Monday, December 9, 2013

Derivatives and The Banksters- Cartel Banking

This clip is from a year ago and is the best explanation of finance rocket science. (derivatives) You remember when the top CEOs' were on trial with smirks on their face because no one did understand this money trail that literally crushes countries.  But today like I've said before, their other money pals are suing for there is no real paper money out there.  Simon Mikhailovich, Co-Managing Member, Eidesis Capital, talks to us about the role derivatives play in the LIBOR scandal and in enabling bad decisions at systemically dangerous banks.  We're still far from done with all of this, in the mean time look at Public Banking and for entertainment we will watch some of these fishes fry.  And they will fry, just last month the banks were downgraded, 8 of them comes to mind to where there will be no bailout this time. 

12/12/13 Approved Tuesday by five financial institutions despite dissent from the Commodity Futures Trading Commission and the Securities and Exchange Commission, the Financial Times reports.

Named after former Federal Reserve Chairman Paul Volcker who pushed Obama and Congress to reform Wall Street, the rule hopes to protect America from a similar debacle to the so-called 'London Whale', when JPMorgan’s speculative bets resulted in a $6.2 billion loss in 2012.  JP Morgan has 76 Trillion in derivatives which can only cover 36%, watch your money here Pod!  If one goes they all go, we bailed their ass out last time, well not us but the Fed on the backs of the taxpayer, not again!  (Full Report)

Today:  The EU fines marks the latest to be levied on banks and financial institutions for making profits or masking their problems by fraudulently rigging the rates that reflect the cost of lending money to each other. The banks fined are Citigroup, Deutsche Bank, Royal Bank of Scotland, JPMorgan, Societe Generale, and RP Martin, the EC said in a statement. “Today's decision sends a clear message that the Commission is determined to fight and sanction these cartels in the financial sector," Almunia said in the EC statement. "Healthy competition and transparency are crucial for financial markets to work properly, at the service of the real economy rather than the interests of a few."

Hello New Economy


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