Thread: Barney Frank acts as good cop in banking swindle

SEE:
Rep. Frank wants to see if AIG bonuses recoverable

"We need to find out whether these bonuses are legally recoverable," Frank, a Democrat, told the "Fox News Sunday" program, adding that the timing of the company's commitment to make the awards to its employees was important.

Embattled insurer AIG, which has received three government bailouts totaling $180 billion, had promised to pay about $1 billion in retention bonuses over a period of several years, half of which has already been paid.

Hey Barney, we aren’t falling for your Washington Establishment’s good cop bad cop routine while you and your pals on the Hill work hand in hand with the dishonest part of our Wall Street Crowd to plunder our federal treasury!

We are told that the banking debacle was caused by sub prime loans made to people who could not afford the mortgage loans they were getting, but we are now beginning to realize that is only part of the truth, and really insignificant to the federal reserve created “fractional reserve banking system“ which is the vehicle used by dishonest bankers to swell their fortunes at the expense of an inescapable and predictable banking collapse.

Come now Frankie Boy, why don’t you spill the beans and let your constituents know how the swindle takes place and that fractional reserve banking is a fraudulent practice by which banks lend out more money then they have in reserve, and then collect interest on the money they have loaned out which they never had in reserve in the first place! Seems that your Wall Street pals engage in this practice by creating an account with bookkeeping entries for the amount of money being loaned out, and once the account is entered on the books, the recipient of the loan may write checks on that account and even get an interest bearing sub prime loan. But the real trick of this modern banking swindle is, that the supply of money [federal reserve notes] is not increased under this fractional reserve banking scheme because the money which is loaned out is in the form of bookkeeping entries which represent the “moneyâ€

Barney thinks we don't know ....... then there was that relationship at Fannie Mae (conflict) Then there was that money you funneled to that bank, a "special interest" Pork cause..... Whoops, another conflict!

The rip-off artists who are flush with fiat money taken at the expense of future generations of Americans, now stuck with debt ....

http://www.newsdaily.com/stories/tre52624p-us-aig/

The Wall Street Journal reported on Friday that about $50 billion of more than $173 billion that the U.S. government has poured into American International Group Inc since last fall has been paid to at least two dozen U.S. and foreign financial institutions.

The newspaper reported that some of the banks paid by AIG since the insurer started getting taxpayer funds were: Goldman Sachs Group Inc, Deutsche Bank AG, Merrill Lynch, Societe Generale, Calyon, Barclays Plc, Rabobank, Danske, HSBC, Royal Bank of Scotland, Banco Santander, Morgan Stanley, Wachovia, Bank of America, and Lloyds Banking Group.

Morgan Stanley and Goldman Sachs declined to comment when contacted by Reuters. Bank of America, Calyon, and Wells Fargo, which has absorbed Wachovia, could not be reached for comment.

Bank Santander is based in Spain; in the meltdown, they were rumored to be going on another buying spree of American banks in the Philadelphia area.

Rabobank is now multinational but based in "Bilderberger country" -- Prince Bernhard and Queen Beatrix's Netherlands.

http://overons.rabobank.com/content/

A case of "Liar's Poker" ..........

http://www.businessinsider.com/goldman- ... ure-2009-3

Goldman Still Needs To Explain Its AIG Exposure
(AIG, GS)
Joe Weisenthal|Mar. 16, 2009, 6:36 AM

Folks at both the Fed and Goldman Sachs need to explain the discrepancy between the firm's comments and the firm's official level of AIG exposure. Over and over again, throughout this process, the bank has said its exposure to AIG was "hedged" or "immaterial".

Here's what they were saying last September, via Reuters (9/22/08 ):

Lucas van Praag, a Goldman spokesman, on Sunday said the Times article was wrong to suggest that Goldman had reason to be concerned about AIG's problems.

"Although we have said many times on the record that our exposure to AIG was, and is, not material, the reporter chose to pursue a story line which suggests, by innuendo, that is not the case," he said in an e-mailed statement.

"For the avoidance of doubt, our exposure to AIG is offset by collateral and hedges and is not material to Goldman Sachs in any way," he continued. "The conclusions about our interests that readers of the New York Times article are invited to reach are seriously misleading."

They made similar noises in just the last few weeks.

And now we learn officially last night that Goldman got almost $13 billion. We've discussed ways the bank may have had some exposure hedged, though in a way it doesn't matter since it doesn't take away from the fact that the bailout orchestrated by its former CEO had a major positive impact on the banks finances. $13 billion in payments is $13 billion, even if that risk had been hedged. Obviously Goldman had "interests."

How former Treasury Secretary Paulson and current Treasury Secretary Geithner aren't being brought up on treason charges is beyond me.

Wall Street traders with some insights about the matter were posting, on finance oriented Reader Comments sections of newspapers like the WSJ and IBD etc, what they'd heard as "rumors" of $20 billion Goldman Sachs exposure to AIG. And that was last fall. Rumors were pretty on-the-money.

Originally Posted by FreedomFirst

How former Treasury Secretary Paulson and current Treasury Secretary Geithner aren't being brought up on treason charges is beyond me.

They are just playing the roles assigned to them by the Washington Establishment and our unconstitutional federal reserve banking monopoly.

The Washington Establishment, including Barney Frank, is hoping everyone gets upset over the AIG bonuses, which is a planned distraction, while they swindle the America people out of trillions via the fractional reserve banking system.

What I would like to know is why has our big media not reported to the public how the fractional reserve banking swindle works, but finds plenty of time to report on a few billion given in bonuses.


Just think how Barney and Obama will look if the AIG bonuses are halted? The world is saved and the crooks caught, except for the fractional reserve banking swindle which has never even received one drop of ink from our big media.

JWK

History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance._____ James Madison