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May 10, 2010
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in receiversh receivership."ll, nobody was publicly -- people it hadn't begun to dawn on them that these g.s. esm's would go into receivership, that they were so overleveraged that they were on the verge of collapse. that's what he wrote to senator shelby 2004, early 2004. he goes on to say, and this language is dramatic: "to fend off possible systemic difficulties which we assess as likely if current trends continue unabated, preventive actions are required sooner rather than later." isn't that a dramatic statement? "to fend off possible systemic difficulties..." did we not have the whole system go into a spin and we're still suffering from it and may for years to come? then he goes on to say, "the board believes your proposed legislation makes substantial progress toward meeting these objectives. with regard to the receivership issue, the board continues to believe that the congress needs to clarify the circumstances under which a g.s.e. can become insolvent and, in particular, the resulting position, both duri
in receiversh receivership."ll, nobody was publicly -- people it hadn't begun to dawn on them that these g.s. esm's would go into receivership, that they were so overleveraged that they were on the verge of collapse. that's what he wrote to senator shelby 2004, early 2004. he goes on to say, and this language is dramatic: "to fend off possible systemic difficulties which we assess as likely if current trends continue unabated, preventive actions are required sooner rather than...
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May 21, 2010
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. >> well, we-- we-- the company is largely in receivership. that's -- >> reporter: today, cbs news obtained more undersea video turned over 11 days after congress found out about it and demanded it. another clip showing the attempt to cap the well on may 6, and more video apparently showing use of toxic chemical dispersant to break up the oil, a strategy one scientist today called unthinkable. >> it's a p.r. stunt to dissolve this oil with david petraeuss. it's just to get it away from the cameras on the shoreline. >> reporter: b.p. had already used hundreds of thousands of gallons upon dispersant before the e.p.a. ordered a halt earlier this week. they will be allowed to continue using dispersants but with less toxic chemicals. katie. >> couric: thank you. we just heard chip reid in cheryl's piece. now he's standing by at the white house. and, chip, last week, president obama was accusing b.p. other and countries involved in the drilling operation of playing the blame game, and, clearly, white house officials are concerned some fingers are st
. >> well, we-- we-- the company is largely in receivership. that's -- >> reporter: today, cbs news obtained more undersea video turned over 11 days after congress found out about it and demanded it. another clip showing the attempt to cap the well on may 6, and more video apparently showing use of toxic chemical dispersant to break up the oil, a strategy one scientist today called unthinkable. >> it's a p.r. stunt to dissolve this oil with david petraeuss. it's just to get it...
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May 11, 2010
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through a receivership process. this clear and definitive process for deal with a troubled enterprise is a critical tool for the credibility and strength of a new regulator," i said. madam president, unfortunately, the democrats did not share my view of increasing regulations on the g.s.e.'s and their comments during the second attempt to pass meaningful reforms are telling. one of my democratic colleagues stated then, "when the sink is leaking, you do not tear down the house, especially if the house has served you well." another recalled a critique he read of the bill before the markup which claimed, "it's like trying to cure the common cold with chemotherapy." in fact, at one hearing, one of my democratic colleagues expressed an interest in hearing how the g.s.e. roles might be increased when he explained -- and i quote -- "i'm not only interested in hearing about the role g.s.e.'s currently play in the mortgage market, i'm also interested in how their commitment to homeownership and affordable housing can be expa
through a receivership process. this clear and definitive process for deal with a troubled enterprise is a critical tool for the credibility and strength of a new regulator," i said. madam president, unfortunately, the democrats did not share my view of increasing regulations on the g.s.e.'s and their comments during the second attempt to pass meaningful reforms are telling. one of my democratic colleagues stated then, "when the sink is leaking, you do not tear down the house,...
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May 6, 2010
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in receivership. if the g.s.e. is financially viable, then it would be allowed to reenter the market under new operating restrictions. provides for changes to existing operating structure: it calls for the repeal of the affordable housing goal mandate for the g.s.e.'s. it calls for new limits for mortgage assets held on its books of no more than 5e9d% of mortgage assets owned on december 31 of the prior year. reduced an additional 25% by the end of year one. reduced an additional 25% by the understand of year two, and reduced to $250 by the end of year three. it strengthens capital standards and allows them to be increased by the fhfa as necessary. calls for the repeal of the temporary increases in conforming loan limit and high-cost area increases and return to the 417,000 confirming loan limit for the first year, subject to annual adjustments by fhfa. provides for a prohibition on the purchase of mortgages exceeding the median home price for that eamplet it calls for a minimum down payment requirements of at leas
in receivership. if the g.s.e. is financially viable, then it would be allowed to reenter the market under new operating restrictions. provides for changes to existing operating structure: it calls for the repeal of the affordable housing goal mandate for the g.s.e.'s. it calls for new limits for mortgage assets held on its books of no more than 5e9d% of mortgage assets owned on december 31 of the prior year. reduced an additional 25% by the end of year one. reduced an additional 25% by the...
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May 4, 2010
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the rare case resolution, in most cases bankruptcy, receivership, where management gets fired, where creditors lose, shareholders lose their market value or the value of their shares. there's a tremendous decline there. this is a very, very painful process to go through, but a necessary one. what senator boxer has crafted is merely in a sense restating what we have in the legislation in title 1 and title 2, but to knack more clear, more emphatic, utilizing all of the tools we've written this that significant section of this bill with a tremendous amount of input from people who have knowledge this background in this area was critically important. i want to thank senator leahy, the chairman of the judiciary committee, because our colleague is correct. there were issues involving bankruptcy that we had to work on in this legislation ads, and with the cooperation of the judiciary committee as well, we were able to fashion what we have in this bill. to end too big to fail. senator boxer's amendment emphasizes that point when she says in her amendment very clearly that all financial compa
the rare case resolution, in most cases bankruptcy, receivership, where management gets fired, where creditors lose, shareholders lose their market value or the value of their shares. there's a tremendous decline there. this is a very, very painful process to go through, but a necessary one. what senator boxer has crafted is merely in a sense restating what we have in the legislation in title 1 and title 2, but to knack more clear, more emphatic, utilizing all of the tools we've written this...
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May 3, 2010
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fist, all financial companies put into receivership in this title shall be liquidated. no taxpayer funds shall be used to prevent the liquidation of any financial company under this title. second paragraph, "all funds expended in the liquidation of a financial company under this title shall be recovered from the disposition of assets of such financial company or shall be the responsibility of the financial sector through assessments." and third, "taxpayers shall bear no losses from the exercise of any authority under this title." this is not a greeting card. this would be a law with teeth prohibiting the taxpayers of america from ever being left holding the bag again when a bank has made stupid decisions and faces liquidation. that is not a sense of the senate resolution. it would be a law and the first thing we should pass. senator boxer listened to the debate back and forth about taxpayers' bailout and she said to me and others, i'm going to make this clear. i'm going to put it in as clear of language as i can think of to make sure at the end of the day, we never go t
fist, all financial companies put into receivership in this title shall be liquidated. no taxpayer funds shall be used to prevent the liquidation of any financial company under this title. second paragraph, "all funds expended in the liquidation of a financial company under this title shall be recovered from the disposition of assets of such financial company or shall be the responsibility of the financial sector through assessments." and third, "taxpayers shall bear no losses...
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May 5, 2010
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a term limit on receivership. management gets paid last any salaries and other compensation owed executives. the failed company would pay last after all of the creditors. there is a ban on management, as i mentioned a moment ago, from going to work in the financial sector. as a judicial check in this amendment, an i.g. review, inspector general review requires the inspector general of various agencies, the fdic, treasury, and other regulators to review actions taken under the orderly liquidation authority. financial company definitions are included in this. reports in testimony on top of the requirements and the underlying bill the fdic will have additional reporting requirements that will have to testify before congress. as i mentioned, the 13.3 lending restrictions only apply to solvent companies as well, and congressional approval of fdic emergency debt guarantees is included in this package as well. so there are a number of provisions here, all of which we think are -- basically make some sense. we never argue
a term limit on receivership. management gets paid last any salaries and other compensation owed executives. the failed company would pay last after all of the creditors. there is a ban on management, as i mentioned a moment ago, from going to work in the financial sector. as a judicial check in this amendment, an i.g. review, inspector general review requires the inspector general of various agencies, the fdic, treasury, and other regulators to review actions taken under the orderly...
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May 10, 2010
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to put fannie and freddie in receivership was also adopted. we required internal controls rap risk management and reviving and approving new products. the committee voted 19-2 on a very strong bipartisan basis in the summer of 2008, and overwhelmingly on the floor of this body supported it by a vote of 72-13. when i hear the comments that nothing's been done about fannie and freddie, well, mike oxley tried and it failed. i cannot repeat on the floor of the chamber the words that mike oxley used to describe the minority's handling of reforms when he was accused of later not having an effective reform package. the republican chairman of that committee had very strong language, mr. president, to describe the failure of our republican friends to pick up his efforts, his bipartisan efforts, in 2005 as i say in 2008, by a vote of 72-13, this body adopted -- the committee's recommendations adoption to put strong regulations over fannie and freddie as well. as a backdrop here and i may be the first to recognize that more needs to be done in terms of c
to put fannie and freddie in receivership was also adopted. we required internal controls rap risk management and reviving and approving new products. the committee voted 19-2 on a very strong bipartisan basis in the summer of 2008, and overwhelmingly on the floor of this body supported it by a vote of 72-13. when i hear the comments that nothing's been done about fannie and freddie, well, mike oxley tried and it failed. i cannot repeat on the floor of the chamber the words that mike oxley used...
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May 4, 2010
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all financial companies put into receivership under this title shall, shall be liquidated.e liquidation of any financial company under this title. a very clear, declarativ sentence. subparagraph b, recovery of funds, all funds expended in the liquidation under this bill shall again, mr. president, be recovered from the disposition of assets of such financial company or shall be the responsibility of the financial sector to assessments. and then subparagraph c, the final sentence, no losses to taxpayers. taxpayers shall -- again shall -- bear no losses under the exercise of any authority under this title. again, a very straightforward, very clear amendment, one again i think that basically incorporates the views shared by all 100 members of this body. maybe there is someone who agrees with this. -- who disagrees with this, if they do i don't know who they are. every member i've heard on this issue agrees what senator boxer is suggesting on this very important language. it is not a sense of the senate resolution. this is statutory language on the bill. my hope would be, it se
all financial companies put into receivership under this title shall, shall be liquidated.e liquidation of any financial company under this title. a very clear, declarativ sentence. subparagraph b, recovery of funds, all funds expended in the liquidation under this bill shall again, mr. president, be recovered from the disposition of assets of such financial company or shall be the responsibility of the financial sector to assessments. and then subparagraph c, the final sentence, no losses to...
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May 10, 2010
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they stand to do something if the company goes into receivership. -- they stand to loose something.he have already been well compensated and there will not be much loss. if they hold the debt securities that get converted into equity, they would lose a significant amount. we need to incentivize them to worry about the downside. host: democratic line. caller: good morning. i am 73 years old. i have been around for a while. my mother, back in the 1920's i guess when the banks failed and people were jumping out of windows, when i get from all of this with the ceo's, the banks, the investment firm's, and all of this is -- my first point, they are not interested in my safety, financially, and the government, as long as they are free to run hither and tither with my money and have no consequences, it will happen. guest: yes, i think that when we say because of the too big to fail policy that we have been following and the bailouts -- again, i am not opposed to that. i do not think you can allow major banks to fail. when we allowed lehman brothers failed, we saw what happened. the problem
they stand to do something if the company goes into receivership. -- they stand to loose something.he have already been well compensated and there will not be much loss. if they hold the debt securities that get converted into equity, they would lose a significant amount. we need to incentivize them to worry about the downside. host: democratic line. caller: good morning. i am 73 years old. i have been around for a while. my mother, back in the 1920's i guess when the banks failed and people...
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May 4, 2010
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than 2/3 of all the mortgages in this country clearly collapsed and they are now in government receivership. general motors and chrysler are emerging from bankruptcy only with taxpayer help, owning significant amounts of those companies as well. the finance financial sector was the epicenter. recession. between 2,000 and 2007, 27 banks failed. since then 215 have failed. the largest savings and loan failure in american history happened in july of 2008 when indy m.a.c. received. the largest bang failer happened two months later when washington mutual in existence for more than 100 years collapsed, threatening its customers, $3.7 billion in assets. the largest insurance company failure in history, a.i.g., also occurred in late 2008. only the troubled asset relief program initiated under president bush and it's more than $170 billion taxpayer funded bailout kept a.i.g. from actual collapse. it's important to ensure that taxpayer funds are never again used to bail out private companies. we must have a procedure in place that not only ends the concept of too big to fail but prevents the financia
than 2/3 of all the mortgages in this country clearly collapsed and they are now in government receivership. general motors and chrysler are emerging from bankruptcy only with taxpayer help, owning significant amounts of those companies as well. the finance financial sector was the epicenter. recession. between 2,000 and 2007, 27 banks failed. since then 215 have failed. the largest savings and loan failure in american history happened in july of 2008 when indy m.a.c. received. the largest bang...
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May 26, 2010
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determine, well you weren't quite big enough to be allowed to fail so we're going to shove you into receivership and we'll chop you up and deal you out to our preferred companies. i know the model, i know the papt patern, even though it's done in a pretty good fashion with the fdic when a company has to go under. in the 1980's we had 3,000 banks that went under. they were split up, sometimes, and dealt out and sold to other investors that had a better track record with managing banks. all right. that was good and it works well in the micro version. but when you -- when you get into the macro version of big business and you have tim geithner as the secretary of the treasury making the decision on a business that's too big to be allowed to fail and calling in sheila bare and calling in ben bernanke and saying, don't you agree, they're too big to be alloyd to fail, so -- allowed to fail so let's prop these people up? what would help is if we deal the assets of that company over into the company that's too big to fail. you pick the winners and pick the losers out of government and who wins? the peop
determine, well you weren't quite big enough to be allowed to fail so we're going to shove you into receivership and we'll chop you up and deal you out to our preferred companies. i know the model, i know the papt patern, even though it's done in a pretty good fashion with the fdic when a company has to go under. in the 1980's we had 3,000 banks that went under. they were split up, sometimes, and dealt out and sold to other investors that had a better track record with managing banks. all...
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May 1, 2010
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same way, in the same kind of takeover type of facility or capability as you would in a bank in receivership, for example. i think these are all ideas that now need to be discussed within the congress and that we need to -- really need to be exploring a lot of these ideas. some of them are expressed in the multiple pieces of legislation that are being proposed. but i think you are right to say that this needs to be a very high priority both at the individual level but also at the private and institutional level as well. >> i look forward to working with you and i appreciate and salute your leadership of the department of homeland security. i believe senator corn andyn is next -- senator cornyn is next. >> i know you share my concern with the escalating drug violence in mexico. i appreciate your -- out, calling me and giving me insight -- i appreciate your reaching out, calling me and giving in sight of your meetings. i was impressed by the high- level delegation that speaks to the seriousness with which he challenges the mexican government is having from the cartel's threatens not just their
same way, in the same kind of takeover type of facility or capability as you would in a bank in receivership, for example. i think these are all ideas that now need to be discussed within the congress and that we need to -- really need to be exploring a lot of these ideas. some of them are expressed in the multiple pieces of legislation that are being proposed. but i think you are right to say that this needs to be a very high priority both at the individual level but also at the private and...
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May 4, 2010
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it is complicated to get this right, so we really do have a winding down and a disposition in receivership and bankruptcy, these institutions. but in case anyone had any doubts about what all of that language does, your amendment says let me put it in simple english for you. the word "shall" is in every single sentence. no "mays" are in that language. there shall be liquidation. it's very clear what we're trying to achieve. i know of no one here that objects. my hope is again we're on the bill. we ought to be able to start here on a note. we're going to have times of significant division and debates on this bill coming up. but i thought it might be worthwhile for the american public to witness a senate that could actually as it begins the debate do so with some unanimity. i know that doesn't happen with great frequency around here. the idea we might at least start the debate on that basis made some sense to me. our hope is our colleagues would agree with that conclusion and allow for this amendment to be voted on as soon as we come back from our respective caucus lunches that we hold every
it is complicated to get this right, so we really do have a winding down and a disposition in receivership and bankruptcy, these institutions. but in case anyone had any doubts about what all of that language does, your amendment says let me put it in simple english for you. the word "shall" is in every single sentence. no "mays" are in that language. there shall be liquidation. it's very clear what we're trying to achieve. i know of no one here that objects. my hope is...
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May 21, 2010
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. >> the company is largely in receivership.his is a proprietary video that was in the joint information center that was working through -- the command had the video in order to see, for the response efforts we were doing in conjunction with them. a video is now public. [all talking at once] >> thank you. i would like to ask about -- can you talk about the process? >> first of all, the director will resign as he said next friday. the deputy director at cni will become the acting director. the president has talked to a number of well qualified candidates and will make an announcement on who the next permanently -- permanentlydni -- permanent dni will be soon. i am not going to name names or time lines. my guess is -- you'll probably -- there is probably no harder job in washington besides being president than being director of national intelligence. coordination across many different intelligence agencies. he is -- and given the fact that this job was just created only a few years ago, it means that director blare -- blair had to
. >> the company is largely in receivership.his is a proprietary video that was in the joint information center that was working through -- the command had the video in order to see, for the response efforts we were doing in conjunction with them. a video is now public. [all talking at once] >> thank you. i would like to ask about -- can you talk about the process? >> first of all, the director will resign as he said next friday. the deputy director at cni will become the...