[Summit] Marco's bank worries

Fri Dec 26 00:29:18 UTC 2008

On Dec 25, 2008, at 12:27 PM, Bresler E wrote:

> I understand your worries about banks, and you are right to take an  
> interest in how business is handled, but the situation is very  
> complicated.

Always the situation will be complicated for us, people that has the  
money to invest and trust on the bankers. their life always will be  
less trouble over and over, like has been for years. And we have to  
pay for the damage.
>
>
> And it is important to know, that If "everyone" takes their money  
> from a bank, even "GOOD" banks will collapse, because the way the  
> banks make money, is they invest it, and even good investments have  
> time commitments.  No bank is completely "liquid"-  it can't be.   
> And if banks didn't invest in at least some high risk investments,  
> they would have trouble making money.

So they should learn to stop to play with our money and stop to think  
about them. In life everything has his risk in many levels: marriage,  
school, work, etc.
>
>
> If you seriously try to get lots of people to take money out of a  
> specific bank, without having a very specific reason for questioning  
> that bank,  I think you can get in trouble with the law, because you  
> can destroy a perfectly upstanding bank that way.  Some people will  
> see that others are worried, and assume they have a reason, and more  
> and more people take out their money till it is too much for the  
> bank- to have enough money to continue in business.  This is called  
> "starting a run on a bank."

The reason is simple THE BANKS WONT TALK ABOUT HOW THEY ARE SPENDING  
THE MONEY., is it not a good reason? They should stop to give away  
millions and millions dollars for the CEO. Did you read the article  
that I send one copy? Means that the banks can not be touched but the  
money of the taxpayers could be use as they wish? they need to tell  
the american people what and how they are using the money without any  
problems and hiding facts.
So they are really been honest they should not be afraid about talk  
WHAT THEY ARE DOING WITH THE MONEY.
>
>
> A different example would be- It would be like someone coming and  
> saying that you, Marco, are not trust worthy as a contractor, and  
> after they convince just a few people, then others would see that  
> some people are avoiding you and decide there "must be a reason",  
> and soon "the word gets around" that "no-one is using you" so then  
> how would you stay in business?  If there is no reason for that; it  
> would not be right.

This happen with everyone all over with or without reason, depending  
how good is the person. I faced many clients that tried to take  
advantage of my company since I am not american, and happens more  
often that you could even think. So, they judgment is right in your  
opinion. Also I have 90% of clients really happy with my work, so 5%  
could destroy my company?
>
>
> But Human beings often just go by what other people are doing,  
> because they do not have enough information to make their own  
> choices; and we do have so many decisions to make daily, we make  
> many without thinking how we decided.  We have to be very careful.

the banks wont talk about the money that they got from the taxpayers,  
so what is wrong in this situation? Oh We should give the money for  
the banks since they made the wrong decision and now we need to help  
them. So are they going to help us when we lose our jobs? Are we going  
to get money from the taxpayers to rebuild small companies also?
>
>
> People often thoughtlessly repeat what other people have said, not  
> thinking how damaging their words may be, and EVEN if they don't  
> know if what they are saying is true.  Because of this there are  
> some some laws about this.

The bankers did not think about the damage they could do with the  
wrong investment. they though about their self only. Sorry, I was  
wrong, always the banker make the right decision.
I am only concern what they are doing with the money:
1. giving the CEO more money as a bonus?
2. Pay for travelling expensives for the high account?
3. Pay the wrong investment and let us wait for when they want to talk  
about it?

what should we do about it?

Please forgive me for my grammar but I was able to clear my thought, I  
guess.
I am just tired of the wrong decision made by the government and banks  
and we ended up paying for that.
looks the war, car companies and more.
I am not upset at all, just concern about when are we going to pay  
again for their mistakes.
Who is going to pay or help us for our own mistakes?

marco

>
>
> By the way, banks make annual reports to the FDIC and those are  
> public information, and often they make their share holder reports  
> available also.  So you can get quite a bit of information.  (Credit  
> Unions have the NCUA )
>
> And the FDIC (Federal Deposit Insurance Corporation) insures them.   
> That would be a good place to complain, in my opinion. It is the  
> FDIC that "allows" or doesn't allow risky behavior, and then uses  
> our taxpayer money to broker deals to clean up messes which maybe  
> they "allowed" to happen in the first place??
>
> If banks had not been "allowed" to "sell" the risky loans they made,  
> and were required to keep them, to hold and collect on them  
> themselves, the way it was done years ago, I am sure a lot less  
> would have gotten made.
>
> At least this is my understanding of all this. I am not in finance,  
> just a small business person.  If you are interested in this, there  
> are a bunch of magazines at the local library that help us regular  
> folks understand some of what is going on- although due to freedom  
> of the press, they sometimes say contradictory things.  Kiplinger's,  
> Money Magazine, Forbes, Fortune, Business Week
>
> Elianna
>
> On Wed, Dec 24, 2008 at 6:07 PM, marco pereira  
> <markenid2004 at mac.com> wrote:
> Since the banks do not want to talk about how they will use the  
> money, Imagine if everyone takes his money from the banks?
>
> That could me they listen us? This is more important than name some  
> place.
>
>
>
> Marco
>
>
>
>
>
>
>
>
>
>
>
> CNN contacted the banks that were given the biggest chunks of the  
> bailout: Citigroup, JPMorgan Chase, Wells Fargo and Bank of America.
>
> The latter received $15 billion as part of the federal Troubled  
> Assets Relief Program (TARP).
>
> Where the money went is not clear.
>
> "We are using the TARP funds to build our capital and make every  
> good loan that we can," Bank of America said. The bank said it  
> expects to release more information in its fourth quarter earning  
> report.
>
> Citigroup, JPMorgan Chase and Wells Fargo each received $25 billion  
> -- the largest amount given to any bank.
>
> Don't Miss
> CNN/Money: Banking on another bad year
> Wells Fargo said it can't provide any details until it releases its  
> fourth quarter statement, though the bank said it intends to use the  
> money to help customers avoid foreclosure.
>
> Citigroup said it was using TARP money to help expand the flow of  
> credit and had formed a special committee to oversee the TARP money.
>
> JPMorgan Chase pointed out that it recently bought more than $1  
> billion in Illinois bonds and plans to lend $5 billion to nonprofit  
> and health care companies.
>
> "What the banks have said largely is that we're using the money to  
> stimulate the economy, to get the economy moving," said Sarah  
> Binder, a senior fellow at The Brookings Institution, a Washington  
> think tank. "That's far, far too general to know what ... the banks  
> are doing with the money."
>
> The vague responses from the banks should not come as a shock, said  
> one U.S. House Financial Services Committee member who opposed the  
> bailout.
>
> "One of the fundamental problems with the Wall Street bailout was  
> the people who had caused the problem were never called in front of  
> Congress to explain what they had done, what needed to be done,"  
> said Rep. Thaddeus McCotter, a Michigan Republican.
>
> Congress did not put conditions on the bailout money, leaving  
> lawmakers to press the Treasury Department for transparency after  
> the money was handed out.
>
> Critics say Congress needs to demand conditions before the second  
> round of bailout money is distributed.
>
> Earlier this month, members of a key congressional committee blasted  
> the Treasury for its handling of the bailout, saying it lacks  
> appropriate measures to ensure the bailout is working. At a hearing  
> held by the Financial Services Committee, chairman Barney Frank, D- 
> Massachusetts, accused the Treasury of failing to address its  
> obligation to address foreclosures and enforce lending obligations  
> on banks.
>
> <advertisement.gif>
> The hearing served as a follow-up to two reports on how the Treasury  
> has conducted its bailout program, including the Congressional  
> Oversight Panel's report on TARP, as well as a GAO report delivered  
> to lawmakers that called for more accountability and transparency.
>
> Congressmen on both sides of the aisle used the scathing reports as  
> a launching pad, lambasting the Treasury for a general lack of  
> clarity about its strategy as well as a dearth of measures that  
> ensure banks are using the bailout funds for their intended purposes.
>
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