 2009
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institutions, which was up to a trillion is now down to less -- about $600 billion, $700 billion because of payback basically. the institutions relates to what you referred to earlier, if you name the institutions, they will not take the liquidity backstop which is necessary to stabilize financial markets. but i'd like to point out, your question was about credit risk, they are short-term loans, well backed and with supervisory oversight. we've never lost a penny, we've made money. that's a big part of it. the other part is securities whicher treasuries and gse debt and mortgage-backed securities. those are standard securities, they're guaranteed by the u.s. government. there's no loss to the fed from that. and there's nothing to be disclosed about that, other than the fact that they're just conventional securities. so, those are the two biggest components of our balance sheet. then, of course, there's about $100 billion, about 5% of our balance sheet, is dedicated to the bear stearns and aig rescues, as i said, those things are now open to audit by the gao and we will cooperate in every way and pr
institutions, which was up to a trillion is now down to less -- about $600 billion, $700 billion because of payback basically. the institutions relates to what you referred to earlier, if you name the institutions, they will not take the liquidity backstop which is necessary to stabilize financial markets. but i'd like to point out, your question was about credit risk, they are short-term loans, well backed and with supervisory oversight. we've never lost a penny, we've made money. that's a big...
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Jun 13, 2009
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the paybacks and the bickering have been thoroughly bipartisan. republicans are still seething about the way judge bork and justice thomas were treated. democrats are still seething about the way the republican-controlled senate blocked or delayed some of president clinton's judiciary nominees. republicans complain that the democrats seeking revenge oppose mainstream and well-qualified judiciary nominees of president bush. i will tell you as an independent observer that both parties are right. i think president obama and the democrats who now control the senate should recognize that excessive partisanship can fuel fire. it certainly has in the past. and republicans also need to recognize that fact. i think it's time for democrats and republicans alike to join with administration and try to stop this war. an impartial federal judiciary should be the goal of both political parties. the appointment of the most qualified nominees available should be the goal of all americans. the long delays and partisan bickerings that have dissuaded some very capabl
the paybacks and the bickering have been thoroughly bipartisan. republicans are still seething about the way judge bork and justice thomas were treated. democrats are still seething about the way the republican-controlled senate blocked or delayed some of president clinton's judiciary nominees. republicans complain that the democrats seeking revenge oppose mainstream and well-qualified judiciary nominees of president bush. i will tell you as an independent observer that both parties are right....
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Jun 10, 2009
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not this has created dislocations in other parts of the treasury that needs to be addressed and the payback on the t.a.r.p. funds is some indication that we maying getting out of this business and get back to business as normal. >> the way that the legislation was written to provide funding for the administrative resources required to run the programs and we've substantially increased resources using the authority to restaff the office of financial stability and we'll also have to increase as we proposed in the budget, the rest of the domestic finance staff because they've got this greatly expanded and much more complicated set of challenges in the range of policies including the one you just raised and we did announce the appointment of the new deputy assistant secretary for the consumer policy issues in the financial sector. i do not believe we've had to devote resources from other parts of the government to these financial crisis imperatives on a scale that would jeopardize our capacity to carry out those broader responsibilities and we'll be very careful to avoid that risk, but there ar
not this has created dislocations in other parts of the treasury that needs to be addressed and the payback on the t.a.r.p. funds is some indication that we maying getting out of this business and get back to business as normal. >> the way that the legislation was written to provide funding for the administrative resources required to run the programs and we've substantially increased resources using the authority to restaff the office of financial stability and we'll also have to...
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Jun 7, 2009
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they don't care, the need to care because if you have a mainstream media that people don't have a payback in even democrats and independents don't have faith in the idea, what happens of a bad guy comes along, a demagogue? i don't mean george wallace or even you a long. some really bad guy. what if he comes along and the first thing he does and i quote -- abundant that used to work for jimmy carter and george mcgovern -- pat was quoted in the book as saying what happens when that demagogue comes along? and looks out at the crowd and says, his first campaign speech, using those people over there comes a those cameras, they are the media, they are out to stop me -- you know why? because they are out to stop du. everybody is going to believe him and then at the demagogue will get away with murder. that is why liberals should care, not just the opening of a movie. that could happen in this country and liberals need to care as much as anybody else cares. we're all in this together, we all need a strong where mainstream media but they are going down the train in their bringing it on themselves.
they don't care, the need to care because if you have a mainstream media that people don't have a payback in even democrats and independents don't have faith in the idea, what happens of a bad guy comes along, a demagogue? i don't mean george wallace or even you a long. some really bad guy. what if he comes along and the first thing he does and i quote -- abundant that used to work for jimmy carter and george mcgovern -- pat was quoted in the book as saying what happens when that demagogue...
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Jun 25, 2009
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it was like they are communicating, this is payback for what happened to bill clinton. no matter what happened in the past to president clinton, this is now how we respond to it is important. i think i a also have witnessed this unbridled glee -- bill press, i heard him on, i think it was cnn the other day, and he said that he was giggling over this whole affair because he was delighted to see that something like this was happening now to republicans. so i would like to say to the media, what the governor did is certainly an example which is very poor character and the way you are responding to it is not any better. " but the question we're asking is, the private lives of public officials -- host: of the question we're asking is the private lives of public officials. senator john ensign, republican from nevada who admitted to an affair last week and senator john edwards spoke on abc's light 9 -- nightline program last summer and former governor of new york spitzer who resigned over his own affair. we really want to get your broad view, whether democrat or republican. he
it was like they are communicating, this is payback for what happened to bill clinton. no matter what happened in the past to president clinton, this is now how we respond to it is important. i think i a also have witnessed this unbridled glee -- bill press, i heard him on, i think it was cnn the other day, and he said that he was giggling over this whole affair because he was delighted to see that something like this was happening now to republicans. so i would like to say to the media, what...
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Jun 29, 2009
06/09
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brokers pay for writing loans rather than writing loans that the borrowers representative actually payback but we saw this happen at washington mutual, countrywide in wachovia and scores of smaller lenders it weren't overly concerned about the default risk as long as hong prices kept rising and as long as they could package their loans and sell them to wall street for the resolution to this problem is to pay people to write it loans and penalize them for writing bad loans. the challenge is identifying a good long without waiting up to 30 years to see whether the loan is repaid. the answer involves bonus-- basing bonuses on subjective assessments of loan quality. unfortunately most current and projected regulations go in the opposite direction and require that bonuses be based solely on objective measures of performance such as the quantity of loans. the regulatory demands effectively sets into the judgment of the government for the business judgment of the directors and this is a dangerous path to go down. in conclusion it is not my opinion current compensation practices are optimal. for e
brokers pay for writing loans rather than writing loans that the borrowers representative actually payback but we saw this happen at washington mutual, countrywide in wachovia and scores of smaller lenders it weren't overly concerned about the default risk as long as hong prices kept rising and as long as they could package their loans and sell them to wall street for the resolution to this problem is to pay people to write it loans and penalize them for writing bad loans. the challenge is...
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Jun 5, 2009
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you're talking about aig, bank of america, gm, chrysler, those paybacks are probably going to take some time, or what's your perspective on that? >> senator, i don't think any of us can forecast exactly how long that will take. i think it will take some time. the purpose of putting capital in there is to enable, for instance, the auto companies to make that transition over some period. >> okay. jump back to the auto program. you had said that you're going to be jumping in waist deep at least, if not further, into this program. can you tell me, from your perspective right now, who is making the day-to-day decisions on that program, or will it be you? >> well, eventually, if i'm confirmed, i will be involved in making those decisions. >> the primary decision maker? >> the secretary is involved as well. >> yes. >> and i will report to the secretary of the treasury as well. and i'm sure we'll have a continual dialogue about that, along with others in the treasury department and throughout the government. >> one of the -- one of the concerns that ranking member shelby brought up, i believe,
you're talking about aig, bank of america, gm, chrysler, those paybacks are probably going to take some time, or what's your perspective on that? >> senator, i don't think any of us can forecast exactly how long that will take. i think it will take some time. the purpose of putting capital in there is to enable, for instance, the auto companies to make that transition over some period. >> okay. jump back to the auto program. you had said that you're going to be jumping in waist deep...