NO MORE MONEY FOR BANKS!!!!
Months ago I said flatly that Paulson was a crook, that his
emergency bank bailout plan
was designed to give
his crony-bankers all the money still left in the US Treasury and that
this scheme was nothing
more than a ruse to get at that money. That was the primary reason
he was in such a hurry
and wanted "immunity" with no judicial or administrative second-guessing
about how he would give
the money away. I also warned that the so-called "bailout" would not stop
the stock market from
declining, because there were no guarantees that banks would even loan
the money. I
warned that Fear Tactics like those used in getting the bailout were also used to
start the Iraq war
blunder and they should not be trusted now. I noted that Paulson's nervous
blinking 2-3 times a
second showed how nervous and unsure he was that he was being honest
and this bailout money
would save the economy. I warned it might even be the ruin of
Only a banker could trust another banker. Why give the money to the same corrupt
who made the current financial mess. These over-paid banking clods (How hard is it
run a bank?
How much incentive do they need? Where else could they get a job, given
incompetence? All these bankers know how to really do is schmooze with politicians
to get zero regulations
and government handouts. Too harsh?
Hardly. These top bankers at
Citigroup, Bank of
America and Goldman Sachs should be tried for insider trading, embezzlement
and abrogation of their
responsibilities to shareholders. Paulson and the Fed's trillion dollar
giveaways should be
stopped cold until the whole mess is investigated. If they refuse, put them
in jail for contempt of
Congress and throw the key away! What I a saying here, millions of
Americans re also
My earlier writing on this
TigerSoft Blog - September
20, 2008 - Paulson Takes Corruption To New Highs...
TigerSoft News Service -
9/26/2008 - TigerSoft Warned Investors about Inside Selling by Bankers ...
TigerSoft Blog and News
Service - 10/20/2008 - Goldman Sachs Foxes Robbing US Treasury Bare...
TigerSoft Blog - November
14, 2008 - The US Is Doomed with Paulson ...
TigerSoft Blog and News
Service - Massive Insider Selling at Citigroup...
"Do I hate bankers? Not the honest ones that play by the rules. But then
that eliminates the
Federal Reserve and 90%
of all United States based banks." Source.
I don't hate the ones that
now serving French fries. None that I know are serving time. I am not alone
condemning Paulson and his thieving friends. Google altogether
"Paulson", "Corruption", "Bribes",
"Cronyism" and "Scare tactics".
You would be dancing, too, if you were given $300 billion
with no strings attached. The game is MONOPOLY!
BANK CEOs STEAL MANY MILLION FOR
FROM AMERICAN TAXPAYERS!
Look at the pay and bonuses grabbed by CEOs at some of the banks getting billions
in public bailout money.
Richard D. Fairbank, the chairman of Capital One Financial Corp.,
took a $1 million hit in
compensation after his company had a disappointing year, but still got $17 million in
Capital One got $3.56 billion in bailout money on Nov. 14.
John A. Thain, chief executive of Merrill Lynch, topped all
corporate bank bosses with $83 million
in earnings last year. Thain, a former chief operating officer for Goldman Sachs, came to Merrill Lynch
in December 2007, avoiding the blame for a year in which Merrill lost $7.8 billion. Since
work late in the year, he earned $57,692 in salary, a $15 million signing bonus and an
additional $68 "
million in stock options. Like Goldman, Merrill tapped taxpayers for $10 billion on
At Bank of New York Mellon Corp., chief executive Robert P. Kelly's stipend for financial planning
services came to $66,748, on top of his $975,000 salary and $7.5 million bonus. His car
cost $178,879. Kelly also received $846,000 in relocation expenses, including help selling
in Pittsburgh and purchasing one in Manhattan, the company said.
Goldman Sachs, paying as much as $233,000 for an
executive's car and driver, told its shareholders
that financial counseling and chauffeurs were needed so executives would have more time to
on their jobs. If they can't focus on their jobs
for a fraction of what they are paid, fire them!
Crooks, Like Insane Dictators, Must Be Stopped Early
or They Will Take Everything!
nerve of an arrogant and manic pig, Paulson declared on December 19th
that he wants to give a new $350 Billion more to banks. Congress had previously
voted to let
the second half of the TARP $700 bailout be under the control of the new
He seems not to have noticed that not one American consumer or homeowner has benefited
from the $330 given to bankers, so far. They are hoarding the money or giving to
as higher pay! The economy would be a lot stronger if the US Government had just
the $700 billion bailout, or $2300 to each American citizen on condition that they spend
within 3 months!
says he's already given "his" share of the bailout away and now wants control
of the second half now! "Financial market stability requires it", he
there may be a "significant
disruption to our economy". More FEAR TACTICS. Just
what the economy does not
need. No wonder the DJI has lost nearly 10% since he made
these remarks. He is
holding the US Economy ransom. Give me the money or I will
continue to scare the daylight out of
He is saying, in effect, that the first $350 billion of
taxpayer money, was ineffective and now
the banks should be given more
money. But why should we think this additional money
will make any difference? Like
Bush, he always wrong. The first gift to the bankers did not
work. They did not lend the money. Why should we think they will now!
Is he crazy? Or does he know that Congress has been bought out by Big Banks and
this is a mere formality?
Did you note that the Democrats got most of Madoff's campaign
contributions. Goldman Sachs executives gave a million to Hillary Clinton and Obama
in 2008. However crazy or arrogant Paulson is. either way, he is
giving taxpayer money
to the very crooks that have caused the crisis. He is giving it to them when they
squandered the first $350 billion on executive bonuses, private air planes and buy-outs,
NOT extending much
needed credit! These are the very banks and CEOs that put their
own greed ahead of the
interests of shareholders and made foolish home loans without
bothering to consider what would
happen when the housing bubble broke!
Where Things Stand? The Deck Is Stacked in Favor of
The US Treasury under Paulson is obliged under terms of the $700 billion rescue fund that
approved on Oct 3, to submit a report to Congress detailing how it plans to use the
additional funds. Congress will likely cave in. After all, it is led by the
Pelosi ( "impeachment is off the table") and Harry, the weak, Reid (pronounced
like "reed", an
easily bent and twisted form of vegetation.). The money automatically will become
unless both houses of Congress pass legislation blocking the funds within 15 days of
administration's report. And even then, the White Hoyse will cwerainly veto any
vote on the second part of the bailout, thereby making it available. Who created
of gettign around the opposition to the bailout? Nancy Pelosi and Harry Reed run the
of Congress/ So devious! No wonder Americans also hate Congress!
House Financial Services Committee Chairman Barney
Frank, D-Mass., says the administration
must allocate some of the new money for borrowers facing foreclosure, and impose more
to make sure banks actually use their rescue funds to increase lending. He promises
"They're not going
to get the (money) unless they get very serious about the foreclosure modifications and
how we're going to get some lending out of the banks."
MAKE THE BANKS GIVE THE MONEY BACK!
Paulson's and his cronies from Goldman Sachs, who now run
the government's TARP program,
have given the bailout money away with no strings. Worse, the banks were not even
to extend more credit. And still worse, they are not even required to declare what
spent their money on! Instead, the receiving banks have given much of the TARP money
to their top executives as bonuses! For what? To show an unbridled arrogance!
And to show
that they run the show, not Congress!
Goldman Sachs Tower in Jersey City
Trading on Inside Information Is An Old Tradition at Goldman Sachs'
Trading on inside information, which is illegal, has made Goldman Sachs many hundreds
of millions over the years. No exaggeration. They distribute most of it to their top
That way, the illegal activities of Goldman Sachs are kept silent. Even so, every
now and then, one
of them gets caught. As a primary dealer in US Treasury securities, they frequently
Government's financing. As such, they are in a privileged position. Their
division makes deals and has privileged information in the area of mergers and
They launch public offering and they offer investment advise to wealthy individuals,
universities and other institutions. The opportunities to trade for their own
on inside information are enormous. How can they not make billions? They are
market makers in many of the securities of firms that come to them to buy another company
out, or that seek them to make a public offering, or to raise other forms of
And if these were not enough, they put out buy and sell recommendations for big clients
and have set up the industries' largest Hedge Funds to profit from falling markets.
Should they be trusted? Are you kidding? There are potential conflicts of interest
everywhere you look in these activities. And, showing how greedy they are, with all
existing advantages, rheir employees have frequently been found guilty of insider
And their own stock frequently shows key, well-informed insider buying (2006) and insider
selling (end of 2007 and early 2008)
Insider Buying at GS
Goldman Sachs 2006-2007
Insider Selling of GS stock
Gold Man Sachs 2008
Treasury Secretary Paulson, an ex CEO of Goldman Sachs, says that the bank is too
big to fail! If anything, they are too big to safely be allowed to continue.
Goldman Sachs was not to be trusted in 1970, when the Penn Central Railroad
went bankrupt. Goldman Sachs had sold over $80 million in its commercial paper and
was sued because it had not been sufficiently forthright regarding the risks. (Source. )
In 1986, "David Brown was
convicted of passing inside information to Ivan Boesky on a
Freeman, who was a senior Partner, the (GS) Head of Risk Arbitrage, and a protégé of
and was also convicted of insider trading, with his own account and with the firms.[36
In 2007, two Goldman traders, Michael Swenson and Josh Birnbaum, part of
products group in New York, made a profit of $4bn by "betting" on a collapse
sub-prime market, and shorting mortgage-related securities. Paulson, as
claimed until 2008 that the economy was basically sound! (Source. )
In November 11, 2008, the Los Angeles Times reported that Goldman Sachs, which earned
$25 M from underwriting California bonds, had advised other clients to "short"
those bonds. (Source. )
A US Treasury official in 2001, Peter Davis, pled guilty to giving a Goldman
Sachs employee, John Youngdahl, a lucrative heads-up, minutes before key news that
the US Treasury was going to stop selling 30-year bonds. (Source. )
In 2007, Eugene Plotkin, a bond analyst at Goldman, pled guilty to insider trading.
He recruited two workers at the plant where Business Week is printed to get advance
knowledge about the companies to be discussed each week. (Source. )
Another Goldman Sachs employee, David Pajcin who was sentenced to 5 years
in prison in 2007 for insider trading, but then fled the country. For 3 years he was
illegally from a man who served on a New Jersey Grand jury in Bristol Myers securities. ( Source.
These last two Goldman Sachs employees are alleged to have made
million from their illegal sales. (Source.
) One can only imagine how much money has made
because of its inside knowledge gained via its underwriting and institutional business.
The Paulson Credit Opportunities Find, a Goldman Sachs mortgage trading
firm. was up 410% as of August 2007. The people who ran this firm had been appointed
Treasury Secretary. How much did their inside track with Paulson, the Treasury
help. "Paulson has been among the most aggressive
hedge funds betting against the subprime
mortgage business, which caters to poorer borrowers with blemished credit records. As
delinquencies have increased and turmoil has spread across other parts of the credit
some hedge funds have done well, while others have collapsed."
BILLIONS IN BONUSES FOR THE GREEDIEST CEOs!
Wall Street CEOs put pigs to shame. Their bonuses are obscenely, contemptuously
The regal world they live in is profoundly in conflict with a democratic society.
indirectly stealing money from those that cannot afford food, medicine or shelter.
Christmas day, they should be put in prison and made to listen to Dickens' A Christmas
They are the Scrooges of our age. Dickens wrote:
"He was a tight-fisted hand at the grindstone, Scrooge! a squeezing, wrenching,
scraping, clutching, covetous, old sinner! Hard and sharp as flint, from which no steel
ever struck out generous fire; secret, and self-contained, and solitary as an
Regarding bonuses, in 2005, an observer wrote "Starting
sometime after Labor Day and
ending before Christmas, everybody in the financial industry is on their best, most
behavior, hoping to curry the favor of those who divvy up the spoils. And what spoils
this yearthe 2005 bonus season looks to be Wall Streets biggest haul in five
years. Last year,
the New York State Comptrollers office estimated the average bonus on Wall Street to
clean $100,600 (or $15.9 billion split among 158,000 employees). Early estimates of the
bonus pool reach as high as $19 billion. " In
2005, Goldman Sachs set aside $9.25 BILLION for
bonuses, or if distributed equally (which they definitely not) that would be $420,000 per
In 2007, Goldman Sachs recorded its highest ever revenue and earnings. It paid its
Lloyd C. Blankfein, $68.7 million - the most ever for a Wall Street C.E.O. ( Source.
In 2006, he received $53.4 million, including a clash bonus of $27.3 million. (Blankfein
contributed at least $7000 to Democratic Party candidate Hillary
Rodham Clinton in 2008.
In 2007, the top five executives at Goldman received a total of $242
million. This year, Goldman's
seven top-paid executives will work for their base salaries of $600,000, with no stock or
|GOLDMAN SACHS CEO HAS BEEN
PAID $150 MILLION in BONUSES and PAY SINCE 2006.
Look at the expensive Hollywood teeth!
CEO Lloyd C. Blankfein gave $7000 to
Hillary Clinton. Don't expect the Democrats to regulate CEO pay or limit bonuses.
THE PUBLIC NOW HATES WALL STREET
OUTRAGE AT OBSCENELY HIGH CEO PAY IS REACHING FEVER PITCH!
"Some New York City politicians are
outraged by these stupendous bonus payments http://www.blackstarnews.com/?c=121&a=3063
at Goldman. In a town where there is 42% poverty in the South Bronx, 30 % poverty
in Harlem, 29% in Central Brooklyn; in a town where you still have homelessness and
you have thousands of hungry children; for these greedy and profiteering businessmen
to give themselves these kinds of unimaginable and unearned bonuses is a sin before
God,?? said New York City Councilman Charles Barron.
Rev. Herbert Daughtry, pastor of The House of Lords church in Brooklyn, who often
works on campaigns with Barron declared that the payments borders on criminality
in light of the pervasive poverty in New York City.??
Separately, another councilmember from Brooklyn, Letitia James, said: These $54
million bonuses are excessive. They greatly exceed the amounts paid to the lowest
paid worker. It represents corporate greed at its worst. Compensation should be
determined by an independent board. There must be a nexus between the highest paid worker
and the lowest paid worker.
Disillusionment with Wall Street
"As I was taught in junior high school, Wall Street is Americas capital
source: the money raised
Street helps for companies and fuels their growth and expansion while they provide goods
the people of the world. I was also taught that the markets were self-regulating and that
was the operative principle. If nobody purchased your products or services, you went out
innovated other solutions, penetrated other markets and moved forward in a positive
time, I did not even consider that the markets could be rigged or that the
could be manipulated with disastrous consequences.... But what makes me really mad
Streets attitude that decent companies who (sic) are associated with problematical
artificially manipulated (and sold short) to the point where their survival is
the harm to a ) "company struggling to survive amid a catastrophe not of its making.
dependent upon their paychecks, insurance and retirement benefits. All placed at risk so
Wizards who produce nothing can line their pockets. And I am not talking about the
I am speaking about the middleman: the person who takes a chunk of change for
stocks, bonds and commodities. Chaos and confusion are their friends as it maximizes both
selling opportunities....These are the slimeballs that caused the current crisis with
artificially engineered financial products which they assured everybody were of investment
risk management built in. They kept talking and collecting their bonuses right through the
The man is correct. Short selling is very
destructive to Main Street. And derivative vehicles
channels investment money into the biggest companies, encouraging monopolies. And it
tail to wag the dog. Derivatives caused the crash in 1987. And leveraged short sale
destroying the US economy now. When I started TigerSoft in 1981, there were none of
derivative vehicles and short selling was strictly limited. Stock has to first be
borrowed and all
sales had to be done on up ticks or zero-plus ticks. The distance Wall Street has
public esteem is directly related to its power over government. De-regulation is
the pike is death for the minnows".
AMERICANS TELL CONGRESS TO SAY
"NO AND INVESTIGATE
THE USE OF THE MONEY THAT BEEN GIVEN AWAY!
It's easy to see on the internet or talking to people, just how hostile they are to
and the bailout so far.
These are quotes from the Huffington
We can mainly blame the members of Congress (on both sides) who gave Paulson and pals the
absolute powers he now
has, but who now lamely complain and wag their fingers meekly, saying "Whillikers,
Mr. Paulson--I'm miffed! (but I'm
not going to do anything about it)."
Since there's practically no accounting for
the money Paulson is getting, maybe we should get a look inside his wallet
and see if any of it is winding up there?
He might get it even though it is pure looting. Pelosi and friends have an opportunity
to show they are different than
the GOP but here is the problem... they are all bought and paid for. Even Chelsea Clinton
got $400K from the
Hedge fund managers (guess was it because her vast financial expertise or her
connections?). I'm with you bikerdude, he can't account for
the first 350 billion and he should get more? I hold my son
more accountable than
that with his video games.
What happens when a bank robber gets arrested with the money in hand? He goes to jail and
the money is returned
to the bank. Why does this not apply to the bankrobbers such as Bernanke and friends.
Can't we freeze their assets
until we find out who made off with what?
There are a lot more opinions like this at: