by Scott Creighton
Keep this information in mind as you read the following article: The largest banks made a combined 13 billion dollars in profits from 7.77 trillion dollars of undisclosed emergency loans from the Federal Reserve bank over and above the 780 billion dollar banker bailouts. The loans and the bailouts were a direct reaction to the crisis caused by the criminal and fraudulent behavior of these same banks which the Obama administration now says will cost them roughly 1 billion a piece. 13 billion in profits for criminal activities (that we know of) and 5 billion in penalties (spread out over the course of a few years) while it is left to investors to foot the bill for the rest of the 26 billion dollar “settlement” deal. No further criminal prosecution, no further investigation required.
From Bloomberg News Nov. 2011 -
- The six biggest U.S. banks, which received $160 billion of TARP funds, borrowed as much as $460 billion from the Fed… JPMorgan, Bank of America, Citigroup Inc. (C), Wells Fargo & Co. (WFC), Goldman Sachs Group Inc. (GS) and Morgan Stanley
- Bank of America and New York-based Citigroup each received $45 billion from TARP.
- Total assets held by the six biggest U.S. banks increased 39 percent to $9.5 trillion on Sept. 30, 2011, from $6.8 trillion on the same day in 2006, according to Fed data.
- Employees at the six biggest banks made twice the average for all U.S. workers in 2010, based on Bureau of Labor Statistics hourly compensation cost data.
- Bank of America took over Merrill Lynch & Co. at the urging of then-Treasury Secretary Paulson after buying the biggest U.S. home lender, Countrywide Financial Corp.
- Wells Fargo bought Wachovia Corp., the fourth-largest U.S. bank by deposits before the 2008 acquisition.
- JPMorgan absorbed the country’s largest savings and loan, Seattle-based Washington Mutual Inc., and investment bank Bear Stearns Cos. The New York Fed, then headed by Timothy F. Geithner, who’s now Treasury secretary, helped JPMorgan complete the Bear Stearns deal by providing $29 billion of financing, which was disclosed at the time.
original article below
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The Obama administration finalized their latest and most heinous betrayals of their 3 year history yesterday when they announced their settlement between the big five banks and state and federal governments on their “investigation” into the massive systemic mortgage fraud conspiracy. There will be no investigation. We will never know the full extent of the criminal conspiracy to decimate the economy of the United States of America because Barack Obama’s “Justice” Department has struck a deal. The economic hit-men who are running this country won out as Left Cover Obama sold us out. Again.
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Filed under: Banking Heist, class warfare, disaster capitalism, Economic Crisis ie. Disaster Capitalism, economic terrorism, Fake Banker Pay Limits, Fake Banking Reform, Globalist Clinton Scum, Globalist Skank Watch, Globalization, Neocons = Neolibs, Neoliberalizing America, Obama™, Scott Creighton, war on the middle class | 6 Comments »
