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Of Bailouts, Bonuses, and Generational Responsibility from The Daily Bail - 0 views

www.google.com/...view obammunism baby-boomers john-gallo financial-collapse
shared by Gary Edwards on 09 Apr 10 - No Cached
  • When one transfers the learned behavior of selfishness to the world of economics, it is east to see how we got to the world of adjustable rate mortgages, thirty-to-one leverage, credit default swaps, and thirty year hedge fund workers acting as is million dollar paychecks was an otherwise normal entitlement.  If it felt good, it was therefore right – and by all means, don’t rock the boat.  And what we are witnessing today in Washington and Wall Street in response to our economic crisis is nothing but a conscious and willing decision to pass off to the next generation the cost of our mistakes.
  • the fundamental principles of capitalism – namely that bad actors need to fail.
  • First and most foremost, the Congress needs to institute a modernized version of Glass-Stegall and separate commercial banking from investment banking activities. What we have seen in the abolishment Glass-Stegall (please thank Mr. Rubin formerly of Goldman Sachs) is the creation of federally subsidize casinos masquerading as publicly traded financial institutions.  They kept profits from over-leveraged bets and were kind enough to pass their losses onto the taxpayers.  Second, Congress needs to repeal legislation (Gramm-Leach) that allowed financial institutions not only to leverage in ways previously not permitted, but which also granted banks and financial situations exemption from federal gambling laws. Third, and this is where moral outrage hits home to those on Wall Street, we cannot live in a country in which any company is allowed to manipulate the levers of government in such a way as to make itself obscenely rich at the expense of the public.
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  • We saw as we proceeded through life that pursuing one’s self-interest was rewarded just as often than doing what was right, that morals were relative, and that there would be no consequences to bad behavior. It became de rigueur to assume that our parents (and their lawyers) would save us from our bad behavior.
  • no consequences to irresponsible behavior.
  • it is hard to avoid the reality that my generation, the baby boomers who are now approaching retirement, have caused the greatest collapse of the world economy since the 1930s, and in the process damaged this country in ways we are now only beginning to understand.
  • Goldman is only the largest corporate contributor to the Obama administration
  • Looking back more eighteen months after the first signs of distress in our economy appeared, it seems that leaders in Congress and Wall Street have erred in a manner never before witnessed in this nation.  In the process, they have conspired through their collective arrogance, greed, and ignorance to damage the economy of the country (if not the world), make many themselves rich beyond the imaginations of most Americans, and in the process commit the greatest financial rape of the American public in the history of the country.  And if that does resonate, then either you have not been paying attention for the past two years, or you have received your paycheck form Goldman Sachs.
  • Capitalism remains the best economic system on the planet, but when those who have profited handsomely seek to socialize losses caused by their errors, then those in power in Washington have a moral responsibility to demand an accounting.  Our anger comes from the fact that our leaders have failed in their public obligations at the expense of the interests on Wall Street, and in the process created the greatest social divide that this country has seen in the past 40 years.
  • our nation has one of the highest ratios of debt to GDP on the globe
  • Finally, the administration should demand (I know it won’t) that Goldman Sachs return the approximately $13 billion it received in backdoor payments through AIG when AIG received $180 billion in bailout money. That $13 billion belongs to the taxpayers of this country, and the decision to allow Goldman to receive that money perhaps stands as the greatest moral outrage of this entire sordid affair.  
  • he nation will not die; to the contrary, it would become stronger if we permit free markets to work, and allow the next-generation to live unburdened by our mistakes and arrogance.
  • The proposal in question was Ryan's "Roadmap for America's Future," a sweeping plan to stave off the nation's looming economic and fiscal collapse by changing the tax code, overhauling the health care system, and reforming the nation's major entitlement programs. Its debt-reducing claims aren't based on mere fantasy -- the Congressional Budget Office has determined that the plan would boost economic growth while making Medicare and Social Security solvent. And it accomplishes these aims without raising taxes or affecting the benefits of current retirees.
  • There's no doubt where the Treasury will turn for finance. We are about to see the greatest stuffing of banks with government securities the world has ever seen. American banks will be forced to gorge on Treasury securities, and disgorge bank reserves. Where else can the government get the next trillion to spend on things like wars, unemployment benefits, and food stamps?There are a few obvious things to think about here. At the rate of $120 billion a month, it will only take about nine months to blow through over a trillion dollars in free bank reserves. Each Treasury auction will find it more difficult to sell all of the treasury securities, and it will take rising interest rates to coax out even more reserves from the banks. (When you need to borrow over $4 billion a day, even a trillion dollars doesn't last long.)
  • Gary Edwards on 09 Apr 10
     
    Wow!  This is the best response to the financial collapse i have read to date.  Exceptional in clarity, but written with a tone of mixed sorrow and shame.  Mr. Gallow places the blame exactly where it should be placed.  It's a generational thing with one exception Mr. Gallow overlooks - the Obama margin of victory was very much due to the massive turnout and votes of post baby boomer generations.  We boomers may have created and caused the financial collapse and destruction of America, but they were dumb enough to put the decline of capitalism and ordered liberty on marxist steroids. excerpt:  .... this is the first time that I have been so angered by incompetence and greed in government and Wall Street to express publicly my own thoughts.  In simple terms, what has dawned on me is that my generation, the "Baby Boomers" between the ages of 45 and 65, has emerged not as not the most significant or talented generation in our history (as we thought we were), but rather as the most self-absorbed and reckless. Because ours will be the first generation in the history of this country to leave to its successors a nation in worse shape than that which it inherited; put differently, we will be the first generation in this nation to have taken from our parents and stolen from our children. .. it is hard to avoid the reality that my generation, the baby boomers who are now approaching retirement, have caused the greatest collapse of the world economy since the 1930s, and in the process damaged this country in ways we are now only beginning to understand. ... Looking back more eighteen months after the first signs of distress in our economy appeared, it seems that leaders in Congress and Wall Street have erred in a manner never before witnessed in this nation.  In the process, they have conspired through their collective arrogance, greed, and ignorance to damage the economy of the country (if not the world), make many themselves rich beyond the imaginations of mo
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Merkel doesn't oppose Greece leaving Eurozone: Syriza surges to 30.4 % in Poll for Janu... - 0 views

nsnbc.me/...-poll-for-january-25-elections banksters Greece EU IMF ECB Syriza must-read UK
shared by Paul Merrell on 07 Jan 15 - No Cached
  • German Chancellor Angela Merkel doesn’t oppose Greece leaving the eurozone. Talks about the possibility of Greece leaving the eurozone have gained renewed urgency after 30.4 % of polled Greeks said they would vote for Syriza, suggesting a chance that the left-wing party that runs on a platform of renegotiating bailout terms and national sovereignty as well as social justice could win the Greek snap parliamentary elections on January 25.
  • German Chancellor Angela Merkel said, according to the German magazine Der Spiegel, that Germany wouldn’t oppose a Greek exit from the eurozone if the people of Greece voted a party to power that opposes the current austerity measures in the country which came as conditionalities along with a EU and IMF bailout. Both Chancellor Merkel as well as German Finance Minister Wolfgang Schäuble reportedly believe that such a decision and development would be bearable for Germany as well as for the other eurozone member States. The Chancellor and the Finance Minister were cited as referring to progress made in the eurozone since 2012.
  • EUropean shares and bonds dropped last week after the Greek parliament rejected the current Prime Minister Antonius Samaras’ presidential candidate and set the country on a course towards snap parliamentary elections on January 25. A recent poll showed that the governing PASOK and New Democracy coalition had suffered substantial losses in popular support after they agreed to the EU/IMF bailout and associated conditions that have driven a large percentage of the middle class into abject poverty. Another issue that is hotly debated among Greeks is the loss of sovereignty over the county’s economic and fiscal policy, and domestic affairs, including social policies.
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  • The support for Syriza is by many analysts seen as a clear popular mandate for Syriza and against the austerity measures which have driven impoverished previous members of the middle class to illegally cut down trees for firewood to survive the winter. Many analysts also interpret the results of the recent polls as a clear message to Prime Minister George Papandreou who ruled the country since 2009 and to and PASOK as well as to New Democracy, that “enough is enough”. When UK Prime Minister David Cameron, in 2014, signaled that the UK could leave the EU all together, the majority of polled French said “let them go”. As for Germany and France, a slimmer, more streamlined EU could indeed strengthen a growing continental European consensus against a UK/US economic, political and military hegemony which the Atlantic Axis tries to enforce in Europe. Some analysts say that a Greek departure from the eurozone could be positive for both the EU and for Greece, while a British departure from the EU could put Europe on less hostile course towards Russia and a consolidation of ties between the EU and Russia.
  • Paul Merrell on 07 Jan 15
     
    Be sure to take your pitchfork along if you're traveling to Greece in the near future. Barbecued bankster is on the menu. Don't forget that Russia is waiting in the wings, with Turkey agreed to supply the Turkey-Greece natural gas pripeline with Russian natural gas. So the E.U. can pay Greece and Turkey pass-through revenues if the EU wants any of that gas. 
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Ukraine bailout could need extra $19bn if conflict continues, warns IMF | World news | ... - 0 views

www.theguardian.com/...ailout-extra-19bn-conflict-imf war & peace Ukraine IMF banksters
shared by Paul Merrell on 05 Sep 14 - No Cached
  • Factories shutting down, industrial heartlands under attack and currency in freefall, contributing to sharp increase in prices
  • Ukraine could need a further $19bn in emergency international funding by the end of next year if there is no resolution to the escalating conflict in the east of the country, the International Monetary Fund (IMF) has warned.
  • The IMF last week approved a $1.4bn (£840m) loan to Ukraine, the second tranche of its $17bn bailout programme agreed in April to stave off default.Ukraine urgently needs IMF loans to support its budget and prop up its faltering currency as its debts come up for repayment. Almost $4bn must be repaid before the end of the year, with $9bn due in 2015.In exchange for IMF aid, Ukraine's government has agreed on sweeping economic reforms, including curbing public-sector wage increases, increasing energy prices to bring them more in line with market values, overhauling banking and currency regulations and tackling chronic graft that has made the country one of the most corrupt in the world.
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  • The IMF praised Ukraine's progress, but said risks to the programme had increased. Since mid-July, the conflict has escalated, while Naftogaz, Ukraine's national gas company, and Gazprom, Russia's state energy group, have been locked in a standoff over the price of gas, which until recently the Russians supplied at a hefty discount. The dispute is likely to further increase Ukraine's debts.
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Russia might bailout Greece - finance minister - RT Business - 0 views

rt.com/...51-russia-greece-financial-aid war & peace Greece EU Russia economic-warfare
shared by Paul Merrell on 02 Feb 15 - No Cached
  • Greece hasn’t outright asked Russia for a loan, but Russian Finance Minister Anton Siluanov said Moscow wouldn't rule it out. His statement comes days after Greece openly opposed further economic sanctions against Russia. "Well, we can imagine any situation, so if such [a] petition is submitted to the Russian government, we will definitely consider it, but we will take into account all the factors of our bilateral relationships between Russia and Greece, so that is all I can say. If it is submitted we will consider it," Siluanov told CNBC in an interview in Moscow on Thursday.
  • The new left-wing Syriza government in Greece won a majority at last Sunday’s election on the promise to renegotiate the country’s €317 billion debt and end austerity. Greece needs to negotiate with EU policymakers by February 28 in order to receive the next tranche of bailout funds. If Athens doesn’t get the money it will have difficulty servicing its debt. Two bailouts were paid in 2010 and 2014 totaling €240 billion.
  • The new government was quick to show support for Moscow, and has openly called for an end to Russian sanctions, and may veto any future sanctions.
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REPORT: Greece is getting ready to default - Business Insider - 0 views

uk.businessinsider.com/etting-ready-to-default-2015-4 Greece economy default IMF
shared by Paul Merrell on 15 Apr 15 - No Cached
  • Greece is getting ready to default on at least some of its debt payments, according to the Financial Times. The country has entered a pretty dire fiscal situation. It desperately needs to unlock bailout funds from its creditors, but progress negotiating that cash is shaky at best. If Athens doesn't get its next €7.2 billion ($7.58 billion) bailout tranche by the April 24 Eurogroup meeting of European finance ministers, default becomes a lot more likely, and it seems as if the government is already preparing for the worst. Here's the FT: Greece is preparing to take the dramatic step of declaring a debt default unless it can reach a deal with its international creditors by the end of April, according to people briefed on the radical leftist government’s thinking. The government, which is rapidly running out of funds to pay public sector salaries and state pensions, has decided to withhold €2.5bn of payments due to the International Monetary Fund in May and June if no agreement is struck, they said. "We have come to the end of the road ... If the Europeans won't release bailout cash, there is no alternative [to a default]," one government official said.
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A Crisis Worse than ISIS? Bail-Ins Begin - nsnbc international | nsnbc international - 0 views

nsnbc.me/...worse-than-isis-bail-ins-begin Banksters
shared by Gary Edwards on 31 Dec 15 - No Cached
  • Propping Up the Derivatives Scheme Dodd-Frank states in its preamble that it will “protect the American taxpayer by ending bailouts.” But it does this under Title II by imposing the losses of insolvent financial companies on their common and preferred stockholders, debtholders, and other unsecured creditors. That includes depositors, the largest class of unsecured creditor of any bank.
  • Title II is aimed at “ensuring that payout to claimants is at least as much as the claimants would have received under bankruptcy liquidation.” But here’s the catch: under both the Dodd Frank Act and the 2005 Bankruptcy Act, derivative claims have super-priority over all other claims, secured and unsecured, insured and uninsured.
  • The over-the-counter (OTC) derivative market (the largest market for derivatives) is made up of banks and other highly sophisticated players such as hedge funds. OTC derivatives are the bets of these financial players against each other. Derivative claims are considered “secured” because collateral is posted by the parties. For some inexplicable reason, the hard-earned money you deposit in the bank is not considered “security” or “collateral.” It is just a loan to the bank, and you must stand in line along with the other creditors in hopes of getting it back. State and local governments must also stand in line, although their deposits are considered “secured,” since they remain junior to the derivative claims with “super-priority.”
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  • Under the old liquidation rules, an insolvent bank was actually “liquidated” – its assets were sold off to repay depositors and creditors. Under an “orderly resolution,” the accounts of depositors and creditors are emptied to keep the insolvent bank in business.
  • The point of an “orderly resolution” is not to make depositors and creditors whole but to prevent another system-wide “disorderly resolution” of the sort that followed the collapse of Lehman Brothers in 2008.
  • The concern is that pulling a few of the dominoes from the fragile edifice that is our derivatives-laden global banking system will collapse the entire scheme. The sufferings of depositors and investors are just the sacrifices to be borne to maintain this highly lucrative edifice.
  • At first glance, the “bail-in” resembles the normal capitalist process of liabilities restructuring that should occur when a bank becomes insolvent. . . . The difference with the “bail-in” is that the order of creditor seniority is changed. In the end, it amounts to the cronies (other banks and government) and non-cronies. The cronies get 100% or more; the non-cronies, including non-interest-bearing depositors who should be super-senior, get a kick in the guts instead. . . . In principle, depositors are the most senior creditors in a bank. However, that was changed in the 2005 bankruptcy law, which made derivatives liabilities most senior. Considering the extreme levels of derivatives liabilities that many large banks have, and the opportunity to stuff any bank with derivatives liabilities in the last moment, other creditors could easily find there is nothing left for them at all.
  • A study involving the cost to taxpayers of the Dodd-Frank rollback slipped by Citibank into the “cromnibus” spending bill last December found that the rule reversal allowed banks to keep $10 trillion in swaps trades on their books. This is money that taxpayers could be on the hook for in another bailout; and since Dodd-Frank replaces bailouts with bail-ins, it is money that creditors and depositors could now be on the hook for.
  • As of September 2014, US derivatives had a notional value of nearly $280 trillion
  •  Citibank is particularly vulnerable to swaps on the price of oil. Brent crude dropped from a high of $114 per barrel in June 2014 to a low of $36 in December 2015.
  • What about FDIC insurance? It covers deposits up to $250,000, but the FDIC fund had only $67.6 billion in it as of June 30, 2015, insuring about $6.35 trillion in deposits. The FDIC has a credit line with the Treasury, but even that only goes to $500 billion; and who would pay that massive loan back? The FDIC fund, too, must stand in line behind the bottomless black hole of derivatives liabilities
  • You can move your money into one of the credit unions with their own deposit insurance protection; but credit unions and their insurance plans are also under attack.
  • In short, the goal of the bail-in scheme is to place losses on private creditors. Alternatives that allow them to escape could soon be blocked.
  • The Dodd Frank Act and the Bankruptcy Reform Act both need a radical overhaul, and the Glass-Steagall Act (which put a fire wall between risky investments and bank deposits) needs to be reinstated.
  • Meanwhile, local legislators would do well to set up some publicly-owned banks on the model of the state-owned Bank of North Dakota – banks that do not gamble in derivatives and are safe places to store our public and private funds.
  • Gary Edwards on 31 Dec 15
     
    Excellent analysis of the coming banking crisis anw how our politicians have put the citizens on the hook for risky bank derivative gambling.  Thanks Marbux! Ellen H. Brown (nsnbc) : While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US.  Poverty also kills.
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Killing Off Community Banks - Intended Consequence of Dodd-Frank? | WEB OF DEBT BLOG - 0 views

ellenbrown.com/...nded-consequence-of-dodd-frank banksters consolidation Dodd-Frank community-banks too-big-to-fail too-big-to-jail too-big-to-regulate
shared by Paul Merrell on 25 Oct 15 - No Cached
  • The Dodd-Frank regulations are so lethal to community banks that some say the intent was to force them to sell out to the megabanks. Community banks are rapidly disappearing — except in North Dakota, where they are thriving.  At over 2,300 pages, the Dodd Frank Act is the longest and most complicated bill ever passed by the US legislature. It was supposed to end “too big to fail” and “bailouts,” and to “promote financial stability.” But Dodd-Frank’s “orderly liquidation authority” has replaced bailouts with bail-ins, meaning that in the event of insolvency, big banks are to recapitalize themselves with the savings of their creditors and depositors. The banks deemed too big are more than 30% bigger than before the Act was passed in 2010, and 80% bigger than before the banking crisis of 2008. The six largest US financial institutions now have assets of some $10 trillion, amounting to almost 60% of GDP; and they control nearly 50% of all bank deposits.
  • Meanwhile, their smaller competitors are struggling to survive. Community banks and credit unions are disappearing at the rate of one a day. Access to local banking services is disappearing along with them. Small and medium-size businesses – the ones that hire two-thirds of new employees – are having trouble getting loans; students are struggling with sky-high interest rates; homeowners have been replaced by hedge funds acting as absentee landlords; and bank fees are up, increasing the rolls of the unbanked and underbanked, and driving them into the predatory arms of payday lenders. Even some well-heeled clients are being rejected. In an October 19, 2015 article titled  “Big Banks to America’s Firms: We Don’t Want Your Cash,” the Wall Street Journal reported that some Wall Street banks are now telling big depositors to take their money elsewhere or be charged a deposit fee. Municipal governments are also being rejected as customers. Bank of America just announced that it no longer wants the business of some smaller cities, which have been given 90 days to find somewhere else to put their money. Hundreds of local BofA branches are also disappearing.
  • Hardest hit, however, are the community banks. Today there are 1,524 fewer banks with assets under $1 billion than there were in June 2010, before the Dodd-Frank regulations were signed into law. Collateral Damage or Intended Result?
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  • Obviously, making the big banks bigger also serves the interests of the megabanks, whose lobbyists are well known to have their fingerprints all over the legislation. How they have been able to manipulate the rules was seen last December, when legislation drafted by Citigroup and slipped into the Omnibus Spending Bill loosened the Dodd-Frank regulations on derivatives. As noted in a Mother Jones article before the legislation was passed: The Citi-drafted legislation will benefit five of the largest banks in the country—Citigroup, JPMorgan Chase, Goldman Sachs, Bank of America, and Wells Fargo. These financial institutions control more than 90 percent of the $700 trillion derivatives market. If this measure becomes law, these banks will be able to use FDIC-insured money to bet on nearly anything they want. And if there’s another economic downturn, they can count on a taxpayer bailout of their derivatives trading business.
  • Regulation is clearly inadequate to keep these banks honest and ensure that they serve the public interest. The world’s largest private banks have been caught in criminal acts that former bank fraud investigator Prof. William K. Black calls the greatest frauds in history. The litany of frauds involves more than a dozen felonies, including bid-rigging on municipal bond debt; colluding to rig interest rates on hundreds of trillions of dollars in mortgages, derivatives and other contracts; exposing investors to excessive risk; and engaging in multiple forms of mortgage fraud. According to US Attorney General Eric Holder, the guilty have gone unpunished because they are “too big to prosecute.” If they are too big to prosecute, they are too big to regulate.
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Cavuto: What's Happening in Cyprus Is Just Like Obamacare's 3.8% Home Sales Tax (Video)... - 0 views

www.thegatewaypundit.com/...cares-3-8-home-sales-tax-video Cyprus ObamaCare Home-Sales-Tax Real-Estate
shared by Gary Edwards on 19 Mar 13 - No Cached
  • Gary Edwards on 19 Mar 13
     
    Funny but the National Association of Realtors has yet to speak out about this devastating tax on Home Sales.  The theft of citizen wealth and savings in Cyprus is clearly a Bankster / Socialist Government bailout play.  Is ObamaCare the same?   ........    FOX News host Neil Cavuto compared the governmental theft in Cyprus to Barack Obama's tax on home sales to fund Obamacare. "Cavuto says Obama already pulled off a similar stunt in America. "While no one is taxing our bank holdings, thanks to Obamacare, they are going after our other assets. Remember that 3.8% Medicare surtax on investment sales larger than a couple hundred grand. Surprised? Next time you try to sell your house, trust me, you'll be hitting the roof. A tax on your home… your tangible assets. Is there really a difference? No.""
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From Detroit to Cyprus, Banksters in Search of Prey | Black Agenda Report - 0 views

www.blackagendareport.com/...t-cyprus-banksters-search-prey Banksters Cyprus confiscation financial-collapse
shared by Paul Merrell on 24 Mar 13 - No Cached
  • “Detroit and the people of Cyprus share the same enemy.” The Lords of Capital, who are preparing to snatch chunks of cash straight out of ordinary people’s accounts in Cyprus, to pay for a bank bailout, are the same class that has “devalued the franchise of the 49 percent of Michigan’s Black population that live in municipalities and school districts under the thumb of outside financial managers.”
  • From Nicosia, Cyprus, to Detroit, Michigan, the global financial octopus is squeezing the life out of society, stripping away public and individual assets in a vain attempt to fend off its own, inevitable collapse. The bankers “troika” that effectively rules Europe prepares to reach into the individual accounts of ordinary depositors on the island nation of Cyprus to fund the bailout of their local banking brethren. Across the Atlantic, a corporate henchman makes arrangements to seize the assets and abolish the political rights of a Black metropolis. The local colorations may vary, but the crisis is the same: massed capital is devouring its social and natural environment. Either we liquidate the banksters, or Wall Street will liquidate us.
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At the Royal Bank of Scotland, the business of rescuing the world's worst bank - The Wa... - 0 views

www.washingtonpost.com/...2-82bc-511538ae90a4_story.html financial-collapse banksters RBS
shared by Paul Merrell on 21 Apr 13 - No Cached
  • Rory Cullinan runs the world’s worst bank from a fifth-floor office overlooking Liverpool Street station in London. His 400-person outfit doesn’t lend money or trade securities. Instead, it sells blown-out mortgages, busted loans and entire companies amassed by Royal Bank of Scotland Group before it collapsed in the global financial crash of 2008. On a Friday afternoon, Cullinan is savoring a new feeling in his life as a toxic-asset disposal specialist: hope that the worst is finally over. After four years of marathon dealmaking, Cullinan’s Non-Core Division has whacked a 258-billion-pound ($390 billion) financial junk pile down to 57 billion pounds and eased pressure on RBS’s balance sheet. That has been chief executive Stephen Hester’s top priority since the government saved RBS from insolvency beginning in late 2008 with a 45-billion-pound lifeline — the biggest bank bailout in history.
  • The RBS mess has pitted Chancellor of the Exchequer George Osborne, who continues to stand behind Hester’s turnaround plan, against Bank of England Governor Mervyn King, who says it is not working. King told the Parliamentary Commission on Banking Standards that the government should fully nationalize RBS, then split it up and re-privatize the “good” pieces of the bank to recoup what it can of the bailout.“We should simply accept the reality today that it is worth less than we thought and should find a way to get an RBS that can be useful to the U.K. economy,” said King, 65, who will retire June 30.
  • Hester has told investors and analysts that getting a grip on RBS has proven a far tougher task than he expected because the euro zone’s sovereign-debt crisis and two recessions in Britain have undermined the bank’s bedrock lending business. Hester has also been hit with misdeeds that took root before he arrived at the bank.In February, RBS agreed to pay a $612 million penalty to regulators and law enforcement officials in the United States and Britain to settle allegations that 21 of its traders had manipulated the London interbank offered rate, or Libor, from 2006 to 2010. Barclays paid a $453 million penalty in July to settle its Libor case, and UBS was fined $1.5 billion in December.
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Cyprus bailout inside info? 132 companies pull out over $900mn in deposits - RT News - 0 views

rt.com/...s-companies-withdraw-money-218 financial-collapse Cyprus euro
shared by Paul Merrell on 04 Apr 13 - No Cached
  • One hundred and thirty-two companies reportedly had inside knowledge of Cyprus’ impending levy tax as they withdrew deposits worth US$916 million in the run-up to the bailout deal.
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End the Fed! Congress Debates the Federal Reserve: Reform or Abolish? - 0 views

www.thenewamerican.com/...eral-reserve-reform-or-abolish Federal-Reserve-Bankster-Cartel Ron-Paul Libertarian
shared by Gary Edwards on 09 May 12 - No Cached
  • Gary Edwards on 09 May 12
     
    synopsis: Tuesday May 8th, 2012 - Dr. Ron Paul Chaired the Congressional subcommittee holding the first hearings on the Federal Reserve Bankster Cartel.  Dr. Paul has become famous around the world for his tireless efforts to audit, expose, and abolish the central bank. Even making that effort the centerpiece of his "Restore the Constitution - Take Back America" run for the presidency.  He published a best-selling book in 2009 entitled "End the Fed", a title that has become a rallying cry for millions of Americans angry about the institution's multi-trillion-dollar bailouts, market manipulations, corruption, and debasement of the currency. The subcommittee hearing, entitled "The Federal Reserve System: Mend It or End It?", examined a range of different proposals to reform the nation's monetary system - it was supposed to look at six different options emanating from both parties. One of the measures on the agenda was Congressman Paul's own "Federal Reserve Board Abolition Act," legislation to dismantle the central bank and restore sound money based on market principles. "More and more people are beginning to understand just how destructive the Federal Reserve's monetary policy has been. I hope that this hearing will kick start a serious discussion on the need to rein in the Fed," Chairman Paul said in a statement about the event. "A hundred years is far too long for Congress to have taken a hands-off approach. The Fed continues to reward Wall Street banks while destroying the dollar's purchasing power and driving up the cost of living for average Americans. This reckless behavior must come to an end."
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Mortgage Settlement Term Sheet: Bailout as Reward for Institutionalized Fraud... - 0 views

www.nakedcapitalism.com/...r-institutionalized-fraud.html Banksters Obama-banksters crony-banksterism Mortgage-fraud Foreclosure-Gate
shared by Gary Edwards on 10 Feb 12 - No Cached
  • Gary Edwards on 10 Feb 12
     
    Naked Capitalism continues their rant on the fraudulent and inexcusable Obama Foreclosure gift to the Banksters.  This article details the crimes being committed under the provisions of pooling and servicing agreements relating to a single payment default.  Incredible stuff. excerpt: Now do you see why servicers consistently report than when homeowners miss a payment or two, they proceed pretty much in a straight line to default? Once they miss a payment or start racking up extra charges that you are unaware of, borrowers descend into a designed-by-the-servicer escalating fee black hole, never to emerge.
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JB Williams -- Congress Must Immediately Impeach Entire Obama Administration - 0 views

www.newswithviews.com/...williams180.htm Impeachment Impeach-Obama JB-Williams newswithviews
shared by Gary Edwards on 21 Mar 12 - No Cached
  • Gary Edwards on 21 Mar 12
     
    A well written list of particulars calling for the impeachment of the entire Obama administration.  The article ends with an appeal to restore the Constitution, identifying two groups in particular: US Patriots Union and the US Veterans "Defenders of America".  Outstanding stuff.  When you read this you will know you're in the presence of true Patriots. http://www.patriotsunion.org/DECLARATION-RESTORE-THE-CONSTITUTIONAL-REPUBLIC.pdf http://www.veterandefenders.org/ excerpt: The Obama Administration has intentionally and criminally bankrupted what was once the most productive, prosperous and powerful nation on earth. This is nothing compared to Obama's other first term achievements. Via their Federal "wealth redistribution" bailouts, the Obama Administration seized control of General Motors, screwed every individual who ever invested in the company and steered the company through managed bankruptcy so that it would emerge the property of labor unions, not the people who had invested in it for years. The Obama Administration has since seized control of Energy, Banking, Insurance, Health Care, Food production and distribution, manufacturing, water supply and outlawed free speech on public lands to protect elected servants from an increasingly angry society that currently gives Obama, Congress and the U.S. Supreme Court their lowest approval ratings in U.S. history. The Obama Administration designed and launched the so-called Arab Spring across the Middle East, attacking Jews and Christians alike and unseating leaders of sovereign nations and redistributing political power throughout the region to the Muslim Brotherhood, purposefully responsible for total civil unrest around the globe and rising gas prices at the pumps. Last Friday evening, Obama issued yet another Executive Order seizing unbridled power over every aspect of American life, all the way down to the water in your toilet bowl and the garden in your back yard, sharing that power with each mem
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PETER SCHIFF: The Housing Bust Was Just A Preview For The Coming Catastrophe - Business... - 0 views

www.businessinsider.com/the-real-crash-2012-5 peter-schiff Lindsey-Williams The-Real-Crash
shared by Gary Edwards on 23 May 12 - No Cached
  • Gary Edwards on 23 May 12
     
    Peter Schiff talks about his new book "The Real Crash: America's Coming Bankruptcy, How to Save Yourself and Your Country".  I caught the Coast-to-Coast "Financial Crisis Special" interview with Peter earlier this week where he spoke on the "Real Crash" issues.  Stunning stuff.  His hour on Coast was followed by Lindsey Williams who pointed out that the New World Order - Illuminati - Bankster trigger point would be signaled by a collapse in the derivatives market. The derivatives market is now over a quadrillion dollars of  casino style gambling.  This is where Banksters make huge bets on things like whether or not interest rates will go up or down.  Then they take out insurance to cover their bets, which further compounds the cost.  Recent events like the Jon Corzine MF Global gamble that the Federal Reserve Bankster Cartel would backstop explosive European sovereign bankster debt are the first indications of collapse in the derivatives market.  We now know that JP Morgan placed similar bets on a European bailout by the Federal Reserve and World Bank, and lost big.  The only difference is that Corzine robbed his clients personal accounts to cover his bets. While Schiff argues the facts on the table, the "what", Lindsay argued the "why"; claiming that this escalating debt mess is all by design.  Lindsay claims that an operational fundamental of the New World Order elites is to first overturn the USA Constitution.  Using a Machiavellian Principle known as, "out of chaos comes order", they seek to de-stabilize and overthrow the USA Constitutional Republic using massive and crushing debt to first destroy the dollar currency.  This will create massive chaos requiring martial law and government seizure of private property and production. Peter Schiff warns that the government is driving us deeper into debt at exactly the time we should be saving and investing those savings in future private sector productivity.  Lindsay argues that this is all by desig
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The Biggest Financial Scam In World History           : Information Clearing ... - 0 views

www.informationclearinghouse.info/article31768.htm banksters LiBOR
shared by Gary Edwards on 08 Jul 12 - No Cached
  • Gary Edwards on 08 Jul 12
     
    Marbux sent me this link to series of videos explaining the LiBOR bankster crisis.  The awesome Bill Black is featured in two of the video interviews.  Others include Matt Taibi of the Rolling Stone Magazine.  Matt's work on bankster criminals is legendary.  This is incredible stuff.  Very heated.  Clearly we are at the heart of the largest criminal fraud ever perpetrated, and it involves the worlds largest banksters.  Including the Queen of England (Bank of England).  $800 Trillion in fraud.  Incredible. Yes, the Libor Scandal Affects You By Jack Hough July 06, 2012 "Smart Money" - -A liger is a cross between a lion and a tiger. Libor, on the other hand, is a daily approximation of what banks charge each other for loans. It turns out only one of these things is real. Awkwardly, it's not the one used to set prices on an estimated $800 trillion in global financial instruments, or $116,000 worth for each person on earth, ranging from complex derivatives to student loans. That's a problem for holders of bank stocks - which includes just about anyone who owns a mutual fund or 401(k). Barclays (BCS) agreed last week to pay $453 million to settle allegations that it manipulated Libor, which stands for London interbank offered rate. As The Wall Street Journal reported Thursday, it's likely only the first: More than a dozen banks on three continents are under investigation. Libor is compiled by asking 18 banks what they think they would pay if they needed money. Some banks may have submitted artificially low responses during the global financial crisis to give the appearance of high creditworthiness. Others may have tinkered with the reading to profit from trades, or avoid losses. The Barclays settlement is affordable, at less than 7% of the company's projected profits this year, but the size of legal claims it and other banks face is difficult to imagine. Trial lawyers will do their best to work out the sums, of course. Libor may have been subject
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Fact Check: Osama Bin Laden Alive, General Motors Dead - 0 views

www.breitbart.com/...Osama-alive-GM-dead Osama-Objectives GM-Government-Motors Obammunism
shared by Gary Edwards on 11 Sep 12 - No Cached
  • Gary Edwards on 11 Sep 12
     
    Excellent analysis and statement of facts in evidence.   Conclussion is that Osama is well on his way to winning on every one of his stated objectives, and GM is heading for a real bankruptcy, despie $100 Billion in taxpayer bailout funds.  GM is expected to cost taxpayers upwards of $56 Billion when all is said and done. excerpt: "Vice President Joe Biden has a suggested slogan for the Obama/Biden 2012 campaign. He repeats it everywhere he goes. "Osama Bin Laden is dead," he bellows, "and General Motors is alive!" There's only one problem. He's wrong. Yes, Bin Laden's dead, thank God. And General Motors is still an operating concern. But in point of fact, the cause for which Osama Bin Laden stood is stronger than at any time in American history, thanks in large part to the Obama administration. And as for GM, it's not so much alive as it is a member of the corporate living dead, feasting on taxpayer brains while slowly deteriorating, the first zombie company created by Obama's cronyism. On the eleventh anniversary of Osama Bin Laden's attack on America, it's worthwhile to examine just what he hoped to accomplish. He spelled out his goals in three documents: a 1996 fatwa titled, "Declaration of War Against The Americans Occupying The Land of the Two Holy Places"; a 2002 "Letter to America"; and a 2004 video. In these manifestos, he declared his willingness to die, of course. His goals included:"
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EconoMonitor : EconoMonitor » Bailout Total: $29.616 Trillion Dollars - 0 views

www.economonitor.com/...-total-29-616-trillion-dollars Banksters Federal-Reserve-Bankster-Cartel Levy-Economics-Institute James-Felkerson banksters
shared by Gary Edwards on 16 Dec 11 - No Cached
  • Gary Edwards on 16 Dec 11
     
    Good summary of the Levy Economics Intitute's study of the Federal Reserve Bankster cartel.  Focus on the traditional meaning of overnight lending, and what the Fed Bankster cartel is using it for.   $29,616 Trillion! excerpt: There is a fascinating new study coming out of the Levy Economics Institute of Bard College.  Its titled "$29,000,000,000,000: A Detailed Look at the Fed's Bail-out by Funding Facility and Recipient" by James Felkerson. The study looks at the lending, guarantees, facilities and spending of the Federal Reserve. The researchers took all of the individual transactions across all facilities created to deal with the crisis, to figure out how much the Fed committed as a response to the crisis. This includes direct lending, asset purchases and all other assistance. (It does not include indirect costs such as rising price of goods due to inflation, weak dollar, etc.) The net total? As of November 10, 2011, it was $29,616.4 billion dollars - (or 29 and a half trillion, if you prefer that nomenclature). Three facilities-CBLS, PDCF, and TAF- are responsible for the lion's share - 71.1% of all Federal Reserve assistance ($22,826.8 billion).
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EconoMonitor : Great Leap Forward » BERNANKE'S OBFUSCATION CONTINUES: The Fed... - 0 views

www.economonitor.com/...illion-bail-out-of-wall-street Banksters Federal-Reserve-Bankster-Cartel Levy-Economics-Institute banksters
shared by Gary Edwards on 16 Dec 11 - No Cached
  • Gary Edwards on 16 Dec 11
     
    Excellent summary of how deep the hole the Federal Reserve has dug for Americans.  Walks us from the 2008 crisis to the Levy Economics Institute $29.616 Trillion Bankster Bailout.  Incredibly well written commentary. excerpt: Bernanke argues we should look only at the lending at a peak instant of time. Think about it this way. A half dozen drunken sailors are at the bar, and the bartender refills their shot glasses with whiskey each time a drink is taken. At any instant, the bar-keep has committed only six ounces of booze. That is a useful measure of whiskey outstanding. But it is not useful for telling us how much the drunks drank. Bernanke would like us to believe that if the Fed newly lent a trillion bucks every day for 3 years to all our drunken bankers that we should total that as only a trillion greenbacks committed. Yes, that provides some useful information but it does not really measure the necessary intervention by the Fed into financial markets to save Wall Street. And that leads to the final way to measure the Fed's commitments to propping up our drunks on Wall Street: add up every single damned loan, guarantee and asset purchase the Fed made to benefit banks, banksters, real Housewives on Wall Street, fraudsters, and their cousins, aunts and uncles. This gives us the cumulative Fed commitments. The final important consideration is to separate "normal" Fed actions from the "extraordinary" or "emergency" interventions undertaken because of the crisis. That is easier than it sounds. After the crisis began, the Fed created a large alphabet soup of special facilities designed to deal with the crisis. We can thus take each facility and calculate the three measures of the Fed's commitments for each, then sum up for all the special facilities. And that is precisely what Nicola Matthews and James Felkerson have done. They are PhD students at the University of Missouri-Kansas City, working on a Ford Foundation grant under my direction, titl
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The Fed's $16 Trillion Bailouts Under-reported - Forbes - 0 views

www.forbes.com/...illion-bailouts-under-reported Federal-Reserve-Audit GAO-Audit-of-Federal-Reserve Banksters
shared by Gary Edwards on 28 Nov 11 - No Cached
  • Gary Edwards on 28 Nov 11
     
    The audit of the Fed's emergency lending programs was scarcely reported by mainstream media - albeit the results are undoubtedly newsworthy.  It is the first audit of the Fed in United States history since its beginnings in 1913.  The findings verify that over $16 trillion was allocated to corporations and banks internationally, purportedly for "financial assistance" during and after the 2008 fiscal crisis. Sen. Bernie Sanders (I-VT) amended the Wall Street Reform law to audit the Fed, pushing the GAO to step in and take a look around.  Upon hearing the announcement that the first-ever audit would take place in July, the media was bowled over and nearly every broadcast network and newspaper covered the story.  However, the audit's findings were almost completely overlooked, even with a number as high as $16 trillion staring all of us in the face.
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