Three Giants Make Positive Moves

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Today more good news came out of the financial sectors. Testifying before Congress CEO John Mack of Morgan Stanley gave a very well thought out opening statement. You can read more and hear his entire statement HERE. One of the most encouraging parts of his statement demonstrates that at least two huge financial institutions are actively wanting to repay the TARP funds they had previously accepted. Morgan Stanley along with Goldman Sachs have both publicly stated that not only do they want to repay the TARP money, they have no intention of going back to the well for more bailout money. You can read the article on the Goldman Sachs announcement HERE. Joining in the pledge to not seek future government money is Bank of America who also rejected any notion of becoming nationalized. These can only be taken as positive signs.


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Ken Montville
RE/MAX United Real Estate - College Park, MD
The MD Suburbs of DC

You know, I heard they wanted to re-pay the TARP money, too.  Right after they heard they were going to have to agree to a $500,000 compensation cap.  It's amazing what happens when you start messing around with their personal money.  All of a sudden they become model citizens.

Feb 11, 2009 01:02 PM #1
Franklin & Brentwood, TN Homes Mike Nastri
Keller Williams Realty - Franklin, TN
It matters to us as much as it matters to you.

The news was on and muted during our listing presentation today, I will have to read the releases you linked to.  It all sounds very encouraging.

Feb 11, 2009 01:04 PM #2
Jeanette Hemmer
Coldwell Banker - Clarksville, AR

These 3 Giants are nothing but crooks.  Do you really think they will pay the money back?

After the tax payers bailed them out!! They made it harder to get loans and even raised the interest rates on credit cards used by the same people that bailed them out!!

These are very very rich men that are not use to having to answer to any one.

Jeanette Hemmer, Re/Max Plus Realty, Clarksville,Ar

Feb 11, 2009 01:11 PM #3
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Goldman Sachs and Morgan Stanley, previously the two biggest U.S. securities firms, (only recently became banks) don’t lend directly to consumers. They hold securities like mortgage-backed bonds whose value they continue to write down

Feb 11, 2009 10:47 PM #4
Rebecca Levinson, Real Estate Marketing and Online Advertising Consultant
Real Skillz-Clear Marketing for Your Real Estate Vision - Lake Geneva, WI

Hi Rich,

I haven't read the reports but thank you for the links.  I remain a bit skeptical but am always optimistic for my fellow American Citizens that they will look to seek self empowerment and find ways themselves not to rely on these institutions.

Feb 12, 2009 02:15 AM #5
Rich Dansereau
Positive Real Estate Professionals - Knoxville, TN

Ken - I agree. John Mack in his statement even said that he believed limiting executive compensation hampers the ability of financial institutions to compete on a global level. I think that not operating your business in a fiscally prudent manner is what really hampers a companies ability to compete globally.

Mike - They are worth a look.

Jeanette - Your voice echoes many around the country. I do hope they pay it back but of course neither I nor anyone have any real way of knowing if they will or not.

Mitchell - John Mack said that Morgan Stanley does have a small retail sector that has lent something like $650 million. Of course this comes from his statement so I cannot verify the veracity of it.

Rebecca - The old self-reliance, an idea as old as time and just as important and relevant today.

Feb 12, 2009 02:28 AM #6
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