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Monday, July 2, 2012
Big Banks Have Become Mafia-Style Criminal Enterprises Conspiring to Fleece the Public
A former Barclay’s executive – who was close to the Libor-setting manipulation –toldthe Daily Mail that Barclay’s manipulated Libor to make the bank look healthier than it really was, and , and the cover-up led to a slow policy response which prolonged the financial crisis.
This appears to be very similar to what happened in America. As Inotedlast year:
The Tarp Inspector General hassaidthat [then-Secretary of the Treasury Hank] Paulsonmisrepresented the big banks’ health in the run-up to passage of TARP. This is no small matter, as the American public would have not been very excited about giving money to insolvent institutions.
[All of the big banks were]insolventin the 1980s, but the government made a concerted decision to cover that up.
Financial writers such asMishandReggie Middletonpointed out in late 2007 and early 2008 that B of A was again insolvent.
Nouriel Roubininotedin January 2009 that the entire U.S. banking system is “bankrupt” and “effectively insolvent”:
“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it meansthe U.S. banking system is effectively insolventbecause it starts with a capital of $1.4 trillion.”
“The problems of Citi, Bank of America and others suggestthe system is bankrupt,” Roubini said. “In Europe, it’s the same thing.”