ALERT! OPPOSE HR 992 AUTHORIZING BAILOUTS FOR CREDIT DEFAULT SWAPS
Posted on March 21, 2013 by Neil Garfield
Each Bank Has All the Money in the World
OK, I get it the numbers ARE staggering, but
both BOA and Chase say they own in $75 trillion in derivatives. And
their auditors have undertaken no steps to put a value on that. But just
taking these two banks together without all the other banks, we are
talking $150 TRILLION. That is more than twice the amount of all the
money in the world. And now they are about to get assurance in the form
of legislation that would guarantee them payment on all credit default
swaps and synthetic derivatives — through Federal bailout!!!
Go to Yves Smith’s site and send the letter
he suggests. It is critical that this be stopped. And by the way, those
derivatives are all credit derivatives which means they evidence some
form of ownership of all consumer and most business credit. Now that
they put our financial affairs in a food processor and chopped it into a
puree, they say it is our problem to figure out how to take the
ownership out of the puree and reconstruct the orange or chicken you put
into it. One more example why the foreclosures should never have been
allowed to happen — under existing black letter law.
When You Weren’t Looking, Democrat Bank Stooges Launch Bills to Permit Bailouts, Deregulate Derivatives
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