McDuck's Account Talk

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Re: Greg's Account Talk

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Madoff investors may get money back

Those fleeced by $50 billion fraud may be able to retrieve funds from Securities Investor Protection Corp in a few months, Congressional non-profit says.
Last Updated: January 8, 2009: 11:11 AM ET

WASHINGTON (Reuters) -- Some of the investors who lost money in an alleged $50 billion fraud run by Bernard Madoff may be able to recover funds within the next few months, the president of the Securities Investor Protection Corp said on Wednesday.
...

SIPC is a non-profit agency set up by Congress to maintain a fund to help investors who had accounts at brokerage firms that failed. The fund, supported by broker dealer assessment fees, has $1.6 billion.
...

SIPC charges member firms a fee of $150 a year, which has not changed since 1995. Harbeck said the fee has been sufficient to cover the agency's purpose, but he added, "We certainly have to rethink that."

SIPC has a $1 billion line of credit with the U.S. Treasury Department. A trustee has identified more than $830 million in liquid assets related to Madoff's investment firm that may be subject to recovery and is searching for more.

Find this article at:
http://money.cnn.com/2009/01/08/news/newsmakers/madoff_investors.reut/index.htm

2007 Cable News Network
 
Re: Greg's Account Talk

Greg...good post! Since the fund has $1.6 billion...where does the $48.4 billion balance come from! Hopefully it's not backed by the U.S. Government!!!!
 
 
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Re: Greg's Account Talk

Technical Analysis: S&P Hangs On
[SIZE=-1]InternetNews.com
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  • The S&P 500 was the only major stock index to hold support today, which makes that 815 support level doubly important now; if it goes, we could be headed back to the lows at 741. To the upside, a move above today's high of 851.59 could open the way to a test of the critical 880-900 resistance zone.
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Re: Greg's Account Talk

tom1tom1...I think you meant Barney (Frank) and friends....Chris Dodd and fellow Dems! I know they are not all to blame; but most of it....because of the lax laws related to giving out mortgages to those who wanted a piece of the American dream when most couldn't afford it! Others were taken advantage of by greeder lenders, and those that thought they could make a quick buck....without effort! We are usually required to pay for our past sins...and mistakes too!
 
Re: Greg's Account Talk

Deepening bank crisis puts NYC in peril
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Re: Greg's Account Talk

Your right on...mick504...all of Congress is to blame. The Republicans have let us done. We need another Reagan...maybe Newt???


mick504 said:
tom1tom1...I think you meant Barney (Frank) and friends....Chris Dodd and fellow Dems! I know they are not all to blame; but most of it....because of the lax laws related to giving out mortgages to those who wanted a piece of the American dream when most couldn't afford it! Others were taken advantage of by greeder lenders, and those that thought they could make a quick buck....without effort! We are usually required to pay for our past sins...and mistakes too!
Click to expand...
 
Re: Greg's Account Talk

http://www.cnbc.com/id/28761162

  • Financial stocks went into free fall Tuesday, with the S&P financial sector losing 16.7 percent. Headlines were peppered with bad news on individual bank names, before, during and after the trading day. But traders said the bottom line is that there is doubt about the banking industry's ability to find enough capital, raising fears about further failures, more government ownership, more devastation for the economy, and more losses for shareholders.
  • Volatility Index shot up 22 percent to a reading of 56.65 in a measure of rising market fear.

http://www.boston.com/business/markets/articles/2009/01/21/hope_abounds_but_so_does_fear/

Many analysts say fixing the banking system is critical to turning around the economy. Lenders, fearful of losses and hoarding cash to survive, are reluctant to lend. That is making it harder for consumers and businesses to borrow and spend, which fuels economic growth.


Jim Weiss, president of Weiss Capital Management in Concord, said federal initiatives have yet to address the underlying problem: confidence. Investors and lenders still don't have a good idea of how much financial institutions hold in troubled assets tied to battered US housing and mortgage markets. It was exposure to those assets, such as securities backed by risky mortgages that ultimately fell into default, that sparked the financial crisis more than a year ago.


"There is an utter lack of transparency in the financial statements of banks, brokers, and insurance companies," Weiss said. "We still can't get our arms around the dimension of the problem."


Also yesterday, a study by the Congressional Budget Office concluded it could take years for proposed spending in the recently unveiled stimulus package to boost the economy. For example, the budget office estimated that only $26 billion of about $300 billion proposed for highway and other public works projects would be spent this year, when the economy needs it the most.


"The message from Wall Street is 'Show me,' " said Allen Sinai, chief economist at Decision Economics, a Boston financial markets advisory firm. "Stimulus heavily oriented towards government spending has a checkered history."
 
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