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Posts Tagged ‘washington dc’

From The MindsiMedia Daily “How Is It Possible The Fed’s Image Can Be Tarnished Further?”

January 15, 2012 2 comments

“At this point it should be universally known that the Federal Reserve Board has been guilty of disastrous incompetence. It allowed an $8 trillion housing bubble to grow unchecked”…….

To finish this story and read more of today’s news visit our new daily news site.

The MindsiMedia Daily.

And a couple of related videos from our Alternative Views series uploaded by Mindsi2.

Former AIG chief sues U.S. for $25 billion & Who Are They Again?

November 22, 2011 Leave a comment

Well this story really jumped out at me and let’s make Maurice “Hank” Greenberg the centerpiece of the 2012 election. Because this man and this story represent all that is wrong with America today. A shameless human who is once again trying to manipulate a corrupt system to further enrich himself.

Meanwhile police forces across the nation mobilize to crush a growing occupation/protest movement against corporate gangsterism. While the Obama administration gets ready to cut a deal with the Wall Street criminals just in time for the 2012 election fund-raising cycle. In Congress they say now that we’ve bailed out the crooks and stabilized the wealthy it’s now time to cut the debt and it’s the sick, poor and old that are going to have to pay. And if you’re all three God help you.
From MSNBC’s The Bottom Line

“Former American International Group CEO Maurice “Hank” Greenberg thinks he got a raw deal, and he wants the government to pay up. Greenberg filed a lawsuit in the U.S. Court of Federal Claims asserting that the government bailout and takeover of the insurance giant was an unconstitutional seizure of private property, The Wall Street Journal reported Monday. Greenberg’s Starr International Co., which used to be AIG’s biggest stakeholder, is seeking $25 billion in damages, based on the value of the 80 percent stake in AIG the government took after providing it with an $182 billion bailout.

Those funds allowed AIG to pay off counterparties like Goldman Sachs in full and reward executives with $165 million in bonuses in 2008, even though AIG lost $61.7 billion in the fourth quarter of that year. This situation raised considerable ire among both the public and investors. AIG’s own value plummeted and it was reduced to selling off assets to pay back the government, both moves of which hurt Greenberg’s stake in the firm.”

To read the entire post click here.

And for those of you out there that might have forgotten exactly who AIG is and how they fit into the collapse of 2008 here is and article published by Rolling Stone and appearing on Alternet.
The Big Takeover: How Wall Street Insiders are Using the Bailout to Stage a Revolution

Written by Matt Taibbi.

“It’s over – we’re officially, royally fucked. No empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced to admit that he was once again going to have to stuff billions of taxpayer dollars into a dying insurance giant called AIG, itself a profound symbol of our national decline – a corporation that got rich insuring the concrete and steel of American industry in the country’s heyday, only to destroy itself chasing phantom fortunes at the Wall Street card tables, like a dissolute nobleman gambling away the family estate in the waning days of the British Empire.

The latest bailout came as AIG admitted to having just posted the largest quarterly loss in American corporate history – some $61.7 billion. In the final three months of last year, the company lost more than $27 million every hour. That’s $465,000 a minute, a yearly income for a median American household every six seconds, roughly $7,750 a second. And all this happened at the end of eight straight years that America devoted to frantically chasing the shadow of a terrorist threat to no avail, eight years spent stopping every citizen at every airport to search every purse, bag, crotch and briefcase for juice boxes and explosive tubes of toothpaste. Yet in the end, our government had no mechanism for searching the balance sheets of companies that held life-or-death power over our society and was unable to spot holes in the national economy the size of Libya (whose entire GDP last year was smaller than AIG’s 2008 losses). “

To read the full story click here.

This video provides  some further information on the AIG bailout and the banks that benefited from it.

Uploaded by fal2grace on Oct 29, 2009

At 1:48 At what point are we dealing with fraud? …an insurance fraud from AIG, a bank fraud and then a mortgage fraud …. and when can we legally start to identify the CEOs …? Where’s the fraud investigation? Watch Dylan Ratigan on Morning Meeting with Eliot Spitzer.

Copyright MSNBC 2009

Sen. Sheldon Whitehouse Explodes GOP Myths on Climate Change

October 19, 2011 Leave a comment

Rhode Island Democratic Senator Sheldon Whitehouse gave a speech on the Senate floor last week. Clocking in at a little more than twenty minutes he takes the two great myths that the GOP and takes them apart.  Those two great myths are that environmental regulation is a drag on our economy and that the jury is still out on climate change.

Uploaded by on Oct 13, 2011

“There are some laws that Congress can change. The laws of nature aren’t among them. While lobbyists continue to call for more and more “second” opinions, Sheldon points out to his colleagues that the scientific community is solidly behind the fact that climate change is a real threat”

Jesse LaGreca on This Week: OWS confronts the Sunday Morning Talking Heads

October 12, 2011 Leave a comment

Uploaded by on Oct 9, 2011

Jesse LaGreca appears on This Week with Christiane Amanpour.

 

And isn’t great to see these overpaid, clueless fools get handed their lunch?

Right Wing Terror Plot, The True Story Of 9/11!!!!!

September 14, 2011 Leave a comment

The dirty little secret about modern  terrorism is that it is a tool used and often caused by conservative right wing forces to attack those that seek peace,  freedom, justice for everyone.  This is true throughout the globe and while the causes that these terrorists might in some cases be lofty the terrorist organizations in almost all cases were created by the very repressive forces they fight.People with honest grievances are exploited by those who want to create fear within a general population.

No better example of this fact can be found than the attacks on September 11, 2001. Here we have al-Qaeda a terrorist organization created by the intelligence services of the US, Pakistan and Saudi Arabia. It was a small part of a much larger army of like-minded religious fanatics created by these same organizations to destabilize Afghanistan and then fight the Soviet Union when they intervene. Before the war started in Afghanistan the government had been elected and for a country in the Middle East fairly progressive. After more than a decade of war we helped usher in the Taliban who created a brutally suppressive government based on right-wing ideology.

But once you start a boulder rolling downhill it’s tough to stop. So having created an army of religious fanatics what happens once you’ve achieved your strategic goal? They just aren’t going to fade away.  So most of them went back to their home countries to wage terror against governments they see as repressive.

al-Qaeda was a special case because Osama Bin-Laden came from a connected family, one of the wealthiest in the world. For awhile he took on the Saudi government for its allowing American troops to be based there. Then he was bought off by the government and al-Qaeda became an international terrorist organization who declared war on the US.

A central part of his  war strategy was to induce America into invading and occupying countries in the Middle East.The cost of which would help to destroy our economy. So in the end this right-wing terror organization that we helped create gets it’s victory and the added bonus of helping to cause a right-wing coup in this country that continues to repress individual rights and destroy any socially helpful parts of government.

And the sad thing is that most Americans don’t see, don’t want to know or don’t care because (they think) it doesn’t effect them.

Anyway today we present a broader look at how right-wing terror has been used to justify war. And in the end how it is self defeating

The Decline and Fall of the American Empire


Tomdispatch.com / By Mike Davis

“If Sarajevo and the World Trade Center, in contrast, unleashed global carnage and chaos, it was because a de facto collusion existed between the attackers and the attacked.  I’m not referring to mythical British plots in the Balkans or Mossad agents blowing up the Twin Towers, but simply to well-known facts: by 1912, the Imperial German General Staff had already decided to exploit the first opportunity to make war, and powerful neocons around George W. Bush were lobbying for the overthrow of the regimes in Baghdad and Tehran even before the last hanging chad had been counted in Florida in 2000.

Both the Hohenzollerns and the Texans were in search of a casus belli that would legitimate military intervention and silence domestic opposition.

Prussian militarism, of course, was punctually accommodated by the Black Hand — a terrorist group sponsored by the Serbian general staff — that assassinated the Archduke and his wife, while al-Qaeda’s horror show in lower Manhattan consecrated the divine right of the White House to torture, secretly imprison, and kill by remote control.

At the time, it seemed almost as if Bush and Cheney had staged a coup d’étatagainst the Constitution.  Yet they could cynically but accurately point to a whole catalogue of precedents.”

To read this entire post click here.

Two Areas The “Super Committee” Should Take A Look At!

August 30, 2011 Leave a comment

Here are two stories from todays news that illustrate the warped spending priorities of the US government.  While we debate how much to “reform” Social Security and cut medical aid the black hole that is the military/security complex. Both come to us from CommonDreams.org

The Decade’s Biggest Scam

Published on Monday, August 29, 2011 by Salon.com
by Glenn Greenwald

The Los Angeles Times examines the staggering sums of money expended on patently absurd domestic “homeland security” projects: $75 billion per year for things such as a Zodiac boat with side-scan sonar to respond to a potential attack on a lake in tiny Keith County, Nebraska, and hundreds of “9-ton BearCat armored vehicles, complete with turret” to guard against things like an attack on DreamWorks in Los Angeles.  All of that — which is independent of the exponentially greater sums spent on foreign wars, occupations, bombings, and the vast array of weaponry and private contractors to support it all — is in response to this mammoth, existential, the-single-greatest-challenge-of-our-generation threat:

To read this entire post click here.

Windfalls of War: Pentagon’s No-Bid Contracts Triple in 10 Years of War

Published on Monday, August 29, 2011 by iWatchNews.org
Taxpayer is the loser when Pentagon doesn’t require competition among contractors. “The lack of competition is a scandal,” says one expert.
by Sharon Weinberger

As U.S. military deaths and injuries from roadside bombs escalated after the invasion of Iraq, the Pentagon rushed to find solutions.

Competition is normally the cornerstone of better prices and better products, but the urgency of dealing with improvised explosive devices, or IEDs, has been cited to justify a number of sole-source contracts to companies promising quick solutions over a decade of war.

One such company was Tucson-based Applied Energetics , which markets a futuristic weapon that shoots beams of lightning to detonate roadside bombs. The company won over $50 million in military contracts for their lightning weapon, all without full and open competition, even though there was another company marketing similar technology. Despite test failures, the company, in part thanks to congressional support, continued to get funding.

Obama Fiddling As Wall Street Burns?

August 24, 2011 Leave a comment

One of the greatest financial scams in history has taken place in the first years of the 21st century. Everything came to a head in the fall of 2008 with the meltdown and bailout of the financial services industry. Barack Obama was elected president in part because his slogan

“change you can believe in” was welcomed by a nation tired of business as usual.
Sadly what we have gotten out of the Obama administration has been more of the same.  His economic team was staffed with the very people who oversaw the financial disaster that occurred. The Justice department headed by a former corporate lawyer Eric Holder has shown more aggression towards medical marijuana than the crook and scamsters on Wall Street. And the President himself fought for financial reform about as hard as he fought for single payer or higher taxes for the rich.Which is to say not much.
We have presented a number of posts on this subject. They can be fond under our American Racket category. Today we present a couple of stories first is from Shahien Nasiripour on Huffington Post about the removal of New York Attorney General Eric Schneiderman from a task force investigating foreclosure abuses. The second is from Rolling Stone writer Matt Taibbi shady practices in the Securities & Exchange Commission. We also have an interview from Amy Goodman on Democracy Now! w/ Mr Taibbi

New York Attorney General Kicked Off Government Group Leading
Foreclosure Probe

“Schneiderman, a Democrat who’s in his first term as New York’s top law enforcer, has been among a group of state legal officers who has also questioned the desire for a speedy resolution. He’s leading his own investigation into mortgage improprieties, subpoenaing documents from the nation’s largest financial institutions and reviewing court records for possible illegal home repossessions.

The Obama administration officials — in particular, Treasury Secretary Timothy Geithner and HUD Secretary Shaun Donovan — have publicly stated on numerous occasions that they want a quick resolution to the 50-state mortgage probe.

Sources said attorneys general like Schneiderman, along with the top legal officers from Massachusetts, Delaware and Nevada, among others, were complicating that goal by questioning the plan to scuttle the state and federal investigations in exchange for a settlement.

These attorneys general have said they’re reluctant to sign on to an agreement that effectively kills their ongoing investigations or prevents new ones from being launched. Beau Biden, Delaware’s top law enforcer, remains on the states’ executive committee.”
To read this entire post click here.

Is the SEC Covering Up Wall Street Crime?

“Many of the destroyed files involved companies and individuals who would later play prominent roles in the economic meltdown of 2008. Two MUIs involving con artist Bernie Madoff vanished. So did a 2002 inquiry into financial fraud at Lehman Brothers, as well as a 2005 case of insider trading at the same soon-to-be-bankrupt bank. A 2009 preliminary investigation of insider trading by Goldman Sachs was deleted, along with records for at least three cases involving the infamous hedge fund SAC Capital.

The widespread destruction of records was brought to the attention of Congress in July, when an SEC attorney named Darcy Flynn decided to blow the whistle. According to Flynn, who was responsible for helping to manage the commission’s records, the SEC has been destroying records of preliminary investigations since at least 1993. After he alerted NARA to the problem, Flynn reports, senior staff at the SEC scrambled to hide the commission’s improprieties.”
To read this entire post click here.

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