Leading banks likely to be drawn into Libor inquiry

This is a discussion on Leading banks likely to be drawn into Libor inquiry within the General Trading Chat forums, part of the To Be Sorted category; Originally Posted by wackypete2 You can google UBS FED BAILOUT and find hundreds of articles about what happened. In short ...

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Old Mar 17, 2011, 6:10pm   #9
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Default Re: Leading banks likely to be drawn into Libor inquiry
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Originally Posted by wackypete2 View Post
You can google UBS FED BAILOUT and find hundreds of articles about what happened. In short the GAO (Gov't Accounting Office) did an audit at the behest of congress and all this came to light. If I remember correctly the money was dispersed from 2007 to sometime in 2010.

Here's a link from USA Today newspaper article thats shows money given out IN ADDITION TO THE $3.3 BILLION. This WAS TARP money and some was funneled to UBS with the gov't's knowledge and approval.

http://www.usatoday.com/money/compan...to-banks_N.htm

Peter
Ah, you're referring to the AIG payouts... If so, this wasn't a bailout. It was a payment on a bunch of legally binding contracts that AIG had with the banks. Obviously, the US govt, when it took AIG over, could have just reneged on everything, but they decided that the global financial system wouldn't have been able to stand it. Whether you agree with the decision or not, there wasn't anything all that underhanded.
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Old Mar 17, 2011, 6:17pm   #10
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Default Re: Leading banks likely to be drawn into Libor inquiry
also, it's pretty unlikely that the counterparties to AIG deals didn't need to ship the money on themselves - to, say, Citigroup or whoever. One of the big problems at the time is that because the nature of the deals being done weren't explicitly fungible, everyone had their hands in each others pockets.
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Old Mar 17, 2011, 6:32pm   #11
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Default Re: Leading banks likely to be drawn into Libor inquiry
Does anyone actually read my posts? or does everyone just skim a few keywords and comment on entirely the wrong thing?

Must be me I guess, but posting here is becoming less and less interesting.

Peter
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Old Mar 17, 2011, 6:40pm   #12
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Default Re: Leading banks likely to be drawn into Libor inquiry
buying commercial paper isn't exactly giving money out, is it mate. Nor is it zero interest, looks to me like the taxpayer made pretty well out of it.
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Old Mar 17, 2011, 6:43pm   #13
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Default Re: Leading banks likely to be drawn into Libor inquiry
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Originally Posted by wackypete2 View Post
Does anyone actually read my posts? or does everyone just skim a few keywords and comment on entirely the wrong thing?

Must be me I guess, but posting here is becoming less and less interesting.

Peter
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Old Mar 17, 2011, 7:11pm   #14
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Default Re: Leading banks likely to be drawn into Libor inquiry
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Originally Posted by wackypete2 View Post
Does anyone actually read my posts? or does everyone just skim a few keywords and comment on entirely the wrong thing?

Must be me I guess, but posting here is becoming less and less interesting.

Peter
It must be my response you're referring to. I honestly don't see what wrong thing I am commenting on.

Regardless, I am unaware of any secret conspiracy to keep UBS afloat.
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Old Mar 17, 2011, 7:15pm   #15
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Default Re: Leading banks likely to be drawn into Libor inquiry
i think he's talking about the commercial paper funding facility...
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Old Mar 17, 2011, 7:42pm   #16
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Default Re: Leading banks likely to be drawn into Libor inquiry
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i think he's talking about the commercial paper funding facility...
I didn't see this... CPFF wasn't anything underhanded and was mostly of benefit to the likes of GE and GM, who used rely on commercial paper a lot.
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