Thursday, March 31, 2011

And the hits just keep on coming

Okay, so the Fed had to bailout the too big to fail banks back in 2008, right? For the moment we'll ignore the fact that 3 years later those banks are roughly 20% larger and taking on even more risk. This is definitely one bailout that makes you say, hmmm?!?!

via bloomberg: "

The bank, then 29 percent-owned by the Libyan state, drew $1.1 billion from the Fed’s so-called discount window in October 2008, Including $450 million during the week when hundreds of financial firms drew a record amount of emergency funding from the U.S lending program, according to data released by the Fed today. Arab Banking Corp. also owed about $4 billion to the Fed under other bailout programs in the fall of 2009,
data released in December show.

The U.S. government has since frozen assets linked to the regime of Libyan ruler Muammar Qaddafi and engaged in air strikes against his military forces as they battle a rebel uprising in the North African country.
Arab Banking Corp. received an exemption that allows the firm to continue operating while prohibiting it from engaging in any transactions with the government of Libya, according to the Treasury Department.Libya’s stake in Manama, Bahrain-based Arab Banking Corp. increased to 59 percent in December 2010, the company said on Dec. 2."

I see how this works - bail out their banks, bomb them into oblivion, rebuild their cities and PROFIT!!!! Genius! ************************************************************

Stat of the day:€ Twitter says they have 175 million users, rumors around the web say that it's more like 10-20 million users. Hmmm, how many billion do they think they are worth?

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Stat of the day part 2: I had a recent conversation with a family member about how they would never $0.05/gallon extra for full service (hi! Mom!). However, I read a fun stat about the car starters so many have grown accustomed to in NNY - A Consumer Reports article on fuel economy advises against letting cars idle to warm up. "Think of it this way: When you're idling, your car is getting zero miles per gallon." The magazine allowed a Buick Lucerne warm-up for 10 minutes--the maximum time remote starters idle before shutting off. The test showed the Lucerne used one-eighth of a gallon of gas. At $3.75/gallon you're burning roughly $0.47 of gas every time you use the car starter for 10 minutes :)

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