Bank of America and JP Morgan unloading their derivatives trades onto the people

Bank of America and JP Morgan unload their bets onto the backs of taxpayers. The "regulators" do nothing. Thanks Frank/Dodd. We see how much you care for the little guys.



.

 

Rest assured, there are those who are reading & understand the extent of the matter. We have to trust that someday, eventually the common citizen will finally realize the importance of the report you posted, the lack of coverage by the corporate media compared to that of exotic animals on the loose. Perhaps the greater cause of little to no interest is because the cowards in this forum do know one thing, which is that this sort of material crushes their left v right dogma. Nowhere, at any time throughout the history of the world has left v right ideology been the root of power. Nor is it the source of power for this empire. Stacked upon a mountain of evidence, the premise that this article supports is a top-down order. I suppose these people need to believe they have some say, though not w/o flaws, this is still a democracy of and for the people. It is of course, complete utter nonsense. I would think if it were a matter of ignorance, they'd still question and even attempt to refute or square the content somehow. But they never do, both sides of the aisle constantly ignore instead. Below is some of the content I found compelling:

"The Federal Reserve and Federal Deposit Insurance Corp. disagree over the transfers, which are being requested by counterparties, said the people, who asked to remain anonymous because they weren’t authorized to speak publicly. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting... “The concern is that there is always an enormous temptation to dump the losers on the insured institution,” said William Black, professor of economics and law at the University of Missouri-Kansas City and a former bank regulator. “We should have fairly tight restrictions on that.” ...

Jerry Dubrowski, a spokesman for Charlotte, North Carolina-based Bank of America, declined to comment on the transfers or the firm’s discussions with regulators. The company “continues to accommodate the needs of our clients through each of our multiple trading entities, including Bank of America NA,” he said in an e-mailed statement referring to the company’s deposit-taking unit. ... Keeping such deals separate from FDIC-insured savings has been a cornerstone of U.S. regulation for decades, including last year’s Dodd-Frank overhaul of Wall Street regulation. The legislation gave the FDIC, which liquidates failing banks, expanded powers to dismantle large financial institutions in danger of failing. The agency can borrow from the Treasury Department to finance the biggest lenders’ operations to stem bank runs. It’s required to recoup taxpayer money used during the resolution process through fees on the largest firms."

The part of the article that pertains to section 23A of the Federal Reserve Act and the exemptions the Fed has granted in recent years is also interesting. The following article breaks it down a little more, citing the same report:

So w/o any public knowledge, w/o any congressional debate, w/o any approval from regulators, BoA decides for themselves that the taxpayer should be liable for their risky behavior. As you astutely point out, Dodd-Frank is just a toothless set of loopholes or non-enforcement. Yet another example of socializing risk and privatizing the profits! We're repeatedly warned about the folly of socialism. The fears of a small group determining for the masses. Yet, we have that now in this model! The fear of a small group controlling all the resources. Yet, we have that too! The fear of the concentration of all means of production, we have that here, right now! Socialism undermines craftsmanship, the skill of the worker. Again, capitalism is proving no less guilty. If they can't outsource your job, they're in-sourcing cheaper labor! Look at the trade pacts our very government is party to and enforces!

 

That's just the free market at work, are you some kind of communist? (republican response)

That's free market capitalism at work, blame the 1%. (democrat response)

$79 trillion of monopoly money. That's a really large number!

 

So much truth in this thread and it will probably be overlooked because you can't blame a conservative or a liberal for it specifically

 

And perhaps people will begin to understand why OWS is happening....

 

The great enablers.

 

Not one of the usual suspects have shown up to bash each other's party.

What ?
No ******* ?
No ********** ?
No "tax the rich" ?
No "Obama is a dictator" ?


What gives, $130 Trillion shoved down your throats not enough to stop voting for the same old crap ?

 

The level of corporate welfare in this country just keeps growing.

 

(*)(*)(*)(*) these stupid, liberal conservative tea bagging socialist crooks. Every last one of them. We should end everyone's term next year and elect all new representatives. Vote independent and crush the parties. Leave politicians to have to actually make a decision based on common sense rather than their party stance and the special interests. End the thievery that has been going on for generations. (I tried representing both sides for you guys)

 

Do not ever deal with Morgan Stanley, they are liars and thieves. Ask me how I know..

 

OK I'll bite...How do you know?

 

everyone is afraid to vote independent.
They might waste their vote, allowing the mirror image of their candidate to win.

 

Just posting so I am subscribed. All the smart PF members here. Should be interesting if a hardliner or shill pops on.

 

I wonder if the BoA and JPM fellas are in the top 1% ?

 

What is screwed up is they are all tied directly or indirectly to the private bank houses that make up the FED. Which means a whole bunch more SEC violations are going on while no one is doing anything about it. No one knows more about what the market is going to do than those who dictate monetary policy, and using their private banks to make gains off that non-public information is insider trading. Even worse, state sanctioned insider trading. I think they know the house of cards is collapsing and everyone is pushing to get as much out of the system as they can before Americans make a move to get genuine representation back.

 

Still no takers.

The american suck fest continues.

 

Bachmann, Cain, Perry etc. are not the same old crap. Only Romney and Paul is.

 

.........giggles.

 

Don't worry. A lot of people here in Denmark and elsewhere are starting to notice Goldman Sachs and the other big banks.

Goldman Sachs recently introduced a company on the Copenhagen stock exchance at 215 Dkr. Now it trades at 40 Dkr. A lot of people feel swindled and claims that GS pretty-painted the finacial status of that company. GS of cause sold their own stocks while recomending it warmly to others.

It will be very hard to introduce any companies on the stock exchance for a long time. People are suspicious and rightfully so. If you can't trust the numbers in the prospect, how can you invest? Most people say "let's wait a year and see how the company REALLY preforms". People remember these things. They hate to lose money. They hate to be swindled even more.

Then there are the capital funds. They buy up a company, suck the lifeblood out of it and then sell it on like everything is OK. They did this with a company called ISS. They owned it for five years. Then they tried to introduce it on the stock exchange at 100Dkr. But the was no takers and they had to give up. Who would buy a company with 20 Billion Dkr worth of "goodwill" listed as an asset?! Now they are trying to get another company, G4S, to buy this corpse of a company at 130Dkr per share...The stock holders of G4S is protesting loudly, we will see if they manage to block this buy.

It is clear now, even to private investors, that anything to do with Goldman Sachs or their ilk is a swindle. That is, after all, how these banks make their money. The big fish eat the little fish.

 

Below is evidence of the top-down order that rules this god forsaken planet. Like myself, the reader may find the language rather bold or compelling. I have not read the entirety of the latter reports and cite here only the abstract or summary of each. I've never cited cryptome.org here before, but this site is a favorite of mine that I frequently check. I should note that the source is actually the Treasury Dept.

So what is the Securities Industry and Financial Markets Association?

Okay, so the Debt Management Advisory Committee is going to have a meeting on the 1st (as they do periodically or annually) with financial market representatives, whose interests and influence is of global proportions. And what they're going to discuss, you can't know about. Reason being, it would trigger a lot of speculation. Based on what? Based on what action(s) the Treasury & Federal Reserve intend on, or are considering to take! So the most powerful get to not only know all that, indeed, even influence the course of action taken by these agencies, but you don't. Now, in the past these debt management advisory committees have been "established by the several major segments of the financial community." That doesn't quite resonate with the notion that a bunch of commie, pinko faqs sit around the capital deciding it all, does it? Get the feeling you're on a need-to-know fuq'n basis? News@Ten, YOU ARE!!!

Citigroup's research dept put this report together:

So according to Rockefeller, not a conspiracy theorist, the entire planet is divided into two classes. Some of the common drivers are of interest: "technology-driven productivity gains" that are disruptive. Well, not disruptive to industry or the elite. This would seem to imply the affects upon labor. "Creative financial innovation", like these poorly regulated, highly toxic derivatives? "Capitalist- friendly cooperative governments" must be some sort of typo. We all know there's a commie takeover led by Obama! "Overseas conquest", why that's promoting democracy and sh!+, right? Extraordinary, we actually needn't worry about stagnant wages, monetary devaluation, soaring healthcare costs, personal bankruptcies, massive public debt, none of it. It's all "a lot less threatening when examined through the prism of plutonomy." Below is perhaps one of those reports from the preoccupied intelligentsia:

O! say does that star- spangled banner yet wave, O'er the land of the free and the home of the brave?

 

Id really like to see some trials and some gallows....

 

I just call them the global regime. When you compare discourse on the subject to two years ago, let alone ten, serious grass roots educational gains have been made on the subject. The "left/right divide" of the commoners is now 50% of the discourse, when it use to be 99%, and the demographic against globalization is the largest growing by far, especially in the U.S., because of the top being the main pillar and the public as a whole being the main victims as far as developed nations are concerned. National capitalism was the future 200 years ago, and the forces of old subverted it yet again, but it is making a rebound. The more concentrated wealth gets, the more who have inside knowledge of the mechanics of the global regime will choose the side of independence, and further national capitalism's gains against the traitors of all nations, and their people, of earth.

 

They just let 'em stuff $130T down our throats.
I'm not holding my breath waiting for the trials to start.

 

Hmm, I am looking for something in the Tea Party platform that would block the massive government giveaway.

Nope.

How about something to "get the government off the backs of people" by ending insured bank deposits, the insurance that allows banks to shift heir losses onto the public?

Nope.

I am looking for something that would keep banks from selling out their customers and walking away with billions in bonuses and paychecks?

Nope.

Oh, well, bailouts dead ahead!

 

well, now that you've just played into left/right paradigm...........