Wall Street's Bailout Hustle

[Specop 007]

A damn good read. Its 7 pages so I wont copy the whole thing but its worth reading. Gives a good understanding to the saying "Crooks rob banks, bankers rob nations".

http://www.rollingstone.com/politics/story/32255149/wall_streets_bailout_hustle/1

 

[IronWing]

The "Dollar Store" scam also had another angle. The big banks were basically laundering money for the Treasury and Fed. The Fed would print money and loan it to the big banks. The big banks would buy treasuries to cover the cost of the bailout and pocket easy money. The Treasury was able to continue to demonstrate a demand for its debt staving off a panic as folks might have otherwise realized that the federal debt was being funded by money printing.


Edit: I see they covered this angle in the "Rumanian Box" scam.

 

[JS80]

Why is Tabibi writing this again?

 

[Craig234]

Rolling Stone does a surprisingly good job with its political articles, mainly by Matt Taibbi.

The first such article I saw was their vey good article about the Republican Congress:

http://www.rollingstone.com/politic...ory_time_to_go_inside_the_worst_congress_ever

I subsribed to them since specifically to support those articles.

Not many others are discussing Wall Street issues the same way, unfortunately.

 

[DesiPower]

WOW! just WOW!!! A must read, best article of 2010 till now. Already emailed it to 12 ppl, spread the news guys. Thanks OP

LOL, the writing style reminds me of Glen Beck though...

 

[Trianon]

I agree, good article, also "Obama Sellout" by the same author puts many things in perspective.

 

[Jaskalas]

A damn good read. Its 7 pages so I wont copy the whole thing but its worth reading. Gives a good understanding to the saying "Crooks rob banks, bankers rob nations".

Banks rob nations? No. The President and Congress robbed the nation.

 

[CLite]

To be honest I didn't know about the following two points. If they are true then I guess I will stock up on alcohol and guns and wait for the global collapse, because now we are laundering money on the order of trillions of dollars ( more with regards to the first point, but the 2nd point just shows how the trillions of dollars are in the hands of scum).

Dollar store: the fed is giving zero interest loans to banks, the banks are then buying treasuries with that money making free interest income (i.e. the fed is now laundering money)

Front-lining: banks who place massive orders for customers know such orders affect the markets and place trades milliseconds before their customers orders. Essentially fleecing the customer in terms of higher prices.

The below point is something I already figured, but just goes to show how clueless and/or corrupt our government is.

The Big Mitt: the government offered to buy toxic assets for 100 cents on the dollar to help relief the banks. The banks then started running around and bought additional toxic assets to make use of this program at a total value of 3.4 billion dollars.

 

[IceBergSLiM]

infuriating.