Forum Post: Secret fed loans gave banks Billions - exposed on bloomerberg media
Posted 12 years ago on Nov. 28, 2011, 1:41 a.m. EST by Doc4the99
(591)
from Washington, DC
This content is user submitted and not an official statement
On bloomberg of all things.
Ows we need to stop these bank gangsters from stealing tax payer money. Be outraged
http://thenewamerican.com/economy/markets-mainmenu-45/9536-big-banks-shift-their-derivatives-exposure-onto-us-taxpayers
http://www.silverbearcafe.com/private/10.11/gaoaudit.html
Bad sources you cite......
TARP was $16 TRILLION.
Excellent article!
Government Accounting Office Report.
GAO List of Banks and Payoffs.
Hi Doc4the99, Agree. Thank you for link. Best Regards, Nevada
This is such a big issue that it should be discussed in every OWS event, every media appearance, every Op-Ed. The significance can't be understated, and it's a nonpartisan issue - it's a real winner, if we can put it into words the everyday guy can grasp.
Concur
7.7T to the banks...Incredible.
When the Great Recession was just unfolding and the bailouts in their infancy, I syndicated articles to some newspapers in which I lampooned the bailouts and mergers for being exactly what this Bloomberg article now reveals they were -- giveaways to utterly failed institutions. In particular, I noted as the article reveals that the solutions made the banks even MORE too big to fail!
See: http://thegreatrecession.info/blog/2009/01/downtime-collapse-of-the-colossus/
--Knave Dave
As I've been saying...
"ccupy Wall Street protesters ... say government policies favor the wealthiest citizens.... The Tea Party, which supports a more limited role for government, has its roots in anger over the Wall Street bailouts."
There is no reason for the two groups not to see eye to eye, except in strategy. You didn't see the Tea Party blockading streets with their bodies in order to get their point across, and they were still obviously VERY successful in that they gained stranglehold control on the Republican party.
--Knave Dave http://thegreatrecession.info/blog/2011/11/occupy-wall-street-now-unoccupied-but-stronger/
I like fiscal responsibility. However understand one of the key founders of the tea party is a billionaire derivatives trader. OWS is a reaction to social unrest and disenfranchisement. No one paid attention. I say keep protesting until we see change. We have the elites attention. To go home now would loose their attention.
Definitely keep up the protest but within legal and non-violent means that will earn broad respect.
--Knave Dave http://thegreatrecession.info/blog/2011/11/occupy-wall-street-now-unoccupied-but-stronger/
With courage & sacrifice OWS is trying to awaken us to the continuing destruction of our wealth & possibilities. I think every school and workplace should be the forum to discuss what the Fed has done without the knowledge of the Congress which is to commit $7.77 trillion as of March 2009 to rescuing the financial firms, more than half the value of everything produced in the U.S. that year. Interest on the money handed out to banks has been as little as 1/10 of one percent. The 400% suppression of interest rate continues to impoverish many retirees and fixed income citizens who subsist on interest incomes. Even worse, it has created the current declining economic conditions & high unemployment feeding into each other in a downward spiral.
More bail outs and war. We have to keep the illusions going. Billionaires need to put food on their table and they need bonsues to. Bullish on war and wal mart. Seriously this stuff is what needs to be at the heart of ows
Latest (((Rumor))) Sees €600 Billion Bailout Of Italy From US, Pardon IMF
::::::::::::::::Uncle Sam To The Rescue After All::::::::::::::::
-11/27/2011-
(Tyler Durden) ...overnight Italian La Stampa is out with a fresh new rumor which cites "IMF sources" according to which the US-headquartered and funded organization would provide a €600 billion loan to Italy at 4-5%. In other words, Uncle Sam, in his role as primary funding agent of the IMF would lose massive amount of money on the "market to fair value" arbitrage, only to bail out the latest European domino...
(((Continue Reading Here)))
http://www.zerohedge.com/news/uncle-sam-rescue-after-all-latest-rumor-sees-%E2%82%AC600-billion-bailout-italy-us-pardon-imf
The best thing is that it was only a rumor which caused the market to bounce. Reuters confirmed not true. Euro is getting worse. But the leaders will be pushing for another bailout. More sources from the story. http://www.slate.com/blogs/moneybox/2011/11/28/how_the_fed_s_generosity_made_13_billion_for_america_s_biggest_banks.html
You're right... Im starting to think that rumors are the only thing that can support the markets. thanks for the link Doc =)
Grand Plan 2 Or Grasping At Straws?
http://www.zerohedge.com/news/grand-plan-2-or-grasping-straws
"A story in an Italian newspaper stated that the IMF might be preparing a 600 billion Euro loan for Italy. Not only has it been denied by the IMF, it makes no sense based on data the IMF itself provides. IMF financial resources included only $385 billion of forward commitment capacity – less than half of what is allegedly being prepared for Italy. If the IMF is talking about such a massive program, a program far beyond the scope or scale of anything else they have ever done, where are they going to get the money?"
That was rumor genetated for an up tick right on. Rumors are the only thing left. And wal mart sales. The rumor, which was denied later, caused asian markets to move up then euro then u.s. But the euro players are no closer to anything.
The steam is coming out of my ears... If we'd only known then what we know now...
http://mobile.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html
"For so few banks to hold so many assets is “un-American,”says Richard W. Fisher, president of the Federal Reserve Bank of Dallas. “All of these gargantuan institutions are too big to regulate. I’m in favor of breaking them up and slimming them down.”
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. The banks spent $146.3 billion on compensation in 2010, or an average of $126,342 per worker, according to data compiled by Bloomberg. That’s up almost 20 percent from five years earlier compared with less than 15 percent for the average worker. Average pay at the banks in 2010 was about the same as in 2007, before the bailouts."
i agree on all counts but keep in mind that the lower level workers at the banks are making less now than in 2006 - my wife works for bank of ny mellon in the hedge fund division - she has had 3 jobs since 2005 and each time they pay less!
Flip, Yes, that's true for people I know in similar positions as your wife and same goes for the entry compensation schedules for LO's(Loan Officers) Clearly when articles such as this mention the 6 figure plus compensated they're talking management/marketing/regional sales.
As a former LO in the private sector which requires individual state licensure the compensation that banks pay loan officers I have found is 1/3 to 1/4 of what a private sector LO can earn. Sort of like the difference in compensation for FA's(Financial Advisors) in full service firms vs. private that I've looked into such as Edward Jones vs. local privately held-one gives modest salary, training and support with lesser commission while the private one gives straight commission, training/mentoring with no salary or draw against commission but there's greater possibility for earnings for those with a 'workaholic' work ethic meaning 60 to 80 hour self discipline to 'get it done' types who are also willing to push through their fears in a commission only environment.
thanks for the response - all too familiar - they are making us work harder and harder over the last 40 years - i know because that is how long i have been working - i teach tennis - self employed. what a bonus - never worked for corporate america! yes, we are pitted against those who will work 80 hr weeks - it is not like that in most of europe. we need to change things and this movement is the best chance i have seen in my life - not sure how it will play out but i am hopeful. seems to me that one thing we can all do is to educate ourselves and others about what is happening to us. keep at it!
You're welcome. I could never stomach the idea of working for any length of time within a standard 'corporate America' position so anything where it's either an initial salary to salary combination to straight commission where I 'name my earnings by my efforts' always worked best under less extreme economic environments than we are in now. 60 and 80 hour work weeks while somewhat reasonable when self imposed by those on commission makes more sense since the commission/contract person falls in a more 'self employed' category vs. more typical employment arrangements where 40 hours is standard but to do the job well the reality is they are compelled to work 'off the company dime' to deliver 110% results if they want to see some sort of advancement that is seldom guaranteed. Of course for the majority of Americans and due to the decline in earning power many by necessity work 2 to 3 jobs just to survive/tread water at the most basic costs to live in their area-yes, we can learn from Europe and some companies have tried to mimic their models, at least that was my experience observing reports and clients comments of companies in Silicon Valley (San Jose, CA area)
The major benefit of commission or self employed work is that most of the time preparation and dogged persistence meets opportunity resulting in desired income levels in more 'normal' economic environments and while you can be a workaholic for part of the year, you can do it with a view to 'coasting' for the remainder of the year and if the year was particularly successful you could even set aside a few months for vacation.
Anyway, since my real estate and mortgage banker/brokerage closed its doors in 2008 and this was the 3rd company I'd been with that faced closure and eventually closed I'm considering other areas of interest/creativity and willing to tough it out temporarily earning far less than I was capable of in the past.
Good luck to you and your wife and keep your options open because when work is no longer fun and it makes you feel like Sysyphus pushing a boulder up a hill and nothing changes no matter how hard you try, after 3 to 5 years of 'the old college try' it's time to get packing!
being a wage slave is a bitch. luckily i do what i like, work for myself so things are usually good. i am at the end of the line work wise but i will teach even in retirement - hopefully i will have more control over when and how much i work - as long as social security is still available. my wife on the other hand is a slave to the system - we started a solar installation business - the plan is to get her out of corporate america - soon! the whole world is going to shit one of these days - we are also buying land in western ny - i want enough land to grow some food and heat my house if need be.
You sound like us with the only difference that we're in Reno,NV with designs on moving back to California for cheaper acreage in Lassen or Modoc counties which are in the NE parts of the state-we even subscribe to www.motherearthnews.com and husband has prior ranching and hog farm ownership background. He sold the hogs and the hog farm shortly before the Chernobyl disaster so he missed the run up in valuation of the hogs that occured after that.
very interesting - what is driving you - peak oil - economics, politics? seems to me that the world is running out everything our civilization needs to survive. the economics looks bad and the politics worse so we want a fall back position. we have almost no experience in farming but are partnering up with a friend. looking for wooded land also - another substance the world will need in the future - wood! where we are looking you can get 100 acres for 50k so it is not out of reach
For us it's a mixed bag. By the way, your acreage pricing sounds very similar to that of Modoc and Lassen counties.
Anyway, for us it's mostly a combination of economics, politics (world, national and local0, burn out from the lifestyle in the bustling San Francisco Bay Area that effectively became an exercise in futility (was involved in a partnership doing small construction projects, renovation projects and that at one point began handling skilled nursing facilities and one project we were working on sale of was valued at approx. $65M before the senior partner ended up with cancer on his eye closest to the brain-long story but he was cured and since markets were going south he decided to disband everything, got married and left the Bay Area) I hadn't had an honest vacation of anything beyond a week for over 8 years and even though my last company fell apart, the time between layoff in 2008 and now, 2011 is sort of like being on an extended and much needed sabattical with plenty of time granted for us to consider other areas of interest.
Since the areas of Lassen and Modoc are harsher, high desert country there's debate about possibly getting land elsewhere that is in a less harsh environment or, perhaps having two places: one, a small home in a suburban/metro area and then the ranching/farming area that we would divide the year up in living in each place or, finding a place on the outskirts of where we are in Reno that we could set up a self sustaining homestead arrangement. Husband is used to the hard cattle anch/hog farm life and I am not but I'm interested more in the hobby farm kind of concept more along the lines of http://www.maryjanesfarm.com/ where I can also incorporate my creative and self sustaining ideas while engaging in more agricultural type activities that would also be part of a business that would be completely different than my 20+ year career in real estate and mortgage brokerage and allow us to keep the idea of future pursuit of property ownership, actual development of spec homes and resale 'down the road' so to speak..
Your idea of wood agriculture is interesting. My uncle was a logger up in Franklin/Greenville area for awhile, he's a really big guy so it's no wonder he was able to do it for a few years while his wife worked for the postal service in Greenville, CA and then retired. Yes, wood will be needed for everything from toilet paper to building and as an energy source also, bamboo is also a strong material that has been thought of as a strong runner up to wood due to its versatility.
In closing, what counties in NY are you looking in? I'm curious because to get a feel for the area I can look at various sites that cover listed acreage and if you have any local websites covering this type of property feel free to share and thanks for writing back!
we are looking at land in western ny - on lake erie. i am most interested in long term issues. access to the great lakes is one consideration - fresh water is a coming problem and commerce on the lakes existed before fossil fuels and will after. i want to be in a walkable town - here in nj that can be a problem. i am also interested in a town with plenty of land around so the community can support itself by growing food - again, nj cannot do that - the suburbs here will implode one of these days (hopefully not soon - but maybe!). lots of good places to do this i think - i am interested mostly in the my home town since i know the area and people there - there is lots of info about these issues. if you google land chautauqua county ny (my home town is fredonia ny) you will gets lots of possibilities - i think ny state would be a great place to be - around the finger lakes etc - land is cheap and water is plentiful - ohio and pa would be also and probably lots of others but the northeast will fare better than the southwest when oil is scarce (and it is coming!). more later?
Thanks again! Yes, suburbia with its central source water/utilities and anyone not able to produce their own food, have an off the grid setup and either well or other fresh water source with their own self contained water filtration (to eliminate naturally occurring radon etc.) anyone without access to these things really are 'sitting ducks' in the event of disturbance to supply. The Lassen/Modoc properties suitable for ranching have well water for example. When husband had 40+ acres in Madeline,CA he had a well and with his prior background in ranching and fire dept. he extended fire abatement by grooming the land well beyond requirements and installed the barbed wire and post fencing with a friend who was partner on the hog farm they had. They were also well equipped for snow which in that area literally snows people in. These things are part of why I have reservations about that high altitude, harsh desert geography favoring the lower lands within the 50 mile radius of Reno, NV Gotta go now, chat later!
just got home from work - no time to respond really - i would be afraid of nv - pretty harsh climate at the best - things will get ugly one of these days
Yes, even extreme winds at those altitudes are part of the bargain-124MPH winds not unheard of and 4 wheel drives are the norm vs. the exception.
We're well aware of future possibilities, husband was in the MP's during the time of the riots in Los Angeles in the 1970's-many briefings concerning unrest and how response will be taken. This along with his other background in ranching (cattle at his Uncle's in TX) and then the hog farm we have realistic ideas concerning self sufficiency and protection.
Meanwhile, you might like http://www.offthegrid.com/ if you're going to market off the grid products or services.
In closing, we try to keep a sense of humor despite rough economic circumstances and we also try to 'keep our minds open, but not so open our brains fall out' Here's some skits from famous comedian George Carlin Saving the Planet http://www.youtube.com/watch?v=eScDfYzMEEw The Elite and The American Dream http://www.youtube.com/watch?v=d2vclIqxwvE&feature=related
http://www.youtube.com/watch?v=4Z9WVZddH9w