$250 Billion Lawsuit against Big Banks

[Trillo]

I searched to see if this had been posted, and didn't see it. The story is by Ellen Brown.

http://www.alternet.org/economy/whoa-big-banks-hit-monster-250-billion-lawsuit-fraud-housing-crisis

http://www.occupy.com/article/big-banks-hit-monster-250-billion-lawsuit-housing-crisis


I just thought it curious that there was no mention of this on DU, but today's conversation is all about an airliner shot down. (RIP)

[Uncle Joe]

1. This has a chance for success.

Thanks for the thread, Trillo.

[easychoice]

2. Thats gonna leave a mark!

Jump you motherfuckers!

[lunasun]

3. +1 and a related mention

http://www.democraticunderground.com/10491082

[flamingdem]

4. The LA Times had coverage yesterday

about Citibank agreeing to pay and BOA next up

[dixiegrrrrl]

5. Ok.....GOOD News for a change.

I am loving it!

[Mnemosyne]

6. K&R for more visibility. nt

[kelliekat44]

7. This may be what we need to reign in the fraudulent banks. It will hurt for a while but maybe

the Fed government can get back on its feet...fire up and hire up with people willing to work hard to oversee the banking and corporate systems as should have been done before...not just on paper but for real:

"A credit collapse . . . doesn’t make the energy, raw materials, and labor vanish into some fiscal equivalent of a black hole; they’re all still there, in whatever quantities they were before the credit collapse, and all that’s needed is some new way to allocate them to the production of goods and services."
...
"This, in turn, governments promptly provide. In 1933, for example, faced with the most severe credit collapse in American history, Franklin Roosevelt temporarily nationalized the entire US banking system, seized nearly all the privately held gold in the country, unilaterally changed the national debt from “payable in gold” to “payable in Federal Reserve notes” (which amounted to a technical default), and launched a series of other emergency measures. The credit collapse came to a screeching halt, famously, in less than a hundred days. Other nations facing the same crisis took equally drastic measures, with similar results. . . .

Faced with a severe crisis, governments can slap on wage and price controls, freeze currency exchanges, impose rationing, raise trade barriers, default on their debts, nationalize whole industries, issue new currencies, allocate goods and services by fiat, and impose martial law to make sure the new economic rules are followed to the letter, if necessary, at gunpoint. Again, these aren’t theoretical possibilities; every one of them has actually been used by more than one government faced by a major economic crisis in the last century and a half.

That historical review is grounds for optimism, but confiscation of assets and enforcement at gunpoint are still not the most desirable outcomes. Better would be to have an alternative system in place and ready to implement before the boom drops."

[emsimon33]

8. K&R

Still just a slap on their "hands."

[defacto7]

9. Just for the record...

BlackRock is one of the 4 corporations that own almost every company on the US and European market. They have representatives who sit as directors of the World Bank and the US Federal Reserve. They are not our saviors, they are part of the foundation of everything that is Capitalist corporatocracy. They are the "deciders". If they are suing such lowly banks that they or their other 3 super-corporation buddies probably own, it's a farce in shit clothing.

It's to calm the masses and make them feel... listened to.

BlackRock
FMR (Fidelity)
State Street Corporation
Vanguard Group

The eight largest U.S. financial companies (JP Morgan, Wells Fargo, Bank of America, Citigroup, Goldman Sachs, U.S. Bancorp, Bank of New York Mellon and Morgan Stanley) are 100% controlled by ten shareholders and we have four companies always present in all decisions: BlackRock, State Street, Vanguard and Fidelity.

The Federal Reserve is comprised of 12 banks, represented by a board of seven people, which comprises representatives of the these four corporations, which in turn are present in all other entities. So it seems the Federal Reserve is controlled by four large private companies: BlackRock, State Street, Vanguard and Fidelity. These companies control U.S. monetary policy (and world) without any control or "democratic" choice.

These are some of the companies controlled by these 4 corporations:

Alcoa Inc. - Altria Group Inc. - American International Group Inc. - AT&T Inc. - Boeing Co. - Caterpillar Inc. - Coca-Cola Co. - DuPont & Co. - Exxon Mobil Corp. - General Electric Co. - General Motors Corporation - Hewlett-Packard Co. - Home Depot Inc. - Honeywell International Inc. - Intel Corp. - International Business Machines Corp - Johnson & Johnson - JP Morgan Chase & Co. - McDonald's Corp. - Merck & Co. Inc. - Microsoft Corp. - 3M Co. - Pfizer Inc. - Procter & Gamble Co. - United Technologies Corp. - Verizon Communications Inc. - Wal-Mart Stores Inc. - Time Warner - Walt Disney - Viacom - Rupert Murdoch's News Corporation. - CBS Corporation - NBC Universal

Sorry, but I see nothing but propaganda in this suit. It's all show. If you sue yourself it doesn't matter which side you're on, it's win/win.