Here’s Why Wall Street Bank CEOs Started to Sweat Yesterday about Today’s House Hearing

Here’s Why Wall Street Bank CEOs Started to Sweat Yesterday about Today’s House Hearing

By Pam Martens and Russ Martens: April 10, 2019

http://wallstreetonparade.com/2019/04/heres-why-wall-street-bank-ceos-started-to-sweat-yesterday-about-todays-house-hearing/

At 8:00 a.m. yesterday, Politico’s Ben White and Aubree Eliza Weaver dropped the news nugget that the nonprofit watchdog, Better Markets, would be releasing one day ahead of today’s House hearing with the CEOs of the largest banks on Wall Street a report titled: “The RAP Sheet for Wall Street’s Biggest Banks’ Crime Spree,” which promised to detail, for the first time, “that of the more than $29 trillion in total bailouts, the six biggest banks in the country (Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo) received more than $8.2 trillion, or nearly one-third of the total bailouts provided to the entire financial system.”

Wall Street On Parade has been reporting since 2012 that of the secret $16 trillion bailout loans made at almost zero interest rates by the Federal Reserve during the financial crisis, a handful of mega banks on Wall Street received the lion’s share. (See here and here.)

But what Better Markets has done in its new report is to combine the Fed’s largess with that of TARP (Troubled Asset Relief Program) and support provided by the Federal Deposit Insurance Corporation and other guarantee programs. It comes up with the following:

“At least $29 trillion was lent, spent, pledged, committed, loaned, guaranteed, and otherwise used or made available to bailout the financial system during the 2008 financial crash. The American people were told that this unprecedented rescue was necessary because, if the gigantic financial institutions, mostly on Wall Street, failed and went bankrupt (like every other unsuccessful private business in America), then they would take down the entire financial system, which would take down the U.S. economy, wreaking havoc on Main Street families.

“This has actually been true since the 1930s for traditional commercial and retail banks, primarily because they provide essential financial services like checking and savings accounts as well as loans to individuals and businesses small, medium, and large.  That is the fuel for the American economy, standard of living, and overall prosperity, which is why those banks are insured by the FDIC and backed by the taxpayers.  In addition, those banks were guaranteed because the odds of their failure were minimized—and taxpayers were protected—by numerous banking regulators who policed their activities to promote safe and sound banking practices, making bailouts less likely.

“However, the $29 trillion in bailouts from the Fed, FDIC, and other regulators (in addition to the $700 billion taxpayer dollars made available under the TARP program) were not only or even primarily provided to those regulated banks that take deposits and make loans. Instead, those bailouts were extended to virtually all financial institutions, including those engaging in the most dangerous, high-risk activities that actually caused the financial crash.

Thus, for decades gigantic nonbank financial institutions like Goldman Sachs, Morgan Stanley, AIG, money market funds, and many more were allowed to maximize private profits with little or no regulation, but when their activities triggered the crash, they nonetheless were bailed out.

“This was a stunning violation of the most basic rule of capitalism, applicable to virtually every other business in America:  Failure leads to bankruptcy.”

Now that the researchers have really gotten readers’ blood boiling about the crony regulators and the secret trillions in bailouts, Better Markets delivers the gut punch.

Despite all of that taxpayer support, the mega banks that received it not only continued their crime spree but upped their game. The researchers write:

“In fact, they have engaged in—and continue to engage in—a crime spree that spans the violation of almost every law and rule imaginable.

Taking the breadth and depth of their illegal conduct as a whole, the six biggest banks in the country look like criminal enterprises with RAP sheets that would make most career criminals green with envy.

That was the case not just before the 2008 crash, but also during and after the crash and their lifesaving bailouts…

In fact, the number of cases against the banks has actually increased relative to the pre-crash era.”

Better Markets then proceeds to detail the ghastly RAP sheets of each of the six mega banks. (Read the full report here.)

Against that backdrop, the CEOs of seven of these mega banks will take their seats at a hearing at 9:00 a.m. this morning before the House Financial Services Committee. You can expect to see a lot of their lawyers in the seats behind them.

 CEOs of 7 mega banks challenged by House committee In one of the tensest moments of the hearing, the chief executive of JPMorgan Chase acknowledged his bank benefited from slavery.

In 2005, JPMorgan Chase acknowledged that two of its banking predecessors had received thousands of slaves as collateral before the Civil War and that the bank had also owned hundreds.

Sen. Elizabeth Warren (D-Mass.), a fierce industry critic, has made executive accountability — including making it easier to jail chief executives — one of the central themes of her presidential campaign.

https://www.washingtonpost.com/business/2019/04/10/ceos-mega-banks-will-testify-before-house-committee-heres-what-expect/

Slime ball Fed proposes easing post-crisis rules for slime ball big banks buddies
The proposal comes as the Trump administration continues to look for ways to curtail the regulatory burden faced by the banking industry, a decade after the global financial crisis. The industry has complained many of the strictest rules are too cumbersome and costly.

Gerard Mourou might be able to reduce nuclear waste from 1000 years to minutes

Zapping Nuclear Waste in Minutes Is Nobel Winner’s Holy Grail Quest 

Gerard Mourou—one of the three winners of the 2018 Nobel Prize for Physics—claims that the lifespan of radioactive waste could potentially be cut to minutes from thousands of years. Although Mourou, 74, is quick to say that the laser option for nuclear waste that he and Irvine, California-based Professor Toshiki Tajima are working on may be years away, its promise has created a flurry of excitement for the sector in France.

Gérard Mourou The Nobel Prize in Physics 2018

Born: 22 June 1944, Albertville, France

Affiliation at the time of the award: University of Michigan, Ann Arbor, MI, USA, École Polytechnique, Palaiseau, France

Prize motivation: “for their method of generating high-intensity, ultra-short optical pulses.”

The Guardian and Scientific American provided simplified summaries of the work of Strickland and Mourou: it “paved the way for the shortest, most intense laser beams ever created”. “The ultrabrief, ultrasharp beams can be used to make extremely precise cuts so their technique is now used in laser machining and enables doctors to perform millions of corrective” laser eye surgeries.

Canadian Prime Minister Justin Trudeau acknowledged the achievements of Mourou and Strickland: “Their innovative work can be found in applications including corrective eye surgery, and is expected to have a significant impact on cancer therapy and other physics research in the future”.

Dear Dr. Gerard,

YOU ARE OUR HERO !!!!!

HAPPY EARTH DAY 

LOVE YOU 

xoxoxo

PLANET EARTH

 

 

 

 

 

 

Gérard Mourou on the development of chirped pulse amplification

A CURRENT ACCEPTABLE PREJUDICE by Jonathan Weiss Esq.

“Old white men.” The words separate are sometimes used pejoratively. All together they are considered by many “liberals” and many in the media as a crucial criticism. “Old” creates the most disdain. Rather than being considered an achievement implying future contribution, the years accumulated is considered negative.

Reactionaries often attack “political correctness” as a cover for the attitude and practice of racism, xenophobia, nativism, misogyny, wealth against poor, and disparagement of different gender and sexual practices – in their array of intolerant and discriminatory practices. But beyond all the despicable perspectives, with associated practices, glimmers a point.

Well out of population proportion, Blacks are now omnipresent in most ads, plays, and movies. Obligatory Blacks, generally cast as superior or educated, are featured in almost every dramatic or commercial presentation.. While it is true, there are many aspiring and unemployed actors available, to give preference on the basis on melanin amount should not be a functioning criterion. All actors should be allowed to play different parts. Forrest Whitaker portrays an excellent “Hughie”; Glenda Jackson a riveting “King Lear”, But the converse? – a white performer in “A Raison in the Sun”, Sam Rea as Lady Macbeth? (Shakespeare’s plays, historians say, were only performed by men). A few years back the bourgeoise identity advocate Spike Lee caused a furor to make sure that he, not a white man, direct “Malcolm X” failing to do justice to the charismatic, inspiring, and politically profound leader – who should have continued through old age. (Can you imagine Gershwin writing an opera, called ”Porgy and Bess” about a poor Black community (“Catfish Row”? Who would present it, if written now?)

This color preference, with a sprinkling of Asiatics, neglects Latinos and American Indians. (Indeed, the opposite is true when one watches an Atlanta Braves home game crowd do a publicly guided “tomahawk” while “nock- a-homer” displays an Indian character dancing around a wigwam.) This constant presence has created a backlash, to excite those with conscious or unconscious race resentment, while it satisfies only a select elite with a hope it improves markets or escapes criticism. It is hard to see it justified as “reparations” or “affirmative action” – concepts themselves subject to serious challenge.

The commendable Seth Meyers features a Black, a Puerto Rican Lesbian, and an Asian as writers on his late night show. The Black and Lesbian tell jokes labeled as “Jokes Seth Can Not Tell” with apparent lesbian and Black punchlines. On the other hand, he constantly jokes about “old men.” Most of the media stars including the talented Trevor Noah (bi-racial identifying as Black) do constantly: how they have lost their wits, are politically reactionary, look disgusting in a gym, particularly naked, lost their sexuality and attractiveness, can not do many tasks. Trevor Noah started his interview with Bernie Sanders “Are you too old?” to receive the appropriate reply: “Are you a bigot?” Let us note that his message seems to resonate with the younger voters in current polls putting him first in the current carnival of Democratic candidates.

The “old white men” accusation is frequently leveled at Congress with age complaints about Judges. (Where would the Supreme Court be without Ruth Bader Ginsberg in her mid 80s?). Seniority, in the Republican Party, is a problem endemic to the Rules. But, if we remove “white” from the triad, we all should celebrate the principled leadership from Elijah Cummings and John Lewis in the Congress. We should be delighted with Alexandra Ocasia Cortez for all she says and does, as well as thrilled that she replaced a 9 term Congressman, not because of his age, but because he was a retrograde party hack. An “old white man” has a long history to evaluate while he should have learned and grown politically, practically, and philosophically. Wisdom acquired constitutes a virtue.

Making “old white men” an acceptable criticism anywhere is wrong. Individuals are to be judged on their merits and potentialities. To accept “old white me” automatically as a negative cliche is discrimination wherever it occurs. Accepting the deplorable degradation and/or inequality practiced against “people of color”, women, and the poor, emphasizing the continued damage done to Native Americans, Latinos (now particularly Puerto Rican and Mexicans) and those with “different” sexual preferences requires real action rather than an elitist attack on another group.

The general social conditions are deplorable with poverty, racism, and exclusion of the oppressed from satisfying their needs and fulfilling their potentialities. Such a horror is not reduced by selected public featuring of anointed “people of color”, gender and age, but rather creates an anger for those so stigmatized and an excuse for those who are prejudiced. Occasional fawning obeisance to a “legend” exaggerates rather than minimizes a general “ageist” culture, particularly prominent in the media. Mandatory retirement, particularly in an era with pensions (promises for future payment to forgo present payments) and public benefits destroyed, creates poverty and wastes resources for the work place. The spectacle of the “elderly” serving at fast food places is not ennobling vision.

Nothing is inherently wrong for a human being to be “white”, “old”, or “man” The first, of course, has varied in definition (once including some Italians and Jews), the second an ascription dependent on societal longevity generalities, the third a biological classification. Together the words offer only an irrelevant characterization. Not redeemed by reverse preference, it perpetuates bigotry, pure and simple. Instead of a condemned, as an irrelevant, perspective, this pernicious prejudice is prevalent and reinforced by mass media for a “balance” based a fraudulent fad of “diversity”.

Old white men.” Honor the best of them. Respect all of them.