5 Years After the Financial Crisis, The Big Banks Are Still Committing Massive Crimes

[Rebelitarian]

5 Years After the Financial Crisis, The Big Banks Are Still Committing Massive Crimes


Washington’s Blog
September 20, 2013

Preface: Not all banks are criminal enterprises. The wrongdoing of a particular bank cannot be attributed to other banks without proof. But – as documented below – many of the biggest banks have engaged in unimaginably bad behavior.


You Won’t Believe What They’ve Done …

Here are just some of the improprieties by big banks over the last century (you’ll see that many shenanigans are continuing today):



Laundering money for terrorists (the HSBC employee who blew the whistle on the banks’ money laundering for terrorists and drug cartels says that the giant bank is still laundering money, saying: “The public needs to know that money is still being funneled through HSBC to directly buy guns and bullets to kill our soldiers …. Banks financing … terrorists affects every single American.” He also said: “It is disgusting that our banks are STILL financing terror on 9/11 2013“. And see this)


Funding the NAZIs.

Financing illegal arms deals, and funding the manufacture of cluster bombs (and see this and this) and other arms which are banned in most of the world


Launching a coup against the President of the United States


Handling money for rogue military operations


Laundering money for drug cartels. See this, this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis). A whistleblower said: “America is losing the drug war because our banks are [still] financing the cartels“, and “Banks financing drug cartels … affects every single American“. And see this.)



Engaging in mafia-style big-rigging fraud against local governments. See this, this and this


Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here,here, here, here, here, here, here and here


Manipulating aluminum and copper prices


Manipulating gold prices … on a daily basis


Charging “storage fees” to store gold bullion … without even buying or storing any gold . And raiding allocated gold accounts


Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)


Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car


Cheating homeowners by gaming laws meant to protect people from unfair foreclosure


Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing


Manipulating the hundred trillion dollar derivatives market


Engaging in insider trading of the most important financial information


Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this


Engaging in unlawful “frontrunning” to manipulate markets. See this, this, this, this, this and this


Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this


Manipulating corporate bonds through derivatives schemes


Otherwise manipulating markets. And see this


Participating in various Ponzi schemes. See this, this and this


Charging veterans unlawful mortgage fees


Helping the richest to illegally hide assets


Cooking their books (and see this)


Bribing and bullying ratings agencies to inflate ratings on their risky investments


Violently **** down on peaceful protesters
The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management.

Indeed, one of the world’s top fraud experts – professor of law and economics, and former senior S&L regulator Bill Black – says that most financial fraud is “control fraud”, where the people who own the banks are the ones who implement systemic fraud. See this, this and this.

Even the bank with the reputation as being the “best managed bank” in the U.S., JP Morgan, has engaged in massive fraud. For example, the Senate’s Permanent Subcommittee on Investigations released a report today quoting an examiner at the Office of Comptroller of the Currency – JPMorgan’s regulator – saying he felt the bank had “lied to” and “deceived” the agency over the question of whether the bank had mismarked its books to hide the extent of losses. And Joshua Rosner – noted bond analyst, and Managing Director at independent research consultancy Graham Fisher & Co – notes that JP Morgan had many similar anti money laundering laws violations as HSBC, failed to segregate accounts a la MF Global, and paid almost 12% of its 2009-12 net income on regulatory and legal settlements.

But at least the big banks do good things for society, like loaning money to Main Street, right?

Actually:



The big banks no longer do very much traditional banking. Most of their business is from financial speculation. For example, less than 10% of Bank of America’s assets come from traditional banking deposits. Instead, they are mainly engaged in financial speculation and derivatives. (and see this)


The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this


A huge portion of the banks’ profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies


The big banks are looting, killing the economy … and waging war on the people of the world


And our democracy and republican form of government as well
Indeed, top experts say that fraud caused the Great Depression and the 2008 crisis, and that failing to rein in fraud is dooming our economy.

We can almost understand why Thomas Jefferson warned:

And I sincerely believe, with you, that banking establishments are more dangerous than standing armies ….

John Adams said:

Banks have done more injury to religion, morality, tranquillity, prosperity, and even wealth of the nation than they have done or ever will do good.

And Lord Acton argued:

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.

No wonder a stunning list of prominent economists, financial experts and bankers say we need to break up the big banks.

Related posts:

Stunning Crimes of the Big Banks: Worse than Your Wildest Imagination
Jaw-Dropping Crimes of the Big Banks
Banking giant HSBC to pay £1.2bn to settle U.S. probe into money-laundering for Mexican drug cartels
Financial crisis: Banks shares plummet after bail-out deal
The Financial Crisis Was Foreseeable … Thousands of Years Ago

This article was posted: Friday, September 20, 2013 at 3:53 am

Prison Planet.com » 5 Years After the Financial Crisis, The Big Banks Are Still Committing Massive Crimes

 

[Kimura]

5 Years After the Financial Crisis, The Big Banks Are Still Committing Massive Crimes


Washington’s Blog
September 20, 2013

Preface: Not all banks are criminal enterprises. The wrongdoing of a particular bank cannot be attributed to other banks without proof. But – as documented below – many of the biggest banks have engaged in unimaginably bad behavior.


You Won’t Believe What They’ve Done …

Here are just some of the improprieties by big banks over the last century (you’ll see that many shenanigans are continuing today):



Laundering money for terrorists (the HSBC employee who blew the whistle on the banks’ money laundering for terrorists and drug cartels says that the giant bank is still laundering money, saying: “The public needs to know that money is still being funneled through HSBC to directly buy guns and bullets to kill our soldiers …. Banks financing … terrorists affects every single American.” He also said: “It is disgusting that our banks are STILL financing terror on 9/11 2013“. And see this)


Funding the NAZIs.

Financing illegal arms deals, and funding the manufacture of cluster bombs (and see this and this) and other arms which are banned in most of the world


Launching a coup against the President of the United States


Handling money for rogue military operations


Laundering money for drug cartels. See this, this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis). A whistleblower said: “America is losing the drug war because our banks are [still] financing the cartels“, and “Banks financing drug cartels … affects every single American“. And see this.)



Engaging in mafia-style big-rigging fraud against local governments. See this, this and this


Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here,here, here, here, here, here, here and here


Manipulating aluminum and copper prices


Manipulating gold prices … on a daily basis


Charging “storage fees” to store gold bullion … without even buying or storing any gold . And raiding allocated gold accounts


Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)


Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car


Cheating homeowners by gaming laws meant to protect people from unfair foreclosure


Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing


Manipulating the hundred trillion dollar derivatives market


Engaging in insider trading of the most important financial information


Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this


Engaging in unlawful “frontrunning” to manipulate markets. See this, this, this, this, this and this


Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this


Manipulating corporate bonds through derivatives schemes


Otherwise manipulating markets. And see this


Participating in various Ponzi schemes. See this, this and this


Charging veterans unlawful mortgage fees


Helping the richest to illegally hide assets


Cooking their books (and see this)


Bribing and bullying ratings agencies to inflate ratings on their risky investments


Violently **** down on peaceful protesters
The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management.

Indeed, one of the world’s top fraud experts – professor of law and economics, and former senior S&L regulator Bill Black – says that most financial fraud is “control fraud”, where the people who own the banks are the ones who implement systemic fraud. See this, this and this.

Even the bank with the reputation as being the “best managed bank” in the U.S., JP Morgan, has engaged in massive fraud. For example, the Senate’s Permanent Subcommittee on Investigations released a report today quoting an examiner at the Office of Comptroller of the Currency – JPMorgan’s regulator – saying he felt the bank had “lied to” and “deceived” the agency over the question of whether the bank had mismarked its books to hide the extent of losses. And Joshua Rosner – noted bond analyst, and Managing Director at independent research consultancy Graham Fisher & Co – notes that JP Morgan had many similar anti money laundering laws violations as HSBC, failed to segregate accounts a la MF Global, and paid almost 12% of its 2009-12 net income on regulatory and legal settlements.

But at least the big banks do good things for society, like loaning money to Main Street, right?

Actually:



The big banks no longer do very much traditional banking. Most of their business is from financial speculation. For example, less than 10% of Bank of America’s assets come from traditional banking deposits. Instead, they are mainly engaged in financial speculation and derivatives. (and see this)


The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this


A huge portion of the banks’ profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies


The big banks are looting, killing the economy … and waging war on the people of the world


And our democracy and republican form of government as well
Indeed, top experts say that fraud caused the Great Depression and the 2008 crisis, and that failing to rein in fraud is dooming our economy.

We can almost understand why Thomas Jefferson warned:

And I sincerely believe, with you, that banking establishments are more dangerous than standing armies ….

John Adams said:

Banks have done more injury to religion, morality, tranquillity, prosperity, and even wealth of the nation than they have done or ever will do good.

And Lord Acton argued:

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.

No wonder a stunning list of prominent economists, financial experts and bankers say we need to break up the big banks.

Related posts:

Stunning Crimes of the Big Banks: Worse than Your Wildest Imagination
Jaw-Dropping Crimes of the Big Banks
Banking giant HSBC to pay £1.2bn to settle U.S. probe into money-laundering for Mexican drug cartels
Financial crisis: Banks shares plummet after bail-out deal
The Financial Crisis Was Foreseeable … Thousands of Years Ago

This article was posted: Friday, September 20, 2013 at 3:53 am

Prison Planet.com » 5 Years After the Financial Crisis, The Big Banks Are Still Committing Massive Crimes

A total of 29 trillion in bailouts to date. The House just passed a bill with 39 billion in genocidal cuts to the food stamps program for our poorest citizens. The very victims of the banksters and this financialized economy.

Yeah, this country has its priorities in order.

 

[Rebelitarian]

Wann make a bet they will have food in the FEMA Camps when things get bad ?

 

[jasonnfree]

5 Years After the Financial Crisis, The Big Banks Are Still Committing Massive Crimes


Washington’s Blog
September 20, 2013

Preface: Not all banks are criminal enterprises. The wrongdoing of a particular bank cannot be attributed to other banks without proof. But – as documented below – many of the biggest banks have engaged in unimaginably bad behavior.


You Won’t Believe What They’ve Done …

Here are just some of the improprieties by big banks over the last century (you’ll see that many shenanigans are continuing today):



Laundering money for terrorists (the HSBC employee who blew the whistle on the banks’ money laundering for terrorists and drug cartels says that the giant bank is still laundering money, saying: “The public needs to know that money is still being funneled through HSBC to directly buy guns and bullets to kill our soldiers …. Banks financing … terrorists affects every single American.” He also said: “It is disgusting that our banks are STILL financing terror on 9/11 2013“. And see this)


Funding the NAZIs.

Financing illegal arms deals, and funding the manufacture of cluster bombs (and see this and this) and other arms which are banned in most of the world


Launching a coup against the President of the United States


Handling money for rogue military operations


Laundering money for drug cartels. See this, this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis). A whistleblower said: “America is losing the drug war because our banks are [still] financing the cartels“, and “Banks financing drug cartels … affects every single American“. And see this.)



Engaging in mafia-style big-rigging fraud against local governments. See this, this and this


Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here,here, here, here, here, here, here and here


Manipulating aluminum and copper prices


Manipulating gold prices … on a daily basis


Charging “storage fees” to store gold bullion … without even buying or storing any gold . And raiding allocated gold accounts


Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)


Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car


Cheating homeowners by gaming laws meant to protect people from unfair foreclosure


Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing


Manipulating the hundred trillion dollar derivatives market


Engaging in insider trading of the most important financial information


Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this


Engaging in unlawful “frontrunning” to manipulate markets. See this, this, this, this, this and this


Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this


Manipulating corporate bonds through derivatives schemes


Otherwise manipulating markets. And see this


Participating in various Ponzi schemes. See this, this and this


Charging veterans unlawful mortgage fees


Helping the richest to illegally hide assets


Cooking their books (and see this)


Bribing and bullying ratings agencies to inflate ratings on their risky investments


Violently **** down on peaceful protesters
The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management.

Indeed, one of the world’s top fraud experts – professor of law and economics, and former senior S&L regulator Bill Black – says that most financial fraud is “control fraud”, where the people who own the banks are the ones who implement systemic fraud. See this, this and this.

Even the bank with the reputation as being the “best managed bank” in the U.S., JP Morgan, has engaged in massive fraud. For example, the Senate’s Permanent Subcommittee on Investigations released a report today quoting an examiner at the Office of Comptroller of the Currency – JPMorgan’s regulator – saying he felt the bank had “lied to” and “deceived” the agency over the question of whether the bank had mismarked its books to hide the extent of losses. And Joshua Rosner – noted bond analyst, and Managing Director at independent research consultancy Graham Fisher & Co – notes that JP Morgan had many similar anti money laundering laws violations as HSBC, failed to segregate accounts a la MF Global, and paid almost 12% of its 2009-12 net income on regulatory and legal settlements.

But at least the big banks do good things for society, like loaning money to Main Street, right?

Actually:



The big banks no longer do very much traditional banking. Most of their business is from financial speculation. For example, less than 10% of Bank of America’s assets come from traditional banking deposits. Instead, they are mainly engaged in financial speculation and derivatives. (and see this)


The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this


A huge portion of the banks’ profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies


The big banks are looting, killing the economy … and waging war on the people of the world


And our democracy and republican form of government as well
Indeed, top experts say that fraud caused the Great Depression and the 2008 crisis, and that failing to rein in fraud is dooming our economy.

We can almost understand why Thomas Jefferson warned:

And I sincerely believe, with you, that banking establishments are more dangerous than standing armies ….

John Adams said:

Banks have done more injury to religion, morality, tranquillity, prosperity, and even wealth of the nation than they have done or ever will do good.

And Lord Acton argued:

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.

No wonder a stunning list of prominent economists, financial experts and bankers say we need to break up the big banks.

Related posts:

Stunning Crimes of the Big Banks: Worse than Your Wildest Imagination
Jaw-Dropping Crimes of the Big Banks
Banking giant HSBC to pay £1.2bn to settle U.S. probe into money-laundering for Mexican drug cartels
Financial crisis: Banks shares plummet after bail-out deal
The Financial Crisis Was Foreseeable … Thousands of Years Ago

This article was posted: Friday, September 20, 2013 at 3:53 am

Prison Planet.com » 5 Years After the Financial Crisis, The Big Banks Are Still Committing Massive Crimes

A total of 29 trillion in bailouts to date. The House just passed a bill with 39 billion in genocidal cuts to the food stamps program for our poorest citizens. The very victims of the banksters and this financialized economy.

Yeah, this country has its priorities in order.

So what's the solution. Nationalize the banks?

 

[jasonnfree]

Wann make a bet they will have food in the FEMA Camps when things get bad ?

Want to bet Blackwater or whatever they're called now gets the contract to provide the food?

 

[Politico]

Yawwwwwnnnn.....

 

[oldfart]

Dear Rebelitarian,

Your posting style is likely to elicit little response because of the scattergun approach. A couple of suggestions:

1. Make initial posts shorter and confined to one topic you can reasonably develop instead of a list of things you find outrageous. No one is going to respond to more than three or four points, most to only one, and when different people respond to different parts of a post the thread becomes disjointed and quickly is either abandoned or veers off topic. Similarly, you get more mileage out of one or two new threads a day rather than a half dozen.

2. Allegations picked up from blogs or "news" are a dime a dozen and only occasionally true. Go to original sources and cite them. It's a good idea to see if there is an existing thread where the topic has been developed before.

I wish you well.

 

[Kimura]

5 Years After the Financial Crisis, The Big Banks Are Still Committing Massive Crimes


Washington’s Blog
September 20, 2013

Preface: Not all banks are criminal enterprises. The wrongdoing of a particular bank cannot be attributed to other banks without proof. But – as documented below – many of the biggest banks have engaged in unimaginably bad behavior.


You Won’t Believe What They’ve Done …

Here are just some of the improprieties by big banks over the last century (you’ll see that many shenanigans are continuing today):



Laundering money for terrorists (the HSBC employee who blew the whistle on the banks’ money laundering for terrorists and drug cartels says that the giant bank is still laundering money, saying: “The public needs to know that money is still being funneled through HSBC to directly buy guns and bullets to kill our soldiers …. Banks financing … terrorists affects every single American.” He also said: “It is disgusting that our banks are STILL financing terror on 9/11 2013“. And see this)


Funding the NAZIs.

Financing illegal arms deals, and funding the manufacture of cluster bombs (and see this and this) and other arms which are banned in most of the world


Launching a coup against the President of the United States


Handling money for rogue military operations


Laundering money for drug cartels. See this, this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis). A whistleblower said: “America is losing the drug war because our banks are [still] financing the cartels“, and “Banks financing drug cartels … affects every single American“. And see this.)



Engaging in mafia-style big-rigging fraud against local governments. See this, this and this


Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here,here, here, here, here, here, here and here


Manipulating aluminum and copper prices


Manipulating gold prices … on a daily basis


Charging “storage fees” to store gold bullion … without even buying or storing any gold . And raiding allocated gold accounts


Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)


Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car


Cheating homeowners by gaming laws meant to protect people from unfair foreclosure


Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing


Manipulating the hundred trillion dollar derivatives market


Engaging in insider trading of the most important financial information


Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this


Engaging in unlawful “frontrunning” to manipulate markets. See this, this, this, this, this and this


Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this


Manipulating corporate bonds through derivatives schemes


Otherwise manipulating markets. And see this


Participating in various Ponzi schemes. See this, this and this


Charging veterans unlawful mortgage fees


Helping the richest to illegally hide assets


Cooking their books (and see this)


Bribing and bullying ratings agencies to inflate ratings on their risky investments


Violently **** down on peaceful protesters
The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management.

Indeed, one of the world’s top fraud experts – professor of law and economics, and former senior S&L regulator Bill Black – says that most financial fraud is “control fraud”, where the people who own the banks are the ones who implement systemic fraud. See this, this and this.

Even the bank with the reputation as being the “best managed bank” in the U.S., JP Morgan, has engaged in massive fraud. For example, the Senate’s Permanent Subcommittee on Investigations released a report today quoting an examiner at the Office of Comptroller of the Currency – JPMorgan’s regulator – saying he felt the bank had “lied to” and “deceived” the agency over the question of whether the bank had mismarked its books to hide the extent of losses. And Joshua Rosner – noted bond analyst, and Managing Director at independent research consultancy Graham Fisher & Co – notes that JP Morgan had many similar anti money laundering laws violations as HSBC, failed to segregate accounts a la MF Global, and paid almost 12% of its 2009-12 net income on regulatory and legal settlements.

But at least the big banks do good things for society, like loaning money to Main Street, right?

Actually:



The big banks no longer do very much traditional banking. Most of their business is from financial speculation. For example, less than 10% of Bank of America’s assets come from traditional banking deposits. Instead, they are mainly engaged in financial speculation and derivatives. (and see this)


The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this


A huge portion of the banks’ profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies


The big banks are looting, killing the economy … and waging war on the people of the world


And our democracy and republican form of government as well
Indeed, top experts say that fraud caused the Great Depression and the 2008 crisis, and that failing to rein in fraud is dooming our economy.

We can almost understand why Thomas Jefferson warned:

And I sincerely believe, with you, that banking establishments are more dangerous than standing armies ….

John Adams said:

Banks have done more injury to religion, morality, tranquillity, prosperity, and even wealth of the nation than they have done or ever will do good.

And Lord Acton argued:

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.

No wonder a stunning list of prominent economists, financial experts and bankers say we need to break up the big banks.

Related posts:

Stunning Crimes of the Big Banks: Worse than Your Wildest Imagination
Jaw-Dropping Crimes of the Big Banks
Banking giant HSBC to pay £1.2bn to settle U.S. probe into money-laundering for Mexican drug cartels
Financial crisis: Banks shares plummet after bail-out deal
The Financial Crisis Was Foreseeable … Thousands of Years Ago

This article was posted: Friday, September 20, 2013 at 3:53 am

Prison Planet.com » 5 Years After the Financial Crisis, The Big Banks Are Still Committing Massive Crimes

A total of 29 trillion in bailouts to date. The House just passed a bill with 39 billion in genocidal cuts to the food stamps program for our poorest citizens. The very victims of the banksters and this financialized economy.

Yeah, this country has its priorities in order.

So what's the solution. Nationalize the banks?

We could have used the same solution as the Swedes in the early 90s. The big banks are already technically insolvent (zombie banks). They're already wards of the state. The FED is subsidizing the 1% in essence. We should break up the TBTFs.

 

[Toddsterpatriot]

A total of 29 trillion in bailouts to date. The House just passed a bill with 39 billion in genocidal cuts to the food stamps program for our poorest citizens. The very victims of the banksters and this financialized economy.

Yeah, this country has its priorities in order.

So what's the solution. Nationalize the banks?

We could have used the same solution as the Swedes in the early 90s. The big banks are already technically insolvent (zombie banks). They're already wards of the state. The FED is subsidizing the 1% in essence. We should break up the TBTFs.

The big banks are already technically insolvent

Technically insolvent? Could you elaborate?

 

[oldfart]

So what's the solution. Nationalize the banks?

We could have used the same solution as the Swedes in the early 90s. The big banks are already technically insolvent (zombie banks). They're already wards of the state. The FED is subsidizing the 1% in essence. We should break up the TBTFs.

The big banks are already technically insolvent

Technically insolvent? Could you elaborate?

It's a question of accounting conventions. The big banks have resisted writing down their failed investments and are carrying them at values far above liquidation value. Were the assets valued at current market prices (when there is a market, many are too illiquid to sell), the bank would be insolvent.

 

[Toddsterpatriot]

We could have used the same solution as the Swedes in the early 90s. The big banks are already technically insolvent (zombie banks). They're already wards of the state. The FED is subsidizing the 1% in essence. We should break up the TBTFs.

The big banks are already technically insolvent

Technically insolvent? Could you elaborate?

It's a question of accounting conventions. The big banks have resisted writing down their failed investments and are carrying them at values far above liquidation value. Were the assets valued at current market prices (when there is a market, many are too illiquid to sell), the bank would be insolvent.

The big banks have resisted writing down their failed investments and are carrying them at values far above liquidation value.

Which ones?

Were the assets valued at current market prices (when there is a market, many are too illiquid to sell), the bank would be insolvent.

Illiquid assets can't be priced? You might be using a bad definition of insolvent.

 

[whitehall]

Yeah and former Gov. of N.J. Jon Corzine (D) is still walking the streets despite defrauding investors of billions.

 

[Toddsterpatriot]

Yeah and former Gov. of N.J. Jon Corzine (D) is still walking the streets despite defrauding investors of billions.

Yeah, he's a scumbag.

 

[Kimura]

The big banks are already technically insolvent

Technically insolvent? Could you elaborate?

It's a question of accounting conventions. The big banks have resisted writing down their failed investments and are carrying them at values far above liquidation value. Were the assets valued at current market prices (when there is a market, many are too illiquid to sell), the bank would be insolvent.

The big banks have resisted writing down their failed investments and are carrying them at values far above liquidation value.

Which ones?

Were the assets valued at current market prices (when there is a market, many are too illiquid to sell), the bank would be insolvent.

Illiquid assets can't be priced? You might be using a bad definition of insolvent.

Illiquid assets are worthless by their very definition; that's why they're illiquid. Goldman, Bank of America, JP Morgan, Citigroup, Wells Fargo, and PNC would not exist if it were not for the discount window and implicit guarantees by the government.

I was offered a gig to run the bond department at one of these banks last year. I'll stick with an Italian bank. Once the bankers start to get executed in this country, I won't be on that line, Jack.

 

[Toddsterpatriot]

It's a question of accounting conventions. The big banks have resisted writing down their failed investments and are carrying them at values far above liquidation value. Were the assets valued at current market prices (when there is a market, many are too illiquid to sell), the bank would be insolvent.

The big banks have resisted writing down their failed investments and are carrying them at values far above liquidation value.

Which ones?

Were the assets valued at current market prices (when there is a market, many are too illiquid to sell), the bank would be insolvent.

Illiquid assets can't be priced? You might be using a bad definition of insolvent.

Illiquid assets are worthless by their very definition; that's why they're illiquid. Goldman, Bank of America, JP Morgan, Citigroup, Wells Fargo, and PNC would not exist if it were not for the discount window and implicit guarantees by the government.

I was offered a gig to run the bond department at one of these banks last year. I'll stick with an Italian bank. Once the bankers start to get executed in this country, I won't be on that line, Jack.

Illiquid assets are worthless by their very definition

That's a unique definition you have there.

 

[Toro]

Illiquid assets are worthless by their very definition; that's why they're illiquid.

I'm responsible for a large portfolio of illiquid investments. Our accountants don't think they're worthless.

But if your bank has illiquid assets you think are worth $0, PM me and maybe we can strike a deal.

 

[Toddsterpatriot]

Illiquid assets are worthless by their very definition; that's why they're illiquid.

I'm responsible for a large portfolio of illiquid investments. Our accountants don't think they're worthless.

But if your bank has illiquid assets you think are worth $0, PM me and maybe we can strike a deal.

Your firm is probably "technically insolvent".

 

[Toro]

Illiquid assets are worthless by their very definition; that's why they're illiquid.

I'm responsible for a large portfolio of illiquid investments. Our accountants don't think they're worthless.

But if your bank has illiquid assets you think are worth $0, PM me and maybe we can strike a deal.

Your firm is probably "technically insolvent".

lol

I suppose it is.

Some say that about the US Treasury too.

I haven't looked at a bank balance sheet in years, but I doubt the big banks are technically insolvent now. Maybe in February 2009 but not September 2013. Tier 1 capital is as high as it has been in decades.

In fact, one of guys has done that solvency exercise. In the 00s, they spent three years normalizing all the banking accounting standards around the world and marked to market both sides of the balance sheet of the world's 100 largest banks, and indeed the banking system in America was insolvent. However, it was worse in Europe, and still is today. Surprisingly, the worst banks were and are in Germany, with the Landesbanks being the most insolvent. Today, the banking system is in much better shape than it was 5-6 years ago.

They also concluded that banks have enjoyed a government subsidy in their funding for decades. IOW, the banks have been backstopped by governments for many, many years, not just during the 00s. And they've used that implicit subsidy to go into investment banking and prop trading. They've concluded that risk has been skewed in the banks and profits from trading do not reflect the true risk of capital.

 

[Kimura]

Illiquid assets are worthless by their very definition; that's why they're illiquid.

I'm responsible for a large portfolio of illiquid investments. Our accountants don't think they're worthless.

But if your bank has illiquid assets you think are worth $0, PM me and maybe we can strike a deal.

I was trying to be a wise ass. It didn't work.

Seriously, though, many of the banks I mentioned have a boatload of illiquid assets. Many speculators and buyers aren't exactly lining up to purchase these assets. And there's the derivatives issue, which is problematic as I'm sure you'd agree.

 

[Toddsterpatriot]

Illiquid assets are worthless by their very definition; that's why they're illiquid.

I'm responsible for a large portfolio of illiquid investments. Our accountants don't think they're worthless.

But if your bank has illiquid assets you think are worth $0, PM me and maybe we can strike a deal.

I was trying to be a wise ass. It didn't work.

Seriously, though, many of the banks I mentioned have a boatload of illiquid assets. Many speculators and buyers aren't exactly lining up to purchase these assets. And there's the derivatives issue, which is problematic as I'm sure you'd agree.

I was trying to be a wise ass. It didn't work.

You're right, you came off as a dumbass, by definition.

Seriously, though, many of the banks I mentioned have a boatload of illiquid assets.

Doesn't make them insolvent.

And there's the derivatives issue, which is problematic as I'm sure you'd agree.

Why is it problematic?