Tag: TARP

Secrets of the Temple

Digby observes that the American economy is essentially in the hands of the High Priests of the Federal Reserve, who do not answer to anyone, least of all to the great unwashed masses who allegedly aren’t equipped to handle something so important as money.

Considering the fact that America’s banking system has become the Clusterfuck of All Time, it seems to me that the High Priests of the Temple of Bernanke are the ones who can’t handle money.  Or keep track of it.  Or reveal how many trillions of dollars they’ve printed and who they’re handing all those trillions of dollars to.

Congressman Grayson:

The Federal Reserve has refused multiple inquiries from both the House and the Senate to disclose who is receiving trillions of dollars from the central banking system.  The Federal Reserve has redacted the central terms of the no-bid contracts it has issued to Wall Street firms like Blackrock and PIMCO, without disclosure required of the Treasury, and is participating in new and exotic programs like the trillion-dollar TALF to leverage the Treasury’s balance sheet.  With discussions of allocating even more power to the Federal Reserve as the ‘systemic risk regulator’ of the credit markets, more oversight over the central bank’s operations is clearly necessary.

Even more oversight than there already is???

Wow.  I didn’t know it was possible to have even more oversight over that Temple of Secrets and its Branch Temples on Wall Street than we already have.  But I know this much. . .

The High Priests will be very offended.  They’d already ordained themselves as Supreme High Pontiff Systemic Risk Regulators and now some heathen asshole in Congress is suggesting that they should be subject to even more blasphemous oversight.  

A Terrible Resolve

There is increasing anxiety throughout the imploding banking industry that the Obama Administration might insist upon management changes if the stress tests of the 19 biggest banks, which are due to be completed within three weeks, indicate that they are still fucked up beyond all recognition, despite being handed God only knows how many trillions of dollars through the Fed and TARP.  

Aware that this FUBAR Factor and the gory details of their financial fuckery to the Nth degree will be exposed for all the world to see, and intent upon keeping their jobs, bonuses, private jets and all of their Superstar of Wall Street perks, many bankers want out of the TARP program, are criticizing the conditions the Obama Administration set for paying back the TARP money, and are calling them unfair.  

Digby summarizes this latest development quite well and observes that these bankers . . .

are such short sighted, greedy, self centered jackasses that they refuse to be saved unless they get to fuck things up all over again.  (Oh, and make a killing doing it.)  I’m not against these banks paying back the TARP money but they have to live up to the agreements they made when they took the money — just like I do when I have to pay a penalty for early withdrawal. After all, they have a rather nice alternative. They could just loan the money to someone, which was the intent of the program.  But then they’d have to live under the threat that the big bad gummint is coming to take their bonuses and that’s just unacceptable to these pampered princes.

Massive Fraud at the Epicenter of U.S. Finance

Bill Moyers Journal:

In an explosive interview on PBS’ Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called “liars loans” could receive AAA ratings and zero oversight, amounting to a massive “fraud” at the epicenter of US finance.

But worse still, said Black, Timothy Geithner, President Barack Obama’s Secretary of the Treasury, is currently engaged in a cover-up to keep the truth of America’s financial insolvency from its citizens.

Gosh.  Why would a Wall Street insider like Geithner be reluctant to admit that Wall Street criminals turned the US financial system into a giant Ponzi Scheme?

I’m stumped.

Fortunately, Professor Black has an explanation . . .

A Diary A Day – Let’s Name Names at that crap table

I have been asked some interesting questions in my series A Diary A Day. Like is it possible a single home mortgage is represented in multiple bundles, or has trigger multiple insurance payments.

Let explore the possibilities below the fold.  

A Diary A Day-7 million homes lost-5 million more could follow

I tried this diary on Tuesday and pissed a lot of people off, not my intention.  I am trying again because this is really important and I promise to take the time and choose my words carefully. There are a lot of reasons Obama organized us and showed us how to demand better of all government, in the very near future we are going to need everything we know and everything we can learn.

Since 2004 7 MILLION homes have been lost to foreclosure. There are about 3 million more homes under the protection of Chapter 13, homes the lenders are trying to chip out and take. There are more than 5 million sub prime loans in or on the verge of foreclosure right now. 1 in 8 homes has either been lost or is in jeopardy of being lost and we are not at the bottom yet. Not since the Great Depression has the average American suffered the wrenching loss of home and job and future. It is not only a significant turn over of wealth but will also bring significant changes to the American landscape. Depending on how deep the turn over it will change American cities and towns for all time and with those changes the quality of life for all of us.

And so it starts the slumming of America, more below the fold.  

A Diary A Day – a Humongous Heaping Healthy Helping of FRAUD

Yesterday I diaried about my understanding of how the meltdown happened, here. But there is part of the diary worthy of a diary on it’s own. The very important part played by Wall Street’s three biggest arbiters of credit. We will look at their part combined with how these instruments were allowed to be traded that may be the largest fraud ever perpetrated against the American people. We will discuss the illegal actions that can and MUST be pursued below the fold.

A Diary A Day- Get this math – It’s VEGAS BABY!!!!

In researching my Sunday diary I ran across some interesting facts and figures I thought I would share with you. Grab a pencil and paper, your pocket calculator and pop some pop corn because this is going to be entertaining in a sick and disgusting sort of way. Follow me below the fold for a trip to the house of cards where our dreams live, located at the intersection of greed and larceny with a little betrayal along for the ride.

A Diary A Day – The losers are winning and it isn’t us

Well, well, well it seems Ben Bernanke is at it again, joined by ex-treasury guy from Goldman Sachs, Andrew Tilton. You might have already guessed they are finding ways to take OUR money. Their remarks are in this article from Bloomberg. We will discuss below the fold.

A Diary A Day – Housing Starts Up-The Slumming of America Begins

Much to everyone’s surprise housing starts were up in February. Unfotunately the increase was for multi-family dwellings no doubt preparing to house all those on the street from foreclosures. The largest increases were in the Northeast, South and Midwest. Oddly California hard hit by foreclosures has a good backlog of housing available. And so it starts the slumming of America, more below the fold.  

Banks – a diary a day until we fire up the Quattro (poll)

Up front disclaimer, I am suing WaMu and their successor, JPMorgan. You can read the saga here and here. While my battle with them doesn’t change the facts here, it does serve to explain my rage. On second thought when I exhort us all to take a page on retribution from Conan the Barbarian  … “crush my enemies, drive them before me and hear the lamentations of the women,” rage doesn’t quiet cover it. Here is the latest installment about Jamie Dimond thief in chief at JPMorgan, you will find the comments there from people who are made as hell. Follow me below the fold for a mere snack, a snippet, a snapshot of what the banks and Wall Street and their sycophants have been up to, because I want you mad as hell too.

Lie to Me – Go Ahead and Lie to Me

On the eve of a new and historic Presidency, one I have yearned for and supported, I find myself increasingly unable to savor our victory.  We are still at war, still killing innocent people for bogus reasons, and there is every reason to believe that we are not about to stop our militaristic bullying of our neighbors on this planet.  Otherwise we would not be escalating that idiotic and immoral war in Afghanistan – or opening a billion dollar embassy bigger then the Vatican in Baghdad, along with fourteen ‘enduring’ bases across the country.  There are too many indications that not nearly enough has changed.  We are still firmly entrenched in the idiotic war business, people are still being tortured, there is too much money still being stolen and too many lies are still being told.

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