BANKS steal another $140 BILLION. See this thread - Rate it up please

[autorank]

Rec this thread by BrklynLiberal

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x400427

"In the midst of this late-September drama, the Treasury Department issued a five-sentence notice that attracted almost no public attention.

"Administration officials had just given American banks a windfall of as much as $140 billion."

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x400427

[autorank]

1. kick

:kick:

[Leopolds Ghost]

2. Remember when Summers told Citi & NBNA they could ignore the Glass Steagall act?

So long as they changed their corporate name from "bank" to "banc"?

This allowed banks to begin buying up other financial institutions
illegally, a year BEFORE the Gramm Deregulation Act got passed --

with the full support of the Clinton Administration.

Clinton's folks at Justice publically said there would be
no prosecution because the Glass Steagall Act (a cornerstone
of New Deal anti-trust and banking reform) was about to be
repealed by Summers' ally in the senate, Gramm.

Shades of FISA anyone?

That is the crime that made those banks the powerhouses they are
today -- big enough to avoid prosecution or disclosure of their
own toxic mortgage-backed assets.

Billions of dollars in illegal acts explicitly
condoned in public by Rubin, Summers, and Clinton.

Of course Bush was even further to the right.

Notice how Dems quoted in the article say we can't go on record
saying this is illegal because it would undermine the financial
stability of recently bailed out firms?

There are not gradations of "unacceptable" when it
comes to right-wing "centrism" and the crimes publically
rendorsed by "centrists" here on DU.

[acmavm]

3. Just one of MANY reasons why I detest Bill Clinton

[autorank]

4. That quote did get me - "an even deeper tailspin"

"Some congressional staff members have privately concluded that the notice was illegal. But they have worried that saying so publicly could unravel several recent bank mergers made possible by the change and send the economy into an even deeper tailspin."

How much deeper does it get when they steal $140 billion, while they're also stealing $700 billion.

"Deep" is unfathomable;) for this crowd.

[formercia]

12. People get several years in prison for stealing a few hundred dollars.

These criminals steal hundreds of Billions and laugh at us.

[autorank]

17. Right, steal $200 or more in cash or value and you're a felon, jail and lost the vote

But steal $140,000,000 and guess what, you're not fingered because it might upset the
morons who now have more money to waste. The new criterion for a crime, mentionable only
if it doesn't upset the loser banks.

Jefferson rolls over in his grave.

[BrklynLiberal]

10. Is that the same Summers that is now being touted for Secty of Treasury??

[Neshanic]

5. Move along, nothing to see here. It's just money. We will print more.

[BeFree]

16. Really

Just because it's our money and we'll never see any of it til it trickles down on us, maybe, some years from now, is no reason to get upset. The banks hit the lotto, that's all. Course it was a lotto that they had a hand in putting together. Thems some fart smellers what done that. Robbing us blind and getting away with it.

John McCain woulda fixed that, he'd a just peed a little harder and then we'd all get wet. Eh?

[autorank]

19. I have a new definition of "PTB" - Personal Tax Break

I think that the $140 billion hatched in the midst of a much larger controversy offers opportunities to
every citizen - an appeal for a Personal Tax Break. Much like my suggestion for a Personal Bailout,
this should be offered both online and through an 800 number for those averse to the internet.

We could just get a few sentences written with" _____________ (your name here) is entitled to a tax break in the form of a personal deduction no less than 10% of ______________ gross income." Now that would offer incentive for tax payers to become more efficient in earning power and also provide some direct investment money for "main street."

Leave no taxpayer behind, including us.

[SammyWinstonJack]

6. Well "Thank God"

:eyes:

[Name removed]

7. Deleted message

Message removed by moderator. Click here to review the message board rules.

[BrklynLiberal]

9. That thread should definitely be moved back to GD..

[Neshanic]

8. Kick for importance

[formercia]

11. This is just like the Nazis looting at the end of WWII.

Stealing everything they can and carting it off to vaults in 'friendly' banks elsewhere.

They see the end coming and this is their last feeding frenzy before they escape into the hinterlands.

[OnceUponTimeOnTheNet]

13. K&R

[Danascot]

14. Bob Herbert's column at NYT talks about this

http://www.nytimes.com/2008/11/11/opinion/11herbert.html?ref=opinion

and Rachel Maddow also covered it last night on her show on MSNBC

http://www.msnbc.msn.com/id/26315908/#27652957

[autorank]

22. Thanks, great stuff! n/t

[slipslidingaway]

15. Consolidation in the banking industry...

http://www.nytimes.com/2008/10/25/business/25nocera.html?8dpc

"...In fact, Treasury wants banks to acquire each other and is using its power to inject capital to force a new and wrenching round of bank consolidation. As Mark Landler reported in The New York Times earlier this week, “the government wants not only to stabilize the industry, but also to reshape it.” Now they tell us.

Indeed, Mr. Landler’s story noted that Treasury would even funnel some of the bailout money to help banks buy other banks. And, in an almost unnoticed move, it recently put in place a new tax break, worth billions to the banking industry, that has only one purpose: to encourage bank mergers. As a tax expert, Robert Willens, put it: “It couldn’t be clearer if they had taken out an ad.”

Friday delivered the first piece of evidence that this is, indeed, the plan. PNC announced that it was purchasing National City, an acquisition that will be greatly aided by the new tax break, which will allow it to immediately deduct any losses on National City’s books.

As part of the deal, it is also tapping the bailout fund for $7.7 billion, giving the government preferred stock in return. At least some of that $7.7 billion would have gone to NatCity if the government had deemed it worth saving. In other words, the government is giving PNC money that might otherwise have gone to NatCity as a reward for taking over NatCity.
I don’t know about you, but I’m starting to feel as if we’ve been sold a bill of goods."

[GrannyK]

18. K & R Very important info N/T

[Pooka Fey]

20. K&R

[Greyhound]

21. Too late to rec the original, here's a proxy K&R. n/t