Matt Taibbi: America’s biggest banks took part in a nationwide bid-rigging conspiracy

American journalist Matt Taibbi by Tony / Wikimedia *

(United States of America v. Carollo, Goldberg) this just-completed trial in downtown New York against three faceless financial executives really was historic. Over 10 years in the making, the case allowed federal prosecutors to make public for the first time the astonishing inner workings of the reigning American crime syndicate, which now operates not out of Little Italy and Las Vegas, but out of Wall Street.

Matt Taibbi

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Ellen Brown: Why the US Senate won’t touch Jamie Dimon

Image: Fletcher6 / Wikimedia Commons *

“… financial analysts Jim Willie and Rob Kirby think it may be something far larger, deeper, and more ominous. They contend that the $3 billion-plus losses in London hedging transactions that were the subject of the hearing can be traced, not to European sovereign debt (as alleged), but to the record-low interest rates maintained on U.S. government bonds. (…) The low rates are maintained by interest rate swaps, called by Willie a “derivative tool which controls the bond market in a devious artificial manner.”

Ultra-low interest rates MUST be maintained to prevent the debt from overwhelming the government budget.  Near-zero rates also need to be maintained because even a moderate rise would cause multi-trillion dollar derivative losses for the banks (…)”
   Ellen Brown

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The Triumvirate of Wall Street/ the Fed/ and US Politicians is Crumbling

Fleeing a Tsunami by frankie_8 / FreeDigitalPhotos.net

“Months ago, I warned that a tsunami of litigation was going to be coming to Wall Street and Washington.”

“Indeed, the only reason this process hasn’t already reached a fever pitch is because the benefits of not talking for most of those who were in on the corruption still outweigh the consequences of keeping their mouths shut.”

“It’s too early to know, but one thing is for certain, the litigation is beginning to shift from minor players to major players at the core of the Financial Crisis.    Graham Summers, Phoenix Capital Research

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Global systemic crisis – First half of 2012: Decimation of the Western banks

Image: Danilo Rizzuti / FreeDigitalPhotos.net *

“London for over two centuries and New York for nearly a century have both been the two hearts of the international financial system and the lairs par excellence of the world’s major bankers. Any global banking crisis (as any major bank event), therefore, begins and ends in these two cities since the modern global financial system is a vast process of incessant wealth recycling (virtual or real) developed by and for these two cities.

The decimation of the Western banks that begins and will continue in the coming quarters, an event of historic proportions, cannot therefore be understood without first of all measuring and analyzing the role of Wall Street and London in this financial debacle.”  leap2020.eu

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Follow the Money: Behind Europe’s Debt Crisis Lurks Another Giant Bailout of Wall Street

European Debts and Deficits / Wiki Commons *

“The Street’s total exposure to the euro zone totals about $2.7 trillion.
“Greece isn’t the real problem. Nor is Ireland, Italy, Portugal, or Spain. The real problem is the financial system — centered on Wall Street. And we still haven’t solved it.”

Robert Reich

“And that problem will not be solved in the way that you might think of it, because the people ‘solving it’ are the same ones who created it. Their every effort will be directed toward increasing their power and preserving their situations and advantages, to the exclusion of most other concerns.”
Harvey Organ
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Anglo-American financiers planned attack against Europe

Wikimedia Commons *

“In the 20th century, Europe managed to commit collective suicide not once, but twice – in 1914, and again starting in 1939. Have the European elites learned absolutely nothing? Has the European public learned absolutely nothing? Is a third collective suicide – this time by a failure to prevent the catastrophic and chaotic breakup of the euro under Anglo-American speculative attack– really inevitable?”

“Those who advocate the demolition of the euro must explain why they insist on surrendering to the brazen aggression of London and New York. Why are they determined to appease Goldman Sachs, Barclays Bank, J.P. Morgan Chase, and the rest of the Anglo-American wolfpack?”  Webster G. Tarpley, Ph.D.    Continue reading

Global systemic crisis : Implosive fusion of global financial assets

Image: Idea go / FreeDigitalPhotos.net *

saving private banks is of no use to solve the crisis and it is necessary that the markets (that is to say essentially the big Wall Street and City financial operators) fully assume their risks without any further guarantee from the state. Today, these two ideas are at the heart of the Euroland debate, both in public opinion and amongst the elite … and they gain ground every day. This is what causes fear on Wall Street, in the City, and amongst major private financial operators. This is the wick that has nearly burned down that will trigger the implosive fusion of global financial assets in the fourth quarter

“in November 2011 the United States will brace itself for a politico-financial “perfect storm” that will make the summer problems look like a slight sea breeze.”

“the inability of the Fed to do anything but talk and manipulate stock markets or gasoline prices in the United States, now makes any last-minute “rescue” impossible. ” LEAP/E2020 Continue reading