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Documents are largely from what is referenced by interesting films, Prison Planet/Infowars and the Corbett Report. This database is a quick reference and for your analysis, more independent from others' interpretations. The database includes almost all source documents and articles from these films: Loose Change (Final Cut & 2nd Edition), Fabled Enemies, The Obama Deception, End Game, Martial Law 9/11, American Dictators, Matrix of Evil, Zeitgeist: Addendum, Who Killed The Electric Car?, The World According To Monsanto, Mind The Gap, and 7/7 Ripple Effect.
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Secret Fed Loans Gave Banks $13 Billion Banks worldwide earned an estimated $13 billion by taking advantage of below-market rates on emergency U.S. Federal Reserve loans from August 2007 through April 2010. Roll over the bars below to explore details for each. To compare results with banks' net income or losses for the same timeframes, click the corresponding button. Worldwide total is the sum for 190 firms with available data; those banks lost a combined $21.6 billion.
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue. (Bloomberg)
Why is the Federal Reserve Propping Up the Bank of Libya? Vermont Senator Bernie Sanders has for months been leading the charge to expose the sweetheart deals the Federal Reserve has worked out for multinational banks and corporations at the same time that working Americans, small businesses, local governments and schools boards struggle to stay afloat financially.
Sanders has tried to make the point that it is simply absurd for the Fed to bail out foreign firms and bad banks and to provide them with low-interest loans at the same time that they are reaping massive profits – and at the same time that federal, state and local governments are supposedly broke. (The Nation)
The Fourth American Revolution The next Fourth Turning is due to begin shortly after the new millennium, midway through the Oh-Oh decade. Around the year 2005, a sudden spark will catalyze a Crisis mood. Remnants of the old social order will disintegrate. Political and economic trust will implode. Real hardship will beset the land, with severe distress that could involve questions of class, race, nation and empire. The very survival of the nation will feel at stake. Sometime before the year 2025, America will pass through a great gate in history, commensurate with the American Revolution, Civil War, and twin emergencies of the Great Depression and World War II. -- The Fourth Turning -- Strauss & Howe --1997 (The Burning Platform)
Europeans Push Global Tax to Fund Poverty-Reduction, Climate Change Causes A group of 60 nations will meet next week at the United Nations to push for a tax on foreign currency transactions as a way to generate revenue to meet global poverty-reduction goals, including “climate change” mitigation.
Spearheaded by European Union countries, the so-called “innovative financing” proposal envisages a tax of 0.005 percent (five cents per $1,000), which experts estimate could produce more than $30 billion a year worldwide for priority causes. (CNS News)
Obama Adds To Iran Sanctions The penalties were aimed at entities tied to Iran's nuclear and missile program, including one bank, five front companies, 22 energy and insurance concerns, and two individuals and four groups tied to the Iranian Revolutionary Guard Corps. The move was important primarily for its symbolic significance: It was intended to signal other countries that the United States would build vigorously on the UN sanctions, and wanted other countries to do the same. Treasury Secretary Timothy Geithner, announcing the sanctions at the White House, said that to be effective "we need to have in place a concerted international approach. This is not something the United States can do alone." (Los Angeles Times)
Police are already stretching their red stripy tape around the hotel, and zipping up and around the local roads in their squad cars, sniffing for trouble. I'm really hoping there's none to find. The Spanish are promising a beach party and an "awareness camp", with political discussion forums and meditation zones. (London Guardian)
A List of Goldman Sachs People in the Obama Government: Names Attached to the Giant Squid’s Tentacles Here you will find, I believe, the most comprehensive list of people-groups yet available to show how Obama’s administration has really become the Goldman Sachs administration. The Obama administration is not the first administration that Goldman has infiltrated, although it is perhaps the one that has been most completely co-opted from top to bottom. (Fire Dog Lake)
US prepares to push for global capital rules The G20 communiqué on Friday said: “We recommitted to developing by end-2010 internationally agreed rules to improve both the quantity and quality of bank capital and to discourage excessive leverage.” (Financial Times)
Goldman Sachs: Master of the Universe The status applies to all Wall Street giants, none, however, the equal of Goldman, the Grand Master. Like the fabled comic book Superman hero, it's: * faster than its competitors, thanks to its proprietary software ability to front run markets (illegal, but no matter); * more powerful than the government it controls; and * able to leap past competitors, given its special status. (Baltimore Chronicle)
Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs When a congressional panel convened a hearing on the government rescue of American International Group Inc. in January, the public scolding of Treasury Secretary Timothy F. Geithner got the most attention. Lawmakers said the former head of the New York Federal Reserve Bank had presided over a backdoor bailout of Wall Street firms and a coverup. Geithner countered that he had acted properly to avert the collapse of the financial system.
A potentially more important development slipped by with less notice, Bloomberg Markets reports in its April issue. Representative Darrell Issa, the ranking Republican on the House Committee on Oversight and Government Reform, placed into the hearing record a five-page document itemizing the mortgage securities on which banks such as Goldman Sachs Group Inc. and Societe Generale SA had bought $62.1 billion in credit-default swaps from AIG.
These were the deals that pushed the insurer to the brink of insolvency -- and were eventually paid in full at taxpayer expense. The New York Fed, which secretly engineered the bailout, prevented the full publication of the document for more than a year, even when AIG wanted it released.
That lack of disclosure shows how the government has obstructed a proper accounting of what went wrong in the financial crisis, author and former investment banker William Cohan says. “This secrecy is one more example of how the whole bailout has been done in such a slithering manner,” says Cohan, who wrote “House of Cards” (Doubleday, 2009), about the unraveling of Bear Stearns Cos. “There’s been no accountability.”
E-mails between Fed and AIG officials that Issa released in January show that the efforts to keep Schedule A under wraps came from the New York Fed. Revelation of the messages contributed to the heated atmosphere at the House hearing.
“What date did you know there was a coverup?” Republican Congressman Brian Bilbray of California demanded of Geithner. Lawmakers used the word coverup more than a dozen times as they peppered Geithner with questions. (Bloomberg)
Geithner: 'I had no role' in an AIG cover up Treasury Secretary Timothy Geithner told lawmakers Wednesday that he had no involvement in an apparent attempt by government regulators to withhold crucial information about AIG's bailout from the public.
"I had no role in making decisions regarding what to disclose," Geithner testified at a hearing held by the House Oversight Committee Wednesday.
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AIG payouts: Who got what
Counterparties that got more than $1 billion from the government and AIG.
AIG counterparty Total payment
Societe Generale $16.5 billion
Goldman Sachs $14 billion
Deutsche Bank $8.5 billion
Merrill Lynch $6.2 billion
Calyon $4.3 billion
UBS $3.8 billion
Deutsche Zentral Genossenschaftsbank $1.8 billion
Barclays $1.5 billion
Bank of Montreal $1.4 billion
Royal Bank of Scotland $1.1 billion
Wachovia $1 billion
Source:Special Inspector General for the Troubled Asset Relief Program.
New York Fed officials instructed AIG (AIG, Fortune 500) not to disclose more than a dozen controversial transactions to the Securities and Exchange Commission in November 2008. At the time, Geithner was the president of the New York Fed, but he said he had recused himself from the day-to-day operations at that time because of his nomination to be Treasury secretary.
At least two lawmakers weren't buying Geithner's denial.
"Why shouldn't we ask for your resignation?" Mica asked Geithner. "We're not getting the whole story, we're getting the blame story. You're either incompetent on the job or you knew what was taking place and you tried to conceal it, and I think that's grounds for your review."
Geithner angrily responded to Mica, "You don't know me very well."
He then more calmly said, "That is your right to have that opinion. I have served my country as carefully and ably as I can."
AIG's bailout has incited furor among lawmakers and the public, as the troubled insurer has come to symbolize the corporate greed, risky behavior and lack of regulation that many believe caused the Great Recession.
The issue at hand on Wednesday was one of the bailout's most contentious: a decision by the New York Fed to pay counterparties 100 cents on the dollar for the underlying assets that AIG has insured through so-called credit default swap agreements.
As a result, $62.1 billion of taxpayer and AIG funds were essentially funneled to 16 banks that were counterparties to AIG insurance contracts.
Due to many New York Fed employees' ties to Wall Street investment banks -- including Geithner -- many lawmakers and members of the public have implied that the regulator's decisions may have been made for personal gain.
"I think your commitment to Goldman Sachs trumped your commitment to the American people," said Rep. Steven Lynch, D-Mass. (CNN)
Darrell Issa's Special Report On AIG Could Be The End Of Geithner GEITHNER’S ROLE IN THE AIG COVER UP REMAINS UNCLEAR
When asked directly if he was involved in the efforts by the FRBNY to prevent disclosure of the AIG counterparty payments, Secretary Geithner responded, “I wasn’t involved in that decision.” On January 8, 2010, FRBNY General Counsel Thomas Baxter wrote Ranking Member Issa to clarify the role of then-President Geithner:
[M]atters relating to AIG securities law disclosures were not brought to the attention of Mr. Geithner …. In my judgment as the New York Fed’s chief legal officer, disclosure matters of this nature did not warrant the attention of the president.
Mr. Baxter reiterated this claim in an interview with Committee staff. Questions of securities disclosure, Baxter said, were “legal stuff,” and Baxter did not bring legal stuff to the attention of then-President Geithner. However, Baxter said that “on significant policy issues, of course I would go” to Geithner.
However, documents received by the Committee suggest that Secretary Geithner was, at a minimum, engaged personally in reviewing what information about the AIG bailout would be revealed to Congress and the public. On November 6, 2008, SarahDahlgren, the FRBNY’s lead staff member in AIG’s operations, e-mailed Geithner with a proposed statement regarding AIG’s upcoming equity capital raise for Geithner’s approval:
[I]n terms of saying something publicly about our intentions, we … think that saying something that conveys the following … makes sense:
It is our (Federal Reserve/Treasury) continued intention to put the company in a sound capital position and exit the facility/preferred securities/common stock ownership as soon as practicable…
[I]f you are good with this, …we would also make sure that the company sticks to this line (echo)…. [emphasis added]
On November 13, 2008, Geithner received a report on AIG’s restructuring that would be sent to Congress, which Geithner had asked to personally review. Sophia Allison, a staff member of the Federal Reserve’s Board of Governors, e-mailed the draft congressional report to several Federal Reserve staff:
Attached is a draft Congressional report for the restructuring package for AIG announced on Monday, November 10. …I tried to take everything in the report from publicly available documents, such as press releases, the prior AIG Congressional Report, and AIG’s most recent 10-Q. If there is anything in the report that you believe should not be publicly disclosed, please specifically point that out. [emphasis added]
Michael Nelson, a staff member of the FRBNY, forwarded Allison’s email to Geithner with the following message:
Tim – this is the draft EESA-required filing on AIG that the Board owes the Hill, as you requested. [emphasis added]
In addition, Secretary Geithner’s meeting logs from his tenure as President of the FRBNY show that he was regularly engaged with top AIG officials and the FRBNY officials directly responsible for AIG’s disclosures to the SEC. Geithner’s schedule shows that he had at least six formal meetings with top FRBNY staff members about AIG-related issues between November 4, 2008, and November 21, 2008. It is unclear whether AIG’s disclosure obligations were discussed in these meetings.
At a minimum, the cover-up of the details about AIG’s counterparty payments began on Secretary Geithner’s watch, and the culture of the FRBNY in which this behavior occurred reflected his leadership. Secretary Geithner needs to explain his role in the cover-up, and if he thinks the behavior of his staff at the FRBNY was appropriate.
GEITHNER’S CLAIMS RAISE QUESTIONS ABOUT PURPOSE OF AIG BAILOUT
Secretary Geithner’s claim to SIGTARP that the backdoor bailout of AIG’s counterparties had nothing to do with the health of AIG’s counterparties also raises questions about why AIG was bailed out in the first place. As the Wall Street Journal notes:
[I]f Mr. Geithner now says the AIG bailout wasn’t driven by a need to rescue CDS counterparties, then what was the point? Why pay Goldman [Sachs] and even foreign banks like Societe Generale billions of tax dollars to make them whole?
Secretary Geithner now claims that the point of AIG’s bailout was to protect AIG’s insurance policy holders:
AIG was providing a range of insurance products to households across the country. And if AIG had defaulted, you would have seen a downgrade leading to the liquidation and failure of a set of insurance contracts that touched Americans across this country and, of course, savers around the world.
However, as the Wall Street Journal further explains:
Yet, if there is one thing that all observers seemed to agree on last year, it was that AIG’s money to pay policyholders was segregated and safe inside the regulated insurance subsidiaries. If the real systemic danger was the condition of these highly regulated subsidiaries – where there was no CDS trading – then the Beltway narrative implodes.
Secretary Geithner’s inconsistent statements and apparent contradictions raise important questions about the decision to not only funnel billions of taxpayer dollars to AIG’s counterparties, but also the decision to bail out AIG itself.
The FRBNY and its attorneys at Davis Polk interfered with AIG’s securities disclosures in several ways. They edited AIG’s SEC filings in ways that made it more difficult for investors and the public to understand the ML3 transactions. They contacted the SEC directly and pressured it to treat AIG’s filings differently from other companies’ filings. In addition, they appear to have forced AIG to cancel a compensation-related filing that it was required to make. The FRBNY’s edits of AIG’s filings and the FRBNY’s pressure on the SEC were intended to serve the Fed’s interests by obscuring embarrassing details about the FRBNY’s backdoor bailout of AIG’s counterparties. Investors cannot be protected by a disclosure system that only requires full transparency when the Federal Reserve’s embarrassment is not at stake. The special SEC procedures established via FRBNY pressure also demonstrate that bailouts lead to enforced favoritism.
Finally, the secrecy, concealment, and lack of transparency in the conduct of the Federal Reserve have serious implications for the continued health of democracy and free markets. The Federal Reserve’s payment of par to AIG’s counterparties and the subsequent cover-up of information about these payments raise concerns about the accountability of the unelected bureaucrats within the Federal Reserve System. The fact that a quasi-government agency, unaccountable to the American people, likely wasted billions of taxpayer dollars and went to great lengths to prevent Congress and the American people from learning about these actions demonstrates the threat that the Federal Reserve poses to basic principles of American democracy. (quotes selected by Zero Hedge) (US House of Representatives)
Geithner: Auditing the Fed is a "line that we don't want to cross" In an interview released today by Digg and the Wall Street Journal, Treasury Secretary Timothy Geithner was pressured about the growing popular movement to Audit the Fed spearheaded by Texas Congressman Ron Paul. A visibly uncomfortable Geithner attempts to dismiss the question by stating "I'm sure people understand that you want to keep politics out of monetary policy." (The Corbett Report)
Wavering on an emphatic promise he made in the spring, top White House economic adviser Lawrence H. Summers would not rule out middle-class tax increases Sunday as a way for the Obama administration to pay for a sweeping health care plan (Washington Times)
Derivatives Regulation Fight Lurks in US Climate Bill He added to the bill a measure that would regulate over-the-counter derivatives, accepting a stipulation sought by other Democrats that those rules would be repealed if Congress adopts broader market regulations (Bloomberg)
Obama issues signing statement on $106B war bill The Obama administration announced in the statement it would disregard provisions of the legislation that, among other things, would compel the Obama administration to pressure the World Bank to strengthen labor and environmental standards and require the Treasury department to report to Congress on the activities of the World Bank and International Monetary Fund (IMF) (The Hill)
Geithner Defends Plan to Give Fed Stepped-Up Powers Dodd, a Connecticut Democrat, quoted one critic's view that giving the central bank more power was like awarding a son a "bigger, faster car right after he crashed the family station wagon." (Bloomberg)
The Federal Reserve, already arguably the most powerful agency in the U.S. government, will get sweeping new authority to regulate any company whose failure could endanger the U.S. economy and markets under the Obama administration's regulatory overhaul plan (Washington Times)
Obama to propose strict new regulation of financial industry President Obama is expected to unveil a plan that would give the government new powers to seize key companies whose failure jeopardizes the financial system. The plan would give the government new powers to seize key companies whose failure jeopardizes the financial system, as well as creation of a watchdog agency to look out for consumers' interests (Los Angeles Times)
Details Set for Remake of Financial Regulations At the center of the plan, which administration officials are referring to as a "white paper," is a move to remake powers of the Federal Reserve to oversee the biggest financial players, give the government the power to unwind and break up systemically important companies -- much like the Federal Deposit Insurance Corp. does with failed banks -- and create a new regulator for consumer-oriented financial products (Wall Street Journal)
The Great Unwinding The ratio of debt-to-personal-disposable income was 55 percent in 1960. Since then, it has more than doubled, reaching 133 percent in 2007. (New York Times)
White House had long planned GM and Chrysler bankruptcies Documents filed with the US Bankruptcy Court for the Southern District of New York make it clear that Obama’s Auto Task Force—headed by millionaire private equity manager Steven Rattner—had decided as early as Inauguration Day that a court-ordered restructuring of GM and Chrysler was needed (World Socialist Web Site)
Dollar Declines as Nations Mull Reserve Currency Alternatives The dollar weakened beyond $1.43 against the euro for the first time in 2009 on bets record U.S. borrowing will undermine the greenback, prompting nations to consider alternatives to the world’s main reserve currency (Bloomberg)
Citigroup Stuck With Bernanke Offer Rival Banks Plan to Refuse When financial stocks slumped in February to the lowest level in at least 17 years, U.S. Federal Reserve Chairman Ben S. Bernanke told Congress the government might end up owning "substantial" stakes in the country’s biggest banks (Bloomberg)
Officials gave Bilderberg briefings A handful of high-ranking Obama administration officials this month delivered private briefings at the annual invitation-only conference held by an elite international organization known as the Bilderberg group (Politico)
Bilderberg meetings remain a mystery According to various Web sites, the Bilderberg is an “unofficial, annual, invitation-only conference of around 130 guests, most of whom are persons of influence in the fields of politics, business and banking.” (Stars and Stripes)
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