ht Max Keiser, via JessesCrossRoadsCafe -
http://jessescrossroadscafe.blogspot.com/2009/11/failure-to-regulate-will-continue-until.html
- the Obama/Emanuel/Bush/Paulson/Bernanke/Geithner "BAILOUTS," FAR from "STABILIZING" the Big Banks, have seen them not only HIDE __TWO HUNDRED TRILLION dollars__ in "DERIVATIVES"
(the "credit default swaps" and "mortgage backed securities" and "collateralized debt obligations" we have so come to know, hate, fear, dread, & despise)
but, primed to get back to their "loot, plunder, & swindle" ways by the ABJECT CORRUPTION and FRAUD of Team Obama and the cowed, captive, complicit, insanely corrupt Lieberman/Baucus/Landrieu/Lincoln/Nelson, et al Congressional "Democrats,"
(don't forget, the INSANELY CORRUPT Congress, BOTH Demorats and Rethuglicans, STILL _REFUSE_ to tell us exactly how much they have GIVEN AWAY of _our_ taxpayer dollars in total "bailouts," buy-downs, default backings; etc. - you have to look these subjects up on your own!)
the BIG FIVE banksters are STILL ADDING TO their economy-crushing __trillions! $$__ in Derivatives speculations!!
PRAISE JESUS! and please PASS THE BEGGING BOWL for us poor, laid-off, fired, pensions looted, home-values smashed, unemployment & food stamps expired' health-care denied, jobs outsourced; ignorant, ignoramus, ingrate, INSOLENT, taxed-to-death (or work-the-fields-till-you-die) slaves & peons....
Comptroller of the Currency
Administrator of National Banks
Washington, DC 20219
OCC’s Quarterly Report on Bank Trading and Derivatives Activities
Second Quarter 2009 http://www.occ.treas.gov/ftp/release/2009-114a.pdf
Executive Summary http://www.occ.treas.gov/deriv/deriv.htm
• The notional value of derivatives held by U.S. commercial banks increased $1.5 trillion in the second quarter, or 0.7%, to $203.5 trillion.
• U.S. commercial banks reported revenues of $5.2 billion trading cash and derivative instruments in the
second quarter of 2009, compared to a record $9.8 billion in the first quarter.
• Net current credit exposure decreased 20% to $555 billion.
• Derivative contracts remain concentrated in interest rate products, which comprise 85% of total
derivative notional values. The notional value of credit derivative contracts decreased by 8% during the
quarter to $13.4 trillion.
======================
Wall Street & Government: A Partnership That Will Continue Until Collapse
November 21st, 2009 by stacyherbert
http://maxkeiser.com/2009/11/21/wall-street-govt-a-partnership-that-will-continue-until-collapse/
Stacy Summary: From what I can tell from history, the mightiest and most powerful seldom change, adapt and progress, they collapse. The US empire has Big Finance, Big Agra, Big Pharma, Big Oil, Big Copyright and Very Big Military; through a combination of legislation, finance and military, competition to any of these American Bigs is either contained, co-opted or destroyed.
No matter how powerful they seem at the moment, however, history shows that inevitably the bloat, the corruption and the absence of progress lead to eventual collapse because barbarians have been at the gate for 5000 years. There are plenty barbarians waiting at the gate of this collapse:
Monday, November 23, 2009
Saturday, November 21, 2009
TYT explains Congressman DeFazio's comments - and points out that Geithner TRIED to RAM a $50 TRILLION "FOREIGN DERIVATIVES" loophole down Congress' throats!!
next up: HuffingtonPost does their explanation of Congressman DeFazio's comments, here is a preview link - http://www.huffingtonpost.com/2009/11/18/rep-defazio-fire-timmy-ge_n_363093.html
And we apologize that we can't have a good video embed of such an important video (below), but that comes with the territory of a blog that is doing the work that billions of dollars of "major media" 'news' papers & big networks REFUSE to cover, much less investigate forcefully, energetically, & relentlessly...
--------------------------------------------------------
TREASURY SECRETARY Geithner WHITEWASHES, covers-up, and denies MASSIVE TAXPAYER "bailout" GIVE-AWAYS to wealthy, failed, financially fraudulent banks & hedge funds....
(to follow along with this post, right-click below link, and open in a new window)
http://www.youtube.com/user/TheYoungTurks#p/u/12/YvjJ6VzJH8s
At 2:00 into this November 19, 2009 TYT video
(excerpted from the Congressman DeFazio full-length video of our below, previous post),
The Young Turks news show host Cenk Uygur highlights Congressman DeFazio explanation of how the Obama "Democratic" administration and Tim Geithner's Treasury Dept. have made mega- hedge-fund "investment bank" Goldman Sachs' pure, gambling, "derivative" losses whole - at taxpayer expense, BILLIONS upon billions of taxpayer-extorted "bailout" dollars for which American taxpayers, and their Congress, can NOT get even a BASIC ACCOUNTING of those billions of dollars of "TARP" bailout funds.
As TYT explains, this "loophole" wasn't even a "regulation" loophole, it was merely a loophole ruling intended to allow banks & hedge funds to NOT EVEN DISCLOSE their outstanding derivative risks, exposure, and losses - knowing full well that the Geithner/Obama/Emanuel administration would CONTINUE to MAKE those morally bankrupt Hedge Funds' financially bankrupt LOSSES WHOLE, AT TAXPAYER EXPENSE !!
That isn't "billions" of dollars - that is potentially TRILLIONS of dollars the insane Geithner/Emanuel/Summers/GS cabal want to force US taxpayers to potentially make whole, without even a lousy receipt or even a tossed-off "thank you"!
(When T-Sec. Geithner appears before Congress, he PATS HIMSELF on the back for "having saved" the American economy from Great Depression-eque catastrophe... as the host of the full DeFazio interview notices, not only does Geithner pretend that his role as NY Fed Bank President during the Bush administration had NO responsibility in the creation of that very looming crisis he now claims credit for averting, but, worse, Geithner gives American taxpayers _ZERO_ credit for putting up those TRILLIONS of bailout dollars that "saved" Mr. Geithner's own precious banks & financial industry! Mr. Geithner really does see himself as the OVERSEER of slave plantation USA: the SLAVES have NO voice in how their tax dollars are spent, and should just shut-up and bow meekley to their masters & financial overlords!)
And we apologize that we can't have a good video embed of such an important video (below), but that comes with the territory of a blog that is doing the work that billions of dollars of "major media" 'news' papers & big networks REFUSE to cover, much less investigate forcefully, energetically, & relentlessly...
--------------------------------------------------------
TREASURY SECRETARY Geithner WHITEWASHES, covers-up, and denies MASSIVE TAXPAYER "bailout" GIVE-AWAYS to wealthy, failed, financially fraudulent banks & hedge funds....
(to follow along with this post, right-click below link, and open in a new window)
http://www.youtube.com/user/TheYoungTurks#p/u/12/YvjJ6VzJH8s
At 2:00 into this November 19, 2009 TYT video
(excerpted from the Congressman DeFazio full-length video of our below, previous post),
The Young Turks news show host Cenk Uygur highlights Congressman DeFazio explanation of how the Obama "Democratic" administration and Tim Geithner's Treasury Dept. have made mega- hedge-fund "investment bank" Goldman Sachs' pure, gambling, "derivative" losses whole - at taxpayer expense, BILLIONS upon billions of taxpayer-extorted "bailout" dollars for which American taxpayers, and their Congress, can NOT get even a BASIC ACCOUNTING of those billions of dollars of "TARP" bailout funds.
at 1:40 into this TYT video, Congressman DeFazio explains:And at 10:01 in to the TYT video is the real bombshell: Treasury Secretary Geithner tried to ram through a $50 trillion, FIFTY TRILLION dollar LOOPHOLE to allow the mega-banks & hedge funds to mask, whitewash, COVER UP, hide, _FOREIGN DERIVATIVE_ losses.
"If you look back at the AIG scandal, Goldman, and others, who GOT THEIR BETS PAID OFF, IN FULL, instead of saying 'well, you bet you lost,' THEY GOT PAID BACK IN FULL in taxpayer money, through AIG, Geithner CHANNELED THE MONEY."
"Geithner would not even answer my question, 'Were those naked credit default swaps by Goldman, or were they a counter-party?' I think they were NAKED CREDIT DEFAULT SWAPS, they were BETS, they should NOT have gotten their money back." [and certainly not billions of dollars at taxpayer expense, with NO oversight or receipts, much less paybacks.]
As TYT explains, this "loophole" wasn't even a "regulation" loophole, it was merely a loophole ruling intended to allow banks & hedge funds to NOT EVEN DISCLOSE their outstanding derivative risks, exposure, and losses - knowing full well that the Geithner/Obama/Emanuel administration would CONTINUE to MAKE those morally bankrupt Hedge Funds' financially bankrupt LOSSES WHOLE, AT TAXPAYER EXPENSE !!
That isn't "billions" of dollars - that is potentially TRILLIONS of dollars the insane Geithner/Emanuel/Summers/GS cabal want to force US taxpayers to potentially make whole, without even a lousy receipt or even a tossed-off "thank you"!
(When T-Sec. Geithner appears before Congress, he PATS HIMSELF on the back for "having saved" the American economy from Great Depression-eque catastrophe... as the host of the full DeFazio interview notices, not only does Geithner pretend that his role as NY Fed Bank President during the Bush administration had NO responsibility in the creation of that very looming crisis he now claims credit for averting, but, worse, Geithner gives American taxpayers _ZERO_ credit for putting up those TRILLIONS of bailout dollars that "saved" Mr. Geithner's own precious banks & financial industry! Mr. Geithner really does see himself as the OVERSEER of slave plantation USA: the SLAVES have NO voice in how their tax dollars are spent, and should just shut-up and bow meekley to their masters & financial overlords!)
Bailouts LARCENY explained: Congressman DeFazio explains Treasury Sec. Geithner's 100% PAYOUT for Goldman Sachs' "NAKED SHORTING" pure gambling losses...
Congressman DeFazio reluctantly explains: so-called "Democratic" Treasury Secretary Tim Geithner made GoldmanSachs' PURE DERIVATE GAMBLING LOSES whole - dollar-for-dollar, at 100% of losses - BILLIONS of dollars directly extorted from taxpayers, as "Bailouts," with NO OVERSIGHT, explanation, or even a lousy receipt!
Democratic Congressman DeFazio reluctantly explains: The Obama White House, and specifically Obama's Treasury Secretary Tim Geithner, have REWARDED Obama campaign donor mega-hedge-fund GOLDMAN SACHS, with 100% on the dollar, for Goldman's "NAKED SHORTING" stock & derivatives trades; "Naked shorts" are market terms for PURE GAMBLING, a broker or hedge-fund purchases options or derivatives, HOPING a company that THEY OWN _NO_ stock in, will GO DOWN in price - this is PURE CASINO GAMBLING, defined, on a BILLIONS of dollars scale, without the cocktail waitresses and casino decor.
(If the embed video doesn't work, try this link)
http://www.msnbc.msn.com/id/21134540/vp/34026569#34026569
Sad to say, PURE "BAILOUTS" FRAUD is an INFINTE OCEAN of both Republican AND Democrat enabled fraud, lies, deceit, and OUTRIGHT THEFT from American consumers, investors, and taxpayers in the finanical markets; as we will document with comments from both the normally "conservative" financial community, "liberal" Democratic sites, and "mainstream media" sites such as our above embedded video.
Sadly, there is much, much more to come, in documenting the PURE LARCENY of the Bush/Paulson/Obama/Geithner "bailouts" to corrupt, failed, and MORALLY BANKRUPT mega-banks and hedge-funds.
Democratic Congressman DeFazio reluctantly explains: The Obama White House, and specifically Obama's Treasury Secretary Tim Geithner, have REWARDED Obama campaign donor mega-hedge-fund GOLDMAN SACHS, with 100% on the dollar, for Goldman's "NAKED SHORTING" stock & derivatives trades; "Naked shorts" are market terms for PURE GAMBLING, a broker or hedge-fund purchases options or derivatives, HOPING a company that THEY OWN _NO_ stock in, will GO DOWN in price - this is PURE CASINO GAMBLING, defined, on a BILLIONS of dollars scale, without the cocktail waitresses and casino decor.
(If the embed video doesn't work, try this link)
http://www.msnbc.msn.com/id/21134540/vp/34026569#34026569
Sad to say, PURE "BAILOUTS" FRAUD is an INFINTE OCEAN of both Republican AND Democrat enabled fraud, lies, deceit, and OUTRIGHT THEFT from American consumers, investors, and taxpayers in the finanical markets; as we will document with comments from both the normally "conservative" financial community, "liberal" Democratic sites, and "mainstream media" sites such as our above embedded video.
Sadly, there is much, much more to come, in documenting the PURE LARCENY of the Bush/Paulson/Obama/Geithner "bailouts" to corrupt, failed, and MORALLY BANKRUPT mega-banks and hedge-funds.
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