Truth About Global Economic Conspiracy Crash For Bailout's! Banks Mafia Scam Involving: Goldman Sachs, Deutsche Bank, Moodys, Standard Poors; Read Report: WALL STREET AND THE FINANCIAL CRISIS: Anatomy of a Financial Collapse, From The US Senate Investigation

A two-year investigation into the causes of the financial crisis has culminated in the US Senate publishing a 639 page report damning major financial institutions and regulatory bodies. Citing a wealth of internal documents and private communications ‘Wall Street and The Financial Crisis: Anatomy of a Financial Collapse’ details an array of reckless business activities which left the global economy in disarray and poor countries to disaster.

Versão Portuguesa Portuguese Version:
Máfia Económica Global! "Wall Street e a Crise Financeira: Anatomia do Colapso Financeiro" Culpa Bancos, Moodys, Standard Poors, Goldman Sachs, Deutsche Bank, Supervisão e Desregulação dos Mercados! Relatório Elaborado Pela Comissão de Investigação do Senado dos EUA Desmonta A Conspiração; Acorda e Levanta-te Portugal, Espanha, Itália, Grécia; Os Banqueiros Que Paguem A Crise Que Criaram!

1. Introdution
2. About Wall Street and the Financial Crisis: Anatomy of a Financial Collapse Report
3. Study Development and Target
4. Opinion Of Senator Carl Levin, Committee on Homeland Security and Governmental Affairs Chairman
5. Levin-Coburn Report Content
6. Major Causes Of the Financial Crisis
7. Report findings
1. Report Proves What Some Call "Conspiracy Teories"
2. High Risk Lending: Case Study of Washington Mutual Bank
3. Regulatory Failures: Case Study of the Office of Thrift Supervision
4. Inflated Credit Ratings: Case Study of Moody’s and Standard & Poor’s
5. Investment Bank Abuses: Case Study of Goldman Sachs and Deutsche Bank
6. Goldman Sachs
1. 13,9 Biliões de Dólares Americanos Num Fundo de Apostas Contra Os Clientes
2. Goldman Sachs:Strategy: Bet Against Clientes
3. Case Of Hudson 1 CDO
4. Case Of Timberwolf CDO
5. Case Of Abacus CDO
7. Deutsche Bank
1. PIGS and Craps on a CDO “Ponzi Scheme.” Operation
2. CDO Machine
3. $8 billion Edge Fund Against $102 Billion RMBS Portfolio
8. Conclusão Sobre o Papel dos Bancos Na Crise
8. Report recommendations
1. Recommendations on high risk lending
1. Ensure “Qualified Mortgages” Are Low Risk
2. Require Meaningful Risk Retention.
3. Safeguard Against High Risk Products
4. Require Greater Reserves for Negative Amortization Loans
5. Safeguard Bank Investment Portfolios
2. Recommendations on regulatory failures
1. Complete OTS Dismantling
2. Strengthen Enforcement
3. Strengthen CAMELS Ratings
4. Evaluate Impacts of High Risk Lending
3. Recommendations on inflated credit ratings
1. Rank Credit Rating Agencies by Accuracy
2. Help Investors Hold CRAs Accountable
3. Strengthen CRA Operations
4. Ensure CRAs Recognize Risk
5. Strengthen Disclosure
6. Reduce Ratings Reliance
4. Recommendations on investment bank abuses
1. Review Structured Finance Transactions
2. Narrow Proprietary Trading Exceptions
3. Design Strong Conflict of Interest Prohibitions
4. Study Bank Use of Structured Finance
9. Critical Auto-Análisis by a Moodys Director
10. Tables
1. Deutsche Bank Total Annual CDO Issuance 2000-2009
2. Tabela S&P Evaluates Deutsche Bank Gemstone VII Ratings by Tranche
11. A Crise dos EUA Torna-se Global Via Offshore
1. Deutsche Bank Cayman Offshore
2. Goldman Sachs OffShore
12. Reports
1. Report WALL STREET AND THE FINANCIAL CRISIS: Anatomy of a Financial Collapse
2. Documentation Suport Report
13. Autores Responsáveis
14. Extra: The Official Bankster Dictionary

About Wall Street and the Financial Crisis: Anatomy of a Financial Collapse Report

Wall Street and the Financial Crisis: Anatomy of a Financial Collapse is a report issued on April 13, 2011 by the United States Senate Permanent Subcommittee on Investigations. The 639 page report was issued under the chairmanship of Senators Carl Levin and Tom Coburn, and is colloquially known as the Levin-Coburn Report.

Study Development and Target

After conducting “over 150 interviews and depositions, consulting with dozens of government, academic, and private sector experts” found that “the crisis was not a natural disaster, but the result of high risk, complex financial products, undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street.”

Opinion Of Senator Carl Levin, Committee on Homeland Security and Governmental Affairs Chairman

In an interview, Senator Levin noted that:

“The overwhelming evidence is that those institutions deceived their clients and deceived the public, and they were aided and abetted by deferential regulators and credit ratings agencies who had conflicts of interest.”

 Levin-Coburn Report Content

By the end of their two year investigation, the staff amassed 56 million pages of memos, documents, prospectuses and e-mails. The report, which contains 2,800 footnotes and references thousands of internal documents  focused on four major areas of concern regarding the failure of the financial system: high risk mortgage lending, failure of regulators to stop such practices, inflated credit ratings, and abuses of the system by investment banks. The Report also issued several recommendations for future action regarding each of these categories.

Major Causes Of the Financial Crisis

The report focuses on what it states are the four major causes of the financial crisis, and begins by concentrating on the impact made by high risk mortgage lenders, using Washington Mutual Bank (WaMu) as an example. Beginning in 2004, WaMu embarked upon a lending strategy emphasising high risk loans. At the same time, the bank was engaged in a host of questionable lending practices including steering borrowers form conventional mortgages toward higher risk products and accepting loan applications without verifying the borrower’s income. The same apened with Deutsche Bank and Goldman Sachs managing the Edge Funds.

In April 2010, the Subcommittee held four hearings examining four root causes of the financial crisis. Using case studies detailed in thousands of pages of documents released at the hearings, the Subcommittee presented and examined evidence showing how high risk lending by U.S. financial institutions; regulatory failures; inflated credit ratings; and high risk,poor quality financial products designed and sold by some investment banks, contributed to the financial crisis.

Report findings

The Report found that the four causative aspects of the crisis were all interconnected in facilitating the risky practices that ultimately led to the collapse of the global financial system. Lenders sold and securitized high risk and complex home loans while practicing subpar underwriting, preying on unqualified buyers to maximize profits. The credit rating agencies granted these securities safe investment ratings, which facilitated their sale to investors around the globe. Federal securities regulators failed to execute their duty to ensure safe and sound lending and risk management by lenders and investment banks. Investment banks engineered and promoted complex and poor quality financial products composed of these high risk home loans. They allowed investors to use credit default swaps to bet on the failure of these financial products, and in cases disregarded conflicts of interest by themselves betting against products they marketed and sold to their own clients. The collusion of these four institutions led to the rise of a massive bubble of securities based on high risk home loans. When the unqualified buyers finally defaulted on their mortgages, the entire global financial system incurred massive losses.

Report Proves What Some Call "Conspiracy Teories"

When we read that experts” found that “the crisis was not a natural disaster, but the result of high risk, complex financial products, undisclosed conflicts of interest; and the failure of regulators, the payment of credit rating agencies, and the market itself to rein in the excesses of Wall Street.”,we can say that what some call Conspiracy Teories, are in fact conspiracy.

High Risk Lending: Case Study of Washington Mutual Bank

Through a case study of Washington Mutual Bank (WaMu), the Report found that in 2006, WaMu began pursuing high risk loans to pursue higher profits. A year later, these mortgages began to fail, along with the mortgage-backed securities the bank offered. As shareholders lost confidence, stock prices fell and the bank suffered a liquidity crisis. The Office of Thrift Supervision, the chief regulator of WaMu, placed the bank under receivership of the Federal Deposit Insurance Corporation (FDIC), who then sold the bank to JPMorgan. If the sale had not gone through, the toxic assets held by WaMu would have exhausted the FDIC’s insurance fund completely.
The report found that WaMu sold high risk Option Adjustable-Rate Mortgages (Option ARMs) in bulk, specifically to the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). WaMu often sold these loans to unqualified buyers and would attract buyers with short term “teaser” rates that would skyrocket later on in the term. The Report found that WaMu and other big banks were inclined to make these risky sales because the higher risk loans and mortgage backed securities sold for higher prices on Wall Street. These lenders, however, simply passed the risk on to investors rather than absorbing them themselves.

Regulatory Failures: Case Study of the Office of Thrift Supervision

The Office of Thrift Supervision (OTS) was cited in the Report as a major culprit in financial collapse, for their “failure to stop the unsafe and unsound practices that led to the demise of Washington Mutual” While OTS identified over 500 deficiencies at WaMu, they did not take any regulatory action against the bank. OTS repeatedly requested corrective action, but the bank never followed through on their promises. The Report also cites the regulatory culture within OTS as an issue that exacerbated the lack of oversight. OTS consistently referred to the banks it oversaw as its “constituents.” They favored asking banks to correct problems rather than enforcing regulation, even though the banks rarely followed through on the agreements.

Inflated Credit Ratings: Case Study of Moody’s and Standard & Poor’s

The case study of Moody’s Investors Service, Inc. (Moody’s) and Standard & Poor’s Financial Services LLC (S&P) exposed a combination of inaccurate readings and conflicts of interest within the credit rating agency community. Due to a lack of regulation, agencies were able to place quantity over quality in rating of securities. Credit rating agencies were paid by Wall Street firms for their rating service. If credit rating agencies were to issue anything less than a AAA rating, they could be run out of business by the Wall Street firms they depended on. In the years leading up to the 2008 crisis, Moody’s and S&P rated tens of thousands of U.S. residential mortgage-backed securities (RMBS) and collateralized debt obligations (CDOs). They regularly inflated the ratings, giving AAA grade ratings to the majority of RMBS and CDO securities, even though many were based off high risk home loans. In 2006, the high risk home loans began to fail, yet Moody’s and S&P continued, for 6 months, to issue AAA ratings to the same quality securities. After the CDOs and RMBS securities that consisted of these home loans began to incur losses, the rating agencies turned around and quickly began to downgrade the high risk securities. Now saturated with toxic and unmarketable assets, and the RMBS and CDO securities market collapsed. Traditionally, AAA rated securities had less than a 1% probability of default. In 2007, the majority of RMBS and CDO securities with AAA ratings suffered losses. 90% of AAA ratings given to subprime RMBS securities originated in 2006 and 2007 were later downgraded to junk status by credit rating agencies.

Investment Bank Abuses: Case Study of Goldman Sachs and Deutsche Bank

The Report cites investment banks as a major player in the lead up to the crisis, and uses a case study of two leading participants in the U.S. mortgage market, Goldman Sachs and Deutsche Bank. The case study found that from 2004 to 2008, banks focused their efforts heavily on RMBS and CDO securities, complex and high risk financial products that they could bundle and sell to investors who did not necessarily know the composition of the product. Financial institutions issued $2.5 trillion in RMBS and $1.4 trillion in CDO securities. They created large trading desks that dealt strictly in RMBS and CDO securities. More alarmingly, their trading desks began to take out insurance policies against the RMBS and CDO securities, allowing them to wager on the fall in value of their own asset. They acted in many instances as an intermediary between two opposing parties who wished to bet on either side of the future value of a security. This practice led to a blatant conflict of interest in the securities market, as the banks used “net short” positions, in which they wagered on the fall of a security, to profit off the failure of a security they had sold to their own client.

The studies show how the credit default swaps that allowed investors and banks themselves to place bets on either side of the performance of a security further intensified market risk. Finally, they show that the unscrupulous trading techniques at the banks led to “dramatic losses in the case of Deutsche Bank and undisclosed conflicts of interest in the case of Goldman Sachs.”

Goldman Sachs

The case study of Goldman Sachs exemplifies this conflict of interest. They underwrote about $100 billion in RMBS and CDO securities in 2006 and 2007. They saw their securities were defaulting, and instead of warning investors to stay away from those products, they began developing a short position that would allow them to profit off of the inevitable collapse of the mortgage market. They amassed a $13.9 billion net short, and made $3.7 billion in profit in 2007 from the decline of the mortgage market. They sold RMBS and CDO securities to their own clients without notifying them of their conflict, that they had a multi-billion dollar short against that same product. The case study further examines four CDOs sold by Goldman known as Hudson 1, Anderson, Timberwolf, and Abacus 2007-AC1. The study found that Goldman would sometimes take risky assets they held in their inventory and dump them into these CDOs. They knowingly included low-value and poor quality assets in them, and in three of the CDOs, they had taken a short position against the CDO. Goldman sold their own toxic assets to their clients, then proceeded to bet against them, without ever notifying anyone about their conflict of interest.

Case Of Hudson 1 CDO

In the case of Hudson 1, Goldman took a 100% short against the $2 billion CDO, and then sold the CDO to their clients. The security soon lost value, and while their clients lost their investments, Goldman made $1.7 billion.

Case Of Timberwolf CDO

In the Timberwolf CDO, Goldman sold the securities above book value to their clients, then soon dropped the price after the sale, causing their clients to incur quick losses. The Timberwolf security lost 80% of its value within 5 months and is worthless today.

Case Of Abacus CDO

 In the case of the Abacus CDO, Goldman did not take a short position, but allowed Paulson & Co. Inc., a hedge fund with relations to former Treasury Secretary and Goldman executive Henry Paulson, to select the assets included in the CDO. Goldman marketed and sold the security to their clients, never disclosing the role of Paulson & Co. Inc. in the asset selection process or the fact that the CDO was designed to lose value in the first place. Today, the Abacus securities are worthless, while the Paulson hedge fund made about $3 billion.

Deutsche Bank

The Deutsche case study Report focuses on the bank’s top CDO trader,

PIGS and Craps on a CDO “Ponzi Scheme.” Operation

Greg Lippmann. He warned colleagues that the RMBS and CDO securities were “crap” and “pigs” and could make money taking shorts against them. He predicted the securities would lose value and called the financial industry’s CDO operation as a “ponzi scheme.”

CDO Machine

Deutsche Bank took out a $5 billion short position against the RMBS market from 2005 to 2007, earning a profit of $1.5 billion. The case studies of these two investment firms also show that even as mortgage delinquencies increased in 2008, the banks continued to heavily market CDOs and RMBS securities to their clients. The banks knew that if they were to stop their “CDO machine” that was churning out record profits and record executive bonuses, the firms would have to cut back on their excesses and close their CDO desks.

$8 billion Edge Fund Against $102 Billion RMBS Portfolio

Deutsche Bank’s RMBS Group in New York, for example, built up a $102 billion portfolio of RMBS and CDO securities, while the portfolio at an affiliated hedge fund (usualy used to bet agains the product), Winchester Capital, exceeded $8 billion.

Banks Role in The Economic Crisis

The Report found that the investment banks were “the driving force” behind the risk-laden CDO and RMBS market’s expansion in the U.S. financial system, and the banks were a major cause of the crisis itself.

Report recommendations

Recommendations on high risk lending

Ensure “Qualified Mortgages” Are Low Risk

Federal regulators should use their regulatory authority to ensure that all mortgages deemed to be “qualified residential mortgages” have a low risk of delinquency or default.

Require Meaningful Risk Retention

Federal regulators should issue a strong risk retention requirement under Section 941 by requiring the retention of not less than a 5% credit risk in each, or a representative sample of, an asset backed securitization’s tranches, and by barring a hedging offset for a reasonable but limited period of time.

Safeguard Against High Risk Products

Federal banking regulators should safeguard taxpayer dollars by requiring banks with high risk structured finance products, including complex products with little or no reliable performance data, to meet conservative loss reserve, liquidity, and capital requirements.

Require Greater Reserves for Negative Amortization Loans

Federal banking regulators should use their regulatory authority to require banks issuing negatively amortizing loans that allow borrowers to defer payments of interest and principal, to maintain more conservative loss, liquidity, and capital reserves.

Safeguard Bank Investment Portfolios

Federal banking regulators should use the Section 620 banking activities study to identify high risk structured finance products and impose a reasonable limit on the amount of such high risk products that can be included in a bank’s investment portfolio.

Recommendations on regulatory failures

Complete OTS Dismantling

The Office of the Comptroller of the Currency (OCC) should complete the dismantling of the Office of Thrift Supervision (OTS), despite attempts by some OTS officials to preserve the agency’s identity and influence within the OCC.

Strengthen Enforcement

Federal banking regulators should conduct a review of their major financial institutions to identify those with ongoing, serious deficiencies, and review their enforcement approach to those institutions to eliminate any policy of deference to bank management, inflated CAMELS ratings, or use of short term profits to excuse high risk activities.

Strengthen CAMELS Ratings

Federal banking regulators should undertake a comprehensive review of the CAMELS ratings system to produce ratings that signal whether an institution is expected operate in a safe and sound manner over a specified period of time, asset quality ratings that reflect embedded risks rather than short term profits, management ratings that reflect any ongoing failure to correct identified deficiencies, and composite ratings that discourage systemic risks.

Evaluate Impacts of High Risk Lending

The Financial Stability Oversight Council should undertake a study to identify high risk lending practices at financial institutions, and evaluate the nature and significance of the impacts that these practices may have on U.S. financial systems as a whole.

Recommendations on inflated credit ratings

Rank Credit Rating Agencies by Accuracy

The SEC should use its regulatory authority to rank the Nationally Recognized Statistical Rating Organizations in terms of performance, in particular the accuracy of their ratings.

Help Investors Hold CRAs Accountable

The SEC should use its regulatory authority to facilitate the ability of investors to hold credit rating agencies accountable in civil lawsuits for inflated credit ratings, when a credit rating agency knowingly or recklessly fails to conduct a reasonable investigation of the rated security.14

Strengthen CRA Operations

The SEC should use its inspection, examination, and regulatory authority to ensure credit rating agencies institute internal controls, credit rating methodologies, and employee conflict of interest safeguards that advance rating accuracy.

Ensure CRAs Recognize Risk

The SEC should use its inspection, examination, and regulatory authority to ensure credit rating agencies assign higher risk to financial instruments whose performance cannot be reliably predicted due to their novelty or complexity, or that rely on assets from parties with a record for issuing poor quality assets.

Strengthen Disclosure

The SEC should exercise its authority under the new Section 78o-7(s) of Title 15 to ensure that the credit rating agencies complete the required new ratings forms by the end of the year and that the new forms provide comprehensible, consistent, and useful ratings information to investors, including by testing the proposed forms with actual investors.

Reduce Ratings Reliance

Federal regulators should reduce the federal government’s reliance on privately issued credit ratings.

Recommendations on investment bank abuses

Review Structured Finance Transactions

Federal regulators should review the RMBS, CDO, CDS, and ABX activities described in this Report to identify any violations of law and to examine ways to strengthen existing regulatory prohibitions against abusive practices involving structured finance products.

Narrow Proprietary Trading Exceptions

To ensure a meaningful ban on proprietary trading under Section 619, any exceptions to that ban, such as for marketmaking or risk-mitigating hedging activities, should be strictly limited in the implementing regulations to activities that serve clients or reduce risk.

Design Strong Conflict of Interest Prohibitions

Regulators implementing the conflict of interest prohibitions in Sections 619 and 621 should consider the types of conflicts of interest in the Goldman Sachs case study, as identified in Chapter VI(C)(6) of this Report.

Study Bank Use of Structured Finance

Regulators conducting the banking activities study under Section 620 should consider the role of federally insured banks in designing, marketing, and investing in structured finance products with risks that cannot be reliably measured and naked credit default swaps or synthetic financial instruments.

Moody’s managing director critical self analysis

Looking back after the first shock of the crisis, one Moody’s managing director offered this critical self analysis:

“Why didn’t we envision that credit would tighten after being loose, and housing prices would fall after rising, after all most economic events are cyclical and bubbles inevitably burst. Combined, these errors make us look either incompetent at credit analysis, or like we sold our soul to the devil for revenue, or a little bit of both.””

Deutsche Bank Total Annual CDO Issuance 2000-2009
Year	Total CDO Issuance ($ in billions)
2000	67.99
2001	78.45
2002	83.07
2003	86.63
2004	157.82
2005	251.27
2006	520.64
2007	481.60
2008	61.89
2009	4.34

Gemstone VII Ratings by Tranche
Tranche	Initial Rating: Date	1st Downgrade: Date	2nd Downgrade: Date	3rd Downgrade: Date
Class A-1a	AAA: March 15, 2007	A+: Feb. 5, 2008	BB+: July 11, 2008	CC: August 19, 2009
Class A-1b	AAA: March 15, 2007	B-: Feb. 5, 2008	CC: July 11, 2008	n/a
Class A-2	AAA: March 15, 2007	AA-: Nov. 21, 2007	CCC-: Feb. 5, 2008	CC: July 11, 2008
Class B	AA: March 15, 2007	BBB: Nov. 21, 2007	CC: Feb. 5, 2008	n/a
Class C	A: March 15, 2007	B-: Nov. 21, 2007	CC: Feb. 5, 2008	n/a
Class D	BBB: March 15, 2007	CCC Nov. 21, 2007	CC: Feb. 5, 2008	n/a
Class E	BB+: March 15, 2007	CCC: Nov. 21, 2007	CC: Feb. 5, 2008	n/a
Preference Shares	Not rated
Source:	S&P

The Crisis Goes Global on Offshore 

When we read this report and look to the financial crisis timeline, then we can say that when the prosecuter starts the investigations, the banksters spread the American Toxics and the crisis globaly:
First Iceland, people reject it, then Ireland, Greece, Portugal, Spain, Italy, Chipre, and a lot more to come until people do the same as Iceland.

Deutsche Bank Cayman Island Offshore

To issue the CDO securities, Deutsche Bank established an offshore corporation in the Cayman Islands called Gemstone CDO VII, Ltd.1357 To administer the corporation, Deutsche Bank appointed its Cayman Island affiliate, Deutsche Bank Cayman, which is a licensed trust company.1358 As administrator, Deutsche Bank Cayman provided Gemstone 7 with the administrative services needed to operate the CDO securitization, including but not limited to, providing office facilities and secretarial staff, maintaining the books and records required by Cayman law, naming at least two Cayman directors, and acting as the Share Registrar for Gemstone shares.

HBK’s Long Investment in Gemstone. HBK routinely purchased the equity tranche,1360 also known as the residual interest, in all of its Gemstone deals, including Gemstone7.1361 HBK told investors in its sales presentation that “HBK has retained 100% of the equity from CDO transactions resulting in strong alignment of interests between HBK and investors.”1362 According to Kevin Jenks, HBK’s collateral manager, HBK had a “buy and hold” approach to all of its Gemstone CDOs.1363 HBK also told the Subcommittee that it participated in Gemstone 7 with “the objective of obtaining long exposure to the CDO’s collateral, on a leveraged basis, through ownership of the Residual interest.”

HBK deals were known for containing above average concentrations of BB or lower rated assets, but HBK prided itself on its ability to run in-depth analysis and accurate stress tests on assets it selected for its CDOs.1365 HBK expected to receive a 15% return on its investment in the equity tranche.1366 In its investor presentation, HBK stated: “The firm strives to provide superior risk-adjusted rates of return with relatively low volatility and relatively low correlation to most major market indices.”1367 HBK’s presentation also claimed that, as of January 2007, it had only three downgrades in its asset backed security portfolio, and that its upgrade to downgrade ratio was 23 to 3.1368 Investor M&T Bank, who later purchased Gemstone 7 securities, told the Subcommittee that it had relied on HBK’s assertions when choosing what it thought was an investment with “minimal risk.”

Goldman Sachs OffShore

In addition, Goldman typically established a domestic and an offshore corporation to act as the nominal owners of the securitization’s incoming cash, assets, and collateral securities; to serve as the actual issuers of the securities; and to perform certain administrative services. Goldman also established arrangements for the servicing of any underlying mortgages. In some CDOs, Goldman or its affiliate provided additional services as well, acting in such roles as the collateral securities selection agent, the collateral put provider, or the liquidation agent charged with selling impaired assets. Goldman also used its global sales force to market its securities to investors around the world, typically selling Goldman-issued CDO securities through a private placement and RMBS securities through a public offering.

In late 2006, when subprime residential mortgages began to incur higher than expected rates of delinquency, fraud, and default, and its inventory of mortgage related assets began to lose value, Goldman took a number of actions. It sold the mortgage related assets in its inventory; returned poor quality loans to the lenders from which they were purchased and demanded repayment; limited new RMBS securitizations; sold or securitized the assets in its RMBS warehouse accounts; limited new CDO securitizations to transactions already in the pipeline; and sold assets from discontinued CDOs.

Throughout this process, Goldman made a concerted effort to sell securities from the CDO and RMBS securitizations it had originated, even when those securities included or referenced poor quality assets and began losing value. Many of the CDO and RMBS securities that Goldman sold to its clients incurred substantial losses. The widespread losses caused by CDO and RMBS securities originated by investment banks are a key cause of the financial crisis that affected the global financial system in 2007 and 2008.

WALL STREET AND THE FINANCIAL CRISIS: Anatomy of a Financial Collapse

Suport Documentation Report

United States Senate PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

Committee on Homeland Security and Governmental Affairs

Carl Levin, Chairman

Tom Coburn, Ranking Minority Member

WALL STREET AND THE FINANCIAL CRISIS: Anatomy of a Financial Collapse

MAJORITY AND MINORITY STAFF REPORT

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

April 13, 2011

SENATOR TOM COBURN, M.D.

Ranking Minority Member

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

ELISE J. BEAN

Staff Director and Chief Counsel

ROBERT L. ROACH

Counsel and Chief Investigator

LAURA E. STUBER

Counsel

ZACHARY I. SCHRAM

Counsel

DANIEL J. GOSHORN

Counsel

DAVID H. KATZ

Counsel

ALLISON F. MURPHY

Counsel

ADAM C. HENDERSON

Professional Staff Member

PAULINE E. CALANDE

SEC Detailee

MICHAEL J. MARTINEAU

DOJ Detailee

CHRISTOPHER J. BARKLEY

Staff Director to the Minority

ANTHONY G. COTTO

Counsel to the Minority

KEITH B. ASHDOWN

Chief Investigator to the Minority

JUSTIN J. ROOD

Senior Investigator to the Minority

VANESSA CAREIRO

Law Clerk

BRITTANY CLEMENT

Law Clerk

DAVID DeBARROS

Law Clerk

ERIN HELLING

Law Clerk

HELENA MAN

Law Clerk

JOSHUA NIMMO

Intern

ROBERT PECKERMAN

Intern

TANVI ZAVERI

Law Clerk

MARY D. ROBERTSON

Chief Clerk

From Facebook

The Official Bankster Dictionary

European Central Bank = JP Morgan Banksters Cartel

European Union - Rockfeller Massonic Order

US Federal Reserve = European controlled private bank.

Central Bank = Counterfeiting Ring Leader

Nobel Prize Winning Economists = Banking Shill Propaganda Puppets, by and large, awarded with Ivy League tenure, that a 3rd-grader well schooled in monetary truths can generally discredit.

Criminal Underworld Currency Counterfeiters = Competitors that must be arrested and jailed.

Savings Account = Devaluation Account, Cash Advance for Gambling Division

Gambling = Banking Primary Business Line

Fraud = Banking Secondary Business Line

Las Vegas, Macau, Atlantic City = Model for running business operations.

Inflation = Currency Devaluation through anti-free market manipulation of interest rates.

Fractional Reserve System = Fractional Expansion Citizen Bankruptcy System, BSE (Biggest Scam Ever)

Futures Markets = Manipulation Casino, SkyNet Three-Card Monte Scam

Pablo Escobar, Joaquín ‘El Chapo’ Guzmán, The Ochoa Hermanos, Yakuza = Cash Cows

El Subcomandante Marcos aka Delegado Zero = Anti-poverty activist that must be wacked and shut up

Independent Media = Terrorist

Mass Media = Allies

Allen Stanford, Bernie Madoff = Occasional Patsies and Necessary Fall Guys to appease the public’s ire at us.

Stock Markets = Manipulation Casino, SkyNet Three-Card Monte Scam

Commercial Investment Firm Rating of “Buy” and Hold” = Contrarian Indicator to SELL!

Commercial Investment Firm Rating of “Sell” = Contrarian Indicator to “BUY!”

Barbarous Relic = USD, Euro, Yen

Beta = Empty Statistic meant to impress naïve investors

Insider Trading = Mechanism we can utilize to build wealth and remain immune from proesecution but for which we will send common peasants to jail.

Diplomatic Immunity = Not a United Nations privilege but a privilege given to all of us to commit as much fraud and crime as possible without the slightest hint of ever being sent to jail.

Loan = Usury

Credit Card = Debt accumulation card

USD, Euro, Yen, etc. = Fantasy Digital Idea made real by banksters to control humanity

Women’s Liberation Movement = Expansion of Tax Base from only men to men AND women

Income Taxes = Wealth Transfer from citizens to owners of central banks.

Gold = Bankster Kryptonite

Silver = Bankster Kryptonite

Truth = Banker Kyrptonite

Rising Gold & Silver Prices = Hated situation that makes it difficult to manipulate asset prices and that must therefore be controlled.

Lies & Deception = Bankster Standard M.O.

Free Markets = Fairytale story like Santa Claus, Easter Bunny and Tooth Fairy to be taught in business schools worldwide.

Drug Lords and Underground Crime Syndicates = Provider of global banking liquidity and huge year-end bonuses

Parasite = Favorite insect

Capitalism = Dead system that was killed by Central Banking but false scapegoat we can blame when we cause economic crashes and despair

Miscellaneous Charges = Small Monthly Charges to siphon off money from bank accounts that customers will never notice or complain about

Computer = Vehicle to rig all stock markets and commodity markets with HFT programs that execute trades not possible if executed by humans and if executed in a clear and transparent market.

Boom = Unsustainable price distortions caused by interest-rate manipulation and market rigging.

Bust = Opportunity to make money twice as quickly as in a boom!

Market Crash = Engineered event to ensure the peasants will never accumulate enough wealth to rebel against us.

Rising Markets on Mondays or Tuesdays into OpEx Fridays: Ruse to sucker more people to go long in order to fleece them by the time Friday arrives.

Declining Markets on Mondays or Tuesdays into OpEx Fridays: Ruse to sucker more people to go short in order to fleece them by the time Friday arrives.

Presidents and PMs = Best puppet and marionette allies to be rewarded handsomely after they leave office (see Tony Blair and the current POTUS)

Superior Judges, SCOTUS = Made Men

War = Double Bonus! Opportunity to devalue money at faster rate than during peace time and opportunity to accumulate more wealth from interest charged on war appropriations.

Universities, Colleges and MBA programs = Re-education camps to indoctrinate students into fairytales of non-existent free markets, non-existent capitalism, and lies about how stock markets, real estate markets and economic cycles really work. Alternative meaning = best mechanism to bury young adults in a mountain of debt before their work life even begins so we can control them.

Economic Journals and University Tenure = Carrot dangled in front of economic professors to ensure that they repeat to the world the “official” party line.

Key Economic Indicators = False manipulated statistics designed to dumb down citizens into believing economy is recovering even as we increase their economic suffering

Ben Bernarnke = Shakespearean clown.

Conspiracy = Best Word to Discredit Truth about the global monetary system when the truth somehow escapes our censorship algorithms and makes it to the mainstream media we control.

Machiavelli = Role Model

Ivy League Schools = Indoctrination Camps for media representatives and professors we will send to brainwash other global regions into believing our propaganda

CNBC = The Cartoon Network.

Goldman Sachs = Rookie Farm Camp for global criminal banking syndicate.

World Bank & IMF = Banks used by Western countries to impose crushing debt on developing nations to stunt their growth.

Bailout = Transfer of Wealth from citizens to us.

TBTF = Lie used to ensure we can perpetuate fraud and to pass legislation that would never pass under normal circumstances unless we use the TBTF threat.

Quantitative Easing = Currency Devaluation.

Fiat Currency = Worst Possible Idea

Propaganda = Daily Financial News Feed

ATM Machine = Only banking invention in the last century that has improved peoples’ lives instead of making them worse.

Debt Forgiveness = PsyOps Term that makes it appear we are being benificient towards humanity when in reality, the amount of debt forgiveness probably could not equal the amount of money we have stolen from humanity through inflation, currency devaluation, income taxes, and other unjust taxes meant to transfer wealth to us.

Compartamentalization = Process to keep good people working as cogs in the machine within the banking industry ignorant of the fact that they are inflicting massive harm upon society.

Sound Money = Bankster Extinction Level Event. End of modern day immoral banking thievery system and event that would necessitate bankers having to find real jobs to earn wealth instead of merely building wealth by transferring wealth from everyone else to themselves. Also known as physical gold, physical silver, and the medium that allows citizens to call the banksters’ bluff in their monetary devaluation scheme and that allows citizens to fight back against corrupt banksters.

http://hsgac.senate.gov/public/_files/Financial_Crisis/FN1462-1576.pdf

http://www.hsgac.senate.gov//imo/media/doc/Financial_Crisis/FinancialCrisisReport.pdf?attempt=2

EU, US, UK Criminal Banks Financial Terrorists Attack Behind Ireland Greek Portugal Italy Spain Economic Crisis! Says Max Kaiser

EU, US, UK Criminal Banks Financial Attack Cause Ireland Greek Portugal Italy Spain Economic Crisis

'US, EU banks behind economic crisis'

European Commission chief says the EU could face the "biggest crisis in its history," and called for a financial transactions tax and the creation of eurobonds to fix the bloc's economic crisis.

Interview with Max Keiser, Journalist and Broadcaster

BY PressTVGlobalNews em 28/09/2011

Keiser is exactly right, this economic crisis has been engineered, The Bilderberg group met earlier this year, the next weekend Irelands Peter Sutherland who is a famous bilderberger also known as the godfather of globalisation announced that "Ireland must cede more power to the EU" to save us from the economic crisis. Classic Problem Reaction Solution method.

EU experiment is failing so now is the time to embrace the failure and let everyone go down with the Titanic. Brilliant! Nothing but corrupt bankers running the FED and the EU

Everyone owes money to everyone else, this is a staged event, so Its not only just down to the US / EU banks but the IMF "world bank!" Its all banking system.

Banking Financial System Scam Exposed: How Banks Mafia Create Money Out of Nothing

How Banks Create Money Out of Nothing

This article appeared in Prosperity, February 2002

The following is from mainstream economics textbook Success in Economics by Derek Lobley B.A. (London: John Murray Publishers Ltd, 1978 edition), which was part of the “Success Studybooks” series. It was intended to be “appropriate to the Economics syllabuses of many of the professional bodies such as … the Institute of Bankers”. It is published verbatim (but with emphases added) from ch.17, pp. 205-206.

---

Let us imagine an economy in which there is only one bank. Soon after beginning business it finds that individuals and firms have placed £10,000 with it for safe-keeping. Its balance sheet (ignoring the shareholders’ capital or property owned by the bank) would appear as follows:

Balance Sheet 1 Liabilities Assets Customers’ deposits £10,000 Cash in hand £10,000

The balance sheet is in effect a photograph of the bank’s position at a particular point in time. The liabilities show the amounts that the bank may be called upon to provide to its customers and the assets show the cash and other resources available to the bank to meets its liabilities.
At this stage it is quite clear that the bank has sufficient cash in its till to meet any demands made by its customers.

In practice customers prefer to settle their debts with each other by cheque, ordering the bank to transfer money from one account to another. Thus if Adam and Brown have each deposited £500 at the bank, and Adam owes Brown £100, he can settle his debt by instructing the bank to reduce his account by £100 and to increase Brown’s by the same amount. No cash changes hands; the bank still has obligations to its customers of £10,000; there has simply been a slight readjustment to those obligations.

If all the bank’s depositors were always prepared to settle their debts in this way the bank could forget all about its holdings of cash. Customers will, however, need to draw a certain amount of cash from the bank each week to make small payments (it is not usual to write cheques for very small amounts) and to pay those people who prefer not to use the banking system.

If the bank discovers that, at the most, the weekly withdrawal of cash amounts to 10 per cent of total deposits, and that this is quickly re-deposited by traders accepting cash payments from customers, then the most cash the bank needs to meet demands from its customers with deposits of £10,000 is actually only £1000.

Alternatively we may take the view that with cash in hand of £10,000 the bank can afford liabilities of £100,000.

In this case let us imagine a customer, Mr Clark, who approaches the bank for a loan of £1000. The bank manager is agreeable and opens an account for him with a credit balance of £1000. Mr Clark can now write cheques to the value of £1000 although he has placed no money in the bank; he simply promises to repay the £1000 plus interest, having probably offered some security to the bank. The bank’s balance sheet (2) now shows a different picture:

Balance Sheet 2 Liabilities Assets Customers’ deposits £11,000 Cash in hand £10,000 Total £11,000 Loans to Customers £1,000 (or promises to repay by customers) Total £11,000

There is now insufficient cash to supply all the customers if they wished to withdraw their deposits, but the bank knows that the most that is likely to be withdrawn is £1100.

It will, therefore, be prepared to go on making loans (or creating credit, which is the same thing) until the cash that is held is equivalent to only 10 per cent of deposits (as per Balance Sheet 3):

Balance Sheet 3 Liabilities Assets Customers’ deposits £100,000 Cash in hand £10,000 Total £100,000 Loans to Customers £90,000 (or promises to repay by customers) Total £100,000

So far as customers are concerned the standing of their account is the same whether they have actually deposited cash to open the account or whether it has been created by a loan. When they spend their money the recipient has no means of knowing whether or not they originally deposited cash.
Thus in creating credit the banks have added to the money supply.

See also: World Banking Financial System Modern Slavery Dictatorship: Why Do Banks Make So Much Money? Video

OWS, Attack, Revolt! American Banks NAZI Fascism Police Violence! People Arrested Cause Want Close CitiBank Accounts And Money Back

#OWS #OCT15 CITI BANK ARRESTS

Twenty people wanted to close their accounts @ City Bank. It's believed that five were arrested.

Group of Citi Bank customers attempt to close accounts as a form of protest- 2 dozen are locked inside bank until police arrive, 5 cops take down woman

they were all customers of city bank. They were all going to close there acount. Even tho they went in as a group why should they be arrested they all had legitimate business. This is a messed up system were people are getting arested for doing legal actions with symbolism. So there only crime was trying to close there acounts because they felt that occupy wall st had a point.

We can see in this video, that: Citibank Criminal Banksters, and The NYPD, kidnapped, and force that lady inside the bank.
The NYPD, was suppose to help the lady in the video, not help the bank commit the crime of Kidnaping!!!

A comment wroted on DRY 15 October International Mobilization Take the Square Anti-Banks Global Protest, that shows the real american situation, that, in fact, is the same as the European.
All for the Banks Banksters Gangsters, the Evil 1%, and taxes, and taxes, and more taxes for the people, the 99%, that is geting unsleaved by Evil Banksters.

BIG BANKS are destroying our community while WORKING FAMILIES are struggling to make ends meet Big banks like Bank of America took billions of ou tax dollars, but refuse to pay their own taxes. We bailed them out, yet we’re the ones being forced out of our homes. While the CEOs rake in millions in salary and bonuses, working families continue to struggle. In fact, janitors in over 20 cities across the country are uniting on to fight for better wages and working conditions. Over the next year, negotiations that will impact the wages and benefits of tens of thousands of janitors across the country will be taking place, including contracted janitors that work in downtown Providence. Providence’s janitors will be rallying in solidarity with other working families to hold banks accountable and fight for an economy that works for all. Stand up against banks like Bank of America that are bankrupting our community and to push for an agenda that puts us, the people, first! Join us to say NO to big banks and YES to working families. R A L L Y in downtown Providence Wednesday, September 28 @ 4:00pm Bank of America building at 111 Westminster St.

This is why we fight and organized the May 15, the June 19 protests against the Euro Pact, and the OCTOBER 15 Global Mass protests for real democracy.

WAKE UP!

ITS TIME TO REVOLT!

RISE UP, ITS US OR THEM!

WE ARE THE 99%!

They are the 1%!

When Injustice Becomes Law, REVOLUTION BECOMES DUTY!

Quando a Injustiça se Torna Lei, REVOLUÇÃO É UM DEVER!

Cuando la Injusticia sew Torna Lei, Revolucion es Un Dever!

Eveen Jesus Resid Up Against the Banksters Bankers Money Traders and put them out of the Temple

NWO Banks Financial Crisis Iceland Defence: Revolution! New Icelandic Constitution! Open Data Crowd Source 2.0!

Last week, the Iceland Constitutional Council, made up of 25 Icelandic citizens, presented a bill to their parliament outlining a new constitution. The bill contains 114 articles in nine chapters, and includes elements for a more open government. It appears that the population will be given the chance to vote on the new constitution after the Alþingi (national parliament) reviews the draft.
The newest government in the world was designed with help from comments on the internet. God help us all. After Iceland’s economic collapse in 2008, the island nation decided it was time to write a new constitution, this one not based on its parent country of Denmark but rather made from the original ideas of its citizens. Iceland’s small population of 320,000 elected 25 assembly members from 522 ordinary candidates (including lawyers, political science professors, journalists, and many other professions), who in turn opened their process up to the public in an unprecedented fashion. The Constitutional Council was highly active on Twitter, Facebook, YouTube and Flickr, where they solicited comments and suggestions for the new government. On Friday July 29th, 2011, the Iceland parliament officially received the new constitution, comprised of 114 articles divided into 9 chapters. Set to be reviewed, and then put before vote for ratification by October 1st, the internet-assisted document marks a possible paradigm shift in governing. In the 21st Century, we’re writing our constitutions with social media. The future is a crazy place.

From the elections to the website, Iceland has gone to great length to make their citizens feel involved and enabled by the process of writing the new constitution. Candidates for the constitutional assembly gathered thousands of signatures to appear on the ballot, and discussed their views publicly on 50 radio show presentations. The candidates also wrote about themselves on public websites including Wikipedia and Facebook. After The Constitutional Council was formed, there was a constant upstream of their proceedings to Twitter, and Facebook, along with regular photo updates on Flickr. You can find videos of The Constitutional Council on YouTube, but they’re in Icelandic. Just to give you a taste, here’s the inaugural meeting…opening with a song!

Constitutional Council Sings at Inaugural Meeting

The first formal meeting of the Constitutional Council, which will review the Constitution of Iceland, took place on April 6, 2011. As the council's most senior member, Ómar Ragnarsson spoke on its behalf. He announced the council's decision to conclude each meeting on a positive note—with a song—and after yesterday's meeting the choir of 25 councilpersons performed "Öxar vid ána", a classic independence anthem. Video by Páll Stefánsson. Copyright: icelandreview.com

Iceland elects ordinary folk to draft constitution

God bless Iceland (Guð blessi Ísland) - Trailer with English subtitles

The film "God bless Iceland" (IS. "Guð blessi Ísland") is a documentary about the financial crisis in Iceland. Its premiere will be on the 6th of October 2009, exactly a year after the Prime Minister of Iceland gave a dramatic speech on Icelandic television, informing the nation about the situation.

Documentary about Icelandic collapse

Norwegian documentary from 2008 by the Norwegian national broadcasting program Brennpunkt.

One of the men behind the collapse is Jón Ásgeir Jóhannesson and he is 1000 billion Icelandic krona in the debt to the Icelandic banks.

Iceland's Financial Crisis How it all began (1/2) (NWO ECONOMICS SERIES/ Destruction Of Nations)

Insight into what went wrong in Iceland in the Great Financial Meltdown of 2008 - 2009...and what potentially lies ahead for this small nation with just over 300,000 in total population. There are interesting parallels to Portugal, Greece, Ireland, U.S., Italy, Spain... financial situation as well.

Crowdsourced Icelandic constitution submitted to parliament

In April 2011, Iceland decided to rewrite their constitution by crowdsourcing ideas and suggestions from the Internet. We've taken a look at the draft constitution and there are several articles that create a more open government for Iceland. You've got the standard open meeting laws, but then it goes into detail about open data, transparency for campaign funding, and open land. Below are a few highlights from the draft constitution..
•Article 15, information rights, opens by saying, "Anyone is free to gather and disseminate information." The article outlines open data and public access to documents that public bodies collect or cover.

Article 65.
Right of referral to the nation
Ten per cent of voters may demand a national referendum on laws passed by Althingi. The demand shall be presented within three months from the passage of the law. The law is void if voters reject it, otherwise it retains its validity. Althingi may void the law before the referendum takes place.
The referendum shall take place within a year from the time the demand of voters was presented.

Article 66.
Issues before the Althingi at the initiative of voters
Two per cent of voters may present an issue to Althingi. Ten per cent of voters may present a bill to Althingi. Althingi may present a counter-proposal in the form of another bill. If the bill of the voters has not been withdrawn it shall be presented to a referendum as well as the bill of the Althingi if that appears. Althingi may decide that the referendum shall be binding.
A vote on the bill proposed by voters shall take place within two years from the time the issue was presented to Althingi.

Article 67.
Implementation of the collection of signatures and a referendum
Issues presented before a referendum at the demand or initiative of voters according to Articles 65 and 66 shall concern the public interest. On their basis, a vote may not be demanded on fiscal budgets, supplementary fiscal budgets, laws enacted to enforce international obligations as well as laws concerning tax issues or the right to citizenship. Care shall be taken that a bill at the initiative of the voters shall be in accordance with the Constitution. Should a disagreement arise whether issues fulfil the above conditions the courts shall decide.

The implementation of referrals or the initiative of voters shall be laid down by law, such as the form and representation of the demand, the length of time for the collection of signatures and their arrangement, how much may be spent on publicising, how the issue may be withdrawn after learning of the response of Althingi and how such a vote may be arranged.

A blog post at DataMarket shows how excited supporters were to participate in the process and influence decisions concerning the use of open data:

"Therefore we feel proud–and partially responsible–that some of the core values of open data are now a part [of] a draft of a new constitution for Iceland." Source: Open Data coming to the Icelandic Constitution
•Article 51 talks about campaign funding. Ultimately, it makes the government responsible for financing candidates to keep costs reasonable, ensure transparency, and limit campaign advertising.
•Article 55, open meetings, requires that all parliamentary sessions are open to the public. However, it doesn't require committee meetings to be open. Each committee can decide on the level of transparency individual meetings require.
•Articles 33 and 34 give guidance for environmental and natural resources. This is a new part in the Chapter on Human Rights, renamed Human Rights and Nature. I think this highlights how important environmental resources are in Iceland. It reflects their culture and in their own words, "is the foundation of life in the country." The draft says public resources are owned collectively and eternally by the people of Iceland.

Overall, the draft constitution seems well-structured, easy-to-read, and appears to include all of the things a government would need to function. Creating a city-lead council and crowdsourcing ideas and suggestions from not only citizens but the entire world is amazing. But will it work? The ultimate test will be if Iceland's parliament accepts the new constitution and then lets the citizenship vote on it.

No matter what happens next, I think this process can work for other nations. Iceland decided to hit the reset button on their government. Could yours do the same?

Crowdsourced Icelandic constitution submitted to parliament download pdf

Stjornlagarad Iceland Governmnt Website/

Stjornlagarad Iceland Governmnt Facebook

GIABO OWS California Antibanks Revolution: Mass Mobilization Make Wall Street Banks Pay

Mass Mobilization to Make Wall Street Pay

Is occupying squares the right action? People know that the greedy 1% are the culprits. Still activists try to bring their message to The People. Still they are disappointed when the media – controlled by the 1% - don’t publish their activity. Still there is no direct pressure on the greedy grabbers. So we never get a Humane World. Be active around the slogan:

“Make Wall Street Pay! Make Banks Pay! Make Corporations Pay!

Make Wall Street Pay!"

GIABO - Global Insurretion Against Bankers Occupation

California St. San Francisco, CA

Make Wall Street Banks Pay in California

Join Refund CA coalition for a march on San Francisco's financial district on Thursday Sept. 29 from 3-6pm.

The goal of the coalition is to shift the debate of the economic crisis around whether the budget crisis should be solved with spending cuts or new revenue, to a debate about who should pay to solve the crisis- students and workers, or Wall Street.

A week of escalating actions throughout the week, including a bank divestment action, and a "clean-up" action, are being planned for Monday Sept. 26 - Thursday Sept. 29th, targeting Wells Fargo, Bank of American, and possibly Chase Bank and concluding with a march on SF's financial district on Thursday the 29th.

The main message/demand is: "Big banks crashed our economy and destroyed our communities. Budget cuts threaten our schools, libraries, and social services. We bailed out the banks. Now they need to pay."

__________________________​__________________________​______________

It is important for us to remember that Bank of America, Wells Fargo, and other banks broke no laws in not paying any taxes this year. They didn’t have to because their lobbyists helped to write the tax laws.

Large corporations like Bank of America are incapable of making the kind of pledge our nation’s founders made to each other at the end of their declaration. By law they must put the economic interest of their shareholders above everything else.

Corporations like Bank of America must be put in their place. This begins by insisting that if corporations want to be afforded the same rights as citizens, they must take on the same responsibilities of citizens.

It is time for Banks and corporations to pay their fair share of taxes and to stop purchasing special privileges and entitlements that are not available to flesh-and-blood citizens.


Website Make Banks Pay California

Facebook Make Banks Pay California

Facebook MakeWallStreetBanksPayCalifornia

TWITTER: #makebankspayCA

WorldRevolution USDOR: American Banks Victims Plans Antibanks Protests Across USA

Global Economic Crisis World Revolution

Foreclosure Victims Plan Antibanks Protests Across the USA

Wake Up and Revolt Against the Criminal Banks Banksters Gangsters Gang Mafia or before they Kill you they Gone Enslave you. So, People must Revolt!.

Victims of the foreclosure mess and housing crisis are taking to the streets -- literally. Street demonstrations are being planned in 10 cities, and in the crowd at the first one you are going to see Dixie Mitchell, a 74-year-old cancer survivor who refinanced her paid-off home to help one of the foster kids in her care -- and is now losing it in a foreclosure.

Mitchell, who along with her 76-year-old husband raised eight biological children and 50 foster children in this house, says that she intends to make her voice heard loud and clear as she marches in front of bank offices in Seattle on Sept. 21. The march is the first in a 10-city rollout of protests against Wall Street Criminals (Americans to Wall Street: “Pay US Back”), organized by The New Bottom Line (Wall Street, Bank of America Pay US Back), a coalition of community groups that challenges big banks' role in the housing crisis.

Mitchell's story is particularly heart-wrenching: She and her husband were doing just fine living in the house they've owned for 44 years until he suffered a stroke that left him paralyzed and cost him his job. The house was fully paid off in the mid-1980s, but they borrowed against it to make roof and kitchen repairs. The straw that broke the camel's back came in 2005, when Mitchell needed to hire a lawyer, at a cost of $20,000, in an effort to keep a 3-year-old boy who had been in her care since he was an infant.

She was advised by the bank to refinance her house to get the cash. She took out an adjustable rate loan that would reset in two years, at which point, Mitchell says, the lender told her that she would be able to refinance into another 30-year-fixed rate loan. But the original loan was bundled and sold multiple times to different lenders. It reset to a higher rate right around the time her husband suffered a massive stroke, and she quickly fell behind in her payments. Without his earnings, her monthly income is just $2,200 in Social Security and her monthly mortgage is $2,568.

Mitchell filed for bankruptcy, tried getting assistance from every social service agency she could think of, spent two years trying to get a loan modification and even offered to rent out rooms to boarders if the bank would just let her keep her house.

"My husband wants to die at home, at our home," she says. Her home is set to be auctioned on Oct. 28 and she has no place to go.

Why is she going to participate in the demonstration?

"I need them [the bank] to look me in the eye and tell me why they think it's better to put people out in the street," she said. "They haven't done their share to help. They don't even give you a chance ... all they do is lose your paperwork and make you send it over and over again. Each time you talk to somebody, you get a different answer."

Dixie Mitchell

Those are sentiments shared by many

Wake Up and Revolt Against the Criminal Banks Banksters Gangsters Gang Mafia or before they Kill you they Gone Enslave you. So, People must Revolt!.

LeeAnn Hall, executive director of Alliance for a Just Society and one of the organizational members of The New Bottom Line, said the Seattle area protests will be staged both in downtown Seattle and at the annual policy summit meeting of the Association of Washington Business, a statewide chamber of commerce. The meeting is being held in Suncadia, a mountain resort near Cle Elum, Wash. The governor is expected to attend the meeting and Hall said that the group hopes to engage her.

Subsequent demonstrations are planned across the country in Boston, Chicago, Denver, Los Angeles, New York City, San Francisco and other locations.

The New Bottom Line said that it is targeting "big banks that bankrupted the country and drained wealth from American families." The direct actions primarily target JPMorgan Chase, Bank of America and Wells Fargo, and include taking over bank buildings, meetings of corporate officials, civil disobedience, prayer vigils and mass mobilizations.

"We are struggling with less and less, while the big banks profit more and more," said George Goehl, executive director of National People's Action, another organizational member of The New Bottom Line. "The big banks have done nothing but dodge taxes, throw people out of their homes and choke small business, all the while draining our wealth to pad their bottom line. It's time for JPMorgan Chase, Bank of America and Wells Fargo to pay us back."

According to a press statement, the group's goals are that banks:

• Pay their fair share of taxes -- their statutorily required 35 percent corporate income tax and not "game" the system through off-shore tax shelters and loopholes.

• Stabilize the housing market and revitalize the economy by reducing principal for all underwater homeowners to current-market value. "This would end the foreclosure crisis, reset the housing market, pump billions of dollars back into the economy and create one million jobs a year," the group says.

• Invest in American jobs by using their trillions of dollars in cash reserves to invest in small businesses -- the main source of jobs in the U.S. -- and other job-generating investments.

Take The Square Global Resistence Mobilization Against Banks Bankers Baksters Stock Exchange Markets Gangsters Gang Mafia

September 17th WORLD REVOLUTION

ANTI BANKS RESISTENCE

sept17 Global action

Because people is not merchandise

TAKE THE SQUARE EVERYWHERE!
GLOBAL ACTIONS AGAINST BANKS BANKERS BANKSTERS GANGS MAFIA

In the United States they are preparing to occupy Wall Street, in Spain they will demonstrate at the Stock-Market headquarters… What’s going to happen in your city?

Actions #Tomalabolsa #OCCUPYWALLSTREET

International Jammers!

We call on jammers across the world to occupy financial districts on September 17:

• #OCCUPYWALLSTREET in New York, USA – Read the plan of action. (Confirmed)
• #TOMALABOLSA in Madrid, Spain – Read the plan of action. Fb event. (Confirmed)
• #TOMALABOLSA in Valencia, Spain – Fb event
• in Paris, France (Confirmed, Assembly is deciding place)
• #OCCUPAZIONEPIAZZAAFFARI in Milan, Italy – Fb event. (Confirmed)
• #OCCUPYBANKOFENGLAND, #UKUncut and #OCCUPYCANARYWHARF in London, England – Read the plan of action. Fb event and other fb event. (Confirmed)
• #USDORSF San Francisco, USA – Read the plan of action.(Confirmed)
• #USDORLosA Los Angeles, USA – Read the plan of action. (Confirmed)
• #OCCUPYBAYSTREET in Toronto, Canada – Fb event.
• #OCCUPYMARTINPLACE in Sydney, Australia
• #OCCUPYBANKENVIERTEL in Frankfurt, Germany
• #OCCUPYMARUNOUCHI in Tokyo, Japan
• in Athens, Grece – Hellenic Stock Exchange Fb event. Also gathering in Syntagma square at 12:00 and then march to the Bank of Greece on Panepistimioy Avenue.Fb event.
• in Stuttgart, Germany – Occupy börsenstrasse Fb event.
• Portugal Internacional Protest Against Banks: EURONEXT Lisbon Stock Market Porto Stock Market
• in Lisboa, Portugal – Fb event.
• in Porto, Portugal – Fb event.
• in #TAKETHESQUARE Madison(Wisconsin – USA)

Other actions for 17th September

• in Barcelona, Spain – Barcelona Hub International Meting. International meeting of social organizers in order to set a plan for a global rally on 15th October. (15-18th September)
• 
  
  Paris, France - Marches from Greece, France, Spain, Italy, etc. will arrive to Paris and there will be a big demonstration there. Read more in Road to Brussels, The marches to Brussels and Paris Reelle Democratie
• 
  
  Italy – Marches to Rome starts. Follow it in fb.
• Athens, Greece proposes to boicott the banks withdrawing money for 4 days, still not clear when do they start (decided on Syntagma assembly on September 5th)