Citibank CEO - Banks Need Regulation

[RDD_1210]

Are you still repeating lies? You fail every time you bring this up. Because you are wrong. You are the most wrong poster here, except for RDean of course.

I'm not wrong Rabbi, skin color has nothing to do with leadership ability, no matter how much you want us to believe it. I'll repeat it as long as I see you post here because it was easily the dumbest thing anyone has ever posted on this site. Even dumber than when you thought that the story from the Onion was real. Congratulations.

You can repeat it but I never said sucha thing. You are unable to distinguish what is actually said from what you think is said. That marks you as a less intelligent person. Sorry, it's true.

So black people can be good leaders?

 

[RDD_1210]

"Thats what happens when blacks run things" - The Rabbi

 

[The Rabbi]

I'm not wrong Rabbi, skin color has nothing to do with leadership ability, no matter how much you want us to believe it. I'll repeat it as long as I see you post here because it was easily the dumbest thing anyone has ever posted on this site. Even dumber than when you thought that the story from the Onion was real. Congratulations.

You can repeat it but I never said sucha thing. You are unable to distinguish what is actually said from what you think is said. That marks you as a less intelligent person. Sorry, it's true.

So black people can be good leaders?

Absolutely. I never said they couldn't. Herman Cain did well as head of Papa Johns.
Why not try to figure out the point I was making. It's only been 9 months. Surely you can do it.

 

[RDD_1210]

You can repeat it but I never said sucha thing. You are unable to distinguish what is actually said from what you think is said. That marks you as a less intelligent person. Sorry, it's true.

So black people can be good leaders?

Absolutely. I never said they couldn't. Herman Cain did well as head of Papa Johns.
Why not try to figure out the point I was making. It's only been 9 months. Surely you can do it.

I see, you want to play semantics. Let me rephrase.

I'll even quote you your own question - "Give me two examples of cities, states or countries run by blacks that have been successful." - The Rabbi

 

[Truthmatters]

Bush and team orchastrated this mess to send the money into certain pockets.

it worked and some idiots cheered it

 

[GuyPinestra]

Glass-Steagall had nothing to do with the Latin-American debt crisis, nor did it have anything to do with the S&L crisis.

Beginning in the 1900s, commercial banks established security affiliates that floated bond issues and underwrote corporate stock issues. (In underwriting, a bank guarantees to furnish a definite sum of money by a definite date to a business or government entity in return for an issue of bonds or stock.) The expansion of commercial banks into securities underwriting was substantial until the 1929 stock market crash and the subsequent Depression. In 1930, the Bank of the United States failed, reportedly because of activities of its security affiliates that created artificial conditions in the market. In 1933, all of the banks throughout the country were closed for a four-day period, and 4,000 banks closed permanently.

As a result of the bank closings and the already devastated economy, public confidence in the U.S. financial structure was low. In order to restore the banking public's confidence that banks would follow reasonable banking practices, Congress created the Glass-Steagall Act. The act forced a separation of commercial and investment banks by preventing commercial banks from underwriting securities, with the exception of U.S. Treasury and federal agency securities, and municipal and state general-obligation securities. Likewise, investment banks may not engage in the business of receiving deposits.

The Federal Reserve Bank was created in 1913 to help stabilize the United States banking system. Unregulated banking and investing activities during the "roaring" twenties led to the Great Depression. After evaluating that, the U.S. passed the Glass-Steagall Act of 1933 prohibiting banks from getting involved with investments and derivatives (smart). Then in 1999 Clinton signed a bill repealing certain parts of the Glass-Steagall (the Financial Services Modernization Act aka Gramm-Leach-Bliley) whereby banks were ENABLED to get back into 40:1 leverage on their deposits.

Is it unreasonable to think that if we undo the very legislation intended to prevent the Great Depression from happening again, it will? This repeal enabled banks to also sell investments and releverage leveraged loans, leading us into the enormous real estate and finance bubble of 2008.

On S&L crisis...

In an effort to take advantage of the real estate boom (outstanding U.S. mortgage loans: 1976 $700 billion; 1980 $1.2 trillion)[5] and high interest rates of the late 1970s and early 1980s, many S&Ls lent far more money than was prudent, and to ventures which many S&Ls were not qualified to assess, especially regarding commercial real estate. L. William Seidman, former chairman of both the Federal Deposit Insurance Corporation (FDIC) and the Resolution Trust Corporation, stated, "The banking problems of the '80s and '90s came primarily, but not exclusively, from unsound real estate lending."[6]

On Latin America...

In the 1960s and 1970s many Latin American countries, notably Brazil, Argentina, and Mexico, borrowed huge sums of money from international creditors for industrialization; especially infrastructure programs. These countries had soaring economies at the time so the creditors were happy to continue to provide loans. Between 1975 and 1982, Latin American debt to commercial banks increased at a cumulative annual rate of 20.4 percent. This heightened borrowing led Latin America to quadruple its external debt from $75 billion in 1975 to more than $315 billion in 1983, or 50 percent of the region's gross domestic product (GDP). Debt service (interest payments and the repayment of principal) grew even faster, reaching $66 billion in 1982, up from $12 billion in 1975.[1]

When the world economy went into recession in the 1970s and 80s, and oil prices skyrocketed, it created a breaking point for most countries in the region. Developing countries also found themselves in a desperate liquidity crunch. Petroleum exporting countries – flush with cash after the oil price increases of 1973-74 – invested their money with international banks, which 'recycled' a major portion of the capital as loans to Latin American governments. As interest rates increased in the United States of America and in Europe in 1979, debt payments also increased, making it harder for borrowing countries to pay back their debts.[2] Deterioration in the exchange rate with the US dollar meant that Latin American governments ended up owing tremendous quantities of their national currencies, as well as losing purchasing power.[3] The contraction of world trade in 1981 caused the prices of primary resources (Latin America's largest export) to fall.[3]

While the dangerous accumulation of foreign debt occurred over a number of years, the debt crisis began when the international capital markets became aware that Latin America would not be able to pay back its loans. This occurred in August 1982 when Mexico's Finance Minister, Jesus Silva-Herzog declared that Mexico would no longer be able to service its debt.[4] Mexico declared that it couldn't meet its payment due-dates, and announced unilaterally, a moratorium of 90 days; it also requested a renegotiation of payment periods and new loans in order to fulfill its prior obligations.[3]

One thing that IS constant in these 3 examples is the fact that DEBT, leveraged and re-leveraged, driven by the GREED of the banking industry, can be shown as the cause of the problems illustrated.

 

[g5000]

Citi CEO: Banks need regulation - Video - Business News

hmm banks agreeing banks need to be regulated. interesting....

Well established players in industries always want more regulation to stifle competition.
Or didnt you know that?

It is obvious you did not watch the video. Vikram clearly states the importance of a level playing field for everyone. He also states that not enough regulation jeapordizes the safety and stability of the economic system while too much regulation kills growth.

 

[g5000]

I suppose I'd be all for regulating my competition if I owned the regulators, too.

Watch the video. Vikram is not calling for more regulation.

 

[g5000]

Who sold securities at a bank after the GLBact was signed?

Citi bank. The very bank whose CEO is the subject of this topic.

http://www.citigroup.com/transactionservices/home/securities_svcs/index.jsp

 

[g5000]

The legislation which had the greatest influence on the global credit crisis was not GLB. It was the Commodities Futures Modernization Act of 2000. This act put derivatives out of the reach of state and federal regulators.

And not one Republican pundit or demagogue screamed about "states rights" or the 10th Amendment upon its passage.

 

[occupied]

He seemed like a reasonable person unlike the politicians trying to destroy regulation on their behalf. I was especially surprised to hear him say that they may have struck the correct balance with the Volker rule.

 

[Truthmatters]

Who sold securities at a bank after the GLBact was signed?

Citi bank. The very bank whose CEO is the subject of this topic.

Securities and Fund Services

All of them did.

The broker rules were left haning for 8 long years.

They were written into the GLBact of 1999.

That is why Clinton signed such a bill , they were the protections.

The Bush team made SURE they were not implimented until they were about to leave office.

 

[Truthmatters]

The Bush team gamed the bill.

It was the plan all along.

Its why Phil Gramm left the government immediately after it passed.

He was hireb by UBS bank and got a healthy pay check for fucking us.

 

[g5000]

On S&L crisis...

In an effort to take advantage of the real estate boom (outstanding U.S. mortgage loans: 1976 $700 billion; 1980 $1.2 trillion)[5] and high interest rates of the late 1970s and early 1980s, many S&Ls lent far more money than was prudent, and to ventures which many S&Ls were not qualified to assess, especially regarding commercial real estate. L. William Seidman, former chairman of both the Federal Deposit Insurance Corporation (FDIC) and the Resolution Trust Corporation, stated, "The banking problems of the '80s and '90s came primarily, but not exclusively, from unsound real estate lending."[6]

This is a truth to which many who blame the CRA for the recent crisis are blind. The foundation of the current global credit crisis bears many striking resemblances to the S&L crisis, and many of the solutions for the S&L crisis would have worked for the recent crisis.

However, as I have tried to point out to the maniacs who are obsessed with the CRA many times, if it really was just about making bad loans to minorities, then the current crisis would have been much, much, much smaller. And the S&L crisis is the evidence. That crisis pales in scope and depth to the recent crisis.

The effects of the recent crisis were multiplied many times over by financial derivatives. But the understanding of such financial structures are way beyond the ken of people who are fixated on the CRA and the GSEs. Their bias throws up a blockade of ignorance when it comes to the culpability of the aptly named Wall Street and how their products put the crisis on steroids. And they cannot see this was a global credit crisis. And they cannot see that blacks are not the only people who got less than prime loans. A simple look at any map of foreclosures around the world and asking yourself, "Are those all black people?" should be all it takes to snap someone out of their self-delusion. It takes a willful act to remain ignorant of these facts.

But that is exactly what he have. Willful blindness.

 

[Truthmatters]

Brad Birkenfeld - Wikipedia, the free encyclopedia


Brad Birkenfeld is an American banker who formerly worked for UBS, Switzerland's largest bank.[1]

He is the first person to expose what has become a multi-billion dollar international tax fraud scandal over Swiss private banking.[2] Despite his unprecedented, extensive and voluntary cooperation, and registering as an IRS whistleblower, Birkenfeld is the only U.S. citizen to be sentenced to jail as a result of the scandal

 

[g5000]

Who sold securities at a bank after the GLBact was signed?

Citi bank. The very bank whose CEO is the subject of this topic.

Securities and Fund Services

All of them did.

The broker rules were left haning for 8 long years.

They were written into the GLBact of 1999.

That is why Clinton signed such a bill , they were the protections.

The Bush team made SURE they were not implimented until they were about to leave office.

Of all the large financial institutions which were rescued, only Citigroup was affected by GLB. None of the broker-dealers on Wall Street were.

The CFMA had a much greater influence on the end results.

 

[Truthmatters]

A jailed banker explains why banks still run the world - Bank Reform - Salon.com

 

[Truthmatters]

There were No broker rules for 8 long years because the republicans wanted it that way.


The banks could hire whomever they wanted to be a broker.

Train them However they wanted to.

They hired and trained them enough to sell the securities but not to know what they were made of.

Otherwise the in the past the brokers were independently trained.

In those days the broker would have KNOWN the securites were trash and refused to sell them for fear of losing their brokers liscense.


GET IT!

 

[GuyPinestra]

Anyone that doesn't know the bankers are running and ruining the world is willfully ignorant. There was a post here yesterday that got moved to the 'Global Forum' that makes that worldwide influence very clear.

Here it is!!

Here in Argentina, when we watch the terrible things that are happening today in Greece, we can only exclaim, “Hey!! That’s exactly what happened in Argentina in 2001 and 2002…!”

*A decade ago, Argentina too went through a systemic Sovereign Public Debt collapse resulting in social turmoil, worker hardship, rioting and street fights with the police.

Some months before Argentina exploded, then-President Fernando de la Rúa – forced to resign at the height of the 2001 crisis – had called back as finance minister the notorious pro-banker, Trilateral Commission member and Rockefeller/Soros/Rhodes protégée Domingo Cavallo.

Cavallo was the gruesome architect of Argentina’s political and economic capitulation to the US and UK when he was President Carlos Menem’s foreign minister and economy minister in the ’90s.

Menem and Cavallo are primarily responsible for Argentina’s signing of a formal Treaty of Capitulation with the UK/US after the 1982 Falklands War, opening up our economy to unrestricted privatization, deregulation and grossly excessive US Dollar-indebtedness, almost tripling our sovereign debt in a few short years (see my February 11, 2012 article British Laughter in the Falklands).

The Plan? Prepare Argentina for planned weakening, bankster take-over and collapse, so that a new weakening-takeover-collapse cycle could begin. In 2001, Cavallo was back to finish his work…

During that very hot summer in December 2001, true to its Latin temperament, Argentina even had four (yes, 4!) presidents in just one week. One of them, Adolfo Rodriguez Sáa, who only lasted three days, at least did one thing right, even if he did it the wrong way: he declared Argentina’s default on its sovereign debt.

All hell broke loose! The international bankers and IMF did everything they could to break Argentina’s back; global media pundits predicted all kinds of impending catastrophes. Debt default meant Argentina would have to weather the pain and agony alone, being cast out by the “international financial community”.
‘You’re not the boss of me!’

But no matter how bad it got, it would always be better to do that without the bankers, without the IMF’s, European Central Bank’s, US Fed’s and US Treasury’s “help”. Better to sort out your mess on your own, than to have parasitic banker vultures carving out their pound of flesh from your nation’s decaying social and economic body.

And how bad did it get in 2002? A 40 per cent drop in GDP; 30 per cent unemployment; 50 per cent of the population fell below the poverty line; dramatic, almost overnight, devaluation against the US Dollar from 1 peso per dollar to 4 pesos per dollar (then it tapered down to 3 pesos per dollar); if you had a US dollar Bank account, the government forced you to change it into pesos at the rate of 1.40 pesos per dollar.

What did Argentina’s government do wrong? In the months leading to collapse it bowed to all the bankers and IMF-mandated measures and “recipes”, which were actually the very cause of collapse: Argentina was loaned far more than it could pay back…. And the banker knew it! This was described in our December 19, 2011 article, Argentina: Tango Lessons.

Successive governments since then have continued to be functional to banker interests by rolling over debt 30 to 40 years, aggregating huge interest and in 2006 paying the full debt to the IMF – almost US$10 billion in full, cash and in US dollars (sole entity given most-favoured creditor status).
*Same vultures circling Greece

Today, Greece is confronted with a similarly tough decision. Either it keeps its sovereignty, or it capitulates to the “Vulture Troika” – the European Central Bank, European Commission and International Monetary Fund – who work for the Bankers, not the People.

Not surprisingly, today we find that Greece too has a Trilateral Commission Rockefeller/Rothschild man at the helm: Lucas Papademos who is doing the same things Argentina did in 2001/2.

Argentina not only suffered Cavallo, but President De la Rúa himself was co-founder of the local Global Power Masters lobby, CARI – Argentine International Relations Council – local branch of the New York-based Council on Foreign Relations, networking with the Trilateral Commission / Bilderberg mafia.

Greece today should do what Argentina did a decade ago: better to endure pain and hardship, and sort out the mess made by your politicians in connivance with international bankers on your own, wielding whatever shred of sovereignty you still have than allowing the Banker Vultures sitting in Frankfurt, New York and London decide your future.
It’s the Neocolonial Private Power Domination Model, stupid!

Or do you think it’s just bad luck, bad judgment and coincidence that countries – Greece, Argentina, Spain, Italy, Portugal, Brazil, Mexico, Iceland, Ireland, Russia, Malaysia, Ukraine, Indonesia, South Korea, Thailand, France, even the US and UK – always borrow too much from the bankers and then “discover” that they cannot pay it back and that, symmetrically, the same bankers – CitiCorp, HSBC, Deutsche, Commerz, BNP, Goldman Sachs, Bank of America, JPMorganChase, BBVA lend too much to countries and then “discover” they cannot collect?

No! That is the very yellow-brick road that leads to the Emerald City of “debt restructuring”, “debt refinancing”, and “sovereign debt bond mega-swaps” that snowball sovereign debt, spreading it over 20, 40 or more years into the future. That guarantees unimaginably colossal interest profits for the Mega-Bankers and for all those nice politicians, media players, traders and brokers, without whom that would not be possible.

This is a Model. It must keep rolling and rolling and rolling… As this Monster Machine steams forwards, it completely tramples on, overruns, destroys, flattens and obliterates people, jobs, workers, health services, pensions, education, national security and just about everything human on its path. Run by parasitic usurer technocrats, it does not care what it destroys because it has no ethics; no Christian, Muslim or Buddhist morals. It only worships a greedy golden idol of money, money and more money. This is 21st-century Money Power Slavery.

Three generations of Argentines saw hopes dashed and dreams thwarted by this Monster Machine, suffering the hardship, woes and humiliations that come when countries give up sovereignty.
*Bring back the drach!

So, Greece: Just default on your “sovereign debt”! Just revert to the drachma! Just say “No, thanks!” to the German bankers and the Troika Vultures.

Please, Greece: just say “No!” to your Trilateral Commission president!

You will be setting a strong precedent for your European neighbours. Like Spain, which is hurting so badly right now for similar reasons. Like Italy, with its Trilateral Commission Prime Minister Mario Monti (also Trilateral’s European Chairman!).

Greece, the Cradle of Democracy, can teach the world a lesson in True Democracy by kicking these parasites out of the country, which will hopefully trigger kicking them out of Europe and one day, kicking them out of the global economy.

Because what Greece and Argentina and Italy and Spain suffer today is not True Democracy, but rather a distorted bastard imitation that systematically yields control to the Global Power Masters at the Trilateral Commission, Bilderberg and Mega-Banking Overworld. They run the whole “democracy show”, whereby all countries end up having “the best democracy that money can buy”… which is no democracy at all…

The Money Power juggernaut is steaming full speed towards us all. If Greece falls, who’ll be next? Spain? Italy? Portugal? Argentina (yet again!!!)?
So what if Greece’s reverting to the drachma marks the beginning of the end for the euro? Let Italy revert to the lira, Spain to the peseta, Portugal to the escudo…! A National Currency is a key National Sovereignty factor.

All governments should understand that you either govern for the people and against the bankers; or you govern for the bankers and against the people.

*Adrian Salbuchi for RT

*Adrian Salbuchi is a political analyst, author, speaker and radio/TV commentator in Argentina. www.asalbuchi.com.ar

 

[The Rabbi]

So black people can be good leaders?

Absolutely. I never said they couldn't. Herman Cain did well as head of Papa Johns.
Why not try to figure out the point I was making. It's only been 9 months. Surely you can do it.

I see, you want to play semantics. Let me rephrase.

I'll even quote you your own question - "Give me two examples of cities, states or countries run by blacks that have been successful." - The Rabbi

That isnt semantics, dodo. That's an important distinction. Lost on you.
And you never could answer the question. So I guess you agree with me.