Tag: Occupy Wall Street

Want to see Blankfein’s head on a metaphorical pike?  Want accountability?  Justice?

It’s called “mark-to-market” accounting.

Listen to Ilargi:  

It’s perfectly defensible for a government to lend money to a bank in trouble that is important to its economy, in order to try and save. However, it borders on criminal negligence, if it isn’t outright criminal behavior, to lend that money without being perfectly aware of what assets that bank holds.

A bank could have 100 times more debt than it receives in bail-out money. But we wouldn’t know about that today, we’re not allowed to know. Both the US (FASB 157) and the European Union (IFRS 9) have accounting (non-)principles in place that say it’s perfectly alright for a financial institution to hold assets in its books at 100 cents on the dollar that have a market value of 70% of that, or 50%, or even 5%. It has therefore no obligation to reveal even to its shareholders what its true financial situation is.

Fraudulent accounting is why banks pass stress tests with flying colors then implode weeks later.  We’re dumping money into black holes.  If the banks want to take our money, they have to mark all their assets to market value.  Mark-to-fantasy accounting is, as Ilargi says, “criminal.”  And a total waste of taxpayer funded bailout money, a never-ending money pit.

Mark-to-market is instant karma.

…a bank should never ever be allowed to sit on its debt and mark it to fantasy and then also receive funding from our governments, whether in bail-outs, hand-outs, loans, special facilities’ windows at our central banks, or any other sort of funding, nothing of the kind.

We need to tell our politicians that they can no longer give even one single penny of ours to any institution that hasn’t marked all of its assets to market. No exceptions.

Let the sun shine on these blood-sucking freaks.  It couldn’t happen to nicer people.

Ministry of Truth has been very busy since his blockbuster responses to a Fox News-TV reporter of earlier this past week.

MoT a/k/a Jesse LaGreca’s appearance on Fox News has been circulating all over the place – yet, Fox News didn’t show it.  LOL!  He’s also been busy with videos and appearances since then, such as Al Jazeera, PCCC, a Japanese News Network and several others.

This morning, I caught MoT on ABC News, with Christiane Amanpour.  Her guests were:  George Will, Matthew Doubt, Peggy Noonan and Donna Brazile.  Such a line-up!!!!

The video may be seen here.

The intro commercial is long, but bear with it – it’s worth it.  Jesse LaGreca (MoT) fielded questions from Amanpour and the self-righteous most smug of guests, George Will, with aplomb, IMV.  When questioned about the core issue, Jesse stated that the Occupy Wall Street movement was about economic justice, social rights and social justice.  He was unwaivering in his excellent responses and was calm in doing so.  When Christiane Amanpour broached the subject of party, Jesse responded:  

What I find amusing, it that now people are looking to us to solve the political problems, and they should.  But I’m not going to support one party or the other. I’m not going to tell you who to vote for, but I will encourage you to be a voter.

Here is the transcript:

“Occupy Wall Street… et al” doesn’t seem to have a core set of demands, which clearly baffles mainstream media types, like Nick Kristof.

Where the movement falters is in its demands: It doesn’t really have any.

Well, Nick, from where I sit, these folks have something much more powerful than demands. They have a message: we’re changing the game, the rules, and the board upon which it is played. Further, it is saying we’ve had enough of the corrupted political process.

The ordinary Americans showing up across the country speak softly and carry around big ideas promoting dignity, fairness, common sense, and sanity in the dynamics among government, industry, and the rest of the planet.

This whole thing, as I watch it, awakens me.

^{cross posted at Daily Kos}