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Could Bloomberg Lawsuit Mean Death to Zombie Banks?
March 28, 2010 · Leave a Comment
Do you stake it? Cut off its head? Nationalize it? Perhaps it’s time
to ask the experts at Bloomberg News.
Lost in the haze of the hoopla surrounding the insurance reform bill
was some big news on the financial reform front. On March 19,
Bloomberg won its lawsuit against the Federal Reserve for information
that could expose which “too big to fail” banks in the United States
are walking zombies and which banks were merely rotting.
crisis, is also leading the charge on the fight for transparency at the
Federal Reserve and in the financial sector. While many policymakers
and reporters were focusing their attention on the $700 billion Troubled
Asset Relief Program (TARP) bailout bill passed by Congress,
Bloomberg was one of the first to notice that the TARP program
was small change compared to the estimated $2-3 trillion flowing
out the back door of the Federal Reserve to prop up the financial system
in the early months of the crisis.
Act request asking the Fed what institutions were receiving the money,
how much, and what collateral was being posted for these loans. Their
basic argument: when trillions in taxpayer money is being loaned out to
shaky institutions, don’t the taxpayers deserve to know their chances of
being paid back?
to sue in Federal Court. In August of 2009, Bloomberg won the suit. With
the backing of the big banks, the Fed appealed , and this month, Bloomberg
won again. A three judge appellate panel dismissed the Fed’s arguments
that the information was protect “confidential business information” and told
the Fed that the public deserved answers.
It can drag this case out as long as it wants, but isn’t it a bid odd that
taxpayer dollars are being used to keep information from the taxpayers?
off his new term as Fed Chair in February with pledges of openness and transparency. “It is essential that the public have the information it needs
to understand and be assured of the integrity of all our operations, including
all aspects of our balance sheet and our financial controls,” said Bernanke. President Obama also pledged a new era of transparency when he entered
office. What is going on here?
the financial sector, because it would expose how many Wall Street
institutions are truly walking zombies, kept alive by accounting tricks
like deferred-tax assets, “a fancy term for pent-up losses that the bank
hopes to use later to cut its tax bills,” according to Bloomberg’s
Jonathan Wiel. If this is the case, it raises doubts about the wisdom
of Congress’ only plan to take care of the “too big to fail” problem by
trusting regulators to “resolve” failing banks. If there is no will to resolve
them now, why should we think regulators will resolve them in the
future?
by accepting a boatload of toxic assets as collateral. The law says
the Fed is only supposed to take “investment grade” assets as
collateral.
belong to the Federal Reserve,” Senator Bernie Sanders. “It belongs
to the American people, and the American people have a right to
know where more than $2 trillion of their money has gone.”
of transparency. They can start by abandoning this lawsuit and
opening the doors on the Secrets of the Temple.
Bank of America, Wells Fargo probably won’t pay income tax for 2009: THANKS TO TRAP…I MEAN TARP!
March 28, 2010 · Leave a Comment
BANK OF AMERICA, WELLS FARGO PROBABLY WON’T PAY INCOME TAX FOR 2009
Neil Garfield- Steps to Securitization
March 28, 2010 · Leave a Comment
GO TO THIS LINK FOR WONDERFUL
FORECLOSURE DEFENSE VIDEOS!!!!!
March 26, 2010