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Octafish

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Member since: 2003 before July 6th
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Right. Control Fraud along with repeal of Glass Steagall.

Goldman AIG To Become Obama's New Scandal

By William K. Black
New Economic Perspectives, June 9, 2015

EXCERPT...

The bailout of Goldman via AIG had two parts. The largely fraudulently-originated mortgages backing Goldman's CDOs suffered crushing defaults as the housing bubble burst and the bad loans could no longer be refinanced to delay the loss recognition. The credit rating agencies, whose managers became wealthy by selling enormously inflated ratings to toxic CDOs and mortgage-backed securities (MBS) finally began to recognize reality and engaged in, by far, the greatest and quickest rating downgrades in history. This should have triggered AIG's obligation to pay the CDS protection for vast amounts of toxic CDOs and MBS - but that would have rendered AIG insolvent and the CDO and MBS holders would have had to recognize vast losses. Other entities that sold CDS protection were in a similar position to AIG and they began negotiating deals to pay roughly 15 cents on the dollar of their obligation. It is better to get 15 cents on the dollar now than risk getting close to zero 18 months from now after the firm that sold you illusory CDS protection is liquidated in a bankruptcy proceeding. This kind of commercial workout is the norm in big finance.

Goldman had already received the twin direct bailouts provided by the Fed and Treasury (through the TARP program). Absent similar bailouts every one of the largest banks in the U.S. and the EU would have failed as the financial markets froze and the economy went into freefall.

But Goldman was the primary indirect beneficiary of two federal bailouts through AIG. The first bailout of AIG was the U.S. purchase of most of most of AIG's equity at a price far above market value. Absent this bailout AIG would have had to declare bankruptcy in Fall 2008. This bailout was strongly pushed by what became the U.S. bailout troika - Ben Bernanke (the Fed Chairman), Timothy Geithner (President of N.Y. Fed), and Hank Paulson (Treasury Secretary). Yes, the same Hank Paulson who was made even wealthier by leading Goldman's purchase of huge amounts of toxic CDOs and MBS and illusory CDS "protection" from AIG.

Goldman is known as "Government Sachs" because of its incestuous relationship with government. Bob Rubin had run Goldman before becoming President Clinton's Treasury Secretary. The Bush and Obama administration were infested with Goldman alums in key positions. The Obama administration also had Rubin protégés like Geithner controlling most of the top financial positions. Indeed, for extensive periods every top Obama economics official has been a Rubin protégé.

While Geithner is famous for his faux indignation that people believed from his slavish devotion to furthering the interests of the wealthiest and most criminal banksters that he had worked at a Wall Street firm, everyone knows that the NY Fed is Wall Street. It functions for Wall Street's CEOs, not the American people, regardless of what administration is in power. Geithner, who has now, formally, joined Wall Street and been made even wealthier, is one of the three most infamous financial regulators in U.S. history. He shares that dishonor with Bernanke and the worst-of-the-worst, Alan Greenspan. The Financial Crisis Inquiry Commission (and even the Fed's own external report) confirm what we all knew - even among the embarrassment that was "Fed Lite" regulation globally, the NY Fed stood out as uniquely terrible because of its servile approach to the elite banksters.

CONTINUED...

http://www.econmatters.com/2015/06/goldman-aig-to-become-obamas-new-scandal.html


Even if AIG repaid every cent on the dollar, they were made whole courtesy of the US taxpayer, millions of whom were tossed from their homes in the process.

What has WikiLeaks ever taught us, apart from the corruption, warmongering and inside dealing?



"What has Wikileaks ever taught us?" ... Read on ...

How often have we been told in world-weary tones that Wikileaks has revealed nothing new - especially by those who want to appear to be in the know? Here is an aide-mémoire of a few of the highest profile revelations.


by Ryan Gallagher
17 February 2011
OpenDemocracy.net

Since 2006, whistleblower website WikiLeaks ↑ has published a mass of information we would otherwise not have known. The leaks have exposed dubious procedures at Guantanamo Bay ↑ and detailed meticulously the Iraq War's unprecedented civilian death-toll ↑ . They have highlighted the dumping of toxic waste in Africa ↑ as well as revealed America's clandestine military actions in Yemen and Pakistan ↑ .

The sheer scope and significance of the revelations is shocking. Among them are great abuses of power, corruption, lies and war crimes. Yet there are still some who insist WikiLeaks has "told us nothing new". This collection, sourced from a range of publications across the web, illustrates nothing could be further from the truth. Here, if there is still a grain of doubt in your mind, is just some of what WikiLeaks has told us:

SNIP...

• The Obama administration worked with Republicans to protect Bush administration officials facing a criminal investigation into torture (see Mother Jones ↑ )

SNIP...

• More than 66,000 civilians suffered “violent deaths” in Iraq between 2004 and the end of 2009 (see the Telegraph ↑ )

SNIP...

• The British government promised to protect America's interests during the Chilcot inquiry into the Iraq war (see the Guardian)

• The US government was acting on behalf of GM crop firm Monsanto in 2008, when the US embassy in Paris advised Washington to start a military-style trade war against any European Union country which opposed genetically modified (GM) crops (see the Guardian)

• Pfizer tested anti-biotics on Nigerian children, contravening national and international standards on medical ethics (see Medical News Today)



CONTINUED with LINKS...

http://www.opendemocracy.net/ryan-gallagher/what-has-wikileaks-ever-taught-us-read-on


Gee. No wonder they want to shut up Assange and the Internet he rode in on.

Didn't Washington make it illegal for Federal Employees to even look at WikiLeaks?

Seeing how they show inside crony dealing and war profiteering, it's understandable.



How often have we been told in world-weary tones that Wikileaks has revealed nothing new - especially by those who want to appear to be in the know? Here is an aide-mémoire of a few of the highest profile revelations.

by Ryan Gallagher
17 February 2011
OpenDemocracy.net

Since 2006, whistleblower website WikiLeaks ↑ has published a mass of information we would otherwise not have known. The leaks have exposed dubious procedures at Guantanamo Bay ↑ and detailed meticulously the Iraq War's unprecedented civilian death-toll ↑ . They have highlighted the dumping of toxic waste in Africa ↑ as well as revealed America's clandestine military actions in Yemen and Pakistan ↑ .

The sheer scope and significance of the revelations is shocking. Among them are great abuses of power, corruption, lies and war crimes. Yet there are still some who insist WikiLeaks has "told us nothing new". This collection, sourced from a range of publications across the web, illustrates nothing could be further from the truth. Here, if there is still a grain of doubt in your mind, is just some of what WikiLeaks has told us:

SNIP...

•The Obama administration worked with Republicans to protect Bush administration officials facing a criminal investigation into torture (see Mother Jones ↑ )

SNIP...

•More than 66,000 civilians suffered “violent deaths” in Iraq between 2004 and the end of 2009 (see the Telegraph ↑ )


CONTINUED with LINKS...

http://www.opendemocracy.net/ryan-gallagher/what-has-wikileaks-ever-taught-us-read-on

Gee. No wonder they want to shut up Assange and the Internet he rode in on.

PS: The picture above is of Jose Padilla in his sensory deprivation goggles.

How about that time The New York Times lied America into war?

Trick Question: The New York Times ALWAYS helps lie America into war.



The Gulf of Tonkin Incident.



The Newspaper of War

by Howard Friel
Published on Tuesday, May 13, 2014 by Common Dreams

Many years ago, Ho Chi Minh’s North Vietnam, Communist China, and Soviet Russia were saying one thing about what had happened in the Gulf of Tonkin in early August 1964, while President Johnson and top administration officials were all saying the exact opposite. How should the Times have responded to that situation, assuming a commitment to an independent press and an informed citizenry?

Ten years earlier, in July 1954, the governments of Britain, France, the Soviet Union, and China all signed the Final Declaration of the Geneva Accord on Vietnam, which formally concluded France’s U.S.-supported colonial war in Vietnam. The United States refused to sign, and thereafter proceeded to undermine the most important stipulation of the accord – that elections to unify the northern and southern zones of Vietnam take place in 1956. By what journalistic criteria should the New York Times have covered this refusal by the Eisenhower administration to sign and comply with the Geneva Accord on Vietnam, which opened the door to the twenty-year American military campaign in Vietnam?

When Bush, Cheney, Powell, Rumsfeld, and Rice claimed in 2001-2003 that Saddam Hussein possessed weapons of mass destruction, including an active nuclear weapons program, and when Saddam Hussein denied those claims, what journalistic standard did the Times apply in its response to those conflicting claims?

Journalism schools should teach a course focused on questions like these, given that over the past sixty years the Times and every other mainstream news organization has repeatedly flunked such tests, in each instance aiding the government’s efforts in its illegal interventions and wars.

CONTINUED...

http://www.commondreams.org/view/2014/05/13-0



This is the "paper of record" that gave us Judith Miller and aluminum tubes, while failing to mention word that George W Bush's illegal domestic spying operation until after Selection 2004. I also want to emphasize this paper has done all it can to keep up the fiction that Lee Harvey Oswald alone shot President John F. Kennedy, who had ordered withdrawal of the U.S. from Vietnam. In addition, this is an important read for those interested in seeing how Corporate McPravda exclusively serves the warmongers and not the People, as intended by the nation's Founders in the First Amendment to the Constitution.

Great Moments in Bi-Partisanship: The Signing of Gramm-Leach-Bliley Act of 1999



The Financial Services Modernization Act of 1999 repealed Glass-Steagall and the New Deal firewall protecting US taxpayer insured-deposits from Wall Street predation.

Thanks for the back story.

I remember him for "Segregation now! Segregation tomorrow! Segregation forever!" statements from his inaugural of Jan. 14, 1963.



Didn't know he had turned into such a liberal, especially considering the lengths to which Nixon's White House, in which Poppy Bush was a player, went to exploit his near-assassination.

"Reluctantly, I began to pack a bag, adding to it the shaving kit that held my CIA-issue physical disguise and documents....I called several airlines and found that the only available flight would put me in Milwaukee about 11 o’clock that night." -- E. Howard Hunt

E. Howard Hunt, Undercover (New York: Berkley Publishing Corporation, 1974), p. 217 via "Bremer & Wallace: It’s Déjà Vu All Over Again" by Lisa Pease.

It's for discipline.

Show who's boss.



Lookit alla happy faces.

UBS has paid Bill Clinton millions.

Kos must have missed that part.



The Clintons and the sordid UBS affair

By Ernest A. Canning
The Hill, March 10, 2016

The story, as originally recounted by James V. Grimaldi and Rebecca Ballhaus of The Wall Street Journal, was, of itself, deeply troubling. In March 2009, after meeting with Swiss Foreign Minister Micheline Calmy-Rey, then Secretary of State Hillary Clinton intervened with the U.S. Internal Revenue Service (IRS) on behalf of Switzerland's most powerful banking institution, UBS. The IRS, which at that time was seeking the identity of wealthy Americans who had stashed some $20 billion in 52,000 tax evading UBS accounts, then agreed that the Swiss bank need only turn over information on 4,450 accounts. Afterwards, UBS increased its previous $60,000 in donations to the Clinton Foundation ten-fold. By the end of 2014, UBS donations to the Clinton Foundation totaled $600,000. UBS also "paid former President Bill Clinton $1.5 million to participate in a series of question-and-answer sessions with UBS Wealth Management Chief Executive Bob McCann, making UBS his biggest single corporate source of speech income disclosed since he left the White House."

Those facts, of themselves, raise disturbing questions. Did a bank that still ranks as "the world's biggest wealth manager" and has at its disposal a bevy of economists and law firms have a legitimate reason for paying Bill Clinton $1.5 million in speaking fees? Or was the $1.5 million and the tenfold increase in Clinton Foundation donations a reward for the former secretary of State's intervention? If the latter, that reward would have, under federal law (18 U.S.C. § 201(c)(1)(A)), amounted to an illicit bribe.

CONTINUED...

http://thehill.com/blogs/congress-blog/presidential-campaign/272396-the-clintons-and-the-sordid-ubs-affair



So what if the link is five years old? It's UBS current web page.

http://financialservicesinc.ubs.com/revitalizingamerica/SenatorPhilGramm.html

Good for him. Nothing for me to enjoy.

''Dollar Phil'' Gramm and Bill Clinton work in UBS Wealth Management



President Clinton signed the Gramm-Leach-Bliley Act in November 1999. Senator Gramm, (third or so) from left, proudly declared it “a deregulatory bill,” and added, “We have learned government is not the answer.”

http://www.nytimes.com/2008/11/17/business/economy/17gramm.html?_r=0


Don't recognize a lot of the others there...

Dollar Bill Phil" Gramm, The senator who's raising bundles of cash from Wall Street in his bid to be the Republican presidential nominee, likes to tell audiences how tough he is on those who commit "crime in the streets." But when it comes to "crime in the suites," ol' Phil turns into a bleeding heart, knee-jerk defender of corporate muggers.

-- Jim Hightower in 2000

http://www.alternet.org/story/8198/hightower%3A_dollar_bill_phil_gramm


Phil and Bill now work in Wealth Managenent at UBS.

After his exit from the US Senate, Phil Gramm found a job at Swiss bank UBS as vice chairman. He later brought in former President Bill Clinton to the Wealth Management team. What a coincidence, they are the two key figures in repealing Glass-Steagal. Since the New Deal it was the financial regulation that protected the US taxpayer from the Wall Street casino. Oh well, what are a few hundred million in speaking fees compared to a $16 trillion bailout among friends?




It's a Buy-Partisan Who's Who:

President William J. Clinton
President George W. Bush Heh heh heh.
Robert J. McCann
James Carville
John V. Miller
Paula D. Polito
Anthony Roth
Mike Ryan
John Savercool

SOURCE: http://financialservicesinc.ubs.com/revitalizingamerica/SenatorPhilGramm.html

Why DUers and ALL voters should care about Phil Gramm.

Where they came up with such a thing, the Dry Run for Bank Deregulation: S&L Deregulation in the 1980s.

Know your BFEE: They Looted Your Nation’s S&Ls for Power and Profit

Who Repealed the Glass-Steagall Act?

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