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Banks Threaten To Go To Supreme Court To Prevent Fed From Disclosing Details Of $2 Trillion In Bailout Loans They Received
The government endorsed racket continues. First we bail them out, then the court says they have to disclose the bailout loans they received (courtesy of Mark Pittman's last great deed), and still they refuse to tell America just who and how received $2 trillion in rescue aid. The Clearing House Association of America, the very people who would not exist without taxpayer bailouts, and who are now pocketing hundreds of billions thanks to the same steep curve which results in $10 billion of new US debt every day, has threatened it will appeal every decision that forces it to disclose the details of the Fed's bailout, all the way to the Supreme Court, flipping off the very people who permitted the bankers to continue to steal and pillage every single day in the biggest government facilitated wealth transfer in the history of this country. We are now convinced that the animosity toward the banks is the primary reason why the Primary Dealers have decided to not allow even one downtick in the market (that and the hope that they will finally find greater idiots to sell all their massive paper holdings to): should there be one substantial correction, with liquidity about to be drained (2099 is one day closer today than it was yesterday), it will be followed by another, and another.... And then the public anger may finally come crashing on the heads of the megalomaniacs from the CHAA, both metaphorically and literally. By then, however, we are confident they will find a way to extract diplomatic immunity and/or renounce their US citizenship, from the administration that cost them so little to purchase.
From Bloomberg:
Continued legal appeals will delay or block the first public look at details of the central bank’s $2 trillion in emergency lending during the 2008 financial crisis. The Clearing House Association LLC, a group that includes Bank of America Corp. and JPMorgan Chase & Co., joined the Fed in defense of a lawsuit brought by Bloomberg LP, the parent company of Bloomberg News, seeking release of records related to four Fed lending programs.
The U.S. Court of Appeals in Manhattan ruled March 19 that the central bank must release the documents. A three-judge panel of the appellate court rejected the Fed’s argument that disclosure would stigmatize borrowers and discourage banks from seeking emergency help.
“Our member banks are very concerned about real-time disclosure of information that could cause a run on the banks,” said Paul Saltzman, the group’s general counsel, in an interview yesterday. “We’re not going to let the Second Circuit opinion stand without seeking a review.”
At stake are 231 pages of disclosure detailing just how the banks managed to rape the American middle class, and saddle it with debt that will never be paid off.
The central bank contends that 231 pages of daily reports summarizing lending activity, which were prepared by the Federal Reserve Bank of New York for the Fed Board of Governors in Washington, aren’t covered by the FOIA. The statute obliges federal agencies to make government documents available to the press and the public. The suit doesn’t seek money damages.
As this case will certainly rise to the very top of the appeals process (just like Chrysler did, and in that case the US Supreme Court soundly abrogated the sanctity of contacts), we have a nagging suspicion that a vote for the Clearinghouse and the Fed will be the tipping point that will highlight that America is a nation the serves nobody but the 11,000 or so richest people, the bulk of whom come from Wall Street. What happens next we don't know. But we do find that certain buildings in downtown New York have an odd resemblance to the Bastille.
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This report will never see the light of day. Even if the Supreme court allows these details to go public, someone will flash a huge neuralizer the day before its release. As a result, we will keep on clicking "buy" and wonder what the huge hubbub was all about.
How can it, opening the books is not in the books. There is no book, who even says it's $2T, it could be $20T or $200T. If you can lie and know can get away with it, why not make it crazy big, so everyone thinks it's a joke...
Exactly! And how do we know it's actaully a loan and not a gift? If there is another selloff a la 2008-2009, or banks are forced to "marl to market", hwo do we know that the Fed wont's "write down" the value of the loan by 50%, or 75%, or 0% and let the banks keep "the change?"
Nothing to see here, move along now.
http://www.whitehouse.gov/the_press_office/TransparencyandOpenGovernment/
My Administration is committed to creating an unprecedented level of openness in Government. We will work together to ensure the public trust and establish a system of transparency, public participation, and collaboration. Openness will strengthen our democracy and promote efficiency and effectiveness in Government.
....despite all evidence to the contrary.
Change, bitches!!!!!!!!!!!!!!
Right. TD's ability to succinctly tie the facets of this great fraud together with wit and cynicism equally applied makes me swoon.
I believe the Supreme Court will back the Appeals Court. The Plaintiff's reason for not disclosing is invalid. There is no proof that the event will occur if disclosure is made.
"reason", "invalid", "Truth", "Honesty" do not stand a chance in this environment. Even if they backed the Appeals court, it will not make a difference. We are ruled by the BANKSTERS!! My .02 c.
Rapists trying to hide. How much more blood do they want??
Let them go.....there is nothing in that report that would harm national security and therefore every american should have the "right" (since we are giving those away for almost anything now days) to see how his tax $$ are being spent (wasted). If the won't show us the list them stop paying the damn taxes (force the government to close down the spigit)......If the majority of the people want to see the list......there are ways that the list will be made available.
This is like the Kennedy assasination; we will never know.
Do citizens have the guts to stand up? So far, no.
the citizens will never have the guts to call them to the mat while asset prices are rising. never happen. the only way the rule of law gets restored in this country is when/if this market crashes. until then, blind eyes all around
You're right, but the things that concern me are:
a.) Movements built around restoring "law and order" often turn out to be brutal and tyrannical.
b.) Whose law winds up ruling.
after reading your questions I can only guess that we're screwed no matter what. Hope to be dead before the shit hits the fan.
"the citizens will never have the guts to call them to the mat while asset prices are rising. never happen. the only way the rule of law gets restored in this country is when/if this market crashes. until then, blind eyes all around"
Human nature - so simple even a village idiot can figure it out. Or, caveman.
Shhhh! I'm trying to catch up on re-runs of The Real Housewives of New York. Please keep it down for the rest of us!
greed is not good if you a bankster
"We are now convinced that the animosity toward the banks is the primary reason why the Primary Dealers have decided to not allow even one downtick in the market."
This is exactly what is happening. The banks are ramping the market as a monetary public relations exercise - as long as people are making money in the markets, they will let the fleecing of the nation continue.
This is small potatoes...
What we need is a supreme court hearing on how the current "fiat" (tyrannical) monetary system is allowable under the constitution.
Wouldn't help. To paraphrase Batman "Judges are a cowardly and superstitious lot". They will not bite the hand that feeds. Even Scalia has said do not expect a federal institution to limit federal power. And getting ride of the printing press would be a massive limitation of federal power.
The courts are not going to ride to the rescue. There is no calvary, we are on our own.
Whether the courts will ride to the rescue or not, I agree that we shouldn't wait.
http://www.swarmusa.com/vb4/
Exactly. Why would you expect career byproducts of the federal system, who tend to rubber stamp ever increasingly (formerly) unconstitutional behavior, to suddenly go backwards on accepted protocol? Wrong direction, as the definition of "centrist" gets ever more pushed to the side of USAzilla.
"What happens next we don't know. But we do find that certain buildings in downtown New York have an odd resemblance to the Bastille."
I also find that lamp posts bear an odd resemblance to gallows...
Live free or die: Death is not the worst of evils. - General John Stark
Now, while I must lodge the most strenuous objection to the allusions of vigilantism directed against the bankers, it really wouldn't bother me if a few hundred of them accidentally sat on sharp sticks. Repeatedly.
The government could always park some big planes into them :)
The government could always land some planes into them. And TATA! A extra parking space is created :)
It should be a wonderfully "target rich environment"...
.
Why would we want to know? If it's in our best interest and our stocks keep going up, I don't want and need to know.
I would like to believe you are kidding with that comment...I sure hope so.
Since the latest trend by the Judicial system is to give corporations constitutional rights meant for citizens, it wouldn't surprise me if the supreme court jesters ruled against the people once again.
Will be no disclosure. If they have to they will claim national security.
Implied: to claim otherwise is economic terrorism. This site may well be shut down for inciting economic terrorism. (newspeak for clear, truthful financial information)
YOU CAN'T HANDLE THE TRUTH.
As you point out, TD, the Supreme Court didn't even bother to hear the valid appeal of the Chrysler bondholders last year. Yes, it was a brazen disregard for contract rights. But the bondholders had lost at the appeals level ( an entirely different bad joke ). In this case, Bloomberg has won on appeal in Manhattan. That will probably put a lot more judicial pressure on the Supreme Court to at least hear the arguments.
So we can now mark our calendars for a 2012 decision that will side with the Fed's $ 2 trillion secrecy mandate. This assumes, of course, the Fed has not blown itself up by then for other unrelated reasons.
Meanwhile, Barry must do his part by hunting down a confirmed Marxist to replace Stevens.
They're hoping to delay long enough for the economy to recover, thus showing the wisdom of this crime. Best of luck. Of course, if it all collapes, the rats will have fled the sinking ship to some safe haven.
Correct.
The Fed's talking point will then be, "The ends justified the means."
The sector with the most green today is...yes..you guessed it..financials. Everyone is happy to know the banks are raping the citizens again and they are going to the SC to make sure no one can watch.
If there's an insider at the Fed; mass distribute this information for your country. You have your orders...that is all.
Project Mayhem! TD should make this a post. Good work, Thalamus.
"...and in more important news, Simon of American Idol is outed as having fathered one of the contestants, Iranian religious leaders have issued a global fatwa against all non-muslim Americans bringing our national fear radar to code red, and the economic recovery has kicked into overdrive... all thanks to the iPad and Obama. Remember my good Americans: buying an SUV and an iPad is our way of proving to the terrrrists that they lose." -your favorite MSM propaganda machine
The Gov has a really easy out here. They can call the loans on all banks who refuse to comply...
As for those who have already repaid...That's a whole different ballgame.
That logic assumes that the USG is independent of the banksters. However, reality shows that the USG is beholden to the banksters.
We can only hope Wikileaks is on this.
We can only hope Wikileaks is on this.
We can only hope Wikileaks is on this.
"The regulation of derivatives transactions that are privately negotiated by professionals is unnecessary."
Alan Greenspan 7/24/98
So in this nation within a balkanized nation, the rulers said this to the people:
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some real powerful forces behind this from being exposed. someone may end up in jail, if all known.
Yoda, is that you?
http://www.youtube.com/watch?v=fE8PieLJttY&feature=related
But... but... but today in front of Congress Bernanke said he fully believes in transparency.
NATIONAL STRIKE
April 15 to April 18TH
Tell Everyone You Know
POST THIS ON EVERY DISCUSSION BOARD
www.taxfree15.com
The deciding factor in anything that has the potential to unravel the farce, will be the uprising and protesting of the masses. Otherwise the status quo will continue. We need to stop leaving it up to our government to decide for us. They have let us down and we do not have representation. It is time to rise up, not wait until we are weak, hungry, jobless, and destitute.
By opposing these guys you play their game. You even give them more power (Newton).
A different world cannot be based on the same mechanisms as the old one, we need a shift of paradigm.
What makes them stronger (for now), is that they have a vision that they push ahead day after day - they are building something (creating), we are trying to stop them (destroying). Balanced forces. Because they are united and aware they are stronger.
Stop fighting, and start projecting a better alternative szenario. I might be wrong, but I have the impression that by now most readers here have had enough of "money" as TPTB intend it, or at least realized that it alone doesn't make happy. Otherwise, with all the bits and paper the Fed and the other CBs are creating, this planet should be heaven, with everybody in a constant state of bliss - right?
Take ten minutes and read the introduction and the first chapter to this book by Robert Anton Wilson, I promise, it will be worth your while: http://www.rawilsonfans.com/downloads/prometheus.pdf
Give yourself a chance and doubt of your doubts and prejudices for once, and defer any judgement to AFTER you have read it - the situation is desperate enough that unconventional "warfare", or "Guerilla Ontology", as Robert Anton Wilson calls it, should be taken into consideration.
If on the other hand you could not be bothered and prefer to keep talking rather than doing something, go ahead, be my guest and junk this post.
I wish I could say "unbelievable", but, well, you know...
One of the greatest, most massive thefts of generational wealth in the history of history and now these modern-day Dillingers are going to court to keep the deed from ever seeing the light of day.
Sounds like a good strategy. Probably see a favorable ruling like the one "they" got for the 2000 Presidential Election dispute.
We live in times of unprecedented filth.
In most towns, if you go through the malls where all the stores are national stores, it looks as if all is fine. But if you go to a local strip mall or to a downtown area where the local businesses are, there is one boarded up business after another. It becomes really obvious as to who is suffering and who isn’t. You think to yourself, there’s been a recession going on for a couple years with major unemployment, so how are stores such as Gap, Bed and Beyond, Saks, how are they holding on? You ask yourself, are they so well fixed that they can suffer losses for months and years and just keep going? And while you’re thinking, you’re looking at all the empty storefronts of small businesses. Had they no reserves?
I suspect there are two reasons for this discrepancy: 1) small businesses don’t have access to credit and 2) the connected businesses do, enabling them to expand through all the ups and keep going through all the downs. And should a big chain go out, its immediate competitor profits greatly: Circuit City goes out; Best Buy gets bigger. And, of course, as these private monopolies spread, more small businesses succumb and more people are impoverished.
All forms of government, whether conservative, liberal, fascist, socialist or communist, fall alike under a Money Monopoly. This is the danger of a nation giving the prerogative over the issue of its money to central bankers who have invented a form of national debt that can never be repaid. Eventually it destroys a nation’s economic security and liberty, until, as Woodrow Wilson lamented, the growth and all activities of the nation “are in the hands of few men…” They, and they alone now pick the winners…and the losers.
The key to destroying that power is transparency. Who gets/got that money?
The Fed sold its mission to a few Congressmen on Christmas Eve 1913 allegedly to prevent huge depressions and recessions by managing the currency. But it’s really stretching that job for the Fed to say it can not only issue that money but can control that money and give it to whomever it wants and close out small banks and competitors and businesses whenever it wants. That’s a little too much power.
The investment banks got larger and larger to where essentially now five major banks control most all issuance of credit; this force can select not only which industries and friends will prosper and the industries that will suffer, but also controls the individual companies and corporations all the way down to small businesses who can actually be in business and who are eliminated from business.
That is where we are now. Not only do the investment bankers control the money supply and the issuance of debt, they control who gets it. And it’s a secret.
If there’s any question as to who they are, the names are weaving throughout the major business transactions in this country and the world over the past several years—Goldman Sachs and JPMorgan.
well said, every word is true.
They decided to take this to the Supreme Court because I think they have a ringer or two in the Supreme Court that will vote their way. Also the banks saying that disclosure will produce a run on the banks is SO WHAT. The court doesn't care about the business future business unless it deals with illegalities. If your business isn't strong enough to hold its own, then it should go down. It might cause a run, yea thats real good to hear from investors that need information like this to decide to either still invest in said bank or divest from the institution and tell them to pound sand. And besides I want to know how bad your books are. If from the injections of fed money to stopping short sales to mark to make believe hasn't helped to recoup, then we are definitely in big trouble.
Time for Torches and Pitchforks. Nuff said.
I don't know if everyone got the memo, but the new line of priority in the US judicial system goes:
Trial Court<Appellate Court<Supreme Court<Clearing House Association.
Know your modern day civics.