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.

William Burroughs calculators and beat generation writers.

William Seward Burroughs I was an American inventor born in Rochester, New York and educated in the public school system. He obtained a job in the Boyer Machine Shop.

He invented a “calculating machine” (first patent filed in 1885) designed to ease the monotony of clerical work. He was a founder of the American Arithmometer Company (1886), which later became the Burroughs Adding Machine Company (1904), then the Burroughs Corporation (1953) and in 1986, merged with Sperry Corporation to form Unisys.

Tammy Werner of Unisys hands the Deed of Gift Agreement to John Alviti, Senior Curator at The Franklin Institute. The machine is given by Gail A. Arrington, on behalf of Unisys Corporation, in memory of Joseph H. Arrington.The Franklin Institute shows Burroughs Adding Machine

Grandfather of Beat Generation writer William S. Burroughs and great-grandfather of William S. Burroughs, Jr., who was also a writer.

William Burroughts Nike CM The purpose of technology is not to confuse but to serve

 

 

Beat luminaries Allen Ginsberg and Jack Kerouac, influenced generations of disillusioned outcasts, hippies and punks alike.

1953 semi-autobiographical novel, Junkie: Confessions of an Unredeemed Drug Addict William S. Burroughs
“They lounged around Singapore and Rangoon smoking opium in a yellow pongee suit,” wrote Burroughs in a 1985 essay. “They sniffed cocaine in Mayfair and they penetrated forbidden swamps with a faithful native boy and lived in the native quarter of Tangier smoking hashish and languidly caressing a pet gazelle.”
The Beat writer spent nearly two decades as a heroin addict, traveling the world on his parents’ dime while filling notebooks with what would become his controversial 1959 masterpiece, Naked Lunch, in which Burroughs ripped apart the conventions of linear narrative and dared to write openly — disturbingly so, at times — about his fantasies and homosexuality. Burroughs’ family money and legal connections allowed him to avoid a two-year prison term for manslaughter after killing his  common-law wife, Joan Vollmer.

William S. Burroughs, Jr., died in 1981, at the age of 33, from alcoholism and liver failure.  On September 6, 1951, Billy’s father accidentally shot and killed his mother in a drunken game of ‘William Tell’ in Mexico City. In chapter three of his second novel, Kentucky Ham, Burroughs relates his memory of the day his mother was shot dead, as well as the following reunion with his father after he was freed from a Mexico City prison. While his father stayed in Mexico, Billy went to live with his paternal grandparents – Mortimer and Laura Lee Burroughs, in St. Louis, Missouri.

Blue Oyster Cult Session in late  1976 with a session with famed producer Bruce Dickinson

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Bruce Dickinson “Heavy Metal was a term coined by a journalist actually, and I think it’s from William R. Bourrrough’s novel but that’s a minor detail.” more

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1958 National Defense Education Act, PL85-864 (graduate fellowship program and the National Defense Student Loan Program (NDSL), the precursor to the Perkins Loan Program, first Federal student aid program for low-income students)
http://nndb.com/
Carl D. Perkins Vocational and Technical Education Act
Carl Dewey Perkins (October 15, 1912 – August 3, 1984, a Democrat, was a politician and member of the United States House of Representatives from the state of Kentucky.
Perkins, Carl Dewey (1912-1984) — also known as Carl D. Perkins — of Hindman, Knott County, Ky. Born in Hindman, Knott County, Ky., October 15, 1912. Democrat. Lawyer; member of Kentucky state house of representatives, 1940; served in the U.S. Army during World War II; U.S. Representative from Kentucky 7th District, 1949-84; died in office 1984. Member, American Legion; Freemasons. Died in Lexington, Fayette County, Ky., August 3, 1984 (age 71 years, 293 days). Interment at Perkins Cemetery, Leburn, Ky.
Relatives: Father of Carl Christopher Perkins (1954-).
http://www.nndb.com/people/288/000129898/
Perkins, Carl Christopher (b. 1954) — also known as Carl C. Perkins;
Chris Perkins — of Leburn, Knott County, Ky. Born in Washington, D.C., August 6, 1954. Democrat. Member of Kentucky state house of representatives, 1981-84; U.S. Representative from Kentucky 7th District, 1985-93; minister. Baptist; later Presbyterian. Pleaded guilty in 1994 to bank fraud in connection with the House banking scandal; he wrote overdrafts totaling about $300,000 (covered by the House bank) and made false statements to obtain loans from commercial banks; also pleaded guilty to charges of filing false statements with the Federal Election Commission and false financial disclosure reports. Sentenced to 21 months in prison. In March 2000, pleaded guilty to criminal contempt of court for lying to a federal probation officer about his income. Still living as of 2013.
http://politicalgraveyard.com/bio/perkins.html
1986 Reauthorization of the Higher Education Act (added Congressional Methodology as a second federal need analysis methodology, gave financial aid administrators broad discretion through “professional judgment”, required financial need for the GSL interest subsidy, NDSL renamed Perkins Loan, created Supplemental Loan to Students (SLS) for graduate, professional and independent students, restricted PLUS loans to parent borrowers, added FFEL consolidation loans)
http://www.finaid.org/educators/history.phtml
A History of Vocational and Career Education in Ohio: 1828-2000
http://www.scribd.com/doc/85309209/A-History-of-Vocational-and-Career-Education-in-Ohio-1828-2000
iUniverse, Inc. New York Lincoln Shanghai
To fulfill an eligibility requirement of the Carl Perkins Vocational and Applied Technology Education Act, an assessment was conducted of the public vocational … Carl D Perkins Voc and Appl Techn Educ Act 1990
http://eric.ed.gov/?id=ED330816
The Carl D. Perkins Vocational and Technical Education Act was first authorized by the federal government in 1984 and reauthorized in 1998. Named for Carl D. Perkins, the act aims to increase the quality of technical education within the United States in order to help the economy.
On August 12, 2006 President George W Bush signed into law the reauthorization of the Act of 1998. The new law, the Carl D. Perkins Career and Technical Education Improvement Act of 2006, was passed almost unanimously by Congress in late July, 2006.
The new law includes three major areas of revision:
1) Using the term “career and technical education” instead of “vocational education”
2) Maintaining the Tech Prep program as a separate federal funding stream within the legislation
3) Maintaining state administrative funding at 5 percent of a state’s allocation
The new law also includes new requirements for “programs of study” that link academic and technical content across secondary and postsecondary education, and strengthened local accountability provisions that will ensure continuous program improvement.
The Perkins Act provides almost $1.3 billion in federal support for career and technical education programs in all 50 States, including support for integrated career pathways programs.
http://www2.ed.gov/policy/sectech/leg/perkins/index.html
http://www.clasp.org/ a national picture of infant-toddler child care policies and finds that, collectively, states could be doing far better meeting the needs of our youngest children and their families
Corilie Perkins
http://web.archive.org/web/20100305131140/http://www.citizendia.org/Episcopal_Church_in_the_United_States_of_America

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Facebook Wants to Redline Your Friends List
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In short: You could be denied a loan simply because your friends have defaulted on theirs. It’s the kind of digital redlining that critics of “big data” collection have been warning of for years. It could make Facebook a lot of money, and it could make the Web even less safe for poor people. And it could be just the beginning. <more>