How Amusing Is This? SEIU Protests Goldman Sachs

At any other time I would probably be cheering, but in this instance, it’s the pot calling the kettle black and the exact same Alinsky tactics that ACORN used to make banks succumb to writing bad mortgages.  Don’t misunderstand me though, I dislike Goldman Sachs and their henchmen immensely, but on this issue, there are actual people with families behind those bonuses, and it isn’t communist Amerika yet.   Meanwhile, SEIU is making chumps out of their members.

SEIU protests Goldman Sachs’s D.C. offices

About 100 protesters gathered outside the Washington offices of investment banking giant Goldman Sachs, demanding the company donate its $23 billion in bonuses to help struggling homeowners avoid foreclosure.

The protesters, organized by Service Employees Union International and Public Citizen, came armed with “wanted” posters for Goldman CEO Lloyd Blankfein and a big red homemade vampire squid puppet, replete with fangs and cloak, that every so often tried to wrap its tentacles around a globe on a stick, acting out Rolling Stone writer Matt Taibbi’s description of the company as a “great vampire squid wrapped around the face of humanity.”

The protesters ended their rally by delivering a poster-sized letter addressed to Blankfein proposing the donation of the firm’s entire bonus pool to stop foreclosures. “Donating the entire Goldman Sachs 2009 nonus pool would prevent every single anticipated foreclosure in America in 2010, and Goldman Sachs would lift one million American families out of poverty at the same time,” the letter said. The letter also chided the company for playing “a central role in the economic collapse.”

So let me understand this; ACORN got these homeowners into this mess and now SEIU wants Goldman Sachs employees to clean up the mess.  What part of the American paradigm of personal responsibility is being applied here by either ACORN or SEIU?

Asked why SEIU was targeting Goldman when it was one of the companies that actually returned the billions it got from the Troubled Asset Relief Program, SEIU president Andy Stern told POLITICO that Goldman received tens of billions in other federal assistance, including about $12 billion via the AIG bailout as a counterparty to the mega insurer, which the federal government made whole.

“They’ve done very well. America came to their rescue when they needed it now America needs help,” Stern said.

The same Andy Stern who has visited the White House more than anyone else since the pResident was installed.

Another Reason To Keep Healthcare In The Private Sector; Fannie & Freddie

I just do not have the financial background to completely understand the incestuous nature of the different government agencies and their connection to each other and Wall Street, nor do I have the time to educate myself on the various workings of saleable tax credits, but I do know that after reading the following article, I am 100% sure that turning any portion of healthcare over to this government would be SUICIDE.

Fannie Mae lost $37.9 billion in the first six months of 2009.”

Keep calling and emailing your non-reps. and remind them of Fannie and Freddie!  Then, if you can, make sure you are on the Capitol Steps on Thursday, November 5th at noon to meet Michelle Bachmann and look your non-reps. in the eye while you tell them that what they are doing is un-Constitutional, borders on traitorous behavior, and will, at the very least, get them dethroned and derailed from the piggie trough.

From the Wall Street Journal:

Goldman Looks to Buy Fannie Tax Credits
Treasury Lurks as Spoiler as Political Climate Favors Main Street’s Benefit Over Wall Street’s

By DAMIAN PALETTA

Washington

Goldman Sachs Group Inc. is in talks to buy millions of dollars of tax credits from government-controlled mortgage giant Fannie Mae, but the potential deal is running into opposition from the U.S. Treasury, which could block the deal.

A sale would bring some needed financial respite to Fannie Mae. But the administration is leery about approving a deal that would help Goldman reduce its tax bill, given the animus held by many lawmakers toward big Wall Street firms in general and Goldman in particular.

The Obama administration is looking at the deal with a critical eye and could block it. Goldman, meanwhile, is hopeful it could win approval this week.

“Treasury is reviewing and will not let it proceed unless it is clearly in the taxpayers’ interest,” spokesman Andrew Williams said.

Fannie Mae and its regulator, the Federal Housing Finance Agency, declined to comment.

“Fannie Mae is owned and controlled by the federal government,” said Goldman Sachs spokesman Michael DuVally, who wouldn’t confirm the company was in talks with Fannie about the credits. “The only basis on which approval for any transaction would be given would be if it was clearly in the taxpayers’ best interest.”

Precise details of the deal couldn’t be learned. Some on Wall Street think Goldman could buy $1 billion of the tax credits, which would allow the bank to offset a portion of its profit. It is unclear how much of a discount Goldman is offering to pay. One person familiar with the potential transaction said Goldman could line up other investors for the deal as well.

Nearly every major business decision at Fannie Mae and Freddie Mac is vetted or directed by the government. Officials at both firms have complained about their contradictory missions — they are at once private companies and tools of public policy.

The Goldman talks are emblematic of these conflicts: A deal that could help Fannie Mae might also be politically unpalatable.

The Treasury Department has purchased $45.9 billion in preferred stock in Fannie Mae since it took over the company last year to pump money into the firm, giving taxpayers a substantial stake in the firm. (emphasis mine.)

The tax credits are an incentive in federal law to spur investments in low-income housing. The law allows investors to receive tax credits for financing qualified housing developments. These credits tend to be drawn out over periods such as 10 years, and are attractive to companies that know they will be profitable during that span.

Fannie Mae, for its part, would be able to unload credits that are weighing on its balance sheet and forcing it to take losses. Selling them would bring earnings into the firm that might offset the amount of money Fannie Mae has to borrow from the Treasury Department. It could also help free up Fannie Mae’s balance sheet so the company can finance more housing loans.

The Federal Reserve waived normal rules to allow Goldman and Morgan Stanley to quickly become bank holding companies last year, protecting them from some of the financial-market trauma that befell Bear Stearns and Lehman Brothers. The government injected $10 billion into Goldman through the Troubled Asset Relief Program. The bank was also helped by the bailout of American International Group Inc., through contracts Goldman had with the giant insurer.

The Treasury has invested a combined $96 billion in Fannie Mae and Freddie Mac since the companies were taken over in September 2008, and it is unclear when either company might be able to repay any of the money. Fannie Mae lost $37.9 billion in the first six months of 2009.

Any Doubts Remaining About Goldman Sachs?

Mike Morgan of GoldmanSachs666.com has the research crew and background on this shadow arm of the federal government, and the newest Goldman employee sliding into a position of power inside our government.  Is anyone surprised after what we have seen from Paulson,  Geithner, Kashkari, Gov. Corzine, Robert Rubin, Peter Sutherland, Robert Zoellick, Mark Schwartz, etc.?

SEC Hires 29 Year Old Goldman Sachs Alum as “Enforcement” Chief

Editor’s note: Well, it’s official. Goldman Sachs alum have now penetrated every level of regulation, politics, supervision, and enforcement. Enforcement?! That’s laughable! Some argue that due to Goldman’s sheer size, it is almost impossible for GS alum not to populate every inch of government – in a time when Too Big to Fail has become a household name, don’t you think that should be only slightly disconcerting? Hey, maybe I’m just being silly. Suuuuuure. – JDA

The SEC’s newest member is a 29 year old with a resume that includes Deloitte and – wait for it – Goldman Sachs. Yes, kids, the cat is permanently away and your “new normal” includes putting the criminals in charge of the prison.

Bloomberg:

The U.S. Securities and Exchange Commission named Adam Storch, a 29-year-old from Goldman Sachs Group Inc.’s business intelligence unit, as the enforcement division’s first chief operating officer.

Storch, who joined the SEC Oct. 13, was named to the newly created post of managing executive in the enforcement unit, charged with making the division more efficient, the SEC said today in a statement. At New York-based Goldman Sachs, he had worked since 2004 in a unit at that reviewed contracts and transactions for signs of fraud.

“Adam’s skill in technology systems, workflow process, and project management will greatly benefit the division,” SEC enforcement chief Robert Khuzami said in the statement. “He will help to make us more efficient and nimble and permit us to put more of our investigators on the front lines.”

What do you mean “permit us,” Mr Khuzami? Did Storch bring a permission slip from Goldman Sachs when he came over to the SEC? Dear Mr SEC, my child Adam Storch is allowed to regulate, when appropriate, and can also attend the field trip on 10/24/09. Sincerely, Mr Blankfein.

A short vid with more information…

Still Thinking There Is A Difference Between Dems and Pubs? Big Labor Takes Over The NY Fed

We all know that there is a group of shadow chess players in the background pulling all the strings.  These people are above the game because they wrote the game, and the only rule we have to follow when it comes to what is happening in our country and world is to “follow the money”.  The following is only shocking for a split micro-second when you remember that robber-barons from both sides of the aisle set up the Federal Reserve System.

Labor Leader Named Head of New York Fed

The Federal Reserve chose a labor leader to succeed a former Goldman Sachs executive as the chairman of the Federal Reserve Board of New York’s private-sector board of directors.

Denis Hughes, president of the New York state branch of the AFL-CIO, had been serving as acting chairman of the New York Fed board since May, when Stephen Friedman stepped down from the position.

Mr. Friedman, a former Goldman Sachs Group Inc. chairman and adviser to President George W. Bush, had faced questions about his purchases of Goldman stock while serving on the New York Fed’s board.

The Fed decision formalizes Mr. Hughes’s role as chairman through the end of 2009. The Fed board in Washington will announce in November or December who will serve as chairman in 2010. Columbia University President Lee Bollinger was named deputy chairman, a position that Mr. Hughes previously held. Mr. Bollinger has been a New York Fed director since January 2007.

The main job for chairmen of regional Fed bank boards is to choose the regional banks’ presidents, who play a role in the Fed’s interest-rate decisions. But the New York Fed already hired a new president, Bill Dudley, in January. The board also provides input to the Fed on the regional economy.

Did you catch that? “The main job for the chairmen of regional Fed bank boards is to choose the regional banks’ president…”  The New York Fed controls the other 11 Federal Reserve banks in the system and controls who runs them.  Everything is coming out of New York, and now the big unions are stepping up to the biggest trough of all – the direct pipeline to your pocketbook.

Can anybody explain to me how a labor leader and a university president know anything about economic policy?  One could at least think that the president of Columbia University would know that the Federal Reserve System is UNCONSTITUTIONAL!

The takeover of our country by people only interested in hoarding money, resources, and power continues.

Will You Be Joining Me In Washington, DC on 9.12.09?

Just When You Think It Can’t Get Any Worse, Barack Surprises

Why are we even having a discussion about this?  Why are we paying over $306 Billion a year to service our debt?  Why is The Fed still crashing our economy?

Obama to Nominate Bernanke for Second Term

President Obama plans to nominate Ben S. Bernanke to a second term as chairman of the Federal Reserve, administration officials said Monday night.

The nomination, while expected, comes after Mr. Bernanke has had perhaps the most tumultuous term of any Fed chairman, helping to steer the economy through its greatest downturn since the 1930’s. Mr. Bernanke is a Republican who was appointed by President George W. Bush.

A top White House official said Mr. Obama had decided to keep Mr. Bernanke at the helm of the Fed because he had been bold and brilliant in his attempts to combat the financial crisis and the current deep economic recession.

Everybody read MarketTicker this morning?  Bernanke and his buddies should be in jail; not being allowed to slurp at the trough for some 14 more years.

America Is Running Out Of Rope

Let’s be clear: These banksters have robbed well over $100 billion dollars from taxpayers and citizens via various schemes in the last decade.  These scams have included securitizing loans that they either knew or should have known were laced with fraud, in some cases shorting them while selling them on to other people.  It includes outrageously-complex and intentionally-obfuscated securities “packages” for municipalities which have resulted in huge losses for the town (and huge fees and profits for the bank.)  It has included marketing “auction rate” securities which were claimed to be as liquid and safe as cash, when in fact nothing of the sort was true.  The schemes and scams run the gamut but at their core was the intentional obfuscation of the true nature of the risk embedded in these instruments so that the dupe (that would be you, your town, your state) would wind up losing money all for their benefit: you would enter into a complex swap transaction you didn’t understand, you’d buy a bubble house with an OptionARM after being told you “definitely” could refinance before payments would go up, your kid was sold an expensive educational loan package without being told that it was unable to be discharged in bankruptcy, you were given a credit card with 27 pages of fine print, and buried somewhere in there was vague language letting the company jack your interest rate to anything it wanted – including the 36% it did jack it to – if you missed an electric bill by three days.

Then, when the game of musical chairs ended and all this debt that could not possibly be paid off started to default these very same banksters went to Congress through Paulson and Bernanke, the chiefs of the bankster scam parade, and in my opinion literally committed economic terrorism: hand over $2 trillion dollars hiding all but $700 billion, or we detonate the entirety of the economy and everyone literally starves.

How does this differ from an old-fashioned Al-Quaida terrorist who calls in a nuclear bomb threat?  “Hand over $2 trillion dollars or New York City will be vaporized.”

Hmmmmm… sounds kinda like the same thing to me!

Now let’s juxtapose this with the fact that every Congressperson took an oath to defend The Constitution against all enemies, both foreign and domestic.

So riddle me this my fellow Americans: How is it that Bernanke, Paulson, Geithner, and both Presidents Bush and Obama are still free men instead of being housed at GITMO?  How is it that on that fateful night in September of 2008 when Bernanke and Paulson “briefed” Congress and demanded $700 billion in ransom and a blank check to back-door an unlimited amount in “guarantees” and “pass-throughs” to their banking buddies the Sargeant At Arms was not immediately called to place these goons under arrest pending indictment and prosecution?

Make sure to go over and read the whole article.

Are you coming to Washington DC on 9.12.09 to take back our country?

Larry Flynt On Wall Street Banks And A National Strike

Do not be put off by the messenger; listen to the message:

Common Sense 2009

The American government — which we once called our government — has been taken over by Wall Street, the mega-corporations and the super-rich. They are the ones who decide our fate. It is this group of powerful elites, the people President Franklin D. Roosevelt called “economic royalists,” who choose our elected officials — indeed, our very form of government. Both Democrats and Republicans dance to the tune of their corporate masters. In America, corporations do not control the government. In America, corporations are the government.

This was never more obvious than with the Wall Street bailout, whereby the very corporations that caused the collapse of our economy were rewarded with taxpayer dollars. So arrogant, so smug were they that, without a moment’s hesitation, they took our money — yours and mine — to pay their executives multimillion-dollar bonuses, something they continue doing to this very day. They have no shame. They don’t care what you and I think about them. Henry Kissinger refers to us as “useless eaters.”

But, you say, we have elected a candidate of change. To which I respond: Do these words of President Obama sound like change?

“A culture of irresponsibility took root, from Wall Street to Washington to Main Street.”
There it is. Right there. We are Main Street. We must, according to our president, share the blame. He went on to say: “And a regulatory regime basically crafted in the wake of a 20th-century economic crisis — the Great Depression — was overwhelmed by the speed, scope and sophistication of a 21st-century global economy.”

This is nonsense.

The reason Wall Street was able to game the system the way it did — knowing that they would become rich at the expense of the American people (oh, yes, they most certainly knew that) — was because the financial elite had bribed our legislators to roll back the protections enacted after the Stock Market Crash of 1929.

Congress gutted the Glass-Steagall Act, which separated commercial lending banks from investment banks, and passed the Commodity Futures Modernization Act, which allowed for self-regulation with no oversight. The Securities and Exchange Commission subsequently revised its rules to allow for even less oversight — and we’ve all seen how well that worked out. To date, no serious legislation has been offered by the Obama administration to correct these problems.

Instead, Obama wants to increase the oversight power of the Federal Reserve. Never mind that it already had significant oversight power before our most recent economic meltdown, yet failed to take action. Never mind that the Fed is not a government agency but a cartel of private bankers that cannot be held accountable by Washington. Whatever the Fed does with these supposed new oversight powers will be behind closed doors.

Obama’s failure to act sends one message loud and clear: He cannot stand up to the powerful Wall Street interests that supplied the bulk of his campaign money for the 2008 election. Nor, for that matter, can Congress, for much the same reason.

Consider what multibillionaire banker David Rockefeller wrote in his 2002 memoirs:

“Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political and economic structure — one world, if you will. If that’s the charge, I stand guilty, and I am proud of it.”Read Rockefeller’s words again. He actually admits to working against the “best interests of the United States.”

Need more? Here’s what Rockefeller said in 1994 at a U.N. dinner: “We are on the verge of a global transformation. All we need is the right major crisis, and the nations will accept the New World Order.” They’re gaming us. Our country has been stolen from us.

I’m calling for a national strike, one designed to close the country down for a day. The intent? Real campaign-finance reform and strong restrictions on lobbying. Because nothing will change until we take corporate money out of politics. Nothing will improve until our politicians are once again answerable to their constituents, not the rich and powerful.

Let’s set a date. No one goes to work. No one buys anything. And if that isn’t effective — if the politicians ignore us — we do it again. And again. And again.

The real war is not between the left and the right. It is between the average American and the ruling class. If we come together on this single issue, everything else will resolve itself. It’s time we took back our government from those who would make us their slaves.

Read the rest here.

Today’s AYFKM? And “Let Them Eat Cake” Awards Both Go To…

Today’s AYFKM? And “Let Them Eat Cake” Awards Both Go To…

DONT_TREAD_ON_ME_21…Barack Obama for going on vacation while Americans are still losing their jobs, homes, and life savings, and for believing that spending unholy, godzilla-sized amounts of OUR money, OUR children’s money, OUR grandchildren’s money, and OUR great-grandchildren’s money in what appears to be the hope of completely collapsing our economy while selling the message to the hopey-changey zombies that spending more money than George Washington to George Bush II is somehow “stimulating the economy”.

This dumb POS has been putting forward this fantasy economic theory that is as realistic as Mishy actually showing up for work, instead of following proven economic realities of cutting government spending, cutting taxes, incentivizing the engine of our economy, namely small business, and kicking the crap outta Goldman Sachs, their fraternal brotherhood of Big New York Banks, and the most unconstitutional banking cartel Known.To.GOD, namely, THE FED.

You know this guy is backtracking when he actually does not try to spin his failure…keep the pressure on!

Obama to raise 10-year deficit to $9 trillion

WASHINGTON (Reuters) – The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.

The higher deficit figure, based on updated economic data, brings the White House budget office into line with outside estimates and gives further fuel to President Barack Obama‘s opponents, who say his spending plans are too expensive in light of budget shortfalls.

The White House took heat for sticking with its $7.108 trillion forecast earlier this year after the Congressional Budget Office forecast that deficits between 2010 and 2019 would total $9.1 trillion.

“The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year,” said the administration official, who is familiar with the budget mid-session review that is slated to be released next week.

“Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out.”

The White House budget office will also lower its deficit forecast for this fiscal year, which ends September 30, to $1.58 trillion from $1.84 trillion next week after removing $250 billion set aside for bank bailouts.

Record-breaking deficits have raised concerns about America’s ability to finance its debt and whether the United States can maintain its top-tier AAA credit rating.

Politically, the deficit has been an albatross for Obama, a Democrat who is pushing forward with plans to overhaul the U.S. healthcare industry — an initiative that could cost up to $1 trillion over 10 years — and other promises, including reforming education and how the country handles energy.

When can we impeach or arrest this guy for absolute NEGLIGENCE?

Meanwhile back here in the real world, here are the banks that failed this week.  Remember what I said earlier about no reports about the F.D.I.C. balance of $13 Billion since March, 2009?

Read it and weep….

Guaranty BankAustinTX32618August 21, 2009August 21, 2009
CapitalSouth BankBirminghamAL22130August 21, 2009August 21, 2009
First Coweta BankNewnanGA57702August 21, 2009August 21, 2009
ebankAtlantaGA34682August 21, 2009August 21, 2009
Community Bank of NevadaLas VegasNV34043August 14, 2009August 19, 2009
Community Bank of ArizonaPhoenixAZ57645August 14, 2009August 19, 2009
Union Bank, National AssociationGilbertAZ34485August 14, 2009August 19, 2009
Colonial BankMontgomeryAL9609August 14, 2009August 19, 2009
Dwelling House Savings and Loan AssociationPittsburghPA31559August 14, 2009August 19, 2009

Big Texas bank on verge of failure

Guaranty has $13.4 billion in assets and operates 160 branches in Texas and California — two of the three best banking markets in the nation, thanks to their size and population growth.

Frakkin’ resistance against this particular Borg Collective is futile my a**!

I will see you in Washington, D.C. on 9.12.09!

Hank Paulson In Front Of Congress

H/T GoldmanSachs666

Hank Paulson was a 32 year career Goldman Sachs soldier. He also ran the company as COO and CEO from 1998 through 2006 . . . the exact years that we saw the creation of toxic assets developed by his boys and girls at Goldman Sachs. He left Goldman Sachs at the peak of the bubble to take over the Treasury Secretary job so he could complete the final phase of his scheme . . . cover up, steal a few trillion more, laugh at you and the American public.

Hank Paulson being questioned by Mr. Stearns (FL) about the Bank of America merger with Merrill Lynch.  I find the deferred tax issue consistent with the rest of the players now in positions of power, and it is nice to watch Hank squirm even if it is not going to have any real, lasting effect.

P.S. Please send this video viral!

Goldman Sachs Are Financial Terrorists

H/T Larry for sending these videos along. For your viewing enjoyment because I KNOW there are numerous people that are screaming very similar comments as those you will hear at their TV on a daily basis.   And of course, this is on foreign television.

Max Keiser Part 1:

Max Keiser, Part 2:

Goldman Sachs Taking Risks? (Updated)

Evan Newmark, a former employee of Goldman Sachs believes that the reason GS made $3.4 Billion in profit last quarter is because GS was taking risks that other banks were not comfortable with, and that the real loser in this whole deal is the American taxpayer.  Well, I guess he is right about the second part, and not wanting to own up to all the help that GS received from the government via every single one of the former GS employees that are part of this government now.

For everything you could possibly want to know about Goldman Sachs, go here, and here, and here.

UPDATE: What About This? More Brain Candy.

Goldman Sachs executives sell $700 mln in stock-FT (7.13.09)

NEW YORK, July 13 (Reuters) – Goldman Sachs Group Inc executives sold almost $700 million worth of stock since the collapse of rival Lehman Brothers last year, the Financial Times said on Monday.

The newspaper said that most of the stock sales took place while the biggest U.S. investment bank was bailed out by the government with $10 billion of taxpayer money, according to filings with the Securities and Exchange Commission.

Goldman executives sold stock worth $691 million between September 2008 and April 2009, more than the $438 million in stock sold between September 2007 and April 2008, when the average share price was substantially higher, the Financial Times said.

The stock sales peaked between December and February, when Goldman Sachs’ shares traded near record lows, the newspaper said.

After Lehman Brothers ( LEHMQ news people ) collapse froze financial markets, Goldman Sachs was forced to convert into a bank holding company to have access to government funding, and received $10 billion of taxpayer money.

Now, why would they do that?

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