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Title: Bank Of America Makes Taxpayers Insure 75 Trillion Dollars in Risky Derivative Schemes
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URL Source: http://blog.buzzflash.com/node/13094
Published: Oct 29, 2011
Author: MARK KARLIN, EDITOR OF
Post Date: 2011-10-29 10:28:18 by tom007
Keywords: None
Views: 128
Comments: 6
Bank Of America Makes Taxpayers Insure 75 Trillion Dollars in Risky Derivative Schemes Submitted by mark karlin on Sat, 10/22/2011 - 9:33am. EditorBlog MARK KARLIN, EDITOR OF BUZZFLASH AT TRUTHOUT Consistent with the Wall Street standard operating procedure of privatized profits and socialized risks, the Bank of America has allegedly transferred 75 trillion dollars in potentially toxic derivatives to enable the money to be covered by the Federal Deposit Insurance Corporation (FDIC). What does this mean in plain English? It means that we, the taxpayers, are once again insuring the casino gambling financial bets of another bank too big to fail. So, while the Tea Party and the Republicans in Congress rail about cutting taxes, they are saying nary a word about taxpayers covering the shady financial gambling of big banks. The potential loss of $75 trillion, insured by government money, dwarfs budget deficit "austerity" talks. And the Bank of America - although it is the largest US bank in total financial assets according to Sen. Dick Durbin (D-Illinois) - is not a good investment for taxpayers right now, even though it recently showed a profit on paper. According to Bloomberg: Moody's Investors Service downgraded Bank of America's long-term credit ratings Sept. 21, cutting both the holding company and the retail bank two notches apiece. The holding company fell to Baa1, the third-lowest investment-grade rank, from A2, while the retail bank declined to A2 from Aa3.... Bank of America's rating is now four grades below the one Moody's assigned to JPMorgan Chase & Co. (JPM), the biggest U.S. bank by deposits at midyear, and a level below the rating given to Citigroup Inc. (C), the third-biggest. Bank of America is the only U.S. lender that lacks a rating of A3 or higher among the five firms listed by the Office of the Comptroller of the Currency as having the biggest derivatives books. So the free market isn't really "free." Wall Street depends upon hard-working Americans to keep them from the negative results of taking bad risks in an effort to turn large profits and big bonuses. If you own a small business and take such risks and they fail, you go bankrupt. If you run a Wall Street bank "too big to fail," average Americans cover your losses. Call it Wall Street socialism. Ominously, in regards to that 75 trillion dollars that we are now backing with our dollars, a Reuters columnist recently wrote a commentary headlined, "Is Bank of America preparing for a Chapter 11?" It would be great to go to Vegas and have all your gambling debts covered by the house. That's the Wall Street way - and the US government is the house. The taxpayers are holding up Wall Street, not the other way around. **** If you'd like to receive these commentaries daily from Truthout/BuzzFlash, click here. You'll get our choice headlines and articles too.
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#1. To: All (#0)
Thank God for Capitalism and America is not one of those commie marxist countries. Im going out to Mickey Dee's to get a jumbo order of Freedom Fries with my Happy Meal. Should read: Taxpayers happily insure 75 Trillion Dollars in risky derivatives scheme in addition to their unquestioning support of murdering children all over the world. "the man who puts all the guns and all the decision-making power into the hands of the central government and then says, “Limit yourself”; it is he who is truly the impractical utopian." Murray Rothbard
Behind the battle fronts in World War II, through intermediaries in Switzerland and North Africa, the New York financial elite collaborated with the Nazi regime, Captured files after the war yielded a mass of evidence demonstrating that for some elements of Big Business, the period 1941-5 was "business as usual." For instance, correspondence between U.S. firms and their French subsidiaries reveals the aid given to the Axis military machine — while the United States was at war with Germany and Italy. Letters between Ford of France and Ford of the U.S. between 1940 and July 1942 were analyzed by the Foreign Funds Control section of the Treasury Department. Their initial report concluded that until mid-1942: (1) the business of the Ford subsidiaries in France substantially increased; (2) their production was solely for the benefit of the Germans and the countries under its occupation; (3) the Germans have "shown clearly their wish to protect the Ford interests" because of the attitude of strict neutrality maintained by Henry Ford and the late Edsel Ford; and (4) the increased activity of the French Ford subsidiaries on behalf of the Germans received the commendation of the Ford family in America.1 Similarly, the Rockefeller Chase Bank was accused of collaborating with the Nazis in World War II France, while Nelson Rockefeller had a soft job in Washington D.C.: Substantially the same pattern of behavior was pursued by the Paris office of the Chase Bank during German occupation, An examination of the correspondence between Chase, New York, and Chase, France, from the date of the fall of France to May, 1942 discloses that: (1) the manager of the Paris office appeased and collaborated with the Germans to place the Chase banks in a "privileged position;" (2) the Germans held the Chase Bank in a very special esteem — owing to the international activities of our (Chase) head office and the pleasant relations which the Paris branch has been maintaining with many of their (German) banks and their (German) local organizations and higher officers; (3)the Paris manager was "very vigorous in enforcing restrictions against Jewish property, even going so far as to refuse to release funds belonging to Jews in anticipation that a decree with retroactive provisions prohibiting such release might be published in the near future by the occupying authorities;" (4)the New York office despite the above information took no direct steps to remove the undesirable manager from the Paris office since it "might react against our (Chase) interests as we are dealing, not with a theory but with a situation."2 An official report to then-Secretary of the Treasury Morgenthau concluded that: These two situations [i.e., Ford and Chase Bank] convince us that it is imperative to investigate immediately on the spot the activities of subsidiaries of at least some of the larger American firms which were operating in France during German occupation ....3 Treasury officials urged that an investigation be started with the French subsidiaries of several American banks — that is, Chase, Morgan, National City, Guaranty, Bankers Trust, and American Express. Although Chase and Morgan were the only two banks to maintain French offices throughout the Nazi occupation, in September 1944 all the major New York banks were pressing the U.S. Government for permission to re-open pre-war branches. Subsequent Treasury investigation produced documentary evidence of collaboration between both Chase Bank and J.P. Morgan with the Nazis in World War II. T The recommendation for a full investigation is cited in full as follows: http://www.reformed-theology.org/html/books/wall_street/chapter_11.htm ROTHSCHILD CONDUCTS RED SYMPHONY Why would the financial elite also want to destroy Russia, which they created? The transcript of the 1938 NKVD interrogation of C.G. Rakowsky (a.k.a Chaim Rakeover) provides the answer. Rakowsky was an intimate of Trotsky's and former Soviet ambassador to Paris. Rothschild's agent Leon Trotsky was supposed to succeed Lenin but got sick at the critical moment. Stalin was able to assume power and divert Russia from Rothschild control. In order to control Stalin, international finance was forced to build up Hitler and the Nazi party. Rakowsky confirms that Jewish financiers backed the Nazis although Hitler was not aware of this. "The ambassador Warburg presented himself under a false name and Hitler did not even guess his race ... he also lied regarding whose representative he was... Our aim was to provoke a war and Hitler was war...[the Nazis] received...millions of dollars sent to it from Wall Street, and millions of Marks from German financiers through Schacht; [providing] the upkeep of the S.A and the S.S. and also the financing of the elections..." "Warburg" describes a July 1929 meeting with "Carter," the President of J.P. Morgan's Guarantee Trust, the Presidents of the Federal Reserve Banks, "the young Rockefeller" and "Glean from Royal Dutch." These are all Rothschild dominated. It was determined that Warburg who spoke German should travel to Germany and ask Hitler how much money he needed to overthrow the state. The only stipulation was that Hitler adopts "an aggressive foreign policy." "Warburg" details five meetings with Hitler between 1929 and 1933. The first took place in a beer cellar and Hitler calculated his needs on the back of a paper plate. About $25 million was transferred. This was extremely important in the depth of the depression because the Nazis provided food and shelter to many of their supporters. Hitler wasn't told the reason for this support and did not ask. On two occasions, he wondered out loud if "Warburg" was himself Jewish but dismissed the idea before "Warburg" could reply.
The headline says it all. I stand by the words of Andrew Jackson concerning the bankers, "You are a den of vipers and thieves, and by the Eternal I shall route you out." "When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
These are all Rothschild dominated. Sounds to me like another Joo! There are those Rothschilds again! "When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
Amen to that! Now, if I could just get something going and get back to trucking. ;) "When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
"Satan / Cheney in "08" 
#2. To: tom007 (#0)
Bank Of America Makes Taxpayers Insure 75 Trillion Dollars in Risky Derivative Schemes
#3. To: tom007 (#0)
#4. To: tom007 (#0)
Bank Of America Makes Taxpayers Insure 75 Trillion Dollars in Risky Derivative
#5. To: bush_is_a_moonie (#3)
(Edited)
C.G. Rakowsky (a.k.a Chaim Rakeover)
#6. To: tom007 (#1)
Thank God for Capitalism and America is not one of those commie marxist countries.
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