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Visualizing What $1.2 Trillion In Secret Fed Bailouts To The Banking Kleptocracy Looks Like
While Bloomberg has done a tremendous job of digging through 29,346 pages of FOIA data, its discovery is not at all surprising: that Wall Street's (not to mention the rest of the world's) biggest banks received a total of $1.2 trillion in previously secret Fed loans, in addition to the trillions in public backstops and loans from the US Treasury. As a reminder, "denominated in $1 bills, the $1.2 trillion would fill 539 Olympic-size swimming pools." The best summary of this ongoing collusion between the Fed and Wall Street, in which it once again for the nth time becomes clear that all the Fed cars about is making sure its banking masters are never impaired, is from the article itself: "Even as the firms asserted in news releases or earnings calls that they had ample cash, they drew Fed funding in secret, avoiding the stigma of weakness." And there you have it: everything that come out of Wall Street is and has always been a lie: either courtesy of 30 years of great interest rate moderation, in which only cheap money adds to banks' top and bottom lines, or due to the Fed making sure the same banks never suffer a dollar loss when central planning fails, such as it does increasingly often lately (and forget about 10(b)-5 violation charges coming from the corrupt regulators: after all they are all in bed together). That Morgan Stanley, Dexia and Citi are, and have been since 2008, dead men walking, is by now known to all financially literate readers: additional confirmation can be found in the Bloomberg article, which we won't paraphrase because it has all been said over and over. That said, Bloomberg has done a great visual interactive chart summary of who got what, when, how much, over peak and average metrics and so forth. We urge readers to play around with it (don't worry, it won't break the banks; and if it does the Fed will secretly bail them out again) and every time they consider putting money into our "solvent" financial system.
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So is the SEC going to prosecute the release of materially false information by the banks?
Or are the laws only for little people?
Get the rope and the lynch mob. It is the only justice available to us. Start with the entire SEC then work our way through the top ten banks until we are through.
Note that WB7 has a comment on the Boomberg site at like 0100 Eastern.
William, ever sleep?
- Ned
Just when you thought it could not get any worse........given everything else that has been revealed!
Should have pushed my argument, with my wife - to sell my mother-in-law to buy more gold, more forcefully. Damn it!
You have a buyer?
How many balance sheets does the FED really have. Will the real balance sheet please stand up.
Strange why the fed wants to bail out the world...This is just absurd. Those people have to be removed! Or we will suffer for longer.
UGH:"denominated in $1 bills, the $1.2 trillion would fill 539 Olympic-size swimming pools." Who cares what $1.2 would look like, why not demoninate it in pennys or JFK hald dollars!
UGH:"denominated in $1 bills, the $1.2 trillion would fill 539 Olympic-size swimming pools." Who cares what $1.2 trill would look like, why not demoninate it in pennys or JFK hald dollars!
it is past time for nuremburg 2
why wdnt such a shit need congress's approval ?
The only way to win at gambling is to find a casino that does not have table limits and will allow you to double down forever. There are only a few such casinos on earth and they are not in Vegas, Atlantic City, or Monte Carlo. Of course, you need a special pass to get in.
When you go through the history of the Fed, lot's of people knew it was corrupt from the beginning. Time to replace the Fed with fixed rules. The Fed chairman cannot by physics know more than the markets, so the whole argument that they are their to intelligently guide us is utter bullshit. Absent that raison d'etre, get rid of them. http://www.futurnamics.com/fed.php
Well, at least there was only one HOG at this public trough....
Hey, that $1.2 Trillion is/was transitory.
You say you want a Revolution, well you know, we all love to hear the plan!!!
I think people contineously fail to identify the real problems here. It is not a "conspiracy". It is not a massive transfer of wealth from poor to rich. No enslavement through taxes. It does not matter if the banks got trillions in sectret bail out.
The real problems:
1) An unstastainable banking system that will eventually break if not re-invented. Lending out 30x your assets in the form of crappy loans should not be treated as an asset rather as a liability
2) Mis-allignment of interest. Bankers and senior financiers cannot participate only in the upside and not be affected on the downside. If anything they should be capped on upside and have full participation on the downside. For those who say that in such case best talent will leave....I say let us see where will they go to...:)
3) Better budget management by every contry in the world
4) Regulators pro-active on financial engineering. dont wait for CMBS, CDS, derivatives or whatever "exotic" is out there to blow up before you even take notice
I do agree there are a trillion problems and issues out there needing to be fixed, but I guarantee you that fixing the four above will probably solve 80% of these problems.
looks like we need someone to chase the "moneychangers" from the temple again. Too many kosher fingers in the pie.