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10 Things That Every American Should Know About The Federal Reserve - 1 views

theeconomiccollapseblog.com/...know-about-the-federal-reserve Federal-Reserve-Bankster-Cartel
shared by Gary Edwards on 14 Feb 12 - No Cached
  • Gary Edwards on 14 Feb 12
     
    Awful stuff.  Brace yoruselves, the facts will make you wretch. excerpt: The American people got so upset about the bailouts that Congress gave to the Wall Street banks and to the big automakers, but did you know that the biggest bailouts of all were given out by the Federal Reserve? Thanks to a very limited audit of the Federal Reserve that Congress approved a while back, we learned that the Fed made trillions of dollars in secret bailout loans to the big Wall Street banks during the last financial crisis.  They even secretly loaned out hundreds of billions of dollars to foreign banks. According to the results of the limited Fed audit mentioned above, a total of $16.1 trillion in secret loans were made by the Federal Reserve between December 1, 2007 and July 21, 2010. The following is a list of loan recipients that was taken directly from page 131 of the audit report.... Citigroup - $2.513 trillion Morgan Stanley - $2.041 trillion Merrill Lynch - $1.949 trillion Bank of America - $1.344 trillion Barclays PLC - $868 billion Bear Sterns - $853 billion Goldman Sachs - $814 billion Royal Bank of Scotland - $541 billion JP Morgan Chase - $391 billion Deutsche Bank - $354 billion UBS - $287 billion Credit Suisse - $262 billion Lehman Brothers - $183 billion Bank of Scotland - $181 billion BNP Paribas - $175 billion Wells Fargo - $159 billion Dexia - $159 billion Wachovia - $142 billion Dresdner Bank - $135 billion Societe Generale - $124 billion "All Other Borrowers" - $2.639 trillion So why haven't we heard more about this? This is scandalous. In addition, it turns out that the Fed paid enormous sums of money to the big Wall Street banks to help "administer" these nearly interest-free loans....
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Larry Summers and the Secret "Bankster End Game" Memo : http://goo.gl/wDhDhL - 1 views

news.google.com/?ar=1379450048 banksters Larry-Summers Federal-Reserve-Bankster-Cartel financial-collapse
shared by Gary Edwards on 17 Sep 13 - No Cached
  • Gary Edwards on 17 Sep 13
     
    Diigo is screwing up the URL AGAIN!!!!! WTF!!! The correct title is "Larry Summers and the Secret "End-Game" Memo :: http://goo.gl/wDhDhL From the marbux treasure trove of truth we have financial expert Greg Palast describing how the Banksters engineered the 2008 World Financial Collapse. Greg names names, sighting an important 1997 memo signed by then Deputy Treasury Secretary, Larry Summers. The memo describes the Banksters "end game", and authorizes pulling the trigger on a process of forcing the world's financial institutions to accept the game of derivative roulette where high risk financial schemes and casino bets had to be accepted as "financial assets". Good story and as from everything I know, the absolute truth. Read it carefully because these same Banksters control the Obama Administration and seek to continue the great shakedown. One item of note is the recent resignation of Larry Summers as Obama nominee to head the Federal Reserve Bankster Cartel. Summers is one of the architects of the 2008 financial collapse, but is seen be Wall Street as hesitant to continue with the current Bernake flooding of the money markets with $85 Billion per month in freshly minted paper. Even the hint of rolling back the Bankster bailout a bit is enough to do in Summers. alternative Fed Banster Czar Janette Yellin promises to up the $85 Billion monthly bailout, and Wall Street celebrated with a near doubling of trades. We're so screwed! We started the "Socialism and the End of the American Dream" Diigo group in September of 2008 as an effort to understand the financial collapse. In this short article, Greg Palast summarizes the story and places the important facts on the table for all to see. Pray with me for his health and safety. excerpt: "The year was 1997.  US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks.  That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial ba
  • Paul Merrell on 18 Sep 13
     
    Related link: Summers Withdraws From Consideration for Fed Chairmanship, http://www.bloomberg.com/news/2013-09-15/obama-said-he-accepted-summers-decision-to-withdraw-his-name.html
  • Gary Edwards on 19 Sep 13
     
    From the marbux treasure trove of truth we have financial expert Greg Palast describing how the Banksters engineered the 2008 World Financial Collapse. Greg names names, sighting an important 1997 memo signed by then Deputy Treasury Secretary, Larry Summers. The memo describes the Banksters "end game", and authorizes pulling the trigger on a process of forcing the world's financial institutions to accept the game of derivative roulette where high risk financial schemes and casino bets had to be accepted as "financial assets". Good story and as from everything I know, the absolute truth. Read it carefully because these same Banksters control the Obama Administration and seek to continue the great shakedown. One item of note is the recent resignation of Larry Summers as Obama nominee to head the Federal Reserve Bankster Cartel. Summers is one of the architects of the 2008 financial collapse, but is seen be Wall Street as hesitant to continue with the current Bernake flooding of the money markets with $85 Billion per month in freshly minted paper. Even the hint of rolling back the Bankster bailout a bit is enough to do in Summers. alternative Fed Banster Czar Janette Yellin promises to up the $85 Billion monthly bailout, and Wall Street celebrated with a near doubling of trades. We're so screwed! We started the "Socialism and the End of the American Dream" Diigo group in September of 2008 as an effort to understand the financial collapse. In this short article, Greg Palast summarizes the story and places the important facts on the table for all to see. Pray with me for his health and safety. excerpt: "The year was 1997.  US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks.  That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial banks and investment banks.  It was like replacing bank vaults with roulette wheels. Second, the banks wanted the right to play a new high-risk game:  "d
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The Blotch on Eric Holder's Record: Wall Street Accountability | The Nation - 0 views

www.thenation.com/...ord-wall-street-accountability financial-collapse DoJ Holder too-big-to-jail banksters
shared by Paul Merrell on 25 Sep 14 - No Cached
  • Attorney General Eric Holder will announce Thursday he is stepping down from the post he has held for nearly six years—making him one of the longest-serving attorneys general in American history. Holder was the first African-American to hold the position and will surely be remembered as a trailblazer for civil rights.
  • But there is one area where Holder falls woefully short: prosecution of Wall Street firms and executives. He came into office just months after widespread fraud and malfeasance in the financial sector brought the American economy to its knees, and yet no executive has faced criminal prosecution. Beyond the crash, Holder established a disturbing pattern of allowing large financial institutions escape culpability. “His record is really badly blemished by his nearly overwhelming failure to hold corporate criminals accountable,” said Robert Weissman, president of Public Citizen. “Five years later, we can say he did almost nothing to hold the perpetrators of the crisis accountable.”
  • Advocates for financial accountability often point to the Savings and Loan crisis as a counter-example: despite much smaller-scale fraud, 1,000 bankers were convicted in federal prosecutions and many went to prison. Holder has tried to explain his lack of prosecutions relating to the 2008 collapse by claiming the cases were too hard to prove—but many experts disagree. The Sarbanes Oxley Act, for example, would provide a straightforward template: it makes it a crime for executives to sign inaccurate financial statements, and there is ample evidence that Wall Street CEOs were aware of the toxicity of the sub-prime mortgages sold by their firms.
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  • Late last year, Judge Jed Rakoff of the Federal District Court of Manhattan wrote an essay in The New York Review of Books bluntly titled, “The Financial Crisis: Why Have No High-Level Executives Been Prosecuted?” He suggested a doctrine of “willful blindness” at Holder’s Justice Department and said “the department’s claim that proving intent in the financial crisis is particularly difficult may strike some as doubtful.” A federal judge will generally not proclaim people guilty outside the courtroom, but Rakoff came close with that statement. The fact he wrote the essay at all stunned many observers. In recent years, the Justice Department has obtained some large-dollar settlements with Wall Street firms like JPMorgan Chase and Bank of America. But the headline-grabbing amounts end up being significantly less after factoring in tax accounting and credits for actions already being undertaken by the bank. There is also a lack of transparency around how these penalties are being paid to aggrieved consumers. Holder himself suggested in Senate testimony last year that some firms really are too big to jail:
  • “I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy,” Holder said. He later walked that back in subsequent testimony, saying “Let me be very, very, very clear. Banks are not too big to jail.” But the data suggest otherwise.
  • Public Citizen did an analysis of these agreements at the Department of Justice and found that Holder made them a routine affair:
  • There isn’t much transparency over which bad actors are awarded deferred prosecution, and which are not, and advocates are alarmed by the precedent. “[Holder] ensconced the de facto ‘too-big-to-fail’ doctrine by which large financial institutions were effectively immunized form criminal prosecution simply by virtue of being so big,” said Weissman.
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The 25 Billion Dollar Secret: The NY Fed, Goldman & The AIG Cover-Up (GS, AIG) - 1 views

www.businessinsider.com/n-and-the-aig-cover-up-2009-11 obama-socialism financial-crisis financial-oligarchs bankers-suck banksters
shared by Gary Edwards on 07 Nov 09 - Cached
  • Gary Edwards on 07 Nov 09
     
    WOW!  Everyday brings new revelations.  We've been robbed! excerpt:  Now we know: Geithner and Friedman interceded on behalf of Goldman and Wall Street (Merrill received $6.2 billion, Societe General - a whopping $16.5 billion) to deliver a stealth bailout, one that wouldn't need Congressional approval, and even better wouldn't require the counterparties to pay any of it back NOR would it require that they issue shares, warrants or any other instrument to AIG (taxpayers) in return for more than $32 billion in free money. In any other time, a sitting Treasury Secretary who interceded on behalf of Wall Street to screw taxpayers out of tens of billions, would not be sitting long.  But Democrats control both the House and Senate, so there are no investiagtions (Issa's letter aside).  Traditional media is content not to rock the boat for President Banks Obama lest they be shunned by their peers, and ultimately, 99% of TV and print journalists don't understand the issues well enough to complain with any conviciton, especially against the merry backdrop of the Dow rising and their deflated 401ks beginning to show life. They fall prey to fear and weakly submit to duplicitous hyperbole (Paulson threatening martial law and blood in the Streets), when they should instead be consulting with the objective, critical voices who foresaw the crisis and were prepared with alternative solutions when it finally came (Stiglitz said instead of TARP, create new banks). A pox on Congress, President Banks Obama, Bush, Paulson, Friedman, Bernanke and Geithner (plus Greenspan and Rubin).  You may have gotten away with it for now, but I would wager there are a few million of us, roughly, who do understand everything that went down last Fall, and we're not amused.  We're not just going to let this one pass, and we will not stop filling the vast interweb with the truth (and our distaste and vitriol for your wretched souls) day after day, week after week, all over message boards and fin
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A coming crackdown on Federal Reserve power? - Jennifer Liberto - POLITICO - 0 views

www.politico.com/...eral-reserve-power-116267.html banksters Fed reform
shared by Paul Merrell on 23 Mar 15 - No Cached
  • A move to shift power away from the New York Federal Reserve Bank is finding some powerful friends in Congress amid lingering worries that a key part of the central bank is too cozy with Wall Street. Two Republicans running the banking committees have both said they plan to explore proposals from the outspoken, former Dallas Federal Reserve Bank President Richard Fisher that would roll back a long-standing provision that gives the president of the New York Federal Reserve Bank an automatic position as vice chairman of a powerful committee and weaken New York’s oversight of Wall Street banks. Story Continued Below The politics may be ripe for chipping away at the power of the Federal Reserve, uniting liberals who want to crack down on Wall Street, Republicans who don’t like the Fed’s easy money policies and libertarians who are suspicious of the Fed altogether.
  • Fisher, who retired Thursday after 10 years at the Dallas Fed, wants to yank the New York Fed’s permanent position as vice chair of the all-powerful Federal Open Market Committee, the panel charged with making monetary policy decisions, which met Wednesday. While the New York Fed president could still participate in monetary policy discussions, he or she would no longer always get a vote. Fisher suggested the job should rotate among the regional Federal Reserve Banks every two years.
  • The move would upend the current structure, as the New York Fed has had a lock on that spot since 1936, thanks largely to its role as the infrastructure, which supplies the trading desk that carries out the Fed’s monetary policy decisions. Fisher is also proposing that other regional Fed banks oversee some of the Wall Street giants in a move aimed at addressing criticism the New York Fed missed warning signs of the financial crisis, is too soft on Wall Street and holds too much power and influence at the Fed. “The greatest concern appears to be the problem of regulatory capture by the largest and most powerful institutions,” Fisher said in a February speech in New York laying out his plan. Wall Street critics have been suspicious of the New York Fed since it and its then leader, Timothy Geithner, played a key role in responding to the 2008 financial crisis and the bailouts that entailed.
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  • Late last year its current president, William Dudley, was hauled before the Senate Banking Committee after reports from ProPublica and NPR’s This American Life that focused on a New York Fed examiner who said her warnings about certain business practices and deals at Goldman Sachs were ignored or brushed aside by her superiors. She provided recordings of her dealings with Fed officials to back up her case. “We’ve got on tape higher-ups at the New York Fed calling off the regulators,” Warren told Dudley at the November hearing. “And I’m just asking the same kind of question — is there a cultural problem at the New York Fed? I think the evidence suggests that there is.”
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Elizabeth Warren Denounces Travesty of Government "Settlement" With Goldman Sachs - 0 views

www.truth-out.org/...elizabeth-warren-denounces banksters regulation Goldman Sachs Warren litigation penalties
shared by Paul Merrell on 25 Jan 16 - No Cached
  • Criticism of US government leniency on Wall Street legal transgressions is now being covered widely - even by trade publications such as the National Mortgage Professional Magazine. On January 18, the trade publication ran an article about Sen. Elizabeth Warren (D-Massachusetts) condemning the most recent US government settlement with a "too-big-to-fail" financial firm, in this case Goldman Sachs, for illegal abuse of the mortgage market: Sen. Warren used her Facebook page to denounce the agreement, noting that the settlement sum was “barely a fraction of the billions investors lost” while arguing that Goldman Sachs was not properly penalized for its actions. “That’s not justice – it’s a white flag of surrender,” she wrote. “It’s time to end this farce. These companies think they’re above the law – and too many government officials go along with them. A first step would be to pass the bipartisan Truth in Settlements Act to shine more light on these backroom deals. A second step would be to get government officials who have the backbone to fight back.” Warren’s comments were echoed by the nonprofit U.S. Public Interest Research Group (U.S. PIRG).
  • The publication, which is geared toward professionals in the mortgage industry, also tellingly noted, "In announcing the [$5.1 billion] settlement, Goldman Sachs made no admission of guilt or error, and no executive from the New York-based financial giant will face criminal or civil charges."  As we have noted in this space many times, the seemingly large financial penalties levied on Wall Street firms for illegal activity are not so large, in the context of those firms' budgets: The fines are generally less than the revenue that the firms generated by engaging in the often fraudulent practices in the first place. As The Huffington Post noted in a report on the recent settlement,  About $2.4 billion of the settlement is in the form of a government penalty. The bank has said that it securitized about $125 billion of home loans between 2005 and 2008, of which about $23 billion eventually soured. The penalty represents about 10 percent of investors’ losses. Goldman can deduct the rest of the settlement, about $2.7 billion, from its future tax bills, according to a person familiar with the accord. The bank said the settlement will reduce its fourth-quarter profit by about $1.5 billion. It reports earnings next week.
  • Goldman Sachs is being let off the hook for 90 percent of the investor losses for which it was primarily responsible. Furthermore, as is consistent with past settlements with Wall Street firms by the Department of Justice and other executive agencies, much of the fine is tax-deductible. As BuzzFlash has noted before, this rewards Wall Street financial companies by allowing them to factor in settlements with the government for illegal behavior as nothing more than the cost of doing business. Former Attorney General Eric Holder, who left office last year to resume a six-figure-salary partnership at the DC corporate law firm of Covington & Burling (which defends many of the firms that Holder was responsible for prosecuting as attorney general), infamously stated to a US Senate committee in March of 2013: I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if we do prosecute - if we do bring a criminal charge - it will have a negative impact on the national economy, perhaps even the world economy.  Apparently, under current Attorney General Loretta Lynch, that legal exemption for too-big-to-fail financial firms and their executives has not changed.
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Wall Street: The Trump-China missing link - RT Op-Edge - 0 views

www.rt.com/...61057-wall-street-trump-china- economy China globalism banksters Trump Auction 2016 musto-read
shared by Paul Merrell on 01 Oct 16 - No Cached
  • The yuan is about to enter the IMF’s basket of reserve currencies this coming Saturday - alongside the US dollar, pound, euro and yen. This is no less than a geoeconomic earthquake. Not only does this represent yet another step in China’s irresistible path towards economic primacy; the Chinese currency’s inclusion in the Special Drawing Rights (SDR) basket will also lead central banks and hyper-wealthy funds – especially from the US – to increasingly buy more Chinese assets.At the first US presidential debate, Donald Trump took no prisoners, criticizing China’s currency manipulation. This is what he said:“You look at what China’s doing to our country in terms of making our product, they’re devaluing their currency and there’s nobody in our government to fight them… They’re using our country as a piggy bank to rebuild China, and many other countries are doing the same thing.”
  • Well, China is not “making our product”; the manufacturing process is Made in China – then exported to the US. Most of the profits benefit US corporations – everything from design, licensing and royalties to advertising, financing and retail margins. If the mantras manage to spell out a partial truth - the US has lost manufacturing jobs to China, China is the “factory of the world” – they don't spell out the hidden truth that those who profit are essentially major corporations.China does not “devalue their currency”; the People’s Bank of China periodically adjusts the yuan according to a very narrow band. The major practitioners of quantitative easing (QE) are actually the US, as well as Japan and the European Central Bank (ECB). And the currency of global consumer goods manufacturing continues to be the US dollar, not the yuan.
  • Beijing also is not “using our country as a piggy bank to rebuild China.” This is all about balance of payments. What US consumers spend on Made in China products – many of them delocalized by US corporations – is pumped back to the US as capital inflows that keep interest rates down and help to support the Empire of Chaos’s global hegemony.
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  • For all his incapacity to formulate thoughts above the language skills of a third grader, Trump has been piling up astonishing proposals that resonate wildly, way beyond the “basket of deplorables” spectrum.
  • The bottom line is that to recover US manufacturing jobs – as Trump has been forcefully promising – he will have to stare down the whole Wall Street finance oligarchy.So no wonder these oligarchs – responsible for shipping all those US manufacturing jobs to Asia and lavishly profiting from bailouts to the 'Too Big To Fail' racket – hate him with all their golden-plated guts.
  • Trump’s attention span is notoriously minimalist. If his advisers managed to imprint – tweet? - a few one-liners on his brain, he would be able to explain to US public opinion how the US-China game is really played, something that all relevant parties in both nations know by heart.And the – crucial - missing link in the whole game is Wall Street.This is how it works.
  • He is against Cold War 2.0 and the pivot to Asia, when he says “wouldn’t it be nice to get along with Russia and China for a change?”He no less than pre-empted WWIII when he said he would be against a US nuclear first-strike.He totally abhors global “free trade” – from NAFTA to TPP and TTIP - because it has “hollowed out the lives of American workers”, as US corporations (under Wall Street’s “incentive”) delocalize and then import back into the US tariff-free.
  • Trump was even open to nationalizing Wall Street banks after the 2008 financial crisis.
  • So we’re faced with the ultimate surrealist spectacle of a billionaire denouncing corporate globalization, which has been responsible for stripping the US lower middle classes of countless, decent blue-collar jobs and social benefits – not to mention turning them into hostages of rotting public infrastructure. And all that with absolutely no one among the US establishment condemning the most astonishing wealth transfer to the 0.0001% in history.If in the next two presidential debates Trump points to the crucial missing link in the whole plot – Wall Street - he might as well lock on as a surefire winner.
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The Progressive Movement is a PR Front for Rich Democrats » Counterpunch: Tel... - 0 views

www.counterpunch.org/...-a-pr-front-for-rich-democrats propaganda progressives bankster defenses
shared by Paul Merrell on 20 Mar 13 - No Cached
  • There is good news in the Boston Globe today for the managers, development directors, visionaries, political hacks and propaganda flacks who run “the Progressive Movement.”   More easy-to-earn and easy-to-hide soft money, millions of dollars,  will be flowing to them from super rich Democrats and business corporations.  It will come clean, pressed and laundered through Organizing for Action, the latest incarnation of the Obama Money Machine which has recently morphed into a “nonpartisan non-profit corporation” that will  ‘‘strengthen the progressive movement and train our next generation of leaders.’’
  • Does this information concern you?  If not, you need to get out of the propaganda bubble of your Progressive Movement echo chamber and think.  Think hard.  Think about fundamental, radical, democratic, social and economic change, who might bring it about and how.  Ask yourself if the the rich elite, the 1%, are going to fund that.   Leave The Nation and Mother Jones on the shelf;  turn off Ed Schultz, Rachel Madow and Chris Hayes;  don’t open that barrage of email missives from Alternet, Media Matters, MoveOn, and the other think tanks;  and get your head out of the liberal blogosphere for a couple days.  Clear your mind and consider this:
  • The self-labeled Progressive Movement that has arisen over the past decade is primarily one big propaganda campaign serving the political interests of the the Democratic Party’s richest one-percent who created it.  The funders and owners of the Progressive Movement get richer and richer off Wall Street and the corporate system.  But they happen to be Democrats, cultural and social liberals who can’t stomach Republican policies, and so after bruising electoral defeats a decade ago they decided to buy a movement, one just like the Republicans, a copy. The Progressive Movement that exists today is their success story.  The Democratic elite created  a mirror image of the type of astroturf front groups and think tanks long ago invented, funded and promoted by the Reaganites and the Koch brothers.  The liberal elite own the Progressive Movement. 
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  • Real movements are not the creation of and beholden to millionaires.  The Progressive Movement is astroturf beholden to the rich elite, just as the Democratic millionaires and operatives of the Democracy Alliance intended.  The “movement’s” funding is in the hands of a small number of super rich Democrats and union bureaucrats and advisors who run with them.  Its talking points, strategies, tactics and PR campaigns are all at the service of the Democratic elite.  There is no grassroots organized progressive movement with power in the United States, and none is being built.  Indeed,  if anything threatens to emerge,  the cry  “Remember Nader!” arises and the budding insurgency is marginalized or coopted, as in the case of the Occupy Wall Street events.  Meanwhile, the rich elite who fund the Progressive Movement, and their candidates such as Barack Obama, are completely wedded to maintaining the existing status quo on Wall Street and in the corporate boardroom.  Their well-kept Progressive Movement is adept at PR, propaganda, marketing and fundraising necessary in the service of the Democratic Party and the corporate elite who rule it.
  • Paul Merrell on 20 Mar 13
     
    Why the anti-war and 99-percenter "progressives" never get around to ending wars and reforming Wall Street. Spot on. An excellent snapshot of where the real political power in the U.S. is. And for Gary, George Soros gets mentioned more than once.
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The Untouchables: How the Obama administration protected Wall Street from prosecutions ... - 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).
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Trump Prepares to Takeover Fed - 0 views

www.counterpunch.org/...trump-prepares-to-takeover-fed banksters Fed Trump-administration
shared by Paul Merrell on 20 Nov 16 - No Cached
  • In Donald Trump’s first four years as president, he will not only choose three judges for the Supreme Court, he’ll also pick five of the seven members on the Fed Board of Governors. It would be impossible to overstate the effect this is going to have on the nation’s economic future. With both houses of Congress firmly in the GOP’s grip, we could see the most powerful central bank in the world transformed into a purely political institution that follows the diktats of one man. Critics may think that is a vast improvement over the present situation in which the Fed conceals its allegiance to the giant Wall Street investment banks behind a public relations cloud of “independence”, but the idea of one man controlling the price of the world’s reserve currency and, thus, the price of financial assets and commodities across the globe, is equally disturbing. Already we have seen how the Fed’s determination to enrich its constituents has resulted in one titanic asset-price bubble after the other. Imagine if that power was entrusted to just one individual who could be tempted to use that authority to shape economic events in a way that enhanced and perpetuated his own political power. Even so, after seven years of a policy-induced Depression that has increased inequality to levels not seen since the Gilded Age, we think it is high-time that the president use his power to choose the members who will bring the bank back under government control.
  • So, how will Trump’s populism shape his views on who should or should not be a member of the Fed? We don’t know, but we do know that monetary policy is going to change dramatically from the last eight years of unproductive experimentation because Trump has surrounded himself with industry leaders who ascribe to an entirely different philosophy than the one currently in practice. Check this out from monetary analyst Tommy Behnke: “Some of today’s most reasonable mainstream economic voices are included in (Trump’s) inner circle. These names include David Malpass of Encima Global, who co-signed a letter with Jim Grant opposing the Fed’s “inflationary” and “distortive” quantitative easing program; John Paulson of Paulson & Co., who made billions from shorting the housing market before the Great Recession; Andy Beal, a self-described “libertarian kind of guy” who blames the Fed for the credit crisis; and the Heritage Foundation’s Stephen Moore, who told CSIN in 2012 that he is a “very severe critic” of the Fed’s “incredibly easy-money policies of the past decade.” While none of Trump’s economic advisers are by any means Austrians, they are far more hawkish than most of Presidents Bush and Obama’s past economic advisers.” (Why President Trump Will Fumigate the Fed, Mises Institute)
  • Trump, who is no fan of the Fed’s bond buying program called QE, has admitted he thinks stocks are in a bubble suggesting that he will probably take a more conservative approach to monetary policy. Even so, that doesn’t change the fact he’s going to have to opportunity to personally select the FOMC’s ruling majority, which means that he’ll be in a position to demand their loyalty as a condition of their hiring. Does anyone seriously doubt that Trump would rather control the Fed himself than keep it in the clutches of the cutthroat Wall Street banks? There’s no doubt that the distributional effects of the Fed’s policies helped catapult Trump into the White House. Millions of working class Americans who are sick of the monetary “trickle down” policies and the job-eviscerating trade agreements found a way to express their frustration in the candidacy of Donald Trump. Their collective rage suddenly exploded at the ballotbox on November 8 pushing the real estate tycoon to a victory over opponent Clinton in what many are calling the political upset of the century. Trump tapped into that wellspring of anger and frustration by denouncing the “failed and corrupt political establishment” in which both Hillary Clinton and the Fed feature prominently. Now he’s going to take it to the next level by launching a surprise attack on the Fed which will leave Wall Street stripped of its power-agency and left to fend for itself. This is a blurb from the New York Times: “A core view of many Trump advisers is that the extended period of emergency policy settings has promoted a bubble in the stock market, depressed the incomes of savers, scared the public and encouraged capital misallocation,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “Right now, these are minority views on the F.O.M.C., but Trump appointees are likely to shift the needle.” (With Trump in Power, the Fed Gets Ready for a Reckoning, New York Times)
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  • They’re going to “shift the needle” alright, then they’re going to drive it through the serpent’s heart. The Fed has had every opportunity to show where its loyalties lie and it has sided with Wall Street every single time. There’s a reason why 95 percent of all income gains in the last eight years have gone to the one percent, while working people have struggled just to put food on the table. Just like there’s a reason why stocks have tripled in value in the last eight years while wages and incomes have stagnated and the economy has slowed to a crawl. It’s the policy, stupid. The Fed has created the conditions for a permanent Depression so it can provide infinite cheap money to its crooked reprobate friends on Wall Street. Now their little party is coming to an end. Boo fucking hoo.
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The Washington-Wall Street Revolving Door Keeps Spinning - 0 views

www.informationclearinghouse.info/article30348.htm Banksters Bankster-Campaign-Funding Too-Big WhiteHouse-Banksters
shared by Gary Edwards on 25 Jan 12 - No Cached
  • President Obama may call bankers “fat cats” and stir the rabble against them with populist rhetoric when it serves his interest, but after the fiscal fiasco, he allowed the culprits to escape virtually scot-free. When he’s in New York he dines with them frequently and eagerly accepts their big contributions. Like his predecessors, his administration also has provided them with billions of taxpayer dollars – low-cost money that they used for high-yielding investments to make big profits. The largest banks are bigger than they were when he took office and earned more in the first two-and-a-half years of his term than they did during the entire eight years of the Bush administration. That’s confirmed by industry data. And get this. It turns out, according to The New York Times, that as President Obama’s inner circle has been shrinking, his “rare new best friend” is Robert Wolf. They play basketball, golf, and talk economics when Wolf is not raising money for the president’s campaign. Robert Wolf runs the U.S. branch of the giant Swiss bank UBS, which participated in schemes to help rich Americans evade their taxes. During hearings in 2009, Michigan’s Senator Carl Levin, chairman of the permanent subcommittee on investigations, described some of the tricks used by UBS: “Swiss bankers aided and abetted violations of U.S. tax law by traveling to this country with client code names, encrypted computers, counter- surveillance training, and all the rest of it, to enable U.S. residents to hide assets and money in Swiss accounts.
    • Gary Edwards
      Gary Edwards on 25 Jan 12
       
      First time i've heard about Robert "the Bankster" Wolf!  Didn't realize how complicit he was in perfecting Bankster tax evasion schemes.
  • Gary Edwards on 25 Jan 12
     
    Nice grab by Marbux.   The old maxim holds true and is more important today than ever before: "Don't listen to what they say.  Watch carefully what they do!" excerpt: We've already made our choice for the best headline of the year, so far: "Citigroup Replaces JPMorgan as White House Chief of Staff." When we saw it on the website Gawker.com we had to smile - but the smile didn't last long. There's simply too much truth in that headline; it says a lot about how Wall Street and Washington have colluded to create the winner-take-all economy that rewards the very few at the expense of everyone else. The story behind it is that Jack Lew is President Obama's new chief of staff - arguably the most powerful office in the White House that isn't shaped like an oval. He used to work for the giant banking conglomerate Citigroup. His predecessor as chief of staff is Bill Daley, who used to work at the giant banking conglomerate JPMorgan Chase, where he was maestro of the bank's global lobbying and chief liaison to the White House. Daley replaced Obama's first chief of staff, Rahm Emanuel, who once worked as a rainmaker for the investment bank now known as Wasserstein & Company, where in less than three years he was paid a reported eighteen and a half million dollars. The new guy, Jack Lew - said by those who know to be a skilled and principled public servant - ran hedge funds and private equity at Citigroup, which means he's a member of the Wall Street gang, too. His last job was as head of President Obama's Office of Management and Budget, where he replaced Peter Orzag, who now works as vice chairman for global banking at - hold on to your deposit slip - Citigroup. Still with us? It's startling the number of high-ranking Obama officials who have spun through the revolving door between the White House and the sacred halls of investment banking.
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Amend the Federal Reserve: We Need a Central Bank that Serves Main Street | Global Rese... - 0 views

www.globalresearch.ca/...5360637 banksters federal-reserve Federal-Reserve-reform
shared by Paul Merrell on 11 Dec 13 - No Cached
  • December 23rd marks the 100th anniversary of the Federal Reserve. Dissatisfaction with its track record has prompted calls to audit the Fed and end the Fed.  At the least, Congress needs to amend the Fed, modifying the Federal Reserve Act to give the central bank the tools necessary to carry out its mandates. The Federal Reserve is the only central bank with a dual mandate. It is charged not only with maintaining low, stable inflation but with promoting maximum sustainable employment. Yet unemployment remains stubbornly high, despite four years of radical tinkering with interest rates and quantitative easing (creating money on the Fed’s books). After pushing interest rates as low as they can go, the Fed has admitted that it has run out of tools. At an IMF conference on November 8, 2013, former Treasury Secretary Larry Summers suggested that since near-zero interest rates were not adequately promoting people to borrow and spend, it might now be necessary to set interest at below zero. This idea was lauded and expanded upon by other ivory-tower inside-the-box thinkers, including Paul Krugman. Negative interest would mean that banks would charge the depositor for holding his deposits rather than paying interest on them. Runs on the banks would no doubt follow, but the pundits have a solution for that: move to a cashless society, in which all money would be electronic. “This would make it impossible to hoard cash outside the bank,” wrote Danny Vinik in Business Insider, “allowing the Fed to cut interest rates to below zero, spurring people to spend more.”
  • Business Week quotes Douglas Holtz-Eakin, a former director of the Congressional Budget Office: “We’ve had four years of extraordinarily loose monetary policy without satisfactory results, and the only thing they come up with is we need more?” Paul Craig Roberts, former Assistant Secretary of the Treasury, calls the idea “harebrained.” He is equally skeptical of quantitative easing, the Fed’s other tool for stimulating the economy. Roberts points to Andrew Huszar’s explosive November 11th Wall Street Journal article titled “Confessions of a Quantitative Easer,” in which Huszar says that QE was always intended to serve Wall Street, not Main Street.  Huszar’s assignment at the Fed was to manage the purchase of $1.25 trillion in mortgages with dollars created on a computer screen. He says he resigned when he realized that the real purpose of the policy was to drive up the prices of the banks’ holdings of debt instruments, to provide the banks with trillions of dollars at zero cost with which to lend and speculate, and to provide the banks with “fat commissions from brokering most of the Fed’s QE transactions.”
  • Bernanke created debt-free money and bought government debt with it, returning the interest to the Treasury. The result was interest-free credit, a good deal for the government. But the problem, says Lounsbury, is that: The helicopters dropped all the money into a hole in the ground (excess reserve accounts) and very little made its way into the economy.  It was essentially a rearrangement of the balance sheets of the creditor nation with little impact on the debtor nation. . . . The fatal flaw of QE is that it delivers money to the accounts of the creditors and does nothing for the accounts of the debtors. Bad debts remain unserviced and the debt crisis continues.
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  • Bernanke delivered the money to the creditors because that was all the Federal Reserve Act allowed. If the Fed is to fulfill its mandate, it clearly needs more tools; and that means amending the Act.  Harvard professor Ken Rogoff, who spoke at the November 2013 IMF conference before Larry Summers, suggested several possibilities; and one was to broaden access to the central bank, allowing anyone to have an ATM at the Fed. Rajiv Sethi, Barnard/Columbia Professor of Economics, expanded on this idea in a blog titled “The Payments System and Monetary Transmission.” He suggested making the Federal Reserve the repository for all deposit banking. This would make deposit insurance unnecessary; it would eliminate the need to impose higher capital requirements; and it would allow the Fed to implement monetary policy by targeting debtor rather than creditor balance sheets. Instead of returning its profits to the Treasury, the Fed could do a helicopter drop directly into consumer bank accounts, stimulating demand in the consumer economy. John Lounsbury expanded further on these ideas. He wrote in Econintersect that they would open a pathway for investment banking and depository banking to be separated from each other, analogous to that under Glass-Steagall. Banks would no longer be too big to fail, since they could fail without destroying the general payment system of the economy. Lounsbury said the central bank could operate as a true public bank and repository for all federal banking transactions, and it could operate in the mode of a postal savings system for the general populace.
  • The Federal Reserve Act was drafted by bankers to create a banker’s bank that would serve their interests. It is their own private club, and its legal structure keeps all non-members out.  A century after the Fed’s creation, a sober look at its history leads to the conclusion that it is a privately controlled institution whose corporate owners use it to direct our entire economy for their own ends, without democratic influence or accountability.  Substantial changes are needed to transform the Fed, and these will only come with massive public pressure. Congress has the power to amend the Fed – just as it did in 1934, 1958 and 2010. For the central bank to satisfy its mandate to promote full employment and to become an institution that serves all the people, not just the 1%, the Fed needs fundamental reform.
  • Paul Merrell on 11 Dec 13
     
    In my view, the Fed is beyond salvage. It needs abolition, not a new role. The Constitution grants Congress the power to mint and coin money, not a group of rent-seeking banksters. 
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The Liberal Apologies for Obama's Ugly Reign » CounterPunch: Tells the Facts,... - 0 views

www.counterpunch.org/...pologies-for-obamas-ugly-reign Auction 2016 Obaba-apologists Hillary Progressives banksters
shared by Paul Merrell on 14 Jun 15 - No Cached
  • My favorite story indicating the depth and degree of Obama’s loyalty to the wealthy Few comes from the spring of 2009. In his important book Confidence Men: Wall Street, Washington, and the Education of a President (2011), the Pulitzer Prize-winning author Ron Suskind tells a remarkable story from March of 2009. Three months into Barack Obama’s supposedly progressive, left-leaning presidency, popular anger at Wall Street was intense and the nation’s leading financial institutions were weak and on the defensive in the wake of the financial collapse and recession they had created. The new president called a meeting of the nation’s top 13 financial executives at the White House. The banking titans came into the meeting full of dread. As Suskind noted: “They were the CEOs of the thirteen largest banking institutions in the United States… And they were nervous in ways that these men are never nervous. Many would have had to reach back to their college days, or even grade school, to remember a moment when they felt this sort of lump-in-the-throat tension…As some of the most successful men in the country, they weren’t used to being pariahs… [and] they were indeed pariahs. The populist backlash against the financial sector—building steadily since September—was finally beginning to cause grave discomfort on Wall Street. As unemployment ballooned and credit tightened, the country began to look inward, toward the origins of the panic and its disastrous consequences.”
  • In the end, however, the anxious captains of high finance left the meeting pleased to learn that Obama was totally in their camp. For instead of standing up for those who had been harmed most by the crisis—workers, minorities, and the poor – Obama sided unequivocally with those who had caused the meltdown. “My administration is the only thing between you and the pitchforks,” Obama said. “You guys have an acute public relations problem that’s turning into a political problem. And I want to help…I’m not here to go after you. I’m protecting you…. I’m going to shield you from congressional and public anger.” For the banking elite who destroyed millions of jobs in their lust for profit, there was, as Suskind puts it, “Nothing to worry about. Whereas [President Franklin Delano] Roosevelt had [during the Great Depression] pushed for tough, viciously opposed reforms of Wall Street and famously said ‘I welcome their hate,’ Obama was saying ‘How can I help?’” As one leading banker told Suskind, “The sense of everyone after the meeting was relief. The president had us at a moment of real vulnerability. At that point, he could have ordered us to do just about anything and we would have rolled over. But he didn’t – he mostly wanted to help us out, to quell the mob.” When “the bankers arrived in the State Dining Room,” Suskind notes, “Obama had them scared and ready to do almost anything he said…. An hour later, they were upbeat, ready to fly home and commence business as usual” (Confidence Men).
  • This remarkable episode happened in the White House in a time when, to repeat, the Democrats held the majority in both houses of Congress along with an angry populace ready with good reason for Wall Street and 1% blood. And what did the populace get from this seemingly progressive alignment of the stars? The venerable left liberal journalist William Grieder put it very well in a March 2009 Washington Post Op-Ed: “a blunt lesson about power, who has it and who doesn’t.” Americans “watched Washington rush to rescue the very financial interests that caused the catastrophe. They learned that government has plenty of money to spend when the right people want it. ‘Where’s my bailout,’ became the rueful punch line at lunch counters and construction sites nationwide. Then to deepen the insult, people watched as establishment forces re-launched their campaign for ‘entitlement reform’ – a euphemism for whacking Social Security benefits, Medicare and Medicaid.”
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The End Of Wall Streets Boom - News Markets - Portfolio.com - 0 views

www.portfolio.com/...index.html financial-collapse michael-lewis wall-street
shared by Gary Edwards on 30 Aug 10 - Cached
  • Gary Edwards on 30 Aug 10
     
    The End by Michael Lewis Nov 11 2008 The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar's Poker, returns to his old haunt to figure out what went wrong.
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The Right Way To Reform Wall Street: Let Stupid Firms Fail! - 0 views

www.businessinsider.com/errible-washington-idea-2009-9 financial-crisis financial-oligarchs banksters
shared by Gary Edwards on 18 Sep 09 - Cached
  • Gary Edwards on 18 Sep 09
     
    Let stupid firms fail. We need to get back to that. Yes, the fact that the "stupid firms" this time around included most of Wall Street shows that special rules of financial bankruptcy should apply so the whole system doesn't collapse.  But the firms need to be allowed to fail. What should the special rules of financial bankruptcy be? managements should be tossed compensation contracts and other liabilities should be torn up,  bonus pools should be zeroed until the firms return to annual profitability equity and preferred holders should be wiped out, and junior bondholders should get a major haircut through the immediate, forced conversion of debt to equity. All of this should happen not over years in the courts, but overnight--in the manner in which the FDIC seizes failing banks.  In such proceedings, all of Wall Street's idiocy enablers will lose their shirts: The folks who work the at the firms, the folks who lend money to the firms, the folks who invest in the firms and trust the firms' managements to be something other than morons. Losing your shirt generally has a sobering effect on decision-making.  As long as managers, lenders, and shareholders know they will lose their shirts, the next generation of Wall Street enablers will likely be far more careful and demanding than their predecessors, at least for a little while (and don't hallucinate that the Fed's new policy is anything other than temporary). 
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News Roundup and Notes: September 12, 2014 | Just Security - 0 views

justsecurity.org/...oundup-notes-september-12-2014 war & peace Syria Iraq U.S.-foreign-policy
shared by Paul Merrell on 12 Sep 14 - No Cached
  • Iraq and Syria The Pentagon has begun rolling out the expanded campaign against the Islamic State, although operations will increase gradually over a number of months [Wall Street Journal’s Julian E. Barnes]. Retired Marine general, John R. Allen, has been chosen to coordinate the international coalition against ISIS, according to a senior administration official [New York Times’ Michael R. Gordon]. In an interview with NPR (Eyder Peralta), Obama’s national security advisor Susan Rice emphasized that the operation against ISIS would not be “Iraq war redux” and that the U.S. is not going to deploy ground troops with a combat role.
  • Democratic senators are reportedly unnerved by President Obama’s attempt to gain swift authority from Congress to arm and train Syrian rebels [Politico’s Burgess Everett and Seung Min Kim]. House Republicans are said to be split on their views, with some, including Intelligence Chairman Mike Rogers speaking out in favor, whereas others showed more caution [The Hill’s Scott Wong et al]. The New York Times (Jonathan Weisman) reports that House Republican leaders will call members back to the Capitol early next week, in “a rare show of unity” with President Obama, to authorize the arming and training of rebels in Syria. Arab states remained reserved about the extent of their commitment to military efforts to combat the Islamic State yesterday, even as Secretary of State John Kerry succeeded in obtaining their support at a meeting in Saudi Arabia [Wall Street Journal’s Maria Abi-Habib and Jay Solomon].   Al Jazeera reports that French President Francois Hollande is travelling to Iraq in an act of visible support ahead of possible airstrikes with the U.S.-led coalition against the Islamic State.
  • The Syrian deputy foreign minister has said that Syria has “no reservations” about airstrikes in the territory, but said that “it is a must” for Obama to call Syrian President Assad [NBC News]. Anne Bernard [New York Times] writes that the prospect of U.S. strikes in Syria “captivated” the people on Thursday, with debate over whether the strikes would help or hinder President Assad. The New York Times (Ben Hubbard et al.) explores the complexities faced by the U.S. in using decentralized and diverse Syrian rebels to counter the Islamic State in Syria. Tom Perry and Alexander Dziadosz [Reuters] explore the impact that U.S. support for the Syrian opposition against the Islamic State will have on the Assad regime.
  • ...3 more annotations...
  • In Politico Magazine, Mary Ellen O’Connell argues that President Obama’s strategy against the Islamic State in Syria has no basis in international law, drawing comparison in legal terms between Obama and Russian President Vladimir Putin in Ukraine: “arming rebels and conducting airstrikes.” The New York Times editorial board discusses the legal basis for U.S. action against ISIS, accusing Congress of “outrageous” cowardice and allowing President Obama a “free reign to set a dangerous precedent that will last well past this particular military campaign.” The Washington Post editorial board calls President Obama’s strategy “incomplete,” suggesting that airstrikes alone are insufficient and that the U.S. must assist Iraq and Syria to develop so that “terrorist organizations do not emerge again as soon as Americans look away.” Dan Froomkin [The Intercept] discusses media coverage of Obama’s strategy, which indicates that news organizations have realized the plan is a “hot mess.”
  • In other developments, the new UN special envoy to Syria met with President Bashar al-Assad yesterday, pressing for more truces in the country and saying the UN’s first priority was to “facilitate reduction of the violence” [Wall Street Journal’s Sam Dagher]. The CIA has estimated that the number of fighters with the Islamic State in Iraq and Syria may have reached 31,000, a number three times their previous calculation [BBC]. The German interior ministry is working on banning the Islamic State terrorist group due to concerns over returning ISIS fighters and public expressions of sympathy with the group [Wall Street Journal’s Andrea Thomas and Harriet Torry]. The Australian government has raised the terror alert level to the second highest, as Prime Minister Tony Abbott warned that a terrorist attack on home soil was likely, though no specific plots were known of [Wall Street Journal’s Rob Taylor].
  • The head of Homeland Security has warned that while ISIS is the most apparent threat to the U.S. currently, officials must stay vigilant to other threats to the United States [Associated Press]. Dennis B. Ross [New York Times] cautions that “Islamists are not our friends,” noting that the “new fault line” in the Middle East is defined by Islamists who “subordinate national identities to an Islamic identity.” The New York Times (David E. Sanger) discusses how President Obama’s decision to take on the Islamic State in Iraq and Syria shifts his focus in the Middle East away from his previous objective of preventing Iran from obtaining nuclear weapons.
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News Roundup and Notes: September 11, 2014 | Just Security - 0 views

justsecurity.org/...oundup-notes-september-11-2014 war & peace Syria Iraq U.S.-foreign-policy ISIL
shared by Paul Merrell on 12 Sep 14 - No Cached
  • In a highly anticipated address last night, President Barack Obama authorized a significant expansion of the U.S. campaign to “degrade and ultimately destroy” the Islamic State in Iraq and Syria, backed by a broad coalition of allies. His four-part strategy against ISIS will involve a “systematic campaign of airstrikes” against the militants “wherever they are,” including Syria; the deployment of an additional 475 advisers to Iraq; and new support for the moderate Syrian opposition. Obama sought to distinguish his campaign from the wars in Iraq and Afghanistan, likening the mission to U.S. strikes against suspected terrorists in Yemen and Somalia [Reuters’ Steve Holland and Roberta Rampton; Washington Post’s Juliet Eilperin and Ed O’Keefe]. Saudi Arabia has agreed to provide a training base for moderate Syrian opposition fighters—which forms part of the president’s strategy—following an American request [New York Times’ Michael R. Gordon and Eric Schmitt].
  • Lauren French [Politico] discusses the mixed reactions to Obama’s speech on the Hill. The Syrian National Coalition, the main Western-supported opposition group, issued a statement yesterday welcoming President Obama’s announcement that the U.S. would conduct airstrikes targeting the Islamic State in Syria [Associated Press]. Australia and Japan also expressed their support for the president’s strategy this morning [Wall Street Journal’s Rob Taylor and Alexander Martin]. However, there has been a “muted response” to Obama’s address from Arab states in the Gulf region [Wall Street Journal’s Rory Jones].
  • Reuters (David Lawder and Patricia Zengerle) reports that U.S. lawmakers are considering a congressional vote on President Obama’s plan, but several Republicans want further information on the strategy to battle global terrorism, while many would prefer a vote wider than one focused solely on funding for the Syrian opposition. And The Daily Beast (Josh Rogin and Tim Mak) writes that Democrats are ready to approve Obama’s request for $5 billion to counter terrorism, despite the lack of details on how the money would be used. The Wall Street Journal (Julian E. Barnes and Siobhan Gorman) focuses on the president’s plan to rely on U.S.-trained local forces to battle the Islamic State, noting America’s “poor track record” of relying on local forces in Iraq and Libya.
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  • The New York Times’ Charlie Savage discusses the president’s reliance on existing authorization for his campaign against ISIS, although Obama indicated in his speech that he would “welcome congressional support” for this operation. Eli Lake [The Daily Beast] and Spencer Ackerman [The Guardian] also explore the legality of the administration’s expanded mission against ISIS. Politico (Jake Sherman and John Bresnahan) notes that Obama’s urgent request for authorization to equip and train moderate Syrian rebels “is scrambling delicate plans on Capitol Hill less that two months before the midterm elections.”
  • Peter Baker [New York Times] suggests that Obama’s new course is likely to extend “a legacy of war,” and could leave the president’s successor with “a volatile and incomplete war, much as his predecessor left one for him.” The New York Times editorial board weighs the strengths and weaknesses of the president’s strategy, suggesting that the authorization of strikes in Syria was a decision in which he “had little choice militarily or politically.” The Wall Street Journal editorial board suggests that Obama’s “biggest obstacle … will be his own ambivalence about American military force.” And the Washington Post editorial board calls on Congress to take a supportive view, stating that “[c]ongressional and public debate are especially necessary to help strengthen those parts of Mr. Obama’s strategy that remain open to question.” Edward-Isaac Dovere and Josh Gerstein [Politico] provide an analysis of the “speech Obama didn’t want to give.”
  • In other developments, the U.S. military conducted an airstrike on Tuesday in support of Iraqi Security Forces’ efforts to defend Erbil [Central Command]. The Washington Post (Adam Goldman) reports that a senior intelligence official told Congress yesterday that the Department of Homeland Security is “unaware of any specific credible threat to the U.S. homeland” from the Islamic State.     Al Jazeera has learned that the 45 UN peacekeepers from Fiji held by the Nusra Front rebel group in the Golan Heights have been released. An international watchdog has reported that chlorine gas was used as a chemical weapon in northern Syria earlier this year, in an attack that only the Assad regime could have the ability to conduct [Wall Street Journal’s Naftali Bendavid].
  • Murtaza Hussein [The Intercept] reports on the assassination of one of Syria’s top anti-ISIS rebel leaders, suggesting that the group was one of “Obama’s best hope[s]” and that the U.S. must now consider aligning itself with Iran. A young woman from Colorado pleaded guilty yesterday to conspiring to assist ISIS, after she was arrested attempting to travel to Syria [New York Times’ Emma G. Fitzsimons]. Peter Mass [The Intercept] argues why the American government should not have censored the media from hosting the videos of the beheadings of American journalists James Foley and Steven Sotloff.
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SEC Chair Got Waiver to Oversee Wall Street Law Firm - 0 views

www.pogo.org/...rsee-wall-street-law-firm.html SEC banksters White ethics
shared by Paul Merrell on 17 Jan 15 - No Cached
  • Mary Jo White, the head of the Securities and Exchange Commission (SEC), was granted a waiver last year allowing her to vote on agency issues affecting a major corporate law firm that was also a former client of hers. White was permitted to handle SEC business affecting Simpson Thacher & Bartlett LLP, a firm that has represented some of the biggest names on Wall Street. The waiver was issued in February 2014 but remained undisclosed while various matters involving Simpson Thacher played out before the Commission. The Project On Government Oversight found the waiver posted online last week by the Office of Government Ethics (OGE).
  • At a time when Members of Congress are sounding the alarm about the over-representation of Wall Street veterans in government positions, White’s waiver shows how the government must grapple with tough choices when it recruits industry representatives through the revolving door. Should White and other officials be allowed to handle agency business that affects former employers or clients, despite the potential conflict of interest? Or should they be forced to remain on the sidelines, limiting their work as public servants?
  • Paul Merrell on 17 Jan 15
     
    It isn't just a potential conflict of interest. It is an actual conflict of interest. By Bar Disciplinary Rule in every state, lawyers owe a duty of loyalty to their clients that ends only when the client or the lawyer dies. Congress, in its infinite wisdom, carved out an exception for federal government lawyers, who duty of loyalty to the government is now legally truncated two years after government service ends and is now subject to a vast number of exceptions even to that diminished period of loyalty. But since White was in private practice when she represented the law firm involved, her duty of loyalty is never-ending. She can lawfully act adversely to the former client only if that former client grants its informed consent in writing. 
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Wall Street is Taking Over America's Pension Plans - The Intercept - 0 views

firstlook.org/...-wall-street-story-one-talking banksters public-pension-funds
shared by Paul Merrell on 25 Nov 14 - No Cached
  • Coverage of the midterm elections has, understandably, focused on the shift in political power from Democrats toward Republicans. But behind the scenes, another major story has been playing out. Wall Street spent upwards of $300M to influence the election results. And a key part of its agenda has been a plan to move more and more of the $3 trillion dollars in unguarded government pension funds into privately managed, high-fee investments — a shift that may well constitute the biggest financial story of our generation that you’ve never heard of.
  • But Wall Street’s agenda goes beyond any one election cycle. It has been fighting to turn public pensions into private profits for quite some time, steering retirement nest eggs into investments that are complex, charge hefty fees, and that generate big profits for management firms. And it has been succeeding. Of the $3 trillion in public assets currently in pension funds throughout the country, almost a quarter of that has already found its way into so-called “alternative investments” like hedge funds, private equity and real estate. That translates to roughly $660 billion of public money now under private management, invested in assets that are often arcane and opaque but that offer high management and placement fees to Wall Street financiers.
  • If all this wasn’t egregious enough, a huge preponderance of evidence suggests that this massive transfer of wealth from public to private management is having a corrupting effect on the political process. Sirota’s reporting seems to have particularly touched a nerve with New Jersey Governor Chris Christie, who has described Sirota as “a hack” and “not a journalist”. It’s not difficult to see why Christie isn’t a fan. Earlier this year, Sirota wrote that… 43 financial firms managing New Jersey pension money have spent a total of $11.6 million on contributions to New Jersey politicians… Many of those donations have gone directly to Gov. Christie’s election campaign … Additionally, many of the contributions came either just before or just after the Christie administration awarded the firms multi-million-dollar pension management contracts. Those 43 firms ended up managing around $14 billion dollars of state pension money, a take that serves as a timeless reminder of the great rewards that can derive from catering to the needs of receptive politicians.
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  • Christie’s tenure as New Jersey governor has been particularly emblematic of the extent of Wall Street’s reach into the public sphere. Among other things, he installed a private equity investor as the state’s pension overseer and publicly lied about the manner in which pension fund investment decisions are made. Ironically enough, he’s defended these practices in his own state while criticizing Democrats for utilizing them through his position as chair of the Republican Governor’s Association.
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The Clintons' Paid-Speech Bonanza | Consortiumnews - 0 views

consortiumnews.com/...e-clintons-paid-speech-bonanza Auction 2016 Hillary paid-speeches Wall-St. banksters
shared by Paul Merrell on 06 Jan 16 - No Cached
  • With primary voting set to start next month, one of Hillary Clinton’s remaining hurdles is convincing Democratic voters that she is not beholden to Wall Street and other wealthy interests that have fattened her family’s bank account with tens of millions of dollars for paid speeches, writes Chelsea Gilmour.
  • Paul Merrell on 06 Jan 16
     
    Someone finally really dug into Hillary's income and campaign donations from big business. One might suspect that Hillary's campaign trail promises to rein in Wall Street were accompanied with private assurances that she has no true intent to do so, given that the Wall Street speeches for profit and for campaign donations continued to roll in. Hillary: the wrong woman for the first female U.S. president. 
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