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Posted on 03/04/2010 8:19:10 AM PST by Arthur Wildfire! March
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Paulson: Russia and China plotted an economic meltdown
Blast from the past:
New York Times: Pressured to take more risk, Fannie hit a tipping point
Obama, ACORN (Association of Community Organizations for Reform Now) and the current financial mess
[Links and youtubes by ETL]
Five Million Illegals [had] Illegal Mortgages in U.S.A.!
HUD cries foul over illegal immigrant mortgage data
Oldexpat posted: Whether it is 1m or 5m is irrelevant. No bank should have been giving mortgages to someone who could be deported any day. Makes no sense. All I know is we have a friend foreclosing on almost one house a day in Orange Co. CA.
Rep Paul Kanjorski does seem to be a prime source:
YouTube - Glen Beck Feb.11 2009 ONE | Septmber, 2009
Financial ...Rep Paul Kanjorski: 11 Sep 2008 Electronic Run On the Banks Added to. Quicklist1:24 ... Tom Woods on Glenn Beck “Meltdown” 02/09/2009. 40976 views ...
More about orhestrated meltdown — deep nitty gritty.
In-depth discussion that triggered some memories.
First a detail analysis by Toddsterpatriot:
On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a ....
Did they notice Sep 15, 2008 was a Monday?
Investors were rushing out of these [Treasury and Federal Reserve] funds$105 billion out of $1.8 trillion on Thursday alonewhich in turn caused the funds to redeem their commercial paper investments.
How do you redeem commercial paper?
On Thursday at about 11 oclock in the morning the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States, to the tune of $550 billion was being drawn out in a matter of an hour or two.
How would the Fed notice people making withdrawal requests from their money market accounts?
Nearly $3 trillion travels thru the Fedwire system every day. How would they even notice?
The Treasury opened up its window to help. It pumped $105 billion in the system
The Treasury doesn’t have a “window”.
The Federal Reserve does. You’d think something this important wouldn’t get confused like that.
and quickly realized that they could not stem the tide; we were having an electronic run on the banks. They decided to close the operation,
Close what operation?
close down the money accounts and announce a guarantee of $250,000 per account so there wouldnt be further panic out there.
Who decided to “close down the money accounts”?
The $550 Billion withdrawn in an hour or two that Rep. Kanjorski refers to in his statement has never been independently confirmed or refuted.
Yeah, that’s what I thought.
It’s a story too good to confirm.
62 posted on Friday, April 09, 2010 5:49:12 AM by Toddsterpatriot
“The Federal Reserve does. You’d think something this important wouldn’t get confused like that.”
Interesting point. I’m out of my league here, but as I understand it, banks are given secret membership in the Federal Reserve. There’s a lot of secrecy about it. Based on the way Greenspan propped up Goldeman Sachs, there’s a good guess about an important member.
[Goldman Sachs was heavily invested in China in the late 90s. Paul Weyrich’s America Voice/NET had an expose, Red Chips, that caused Chinese investments to plummet, and Greenspan propped up Sachs.
‘Who decided to “close down the money accounts”?’
Once again, secrecy. Secret control and manipulation by a government run entity, all started by FDR’s banking regulations.
“The $550 Billion withdrawn in an hour or two that Rep. Kanjorski refers to in his statement has never been independently confirmed or refuted.”
He’s not the only one. Paulson talked about it himself. I posted several links about Paulson on this thread. He is convinced that Russia and China orchestrated the meltdown, and the timing is highly suspicious.
If Soros were involved, Obama gave him a payoff with Brazilian oil. Goldman Sachs received payoffs.
Philosophical truth about capitalism [very basic]
George Washington: “Government is not reason; it is not eloquence; it is force. Like fire, it is a dangerous servant and a terrible master.”
Here’s the the problem with government power in the nutshell — corrupt people gravitate toward easy money. Right now, the easy money is found through D.C. mispending tax money and misusing Federal power [such as Kelo]. It’s really that simple. Honest money is earned in the private sector. You have to work for that. No, not completely honest — but the buyer is a better caretaker of his wealth than the government ever will be.
Government control can appear helpful if good leaders are in charge. But good leaders are precious few. Ambition comes mainly from selfish desires. The best leaders of government don’t even want the job. Example — George Washington. They wanted to make him king. He didn’t want it. He resigned after eight years of president. Seeking no perks, he hated the job.
Contrast that with FDR, Bill Clinton, and Obama.
FDR was the only president who to remain in power beyond eight years. He wanted the job. How did he lead? Ham fisted government control. What was the result? Perks to cronies, more centralized government power, and a lenghtened, deepened recession.
Destruction of the US court system through a threat to pack the courts. An amendment DEMANDING that presidents must step down after eight years, and also amending the Constitution to prevent more than nine justices — the closest thing to a Magna Carta on Prince John we have had to date.
Bill Clinton — not satisfied with eight years, sought to make wife president. Tireless work. Ramped up risky loans which led to the 08 Meltdown. Sought to regulate firearms. Escalante Land Grab which barred us from cheap, clean burning coal. Payoffs from China. Nukes to China for campaign cash. Corruption that made him cowtow to Islamic fanatics for oil, a weakness that led to 9-11. Took control of national media, leading to massive misinformation to voters. Desired gatekeeper of internet to stop “lies” about a tax funded mistress.
Obama — plenty known about him in recent news.
More in-depth and particularly about Goldman Sachs:
Someone told me: “Membership in the Fed is not secret.” I admit, I don’t know much at all about that.
“Based on the way Greenspan propped up Goldeman Sachs. When did Greenspan do that?”
It was right after the Red Chip scandal in the late 90s. Sachs was given special treatment, threatening to go under without a government loan. Greenspan gave them that.
“I didn’t see any Paulson comments about Kanjorski’s run on the MMAs.”
Maybe so, but Paulson is convinced that Russia and China orchestrated the meltdown. That’s more significant, don’t you think?
“If Soros were involved, Obama gave him a payoff with Brazilian oil. Goldman Sachs received payoffs. Yeah, sure.”
Obama Helps Soros Drill For Oil In Brazil | Sweetness & LightFrom RIGZONE:
US Ready to Finance Oil Drilling in Brazil EFE News Services 8/5/2009 The US government is prepared to provide up to $10.
Counterpoint can be found by FactCheck, which I told is run by Annenberg [who supports America-hating terrorist Bill Ayers and tweaked the vetting of Obama]
As for Goldman Sachs, it’s a sleazy firm from the word “go”. They have made out like bandits since the meltdown. It doesn’t take a rocket scientist to guess they knew it was coming and planned accordingly.
Wall Street’s Bailout Hustle
On January 21st, Lloyd Blankfein left a peculiar voicemail message on the work phones of his employees at Goldman Sachs. Fast becoming America’s pre-eminent Marvel Comics supervillain, the CEO used the call to deploy his secret weapon: a pair of giant, nuclear-powered testicles. In his message, Blankfein addressed his plan to pay out gigantic year-end bonuses amid widespread controversy over Goldman’s role in precipitating the global financial crisis. The bank had already set aside a tidy $16.2 billion for salaries and bonuses — meaning that Goldman employees were each set to take home an average of $498,246, a number roughly...
Goldman profits on both AIG’s collapse, breakup
More about Goldman Sachs:
Goldman Denies It Bet Against Clients
In rare letter to shareholders, Goldman denies double-dealing
Wall St. Helped Greece to Mask Debt Fueling Europe’s Crisis ...50 posts - 22 authors - Last post: Feb 14
Der Spiegel: How Goldman Sachs Helped Greece to Mask its True Debt .... to understand that all of this stimulus money and public spending has to be paid back. ... a bad name by labeling the array of shenanigans as Crony Capitalism. .... Disclaimer: Opinions posted on Free Republic are those of the ...
Goldman Sachs ...
Under Obama, Crony Capitalism Again Rules the Day
The Great American Bubble Machine how Goldman Sachs has engineered every major market manipulation
‘The formula is relatively simple: Goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage. Finally, when it all goes bust, leaving millions of ordinary citizens broke and starving, they begin the entire process over again, riding in to rescue us all by lending us back our own money at interest, selling...
Greece Paid Goldman $300 Million To Help It Hide Its Ballooning Debts
Simon Johnson: Goldman Is About To Be Blacklisted And Possibly Banned In Europe
Simon Johnson: Goldman Is About To Be Blacklisted And Possibly Banned In Europe Joe Weisenthal Feb. 15, 2010, 6:45 AM MIT professor Simon Johnson raises some provocative scenarios in regards to Goldman’s participation in Greece’s scheme to obfuscate its debt levels. In particular, he expects a full audit of the company, and perhaps some kind of ban: If the Federal Reserve were an effective supervisor, it would have the political will sufficient to determine that Goldman Sachs has not been acting in accordance with its banking license. But any meaningful action from this direction seems unlikely. Instead, Goldman will probably...
Geithner’s Backdoor Bailout for AIG
Federal Reserve Bank of New York Subpoenaed in AIG
Heres the latest in the question of the New York Fed, Treasury Secretary Tim Geithner and the AIG bailout, as weve covered here at Big Government before (here and here). Last year, Iraq war vet Kevin Murray brought a lawsuit against the Treasury Department and Ben Bernanke (Murray vs. Geithner, et al) for its acquisition of AIG a scheme that made the US taxpayer the worlds largest provider of Shariah-compliant insurance products. Lawyers David Yerushalmi and The Thomas More Law Centers Robert Muise found, in the course of discovery, that that was just the tip of the iceberg. Yerushalmi and...
Testy Conflict With Goldman Helped Push A.I.G. to Edge
Billions of dollars were at stake when 21 executives of Goldman Sachs and the American International Group convened a conference call on Jan. 28, 2008, to try to resolve a rancorous dispute that had been escalating for months. A.I.G. had long insured complex mortgage securities owned by Goldman and other firms against possible defaults. With the housing crisis deepening, A.I.G., once the worlds biggest insurer, had already paid Goldman $2 billion to cover losses the bank said it might suffer. A.I.G. executives wanted some of its money back, insisting that Goldman like a homeowner overestimating the damages in a...
The Trojan Horse Meets the Vampire Squid (Goldman Sachs innovates to restructure Greece’s debts)
Goldman Sachs and the Cap-and-Trade Jackpot
Goldman Caught Using European Loophole To Help Massively Understate Greek Deficit
Goldman Sachss CEO Blankfein Gets $9 Million Bonus for 2009
Ann Coulter: OBAMA’S OWNED — YOU CAN BANK ON IT (Bought and Paid for)
OBAMA’S OWNED — YOU CAN BANK ON ITFebruary 10, 2010 The New York Times and The Wall Street Journal are bristling with the news that Republicans have decided now is the time to suck up to Wall Street. As the saying goes, there is no truer friend than a Wall Street arbitrageur — they are the salt-of-the-earth, the most loyal men who ever drew a breath! What are Republicans thinking? While not every money-manipulator on Wall Street deserves to be treated like a heroin dealer, lots do. Could the Republicans be a little more discriminating in picking up the Democrats’...
THE FORGOTTEN BAILOUT OF THE 90s [which did indeed help Sachs]
LONG TERM CAPITAL MANAGEMENT
Hedge fund bailed out by the Federal Reserve Bank in 1998, on the grounds that its bankruptcy could cause worlwide financial panic.
LTCM was founded in 1993 by Nobel Prize winners Robert C. Merton and Myron Scholes, together with Wall Street giant John Meriwether. LTCM involved the biggest investment banks, including Chase Manhattan, Citigroup, J. P. Morgan; Merrill Lynch, Morgan Stanley, Goldman Sachs, Bear Stearns, Lehman Brothers, UBS, Deutsche Bank, Credit Suisse, and Societe Generale. By early 1998 LTCM had assets of $130 billion and commanded a derivatives portfolio with a notional value of $1.25 trillion.
“The slide toward financial panic would have begun with a flutter of pages off a fax machine in Greenwich, Conn., each a notice of foreclosure. The instant that Long-Term Capital Management missed a payment to a creditor, it would technically have been in default to all of its roughly 75 creditors, thanks to loan provisions that required it to remain current on all its debts. Facing losses, those creditors would have sold assets that the firm had pledged as collateral, sending prices plunging. Dozens of markets, from Denmark to Brazil, would have bucked like terrified stallions. The selling frenzy would have roiled American markets in junk bonds, corporate takeover stocks, mortgage securities and even Treasury bonds. Businesses that depend on those markets for money to expand and add jobs would have suffered. So would consumers whose mortgage rates are influenced by those markets and who have billions in retirement savings in them. Fears of such a financial panic and its economic aftershocks prompted the Federal Reserve Bank of New York to help arrange an 11th-hour rescue of the fund by 14 Wall Street banks and brokerage firms in September... Top executives of banks and brokerage firms estimate privately that the collapse of Long-Term Capital alone could have cost their businesses a total of $8 billion to $15 billion, and one senior executive said he believed that the amounts could have been 10 times higher in a market stampede. “It would have turned a machine gun on the Street,” he said.” (Diana B. Henriques, Back From The Brink, New York Times, Dec 6, 1998).
The near-collapse of Long-Term Capital Management in October 1998 led to a $3.5 billion emergency bail-out organised by the New York Federal Reserve. Fourteen investment banks, including Goldman Sachs Group and Merrill Lynch, saved themselves by providing a $3.5 billion cushion to support LTCM while it was dismantled. Federal Reserve chairman Alan Greenspan cut interest rates to revive world markets. (Irish Times, Nov 26, 1999, p. 58).
Under the terms of the LTCM bail-out, the fund managers had to wait until 90% of the money was repaid before starting a new fund. William McDonough, president of the Federal Reserve Bank of New York, was quoted as saying that “I don’t think we quite said they were criminally stupid, but if you have any ability to read between the lines, it was there,” and in regards to LTCM staying in business, McDonough said, “If they continue in business at all it will be by another name, and they may not be in business at all, never mind by another name. I can assure you that is a result that pleases me considerably.” (Houston Chronicle, Oct 2, 1999, p. 2).
“Lawyers from the 14 financial institutions that bailed out Long-Term Capital Management in September have discussed how far they should comply with a request from the US General Accounting Office for detailed information on the events surrounding the rescue of the hedge fund. The GAO has been asked to report on the LTCM issue by Congress, which is considering whether there is a need for new legislation to regulate either hedge funds or the financial intermediaries whose lending activities allowed LTCM to build up massive exposure. It wrote to lawyers for the institutions, which include Merrill Lynch, JP Morgan, Goldman Sachs and Citigroup, several weeks ago, asking for detailed information and analysis on issues such as the role of the Federal Reserve Bank of New York in co-ordinating the rescue, and the need for further regulatory action.” (Financial Times (London), June 22, 1999, p. 1).
GAO report: “GAO noted that: (1) LTCM was able to establish leveraged trading positions of a size that posed potential systemic risk, primarily because the banks and securities and futures firms that were its creditors and counterparties failed to enforce their own risk management standards; (2) other market participants and federal regulators relied upon these large banks and securities and futures firms to follow sound risk management practices in providing LTCM credit; (3) however, weaknesses in the risk management practices of these creditors and counterparties allowed LTCM’s size and use of leverage to grow unrestrained; (4) the effects of these weaknesses became apparent during the unsettled market conditions that occurred in the summer of 1998; (5) LTCM began to lose large amounts of money in various trading positions worldwide and by mid-September was on the verge of failure; (6) the Federal Reserve facilitated a private sector recapitalization of LTCM because of concerns that a rapid liquidation of LTCM’s trading positions and related positions of other market participants in already highly volatile markets might cause extreme price movements and cause some markets to temporarily cease functioning; (7) although regulators were aware of the potential systemic risk that hedge funds can pose to markets and the perils of declining credit standards, until LTCM’s near-collapse, they said they believed that creditors and counterparties were appropriately constraining hedge funds’ leverage and risk-taking; (8) however, examinations done after LTCM’s near-collapse revealed weaknesses in credit risk management by banks and broker-dealers that allowed LTCM to become too large and leveraged; (9) regulators for each industry have generally continued to focus on individual firms and markets, the risks they face, the soundness of their practices, but they have failed to address interrelationships across each industry; (10) lack of authority over certain affiliates of securities and futures firms limits the ability of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to identify the kind of systemic risk that LTCM posed; and (11) the President’s Working Group report recommended that Congress provide SEC and CFTC expanded authority to obtain and verify information from unregistered affiliates of broker-dealers and future commission merchants.” (U.S. General Accounting Office, Long-Term Capital Management: Regulators Need to Focus Greater Attention on Systemic Risk, Letter Report, Oct 29, 1999, GAO/GGD-00-3).
“By mid-1999, David Mullins, a former vice-chairman of the Federal Reserve, and Greg Hawkins told LTCM staff that they will not be part of the attempt by some of the original partners to start a new company and attempt to take back control of the fund. Other original partners, including Myron Scholes, had already announced their departure from LTCM. It leaves a core group of six original LTCM partners negotiating with the institutions that now control the hedge fund’s assets. The six are led by John Meriwether and are all former employees of Salomon Brothers, the investment bank now called Salomon Smith Barney. They also include Larry Hillibrand, and have been dubbed “Larry and the Leftovers” by LTCM staff.” (New York Times, Jan 29, 1999, p. C3).
But by November 1999, with the fund nearly repaid, Meriwether and five other founding members of LTCM were planning to launch a new hedge fund called JWM with between $ 300 and $500 million in assets. (The Guardian (London), Nov 5, 1999, p. 27).
“It shouldn’t take international financial regulators long to sort out the problems thrown up by the near-collapse of Long-Term Capital Management. The issues are devilishly complex - but those involved all seem to know each other. When a dozen large banks and investment houses got together this week to figure out how to handle hedge funds, who better to lead their deliberations than Steve Thieke of J.P. Morgan, and Gerald Corrigan of Goldman Sachs? Experienced hands, both. It should help that Thieke used to work for Corrigan when he was president of the New York Federal Reserve. Meanwhile, Bill McDonough, Corrigan’s successor in that post, is chairman of the Basle committee of banking supervisors, also grappling with the problem of how to control hedge fund exposures. The only face missing from the reunion is Ernie Patrikis, who left the New York Fed last year to join American International Group, the insurer. Still, with regulators trying to grapple with banking and insurance conglomerates, it can’t be long before he joins the party.” (Financial Times (London), Jan 8, 1999, p. 15).
“Bank regulators meeting in the Basle Committee, under the auspices of the BIS [Bank for International Settlements], as well as securities regulators in the International Organisation of Securities Commissioners (Iosco), have been looking at ways of avoiding a repeat of LTCM’s problems.” (Financial Times (London), April 14, 1999, p. 4).
Sources of information:
Roger Lowenstein, When Genius Failed: The Rise and Fall of Long Term Capital Management.
Sachs Invested in Mexico: The Fed and Financial Stability...
... but apparently Goldman Sachs was into Mexico very big time, $5.2 billion ... The Chairman of our Federal Reserve, Alan Greenspan, and the chairman of ...
Copied your post here. Thank you for the information. FRegards ....
Lets go at this from what China had to lose:
Who or what really caused the global crisis? Was it Alan Greenspan? Henry Paulson? Greedy bankers? Crooked mortgage brokers? Lack of regulation?
Certainly all of them played some role in the financial meltdown. But theres a name missing on that list: China.
For years, the symbiotic relationship between China and the U.S. worked just fine.
As an exporter economy, the Chinese bought U.S. Treasuries to keep its currency depressed and exports cheap. Meanwhile, American consumers showed an endless appetite for inexpensive Chinese products.
It looked like a win-win situation. While U.S. depended on China for financing, the Chinese economy depended on American overconsumption. Beautiful scheme!
But this relationship had very ugly unintended consequences. Unfortunately, it took a complete collapse of the global financial market to expose the major flaws of that relationship.
So China decided to cut their own throats? Now Paulson makes sense to me. It was not an attempt to elect a dildo. It was a run on the bank. Perhaps it did happen on that day one. Go figure. People try to attribute meaning to why things happen and they often get it wrong. China was just acting in their own interest.
Hedge fund manager in Goldman Sachs case is major Dem donor
” ... the President is the number one on the list of those receiving money from Wallstreet just above the beloved Sen. Chuck Schumer. Sen Gillibrand is the number one recipient of funds specifically from Goldman Sachs.” — Maelstorm
U.S. (SEC) Accuses Goldman Sachs of Fraud
Exposing Goldman Sachs and DNC being chummy as sin:
SunkenCiv [via NormsRevenge?] —
The billionaire hedge fund manager at the center of an alleged fraud hatched at Goldman Sachs, a leading investment bank, has given tens of thousands of dollars to both parties. Campaign fundraising records show that John A. Paulson, founder and chairman of the hedge fund Paulson & Co., gave $30,400 to the Democratic Senatorial Campaign Committee in June, qualifying him as a major Democratic donor. He also gave $2,300 to Senate Majority Leader Harry Reid’s (D-Nev.) reelection campaign in February of last year and $4,800 to Senate Banking Committee Chairman Chris Dodd (D-Conn.) last April, according to records filed at the Federal Election Commission... Paulson’s support of Democrats, however, may give Republicans ammunition when Democrats bring their financial regulatory reform bill to the Senate floor next week, as planned... The SEC alleged that Paulson & Co. participated in a scheme in which Goldman sold subprime residential mortgage-backed securities to investors, such as foreign banks and pension funds, that were expected to lose value. Paulson & Co. bet heavily against the value of the fund, named Abacus 2007-AC1, which included mortgage bonds it viewed as overvalued, earning millions at the expense of Goldman clients who invested in it... Goldman earned between $15 million and $20 million to create and market the fund to investors who did not know that Paulson helped select its holdings and then bet it would lose value, according to the SEC. Reid seized on the allegations to argue that the Senate should pass a Democratic Wall Street reform bill... “We will stop banks from becoming ‘too big to fail’ and end taxpayer bailouts,” Reid said... Paulson gave thousands to other senior Senate Democrats in previous election cycles. He gave $4,600 to Sen. Carl Levin (D-Mich.) and $4,600 to Sen. Max Baucus (D-Mont.) in 2008, according to FEC records. Paulson... gave $2,300 to Rudy Giuliani’s presidential campaign and $2,300 to Mitt Romney’s presidential campaign[s] in 2007. He gave $5,000 to House Republican Whip Eric Cantor’s (R-Va.) leadership PAC in 2009 and a $1,000 contribution to Republican Rep. Virginia Foxx (N.C.) in 2008.
The story of an $8,000 exhaust filter, cleaner air and the busy hand of NY state government
When It Comes to Earmarks in DC, It’s ‘E Pluribus Oink’
UCC also received $4 million in state stimulus funding for projects such as a kitchen remodeling project, parking lot upgrades and pool and restroom improvements. In addition, UCC received nearly $99,000 in federal stimulus money for the college’s winemaking program. Romtec, a Glide manufacturer of campground toilets and prefabricated buildings, has received $4.4 million in stimulus contracts.
0bama-nomics vs. China’s Deregulation:
China’s economy marches on as growth rate soars by nearly 12%...
[Jaw dropper] Jacob Weisberg [Slate]: Reagan tax cuts caused “fiscal harm”
ABUSE OF POWER? Wall Street suspects GOLDMAN charges ‘not coincidental’ to financial reform effort...
FEAR: Obama claims fresh crisis without new financial rules...
Loony Left Overwhelms Onion: THE ONION SHUTS DOWN: “NO MORE SATIRE POSSIBLE”
... first published in 1756 ... Said the owner, “No more satire is possible. Nothing can beat the outrageousness of what comes out of Washington today. In a sentence: We are plum out of satire.”
Coldest weather in 30 years marks the start of a series of extreme winters
Despite predictions, state’s green economy yet to bloom
Maine Sunday Telegram ^ | April 17, 2010 | BY TUX TURKEL
L.A. mayor calls for temporary shutdowns of some agencies (Another Rat spat alert)
ROB THY NEIGHBOR: HALF OF HOUSEHOLDS PAY NO FED INCOME TAX
CONFUSION: ‘WHERE DO WE GET THE FREE CARE?’
REPORT: ObamaCare allows Viagra for rapists, sex offenders...
[And the senate majority knowingly shot down Coburn’s amendment to remove it!]
**** hm ****
LA Times: Why cleaner air could speed global warming
Gore takes cash for water campaign from chemical firm...
Global Warming? Vostok Antarctica sits at -100F — with windchills to -142F ...
BarackObama.com Admits His Aim of Marxist Financial Market ‘Control’
President Obama means business.
He’s committed his administration to reining in Wall Street and creating the strongest consumer protections in history. And on Friday he made it clear that we can’t allow another devastating financial crisis — so he’ll veto any reform bill that doesn’t bring the derivatives market under control.
But the Senate could begin debate as soon as this week, and Republican leaders are teaming up with Wall Street lobbyists to defeat the bill — so the President needs your help to show that the American people stand with him on Wall Street reform [snip]
Whistleblower: Some U.S. pols kept off-shore accounts with UBS
A former banker who blew the whistle on thousands of secret bank accounts rich Americans held at Swiss giant UBS claimed Thursday some U.S. politicians also kept off-shore accounts with the bank. “We had an office in Washington that we all referred to as the PEP office - for ‘Politically Exposed People,’” Bradley Birkenfeld said. He was speaking by phone - on tax day, no less - from Schuylkill County federal prison in Pennsylvania, where he is serving a 40-month sentence for his role in the tax evasion scheme. “Only top managers from the bank knew the names of the... [snip]
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