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Wall Street Aristocracy Got $1.2 Trillion in Fed’s Secret Loans

Wall Street Aristocracy Got $1.2 Trillion in Fed’s Secret Loans
Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits. By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Fed Chairman Ben S. “These are all whopping numbers,” said Robert Litan, a former Justice Department official who in the 1990s served on a commission probing the causes of the savings and loan crisis. (View the Bloomberg interactive graphic to chart the Fed’s financial bailout.) Foreign Borrowers It wasn’t just American finance. Peak Balance Odds of Recession Bank of America’s bond-insurance prices last week surged to a rate of $342,040 a year for coverage on $10 million of debt, above where Lehman Brothers Holdings Inc.

Secret History: And Why Barack Obama Must End It Damn It or Fear It, the Forbidden Truth Is There's an Insurrection in Britain On a warm spring day, strolling in south London, I heard demanding voices behind me. A police van disgorged a posse of six or more, who waved me aside. They surrounded a young black man who, like me, was ambling along. They appropriated him; they rifled his pockets, looked in his shoes, inspected his teeth. Their thuggery affirmed, they let him go with the barked warning there would be a next time. For the young at the bottom of the pyramid of wealth and patronage and poverty that is modern Britain, mostly the black, the marginalized and resentful, the envious and hopeless, there is never surprise. Such is the truth of David Cameron's "sick society," notably its sickest, most criminal, most feral "pocket": the square mile of the City of London where, with political approval, the banks and super-rich have trashed the British economy and the lives of millions. Armstrong: "Mr. Howe: "Of course not ... what I am concerned about is a young man Mark Duggan ... the police blew his head off."

Fed's Court-Ordered Transparency Shows Americans `Have a Right to Know' A Supreme Court order that forces unprecedented disclosures from the Federal Reserve ended a two- year legal battle that helped shape the public’s perceptions of the U.S. central bank. The high court yesterday let stand a lower-court ruling compelling the Fed to reveal the names of banks that borrowed money at the so-called discount window during the credit crisis. The records were requested by Bloomberg LP, the parent company of Bloomberg News. Fed Chairman Ben S. The financial crisis, which began in August 2007 and peaked after the bankruptcy of Lehman Brothers Holdings Inc. in September 2008, focused the public’s attention on the Fed and its $3.5 trillion effort to rescue the banking system, said U.S. “People wanted to know more about what the Fed was doing,” said Paul, a Texas Republican. While Congress required the Fed in December to reveal details of assistance it provided through various emergency programs during the crisis, discount window loans were exempt. Ben S. Ben S. Close

Jackie O tapes to reveal her and JFK's affairs and who she believed was behind his death She will allegedly reveal affair with actor William HoldenBelieved Vice-President Johnson was behind husband's assassination By Liz Thomas Updated: 17:20 GMT, 8 August 2011 Former first lady Jackie Kennedy is said to have made the tapes within months of JFK's assassination Jackie Onassis believed that Lyndon B Johnson and a cabal of Texas tycoons were involved in the assassination of her husband John F Kennedy, ‘explosive’ recordings are set to reveal. The secret tapes will show that the former first lady felt that her husband’s successor was at the heart of the plot to murder him. She became convinced that the then vice president, along with businessmen in the South, had orchestrated the Dallas shooting, with gunman Lee Harvey Oswald – long claimed to have been a lone assassin – merely part of a much larger conspiracy. Texas-born Mr Johnson, who served as the state’s governor and senator, completed Mr Kennedy’s term and went on to be elected president in his own right.

Fed's $1.2 Trillion In Financial Sector Loans 'A Classic Case Of Moral Hazard' During the 2008 financial crisis, when the nation's banking system seemed on the verge of collapse, President George W. Bush authorized a $700 billion bailout of the financial industry. The U.S. At the same time, and in the years that followed, the Federal Reserve was undertaking its own rescue operation, in the form of private, previously undisclosed loans to banks and other institutions -- lending as much as $1.2 trillion, nearly twice the amount of the Treasury bailout, according to a data analysis performed by Bloomberg News and published on Monday. The scope of the Fed's private lending had previously only been guessed at, but figures obtained under the Freedom of Information Act by Bloomberg News show that the nation's central banker issued loans to more than 300 institutions between August 2007 and April 2010, including over 100 loans of $1 billion or more. "It's completely valid at some point to say, 'Who did the borrowing?'"

I WANT TO COME BACK AS THE FEDERAL RESERVE. YOU CAN INTIMIDATE EVERYBODY. James Carville once said: “I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everybody.” Carville was very close to getting this right. “I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. I’ve spent a great deal of time trying to debunk the idea that bond markets will one day revolt and cause the Fed to raise rates which will appear like bond vigilante justice. To illustrate this point I ran a few correlations across the yield curve in the USA. What’s interesting in this data is that the bond market is taking its cues almost entirely from the Fed. What’s more interesting is that there appears to be no worry of solvency in this data. 1) The US government should absolutely not be allowed to default.

MAJOR BANK MORTGAGE FRAUD - Unearthed on 60 Minutes USA Who is Linda Green? Well, seeing that Linda’s signature is shown on more than 20 different bank documents as being their Vice President, you would presume that’s what Linda is, a VP of a 20 banks…. But hang on… How is it possible to be a VP of over 20 banks at the same time? Turns out, Wall Street cut corners when it created those mortgage-backed investments that triggered the financial collapse. Now that banks want to evict people, they’re unwinding these exotic investments to find, that often, the legal documents behind the mortgages aren’t there. So what did the banks do? They employed sweat shop style workplaces to forge mortgage paperwork. Watch the video to find out how the banks accomplished it and meet the real life Linda Greens’ . VIDEO: CBS 60 Minutes - Aired 4th March 2011 Join Wake Up World's Ever Evolving Social Communities

Exclusive: Goldman Sachs VP Changed His Name, Now Advances Goldman Lobbying Interests As Top Staffer To Darrell Issa By Lee Fang on August 18, 2011 at 3:21 am "Exclusive: Goldman Sachs VP Changed His Name, Now Advances Goldman Lobbying Interests As Top Staffer To Darrell Issa" Peter Haller, also known as Peter Simonyi, a former Goldman Sachs VP now working for Chairman Issa to block regulations on Goldman Sachs Has Rep. In July, Issa sent a letter to top government regulators demanding that they back off and provide more justification for new margin requirements for financial firms dealing in derivatives. Issa’s demand to regulators is exactly what banks have been wishing for. Haller, as he is now known, went by the name Peter Simonyi until three years ago. It’s not the first time Haller has worked the revolving door to help out Goldman Sachs. When he took over the chairmanship of the Oversight Committee this year, Issa dramatically shifted the committee’s focus away from its traditional role of investigating major corporate scandals. Update We have contacted the House Oversight Committee and Mr.

Audit Of The Federal Reserve Reveals $16 Trillion In Secret Bailouts Audit Of The Federal Reserve Reveals $16 Trillion In Secret Bailouts By Unelected.org 24 July, 2011Unelected.org Click on the image for a larger picture The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. Comments are not moderated.

Mujahideen-e Khalq: Former U.S. Officials Make Millions Advocating For Terrorist Organization WASHINGTON -- The ornate ballroom of the Willard Hotel buzzed with activity on a Saturday morning in July. Crowded together on the stage sat a cadre of the nation's most influential former government officials, the kind whose names often appear in boldface, who've risen above daily politics to the realm of elder statesmen. They were perched, as they so often are, below a banner with a benign conference title on it, about to offer words of pricey wisdom to an audience with an agenda. That agenda: to secure the removal of the Mujahideen-e Khalq (MEK) from the U.S. government's list of Foreign Terrorist Organizations. A Marxian Iranian exile group with cult-like qualities, Mujahideen-e Khalq was responsible for the killing of six Americans in Iran in the 1970s, along with staging a handful of bombings. Onstage next to former FBI director Louis Freeh sat Ed Rendell, the former Democratic governor of Pennsylvania and current MSNBC talking head; former Vermont Gov.

Police scramble to fight flash-mob mayhem Law enforcement is scrambling to monitor crime planning on the Web London, Philadelphia and other cities have faced flash mobs of violent youths this summer Police says they believe these groups organize on social-media sites Official: Authorities should befriend suspects on social media to diffuse potential crime (CNN) -- This week in Germantown, Maryland, it took less than a minute for a flash mob of teenagers to descend on a 7-Eleven, ransack shelves and make off with hundreds of dollars worth of stuff. It's going to take much longer for police in Montgomery County to figure out how to prevent it from happening again. "We had always thought flash mobs happen in big cities. We are unprepared. Police in Maryland are not alone in their scramble to find creative, affordable and efficient ways to fight mayhem from flash mobs -- groups of people who gather in one location quickly after being summoned online. All-female flash mob robbery in DC Violent flash mobs slowed by new curfew .

Federal Reserve made $9 trillion in emergency loans - Dec. 1, 2010 Top recipients of overnight loans made by the Federal Reserve under special program that ran from March 2008 through May 2009.By Chris Isidore, senior writerDecember 1, 2010: 6:05 PM ET NEW YORK (CNNMoney.com) -- The Federal Reserve made $9 trillion in overnight loans to major banks and Wall Street firms during the financial crisis, according to newly revealed data released Wednesday. The loans were made through a special loan program set up by the Fed in the wake of the Bear Stearns collapse in March 2008 to keep the nation's bond markets trading normally. The amount of cash being pumped out to the financial giants was not previously disclosed. Still, the total amount was a surprise, even to some who had followed the Fed's rescue efforts closely. "That's a real number, even for the Fed," said FusionIQ's Barry Ritholtz, author of the book "Bailout Nation." "It makes it very clear this was a very serious, very unusual situation," he said. Sen. Share this

Thom Hartmann: Debt is Not Money "Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs." --Thomas Jefferson letter to Thomas Cooper, 1814. Are we standing at the edge of a Great Inflation (like Weimar Germany), a second Republican Great Depression, or a return to the middle class prosperity of the Roosevelt/Eisenhower New Deal era? Until Americans understand the difference between "money" and "debt," odds are its going to be one of the first two, at least over the next few years. Money "Money" is a convenient replacement for barter in an economy. Debt "Debt" is not money.

Kate Moss Wedding: Catty speeches, a broody bride, a host of no-shows By Alison Boshoff Updated: 00:20 GMT, 15 August 2011 Although Kate Moss’s honeymoon tan has already faded a little since her wedding on July 1, we mere mortals are only now being given a glimpse behind the scenes of her extravagant three-day-long nuptials. The official wedding photos, published in U.S. Vogue, are a testament to perfectionism. But was Kate’s marriage to guitarist Jamie Hince really a fairy tale? Here ALISON BOSHOFF lifts the lid on the in-fighting, bitching and hedonism that was the unvarnished truth behind those oh-so magical images. Bride vs Best Man Give that the groom chose a woman to be his best man — Alison Mosshart, his bandmate in the Kills — it’s perhaps not surprising things were slightly chilly between the bride and the ‘best man’ on the Big Day. Ms Mosshart wore a tuxedo and gave a speech littered with profanities which included advice for the bride on how to keep her man, which can’t have gone down very well. Friends reunited The broody bride The guest list

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