Rachel Maddow Show - Rachel gives a comprehensive chronology of AIG malfeasance

[ProfessorPlum]

Run time: 05:26 https://www.youtube.com/watch?v=S-YDHaW1cg4   Posted on YouTube: March 17, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: March 17, 2009 By DU Member: ProfessorPlum Views on DU: 508

 
This will make your blood pressure go through the roof

[mod mom]

1. It was a really good explanation .

[EVDebs]

2. This is why Glass Steagall was repealed in 1999, to allow for this crap

Sandy Weill and his CitiCorp group now wanted to repeal Glass Steagall http://en.wikipedia.org/wiki/Glass-Steagall_Act

"The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.<1> Some provisions such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act.<2><3>"

The speculation aspects of derivatives is what this repeal was all about; add to that the lack of any regulation on derivatives and voila ! clusterf*@#K

Then you have the derivatives, the $1.14 QUADRILLION dollars worth of unpayable debt rung up by these bank speculators

""$1.14 quadrillion.

No, that's not a made up word. A quadrillion is one thousand trillion dollars. Not $4 trillion, but $1000 trillion – and change.

That's how much money the people Rush and O'Reilly think should be in charge of the nation and economy – and who were in fact, in charge until recently – piled up in unregulated derivatives.

Here's the breakdown, according to the International Bank of Settlements, which acts as banker for the world's central banks:

1) Listed credit derivatives stood at USD 548 trillion;
2. The Over-The-Counter (OTC) derivatives stood in notional or face value at USD 596 trillion ""

see Steve Pizzo's article Follow The Numbers
http://www.opednews.com/populum/print_friendly.php?p=Follow-The-Numbers-by-Stephen-Pizzo-090302-530.html


""This teetering derivative market can't be bailed out. There simply isn't enough money. But our rulers think that the banks, insurance companies and stock brokerages heavily indebted and riddled with derivatives can be saved. As Ellen Brown pointed out last Thursday, save them and you stop the full exposure of the derivatives market. You avoid the risk of people finding out that their money and investments are being held by institutions willing to invest in financial products that are, at the least, highly speculative and, at the worst, pure vaporware."...

The Money Party (6): Meltdown Perpetrators Position Themselves
http://www.scoop.co.nz/stories/HL0809/S00274.htm

No, these world banking fools have created a monster that can't be bailed out. We can't keep throwing taxpayer dollars into the derivative pit.

Time to write off the derivatives and tell the bankers they're wankers.