The oil crisis sparks a new trend of drilling in Beverly Hills and a new program helps protect the "conscience depositer." Today's top videos higrecap the highlights.
CDARS: FDIC Insurance up to $50 Million
“This is absolutely for safety. This is for the safety conscience depositor and they are getting, as you suggested, to be more and more of them these days…about 2,200 banks across the country are members of the network and you can just execute such a transaction there now.”
-Alan Blinder, Promontory Interfinancial Network Chairman
“The American public understands the sincerity of the oil companies, how much the oil companies looks out for them. They made $250 billion last year. They haven’t been too concerned about the American public and to show how fallacious the presentation is that they just want other places to drill, we took them at their word less than two years ago. Democrats joined with Republicans and said, “Ok, we’re going to allow you to drill where you want to drill on the Gulf of Mexico 8.3 million more acres.” We did that because they said they wanted to drill there, what have they done in the last two years? Nothing.”
-Sen. Harry Reid, Senate Majority Leader
Curbing Short Sellers
“What we have to do is something incredible, something the American people know will make a difference, something the markets know will make a difference and that involves a balanced approach, to both find more and use less…Let’s do more here at home and also continue to work at driving down consumption.”
-Sen. Mitch McConnel, Senate Minority Leader
Beverly Hills 9021-Oil
“You’ve heard of West Texas sweet, how about some West L.A. sour? As a new field poll shows that Californians are softening their resistance to off-shore drilling, on-shore drilling is taking off even in places like BH.”
-Jane Wells, CNBC Business News
Merril & Citi Set Market Tone
“The numbers are nowhere near as bad as where people expected. In other words, when we went into this quarter, the expectation was high that banks would lose so much money that they would be forced to announce more dividend cuts, more capital raises and that in fact just has not happened. Not only has this not happened, but what is becoming apparent is that these banks have other sources of income that are great enough to cover, in most cases, the losses that are coming from their loan portfolio.”
-Richard Bove, Ladenburg Thalmann & Co.