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Originally posted by Blackmarketeer
6 Shocking Revelations About Wall Street's "Secret Government"
Top officials willfully concealed the true extent of the 2008-'09 bailouts from Congress and the public.
We now have concrete evidence that Wall Street and Washington are running a secret government far removed from the democratic process. Through a freedom of information request by Bloomberg News, the public now has access to over 29,000 pages of Fed documents and 21,000 additional Fed transactions that were deliberately hidden, and for good reason. (See here)
This has been stated several times already about the secret 7.77 billion bailout of Wall Street banks between 2007-2009, and how they made an additional undisclosed 13 billion profit from those secret bailouts, but that is just the tip of the iceberg!
Some of the OTHER juicy tidbits from this Wall Street - Government connection are:
While Henry Paulson (Bush’s Secretary of the Treasury) was informing Congress and the public that only minor reforms were needed to protect Fannie and Freddie from collapse, he met secretly with leading Wall Street hedge fund managers -- among them his former colleagues at Goldman Sachs -- to alert them that he was about to nationalize the giant mortgage companies – a move that would eradicate nearly all the stock value of the companies. This information was enormously valuable because it allowed these hedge funds to short Fannie and Freddie and thereby make a fortune.
While Timothy Geithner was head of the NY Federal Reserve, he argued against legislative efforts by Senator Ted Kaufman, D-Delaware, to limit the size of banks because the issue was “too complex for Congress and that people who know the markets should handle these decisions,” Kaufman recalls. Meanwhile, Geithner was fully aware of the enormous secret loans while Senator Kaufman was kept in the dark. Barney Frank, who was authoring key bank reform legislation was also not informed of the secret loans. No one in Congress was told.
The article concludes with two valuable observations, which I'll paraphrase here:
1. That the banks and hedge funds were in a great deal more trouble than ever acknowledged - AND required COLLUSION on the part of the government to secretly fund these banks WHILE covering it up not only to the public but to most of Congress.
2. "Wall Street's secret government made sure the largest banks would grow even larger, aided by the secret funding."
Case in point - when PNC bought out one of the nation's oldest banks, Cleveland based National City Bank - Congressman Dennis Kucinich demanded answers as to how and why PNC, which received bailout funds, could suddenly snap up a larger bank - which DIDN'T receive bailout funds and which appeared to PURPOSELY be denied bailout funds. Does this prove that there was a secret agreement between Wall Street banks and their 'secret government' aiders and abetters?
I know this topic has already been discussed here at ATS, but I don't think it has seen nearly enough exposure, and it goes way beyond the 7.77 trillion secret bailout, it shows a clear collusion between the government and these banks to ROB the American taxpayers and engage in monopolistic practices.
This should be the number one issue in America right now.
You cannot possibly hope to see any investigation of this matter so long as the two parties in charge remain in charge. They are BOTH involved. There are still some American politicians out there who are trying to root this out - Ron Paul, Dennis Kucinich, Bernie Sanders, Tom Coburn - (and what did Chris Dodd and Barney Frank know when they passed their banking reform bill?)
So America, want to know why you're 15 trillion in debt - well, here is half the reason, thanks to Wall Street's "Secret Government".
(PS: This is precisely what #OWS is fighting to expose. Don't let those distractors and disinfo agents tell you otherwise!)
Originally posted by jessejamesxx
So was all of this money just recently printed and then handed out?
Because if they printed it just for that reason, 7.7trillion dollars in value left American's bank accounts. It's a tax. The federal reserve taxes Americans.
Originally posted by WhiteDevil013
I remember when I first heard whisperings about the govt potentially bailing out the banks.
I hoped it wouldnt happen, our nation is founded on the capitalist idea of competition. Its what keeps the economy healthy.
Solid companies, with good ethics, and who make the right decisions will generally flourish. Like wise, companies that make awful decisions, lack ethics and integrity, and could care less about their customers are supposed to whither away and die, regardless of how big or small the company may be.
Our government is not supposed to be subsidizing banks, auto makers, and the like. If our own governent truly cared about what the PEOPLE think of them, and what we want our tax dollars to go to, they should have let us vote for a course of action. Instead they deceived the people, and even the politicians themselves were left in the dark. No one really understood what was happening until it was too late.
Now, everytime Obama says we need yet ANOTHER stimulus bill to help the economy, I just projectile vomit all over myself.
Injecting tax payers dollars into companies that cant even keep themselves afloat is tantamount to going out of your way to preserve a malignant tumor.edit on 2-12-2011 by WhiteDevil013 because: (no reason given)
People crying that nothing can be done are embracing the slave mentality.
While Henry Paulson (Bush’s Secretary of the Treasury) was informing Congress and the public that only minor reforms were needed to protect Fannie and Freddie from collapse, he met secretly with leading Wall Street hedge fund managers -- among them his former colleagues at Goldman Sachs -- to alert them that he was about to nationalize the giant mortgage companies – a move that would eradicate nearly all the stock value of the companies. This information was enormously valuable because it allowed these hedge funds to short Fannie and Freddie and thereby make a fortune.
Originally posted by Blackmarketeer
I think we need a new political party - the Hang the Traitors party.
The government and the big banks deceived the public about their $7 trillion secret loan program. They should be punished.
The CEOs of major banks maintained they were in good financial shape. Meanwhile, they secretly borrowed massive amounts from the government to stay afloat.
During the deepest, darkest period of the financial cataclysm, the CEOs of major banks maintained in statements to the public, to the market at large, and to their own shareholders that the banks were in good financial shape, didn’t want to take TARP funds, and that the regulatory framework governing our banking system should not be altered. Trust us, they said. Yet, unknown to the public and the Congress, these same banks had been borrowing massive amounts from the government to remain afloat. The total numbers are staggering: $7.7 trillion of credit—one-half of the GDP of the entire nation. $460 billion was lent to J.P. Morgan, Bank of America, Citibank, Wells Fargo, Goldman Sachs, and Morgan Stanley alone—without anybody other than a few select officials at the Fed and the Treasury knowing. This was perhaps the single most massive allocation of capital from public to private hands in our history, and nobody was told. This was not TARP: This was secret Fed lending.