Reply With Quote
So we bailed out the Swiss banks that hide US wealthy people's obscene incomes from IRS?
Clinically insane, but par for the course.
Will the Repugs and tea baggers inflame this issue? I bet not a peep.
Federal Reserve's secret $3.3 trillion bailout revealed:
LOWLIGHTS
Deutsche Bank (German); $290 billion
Credit Suisse (Swiss); $287 billion
Morgan Stanley; $205 billion
Citigroup; $185 billion
Merrill Lynch/Bank of America; $174 billion
Goldman Sachs; $159 billion
JPMorgan Chase; $153 billion
Barclays (British); $123 billion
UBS (Swiss); $94 billion
BNP Paribas (French); $67 billion
This adds up to $1.7 trillion. There is still another $1.6 trillion.
http://www.huffingtonpost.com/2010/1..._n_790529.html
Last edited by Galileo; 12-01-2010 at 04:51 PM.
So we bailed out the Swiss banks that hide US wealthy people's obscene incomes from IRS?
Clinically insane, but par for the course.
Will the Repugs and tea baggers inflame this issue? I bet not a peep.
They are rich friends of the liberals in DC. Just that simple.
What a ing dumbass
It's sure as not the Democrats that have been calling for an audit of the Fed...
funny enough...boutons isnt the slght bit interested either
It's all a game none of us will ever be players in. Why even care.
This leapt out at me. Are progressives shifting against Obama? Consider the source.The Fed, ferociously backed by the Obama administration, fought lawmakers' desire for full disclosure throughout the financial reform debate.
That's why the bailout was proposed, carried out and signed off by a Republican administration?
BTW, Obama signed that financial reform into law.
You might not like things that he has done, but you should commend him on actually getting this approved and the data out there. Weren't some of you ing about the lack of transparency?
THE FRAUDULENT RESERVE: Ron Paul Says Fed Policy 'Is Out of Control' - Bloomberg Interview (Dec. 1) [VIDEO]
This is pretty brilliant. Try to set aside a few minutes.
WATCH VIDEO:
http://dailybail.com/home/the-fraudu...out-of-co.html
Ron Paul on Debt and War (VIDEO)
WATCH VIDEO:
http://www.lewrockwell.com/blog/lewr...ves/71950.html
FED Was Liquefying The World (VIDEO)
The Federal Reserve on Wednesday revealed the details of some $3.3 trillion in emergency loans it made to financial ins utions during the credit crisis as mandated by a revamp of US regulations. CNBC's Steve Liesman has the details.
http://www.youtube.com/watch?v=4xu8u...ayer_embedded#!
Drs. Ron and Rand Paul on Fox 12-02-10 (VIDEO)
WATCH VIDEO HERE:
http://www.dailypaul.com/node/151019
http://www.ft.com/cms/s/0/6ea84d76-f...#axzz170sKzg00Fed officials have claimed they did not know of the need for large-scale intervention in the financial markets until autumn 2008. Ben Bernanke, Fed chair, also testified that “The only way we could have saved Lehman would have been by breaking the law.” Yet the Fed’s new spreadsheets belie these claims. The data show the Fed was lending prolifically abroad in 2007, and then domestically, to investment banks – including Lehman – in early 200
Give me a signal when the tea baggers and Repugs start ragging on the financial sector, THE REAL CULPRITS, as much as they hate the government (that simply follows the dictates of the Too-Powerful-To-Oppose financial sector).
The tea baggers and Repugs are doing exactly as the VRWC wants and pays for, whining about "the government is the problem" and must be starved adn destroyed, to hide the financial sector as the perps.
The Fed Lied About Wall Street
Banks have lots of money in long-term assets, but can’t convert those long-term assets into short-term cash.
In retrospect, that view was clearly an error. The bank held hundreds of billions of dollars worth of subprime mortgage assets, which were not merely worthless in the panic-stricken view of the financial mob, but worthless, full stop. At the time many people argued that the financial system faced not a liquidity crisis, but a liquidity crisis and a solvency crisis. That is to say, even if the government had helped the banks deal with day-to-day problems, the banks were still fundamentally unable to pay their debts. They were not merely illiquid, but insolvent.
http://blogs.alternet.org/speakeasy/...paign=alternet
=============
But you right-winger guys would rather swallow the lies of govt and FCM while assassinating truth-teller Assange.
I can't wait til he dumps his bank secrets.
Lehmann was assassinated by Goldmans short squeeze on them with the full complicity of the Fed...
Ok.
Lay it out for us, Profe. How did it go down?
Saying Goldman killed Lehman with the government's backing is somewhat vague. Can you fill in the history a little?
Some people might be new to the topic.
Last edited by Winehole23; 12-06-2010 at 02:24 AM. Reason: shortened
As previously discussed on ST: Goldman Sachs.
Mar 31, 2010: Matt Taibbi: Looting Main Street.http://www.rollingstone.com/politics/news/12697/64833In 2002, during a conversation recorded in Nixonian fashion by JP Morgan itself, LeCroy bragged that he had agreed to funnel payoff money to a pair of local companies to secure the votes of two county commissioners. "Look," the commissioners told him, "if we support the synthetic refunding, you guys have to take care of our two firms." LeCroy didn't blink. "Whatever you want," he told them. "If that's what you need, that's what you get. Just tell us how much."
Just tell us how much. That sums up the approach that JP Morgan took a few months later, when Langford announced that his good buddy Bill Blount would henceforth be involved with every financing transaction for Jefferson County. From JP Morgan's point of view, the decision to pay off Blount was a no-brainer. But the bank had one small problem: Goldman Sachs had already crawled up Blount's trouser leg, and the broker was advising Langford to pick them as Jefferson County's investment bank.
The solution they came up with was an extraordinary one: JP Morgan cut a separate deal with Goldman, paying the bank $3 million to off, with Blount taking a $300,000 cut of the side deal. Suddenly Goldman was out and JP Morgan was sitting in Langford's lap. In another conversation caught on tape, LeCroy joked that the deal was his "philanthropic work," since the payoff amounted to a "charitable donation to Goldman Sachs" in return for "taking no risk."
http://www.spurstalk.com/forums/show...=Goldman+Sachs
Jul 15, 2010. Goldman Settles SEC Fraud case for $550 million.http://www.spurstalk.com/forums/showthread.php?t=159044&highlight=Goldman+SachsThe settlement also requires Goldman to review how it sells complex financial mortgage investments. Goldman acknowledged in a court filing that its marketing materials for the deal at the center of the charges omitted key information for buyers.
But Goldman did not admit any legal wrongdoing.
The investments were crafted with input from a Goldman client who was betting on them to fail. The securities cost investors close to $1 billion while helping a Goldman client—hedge fund billionaire John Paulson—capitalize on the housing bust.
May 11, 2010. Goldman records a perfect first quarter.http://theweek.com/article/index/202...ay-trading-run http://www.spurstalk.com/forums/show...=Goldman+SachsIn a disclosure destined to focus more unwanted attention on Wall Street, Goldman Sachs reported Monday that its traders made money on all 63 trading days of the first quarter of 2010 — the first perfect quarter in Goldman's history.
April 9, 2010. Banks use accounting tricks to disguise risk.http://online.wsj.com/article/SB1000....html?mod=e2fbAccording to the data, the banks' outstanding net repo borrowings at the end of each of the past five quarters were on average 42% below their peak in net borrowings in the same quarters.
http://www.spurstalk.com/forums/show...=Goldman+Sachs
Feb 17, 2010. Matt Taibbi in Rolling Stone: Wall Street's Bailout Shuffle.http://www.spurstalk.com/forums/show...=Goldman+Sachs
Feb, 2010. Analyst: Goldman is TBTF.http://www.spurstalk.com/forums/showthread.php?t=146058&highlight=Goldman+Sachs“We’re in the business of doing credit analysis, and we’ve come to the conclusion that essentially Goldman Sachs is backstopped,” Egan says.
Feb 10 2010. Congressional Hearings including Lloyd Blankfein.Some of your firms received payouts on credit-default swap contracts with American International Group. Most of those guarantees resulted from hedging supposedly safe investments (they had AAA ratings, after all) with A.I.G. or other insurers. This hedging allowed traders to book “profits” that had not yet been earned — profits that would be counted in calculating their bonuses.
However, this insurance was likely to fail, as your risk managers surely knew. It involved so-called wrong-way risk: the guarantor (A.I.G.) was certain to be damaged by the same event (the housing market collapse) that would lead you to seek payment on the insurance. The insurance was effective only because the government stepped in, theoretically on the taxpayers’ behalf, and made payments for A.I.G., an otherwise bankrupt firm. Since employees’ bonuses, and ultimately yours, were based on these fraudulent profits, my questions are these:
1. How much profit did your firm record for bonus purposes on these trades that ultimately delivered huge losses? How much of those bogus profits were paid out in bonuses?
2. Have you made any effort to recover the bonuses? If not, why not?
— YVES SMITH, the head of Aurora Advisors, a management consulting firm, and the author of the blog Naked Capitalism and the forthcoming book “Econned: How Unenlightened Self-Interest Undermined Democracy and Corrupted Capitalism”http://www.nytimes.com/2010/01/13/op...tro.ready.htmlWithout the Troubled Asset Relief Program, Wall Street banks would not have survived the shock to the financial system that occurred in September 2008. Nor would they have subsequently accrued large profits and bonus pools in 2009. Shouldn’t a substantial share of those bonus pools be sequestered on bank balance sheets for several years to increase the banks’ capital levels and shield taxpayers against another bailout? All deposits insured by the Federal Deposit Insurance Corporation that were held by Wall Street financial conglomerates should have been insulated in separate bank subsidiaries that were prohibited from trading, holding derivative securities and investing in risky assets like equities or bonds with less than a AAA rating. Wouldn’t such safeguards have reduced excess banker risk-taking, thereby reducing the need for taxpayer bailouts?
3. Wall Street turbocharged the subprime mortgage boom from 2002 to 2006 by providing billions in cheap warehouse loans to non-bank lenders that otherwise had virtually no capital or financing. Had the Federal Reserve kept short-term interest rates at a more normal 4 percent to 5 percent, rather than pushing them down to 1 percent, would this not have greatly curtailed the reckless growth of subprime loans?
— DAVID STOCKMAN, a director of the Office of Management and Budget under President Ronald Reagan
http://www.spurstalk.com/forums/show...=Goldman+Sachs
Oct. 27, 2009 Maiden Lane III revealed. The New York Fed redeemed at least $13B in AIG CDOs at par. http://www.spurstalk.com/forums/show...=Goldman+Sachs
Oct 26, 2009. Cities and counties hit by underwriting costs related to exotic swaps. http://www.spurstalk.com/forums/show...=Goldman+Sachs
Oct. 27, 2009. Goldman swaps roil NJ.http://www.spurstalk.com/forums/show...=Goldman+Sachs
Oct. 23, 2009. Goldman profits swell bonus pool.http://www.spurstalk.com/forums/show...=Goldman+Sachs
Oct. 15, 2009.http://www.spurstalk.com/forums/show...=Goldman+SachsThe Wall Street bank Goldman Sachs is gearing up to pay huge year-end bonuses to its 31,000 employees after raking in quarterly profits of $3.19bn (£1.96bn), boosted by astute trading, resurgent stocks and a return to relative normality on the financial markets.
Goldman's profits of $35m a day for the three months to September were more than three times as much as the bank made during the same period in 2008. Under its policy of setting aside almost half of its revenue to pay its staff, the firm has built up a compensation fund of $16.7bn for the year to date – including $5.35bn set aside in the last quarter.
Sept. 29, 2008. Matt Taibbi: How Goldman Lobbies the Senate. http://www.spurstalk.com/forums/show...=Goldman+Sachs
[/QUOTE]
Last edited by Winehole23; 12-06-2010 at 10:45 PM. Reason: links dated and briefly described
Sept.24, 2008. Berkshire Hathaway takes a $5B stake in Goldman.
http://www.spurstalk.com/forums/show...=Goldman+Sachs
Last edited by Winehole23; 12-06-2010 at 07:46 PM.
Paulson got AIG saved and then about $12B of those US tax $ to AIG flowed directly to Goldman.
By how many $Bs was Goldman exposed to at compe or Lehman?
Did AIG compete with Goldman? Did Lehman?
Guess who got killed, and who got saved?
Last edited by boutons_deux; 12-06-2010 at 06:20 PM.
That's more or less where we started. Thanks for filling us in a little.
(Pretty short story, though.)
http://www.bloomberg.com/apps/news?p...d=a7T5HaOgYHpE
There's a few blanks to be filled in, but you get the idea. Don't you have a fuller version of the story, CC?
The short squeeze needs to be defined and described, and the roles of the participants fleshed out for starters. You only offered a rough schematic of the situation. An actual theory might include a few more details.
Sadly, the Fed gestapo unit prevailed, and history will probably be rewritten by some of these people that made millions through this scam, through a series of NYT Best Sellers depicting themselves as heroes of the day.
If you have any links to related narrative, I'd be grateful to have them.
I don't at this time. I was merely commenting on the stories provided by your links (thanks, BTW)
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
