Re-fashioned by Pat Darnell | June 29, 2013 | Bryan TX
Why Should Taxpayers Give Big Banks $83 Billion a Year? - Bloomberg: "So what if we told you that, by our calculations, the largest U.S. banks aren't really profitable at all? What if the billions of dollars they allegedly earn for their shareholders were almost entirely a gift from U.S. taxpayers?"
'via Blog this'
On television, in interviews and in meetings with investors, executives of the biggest U.S. banks -- notably JPMorgan Chase and Co. Chief Executive Jamie Dimon -- make the case that size is a competitive advantage. It helps them lower costs and vie for customers on an international scale. Limiting it, they warn, would impair profitability and weaken the country’s position in global finance.
In June 2011 Bernie Sanders and crew audited for the first time ever "from top to bottom" the Federal Reserve. It revealed that $16 trillion was provided by American banks, during the greatest economic failure since the Great Depression. The trillions were used to bail out "American and foreign, banks and businesses.
" ... Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said. (Sanders, Bernie. June 21, 2011. LINK ) ... "In Senator Sander's report from his web site it is implied that no one knows what the Federal Reserve System is, or how it does what it does; except for those employed by it. Those few executive yes men and women sitting at CEO positions at FRBNY, Federal Reserve Bank New York, and others are privy to secret information known only to the owners of the Federal Reserve Banks. Central Banks of Europe are included in this banking cartel.
For example:
"...the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs. (Sanders, Bernie. June 21, 2011. LINK ) ... "CONCLUSION
If the Federal Reserve Bank were a mouth, it would be chock full of cavities. Deep, dark, secret caves exist in our financial system.
"Neither bank executives nor shareholders have much incentive to change the situation. On the contrary, the financial industry spends hundreds of millions of dollars every election cycle on campaign donations and lobbying, much of which is aimed at maintaining the subsidy. The result is a bloated financial sector and recurring credit gluts. Left unchecked, the superbanks could ultimately require bailouts that exceed the government’s resources. Picture a meltdown in which the Treasury is helpless to step in as it did in 2008 and 2009. (By the Editors. Feb 20, 2013. LINK and LINK) ... "
NEXT WEEK :: The Federal Reserve Act of 1913 is scheduled to expire at midnight December 31, 2013. It's renewal needs to be stopped.
__________________Reference
http://www.bloomberg.com/news/2013-02-20/why-should-taxpayers-give-big-banks-83-billion-a-year-.html
http://www.sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
http://www.sanders.senate.gov/imo/media/doc/GAO%20Fed%20Investigation.pdf
http://www.opensecrets.org/industries/index.php
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