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Paul Merrell

A caller had a lewd tape of Donald Trump. Then the race to break the story was on. - The Washington Post - 0 views

www.washingtonpost.com/...6-875e-2c1bfe943b66_story.html

Auction 2016 Trump-video video-source

shared by Paul Merrell on 09 Oct 16 - No Cached
  • Reporter David Fahrenthold got a phone call around 11 a.m. Friday from a source with a tip about Donald Trump. The source asked: Would Fahrenthold be interested in seeing some previously unaired video of Trump? Fahrenthold didn’t hesitate. Within a few moments of watching an outtake of footage from a 2005 segment on “Access Hollywood,” the Washington Post reporter was on the phone, calling Trump’s campaign, “Access Hollywood” and NBC for reaction. By 4 p.m., his story was causing shock waves.
  • Fahrenthold’s story about the recording — which some observers said might deal a death blow to Trump’s presidential campaign — was the second major revelation, or “October surprise,” that came courtesy of an anonymous source. The New York Times last week revealed that Trump took a $916 million loss on his 1995 taxes, which could have relieved him from paying federal income taxes for as many as 18 years. The Times’ story was based on tax returns supplied by a source whose identity is unknown even to the Times. Fahrenthold, a 16-year veteran of The Post, said he knows who pointed him to the “Access Hollywood” video, but he will not reveal the identity because he promised anonymity to his tipster. But like many readers, he said he was surprised and shocked by what he saw on the tape.
  • As it happens, Fahrenthold was racing to produce his story in competition with “Access Hollywood” itself. The syndicated show, owned by NBC Universal, had found the Trump recording in its archives and was preparing its own story. NBC News, tipped by “Access Hollywood,” was also aware of the tape and was preparing a story, which it intended to broadcast after the entertainment show aired the recording. It was not clear, however, when “Access Hollywood” and NBC News were planning to go ahead with their stories.
  • ...3 more annotations...
  • Fahrenthold’s story proved to be the most concurrently viewed article in the history of The Post’s website; more than 100,000 people read it simultaneously at one point on Friday. The interest was so heavy that it briefly crashed the servers of the newspaper’s internal tracking system.
  • The story not only damaged Trump but also elicited intense criticism of Bush on social media. Bush, 44, a cousin of former president George W. Bush, is now a co-host of NBC’s “Today” show. Noting that “Today” has a huge following among women, some critics called for Bush’s resignation.
  • The quick succession of events left several questions unanswered, among them: Why did a 2005 recording of Trump remain in the “Access Hollywood” archives for so long before becoming public? And what other damaging outtakes, if any, remain in the archives of NBC’s “The Apprentice” and “Celebrity Apprentice,” the reality shows in which Trump starred?
  • Paul Merrell on 09 Oct 16
     
    I went looking for what was known about the source of the Trump video. This is all I found. The original WaPo story on the video is here. https://www.washingtonpost.com/politics/trump-recorded-having-extremely-lewd-conversation-about-women-in-2005/2016/10/07/3b9ce776-8cb4-11e6-bf8a-3d26847eeed4_story.html I'm reminded of the Republican drive to impeach Bill Clinton that resulted in Larry Flynt (of Hustler magazine fame) offering a million-dollar reward for dirt on Republican members' of Congress affairs with women. He found a lot of takers and several Repubs were forced to resign from Congress after their affairs were publicized. I recall that Newt Gingrich said something along the lines of "I've never seen such a strong counterpunch before." The timing was exquisite, just after Trump let it be known that he'd be attacking Hillary in the next debate for her attacks on the women who had come forward claiming that Bill Clinton had either had affairs with them or made unwelcome sexual advances on them. The timing was also great to pull the sting from the Wikileaks release of the latest 2,000 Hillary emails showing that she perjured herself before Congress about shipment of arms to al-Qaeda in Syria from Libya. That never made it into mainstream media, although a few articles resulted from the leak of Hillary's talk to Goldman Sachs. All swept from the headlines by the eleven-year-old recording of Trump making sexist remarks. It says something about American politics that the next election may be determined by such a recording as opposed to life and death issues like U.S. foreign wars that are killing hundreds of thousands of people, climate change that threatens the extinction of the human race in as little as 100 years, etc.
Paul Merrell

A Choice For Corporate America: Are You With America Or The Cayman Islands - 0 views

www.informationclearinghouse.info/article33901.htm

banksters globalists tax havens offshoring

shared by Paul Merrell on 10 Feb 13 - No Cached
  • When the greed, recklessness, and illegal behavior on Wall Street drove this country into the deepest recession since the 1930s, the largest financial institutions in the United States took every advantage of being American. They just loved their country - and the willingness of the American people to provide them with the largest bailout in world history. In 2008, Congress approved a $700 billion gift to Wall Street. Another $16 trillion in virtually zero interest loans and other financial assistance came from the Federal Reserve. America. What a great country. But just two years later, as soon as these giant financial institutions started making record-breaking profits again, they suddenly lost their love for their native country. At a time when the nation was suffering from a huge deficit, largely created by the recession that Wall Street caused, the major financial institutions did everything they could to avoid paying American taxes by establishing shell corporations in the Cayman Islands and other tax havens.
  • In 2010, Bank of America set up more than 200 subsidiaries in the Cayman Islands (which has a corporate tax rate of 0.0 percent) to avoid paying U.S. taxes. It worked. Not only did Bank of America pay nothing in federal income taxes, but it received a rebate from the IRS worth $1.9 billion that year. They are not alone. In 2010, JP Morgan Chase operated 83 subsidiaries incorporated in offshore tax havens to avoid paying some $4.9 billion in U.S. taxes. That same year Goldman Sachs operated 39 subsidiaries in offshore tax havens to avoid an estimated $3.3 billion in U.S. taxes. Citigroup has paid no federal income taxes for the last four years after receiving a total of $2.5 trillion in financial assistance from the Federal Reserve during the financial crisis. On and on it goes. Wall Street banks and large companies love America when they need corporate welfare. But when it comes to paying American taxes or American wages, they want nothing to do with this country. That has got to change.
  • Offshore tax abuse is not just limited to Wall Street. Each and every year corporations and the wealthy are avoiding more than $100 billion in U.S. taxes by sheltering their income offshore. Pharmaceutical companies like Eli Lilly and Pfizer have fought to make it illegal for the American people to buy cheaper prescription drugs from Canada and Europe. But, during tax season, Eli Lilly and Pfizer shift drug patents and profits to the Netherlands and other offshore tax havens to avoid paying U.S. taxes.
  • ...3 more annotations...
  • Apple wants all of the advantages of being an American company, but it doesn't want to pay American taxes or American wages. It creates the iPad, the iPhone, the iPod, and iTunes in the United States, but manufactures most of its products in China so it doesn't have to pay American wages. Then it shifts most of its profits to Ireland, Luxembourg, the British Virgin Islands and other tax havens to avoid paying U.S. taxes. Without such maneuvers, Apple's federal tax bill in the United States would have been $2.4 billion higher in 2011.
  • This tax avoidance does not just reduce the revenue that we need to pay for education, healthcare, roads, and environmental protection, it is also costing us millions of American jobs. Today, companies are using these same tax schemes to lower their tax bills by shipping American jobs and factories abroad. These tax breaks have contributed to the loss of more than 5 million U.S. manufacturing jobs and the closure of more than 56,000 factories since 2000. That also has got to change. At a time when we have a $16.5 trillion national debt; at a time when roughly one-quarter of the largest corporations in America are paying no federal income taxes; and at a time when corporate profits are at an all-time high; it is past time for Wall Street and corporate America to pay their fair share. That's what the Corporate Tax Dodging Prevention Act (S.250) that I have introduced with Rep. Jan Schakowsky (D-Ill.) is all about.
  • We have a much better idea. Wall Street and the largest corporations in the country must begin to pay their fair share of taxes. They must not be able to continue hiding their profits offshore and shipping American jobs overseas to avoid taxes. Here's the simple truth. You can't be an American company only when you want a massive bailout from the American people. You have also got to be an American company, and pay your fair share of taxes, as we struggle with the deficit and adequate funding for the needs of the American people. If Wall Street and corporate America don't agree, the next time they need a bailout let them go to the Cayman Islands, let them go to Bermuda, let them go to the Bahamas and let them ask those countries for corporate welfare.
  • Paul Merrell on 10 Feb 13
     
    Gotta love Bernie Sanders.
Paul Merrell

The Untouchables: How the Obama administration protected Wall Street from prosecutions | Glenn Greenwald | Comment is free | guardian.co.uk - 0 views

www.guardian.co.uk/...wall-street-prosecutions-obama

Obama Banksters financial-crisis financial-collapse Federal-Reserve-Bankster-Cartel financial-oligarchs

shared by Paul Merrell on 24 Jan 13 - No Cached
  • PBS' Frontline program on Tuesday night broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable. What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Indeed, financial elites were not only vested with immunity for their fraud, but thrived as a result of it, even as ordinary Americans continue to suffer the effects of that crisis.
  • Worst of all, Obama justice officials both shielded and feted these Wall Street oligarchs (who, just by the way, overwhelmingly supported Obama's 2008 presidential campaign) as they simultaneously prosecuted and imprisoned powerless Americans for far more trivial transgressions. As Harvard law professor Larry Lessig put it two weeks ago when expressing anger over the DOJ's persecution of Aaron Swartz: "we live in a world where the architects of the financial crisis regularly dine at the White House." (Indeed, as "The Untouchables" put it: while no senior Wall Street executives have been prosecuted, "many small mortgage brokers, loan appraisers and even home buyers" have been).
Paul Merrell

The Risks of Clinton's Syrian 'No-Fly Zone' - Consortiumnews - 0 views

consortiumnews.com/...of-clintons-syrian-no-fly-zone

Auction 2016 war & peace Hillary Kucinich

shared by Paul Merrell on 21 Oct 16 - No Cached
  • Hillary Clinton’s scheme for a “no-fly zone” – if implemented withouth the Syrian government’s approval – would be an act of war and a risk of a nuclear showdown with Russia, says ex-Congressman Dennis Kucinich.
  • The most consequential statement by former Secretary of State Hillary Clinton in Wednesday night’s debate was her pronouncement that a no-fly zone over Syria could “save lives and hasten the end of the conflict,” that a no-fly zone would provide “safe zones on the ground” was in “the best interests of the people on the ground in Syria” and would “help us with our fight against ISIS.” It would do none of the above. A U.S. attempt to impose a no-fly zone in Syria would, as Secretary Clinton once cautioned a Goldman Sachs audience, “kill a lot of Syrians,” and, according to the Chairman of the Joint Chiefs, General Dunford, lead to a war with Russia. If the U.S. has not been invited into a country to establish a “no-fly zone” such an action is, in fact, an invasion, an act of war.
  • It is abundantly clear from our dark alliance with Saudi Arabia and our conduct in support of jihadists in Syria that our current leaders have learned nothing from Vietnam, Afghanistan, Iraq and Libya as we prepare to plunge head-long into the abyss of a world war. Our international relations are built upon lies to promote regime changes, the fantasy of a unipolar world ruled by America, and a blank check for the national security state. As others prepare for war, we must prepare for peace. We must answer the mindless call to arms with a thoughtful, soulful call to resist the coming build-up for war. A new, resolute peace movement must arise, become visible and challenge those who would make war inevitable. We must not wait until the Inauguration to begin to build a new peace movement in America.
Paul Merrell

5 Biggest Revelations from Latest Podesta Emails - 0 views

www.trueactivist.com/from-the-latest-podesta-emails

Auction-2008 Obama cabinet Citigroup banksters

shared by Paul Merrell on 09 Nov 16 - No Cached
  • Wikileaks’ releases of the now infamous “Podesta Emails” have become such a regular occurrence, it’s becoming difficult to keep up. 11 “batches” have been released so far, bringing the total to 17,510 with an estimated 32,000 left to go before the US election takes place on November 8th. Though True Activist covered many of the earlier leaks, including the transcripts of Clinton’s private speeches and Clinton’s admission that the Saudis are funding ISIS, many other potentially damning revelations have since come to light. Here are the top 5 newest revelations from the last 3 email releases (#9 to 11).
  • 4. Wall Street Handpicked Obama’s Entire 2008 Cabinet Though most of the leaks thus far have been focused largely on Clinton and her campaign, some of the released emails have shed light on corruption within the Obama administration. In 2008, at the height of the financial crisis, an executive from CitiGroup emailed John Podesta one month before Podesta was named chairman of Obama’s 2008 transition team. CitiGroup, at the time, was the largest company and bank in the world by assets. The email from CitiGroup executive Michael Froman is titled “Lists.” The lists within, naming prospective candidates for cabinet positions, matches Obama’s 2008 Cabinet almost exactly. They also suggest choosing candidates of various ethnic minorities as a political tactic (see #3 above). The email proposed: Robert Gates as secretary of Defense; Eric Holder as attorney general; Janet Napolitano as secretary of Homeland Security; Rahm Emanuel as White House chief of staff; Susan Rice as United Nations ambassador; Arne Duncan as secretary of Education; Kathleen Sebelius as secretary of Health and Human Services; Peter Orszag as head of the Office of Management and Budget; Eric Shinseki as secretary of Veterans Affairs; and Melody Barnes as chief of the Domestic Policy Council. Froman offered Podesta with three possibilities for the position of Secretary of the Treasury: Robert Rubin and his close disciples Lawrence Summers and Timothy Geithner. Obama ultimately chose Geithner, who was then president of the Federal Reserve Bank of New York. Geithner, along with Bush Treasury Secretary and former Goldman Sachs CEO Henry Paulson and then-Fed Chairman Ben Bernanke, were those chiefly responsible for organizing the Wall Street bailout.
  • Paul Merrell on 09 Nov 16
     
    Citibank chose Obama's 2008 cabinet. Why am I not surprised?
Paul Merrell

Icelandic Justice and Criminal Bankers - nsnbc international | nsnbc international - 0 views

nsnbc.me/...c-justice-and-criminal-bankers

financial-collapse Iceland criminal-prosecution banksters economic-turnaround

shared by Paul Merrell on 17 Apr 16 - No Cached
  • On September 15, 2008, a former Goldman Sachs chairman, US Treasury Secretary Henry Paulsen, deliberately triggered a predictable global financial meltdown when he decided to break precedent and let Lehman Bros, the fourth-largest Wall Street investment bank, go bankrupt. The reasons for his decision are for another time. The fallout from that traumatic financial crisis remains very much with the world financial system to this day, more than seven years later. One of the little-noticed casualties of that Lehman Bros. debacle was the worst banking crisis in the history of one of the world’s smallest countries, Iceland. How that country of 323,000 citizens chose to deal with the crisis is a model for the rest of the world. Instead of beatifying the criminal bankers responsible for worst world financial crisis in history, the people of Iceland did something quite different.
  • Paul Merrell on 17 Apr 16
     
    F. William Engdahl does a great job of summing up the bankster and economic situation in Iceland. 
Paul Merrell

Trump Executive Action Takes Aim At Dodd-Frank, Investor Protection Rule : NPR - 0 views

www.npr.org/...tions-rule-in-executive-action

banksters Trump Dodd-Frank ekection-lies

shared by Paul Merrell on 05 Feb 17 - No Cached
  • President Trump signed two directives on Friday, ordering a review of financial industry regulations known as Dodd-Frank and halting implementation of a rule that requires financial advisers to act in the best interests of their clients, according to a senior administration official who briefed reporters on condition of anonymity. Trump himself made his intentions clear in a meeting with small business owners Monday. "Dodd-Frank is a disaster," Trump said. "We're going to be doing a big number on Dodd-Frank."
  • These executive actions are the start of a Trump administration effort to reverse or revise financial regulations put in place by the Obama administration and seen by Trump and his advisers as onerous and ineffective. Based on the description given by the administration official who briefed reporters, the directives the president is expected to sign Friday won't immediately do a big number on the law. The directive will instruct the Treasury secretary to meet with the agencies that oversee the law to identify possible changes.
  • "Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year," said National Economic Council director Gary Cohn in an interview with the Wall Street Journal. Cohn, who was president and COO at the investment banking firm Goldman Sachs before joining the administration, added, "The banks are going to be able to price product more efficiently and more effectively to consumers." The president of the nonprofit Wall Street watchdog Better Markets issued a statement blasting Friday's actions.
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  • "The American people trusted candidate Trump when he said he was going to protect them from Wall Street's recklessness, but President Trump has betrayed that trust," Dennis Kelleher's statement says. "He is unleashing Wall Street on Main Street, which is exactly what the financial protections of Dodd Frank were put in place to prevent." Hinting at where the administration might expect the review to lead, the official said that under the Obama administration, "some of the rules may have even been unconstitutional, creating new agencies that don't actually protect consumers." That is an allusion to the Consumer Financial Protection Bureau, the consumer watchdog bureau which Republicans in Congress opposed from its very creation and was the subject of a years-long fight over its leadership and structure.
Gary Edwards

Everything You Need to Know About Wall Street, in One Brief Tale | Matt Taibbi | Rolling Stone - 0 views

www.rollingstone.com/...eet-in-one-brief-tale-20120113

Bear-Stearns Mike-Taibi Jeffrey-Verchleiser Goldman-Sachs financial-collapse Banksters

shared by Gary Edwards on 13 Jan 12 - No Cached
  • Gary Edwards on 13 Jan 12
     
    Another great piece of writing about the 2008 financial collapse, from Mike Taibi. excerpt: At first,  I couldn't remember where I knew that name from. But then I looked it up and saw an explosive Atlantic magazine story, published last year, called, "E-mails Suggest Bear Stearns Cheated Clients Out Of Millions." And then I remembered that piece, and it hit me: Jeffrey Verschleiser is one of the biggest assholes in the entire world! The story begins at Bear Stearns, where Verschleiser used to work, up until the company exploded, in large part because of him personally. Back in the day, you see, Verschleiser headed Bear's mortgage-backed securities operations. Toward the end of his tenure, his particular specialty began with what at the time was the usual industry-wide practice, putting together gigantic packages of crappy subprime mortgages and dumping them on unsuspecting clients. But Verschleiser reportedly went beyond that. According to a lawsuit later filed by a bond insurer called Ambac, Verschleiser also masterminded a kind of double-dipping scheme. What he would do is sell a bunch of toxic mortgages into a trust, which like all mortgage trusts had provisions written into their pooling and servicing agreements (PSAs) that required the original lenders to buy the loans back if they went into default. So Verschleiser would sell bad mortgages back to the banks at a discount, but instead of passing the money back to the trust, he and other Bear execs allegedly pocketed the funds. From the Atlantic story:
Paul Merrell

The FBI's Own Hostage Crisis - Newsweek - 0 views

mag.newsweek.com/...fbi-s-hostage-crisis.html

spook-agencies CIA cover-up Iran

shared by Paul Merrell on 22 Dec 13 - No Cached
  • By  Jeff Stein 0 Share Last Thursday, an urgent call went out from CIA headquarters to the spy agency's director, John Brennan, who was giving a speech to a graduating class at The Farm, the CIA's training facility near Williamsburg, Va. Brennan was warned that the Associated Press and The Washington Post were about to publish the results of a long investigation revealing that Robert Levinson, a retired FBI agent who had gone missing while "on private business" in Iran six years ago, had actually been working for the CIA. A handful of national security reporters in D.C. had known of Levinson's CIA connection for years but agreed to sit on it, accepting the CIA's rationale that publishing the information could endanger the life of Levinson, who was ostensibly pursuing an investigation of cigarette smuggling for a private client when he went missing on Iran's Kish Island in March 2007. Levinson was thought to be in Iranian hands. On Thursday morning, the entreaties of lower ranking CIA officials to the AP and Washington Post not to publish the story were rebuffed. Other high-ranking Obama administration officials, including White House chief of staff Denis McDonough and deputy national security advisor Ben Rhodes, as well as FBI Deputy Director Mark Giuliano, made the same argument to the reporters and their editors. By the time Brennan got his warning from headquarters, however, it was too late to for him to make an appeal. The story, by the AP's Matt Apuzzo and Adam Goldman, who had recently left AP to join The Washington Post, was online.
Paul Merrell

Chris Hedges: Overthrow the Speculators - Chris Hedges - Truthdig - 0 views

www.truthdig.com/...throw_the_speculators_20131229

banksters speculators bank-reform

shared by Paul Merrell on 31 Dec 13 - No Cached
  • Speculators at megabanks or investment firms such as Goldman Sachs are not, in a strict sense, capitalists. They do not make money from the means of production. Rather, they ignore or rewrite the law—ostensibly put in place to protect the vulnerable from the powerful—to steal from everyone, including their shareholders. They are parasites. They feed off the carcass of industrial capitalism. They produce nothing. They make nothing. They just manipulate money. Speculation in the 17th century was a crime. Speculators were hanged. We can wrest back control of our economy, and finally our political system, from corporate speculators only by building local movements that decentralize economic power through the creation of hundreds of publicly owned state, county and city banks.
  • The establishment of city, regional and state banks, such as the state public bank in North Dakota, permits localities to invest money in community projects rather than hand it to speculators. It keeps property and sales taxes, along with payrolls for public employees and pension funds, from lining the pockets of speculators such as Jamie Dimon and Lloyd Blankfein. Money, instead of engorging the bank accounts of the few, is leveraged to fund schools, restore infrastructure, sustain systems of mass transit and develop energy self-reliance. The Public Banking Institute, founded by Ellen Brown, the author of “Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free,” Marc Armstrong and other grass-roots activists are attempting to build a system of public banks. States such as Vermont and Washington and cities such as Philadelphia, Washington, D.C., San Francisco and Reading, Pa., have begun public banking initiatives. Public banks return economic power, and by extension political power, to the citizens. And because they are local they are possible. These and other grass-roots revolts, including sustainable agriculture, will be the brush fires that will, if they succeed, ignite the overthrow of the corporate state.
Paul Merrell

Bank of England Drops a Bombshell on Parliament: It Shredded Its Crisis Era Records - 0 views

wallstreetonparade.com/...hredded-its-crisis-era-records

financial-collapse banksters Bank-of-England shredded-records

shared by Paul Merrell on 16 Mar 14 - No Cached
  • Mark Carney, the head of the Bank of England, and other officials from the BOE were put through a five hour marathon of questioning yesterday by Parliament’s Treasury Select Committee covering everything from how long the BOE plans to continue Quantitative Easing (QE), to the potential for Scotland to vote for its independence, to what it knew and when it knew it about the rigging of the Foreign Exchange market by colluding global banks. The bombshell of the day, however, did not occur during the session on the Foreign Exchange scandal, which is stacking up to be a more serious matter than the rigging of the Libor interest rate benchmark which occurred under the nose of the Bank of England and the British Bankers Association. (London now seems to be in competition with itself for the prize of the century for overseeing the rigging of the greatest number of markets.)
  • The bombshell came in the following exchange between the Chair of the Treasury Select Committee, Andrew Tyrie, and a very frightened appearing Paul Fisher, the Executive Director of Markets at the BOE, who has served in that position since 2009. Apparently neither Parliament nor the public knew prior to this exchange that the records of the pre-crisis year of 2007, the financial collapse in 2008, and the monetary policy maneuvers in subsequent years to prevent another Great Depression had been destroyed in one of the world’s most important financial centers; not to mention the fact that critical recordings potentially relevant to the Foreign Exchange probe are also gone.
  • Chairman Tyrie: “The MPC [Monetary Policy Committee] records might be of interest one day to historians about the inception of QE. MPC records used to be recorded and transcribed when the MPC was created. Is that still the case Mr. Fisher?” Paul Fisher: “They are not transcribed. They are still recorded so that the secretariat can go back to check any discrepancies between the minutes and what people may have said. But as far as I know they are not transcribed.” Chairman Tyrie: “And they’re stored?” Paul Fisher: “The recordings are not kept. Once the minutes are published…” Chairman Tyrie: [In a booming, outraged voice] “The recordings are destroyed! Why? Paul Fisher: “Because we have one copy of the minutes; that’s the one that’s published and there are not alternative versions.”
  • ...3 more annotations...
  • Chairman Tyrie: “There are more than one purpose for these. There’s the minutes after a fortnight and there’s the historical value. The Fed Open Market Committee publishes full transcripts of its meetings with a five year delay. Whether it’s a five or ten year delay, certainly these are of huge historical significance. Why aren’t you putting something similar in place?” Paul Fisher: “This goes back to when the Committee first started. They initially did try to make transcripts, unsuccessfully.” Chairman Tyrie: “What do you mean unsuccessfully?” Paul Fisher: “It was very hard to actually physically transcribe the tapes in any way which made any sense in terms of the written material.” Chairman Tyrie: “Is that because you’re shouting and throwing things about. Most organizations manage to transcribe a record. Even the House of Commons manages to do it on a good day.” Paul Fisher: “I’m trying to explain what I know of it. My understanding is that people talking, very free flowing discussion, and they couldn’t make a sensible transcript.”
  • Carney is a former Goldman Sachs banker who went on to become the head of the Bank of Canada, serving in that post during the financial crisis. He is the first non Briton to head the Bank of England in its more than 300-year history. That reality, and his non-British accent, seemed to invite an intensely interrogative style at times during the five hours of questioning yesterday by members of the Treasury Select Committee. Carney remained calm, courteous and professional throughout. It’s clear to anyone paying attention that the BOE is attempting to clone itself into the Fed – as questionable as that idea might be given that the full transcripts that have been released by the Fed for the crisis years show it had blinders on in terms of the depth of the crisis.
  • Now Carney has announced that he is going to create what looks like a clone of the President of the New York Fed (William “Bill” Dudley) through a new Deputy Governor position at the BOE to oversee markets and banking. Good luck with that. As Wall Street On Parade has repeatedly chronicled, avoiding regulatory capture will likely prove as elusive at the BOE as it has at the New York Fed. And given the seismic nature of the market rigging that has gone on in London, this is like putting a Disney-themed band aide on a compound fracture.
Paul Merrell

Ukraine's Gold Reserves Secretely Flown Out and Confiscated by the New York Federal Reserve? | Global Research - 0 views

www.globalresearch.ca/...5373446

war & peace banksters Ukraine gold federal-reserve Fed

shared by Paul Merrell on 15 Mar 14 - No Cached
  • A Russian Internet news site Iskra (“Spark”) based in Zaporozhye, eastern Ukraine,  reported on March 7, that  “Ukraine’s gold reserves had been hastily airlifted to the United States from Borispol Airport east of Kiev”. This alleged airlift and confiscation of Ukraine’s gold reserves by the New York Federal Reserve has not been confirmed by the Western media.
  • Later a returned call from a senior official of the former Ministry of Revenue reported that tonight, on the orders of one of the new leaders of Ukraine, the United States had taken custody of all the gold reserves in Ukraine.” Сегодня ночью из “Борисполя” в США страртовал самолёт с золотым запасом Украины,  iskra-news.info. Zaporozhye, Ukraine, March 7, 2014, translated from Russian by the Gold Anti-Trust Action Committee Inc (GATA), emphasis added)
  • While the unconfirmed report regarding Ukraine’s gold reserves has not been the object of coverage by the mainstream financial news, the story was nonetheless picked up by the Shanghai Metals Market at  Metal.com. which states, quoting a report from the Ukrainian government, that Ukraine’s gold reserves had been “moved on an aircraft from … Kiev to the United States… in 40 sealed boxes” loaded on an unidentified aircraft. The unconfirmed source quoted by Metal.com, says that the operation to airlift Ukraine’s gold had been ordered by the acting Prime Minister Arseny Yatsenyuk with a view to safe-keeping Ukraine’s gold reserves at the NY Fed, against a possible Russian invasion which could lead to the confiscation of Ukraine’s gold reserves. On March 10, kingworldnews, a prominent online financial blog site published an incisive interview with William Kaye, a Hong Kong based hedge fund manager at Pacific Group Ltd. who had previously worked for Goldman Sachs in mergers and acquisitions.  ‎
  • ...3 more annotations...
  • Of significance in this interview with William Kaye is the analogy between Ukraine, Iraq and Libya. Lest we forget, both Iraq and Libya had their gold reserves confiscated by the US:
  • Kaye:  “There are now reports coming from Ukraine that all of the Ukrainian gold has been airlifted, at 2 AM Ukrainian time, out of the main airport, Boryspil Airport, in Kiev, and is being flown to New York — the presumable destination being the New York Fed…. Now that’s 33 tons of gold which is worth somewhere between $1.5 billion – $2 billion.  That would amount to a very nice down payment to the $5 billion that Assistant Secretary of State Victoria Nuland boasted that the United States has already spent in their efforts to destabilize Ukraine, and put in place their own unelected  government. Eric King:  “Whether the United States is taking down Saddam Hussein in Iraq, or Muammar Gaddafi in Libya, there always seems to be gold at the end of the rainbow, which the U.S. then appropriates.” Kaye:  “That’s a good point, Eric.  The United States installed a former banker in Ukraine who is very friendly to the West.  He is also a guy with central bank experience.  This would have been his first major decision to transport that gold out of Ukraine to the United States.
  • You may recall that allegedly the logistical requirements prevented the New York Fed from returning the 300 tons of gold the United States stores for Germany back to Germany.  After a year of waiting, the New York Fed only sent Germany 5 tons of gold.  So only 5 tons of gold was sent from the Fed to Germany, and it wasn’t even the 5 tons that had been originally stored with the Fed. Even the Bundesbank has admitted that the gold sent to them by the New York Fed had to be melted down and tested for purity because it wasn’t Germany’s original bars.  So how is it, since logistical requirements are supposedly such a major issue, that in one airlift, assuming this report is accurate, all the gold Ukraine possessed in their vault was taken out of Ukraine and delivered to the New York Fed? I think anybody with any active brain cells knows that just like Germany, Ukraine will have to wait a very long time, and very likely will never see that gold again.  Meaning, that gold is gone.” (KingsWorldNews, March 10, 2014, emphasis added)
  • Paul Merrell on 15 Mar 14
     
    Note that the New York Fed is *not* the U.S. Treasury nor is it Ft. Knox. The New York Fed is owned by banksters, not by U.S. citizens or their government. 
Paul Merrell

JPMorgan Chase Reaches $4.5B Deal With Investors - ABC News - 0 views

abcnews.go.com/...eaches-45b-settlement-20905326

banksters JPMorgan litigation settlement securities-fraud

shared by Paul Merrell on 17 Nov 13 - No Cached
  • JPMorgan Chase & Co. has reached a $4.5 billion settlement with investors who said the bank deceived them about bad mortgage investments. The settlement, announced Friday, covers 21 major institutional investors, including JPMorgan competitor Goldman Sachs, BlackRock Financial Management, and Metropolitan Life Insurance Co. The mortgage-backed securities were sold by JPMorgan and Bear Stearns between 2005 and 2008. The deal is the latest in a series of legal settlements over JPMorgan's sales of mortgage-backed securities in the years preceding the financial crisis. As the housing market collapsed between 2006 and 2008, millions of homeowners defaulted on high-risk mortgages. That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages. Those securities were sold by JPMorgan and other big Wall Street banks.
Paul Merrell

BofA Said to Split Regulators Over Moving Merrill Derivatives to Bank Unit - Bloomberg - 0 views

www.bloomberg.com/...-derivatives-to-bank-unit.html

banksters toxic-derivatives BoA JPMorgan FDIC Dodd-Frank too-big-to-fail

shared by Paul Merrell on 13 Nov 13 - No Cached
  • Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation. The Federal Reserve and Federal Deposit Insurance Corp. disagree over the transfers, which are being requested by counterparties, said the people, who asked to remain anonymous because they weren’t authorized to speak publicly. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting, said the people. The bank doesn’t believe regulatory approval is needed, said people with knowledge of its position.
  • Three years after taxpayers rescued some of the biggest U.S. lenders, regulators are grappling with how to protect FDIC- insured bank accounts from risks generated by investment-banking operations. Bank of America, which got a $45 billion bailout during the financial crisis, had $1.04 trillion in deposits as of midyear, ranking it second among U.S. firms. “The concern is that there is always an enormous temptation to dump the losers on the insured institution,” said William Black, professor of economics and law at the University of Missouri-Kansas City and a former bank regulator. “We should have fairly tight restrictions on that.”
  • Moody’s Investors Service downgraded Bank of America’s long-term credit ratings Sept. 21, cutting both the holding company and the retail bank two notches apiece. The holding company fell to Baa1, the third-lowest investment-grade rank, from A2, while the retail bank declined to A2 from Aa3.
  • ...5 more annotations...
  • The Moody’s downgrade spurred some of Merrill’s partners to ask that contracts be moved to the retail unit, which has a higher credit rating, according to people familiar with the transactions. Transferring derivatives also can help the parent company minimize the collateral it must post on contracts and the potential costs to terminate trades after Moody’s decision, said a person familiar with the matter. Bank of America estimated in an August regulatory filing that a two-level downgrade by all ratings companies would have required that it post $3.3 billion in additional collateral and termination payments, based on over-the-counter derivatives and other trading agreements as of June 30. The figure doesn’t include possible collateral payments due to “variable interest entities,” which the firm is evaluating, it said in the filing.
  • Derivatives are financial instruments used to hedge risks or for speculation. They’re derived from stocks, bonds, loans, currencies and commodities, or linked to specific events such as changes in the weather or interest rates. Dodd-Frank Rules Keeping such deals separate from FDIC-insured savings has been a cornerstone of U.S. regulation for decades, including last year’s Dodd-Frank overhaul of Wall Street regulation. The legislation gave the FDIC, which liquidates failing banks, expanded powers to dismantle large financial institutions in danger of failing. The agency can borrow from the Treasury Department to finance the biggest lenders’ operations to stem bank runs. It’s required to recoup taxpayer money used during the resolution process through fees on the largest firms.
  • Bank of America’s holding company -- the parent of both the retail bank and the Merrill Lynch securities unit -- held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. About $53 trillion, or 71 percent, were within Bank of America NA, according to the data, which represent the notional values of the trades. That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm’s $79 trillion of notional derivatives, the OCC data show.
  • Moving derivatives contracts between units of a bank holding company is limited under Section 23A of the Federal Reserve Act, which is designed to prevent a lender’s affiliates from benefiting from its federal subsidy and to protect the bank from excessive risk originating at the non-bank affiliate, said Saule T. Omarova, a law professor at the University of North Carolina at Chapel Hill School of Law. “Congress doesn’t want a bank’s FDIC insurance and access to the Fed discount window to somehow benefit an affiliate, so they created a firewall,” Omarova said. The discount window has been open to banks as the lender of last resort since 1914. As a general rule, as long as transactions involve high- quality assets and don’t exceed certain quantitative limitations, they should be allowed under the Federal Reserve Act, Omarova said.
  • In 2009, the Fed granted Section 23A exemptions to the banking arms of Ally Financial Inc., HSBC Holdings Plc, Fifth Third Bancorp, ING Groep NV, General Electric Co., Northern Trust Corp., CIT Group Inc., Morgan Stanley and Goldman Sachs Group Inc., among others, according to letters posted on the Fed’s website. The central bank terminated exemptions last year for retail-banking units of JPMorgan, Citigroup, Barclays Plc, Royal Bank of Scotland Plc and Deutsche Bank AG. The Fed also ended an exemption for Bank of America in March 2010 and in September of that year approved a new one. Section 23A “is among the most important tools that U.S. bank regulators have to protect the safety and soundness of U.S. banks,” Scott Alvarez, the Fed’s general counsel, told Congress in March 2008.
  • Paul Merrell on 13 Nov 13
     
    So according to Bloomberg, JPMorgan's commercial bank was the recipient of 99 percent of JPMorgan's $79 trillion (face value of derivatives) in bad bets. So adding JPMorgan's $78 trillion or so to the $75 trillion in bad bets Bank of America unloaded on its FDIC insured subsidiary, we arrive at $153 trillion in bad bets moved by two investment banks alone under the FDIC umbrella. Meanwhile, FDIC has authority under Dodd-Frank to liquidate these insolvent banks but doesn't, despite several successful lawsuits to recover the value of toxic derivatives that they sold to smaller banks that failed (which implies that FDIC could tell JPMorgan and BoA's investment banksters that they've got to pay off the toxic assets they transferred to their commercial banks, rather than diluting the insurance for normal depositors. Problem: the two big investment banks don't have sufficient assets to absorb those losses, so the too-politically-connected-to-fail factor kicks in. Note that I have not done any legal research in regard to these issues and am basing these observations on what has been stated about legal requirements in various media articles.
Paul Merrell

Looting the Pension Funds: How Wall Street Robs Public Workers | Politics News | Rolling Stone - 0 views

www.rollingstone.com/...ing-the-pension-funds-20130926

banksters pension-funds looting

shared by Paul Merrell on 27 Sep 13 - No Cached
  • Paul Merrell on 27 Sep 13
     
    The Rolling Stone's Matt Taibbi strikes again. 
  • Gary Edwards on 28 Sep 13
     
    Awesome article Paul. A must read for anyone trying to understand the 2008 financial collapse. The same Wall Street Banksters who collapsed the world economy are back at it. This time raiding the public workers pension funds, spending millions on politicians and press campaigns to blame cops, firefighters, and teachers for mounting municipal fiscal failures and the coming collapse. Blame anyone but these triple dipping Banksters and their political toadies. Excellent piece of writing too. Check out this opening excerpt introducing the five page story: "In the final months of 2011, almost two years before the city of Detroit would shock America by declaring bankruptcy in the face of what it claimed were insurmountable pension costs, the state of Rhode Island took bold action to avert what it called its own looming pension crisis. Led by its newly elected treasurer, Gina Raimondo - an ostentatiously ambitious 42-year-old Rhodes scholar and former venture capitalist - the state declared war on public pensions, ramming through an ingenious new law slashing benefits of state employees with a speed and ferocity seldom before seen by any local government. Detroit's Debt Crisis: Everything Must Go Called the Rhode Island Retirement Security Act of 2011, her plan would later be hailed as the most comprehensive pension reform ever implemented. The rap was so convincing at first that the overwhelmed local burghers of her little petri-dish state didn't even know how to react. "She's Yale, Harvard, Oxford - she worked on Wall Street," says Paul Doughty, the current president of the Providence firefighters union. "Nobody wanted to be the first to raise his hand and admit he didn't know what the fuck she was talking about." Soon she was being talked about as a probable candidate for Rhode Island's 2014 gubernatorial race. By 2013, Raimondo had raised more than $2 million, a staggering sum for a still-undeclared candidate in a thimble-size state. Donors from Wall Str
Paul Merrell

Bigger than Libor? Forex probe hangs over banks - Nov. 20, 2013 - 0 views

money.cnn.com/...index.html

banksters forex foreign-exchange fraud

shared by Paul Merrell on 22 Nov 13 - No Cached
  • Yet another dark cloud is looming over global banks as officials examine their behavior in the massive foreign exchange market, threatening to deal a new blow to earnings and reputations. Regulators in the U.S., Europe and Asia are in the early stages of investigating whether traders at the world's top banks manipulated foreign exchange benchmarks to profit at the expense of their clients. Goldman Sachs (GS, Fortune 500), Citigroup (C, Fortune 500), JP Morgan (JPM, Fortune 500), Deutsche Bank (DB), Barclays (BCS), Royal Bank of Scotland (RBS), UBS (UBS) and HSBC (HBCYF)are among the firms in their sights. Financial lawyers say the probe could have steep and uncertain consequences as the impact of currency market abuse would reverberate far beyond Wall Street.
  • It's unwelcome timing for an industry already fighting a raft of legal battles over foreclosure abuses, misleading investors over mortgages and payment protection insurance. And then there's the Libor scandal. A global investigation into the setting of the London interbank lending rate, and related global benchmarks, has so far yielded about $3.6 billion in fines. Penalties for some of the biggest players are still to come. Traders have also faced criminal charges. As the extent of damage caused by Libor-rigging is revealed, lawyers say the probe into fixing currency rates could unfold in a similar way, and rival its impact. London is the center of the loosely regulated foreign exchange market, the biggest in the world's financial system with average daily turnover of $5.3 trillion. Proven abuse in this market would have a significant ripple effect, exposing offending firms to a host of legal action.
  • Paul Merrell on 22 Nov 13
     
    For more detail see http://money.cnn.com/2013/10/30/news/companies/global-forex-probe/ I'll get excited if and when major bankster executives face prison time. Until then, the "fines" against corporations are just a cost of doing business usually dwarfed by the unjust riches that one group of human beings fraudulently acquires from others. Reality check: corporations are an entirely imaginary legal fiction; it's actually people that are committing the misbehavior. Fines for corporations are as fictional as the corporations themselves; you must prosecute the people and send them to prison to deter bankster misbehavior.  And it is human beings working for another legal fiction, government, who are making the decisions to prosecute corporations rather than misbehaving people. 
Paul Merrell

Derivatives and the Government Shutdown: Wall Street Bets One Thousand Trillion Dollars of Everybody Else's Money | Global Research - 1 views

www.globalresearch.ca/...5353867

banksters derivatives fraud

shared by Paul Merrell on 13 Oct 13 - No Cached
  • The notional value of derivative financial instruments is now estimated at $1.2 quadrillion – that is, one thousand two hundred trillion dollars. This statistic is fantastic in every sense of the word, amounting to 16.7 times the Gross World Product, which is the value of all the goods and services produced per year by every man, woman and child on the planet: $71.83 trillion. Derivatives are valued at six times more than the total accumulated wealth of the world, including all global stock markets, insurance funds, and family wealth: $200 trillion. The great bulk of known derivative deals are held by banks that are considered too big to be allowed to fail, with the top four banks accounting for more than 90 percent of the exposure: J.P. Morgan Chase, Citibank, Bank of America, and Goldman Sachs. We are told that derivatives are simply bets between knowledgeable partners – hedges against loss – and that every time one of these financial institutions loses, another gains, so that there is no net loss or threat of global collapse. But that’s a lie. Never in the history of the world has finance capital so dominated the real economy, and only in the past two decades have derivatives been so central to finance capitalism. The players do not know what they are doing, nor do they care. The meltdown of 2008 was caused primarily by derivatives, requiring a bailout in the tens of trillions of dollars that is still ongoing, with the Federal Reserve buying up securities that no one would purchase – that is, bet on – otherwise. Yet, the universe of derivatives deals has grown much larger than in 2008, effectively untouched by President Obama’s so-called financial reforms.
  • The casino has swallowed the system. The sums the players are betting are not only far larger than the value of the rest of their portfolios, but six times larger than the combined assets of every human institution and family on Earth, and almost 17 times bigger than the worth of humankind’s yearly output. Even if the whole planet were offered as collateral, it could not cover Wall Street’s bets. The events of 2008 demonstrated that derivatives collapses, like other speculative financial events, behave as cascades of consequences, rather than orderly “resolutions.” Derivatives deals infest or overhang every nook and cranny of the U.S. and other “mature” economies, poisoning pension systems and municipal finance structures. Detroit has been rendered a failed city by the full range of derivatives and securitization. When the casino is the economy, everyone is forced to play, and the poor go broke first. Reformers of various stripes tell us that derivatives can either be regulated to a less lethal scale or abolished, altogether, while leaving Wall Street otherwise intact. That’s manifestly untrue. Finance capital creates nothing, reproducing itself through the manipulation of money. The derivatives explosion occurred because Wall Street needed a form of “fictitious” capital to continue posting ever higher profits, and ultimately, fictitious portfolios full of tradable bets. Derivatives deals are the ultimate expression of financial capitalism: they are primarily bets on transactions, rather than investments in production. The rise of derivatives signals that capitalism has run its course, and can only do further harm to humanity. The derivatives economy – all $1.2 quadrillion of it – is the last stage of capitalism.
Paul Merrell

EXCLUSIVE: Chase to Charge Customers Fees For Handing Cash Deposits - Top US World News | Susanne Posel Daily Headlines and Research - 0 views

www.occupycorporatism.com/...e-customers-fees-cash-deposits

economy banksters savings-accounts

shared by Paul Merrell on 10 Jun 14 - No Cached
  • Beginning August 1st of this year, JP Morgan & Chase Co. will charge their customers for depositing cash into their accounts. According to an internal document sent to account holders, in less than a month from now “the fee for all types of Cash Deposit Processing (CDP) will be $0.25 per $100 [deposited]. The CDP fee will only apply after you exceed your account’s cash deposit limit.” One reason for Chase to charge their customers a fee on cash deposits may reside in the fact that the major banks are “charging customers who deposit lots of cash.” Wherein Chase is charging customers for every $100 in cash deposited, other banks are charging on every cash deposit of $10,000; or $0.20 on every $100 deposited. Kris Dawsey, economist for Goldman Sachs, warned about banks charging customers fees for simply depositing cash into their account in 2013.
  • When asked about a meeting of the Federal Reserve (Fed) Board and the Federal Open Market Committee (FOMC), wherein it was revealed that the 0.25% annual interest rate on money that the banks keep in the Fed would be reduced, Dawsey said: “One risk is that the move could prompt charges … on bank deposits.” Last November, Kristin Lemkau, spokesperson for JP Morgan & Chase Co said: “We have no intention of charging for retail customer deposits.” However this promise has not been kept. David George, analyst for Robert W. Baird & Co, explains that the financial institutions “would need to find alternative revenue sources to compensate” because of this decline in the Fed’s interest rate and fees on deposits “would be the most likely” option.
  • George said: “Having a bank account is a service, like the water and electric bill. And it has become less and less profitable.” Wayne Abernathy, executive vice president of the American Bankers Association confirmed: “Banks could respond to a drop in the Fed’s interest rate by charging a fee to large business customers that hold millions of dollars in savings accounts. Banks must bear the expense of managing that money.” Analysts say the Durbin Amendment within the Dodd Frank Act which limited fees imposed by merchant retailers onto banks who issue debit cards “has effectively hit consumer-banking revenues pretty hard.” When accessing debits, banks view checking accounts as high-risk and costing “a lot of money” to the banks.
  • Paul Merrell on 10 Jun 14
     
    Remember the days when banks' only source of money to lend was customer deposits?
Paul Merrell

Eric Cantor's Opponent Beat Him By Calling Out GOP Corruption | - 0 views

www.republicreport.org/...dave-brat-cantor

U.S. banksters Brat Cantor corruption

shared by Paul Merrell on 13 Jun 14 - No Cached
  • “All of the investment banks, up in New York and D.C., they should have gone to jail.” That isn’t a quote from an Occupy Wall Street protester or Senator Elizabeth Warren. That’s a common campaign slogan repeated by Dave Brat, the Virginia college professor who scored one of the biggest political upsets in over a century by defeating Majority Leader Eric Cantor in the Republican primary last night. The national media is buzzing about Brat’s victory, but for all of the wrong reasons.
  • Did the Tea Party swoop in and help Brat, as many in the Democratic Party are suggesting? Actually, the Wall Street Journal reports no major Tea Party or anti-establishment GOP group spent funds to defeat Cantor. Did Cantor, the only Jewish Republican in Congress, lose because of his religion, as some have suggested? There’s no evidence so far of anti-Semitism during the campaign. Was Cantor caught flatfooted? Nope; Cantor’s campaign spent close to $1 million on the race and several outside advocacy groups, including the National Rifle Association, the National Realtors Association and the American Chemistry Council (a chemical industry lobbying association) came in and poured money into the district to defeat Brat. The New York Times claims that Brat focused his campaign primarily on immigration reform. Brat certainly made immigration a visible topic in his race, but Republic Report listened to several hours of Brat stump speeches and radio appearances, and that issue came up far less than what Brat called the main problem in government: corruption and cronyism. Brat told Internet radio host Flint Engelman that the “number one plank” in his campaign is “free markets.” Brat went on to explain, “Eric Cantor and the Republican leadership do not know what a free market is at all, and the clearest evidence of that is the financial crisis … When I say free markets, I mean no favoritism to K Street lobbyists.” Banks like Goldman Sachs were not fined for their role in the financial crisis — rather, they were rewarded with bailouts, Brat has said.
  • rat, who has identified with maverick GOP lawmakers like Representative Justin Amash of Michigan, spent much of the campaign slamming both parties for being in the pocket of “Wall Street crooks” and D.C. insiders. The folks who caused the financial crisis, Brat says, “went onto Obama’s rolodex, the Republican leadership, Eric’s rolodex.” During several campaign appearances, Brat says what upset him the most about Cantor was his role in gutting the last attempt at congressional ethics reform. “If you want to find out the smoking gun in this campaign,” Brat told Engelman, “just go Google and type the STOCK Act and CNN and Eric Cantor.” (On Twitter, Brat has praised the conservative author Peter Schweizer, whose work on congressional corruption forced lawmakers into action on the STOCK Act.) The STOCK Act, a bill to crack down on insider trading, was significantly watered down by Cantor in early 2012. The lawmaker took out provisions that would have forced Wall Street “political intelligence” firms to register as traditional lobbyists would, and removed a section of the bill to empower prosecutors to go after public officials who illegally trade on insider knowledge. And Brat may be right to charge that Cantor’s moves on the STOCK Act were motivated by self interest. Cantor played a leading role in blocking legislation to fix the foreclosure crisis while his wife and his stock portfolio were deeply invested in mortgage banks.
  • ...2 more annotations...
  • Most self-described Tea Party Republicans, including Rand Paul and Ted Cruz, have railed against Washington in a general sense without calling out the powerful – often Republican-leaning — groups that wield the most power. Not Brat. “Eric is running on Chamber of Commerce and Business Roundtable principles,” Brat told a town hall audience, later clarifying that he meant the U.S. Chamber of Commerce, the largest lobbying trade group in the country. He also called out the American Chemistry Council for funding ads in his race with Cantor, telling a radio host that his opponent had asked his “crony capitalist friends to run more ads.” Brat repeats his mantra: “I’m not against business. I’m against big business in bed with big government.” Indeed, Cantor has been a close ally to top lobbyists and the financial industry. “Many lobbyists on K Street whose clients include major financial institutions consider Cantor a go to member in leadership on policy debates, including overhauling the mortgage finance market, extending the government backstop for terrorism insurance, how Wall Street should be taxed and flood insurance,” noted Politico following Cantor’s loss last night. In 2011, Cantor was caught on video promising a group of commodity speculators that he would roll back regulations on their industry. 
  • There are many lessons to be learned from the Cantor-Brat race. For one, it’s worth reflecting on the fact that not only did Cantor easily out raise and outspend Brat by over $5 million to around $200,000 in campaign funds, but burned through a significant amount on lavish travel and entertainment instead of election advocacy. Federal Election Commission records show Cantor’s PAC spent at least $168,637 on steakhouses, $116,668 on luxury hotels (including a $17,903 charge to the Beverly Hills Hotel & Bungalows) and nearly a quarter million on airfare (with about $140,000 in chartered flights) — just in the last year and a half! But on the policy issues and political ramifications of this race, it’s not easy to box Brat into a neat caricature of an anti-immigration zealot or Tea Party demagogue, or, in TIME’s hasty reporting, a “shopworn conservative boilerplate.” If Brat ascends to Congress, which is quite likely given the Republican-leaning district that he’ll run in as the GOP nominee, he may actually continue taking on powerful elites in Washington.  
  • Paul Merrell on 13 Jun 14
     
    The Cantor defeat was not a Tea Party upset victory as claimed by MSM, according to this article. Instead, Brat's stump speeches were about crony capitalism, bankster corruption of Congress, and libertarian principles. So if this article is correct, then MSM would rather claim that Cantor was a victim of the Tea Party than acknowledge the issues that Brat actually raised, Congressional corruption and big government/big corporation cronyism.  Very interesting food for thought.
Paul Merrell

Bernie Sanders Introduces a Bill to Break Up the Big Banks | The Nation - 0 views

www.thenation.com/...rss-bill-would-break-big-banks

Auction 2016 Sanders banksters bank-breakups O'Malley Hillary

shared by Paul Merrell on 08 May 15 - No Cached
  • Senator Bernie Sanders announced legislation Wednesday that would break up the country’s largest financial institutions. It’s the third time he’s introduced such a measure, but this time around he wields the large microphone of a presidential candidate. The bill, titled the “Too Big to Fail, Too Big to Exist Act,” will also be introduced in the House by Representatives Brad Sherman and Alan Grayson. If passed, it would require regulators at the Financial Stability Oversight Council to come up with a list of too-big-to-fail institutions whose failure would threaten the economy. One year later, those banks would be broken up by the secretary of the Treasury. Sure to be included on that list, based on the standards outlined in the legislation, would be JPMorgan Chase, Citigroup, Goldman Sachs, Bank of America, and Morgan Stanley.
  • It also unavoidably poses a test for Hillary Clinton, the other declared Democratic candidate. Much of the Draft Warren movement launched by progressive activists focused on the Massachusetts senator’s advocacy for combating the financial sector’s power generally, and breaking up the big banks in particular—and Clinton’s perceived weakness on that front.
  • Another likely Democratic candidate, former Maryland governor Martin O’Malley, wrote an op-ed in The Des Moines Register in March that also called for the biggest financial institutions to be broken up. Elsewhere, Senators Sherrod Brown and David Vitter have introduced similar legislation in the past, and the Federal Deposit Insurance Corporation’s Tom Hoenig also favors break-ups. Sanders and Sherman cited the danger posed to the economy by big banks, many of which are dramatically larger than they were before the 2008 financial crisis. JPMorgan Chase, for example, has increased its assets by $1.1 trillion since 2007. “In 2008 we learned that if Wall Street calls and says ‘bail us out or we’re going to take the economy down with us,’ that even if there is no statutory provision for bailouts, which there really isn’t today, Congress will pass as we did in 2008 a bill mandating the bailout,” said Sherman. “So ‘too big to fail’ means you will be bailed. That isn’t capitalism. That is socialism for the wealthy.”
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  • Sanders noted the large fines and settlement paid by big financial institutions since 2009, totaling $176 billion, and referenced former attorney general Eric Holder’s frank admission in 2013 that some banks are “too big to jail.” (Holder later walked back that comment, though no high-level executives have gone to prison for anything related to the financial crisis.)
  • The duo also described their belief that big Wall Street banks are crushing smaller and medium-sized banks. Sherman cited research from the International Monetary Fund that when big banks have implicit taxpayer backing, their access to capital is so much easier that it amounts to an extra $83 billion annually—something he argued was an unfair advantage over smaller banks that would be allowed to fail. The Independent Community Bankers of America, which represents 6,000 smaller banks, has endorsed the Sanders-Sherman legislation. Beyond just small banks, Sanders argued that enormous financial institutions harm the broader economy because those smaller banks are key sources of capital for small businesses. “Wall Street cannot be an island unto itself separate from the productive economy,” he said.
  • Paul Merrell on 08 May 15
     
    Sanders pushing Hillary to commit to doing something about the banks. Fat chance. But maybe he can show who she really is.
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