GLOBAL BANKSTER CRIME TIDAL WAVE Chinese Intermediaries Launder Cartels' Drug Proceeds in the United States - From the U.S. to China to the cartels “The other banks on the top 10 list are JPMorgan Chase (whose CEO Jamie Dimon was once known as Obama's "favorite banker"), New York Mellon, Standard Chartered, Barclays, HSBC, Bank of China, Bank of America, Wells Fargo and Citibank.”
BANKSTERS: GLOBAL PARASITES
the criminal bank HSBC - CHINESE BANKSTERS TO THE WORLD'S BIGGEST CRIMINALS INCLUDING THE MEXICAN DRUG CARTELS.
no one has served the banksters more than hillary and billary clinton and the bankster regime of obama, eric holder and 'credit card' joe biden - all parasite gamer lawyers!
Banksters: The Untouchable Bank (Global Finance Scandal Documentary) | Real Stories https://www.youtube.com/watch?v=8JVHotswhIk
JUDICIAL WATCH’S TEN MOST CORRUPT LIST
President Barack Obama: During his presidential campaign, President Obama promised to run an ethical and transparent administration. However, in his first year in office, the President has delivered corruption and secrecy, bringing Chicago-style political corruption to the White House. JUDICIAL WATCH
“Attorney General Eric Holder's tenure was a low point even within the disgraceful scandal-ridden Obama years.” DANIEL GREENFIELD / FRONTPAGE MAG
During his presidency, Obama bragged that his administration was “the only thing between [Wall Street] and the pitchforks.”
In fact, Obama handed the robber barons and outright criminals responsible for the 2008–09 financial crisis a multi-trillion-dollar bailout. His administration oversaw the largest redistribution of wealth in history from the bottom to the top one percent, spearheading the attack on the living standards of teachers and autoworkers.
The Republican staff of the US House Committee on Financial Services released a report Monday presenting its findings on why the Obama Justice Department and then-Attorney General Eric Holder chose not to prosecute the British-based HSBC bank for laundering billions of dollars for Mexican and Colombian drug cartels.
GLOBAL BANKSTER CRIME TIDAL WAVE Chinese Intermediaries Launder Cartels' Drug Proceeds in the United States - From the U.S. to China to the cartels “The other banks on the top 10 list are JPMorgan Chase (whose CEO Jamie Dimon was once known as Obama's "favorite banker"), New York Mellon, Standard Chartered, Barclays, HSBC, Bank of China, Bank of America, Wells Fargo and Citibank.”
ERIC HOLDER ’ S LONGTIME EXCUSE FOR NOT PROSECUTING BANKS JUST CRASHED AND BURNED New evidence supports critique that Holder, for a combination of political, self-serving, and craven reasons, held his department back from prosecuting big banks.
David Dayen
July 12 2016, 8:05 a.m.
ERIC HOLDER HAS long insisted that he tried really hard when he was attorney general to make criminal cases against big banks in the wake of the 2007 financial crisis. His excuse, which he made again just last month , was that Justice Department prosecutors didn’t have enough evidence to bring charges.
Many critics have long suspected that was bullshit, and that Holder, for a combination of political, self-serving, and craven reasons, held his department back.
A new, thoroughly-documented report from the House Financial Services Committee supports that theory. It recounts how career prosecutors in 2012 wanted to criminally charge the global bank HSBC for facilitating money laundering for Mexican drug lords and terrorist groups. But Holder said no.
When asked on June 8 why his Justice Department did not equally apply the criminal laws to financial institutions in the wake of the 2008 economic crisis, Holder told the platform drafting panel of the Democratic National Committee that it was laboring under a “misperception.”
He told the panel: “The question you need to ask yourself is, if we could have made those cases, do you think we would not have? Do you think that these very aggressive U.S. attorneys I was proud to serve with would have not brought these cases if they had the ability?”
The report — the result of a three-year investigation — shows that aggressive attorneys did want to prosecute HSBC, but Holder overruled them.
In September 2012, the Justice Department’s Asset Forfeiture and Money Laundering Section (AFMLS) formally recommended that HSBC be prosecuted for its numerous financial crimes.
The history: From 2006 to 2010, HSBC failed to monitor billions of dollars of U.S. dollar purchases with drug trafficking proceeds in Mexico. It also conducted business going back to the mid-1990s on behalf of customers in Cuba, Iran, Libya, Sudan, and Burma, while they were under sanctions. Such transactions were banned by U.S. law.
Newly public internal Treasury Department records show that AFMLS Chief Jennifer Shasky wanted to seek a guilty plea for violations of the Bank Secrecy Act. “DoJ is mulling over the ramifications that could flow from such an approach and plans to finalize its decision this week,” reads an email from September 4, 2012, to senior Treasury officials. On September 7, Treasury official Dennis Wood describes the AFMLS decision as an “internal recommendation to ask the bank [to] plead guilty.” It was a “bombshell,” Wood wrote, because of “the implications of a criminal plea,” and “the sheer amount of the proposed fines and forfeitures.”
But after British financial minister George Osborne complained to the Federal Reserve chairman and the Treasury Secretary that DOJ was unfairly targeting a British bank, senior Justice Department leadership reportedly sought to “better understand the collateral consequences of a conviction/plea before taking such a dramatic step.”
The report documents how Holder and his top associates were concerned about the impact that prosecuting HSBC would have on the global economy. And, in particular, they worried that a guilty plea would trigger a hearing over whether to revoke HSBC’s charter to do banking in the United States.
According to internal documents, the DOJ then went dark for nearly two months, refusing to participate in interagency calls about HSBC. Finally,on November 7, Holder presented HSBC with a “take it or leave it” offer of a deferred prosecution agreement, which would involve a cash settlement and future monitoring of HSBC.
No guilty plea was required.
But even the “take it or leave it” offer was apparently not the last word. HSBC was able to negotiate for nearly a month after Holder presented that offer, getting more favorable terms in the ultimate $1.9 billion deferred prosecution agreement, announced on December 11, 2012.
The original settlement documents would have forced any HSBC executive officers to void their year-end bonuses if they showed future failures of anti-money laundering compliance. The final documents say that, in the event of such failures, senior executives merely “could” have their bonuses clawed back.
In addition, HSBC successfully negotiated to have individual executives immunized from prosecution over transactions with foreign terrorist organizations and other sanctioned entities, even though the original agreement only covered the anti-money laundering violations and explicitly left open the possibility of prosecuting individuals.
As a Justice Department functionary in 1999, Holder wrote the infamous “collateral consequences” memo, advising prosecutors to take into account economic damage that might result from criminally convicting a major corporation.
In 2013, he unwittingly earned his place in history for telling the Senate Judiciary Committee, “I am concerned that the size of some of these [financial] institutions becomes so large that it does become difficult for us to prosecute them,” which became known as the “Too Big to Jail” theory.
Holder told the Democratic platform drafting committee that “it was not lack of desire or lack of resources” that led to the lack of prosecutions for any major bank executive following the financial crisis. “We had in some cases statutory and sometimes factual inabilities to bring the cases that we wanted to bring,” he said.
The HSBC case, however, shows that lack of desire at the highest levels of the Justice Department was indeed the primary reason that no prosecutions took place.
Former Rep. Brad Miller, D-N.C., who also testified to the drafting committee , cited the HSBC case as an example of the lack of equal application of justice in the Holder era. Referring to the concern over destabilizing the financial system with an HSBC prosecution, Miller said, “That’s not an argument that’s available to too many people: ‘You can’t arrest me for selling cigarettes, it might destabilize the financial system!’ ”
The internal communications in the House report all come from the Treasury Department. The Justice Department, they say, did not comply with subpoenas for information about the settlement.
Holder has returned to Covington & Burling, a corporate law firm known for serving Wall Street clients in 2015. He had worked at Covington from 2001 until he was sworn in as attorney general in Feburary 2009. Covington literally kept an office empty for him, awaiting his return.
Jennifer Shasky, the AFMLS chief who requested the prosecution of HSBC but was overruled, recently resigned as the head of the Financial Crimes Enforcement Network to become a senior compliance officer with HSBC.
The wait for the next “Lehman Brothers moment” is over. On Friday, we witnessed the second biggest bank failure in U.S. history. The stunning collapse of Silicon Valley Bank is shaking the financial world to the core. As of the end of last year, the bank had 175 billion dollars in deposits, and approximately 151 billion dollars of those deposits were uninsured. In other words, a lot of wealthy individuals and large companies are in danger of being wiped out. In particular, this is being described as an “extinction level event” for tech startups, because thousands of them did their banking with SVB. I cannot even begin to describe how cataclysmic this is going to be for the tech industry as a whole.
The closure marks the biggest bank failure since the 2008 financial crisis and the second-largest in U.S. history after Washington Mutual collapsed during that industry-wide meltdown, according to FDIC data.
Worries over a run at SVB led Wall Street investors to dump other bank stocks as well. Shares of some prominent West Coast lenders took sharp nosedives Friday, including First Republic Bank, PacWest Bancorp and Western Alliance Bancorporation.
Once the dominoes start falling, it will be difficult to stop the process.
In fact, the situation is already so dire that Peter Schiff is proclaiming that we are “on the verge of a much bigger collapse than 2008”…
“Banks own long-term paper at extremely low interest rates. They can’t compete with short-term Treasuries. Mass withdrawals from depositors seeking higher yields will result in a wave of bank failures.”
Of course a lot of the “experts” in the mainstream media never saw this coming.
Unfortunately, SVB’s situation is not unique.
Thanks to rapidly rising interest rates, many other banks are also sitting on mountains of Treasury bills that have lost a lot of value…
As I have been telling my viewers, our system simply cannot handle higher rates at this point.
But the “experts” at the Fed assured all of us that they knew exactly what they were doing.
Now they have caused one of the biggest bank failures in U.S. history, and much worse is on the way if they do not reverse course.
But I don’t expect the “experts” at the Fed to listen to any of us.
They are just going to keep doing what they are doing, and we are all going to have to live with the consequences.
Why Biden supports the unionization of the Amazon workforce
Jerry White , Joseph Kishore
Biden, l ong known as Delaware’s “senator from DuPont,” Biden served on committees that were most sensitive to the interests of the ruling class, including the Judiciary Committee and the Foreign Relations Committee. He supported the repeal of the Glass-Steagall Act in 1999, a milestone in the deregulation of the banks, and other right-wing measures. After nearly four decades in the Senate, Biden became Obama’s vice president, helping to oversee the massive bailout of Wall Street following the 2008 financial crisis and the subsequent restructuring of class relations to benefit the rich. That included the bailout of General Motors and Chrysler, based on a 50 percent cut in the pay of all newly hired autoworkers.
OBAMA AND HIS BANKSTERS:
And it all got much, much worse after 2008, when the schemes collapsed and, as Lemann points out, Barack Obama did not aggressively rein in Wall Street as Roosevelt had done, instead restoring the status quo ante even when it meant ignoring a staggering white-collar crime spree. RYAN COOPER
The Rise of Wall Street Thievery How corporations and their apologists blew up the New Deal order and pillaged the middle class.
by Ryan Cooper
MAGAZINE
A merica has long had a suspicious streak toward business, from the Populists and trustbusters to Bernie Sanders and Elizabeth Warren. It’s a tendency that has increased over the last few decades. In 1973, 36 percent of respondents told Gallup they had only “some” confidence in big business, while 20 percent had “very little.” But in 2019, those numbers were 41 and 32 percent—near the highs registered during the financial crisis.
Clearly, something has happened to make us sour on the American corporation. What was once a stable source of long-term employment and at least a modicum of paternalistic benefits has become an unstable, predatory engine of inequality. Exactly what went wrong is well documented in Nicholas Lemann’s excellent new book, Transaction Man . The title is a reference to The Organization Man , an influential 1956 book on the corporate culture and management of that era. Lemann, a New Yorker staff writer and Columbia journalism professor (as well as a Washington Monthly contributing editor), details the development of the “Organization” style through the career of Adolf Berle, a member of Franklin D. Roosevelt’s brain trust. Berle argued convincingly that despite most of the nation’s capital being represented by the biggest 200 or so corporations, the ostensible owners of these firms—that is, their shareholders—had little to no influence on their daily operations. Control resided instead with corporate managers and executives.
Transaction Man: The Rise of the Deal and the Decline of the American Dream by Nicholas Lemann Farrar, Straus and Giroux, 320 pp.
Berle was alarmed by the wealth of these mega-corporations and the political power it generated, but also believed that bigness was a necessary concomitant of economic progress. He thus argued that corporations should be tamed, not broken up. The key was to harness the corporate monstrosities, putting them to work on behalf of the citizenry.
Berle exerted major influence on the New Deal political economy, but he did not get his way every time. He was a fervent supporter of the National Industrial Recovery Act, an effort to directly control corporate prices and production, which mostly flopped before it was declared unconstitutional. Felix Frankfurter, an FDR adviser and a disciple of the great anti-monopolist Louis Brandeis, used that opportunity to build significant Brandeisian elements into New Deal structures. The New Deal social contract thus ended up being a somewhat incoherent mash-up of Brandeis’s and Berle’s ideas. On the one hand, antitrust did get a major focus; on the other, corporations were expected to play a major role delivering basic public goods like health insurance and pensions.
Lemann then turns to his major subject, the rise and fall of the Transaction Man. The New Deal order inspired furious resistance from the start. Conservative businessmen and ideologues argued for a return to 1920s policies and provided major funding for a new ideological project spearheaded by economists like Milton Friedman, who famously wrote an article titled “The Social Responsibility of Business Is to Increase Its Profits.” Lemann focuses on a lesser-known economist named Michael Jensen, whose 1976 article “Theory of the Firm,” he writes, “prepared the ground for blowing up that [New Deal] social order.”
Jensen and his colleagues embodied that particular brand of jaw-droppingly stupid that only intelligent people can achieve. Only a few decades removed from a crisis of unregulated capitalism that had sparked the worst war in history and nearly destroyed the United States, they argued that all the careful New Deal regulations that had prevented financial crises for decades and underpinned the greatest economic boom in U.S. history should be burned to the ground. They were outraged by the lack of control shareholders had over the firms they supposedly owned, and argued for greater market discipline to remove this “principal-agent problem”—econ-speak for businesses spending too much on irrelevant luxuries like worker pay and investment instead of dividends and share buybacks. When that argument unleashed hell, they doubled down: “To Jensen the answer was clear: make the market for corporate control even more active, powerful, and all-encompassing,” Lemann writes.
The best part of the book is the connection Lemann draws between Washington policymaking and the on-the-ground effects of those decisions. There was much to criticize about the New Deal social contract—especially its relative blindness to racism—but it underpinned a functioning society that delivered a tolerable level of inequality and a decent standard of living to a critical mass of citizens. Lemann tells this story through the lens of a thriving close-knit neighborhood called Chicago Lawn. Despite how much of its culture “was intensely provincial and based on personal, family, and ethnic ties,” he writes, Chicago Lawn “worked because it was connected to the big organizations that dominated American culture.” In other words, it was a functioning democratic political economy.
Then came the 1980s. Lemann paints a visceral picture of what it was like at street level as Wall Street buccaneers were freed from the chains of regulation and proceeded to tear up the New Deal social contract . Cities hemorrhaged population and tax revenue as their factories were shipped overseas. Whole businesses were eviscerated or even destroyed by huge debt loads from hostile takeovers. Jobs vanished by the hundreds of thousands.
And it all got much, much worse after 2008, when the schemes collapsed and, as Lemann points out, Barack Obama did not aggressively rein in Wall Street as Roosevelt had done, instead restoring the status quo ante even when it meant ignoring a staggering white-collar crime spree. Neighborhoods drowned under waves of foreclosures and crime as far-off financial derivatives imploded. Car dealerships that had sheltered under the General Motors umbrella for decades were abruptly cut loose. Bewildered Chicago Lawn residents desperately mobilized to defend themselves, but with little success. “What they were struggling against was a set of conditions that had been made by faraway government officials—not one that had sprung up naturally,” Lemann writes.
T oward the end of the book, however, Lemann starts to run out of steam. He investigates a possible rising “Network Man” in the form of top Silicon Valley executives, who have largely maintained control over their companies instead of serving as a sort of esophagus for disgorging their companies’ bank accounts into the Wall Street maw. But they turn out to be, at bottom, the same combination of blinkered and predatory as the Transaction Men. Google and Facebook, for instance, have grown over the last few years by devouring virtually the entire online ad market, strangling the journalism industry as a result. And they directly employ far too few people to serve as the kind of broad social anchor that the car industry once did.
In his final chapter, Lemann argues for a return to “pluralism,” a “messy, contentious system that can’t be subordinated to one conception of the common good. It refuses to designate good guys and bad guys. It distributes, rather than concentrates, economic and political power.”
This is a peculiar conclusion for someone who has just finished Lemann’s book, which is full to bursting with profoundly bad people—men and women who knowingly harmed their fellow citizens by the millions for their own private profit. In his day, Roosevelt was not shy about lambasting rich people who “had begun to consider the government of the United States as a mere appendage to their own affairs,” as he put it in a 1936 speech in which he also declared, “We know now that government by organized money is just as dangerous as government by organized mob.”
If concentrated economic power is a bad thing, then the corporate form is simply a poor basis for a truly strong and equal society. Placing it as one of the social foundation stones makes its workers dependent on the unreliable goodwill and business acumen of management on the one hand and the broader marketplace on the other. All it takes is a few ruthless Transaction Men to undermine the entire corporate social model by outcompeting the more generous businesses. And even at the high tide of the New Deal, far too many people were left out, especially African Americans.
Lemann writes that in the 1940s the United States “chose not to become a full-dress welfare state on the European model.” But there is actually great variation among the European welfare states. States like Germany and Switzerland went much farther on the corporatist road than the U.S. ever did, but they do considerably worse on metrics like inequality, poverty, and political polarization than the Nordic social democracies, the real welfare kings.
Conversely, for how threadbare it is, the U.S. welfare state still delivers a great deal of vital income to the American people. The analyst Matt Bruenig recently calculated that American welfare eliminates two-thirds of the “poverty gap,” which is how far families are below the poverty line before government transfers are factored in. (This happens mainly through Social Security.) Imagine how much worse this country would be without those programs! And though it proved rather easy for Wall Street pirates to torch the New Deal corporatist social model without many people noticing, attempts to cut welfare are typically very obvious, and hence unpopular.
Still, Lemann’s book is more than worth the price of admission for the perceptive history and excellent writing. It’s a splendid and beautifully written illustration of the tremendous importance public policy has for the daily lives of ordinary people.
Ryan Cooper is a national correspondent at the Week. His work has appeared in the Washington Post, the New Republic, and the Nation. He was an editor at the Washington Monthly from 2012 to 2014.
Billionaire Hedge Fund Manager Calls on Government to Rescue Silicon Valley Bank Depositors Patrick T. Fallon/Bloomberg via Getty 4:23
Billionaire hedge fund manager Bill Ackman on Friday demanded lawmakers use taxpayer funds to rescue Silicon Valley Bank (SVB) depositors, a move some Republicans have already said they would oppose.
The bank was placed into receivership by the Federal Deposit Insurance Corporation after the California Department of Financial Protection and Innovation found the bank insolvent.
The incident was the result of a run on the bank with customers initiating withdrawals of $42 billion.
An underlying factor that caused the bank run was the FED’s interest rate hikes due to President Joe Biden’s soaring inflation.
Due to the interest rate hikes to tamp inflation, borrowing money became more expensive for businesses, causing the business depositors to access their savings at the institution. Breitbart News’s John Carney explained the senario to Fox Business host Larry Kudlow:
One of the problems [for SVB] was when money was so freely available to all these start-ups, they didn’t borrow a lot. So, they had a ton of deposits coming in and not a lot of opportunity to make loans out to people… So, they invested it in bonds. Bank of America I think has 25 percent of its assets in bonds, but this bank had over 50 percent of its assets in bonds.
Recently, those bonds have incurred a negative return and lost the bank money.
“And at the same time, all these start-ups who are depositing so much money there are now withdrawing it because they don’t have access to free money anymore. So, they’re withdrawing it just to pay their bills. So, you’re having the deposits go down. They have to sell into a market where they are actually producing real losses, not just mark to market losses,” Carney explained.
Ackman believes it is the responsibility of taxpayers to bail out the bank so it can honor its obligations to avoid additional crises in the tech industry. Others are not so sure the taxpayers should shoulder the burden, such as Rep. Matt Geatz (R-FL), who believes if the government asks Congress on Monday to bail out the bank it will be “cloaked in national security and economic security and will be mired in… the swapping of campaign donations for favors.”
Ackman argued differently.
“The gov’t has about 48 hours to fix a-soon-to-be-irreversible mistake. By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank,” he tweeted. “Absent @jpmorgan @citi or @BankofAmerica acquiring SVB before the open on Monday, a prospect I believe to be unlikely, or the gov’t guaranteeing all of SVB’s deposits, the giant sucking sound you will hear will be the withdrawal of substantially all uninsured deposits from all but the ‘systemically important banks’ (SIBs).”
“Already thousands of the fastest growing, most innovative venture-backed companies in the U.S. will begin to fail to make payroll next week,” Ackman argued. “Had the gov’t stepped in on Friday to guarantee SVB’s deposits (in exchange for penny warrants which would have wiped out the substantial majority of its equity value) this could have been avoided and SVB’s 40-year franchise value could have been preserved and transferred to a new owner in exchange for an equity injection.”
“My back-of-the envelope review of SVB’s balance sheet suggests that even in a liquidation, depositors should eventually get back about 98% of their deposits, but eventually is too long when you have payroll to meet next week. So even without assigning any franchise value to SVB, the cost of a gov’t guarantee of SVB deposits would be minimal,” he said. “On the other hand, the unintended consequences of the gov’t’s failure to guarantee SVB deposits are vast and profound and need to be considered and addressed before Monday. Otherwise, watch out below.”
Ackman did acknowledge the bank managers made a mistake in how they invested the business’s deposits and should lose their job for it. “They invested short-term deposits in longer-term, fixed-rate assets.
“Thereafter short-term rates went up and a bank run ensued. Senior management screwed up and they should lose their jobs,” he said.
YELLEN PROTECTS THE BIDEN CRIME FAMILY
Treasury Official Backs out of Testifying Friday About Biden Family’s ‘Suspicious’ Wire Transfers Tom Williams/CQ-Roll Call, Inc via Getty 3:39
Treasury Department official Jonathan Davidson, who was set to testify Friday about the agency withholding the Biden family’s “suspicious” bank records, has “declined to attend the hearing.” His absence means House Committee Chair James Comer (R-KY) must again threaten the use of a subpoena to compel the 150 suspicious activity reports (SARs) generated by U.S. banks.
Davidson was scheduled to testify Friday at 9:00 AM about the Biden family SARs, which “often contain evidence of potential criminal activities, such as money laundering and fraud,” according to a 2020 Senate report .
But Comer’s Tuesday evening press release stated Davidson has “declined to attend the hearing” after the Treasury has refused to “give a timeline of when such documents will be provided to the Committee despite our repeated accommodations.”
Davidson’s refusal to answer questions about withholding Biden family bank records comes after questions were raised about whether his testimony would be tainted with political bias.
He previously worked for Biden on the 2020 transition team and was nominated to the Treasury position by his former boss. Moreover, he worked on Capitol Hill for more than 20 years in Democrat politics. Davison is also married to Erin Sheehy, who is a partner at Education Forward DC, an organization that seeks to advance “equity in DC public schools.”
Davidson’s political background comes as he is employed by a nonpartisan, taxpayer-funded department that has refused to comply with Comer’s investigation of the Biden family. Comer’s probe seeks to determine if President Joe Biden is compromised by the Chinese Communist Party and how new legislation should be designed to prevent influence peddling.
“These suspicious activity reports are important to our investigation to help us follow the money and determine the national security implications of the Biden family’s shady business deals,” Comer explained Tuesday. “Biden’s Treasury Department’s obstruction will soon compel us to use the power of the gavel to obtain these documents.”
“We are done with the excuses and calling on Assistant Secretary Jonathan Davidson to answer questions under the penalty of perjury next week,” he continued. “Treasury Department officials have repeatedly said that they are cooperating with the Committee’s request but all we’ve seen is obstruction. We’ve offered multiple good faith accommodations, but Treasury continues to provide excuses and employ delay tactics.”
Comer demanded Davidson to sit for a transcribed interview. “Therefore, the Committee requests that you, as Assistant Secretary for Legislative Affairs within Treasury, make yourself available for a transcribed interview with Committee staff on March 14, 2023, at 10:00 a.m. in Rayburn House Office Building, Room 2157.”
It is unclear if Davidson will comply.
In February, Comer warned stonewalling tactics will warrant a subpoena as the next step. “For the subpoenas to win in court, we have to give them every opportunity to supply that information to us,” Comer said. “The ball is in their court.”
“We can’t fully understand the extent of what these laws need to be until we know the exact amount of money that the Biden family took in, including from the sources,” Comer explained, noting the family has made at least “tens of millions of dollars” from many business deals spanning at least 12 separate nations over the years.
Follow Wendell Husebø on Twitter @WendellHusebø. He is the author of Politics of Slave Morality .
Yellen Leaves Door Open for Bailout of Uninsured Deposits at Silicon Valley Bank INA FASSBENDER/AFP via Getty Images 3:22
Treasury Secretary Janet Yellen appeared to hint on Sunday that the government might step in to fund uninsured deposits at Silicon Valley Bank, the tech-sector-focused bank that collapsed last week when panicked customers suddenly withdrew tens of billions of dollars.
The Federal Deposit Insurance Corporation, which took the bank into receivership on Friday, insures deposits up to $250,000. On Friday, the FDIC said all insured deposits would be available on Monday morning.
Most Silicon Valley Bank deposits, however, are above the insured limit. The FDIC said on Friday that it had not determined the amount of uninsured deposits but said depositors with amounts in excess of $250,000 would get an advance dividend next week. The amount of such a dividend has yet to be determined.
Some customers are worried they will not have access to funds needed to make payrolls and pay vendors next week. Bank regulators are concerned that panicked customers at other banks might also seek to withdraw their deposits on Friday, possibly putting more banks in jeopardy.
“We want to make sure that the troubles that exist at one bank don’t create contagion to others that are sound,” Yellen said in an interview on Face the Nation on CBS Sunday. “We are concerned about depositors and are focused on trying to meet their needs.”
Yellen said that regulators were not looking to bail out banks with capital injections or measures similar to those taken in 2008.
“We’re not going to do that again,” she said.
Her comments, however, appeared to leave open the possibility of the government providing funds to make sure even uninsured deposits at Silicon Valley Bank were accessible to customers. Alternatively, the government could find a willing buyer for the deposits, most likely one of the largest U.S. banks.
Bloomberg News reported that the Federal Deposit Insurance Corp launched an auction process late Saturday for Silicon Valley Bank, with final bids due by Sunday afternoon. The winner of the auction may not be known until late Sunday, the Bloomberg report said.
Either would likely wipe out equity holders and holders of debt issued by the bank but ensure depositors would have access to funds.
In the ordinary course of a bank failure, uninsured depositors would receive something known as a “receivership certificate” that entitles them to recover funds as regulators sell off bank assets. The Federal Reserve could create a facility to lend against such certificates, a move that would encourage banks to accept them as deposits and provide liquidity to Silicon Valley Bank customers.
On Saturday, Republican presidential hopeful Vivek Ramaswamy urged the government not to bailout Silicon Valley Bank deposits but to raise the guarantee on other deposits to stem a run on the banks.
Others, including Congressman Ro Khanna (D-CA) have urged the government to protect all depositors of the bank.
Kevin McCarthy, the Speaker of the House, said an announcement could come as early as today.
“They do have the tools to handle the current situation,” McCarthy told Fox News’s Maria Bartiromo on Sunday. “They do know the seriousness of this and they are working to try to come forward with some announcement before the markets open. I’m hopeful something can be announced today.”
Biden positions, after doing nothing, save for the end, at best, to help Biden's presidential campaign, suggesting that the hollow-victory Biden administration is just a placeholder for the return of an Obama third term. It's a sign that Obama éminence grise is more than a little active, behind the scenes as she always is.
CUT AND PASTE YOUTUBE LINKS
Victor Davis Hanson: Biden is the most dangerously radical President in US history
https://www.youtube.com/watch?v=jdkca09EHRI&t=772s
PROFILE OF A SOCIOPATH GAMER LAWYER:
JOE BIDEN is known as a serial liar , a "public servant" who has somehow managed to accrue tremendous wealth , a race-baiting opportunist, a Catholic-in-name-only , and a bought-and-paid-for politician in bed with criminal cartels and foreign foes . In another era, Joe Biden would have been run out of his country much the same way Benedict Arnold was two and a half centuries ago; in an era when integrity, honor, fortitude, fidelity, and grit have been jettisoned for immorality, unscrupulousness, weakness, betrayal, and craven pliability, however, he is elevated to king sleazeball in a city drowning in sleaze. JB SHURK
he re is only one way to say that Biden is innocent, and that is for Obama to announce, “I told Joe he could take the documents.” However, if Obama makes that announcement, he has conceded, and all the Dems will be forced to concede, that a president can declassify documents simply by walking them out of the White House or authorizing someone else to do so.
In other words, to exonerate Biden, Obama must also exonerate Trump from the disgraceful, deeply (criminally?) dishonest charge leveled against Trump. I get a real kick imagining Obama sitting in the lavishly decorated office of one of his three luxury homes, cursing to himself that you can always trust Joe Biden to “F” things up.
DURING THE BANKSTER REGIME OF (GAMER LAWYER) BARACK OBAMA,
ERIC HOLDER (GAMER LAWYER) AND 'CREDIT CARD' JOE BIDEN (GAMER
LAWYER), WHILE OBAMA AND ERIC WERE ENABLING AND ABETTING THE
BIGGEST CRIMINAL BANKSTERS ON WALL STREET, JOE WAS BUSY HANGING
WITH CHINESE SPIES AND DEVELOPING HIS CONNECTIONS TO THE CHINESE
DICTATORS, WHICH HAS PAID OFF EVER SO WELL.
ONLY SEN. DIANNE FEINSTEIN, WHO WAS FIRST TO ENDORSE BIDEN AND
WHO LONG EMPLOYED A CHINESE SPY, HAS SERVED RED CHINA TO THE
PROFITABLE DEGREE THE BIDEN CRIME FAMILY HAS.
ALL HERE IN THIS VIDEO (CUT AND PASTE LINK OF
YOUTUBE VIDEO).
Watters: Sam Bankman-Fried had 'full access' to Biden White House
https://www.youtube.com/watch?v=H812vHPb3VY
Obviously Obama must have been successful since the Biden Crime Family’s activities went unreported on by most of the news media prior to the 2020 presidential election. Even now there’s been a reluctance to report on anything associated with the claims of illegal – indeed impeachable offenses by Joe Biden.
Biden's Right: His Word Means Nothing
Installed (p)Resident Joe Biden loves to make promises secured by the supposed worth of his family name . "I give you my word as a Biden," he said back in March of 2020, "When I'm president, I will lead with science, listen to the experts and heed their advice, and always tell you the truth." Again giving his solemn word before the 2020 mail-in ballot presidential selection, he promised both "to turn division into unity and bring us together," as well as to "be an ally of the light, not the darkness." Just over a week ago, he declared , "My word as a Biden: I've never been more optimistic about America's future than I am today." My goodness, if only Biden's family name possessed more value than that of Benedict Arnold's, we would be blessed with a man in the White House committed to truth, unity, spiritual guidance, and American success. Yet Biden's name is synonymous with none of those things, is it?
Instead, the Biden family name has really stood for only two things: buffoonery and corruption. For fifty years, Joe Biden has managed to hold onto some slice of power in D.C. as a senator, vice president, and Oval Office stooge not because he is renowned for his erudition or virtue but rather because his doltish behavior and venal character make him ideal for others to control. Perhaps no other Washington relic has accomplished so little for the American people over such a prolonged government career or managed to harness those defects for lucrative advancement more successfully than China Joe .
He is known as a serial liar , a "public servant" who has somehow managed to accrue tremendous wealth , a race-baiting opportunist, a Catholic-in-name-only , and a bought-and-paid-for politician in bed with criminal cartels and foreign foes . In another era, Joe Biden would have been run out of his country much the same way Benedict Arnold was two and a half centuries ago; in an era when integrity, honor, fortitude, fidelity, and grit have been jettisoned for immorality, unscrupulousness, weakness, betrayal, and craven pliability, however, he is elevated to king sleazeball in a city drowning in sleaze.
Perhaps when America's Scumbucket-in-Chief gives his "word as a Biden," he is depending upon the solid reputations of notable relatives. Alas, no . His brother James has been repeatedly implicated in allegations of fraud and quid-pro-quo financial schemes leveraging Joe's political office as a means to advance the Biden family's interests and wealth. His daughter Ashley struggles with sex and drug addictions, problems she has attributed in part to her memories of taking showers with her dad at a young age (no wonder Creepy Joe excuses pedophilia and transgender madness so effortlessly). And then there is the "smartest guy " Joe claims to know — his son Hunter — whose illegal drug use ; sexual debauchery with prostitutes , employees , and relatives alike; gun crimes ; occupation as an undeclared foreign agent ; and serially-excused role as the family's point man for turning the powers of Joe's political office into seedy profit are all well known to the American people (even if habitually ignored by the corrupt Department of [in]Justice). In any other family concerned about its reputation for probity and honor, Hunter Biden would have been cast off as some sort of uncontrollable "black sheep." In the Biden herd, though, Hunter blends right in with his unseemly, scuzzy kin. The Biden pedigree is made from rotten stuff — more like a pustule than a bloodline and filled with dreck, mediocrity, selfishness, pusillanimity, and unrepentant sin.
When you stop to consider how shockingly meaningless Joe's "word as a Biden" schtick really is, it actually becomes tempting to consider whether the old, fatuous fraud is ironically — and just this once — telling the American people the truth! Perhaps when he says, "I give you my word as a Biden," he is really saying: "I give you my word as an incestuous pervert who cannot learn to keep my hands off little girls or keep from sniffing and grabbing women against their will; as a shameless liar who distorts everything, including the circumstances of my own wife and daughter's tragic deaths, when those lies induce public sympathy or are otherwise advantageous; as a plagiarist with no original thoughts or accomplishments of my own; as a lifelong racist who has had many friendships with segregationists and race hustlers while lying about having been active in the civil rights movement ; as a corrupt politician who has ties to the mob and whose family has profited generously from my public office; and as a traitor to the United States who has repeatedly sold out my country for the benefit of foreign interests in Ukraine, China, and anywhere else I can make a buck."
I guess when you see how long it would take to vomit forth that mouthful of insidious nastiness, using the shorthand, "I give you my word as a Biden," just means that whatever is said next is almost certainly untrue.
Seen from that perspective, Biden's time as installed president makes a lot more sense. When he promised to unite the country by ridding it of petty divisions, what he really meant was that he planned to exacerbate racial animosities to the best of his abilities, rub salt in old wounds to ensure intolerance festers and anguish lingers, and incite hatred among groups of Americans who would otherwise get along. When he promised to "bring us together," he meant that he would promote propaganda reframing the J6 protest for fair elections as an "insurrection" seeking to topple the government and use that laughably fraudulent pretense as an excuse to persecute and imprison his political enemies. When he promised to be "an ally of the light, not the darkness," he meant that he would threaten concerned parents with criminal prosecution should they resist the government's program of sexualizing childhood, encouraging bodily mutilation, brainwashing innocents with "transgender" delusions, and promoting abortion-on-demand.
When he promised to "lead with science," he meant that he would use the unscrutinized declarations of unelected government health bureaucrats with secret political agendas as a sword and shield for imposing a dictatorship of unconstitutional mandates, censorship, ephemeral freedoms, and unjust orders contrary to established law. When he promised to "listen to the experts and heed their advice," he meant that he would further empower an already-out-of-control Deep State to police Americans' thoughts and words for alleged "misinformation" and "hate"; expand the national security surveillance State to spy on Americans' every move; and target for criminal punishment those who nonetheless insist on engaging in "wrongthink." When he promised to "always tell you the truth," he meant that his administration would construct "politically correct" falsehoods, propagate those falsehoods through a willingly compliant and compromised State-aligned news media, vilify dissent as harmful "disinformation," and characterize contrary viewpoints as mere "conspiracy theories."
Finally, when Biden recently claimed that he has "never been more optimistic about America's future," what he meant is that he has given China permission to send spy balloons loaded with explosives across the continent; criminal cartels permission to flood America with illegal aliens; the pharmaceutical companies permission to reap windfall profits from harmful, untested, yet government-mandated products; the World Health Organization and United Nations permission to usurp U.S. sovereignty; the Federal Reserve permission to print money on our way to economic Armageddon ; and the World Economic Forum permission to usher in a "great reset" of centralized control and loss of individual liberty. Surely all that carnage is worth a relatively small finder's fee of 10% .
When Commie Joe's statements are viewed in their proper context, he is just a presidential truth-teller. Really. After all, he gives us his word as a Biden!
Image: 10 Tampa Bay via YouTube , CC BY 3.0 (cropped).
During Obama’s presidency, everyone joked that he selected Biden for VP because Biden’s incompetency insured that Obama would never be impeached. Yes, Obama was bad, but Biden would be worse. Now that Biden’s the president, that joke was 100% correct. Sadly, he’s multiple times worse than anyone imagined. Biden has more failures in one year than most presidents have in a lifetime – the Afghanistan debacle and surrender, huge crime spikes due to Democrat “defund the police” insanity, actively working to destroy the petroleum industry while supporting Russia’s, soaring inflation, open support and deference to China, and his weakness being directly responsible for Putin’s invasion of Ukraine -- to name just a few epic failures. As bad as Biden is as president, it’s obvious he selected Harris for the same reason that Obama selected him -- to insure he’s never removed from office. If you think things can’t possibly get worse, just look at Harris and you instantly realize – yes, they can. She would be multiple times worse than Joe.
The dark side of Obama's 'Rising Star' exposed
https://www.youtube.com/watch?v=VEF2Fjc4QeE
Obama lets the cat out of the bag: He's got plans to make Joe Biden his stooge
By Monica Showalter
Joe Biden, who couldn't even get President Obama's endorsement during the primaries, now has word that Obama may well use him as his marionette stooge for what's in fact a third Obama term.
He's not even trying to hide it.
OPERATION OBOMB: Barack Obama, Eric Holder and their bankster paymasters plan coup.
Barack Obama was famous not wanting to leave office when his term was done and well known for projecting a sense of entitlement to power.
https://mexicanoccupation.blogspot.com/2020/11/lawyer-barack-obama-and-his-attack-dog.html
Biden positions, after doing nothing, save for the end, at best, to help Biden's presidential campaign, suggesting that the hollow-victory Biden administration is just a placeholder for the return of an Obama third term. It's a sign that Obama éminence grise is more than a little active, behind the scenes as she always is.
“Obama’s new home in Washington has been described as the “nerve center” of the anti-Trump opposition. Former attorney general Eric Holder has said that Obama is “ready to roll” and has aligned himself with the “resistance.” Former high-level Obama campaign staffers now work with a variety of groups organizing direct action against Trump’s initiatives. “Resistance School,” for example, features lectures by former campaign executive Sara El-Amine, author of the Obama Organizing.”
AMERICAN HOAXER - THE CASE AGAINST BARACK OBAMA - MAN WHO WOULD BE DICTATOR
https://mexicanoccupation.blogspot.com/2022/04/gamer-lawyers-michelle-and-barack-obama.html
Obamanomics: How Barack Obama Is Bankrupting You a nd Enriching His Wall Street Friends, Corporate Lobbyists, and Union Bosses
“Of course, one of the main reasons the nation is now “divided, resentful and angry” is because race-baiting, Islamist, class warrior Barack Hussein Obama was president for eight long years." MATTHEW VADUM
The dark side of Obama's 'Rising Star' exposed
https://www.youtube.com/watch?v=VEF2Fjc4QeE
Obama lets the cat out of the bag: He's got plans to make Joe Biden his stooge By Monica Showalter
Joe Biden, who couldn't even get President Obama's endorsement during the primaries, now has word that Obama may well use him as his marionette stooge for what's in fact a third Obama term.
He's not even trying to hide it.
OPERATION OBOMB: Barack Obama, Eric Holder and their bankster paymasters plan coup.
Barack Obama was famous not wanting to leave office when his term was done and well known for projecting a sense of entitlement to power.
https://mexicanoccupation.blogspot.com/2020/11/lawyer-barack-obama-and-his-attack-dog.html
Biden positions, after doing nothing, save for the end, at best, to help Biden's presidential campaign, suggesting that the hollow-victory Biden administration is just a placeholder for the return of an Obama third term. It's a sign that Obama éminence grise is more than a little active, behind the scenes as she always is.
“Obama’s new home in Washington has been described as the “nerve center” of the anti-Trump opposition. Former attorney general Eric Holder has said that Obama is “ready to roll” and has aligned himself with the “resistance.” Former high-level Obama campaign staffers now work with a variety of groups organizing direct action against Trump’s initiatives. “Resistance School,” for example, features lectures by former campaign executive Sara El-Amine, author of the Obama Organizing.”
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