Skip to comments.Davos 2010: Soros calls for break-up of big banks
Posted on 01/28/2010 6:11:53 PM PST by BIOCHEMKY
Legendary investor George Soros has called for a radical break-up of banks that are "too big to fail".
(Excerpt) Read more at news.bbc.co.uk ...
What is the world coming to?
With Bernanke's reconfirmation by the U.S. Senate (70-30) earlier today and Obama/Soros both backing haltering America's most profitable CAPITALIST institutions (a.k.a. "Big Banks"), all I can say is "BUY GOLD" because SURELY tomorrow the financial markets have NO CHOICE but to tank AGAIN!!!
Pull your money out of the market while you still have ANY.....
Well lets take his money and give it to about 1000 different people while we’re at it.
Square that group size and I’m on bound. If he thinks taking private property is a good idea, I say start with his.
“gee i guess we know where president soro s teleprompter reader got the COMMAND from !”
Yeah, you got THAT right!
You know what I HATE the MOST of what I’ve learned in the last 24 hours?
I HATE the fact that the 500 US banks who staged a simultaneous run on the Fed on Sept. 18, 2008 to crash the US financial markets and put a lock on an Obama win in the Presidential election (Bush the Republican is a domestic agenda economics “mismanager” so vote for the Democrat) were assured by Obama’s “handlers (Soros et al.) that they had nothing to worry about. Even if the action of the bank presidents pulled their banks under, the situation would only be temporary as one of Obama’s first actions as POTUS would be to back the Bailout bill that would “re-float” them and replenish their capital base to a tune that was even better than before....
“Liquidate all left wing Billionaires!!!”
Tar and Feather their F@#*ing asses like they did to them in Boston in the FIRST American revolution!!!!!
First I heard of that. If it is true, people need to go to jail. Lots of people.
I’d be satisfied if we could just break up ol George himself.
They are far too difficult to nationalize when they are “too big to fail.”
Break them up into little mini-banks and the iron fist can clench around them fast and hard.
Now I’m having evil thoughts..., or are they? :-)
He breaks ‘em, he can & will buy ‘em.
So will 0bama.
Control the gold and make the rules.
OBJECTIVE: OVER-lord of all.
“What is your source?”
I primarily took my information from Glen Beck’s comments on his show on FOXNews yesterday and today and the comments being made by those who work in the hedge fund industry at zerohedge.com in response to the article posted yesterday that is cited below.
Darrell Issa Is In Possession Of AIG’s Redacted Schedule A, Wants To Make List Public
Submitted by Tyler Durden on 01/27/2010 13:05 -0500
My favorite comments was made by “Anonymous” and went like this...”aigs-redacted-schedule-wants-make-list-public
My favorite comments at zerohedge.com were:
on Wed, 01/27/2010 - 13:45
“I’m not a Wall Street guy, so maybe I’m missing something. I thought I would run this by the ZH readers and hopefully get some feedback from people more in the know than I.”
“Is it possible the main reason for the AIG bailouts was this - Wall Street managed to create over $500 trillion (according to the Bank of International Settlements) in derivatives on a few $trillion in actual assets. Most of these derivatives are essentially no more than one insurance policy piled on top of another, so if one fails, they all fail, like dominos. If the FED takes the underlying assets (MBS’s, etc.) and holds them so they don’t fail, and if they pay off AIG’s counter-parties at 100 cents to cancel the bottom level of CDS’s, the rest of the swaps essentially cease to exist. In other words, the FED figured it was better to unwind things by paying out a few $hundred billion to cancel CDS’s, and putting a few $trillion on their balance sheet, rather than see what happens when $500 trillion in imaginary money goes “poof”. Make any sense?”
“BTW - Please don’t take this as excusing the FED’s actions, I’m in the let the TBTF’s fail and end the FED camp.”
My other favorite comment at zerohedge was:
on Wed, 01/27/2010 - 14:27
“1. Exactly how was this profit generated? Because the accounting is clear as mud as to where these profits are coming from.”
“I’m not saying their claimed profit isn’t a legitimate claim. It could very well be. But the current accounting does not provide *any* useful data regarding the mechanics of the profit generation.”
“2. You treat ML3 as the sole justification/payback mechanism and then sweep the rest of the wealth transfer away. You understand the bailout terms were *severely* miscalculated to the banks benefit right? This is one of the many reasons they paid it back so quickly! What about the AIG wealth transfer?”
“I don’t have the same homoerotic obsession with the industry as the average ZH reader does, but your position is approval of a trillion dollar wealth transfer from the taxpayer to the finance/banking industry for a couple billion. I’m sure you wouldn’t allow yourself to get fleeced in a deal like this, I’m not sure why you would allow your tax dollars to evaporate like that.”
I’m thinking, cryogenic freezing and an accidental drop from a tall building would do it.
Here’s one source:
A US politician (Democrat, I think) also mentioned it officially. I’d have to research that reference.
The assumption is that Soros yanked the original amount that led to a run by the end of the day that pulled all liquidity away from the day-to-day operations of many businesses.
Here’s a better reference (ZeroHedge is excellent):
The politician was Democratic Representative Paul Kanjorski.