Tag: banksters

Banksters get Tagged in the UK, Only to Flee to, Guess Where?

Finally a Representative body, that knows WHO they work for …

Class war breaks out in the U.K.

The Labor government announces a tax on exorbitantly-paid bankers. American populists gnash their teeth in envy

By Andrew Leonard, Dec 9, 2009

Unsurprising headline of the year: “U.S. Probably Will Avoid Matching U.K. 50 percent Bonus Tax.”

Alistair Darling, the U.K. Chancellor of the Exchequer, announced the tax — aimed squarely at overpaid bankers

[…]

From Bloomberg:

“There are some banks who still believe their priority is to pay substantial bonuses,” Darling said in Parliament. “I am giving them a choice. They can use their profits to build up their capital base. If they insist on paying substantial rewards, I am determined to claw money back for the taxpayer.”

Paul Krugman says the move is “entirely reasonable.” Justin Fox asks, “why the heck not?” Felix Salmon says “well done.”

But don’t expect a repeat across the pond.

http://www.salon.com/technolog…

Interesting … maybe the People CAN Fight back?

This is just insulting UPDATED

Hey!  Did you know that the recession is over!?

Wow, I had no idea.   That’s good news, right?!

Right!   Hey, we can go out and spend again.  It’s oooooo-kay!   “They” say it is.

“They” being our masters who tell us if the sun is shining, if their shit stinks, and what our favorite color is!

I am just absolutely fucking insulted by this bullshit:

“The recession gripping the United States for nearly two years is over” chortles the first sentence of this bullshit article.

Yeah, right.  

Retroactive Propaganda courtesy of the Banksters

 

Gee, it’s a good thing the governments rode to the rescue with billions of dollars in Corporate Welfare for the lying cheating fucktards who screwed everything up, no?

Otherwise, gosh, we would have had people not being able to buy bread, power shut off to everyone, riots in the streets …

No, we would have had the banks nationalized.  Which is what should have happened in the first place.

But here with the 1-year anniversary of the collapse, we are having a ridiculous level of retroactive propagandizing BY the criminals who fucked everything up in the first place.  The same people who STILL haven’t had any new regulations to control their activities, the same people who STILL haven’t faced any repercussions for nearly destroying the economy of the western world, are now expecting us to BELIEVE their bullshit about how they managed to dodge the bullet and keep us all from anarchy and starvation …

U.K. Faced ‘Bank Runs, Riots’ as RBS and HBOS Neared Collapse

This begs the question for me — why haven’t we had a run on the banks? Who in their right mind would continue keeping their money in banks?  How stupid are people?  Wait, I already know the answer to that.

“Hey, I know we almost destroyed the world economy, and took every dollar you owned with it, but hey, it’s all good now!  Trust us!”


Oct. 7 (Bloomberg) — A year ago today, Royal Bank of Scotland Group Plc and HBOS Plc were close to collapse, causing a chain reaction that could have ended with riots in U.K. cities, security analysts and economists said.

Bank failures would have forced the government to cancel police leave and deploy troops as the breakdown of the financial payments system threatened the ability of utilities to provide essential services, said David Livingstone, a fellow at the Royal Institute for International Affairs in London, a former adviser to the government’s Cobra crisis response committee.

“You are talking about a situation with mass disorder and panic,” the former Royal Navy officer said in an interview. There would be “riots, pandemonium, everyone fending for themselves.”

Chancellor of the Exchequer Alistair Darling, Bank of England Governor Mervyn King and Financial Services Authority Chairman Adair Turner met at 5 p.m. on Oct. 7, 2008, and readied a 250 billion-pound ($398 billion) rescue for the banks in the 16 hours before they opened for business the following day. In response to a Freedom of Information Act request from Bloomberg News one year on, the Treasury declined to say if it had a contingency plan for the two banks, then or now.

Releasing such information would probably “have a destabilizing effect on financial markets,” damage the government decision-making process and cause commercial harm to the banks involved, the Treasury said in a letter.

“In the current economic climate, economic perception, even if totally misconceived, is important and has the capacity to alter market behavior,” the government said. “To confirm or deny whether or not the information is held, either in relation to the banks mentioned in your request or more generally” would hurt the banks and the U.K.’s economic interests.

‘Catastrophic’ Costs

The crisis last year was the worst Britain had faced in peacetime, Darling told the British Broadcasting Corp. last month. The two banks were not “confident they could get to the end of the day,” on Oct. 7, King told the same program.

“You would have had unmitigated panic and a bank run,” said Tom Kirchmaier, a fellow at the London School of Economics. “People would not have been able to buy bread. The cost to the economy would have been catastrophic.”

RBS and HBOS, then in talks to be taken over by Lloyds TSB Group Plc, had more than 35 million business and individual customers with 475 billion pounds of deposits, 22 percent of the U.K. total, held at about 3,250 branches.

‘Contagious Effects’

“If RBS hadn’t been propped up as it was, in practice it would have been nationalized the following week,” former Bank of England deputy governor John Gieve said in a Bloomberg Television interview. “If RBS, HBOS, Lloyds had gone down, that would have had huge contagious effects throughout the rest of the world.”

The failure of Edinburgh-based RBS and HBOS would have had a domino-effect with customers seeking to take out their deposits from other lenders and causing a wider run on U.K. banks, said Vicky Redwood, an economist at Capital Economics Ltd.

“Trust in the banking system would have completely collapsed” and would have generated civil unrest, said Redwood. “People would have been rushing to take their money out of the other banks and you would have been heading back to the depression era.”

The case of the disappearing billions

Dude, where’s my money?

There’s a scathing report in Vanity Fair right now about how all that TARP money was just thrown into the world with all the responsibility of someone shoveling it out the bank of an armored car while driving down a busy highway.

In other words, nobody knows where the money went.   Any of it.   There was no accountability, no rules for keeping track of it, heck, the banks didn’t have to do anything but take it, like lotto winnings, and do whatever the hell they wanted with it.

This whole crime is going right down the Memory Hole, which is right where the banksters, the guys who “run the place” to quote a few Congresspeople, want it to be.


But once the money left the building, the government lost all track of it. The Treasury Department knew where it had sent the money, but nothing about what was done with it. Did the money aid the recovery? Was it spent for the purposes Congress intended? Did it save banks from collapse? Paulson’s Treasury Department had no idea, and didn’t seem to care. It never required the banks to explain what they did with this unprecedented infusion of capital.

You can bet a lot of it was used for embezzlement “bonuses”, I mean, why not?   If someone gives you a few billion dollars and doesn’t care what you do with it, why not put it in your own little Swiss bank account?  


Exactly one year has elapsed since the onset of the financial crisis and the passage of the bailout bill. Some measure of scrutiny and control has since been imposed by the Obama administration, but even today it’s hard to walk back the cat and trace the money. Up to a point, though, it’s possible to reconstruct some of what happened in the first chaotic and crucial three months of the bailout, when Treasury was still in the hands of Henry Paulson and most of the money was disbursed. Needless to say, there is no central clearinghouse for information about the tarp money. To get details of any kind means starting with the hundreds of individual recipients, then poring over S.E.C. filings, annual reports, and other documentation-in other words, performing the standard due diligence that the government itself failed to perform. In the report that follows, we have no more than dipped a toe into the morass, but one fact emerges clearly: a lot of the money wound up in the coffers of some very surprising institutions- institutions that should have been seen as “troubling” as much as “troubled.”

I don’t really have time tonight to do much more than this, but I wanted to pass this along.   We certainly shouldn’t forget about this, not that it will matter with the Obama administration “putting corporations first” and the American people dead last.   They’re sure never gonna do crap about anything, especially this, and especially since Obama put his full 1000% support behind this crime anyway.  

Oh well.  

Meanwhile, millions more foreclosures are on their way.   But wait, didn’t the TARP money have something to do with mortgages?   Naaaahhhh, it was all about giving it to bankers, pure theft to fatten those cats.   The rest of us are left to melt down, even though the whole lie idea behind the bailout was to help out with the whole mortgage crash, right?

Pardon me while I puke.  

I’m not gonna tell you who wrote this

I just read this over at http://www.cryptogon.com, which is a great site.   He doesn’t tell you who wrote it either, but he links to it.   It’s succinct but covers the bases, and is brutally to the point.

In short, it might be the best thing I’ve read regarding the current disastrous situation in this country.  

It’s titled “Common Sense 2009”


The American government — which we once called our government — has been taken over by Wall Street, the mega-corporations and the super-rich. They are the ones who decide our fate. It is this group of powerful elites, the people President Franklin D. Roosevelt called “economic royalists,” who choose our elected officials — indeed, our very form of government. Both Democrats and Republicans dance to the tune of their corporate masters. In America, corporations do not control the government. In America, corporations are the government.

This was never more obvious than with the Wall Street bailout, whereby the very corporations that caused the collapse of our economy were rewarded with taxpayer dollars. So arrogant, so smug were they that, without a moment’s hesitation, they took our money — yours and mine — to pay their executives multimillion-dollar bonuses, something they continue doing to this very day. They have no shame. They don’t care what you and I think about them. Henry Kissinger refers to us as “useless eaters.”

But, you say, we have elected a candidate of change. To which I respond: Do these words of President Obama sound like change?

“A culture of irresponsibility took root, from Wall Street to Washington to Main Street.”

There it is. Right there. We are Main Street. We must, according to our president, share the blame. He went on to say: “And a regulatory regime basically crafted in the wake of a 20th-century economic crisis — the Great Depression — was overwhelmed by the speed, scope and sophistication of a 21st-century global economy.”

This is nonsense.

The reason Wall Street was able to game the system the way it did — knowing that they would become rich at the expense of the American people (oh, yes, they most certainly knew that) — was because the financial elite had bribed our legislators to roll back the protections enacted after the Stock Market Crash of 1929.

Congress gutted the Glass-Steagall Act, which separated commercial lending banks from investment banks, and passed the Commodity Futures Modernization Act, which allowed for self-regulation with no oversight. The Securities and Exchange Commission subsequently revised its rules to allow for even less oversight — and we’ve all seen how well that worked out. To date, no serious legislation has been offered by the Obama administration to correct these problems.

Banks make record $38 billion in overdraft fees


At BofA, a customer overdrawn by as little as $6 could trigger a $35 penalty. If the customer does not realise they have a negative balance and continue spending, they could incur that fee as many as 10 times in a single day, for a total of $350. Failing to repay the overdraft within a few days results in an additional $35 penalty.

How do ya like them apples?

Why anyone still keeps their money in these banks is beyond me.  Oh wait.  If you have a low credit score, you can’t open a new account anywhere else.  So if you’ve had the dominos start to fall, thanks to these banksters like those who run BofA and others, you are stuck with them and their goddamn thievery.

http://www.ft.com/cms/s/0/43d1…


Data from Moebs Services, a research company, show that the crisis has prompted many banks to lift charges on overdrafts and credit cards in order to boost profits.

The median bank overdraft fee has this year rose from $25 to $26, according to Moebs, the first time it has gone up in a recession for more than 40 years.

“Banks are returning to a fee-driven model and overdraft fees are the mother lode,” said Mike Moebs, the company’s founder.

Hit ’em when they’re down.  That’s a great business plan.  It’s the mother-lode, baby!  Woo Hoo!  


The highest overdraft fees were charged by the largest banks, said Mr Moebs. At banks with assets greater than $50bn – a group including Citigroup, Bank of America, JPMorgan Chase and Wells Fargo – the median overdraft fee is set at $33.

So those “too big to fail” continue to do whatever the fuck they want, because, hell, these banks can’t even fail if they wanted to.   They tried to fail!   Congress wouldn’t let them!   So why not do whatever the hell pops into your head to rip people off, who’s going to stop you?

In the meantime, three more little banks, I guess those who were “small enough to fail” did in fact fail on Friday.

That brings the total for the year to 72.   Yup, 72 banks small enough to fail, while the Big Boys just do whatever the hell they want.  

In other news, Obama has lost Dailykos, which is the equivalent of George Bush losing the Freepers.   Now, we have “Everybody Hates Barry” playing out in Washington.  The right hates him, and his most devoted followers are completely disillusioned and crestfallen with him, talking about being “in tears” over his actions.  They like to cry.   Crying and cats.  I don’t get it.  

http://www.dailykos.com/storyo…

What is he doing?  He’s doing exactly what he’s supposed to be doing, being an errand boy for the corporate elite that put him in power.  That’s what he’s doing.   He’s there to let Goldman bail out Goldman.  

Oh, and let’s not forget that a British General has just come out and said that the “mission” in Afghanistan is going to take a good 40 years to “complete”.     He’s probably being optimistic.

Spitzer: Banks and Fed conspired in massive Ponzi Scheme UPDATED

UPDATE:   The link below should work now.  

Here’s a video everyone in America should see.  If you’ve felt like you’ve never quite understood the whole financial “crisis” that occurred last fall, the repercussions of which persist to this day (and will for, quite possibly, generations), this video explains it all in a clear and concise manner.  

Elliot Spitzer than goes on to explain that what was perpetrated on the United States, by collusion between the Fed and the very banks that control it, was a massive conspiracy to defraud the United States — a Ponzi Scheme he calls it.

Now Elliot Spitzer’s dick may have gotten him in trouble, and he certainly displayed bad personal judgement by sleeping with hookers while in public office, but there’s nobody who knows the whole NYC-based financial universe better than he does.    There’s a reason they were looking at his life with a microscope, trying to find anything they could to bring him down.  Because he was one of the few threats to the corruption that has taken over Wall Street and the banks.  Now he’s out of the picture as Governor of NY but he is free to speak his mind, which is a good thing.  So when he says “Ponzi scheme” people listen.

Trillions of dollars, folks.   Trillions, handed to the very banks who robbed us all in the first place.   It’s like the gamblers at the casino suddenly ran out of money, so they held guns to the heads of everyone they could find and emptied their wallets to pay their own gambling debts.  Watch it.

Hm, well the embedding doesn’t work for some reason.   Here’s a link instead:  

UPDATE:  FIXED LINK (the other one worked before, but now does not):

http://www.msnbc.msn.com/id/22…

(if anyone has any tips for embedding MSNBC video, let me know and I’ll try it here.   The embed code they provide doesn’t work)

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