banks

Capitalising on American Tear Gas Lobbed at Egyptian Protesters

  • Posted on: 9 February 2011
  • By: Connecticut Man1

Yes, you already knew our government was extremely supportive in propping up the corrupt Egyptian regime, mostly as a means of keeping their torture routes protected and the oil and military markets flowing profitably... And, no doubt, we will send more tear gas if they need it because there is a lot of money to be made in never ending wars:

“Made in the USA” Tear Gas Thrown at Protesters in Egypt

The United States has given billions of dollars in military aid to Egypt over the decades. The State Department approved the sale of tear gas to its police, despite its known history of brutality.

But the entire Arab world is starting to look like another neoconservative disaster as the lies and collusion between the USA, the UK, Israel and the supposed enemies of freedom - like the contorted and distorted "enemies" in Palestine, for example - come to light. It is another neoconservative contrived clusterfrack of foreign policy failure. But much like the Shock Doctrine delivered banking disaster is, the organized chaos the elite powers that be have preyed upon should be exposed for the Disaster Capitalism that has resulted.

Sections: 

Thieves Guild: Keeping Tabs on the Big Banks

  • Posted on: 16 January 2011
  • By: GreyHawk

For those who may be wondering what some of our illustrious "big" banks might be up to -- well, you're not alone. Seems like some of the big banks, part of what I like to refer to as the thieves guild, are under some form of investigation:

  Bank Investigations Cheat Sheet

The main players?

  1. Citigroup
  2. Credit Agricole
  3. Credit Suisse
  4. Deutsche Bank
  5. Goldman Sachs
  6. JP Morgan Chase
  7. Merrill Lynch (now part of Bank of America)
  8. Morgan Stanley
  9. UBS

It's always good to keep a finger on these things...

Sections: 

It does not take long for the lobyists to get to work rolling back legislation

  • Posted on: 18 November 2010
  • By: Connecticut Man1

The ink on the legislation is still drying and, already, the mortgage mill industry is trying to gut the little things that might help to hold them accountable for their bit part in the complete economic collapse of this nation:

What The Big Banks Have Done To Your Community

  • Posted on: 12 April 2010
  • By: Connecticut Man1

From Democracy Now!, Amy Goodman and her crew takes a look the latest Matt Taibbi piece in Rolling Stone Magazine:

“Looting Main Street”–Matt Taibbi on How the Nation’s Biggest Banks Are Ripping Off American Cities with Predatory Deals

In a new article in Rolling Stone magazine, journalist Matt Taibbi takes an in-depth look at the experience of one small Alabama town and its disastrous dealings with Wall Street. Taibbi writes, “The destruction of Jefferson County reveals the basic battle plan of these modern barbarians, the way that banks like JP Morgan and Goldman Sachs have systematically set out to pillage towns and cities from Pittsburgh to Athens.”

The Democracy Now! video is below the fold while the Rolling Stone piece is at the other end of this link and deals with how it all is hurting your school and your local government. To make matters worse for many of these communities they also have to deal with how their local government has been corrupted by bribes from the bankers.

Michael Lewis Discusses Wall Street's Continued Failures

  • Posted on: 15 March 2010
  • By: Connecticut Man1

Of note is the fact that they still have yet to fix any of the underlying problems that resulted in what is nothing more than trillion dollar welfare checks for the bankers:


Watch CBS News Videos Online

"The leaders on Wall Street completely lost any sense of their responsibility to the society," Lewis said. "And if you know you're gonna blow up AIG by putting $20 billion of bad subprime mortgage risk into it even though it's gonna be very profitable for you, you should stop and say this shouldn't be done."

You would think that Wall Street and the bankers would feel some sense of shame because they are living on welfare. But the absurd size of their welfare checks eases their pain and I am sure they would like to thank you for keeping them in the money as you go without. (H/T to Susie Madrak at Crooks and Liars)

If success breeds success...

  • Posted on: 8 February 2010
  • By: Connecticut Man1

What do you think this kind of crappy inbreeding results in?

(Bloomberg) -- American International Group Inc.
named Peter Hancock, described by a former employer as an
“architect” of the derivatives business, to oversee finance
and risk, including the insurer’s money-losing credit-default
swap unit.

Hancock spent 20 years at a predecessor to JPMorgan Chase &
Co., where he established the derivatives group and served as
chief financial officer, New York-based AIG said in a statement
today. Hancock, who most recently was vice chairman at KeyCorp
responsible for national banking, will report to AIG Chief
Executive Officer Robert Benmosche.

Hancock “is one of the people that basically developed the
credit-default swaps market at JPMorgan in the mid-1990s,” said
Ed Grebeck, CEO of Stamford, Connecticut-based debt-consulting
firm Tempus Advisors and an instructor at New York University on
derivatives. “Given that he was one of the pioneers, it’s
probably the first good appointment that any one of these
bailed-out firms has made.”

Those prankster shadow bank CEOs... They sure know where to put the right people to bury their body of crimes. What? You're not laughing??? You little people have no sense of humor. Maybe you'll like this joke a little more?

"Capitalist Tool"

  • Posted on: 28 January 2010
  • By: MichaelCollins

promoted by roxy. Originally posted 2010-01-27 17:20:57 -1000

Michael Collins

Just a few cynics doubted the magnificent procession of then Senator
Barack Obama to the highest office in the land. He was the redemption
of our past sins, the proof that we were a better nation than we had
been. After all, race has been at the center of American politics since
Bacon's Rebellion was crushed in 1667 but we were  moving beyond that.  And we did.   Race was set aside for most of those who voted.

From "Too Big To Fail" To "Too Good To Stop"

  • Posted on: 21 January 2010
  • By: Connecticut Man1

From StevenD at Booman Tribune we get this interesting observation:

What part of my citation from this story is dripping with irony? Take your time, but it should be easy to spot without too much hard work.

The president will announce a series of measures to cut down on excessive risk-taking as part of a revamp of the country's financial regulatory system, a senior Obama official said on Wednesday.

The move could also help the White House tap into public rage over Wall Street excess after Obama's Democratic Party was rebuffed by voters in Massachusetts, who elected Republican Scott Brown to the U.S. senate.

"The proposal will include size and complexity limits specifically on proprietary trading and the White House will work closely with the House and Senate to work this into legislation," the official said.

Did you see it? I'm sure you did, but being the incurable know-it-all that I am, let me point it out for you anyway:

"[T]he White House will work closely with the House and Senate to work this into legislation."

I hope this doesn't mean that they will go about this the same way they "worked closely with the House and Senate" to get a workable health care reform bill passed. Because if that's the case all I can see is another looming failure where certain Senators and Blue Dog Democrats hijack the process and turn the financial reforms the administration proposes into the same bowl of thin gruel that health care reform ended up as, thanks to people like Bart Stupak, Joe Lieberman, Olympia Snowe and Ben Nelson.

In what is completely and totally unrelated news that will never, NEVER EVER, have any impact on the information StevenD is talking about:

Flushing Out the Ongoing Bank Fraud and Financial Terrorism

  • Posted on: 16 October 2009
  • By: Connecticut Man1

The number of foreclosure filings hit a record high in the 3rd quarter: "Despite signs of broader economic recovery,
number of foreclosure filings hit a record high in the third quarter -
a sign the plague is still spreading."

And banks are keeping losses off the books as they ignore the people that are not paying their mortgages:

JUAN GONZALEZ: And William Black, where is the outrage? It
seems to me, at this stage, with the—as the foreclosures continue to
escalate in numbers, and yet we’re seeing these enormous profits less
than a year after the financial crisis. There doesn’t seem to be the
kind of outrage, even in Congress, that there was six months or eight
months ago.

WILLIAM BLACK: There’s no palpable outrage, certainly not
in Congress. The reform efforts on derivatives, for example, are a
scandal. They exempt virtually all of the problem derivatives, and
they’re designed to exempt it. And that’s the bill that’s introduced,
and of course it’s likely to get worse with additional lobbying from
the special interests.

Link the things that you’ve just been talking about. You talked
about foreclosures reaching record highs. But in fact, foreclosures,
relative to delinquencies, are quite low compared to historical ratios.
In other words, banks have tons of folks who are not paying their
mortgages on time, and they’re not foreclosing. And the reason they’re
not foreclosing is, once you foreclose, you have to recognize losses
under the accounting rules. And the banks gimmicked the accounting
rules. They put pressure on Congress, and Congress put pressure on the
accounting profession to gimmick the accounting rules now about a year
ago. Now, these bonuses, of course, are paid compared to alleged
profits.
What happens if you understate your losses dramatically? You
report much higher profits and much higher bonuses. So this is a web of
fraud, in which they are getting as much as they can before the place
goes to hell in a handbasket again.

Here we are neck deep in debt to pay off the gambling debts of the bankers and now they are completely ignoring their very real losses that are piling up at a record rate simply so they can keep the bonus money flowing into their own pockets:

The Dow is Up but Your House is Gone

So here we have another bankster scam being waged on the consuming public. The scam is to create another "too big to fail" scenario as they make record profits and pay out record bonuses by rigging their books.

But the good news is the Dow is up.

So you or someone you care about is likely without a job or looking for more work. But the elite are rigging the system again, and you are going to fix things next time by voting for a Republican.

And what are these bankers with their Enron style accounting doing to help the homeowners that are on the verge of losing their homes? You can be certain that they are still out there offering ARMs to unsuspecting victims of their financial rape of the world.

And as for you? You get nothing but shafted:

The G-20 Announces the "New World Order"

  • Posted on: 29 September 2009
  • By: MichaelCollins

bailoutpeople.org

Citizens Respond

Michael Collins

PITTSBURGH
-- A new world order is emerging at the G-20 Summit in Pittsburgh with
a decision by the group to become the premier coordinating body on
economic issues.  Radio Free Europe, Sep. 26, 2009

A New Foundation: a Speech by President Obama

  • Posted on: 14 April 2009
  • By: ePluribus Media

  THE WHITE HOUSE
 
Office of the Press Secretary
_________________________________________________________________
                      
Remarks of President Barack Obama
A New Foundation
Tuesday, April 14th, 2009
Washington, DC
 
 
As Prepared for Delivery
 
It has now been twelve weeks since my administration began.  And I think even our critics would agree that at the very least, we’ve been busy.  In just under three months, we have responded to an extraordinary set of economic challenges with extraordinary action – action that has been unprecedented in both its scale and its speed.
 
I know that some have accused us of taking on too much at once.  Others believe we haven’t done enough.  And many Americans are simply wondering how all of our different programs and policies fit together in a single, overarching strategy that will move this economy from recession to recovery and ultimately to prosperity.     
 
So today, I want to step back for a moment and explain our strategy as clearly as I can.  I want to talk about what we’ve done, why we’ve done it, and what we have left to do.  I want to update you on the progress we’ve made, and be honest about the pitfalls that may lie ahead.

Chuck Todd's Misguided War

  • Posted on: 25 March 2009
  • By: Connecticut Man1

Via Heather at Crooks and Liars, where they have the video, Chuck Todd is doing some kind of Mr. Moneybags two step:

Here is what I thought was one of the more infuriating moments of last night's press conference. Chuck Todd with this doozie:

Todd: Some have compared this financial crisis to a war and in times of war past Presidents have called for some form of sacrifice. Some of your programs whether main street or Wall Street have actually cushioned the blow for those that were irresponsible during this economic period of prosperity, supposed prosperity that you were talking about. Why, given this new era of responsibility that you're asking for why haven't you asked for something specific that the public should be sacrificing to participate in this economic recovery?

Really, Chuck Todd? You're joking, right? If you had asked what he should have asked Wall Street to sacrifice, that would have been one thing. But the public? Unbelievable.

War on Banking Error:

Jobless hit with bank fees re:unemployment benefits

  • Posted on: 20 February 2009
  • By: avahome

Promoted. Some banks, like Bank of America, charge $35 - $39 per overage. If you have $20 left in your account before the next paycheck hits and an unexpected item -- say a $20 maintenance fee -- hits just before 3 small checks for under $5 come in, you can suddenly find yourself over $100 in the red. Some banks will refund those overages. Some will not. Originally posted 2009-02-19 20:22:40 -0500. -- GH

The last time I received unemployment compensation in Texas, a check came in the mail.  I was quite surprised to read how the states cut deals with major banks to handle unemployment benefits nowadays..... Following is an excerpt:

Banks slapping fees on unemployment benefit debit cards

For hundreds of thousands of workers losing their jobs during the recession, there's a new twist to their financial pain: Even when they're collecting unemployment benefits, they're paying the bank just to get the money — or even to call customer service to complain about it.

Thirty states have struck such deals with banks that include Citigroup Inc., Bank of America Corp., JP Morgan Chase and US Bancorp, an Associated Press review of the agreements found. All the programs carry fees, and in several states the unemployed have no choice but to use the debit cards. Some banks even charge overdraft fees of up to $20 — even though they could decline charges for more than what's on the card.

There has got to be a better way.....and pressure from the grassroots usually gets the trick done! Thoughts?

A First Look at the Obama $75 Billion Housing Package

  • Posted on: 18 February 2009
  • By: carol white