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After viewing the video (or reading the transcript) please answer the following questions: a. According to the film, what three companies will receive $20 billion in tax deductions? Morgan Stanley, JPMorgan Chase and Goldman Sachs. b. Who is Barney Frank? Brad Sherman? Mark Patterson? Barney Frank is the former chairman of the House Financial Services Committee. Brad Sherman is the Representative of the House Mark Patterson is a hedge fund manager. They are all part of the lobbyists for the wall street. c. What is intellectual capture? It means that the financial system is captured by the wall street, under total control of the wall street. They make the financial system to think about the wall street’s best interests. d. According to Kevin Drum, what is the average rate of interest paid on an overdraft fee? Average rate of interest rate is 10000% and $17 in overdraft fees. e. According to the commentators, what should Obama do about the banks? Do you agree? He think that Obama should take action, he have his slogan of change for years, and especially in favor of change of the financial system, be he has done nothing His so- called reform of the financial system is just nothing, no big changes, and no strong actions. He also think that Obama should have the courage to break up the big banks and restored the balance of the financial world. And I totally agree with his ideas. It is really important for President Obama to make the changes.
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Econ 350 Winter 2012 Assignment 8 2 (Coincidentally (?), the week after this show aired Obama announced a new tax on banks to pay for the bail out.) 5. BOND SALE - Series H bonds Series H bonds are coupon bonds. They will be sold on January 24. They will provide a coupon payment of $5 for each class from Tuesday, January 24 to Friday, January 27 (four classes). They have a face value of $20 when they mature on January 27. As part of the assignment, state the bid price you would be willing to pay and the quantity you would like to purchase of Series H bonds. You can use your available funds on January 24. A Dutch auction will be used to sell 100 bonds. $13 for 6 share $13*6= $70
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