Financial Bailouts

A karmatastic flushing out of bankster crap?

Bank of america, JPMorgan Chase and co., UBS AG, Merril LynchFrom Bloomberg, Bank of America, JPMorgan Chase and Co. and UBS AG have assets frozen by Italy:

Italy’s financial police are seizing 73.3 million euros ($102
million) of assets from Bank of America Corp. and a unit of Dexia SA as
part of a probe into an alleged derivatives fraud in the region of
Apulia.

Police are investigating losses on derivatives linked to the sale of
870 million euros of bonds sold by the regional government in 2003 and
2004, according to an e-mail from the prosecutor’s office in Bari
today. The banks misled the municipality, located in the heel of Italy,
on the economic advantages of the transaction and concealed their fees,
the prosecutor said.

The region, also known as Puglia, joins more than 519 Italian
municipalities that face 990 million euros in derivatives losses,
according to data compiled by the Bank of Italy. In Milan,
prosecutors seized assets from four banks including JPMorgan Chase
& Co. and UBS AG in April and requested they stand trial for
alleged fraud. Hearings started this month.

And BoA owned Merril Lynch is in deep doodoo too.

If our American politicians have sold their souls to the financial sectors (As has our SCROTUS) it doesn't mean the rest of the world will turn a blind eye to theft on a trillion dollar scale.

The Revolution Took Place, Was Televised and Is Passing Us Bye

 

Promoted. Originally posted 2008-12-30 23:29:36 -0500. -- GH

But, dammit, some of these far Lefties are an ignorant pain in the butt. They become most insufferable when standing on the molehill of their own egotistical self-righteousness and exercise an ideological purity that leads to the same excesses of thought that those on the Right exercise.

The bill allowing the financial bailout was an example. Whilst the right-wing was ludicrously railing against it as a socialist measure, the left was aghast at the idea of taxpayer money funding the greed of the fat cats of Wall Street.

Many of us argued that shoring up the financial system was essential if an instant international implosion was not to occur, the consequence of which would have damaged and caused pain to ordinary people right across this interconnected world of ours, the like of which had never been seen.

“So what?” came the response from the Right. Let the businesses fail, that is what free markets are about, they yelled. The people benefited from their unlimited credit card facilities, now they must pay. There is no such thing as a free lunch.

“So what?” also came the response from the Left. Let the institutions of financial exploitation fail and the ordinary people will be the new heroic but necessary martyrs of the revolution. To build, you must first destroy.

So joined the Left and Right, ready to sacrifice others in order to maintain ideological purity. It was ever thus; the sad story of our societies is the story of alliances between their extremes.