Tag: people hate banks

Federal Reserve Seeks to Protect U.S. Bailout Secrets (Update1) | Bloomberg.com

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The Federal Reserve Bank, to preserve its own power, is engaged in a lawsuit to prevent disclosure over what banks received bailout funds, along with how much they received.

Since the Fed controls currency, in effect, your government is engaged in a fight to NOT tell you who the gave YOUR money to.

The Fed is joined in its bid to overturn Preska’s order by the Clearing House Association LLC, an industry-owned group in New York that processes payments between banks. The group assailed the judge’s decision for what it said were legal errors, such as applying the wrong standard in weighing the exception to FOIA.

The group includes ABN Amro Bank NV, a unit of Royal Bank of Scotland Plc, Bank of America Corp., The Bank of New York Mellon Corp., Citigroup Inc., Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co., US Bancorp and Wells Fargo & Co.

Federal Reserve Seeks to Protect U.S. Bailout Secrets (Update1) – Bloomberg.com.

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Continue reading “Federal Reserve Seeks to Protect U.S. Bailout Secrets (Update1) | Bloomberg.com” →

SEC order helps maintain AIG bailout mystery | Reuters

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It could take until November 2018 to get the full story behind the U.S. bailout of insurance giant American International Group (AIG.N) because of an action taken last year by the Securities and Exchange Commission.

In May, the SEC approved a request by AIG to keep secret an exhibit to a year-old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and Merrill Lynch.

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Continue reading “SEC order helps maintain AIG bailout mystery | Reuters” →

Geithner’s Fed Told AIG to Limit Swaps Disclosure | Bloomberg.com

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Rat Bastard!

The far enough down the road we get, the clearer people’s motivations become. After all, if your next job depended on it, wouldn’t you help out your future employer?

AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.

“It appears that the New York Fed deliberately pressured AIG to restrict and delay the disclosure of important information,” said Issa, a California Republican. Taxpayers “deserve full and complete disclosure under our nation’s securities laws, not the withholding of politically inconvenient information.”

Emphasis added

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Offered again for your consideration:

The Great American Bubble Machine | Rolling Stone

Learn about how Goldman Sachs has participated in inflating five bubbles since the early 20th century, plus, the gas they’re about to pass our way in cap and trade.

Seriously, read this and pass it on.


Banks That Bundled Bad Debt Also Bet Against It | NYTimes.com

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Lewis Sachs, left and John Paulson, right

“The simultaneous selling of securities to customers and shorting them because they believed they were going to default is the most cynical use of credit information that I have ever seen,” said Sylvain R. Raynes, an expert in structured finance at R & R Consulting in New York. “When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone else’s house and then committing arson.”

Read on to find out how Goldman Sachs created and sold securities – they thought would lose money – to investors.

Citi Execs Sell Assets to Avoid Pay Czar | Reuters

~ CBPS ~ 1 Comment

The executives at Citibank want to avoid the wall street pay czar so badly, they’re fire selling company assets to raise enough money to pay back the TARP funds:

Citigroup also is ending an agreement with the government that guaranteed a roughly $250 billion portfolio of assets against excessive losses.

The bank sold $17 billion of common shares and another $3.5 billion of bonds that automatically convert into shares in three years.

The bank sold convertible notes that pay a coupon of 7.5 percent a year, and automatically convert to shares at a 25 percent premium to the pricing level in three years.

The bank said on Monday it also plans to issue $1.7 billion of shares to employees, and may sell another $3 billion of trust preferred securities in the first quarter.

Bank of America and Wells Fargo have done the same thing, but they found buyers and Citi didn’t. These banks will crash again, they aren’t doing better, they’ve found even lower ways to be greedy. When they crash again, let them go under.

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Bunning Statement on Bernanke: ‘You Are the Definition of a Moral Hazard’ | Real Time Economics – WSJ

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Senator Jim Bunning smokes Ben Bernanke:

Instead of taking that money and lending to consumers and cleaning up their balance sheets, the banks started to pocket record profits and pay out billions of dollars in bonuses. Because you bowed to pressure from the banks and refused to resolve them or force them to clean up their balance sheets and clean out the management, you have created zombie banks that are only enriching their traders and executives.

…you put the printing presses into overdrive to fund the government’s spending and hand out cheap money to your masters on Wall Street, which they use to rake in record profits while ordinary Americans and small businesses can’t even get loans for their everyday needs.

Read This NOW!

A more complete, yet less satisfying description of the hearing can be read here.

Judge blasts bad bank, erases 525G debt | NYPOST.com

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The lucky winner!

The government has been backing up to the back doors of these institutions, unloading truckloads of cash. Many have used the funds to purchase other banks or shore up their balance sheets; few have passed any relief to their customers.  The backlash against them has primarily been debt repudiation (bankruptcy and foreclosure) and now, debt cancellation.

Spinner excoriated OneWest for repeatedly refusing to work out a deal, for misleading him about the dollar amounts at stake in the case, and for its treatment of the couple over months of hearings.

OneWest’s conduct was “inequitable, unconscionable, vexatious and opprobrious,” Spinner wrote.

He canceled the debt because the bank “must be appropriately sanctioned so as to deter it from imposing further mortifying abuse against [the couple].”

The bank is involved in a similar case in California, where it’s trying to foreclose on an 89-year-old woman, despite two court orders telling it to stop.

Read Article.