12-03-2008, 07:53 AM | #406 |
“Hypocrisy: prejudice with a halo”
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WASHINGTON -- The Treasury Department has failed to address a number of critical issues while implementing the $700 billion financial rescue plan, including how to ensure its efforts are successful, the Government Accountability Office said Tuesday.
The report, which was required by the legislation authorizing the rescue plan, said Treasury has yet to figure out how to make sure financial firms receiving billions of dollars of federal funds comply with limits on executive compensation and dividend payments. (Read the full report.) On a more basic level, the Treasury's efforts to establish "an effective management structure and an essential system of internal control" are incomplete, the report said. "Without a strong oversight and monitoring function, Treasury's ability to help ensure an appropriate level of accountability and transparency will be limited," the report said. http://online.wsj.com/article/SB122824907384873263.html
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12-03-2008, 08:00 AM | #407 | |
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12-03-2008, 08:02 AM | #408 |
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Correct. According to the GAO, the money is being given out without adequate oversight on how it is being spent.
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12-03-2008, 08:13 AM | #409 |
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This thread should be read in conjunction with the welfare thread.
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Shut up and hug. MoreThanPretty, Nov 5, 2008. Just because I'm nominally polite, does not make me a pussy. Sundae Girl. |
12-03-2008, 10:21 AM | #410 |
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It is only what we deserve after electing politicians willing to fall for the "we need this package done right now or the economy will collapse" BS that was spun. $700B given out with no firm plan in place. $700B given out with no oversight on the distribution. $700B given out because a lot of people made bad choices and didn't like the consequences. $700B given out because some only pay lip service to the free market. $700B given out which will only make the hole deeper.
BS. Every last penny of it. The $700B isn't meant to prevent to AIG, Citi, the Big 3, etc. fail... it is proof that they've already failed and they just want the taxpayer to pick up the pieces so they can keep their doors open. Good companies don't fail. Bad companies do. Bad companies should be forced to face the consequences of bad management. They either close the doors (only the strong survive) or they are taken over by stronger companies (only the strong survive). Bailouts only encourage poor companies to continue being poor companies.
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12-03-2008, 10:38 AM | #411 | |
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12-03-2008, 10:39 AM | #412 |
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Citi is raising the APR on accounts of those with A++ credit to 19.99%
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12-03-2008, 10:49 AM | #413 |
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My dad just received a very "uniquely" phrased letter from citi. He let my sister use his CC to buy her truck a couple years ago. Fixed 3% for the life of the loan. That is the only purchase ever made on the card and she only has about a year left to pay on it. The letter is confusing but once it is deciphered it basically says we want to raise your rate to 12%. Yeah, we agreed on 3% but we need more money. If you don't agree with us raising your rates you have to let us know in writing. If you don't want us to change the rate we won't let you use the card for future purchases. Funny.
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12-04-2008, 12:48 PM | #414 | |
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12-04-2008, 12:55 PM | #415 | |
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GM may pull plug on Saturn
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12-04-2008, 01:35 PM | #416 |
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"But the decision to consider pulling the plug on Saturn, the agile little start-up that GM developed to reinvent the way it produced and sold cars, is a bitter reminder of just how deep the automaker's troubles run."
WOW. If anything had value to be sold off I would think it would be Saturn. They certainly have a better rep than Pontiac or most other GM cars. I just can't believe that someone out there would not be interested in scooping that up.
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12-04-2008, 03:06 PM | #417 | |
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Big Three Spending Millions On Lobbying
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Put 'em all on report, Jim!
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12-04-2008, 07:22 PM | #418 | |
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From the NY Times of 3 Dec 2008:
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Last I heard, GM repeatedly promises a new product for Spring Hill TN (the famous Saturn plant) and then takes it away. Another symptom of an MBA boss - indecision. |
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12-04-2008, 08:35 PM | #419 | |
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Shut up and hug. MoreThanPretty, Nov 5, 2008. Just because I'm nominally polite, does not make me a pussy. Sundae Girl. |
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12-05-2008, 01:52 AM | #420 |
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That's standard procedure for all the cards I've had. When they decide to jack the interest rate, the first time you use the card, the interest rate goes up on the unpaid balance. Doesn't bother me because I never pay any interest.
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