Monday, November 23, 2009

So you thought our $20+ Trillions (of extorted-from-taxpayers "bailouts") "SAVED" the Banks? There's STILL _$200+_ TRILLION of DERIVATIVES liability outstanding on "the Big 5" Balance Sheets!!!

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:

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.  
     at 1:40 into this TYT video,  Congressman DeFazio explains: 
 "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.]
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.

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.