Friday, November 14, 2008

The Grass Is Always Greener On The Other Teet

My wife and daughter have been fostering cats and kittens from the animal shelter lately and I've had the opportunity to observe these precious little creatures. One of the funniest things to spectate is when the mama lays down and the kittens bombard her in search of a teet full of milk. They look like kamikazi pilots diving over one another in search of their meal. While there are enough teets for each and every kitten, it's hilarious to watch one abort his/her teet and leep over their siblings to fight for one that is already taken. Then the one that gets pushed off has to aggressively seek a new teet. In the end, they all get fed, but during the process, each one at some point decides he has to search for a teet that might be better.

While on the subject of milking the system, I wasn't shocked yesterday when Hank Paulson announced a major shift in his bailout plan. He stated "the facts have changed". Really? What facts and how can the financial system change that fast in four weeks? The reality is, they are perplexed on how to catch the "falling arrow". Now the auto industry is searching for it's teet. How many teets do the Feds have? At some point, mama's going to say, I'm all out of milk! Then what?

I thought that it would be informative to pass along the list of banks that have announced participation in the Treasury program:

Citgroup $25 billion
Wells Fargo $25 billion
JPMorgan Chase $25 billion
Bank of America $15 billion
Merrill Lynch $10 billion
Goldman Sachs $10 billion
Morgan Stanley $10 billion
Bank of New York $3.0 billion
State Street $2.0 billion
TOTAL $125 billion

PNC $7.7 billion
Capital One $3.6 billion
SunTrust $3.5 billion
Regions Financial $3.5 billion
Fifth Third $3.4 billion
Key $2.5 billion
Comerica $2.25 billion
Northern Trust $1.5 billion
Huntington $1.4 billion
First Horizon $866 million
City National $395 million
Valley National $330 million
Washington Federal $230 million
First Niagara $186 million
TOTAL $31.36 billion

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