Wall Street Pays Bankers to Work in Government and It Doesn’t Want Anyone to Know

by David Dayden, New Republic

Citigroup is one of three Wall Street banks attempting to keep hidden their practice of paying executives multimillion-dollar awards for entering government service. In letters delivered to the Securities and Exchange Commission (SEC) over the last month, Citi, Goldman Sachs and Morgan Stanley seek exemption from a shareholder proposal, filed by the AFL-CIO labor coalition, which would force them to identify all executives eligible for these financial rewards, and the specific dollar amounts at stake. Critics argue these “golden parachutes” ensure more financial insiders in policy positions and favorable treatment toward Wall Street.

“As shareholders of these banks, we want to know how much money we have promised to give away to senior executives if they take government jobs,” said AFL-CIO President Richard Trumka in a statement. “It’s a simple question, but the banks don’t want to answer it. What are they trying to hide?”

These payments are routine at major banks, several of which have explicit policies, found in filings with the SEC, outlining automatic awards for executives who rotate into government. Goldman Sachs offers “a lump sum cash payment” for government service, for example.

[read more here]

Fed Delays Volcker Rule, Giving Wall Street Another Holiday Gift

by Zach Carter, Huffington Post

Christmas came early for Wall Street this year. The Federal Reserve on Thursday granted banks an extra year to comply with a key provision of the Volcker Rule, a move that gives financial lobbyists more time to kill the new regulation before it goes into effect.

The Volcker Rule is a key element of the 2010 Dodd-Frank financial reform law that bans banks from engaging in proprietary trading — speculative deals that are designed only to benefit the bank itself, rather than its clients. Thursday’s move by the Fed gives banks an additional year to unwind investments in private equity firms, hedge funds and specialty securities projects. The central bank also said it plans to extend the deadline by another 12 months next year, which would give Wall Street a two-year reprieve through the 2016 presidential election.

The Fed’s delay comes less than a week after Congress granted Wall Street a reprieve from another reform that had been mandated by the 2010 Dodd-Frank financial reform law. The measure, known as the swaps push-out rule had eliminated federal subsidies for trading in risky derivatives — the complex contracts at the heart of the 2008 banking meltdown. Bank watchdogs say the Volcker Rule delay adds insult to injury.

[read more here]

The Newest and Most Dangerous Violent Extremist Group of ALL TIME! The TARD™ Menace

by Scott Creighton

It is with extreme sadness that I have to admit, after all these years of exposing and debunking various dubious bullshite “extremist” groups that have been created in order to manufacture consent for one operation or another in service to the Global War of Terror and the banks who fund it.. I have found this latest threat is more than credible… it’s hyper-credible… it’s incredulous… and it’s all around us just waiting to strike.

We are all doomed and therefore must sacrifice any number of freedoms on the altar of security in order to preserve our way of life that currently sucks and is getting suckier because after all, USA™…USA™…USA™

When asked why the White House called an emergency press conference this morning, State Department™ Spokesman Jen Psaki said :

“ISIS™? No, this meeting isn’t about ISIS™ . ISIS™  is so August™. This is September™. Try to keep up. We’re here to talk about TARD™ , the most ruthless, vicious, evil, monstrous, impolite, unfriendly, antisocial social media expert terrorist group to ever have occupied a green screen sound stage! Duh.”

Psaki said we need to build an international coalition to put an end to  TARD™ (not to be confused with the Coalition of the Willing used as cover to create the impression of international legitimacy the Bush administration could not get at the start of the invasion of Iraq back in 2003) she called it a Coalition of the Willing TARDS™ because, as she said:

TARD™  is EVERYWHERE.  TARD™  is NOWHERE. Therefore, we must be prepared to allow ObamaGod the flexibility to bomb EVERYTHING and EVERYONE without asking congress or the people. It’s the TARD™ way!”

Like Colin Powell did at the UN Security Council, Psaki knocked it out of the park. Who in their RIGHT mind can argue with that kind of logic I ask you?

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The “Lawless” Liberty Reserve Scandal – Big Banking is Organized Crime Sanctioned and Protected by the State

by Scott Creighton

  • HSBC failed to monitor $670 billion in wire transfers and $9.4 billion in cash
  • (Wachovia) sanctioned for failing to apply the proper anti-laundering strictures to the transfer of $378.4bn
  • Historians estimate that in the 1920s, 99 of every 100 Franklin County residents were in some way involved in the illegal liquor trade. The bootleggers became involved with gangsters from Chicago and other major cities, and some local law enforcement officials (and especially federal agents) were part of the criminal activities and killing of competitors

From the New York Times to little Dvorak Blog, the interwebs are all talking about the “largest international money-laundering prosecution in history”: the Liberty Reserve.

The charges are that throughout it’s history (Liberty Reserve was set up in 2006 by Arthur Budovsky in Costa Rica after the feds shut down his other exchange GoldAge) Liberty Reserve did around $6 billion in transactions, all of which they now add together to get the total amount of “laundered money” (read the court documents, here)

Overall, from 2006 to 2013, Liberty Reserve processed an estimated 55 million separate financial transactions and is believed to have laundered more than 6 billion (U.S.) in criminal proceedsU.S. V Liberty Reserve et al Indictment, page 4

The indictment states that by the end, Liberty Reserve was doing 1.5 billion in transactions a year. They certainly didn’t start off that way, it took time to build up to that amount of traffic. They were operating for 6 or 7 years, so it’s reasonable to assume the $6 billion number is their total transaction amount over the entire course of their business operation.

Part of the magic trick that Justice uses is the start off with the premise that the business was set up to cater to illegal transactions and those who wish to launder their ill-gotten gains so to speak. Think of it as a poor man’s Swiss bank account.  Therefore they are claiming that all of those 55 million transactions were criminal transactions.

“Because virtually all of Liberty Reserve’s business derived from suspected criminal activity, the scope of the defendant’s unlawful conduct is staggering” U.S. V Liberty Reserve et al Indictment, page 3

This is an obvious fallacy.

So why pump this case up and why prosecute these men when other drug laundering schemes are so much larger? The answer to that lies in the standard operation procedure of the Justice Department these days: protect the big banks at all costs, especially from competition. Especially from homegrown competition.

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Neoliberal Terrorism Decimates Distracted Nation While the Terrorists Write the Laws

by Scott Creighton

While we are distracted by little pressure-cooker bombs, shaking in our boots over internet radicalized extremists, the real terrorists are skimming off the entire wealth of the nation into their pockets, one city at a time. And while we worry about cointelpro ops breathlessly hypothesizing about “weather weapons” making tornadoes, the financial oligarchs are writing more legislation in order to enable them to do commit even more terrorism against us and our future generations.

It’s reality of the absurd and there’s just no other way of looking at it.

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“Wall Street’s Favorite Democrat” Looks to Deregulate Derivatives Even More

by Scott Creighton

Former Goldman Sachs executive and current national finance chairman of the Democratic Congressional Campaign Committee, called “Wall Street’s Favorite Democrat” by Bloomberg, Rep. Jim Himes (D-Conn.), is pushing a new bit of legislation to make it easier for Wall Street and Goldman Sachs to make piles of money setting up the next financial catastrophe just like they did back when they got Clinton to repeal Glass-Steagall.

The bill would “allow banks to keep commodity and equity derivatives in federally insured units,” Politico reported on Wednesday, meaning that banks would no longer be forced to spin off their trading desks. It would weaken Dodd-Frank’s “push out” provision, otherwise known as the Prohibition Against Federal Government Bailouts of Swaps Entities, which bars federal assistance from being provided to any swaps entity.

Himes, who was recently named the national finance chairman of the Democratic Congressional Campaign Committee, is a former executive at Goldman Sachs, where he was a vice president.” Huffington Post

Jim, like President Obama, was born to do the “good work” of neoliberalizing America and Europe. His daddy worked for the Ford Foundation and UNICEF  in Lima Peru. His father worked under the presidency of Fernando Belaúnde who was particularly favored by the U.S. at the time because he basically handed over the nationalized oil industry to Standard Oil. Belaunde was forced to resign under threat of military coup in late 1968 and the new government did horrendous things like started a land reform program giving land back to the people and nationalized the oil industry again. They were also setting up  deals coming closer to Cuba and the Soviet Union. Eventually the Good old U.S. of A got their man back in the saddle again in 1980.

As you can see, a very similar path to greatness that our Glorious Leader had. Born to the Ford Foundation and neoliberalized dictators in far away lands and he ends up running things in the Democratic party. Small world for these oligarchs ain’t it?

Fiscal Cliff = Economic Terrorism says U.S. Senator

by Scott Creighton

We’ve seen this before: the economic powers that be went to congress and the MSM back in late 2008 and threatened Armageddon if we didn’t give them what they wanted: our money. They effectively held the economy of the United States hostage and threatened to pull the trigger if they weren’t paid $780 billion in cash. Turns out, the fed gave them far more than that in secret backdoor loans, but the story is still the same; we were subjected to economic terrorism in which our leaders, the same leaders who boasted they will never give into terrorist threats, caved in immediately and went on a PR campaign pushing the TARP bailout package like their lives depended on it.

Now we have the same thing happening. The “fiscal cliff” boogeyman is the same as the “Ruskies” of old or the “turrurrrurrists’ of today. It’s terrorism pure and simple.

When you threaten people with the fear of death, starvation and chaos in order to advance a change in either the political  (like we did to Libya and currently are doing to Syria and Iran) or economic structure of a nation, that is defined as “Terrorism” and that is exactly what is being done to us right now.

Who says so? Some conspiracy theorist whack-job wing-nutter?

No. A seated U.S. senator from Iowa said that.

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