By Dylan Murphy
Mexico is in the grip of a murderous drug war that has killed over 150,000 people since 2006. It is one of the most violent countries on earth. This drug war is a product of the transnational drug trade which is worth up to $400 billion a year and accounts for about 8% of all international trade.
The American government maintains that there is no alternative but to vigorously prosecute their zero tolerance policy of arresting drug users and their dealers. This has led to the incarceration of over 500,000 Americans. Meanwhile the flood of illegal drugs into America continues unabated.
One thing the American government has not done is to prosecute the largest banks in the world for supporting the drug cartels by washing billions of dollars of their blood stained money. As Narco sphere journalist Bill Conroy has observed banks are ”where the money is” in the global drug war.
By The Economic Collapse
Most people have no idea that Wall Street has become a gigantic financial casino. The big Wall Street banks are making tens of billions of dollars a year in the derivatives market, and nobody in the financial community wants the party to end.
The word “derivatives” sounds complicated and technical, but understanding them is really not that hard. A derivative is essentially a fancy way of saying that a bet has been made. Originally, these bets were designed to hedge risk, but today the derivatives market has mushroomed into a mountain of speculation unlike anything the world has ever seen before.
Posted in Economy Economics
Tagged AIG, bailouts, Bank of America, banksters, Citigroup, Derivatives, economy, financial weapons of mass destruction, goldman sachs, JPMorgan Chase, morgan stanley, occupy wall street, ows, ponzi scheme, TARP, wall street
By The Daily Bail
UPDATE – Chcek out regulator William Black’s blistering reaction to this story HERE.
This story from Bloomberg just hit the wires this morning. Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.
This means that the investment bank’s European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn’t get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to “give relief” to the bank holding company, which is under heavy pressure.
This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input.
By Sen. Bernie Sanders
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study.
“As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” said Sanders. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”
Posted in Economy Economics
Tagged AIG, bailouts, Bank of America, banking cartel, banksters, Barclays, bernie sanders, BofA, chase, Citigroup, class war, Conflict of Interest, Fed audit, federal reserve, federal reserve audit, general electric, JPMorgan Chase, morgan stanley, secret loans, wall street
By Dean Henderson
(Part one of a four-part series)
The Four Horsemen of Banking (Bank of America, JP Morgan Chase, Citigroup and Wells Fargo) own the Four Horsemen of Oil (Exxon Mobil, Royal Dutch/Shell, BP and Chevron Texaco); in tandem with Deutsche Bank, BNP, Barclays and other European old money behemoths. But their monopoly over the global economy does not end at the edge of the oil patch.
According to company 10K filings to the SEC, the Four Horsemen of Banking are among the top ten stock holders of virtually every Fortune 500 corporation.
So who then are the stockholders in these money center banks?
This information is guarded much more closely. My queries to bank regulatory agencies regarding stock ownership in the top 25 US bank holding companies were given Freedom of Information Act status, before being denied on “national security” grounds. This is rather ironic, since many of the bank’s stockholders reside in Europe.
Posted in Economy Economics, Energy, NWO, War and Peace
Tagged Bank of America, Barclays, BIS, BNP, BP, bretton Woods, Chevron Texaco, Citigroup, Club of Rome, depopulation, Deutsche Bank, Exxon Mobil, federal reserve, global economy, imf, JP Morgan Chase, monopoly capitalist fascism, Royal Dutch/Shell, Trilateral Commission, Wells Fargo, world bank, World Economic Forum, world trade organization
By Abigail Field
At one minute past midnight on Monday morning, a hacker collective released a set of emails on the website BankofAmericaSuck.
While all the allegations in the leaked documents involve Bank of America (BAC) — through a soon to be ex-subsidiary called Balboa Insurance — they also implicate many other big banks that are clients of Balboa, including: “GMAC, Aurora Loan Services [a subsidiary of Lehman Bros Holdings], IndyMac Federal Bank [a subsidiary of OneWest Bank], Saxon, HSBC, PennyMac [a collection agency started by former Countrywide Home Loans executive Stan Kurland after CHL and Balboa were sold to BAC], Downey Savings and Loans, Financial Freedom, Select Portfolio Services, Wells Fargo/Wachovia and [BofA].”
Posted in Economy Economics
Tagged anonymous, Aurora Loan Services, Balboa Insurance, Bank of America, banksters, corruption, Countrywide, Downey Savings and Loans, Financial Freedom, GMAC, HSBC, IndyMac Federal Bank, lehman bros, OneWest Bank, PennyMac, regulator conspiracy, Saxon, Select Portfolio Services, Wells Fargo/Wachovia, wikileaks
By Betsy L. Angert
April 25, 2010, the day before the scheduled Senate vote. The subject, a debate financial reform
On April 25, 2010, a day before a vote that would decide whether the Senate would debate financial reform, Senator Bernie Sanders spoke of the oft-stated belief, some enormous economic engines are to “Too Big To Fail.”
Senator Sanders presented the numbers beginning with the big four (4). Bernie Sanders bellowed, there are 4 major banks in our country. These are Bank of America, Wells Fargo, JP Morgan Chase, and CitiGroup. Many in the audience might have recalled that three of these Tapped the Fed for Financing in August 2007.
Bank of America Looks Like First of Many
“This merger (Bank of America and Merrill Lynch) is a classic example of how the actions of our nation’s largest financial institutions led to the near-collapse of our financial system,” said Attorney General Cuomo. “Bank of America, through its top management, engaged in a concerted effort to deceive shareholders and American taxpayers at large. This was an arrogant scheme hatched by the bank’s top executives who believed they could play by their own set of rules. In the end, they committed an enormous fraud and American taxpayers ended up paying billions for Bank of America’s misdeeds.” (Image)
Posted in Economy Economics, Land Grab, Neoliberalism, NWO, Obama and Company
Tagged andrew cuomo, bailout, Bank of America, banksters, class war, economy, Fed Fraud