Defaulting banks - where will it stop?

[Keith Millea]

At least some are fighting back!

Chris Hedges:

[video]http://youtu.be/2GYlSsLafR0[/video]

[Peter Lemkin]

At least some are fighting back!

Chris Hedges:

[video]http://youtu.be/2GYlSsLafR0[/video]

Another GREAT talk from Chris Hedges......just imagine a President like that, with a party behind him of like minded...dream on....

...if he were to even get the public 'ear' to the extent that MLK did, he'd be assassinated in the blink of an eye.

...the media is Corporate propaganda.
...the Congress is Corporate Congress [with a few exceptions]
...the President and his Cabinet are Corporate puppets.
...the Lobbyiests are mostly Corporate ones.
...the Courts are packed by Corporate interests.
...the votes have been stolen by Corporate interests and with Corporate trick machines.
...the Military and the MIC basically wage wars and make munitions, etc. for Corporate profit.
...the Banks are Corporations and interlocked with all of the above.
...the Intelligence community is Corporate thinking in its actions and spies on and sometimes does 'wet jobs' on those who are not.
...he is correct, there is nothing left but ourselves and direct action; civil disobedience and protest, etc. The times are dire and will not self-correct. It is now us or them. The battle is engaged. There can be no turning back.

[Jan Klimkowski]

Massive insider trading opportunities as a perk of government service?

You bet.

The Reason For Geithner's Weekend Media Whirlwind Tour: White House Learned About S&P Downgrade On Friday

Submitted by Tyler Durden on 04/18/2011 13:19 -0400

PIMCO Reuters White House


And for the most unsurprising news of the day, Reuters reports that the White House has admitted it knew about the S&P rating action on Friday. Which means that all the key bond buyers (or sellers are the case may be, Pimco), knew at roughly the same time what the key market catalyst on Monday would be (we can't wait to get a declassified glimpse of Larry Meyer's phone log over the weekend one day in the future). Which also means that today's action was a strawman in which the big boys merely waited for an opportunity to buy bonds are lower prices, which the ongoing European collapse merely facilitated. Most importantly, it is now all too clear why over the weekend, Tim Geithner's face, instead of being hard at work at finalizing his tax filing, would grace each and every TV screen. Advance damage control, TurboTax style.

http://www.zerohedge.com/article/reason-...ade-friday

[Jan Klimkowski]

The financial elites just legalized a European version of America's Plunge Protection Team:

The CDO At The Heart Of The Eurozone Just Became Europe's Plunge Protection Team

Submitted by Tyler Durden on 07/21/2011 12:03 -0400

There is only one section of the proposed European Bailout draft statement that is relevant to traders: Section 7, bullet 3 which says: "To improve the effectiveness of the EFSF and address contagion, we agree to increase the flexibility of the EFSF, allowing it to intervene in the secondary markets on the basis of an ECB analysis recognizing the existence of exceptional circumstances and a unanimous decision of the EFSF Member States."

Everything else is noise. Europe just legalized its own Plunge Protection Team and off balance sheet Quantitative Easing program with one signature. Good luck trading in this, or any, market which even the politicians now admit is nothing more than a central banking policy tool.

[Magda Hassan]

Bank of Ireland collapse confirmed
WhistleblowerIRL's rumour is now confirmed.


Again from Reuters

Ireland says in talks over Bank of Ireland equity investment

DUBLIN, July 23 | Sat Jul 23, 2011 10:02am EDT

(Reuters) - The Irish government on Saturday said it was in talks with potential equity investors in Bank of Ireland (BKIR.I) as it struggles to keep its last major bank out of state control.They hid this one for as long as they could but once word got out they had no choice but to confirm, hence making a statement on a Saturday. They couldn't let this be a rumour come Monday.

The article goes on to break the inevitable 'shaft the tax payer' news that,

If the lender cannot find an investor or persuade its largely retail shareholder base to participate in a 1.91 billion euro ($2.8 billion) rights issue then the state, which is underwriting the offer, could end up with a 70 percent stake.

Translation - the banks was indeed in New York on Friday trying to flog it and it's not looking good. If it was the government wouldn't have released this news at all. The big American Investors aren't buying because they don't think the bank is viable or solvent and worry that the Irish government and its EU pimp may not bail it sufficiently to make it profitable to buy in. That leaves asking Irish investors to be patriotic and give more of their money to the people who own the banks bonds. Fat chance.

So it's a goner and guess who will pay? The tax payer of course.

Dublin has closed two of its six domestic lenders, merged another two state-controlled institutions and will soon take over a fifth as it seeks to draw a line under a banking crisis that forced the former Celtic Tiger economy into an EU-IMF bailout.

Seeks to draw a line? Let me rephrase that, "...as it seeks to draw the noose a little tighter round the necks of its own people for the profit of the few."
http://golemxiv-credo.blogspot.com/2011/...irmed.html

[Jan Klimkowski]

Ordinary taxpayers to get screwed again. No surprize there then...

Treasury Leaks Worst Case Contingency Plan: Creditors Get Priority In Case Of Technical Default

Submitted by Tyler Durden on 07/28/2011 15:52 -0400

Things are getting real. After all the bluffing, huffing and puffing by Geithner, the rating agencies, and anything with a pulse and a TV or radio pulpit has failed, the last trump card is coming down.

While yesterday the Treasury informed that it would not disclose any details of its contingency plan, Bloomberg has just learned via a Treasury leak that the US government will give priority to bondholders. From Bloomberg: "The U.S. Treasury will give priority to making interest payments to holders of government bonds when due if lawmakers fail to reach an agreement to raise the debt ceiling, according to an administration official. The official requested anonymity because no announcement has been made. The Treasury has said about $90b in debt matures on Aug. 4 and more than $30b in interest comes due Aug. 15. Overall, more than $500b matures in August."

And so it begins: while the Treasury has not yet pushed the big red flashing button, this leak is nothing but it latest and greatest bluff. It also means that America will, indeed default, next week, as the absence of a contractual payment is a default.

And then we get into the fine print with the rating agencies whether or not X is default but Y is not. At that point however it won't matter: every form of intermarket liquidity will be permanently gone as Lehman will be a cherished walk in the park.

[Bernice Moore]

http://www.pbs.org/newshour/rundown/2011...harts.html
How the US Racked up 14 Trillion.

[Jan Klimkowski]

Zero Hedge has the clip of Geithner saying these words to Faux News here:

From April 2011:

Peter Barnes "Is there a risk that the United States could lose its AAA credit rating? Yes or no?"

Geithner's response: "No risk of that."

"No risk?" Barnes asked.

"No risk," Geithner said.

eggsplat

[Magda Hassan]

Hey, Geithner has never been wrong before :rofl: :joystick:

[Peter Lemkin]

It won't stop short of a Revolution [yes, Revolution...the old fashioned kind] until all [repeat all] the money is in the hands of the bankers, Oligarchs and their friends.....and no money is left in any one else's pockets or accounts...

...it is THAT simple...and one can see it happening like clockwork before one's eyes...but everyone [mostly] is just denying they see it....so say bye-bye to all your savings, home, pension and hopes for the future...it goes to them thats already gots. You gets left with NADA!... :wirlitzer: