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Congresswoman Kaptur: There Has Been a Financial Coup D'Etat

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Mon, 10/12/2009 - 16:27 | 96796 Anonymous
Anonymous's picture

It's maybe time for you Americans to turn the screw.

Recent efforts from Ron Paul etc have you confident of some action, soon(ish). HR 1207 will be stalled until it's irrelevant or fed documents are destroyed/adjusted.

The actions of throwing taxpayer money at failed, private interests to preserve the status quo is nothing short of fraud. Grow some balls.

Mon, 10/12/2009 - 15:54 | 96769 Anonymous
Anonymous's picture

Here is a nice flashback...

Janet Tavakoli commenting on the initial bailout back in
My grandparents came to this country to escape politians that were selling them out.

This is a corruption of democracy...

Once Bitten, Twice Shy? Can You Learn?

Mon, 10/12/2009 - 15:25 | 96736 Anonymous
Anonymous's picture

thought that was Sherman in Georgia?

Mon, 10/12/2009 - 17:08 | 96830 SWRichmond
SWRichmond's picture

In February 1864 Congress revived the rank of lieutenant general, which until then had been held only by George Washington and Winfield Scott. On March 9, President Lincoln nominated Grant for that top rank. Then, relieving General Halleck as general in chief, he made Grant supreme commander of all Union forces. Grant assigned his command of the western armies to General Sherman.

Mon, 10/12/2009 - 12:29 | 96554 SWRichmond
SWRichmond's picture

"Progressive" Congresswoman Marcy Kaptur says, and can be quoted as saying, since it is in the transcript:

"Why should the people who did it right be penalized for those that did it wrong"

Why indeed? 

While she is listed / labeled as "progressive", maybe she is starting to get it.

Edit: At the point now in the interview where she says this: "When Lincoln ran into trouble, during the Civil War, he got new generals. He brought in Grant. I hope that President Obama will bring in some new generals on the financial front."

Bad choice of analogies, unless she actually means sending Grant reincarnated to the offices of JPM and GS, and doing to them what Grant did to Georgia, in which case I think it's a fine idea.  Yankees ransacking, raping and pillaging Yankees?  Better late than never.


Mon, 10/12/2009 - 09:44 | 96378 docj
docj's picture

Gee, if only this Congresscritter were in a position to, you know, do something about this coup.

Oh, wait...

Mon, 10/12/2009 - 05:37 | 96269 Hephasteus
Hephasteus's picture

Good post. The only things banks truley create is economic problems. Which is why they needed a bailout they wanted to try to fix it with honest money. LOL But the FIRST thing they did was take 100 million of the bailout and fraction it 10 times to a trillion. If you are fractioning withing fractioning how many iterations do you run that before the accounting paradoxes start exploding the universe?

Mon, 10/12/2009 - 03:53 | 96253 loup garou
loup garou's picture


More like, “the piano player at the whorehouse”…

Mon, 10/12/2009 - 00:19 | 96209 Anonymous
Anonymous's picture

thanks zerohedge. hats off to your team !!!

Sun, 10/11/2009 - 22:30 | 96155 Anonymous
Anonymous's picture

Yeah uhm perhaps the real problem here is all too many intelligent folks plod along not really understanding the system until they come face to face with:

""Give me control of a nation's money and I care not who makes the laws." - Mayer Amschel Rothschild

Mon, 10/12/2009 - 15:57 | 96772 ZerOhead
ZerOhead's picture

""Give me control of a nation's money and I care not who makes the laws." - Mayer Amschel Rothschild

How true... except this time they also get to make the laws.

Sun, 10/11/2009 - 21:56 | 96142 bugs_
bugs_'s picture

With computerized Monopoly you don't even need to make

slips of paper - the bank never runs out.

Sun, 10/11/2009 - 20:55 | 96119 DrPsycho
DrPsycho's picture


    The Moyers interview with Kaptur and Simon is amazing, I sent it to all my friends, many thanks for the link.

Sun, 10/11/2009 - 22:14 | 96147 agrotera
agrotera's picture

Simon Johnson is a truth teller extraordinaire.  And Congresswoman Kaptur is a hero to not be subject to the forces that purchase/rule most of her colleagues.

Sun, 10/11/2009 - 20:24 | 96101 JR
JR's picture

And this?

In Ty Andros’2009 Outlook, Part 2:Bonds,”posted January 30, 2009 on Financial Sense University, he graphed the “Total Credit Exposure to Risk Based Capital %” in the forth quarters from 2001 to 2007, and in the first three quarters of 2008. A graph shows that the percentage of risk-based capital for the top five banks in 01Q4 was $185.2%, and in 08Q3 was 317.4%.

 It also shows that JP Morgan led the pack in risk capital.  My question, why is JP escaping the implosion? Does the fact that Jamie Dimon and his board of directors held a board meeting in the nation’s capital for the first time on July 20, 2009 have anything to do with it, i.e., a transference of power from the people to the financials? Here are the 08Q3 exposures:

JPMORGAN CHASE – 400.2%; BANK OF AMERICA – 177.6%; CITIBANK – 259.5%; WACHOVIA – 85.2%; AND HSBC – 664.2%.

It is worth noting that JP’s exposure in 01Q4 was 438.8% as compared to BAC’s 94.7%. Said Andros: “These banks are representative of the problem they all face: INSOLVENCY. For a complete look at the picture, you can link to this report from the Office of the Comptroller of the Currency Administrator of the United States outlining the unbelievable LIABILITIES and LOSSES these banks face. This is a nightmare on WALL STREET and MAIN STREET.” 

It would have been interesting to have the figures on the new bank holding companies: Goldman Sachs and Morgan Stanley.  In truth, Goldman was probably insolvent, too, for it was Goldman that was using the most leverage on the upswing, Goldman that was out the farthest on the ledge.


Sun, 10/11/2009 - 21:13 | 96124 agrotera
agrotera's picture


Considering the price action of GS and MS stock alone makes one think they were bankrupt prior the the devil's deal -- letting Lehman fail, with the promise of free money from the back door of AIG, more money from the big bet on Lehman going down, halt on shorting their stocks and instant bank holding status, all gave the sacred brothers of Paulson enough of a promise to get them to the money fest at treasury the weekend after TARP was passed....

When paulson insisted that AIG be "GIVEN" 85billion right after refusing Lehman 6 billion, it was quite obvious what had occurred...i still don't know why he isn't in jail for treason!

Sun, 10/11/2009 - 21:59 | 96143 Ned Zeppelin
Ned Zeppelin's picture

I'm waiting too. Paulson is a crook. I'm hoping disclosures in the BofA trial might at least smear his name by time they're done.  Too much to hope for the perp walk he so richly deserves for serving the interests of GS before the needs of his country.  Another fuckwad.

Mon, 10/12/2009 - 01:42 | 96241 Miles Kendig
Miles Kendig's picture

Indeed Ned.  Paulson should be just one more 016 or 053.

Sun, 10/11/2009 - 22:11 | 96144 agrotera
agrotera's picture

paulson won't necessarily go free-- i am sure he has a cosmetic surgeon on call, money stashed in all the right places, and a tanked up jet ready to head for an "new life" somewhere!  You cant be a master criminal his size and not be ready for the game to be over...and i am not willing to believe that justice can NEVER be served on that man, and his accomplices.

Sun, 10/11/2009 - 19:23 | 96067 Anonymous
Anonymous's picture

Moore, Moyers and now this ball washing Fascist liberal. You fucking guys kill me.

I love this site, spend way too many hours per day here, well not really I need all those hours to read every word. And, of course nobody is more pissed off at this crony capitalistic Bull Sheet then me. With that said Moore, Moyers and I suspect this woman would like nothing more then to turn us into Hugo's Venezuela or Castro's Cuba. I'll take the bail-outs over Gulags any day. I shouldn't have to but it seems lately that's what you folks seem to be pushing.

Mon, 10/12/2009 - 13:19 | 96615 reading
reading's picture

Well anon,

Since you admitted that your reading skills are challenged as it takes you all day to read the information on ZH, I would suggest you perhaps visit You Tube and listen to what the woman says.  Perhaps take off you conservative cap first and strap on some headphones for better sound quality and you'll see she's recommending accountability at all levels and most importantly, she would like for the taxpayer to stop having to foot the damn bill for broken and corrupt financial system.

Obviously, she strikes a chord as she really brings out the assholes.


Mon, 10/12/2009 - 07:37 | 96296 Anonymous
Anonymous's picture

"Moore, Moyers and now this ball washing Fascist liberal. You fucking guys kill me."

Is that a request?

"Fascist liberal"....bwahahahaha.

Mon, 10/12/2009 - 01:38 | 96238 Anonymous
Anonymous's picture

At least she doesn't wear a bag over her head, you POS.

Mine ain't a bag! It's the way I look, so STFU.

Sun, 10/11/2009 - 23:25 | 96181 Anonymous
Anonymous's picture

if this is the face of the "Saviors of the Republic", this country is truly doomed.

you fuckers are no better than the Bolsheviks.
Chavez has more tolerance.

you want to know who's your worst enemy?
again, look in the mirror.

saviors my ass.

Mon, 10/12/2009 - 01:41 | 96240 Miles Kendig
Miles Kendig's picture


Go back to the government for another handout troll.

Mon, 10/12/2009 - 00:43 | 96217 TumblingDice
TumblingDice's picture

turd sandwich. btw shes standing up against the people who funded the bolsheviks so your analogy is an epic fail.



let me re-iterate here, just so were clear, the conclusion from all this is...


Mon, 10/12/2009 - 01:03 | 96223 Anonymous
Anonymous's picture


that comment you just replied to was a response to the intolerant idiot who was attacking others who are on his same side on this issue because they have a different political leaning than he, not to Kaptur herself.

next time watch before you throw a punch.

Mon, 10/12/2009 - 12:03 | 96541 TumblingDice
TumblingDice's picture

ooops. in that case, i apologize to the anon. my rage will be channelled with better discretion next time.

Mon, 10/12/2009 - 11:43 | 96516 gmrpeabody
gmrpeabody's picture


Sun, 10/11/2009 - 21:55 | 96141 Ned Zeppelin
Ned Zeppelin's picture

Another fuck wad.  This lady is really bringing them in today.

Sun, 10/11/2009 - 23:22 | 96179 Careless Whisper
Careless Whisper's picture

Just another JPMorgan V.P. trying to discredit Kaptur. You know the drill by now.

Sun, 10/11/2009 - 19:21 | 96064 JR
JR's picture

Remember this? On Zero Hedge 07/28/2009

Fitch: Financial Companies Hold 99.7% of All Derivative Contracts

Fitch has released a comprehensive study on derivatives held by various corporations and has come out with some disturbing results: as Zero Hedge's recent disclosure of data from the Office of the Comptroller of the Currency confirmed, the bulk of the derivative risk is concentrated not merely in the "financial company" category (99.7%) but in a subset of just five companies, which account for an "overwhelming majority" of derivative assets and liabilities.

The companies in question (Total Notional Derivatives: Assets & Liabilities, $ in Trillions)

  • JP Morgan:$81.7;
  • Bank of America:$80.0;
  • Citigroup:$31.5;
  • Morgan Stanley:$39.3, and of course
  • Goldman Sachs: $47.8 (this is an OCC estimate: Goldman has not disclosed notional amounts in their derivative book, only # of contracts);

If you want a preview of what the Basel III definition of "Too Big To Fail" will look like, the above five companies is a great place to start.


Sun, 10/11/2009 - 20:31 | 96105 Anonymous
Anonymous's picture

And let us all remind ourselves of what happened last year in a credit crunch - notional amounts mean more than net amount when there is a panic. No one cares if bear or Lehman's net exposure was much smaller than their notional exposure - just top up more collateral or your friendly counterparty pulls the plug, dude.

Sun, 10/11/2009 - 19:01 | 96053 George Parr
George Parr's picture

Why is Kaptur or anyone else surprised?

I am not making up what.

We spent a lazy afternoon playing a family game of monopoly.

It had been a long time, so I read the rules again, and also the "Questions people often ask about Monopoly game rules". Here is number 11, an exact quote.

What if the bank runs out of money?

Some players think that the Bank is bankrupt if it runs out of money. The bank never goes bankrupt. To continue playing, use slips of paper to keep track of each player's banking transactions - until the Bank has enough paper money to operate again. The banker may also issue "new" money on slips of ordinary paper.

So there it is. The financial practices of the united States are based on the rules of Monopoly. And fittingly, we will all end up owing monopoly money, formerly known as dollars.


Mon, 10/12/2009 - 00:39 | 96214 TumblingDice
TumblingDice's picture

now this is just awesome, great exprapolation. we need to switch games soon. good old fashioned chess will do, other wise the next step is risk.

...amazing how telling this is.

Sun, 10/11/2009 - 18:12 | 96028 RockyRacoon
RockyRacoon's picture

Term limits... now!  Phase these folks out.  Think about it.

The problem is how do you convince someone to terminate their own job?

Sun, 10/11/2009 - 18:02 | 96020 Anonymous
Anonymous's picture

Oh, thanks for the news flash Congress Critter Kaptur. Did you just suddenly wake up one day last week and have an epiphany?

Or, were you able to literally translate Barney Franks mumblings as the treacherous manefestations of the Vampire Squids evil plans to implement a new world order and force all humans into tax and debt slavery.

No, I suspect even more devious plans. Plans so devious that even the inept and duplicitous Bill Moyers is oblivious to its verity.

And, exactly what are those evil plans?

Namely your re-election. What better way to campaign for re-election than to say,

"I voted for it, before I campaigned against it."

And I consider your plans downright evil for the very reason that you are either the most diligent ignoramous on the face of the planet or you are the most two-faced whore this side of Nancy Peolosi. In fact we should replace her as Speaker of the House with you.

Compared to Ron Paul, your colleague, who's been out front and worked tirelessly on this issue his whole Congressional career, you've suddenly developed the moral and ethical fiber needed to assuage the Tea Partier's wrath just in time for 2010 mid-term Congressional elections.

What a way to get out front on this issue, hopefully Nancy Pelosi won't bitch slap you back in line on this one.

Mon, 10/12/2009 - 13:09 | 96610 reading
reading's picture


Frankly I don't know what the hell point you are trying to make but the congresswoman's position isn't new asshole. 

Sun, 10/11/2009 - 23:09 | 96173 Anonymous
Anonymous's picture

this is her 1 minute speech from 09.28.08 as TARP was being shoved down our throats:


like Ned says, nice try.

next time you wonder why Ron Paul didn't get more votes for Prez, look in the mirror. the sad truth is many of us anonymouses liked what he had to say, but couldn't stand the thought of ignoramouses like you thinking that you were right. so we voted for willie nelson instead.

and next time you think of calling a woman a whore before you check your facts, make sure you take the soap out your ass and put it in your mouth.

Sun, 10/11/2009 - 21:53 | 96140 Ned Zeppelin
Ned Zeppelin's picture

Nice try, dickwad.  Now, go find the WSJ-Blankfein interview to whack off to. Dick.

Sun, 10/11/2009 - 17:16 | 96009 Shylock81611
Shylock81611's picture

Timothy Mc Veigh's services are needed.

Mon, 10/12/2009 - 17:19 | 96852 Anonymous
Anonymous's picture

You know I thought Mc Veigh was as fucked up as Hogan's goat but refelcting upon recent events I don't feel that bad anymore about the government puke that got all blowed up

Sun, 10/11/2009 - 23:28 | 96183 Anonymous
Anonymous's picture

well you're welcome to go to hell and make a deal with a devil to try to bring him back.

we all know how well that worked for Joe Kennedy.

Sun, 10/11/2009 - 16:31 | 95994 Careless Whisper
Careless Whisper's picture

Props to Kaptur. No banksta gonna roll her.

Sun, 10/11/2009 - 15:43 | 95971 gossamer
gossamer's picture

The movie was my first introduction to Marcy.  That chick has some cahunnies.  We need about another 300 congressmen just like her and maybe we have a chance.  I have a feeling she's not a favorite of the MSM because she doesn't don the corporatocracy colors, hence our limited exposure to her.

Sun, 10/11/2009 - 16:20 | 95989 Ruth
Ruth's picture

You should watch her stuff on Youtube, good stuff

Mon, 10/12/2009 - 01:38 | 96237 Miles Kendig
Miles Kendig's picture

Indeed.  Been a presence for some time.

Sun, 10/11/2009 - 14:12 | 95925 Sqworl
Sqworl's picture

I saw the movie and her speaking candidly will hurt her chances of re-election and doing anything for her constituents in the future.  sad.

Mon, 10/12/2009 - 14:59 | 96716 Anonymous
Anonymous's picture

Actually she's safe. She represents people in Toledo and is the longest serving female member of the house.

Mon, 10/12/2009 - 06:14 | 96271 Anonymous
Anonymous's picture

Won't affect her chances at all.

Check out the statistics in her district and you'll see why.

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