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« You Won't Believe What Bernanke Said About Bailouts At His 2005 Confirmation Hearings | Main | Majority Of Euro Economists Predict Greek Default »
Thursday
Mar312011

Bernie Sanders: 'Will You Tell The American People Which Banks Got $2.2 Trillion Of Their Dollars?' Bernanke: 'No'

Now that the details are out, another look at this legendary exchange.

Video - Sen. Bernie Sanders scolds Bernanke

 

 

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Reader Comments (20)

http://dailybail.com/home/2009/3/4/bailout-aig-and-ben-bernanke-cnbc-videos-federal-reserve-cha.html

more clips from this same day...bunning killing bernanke and a few more...
Dec 3, 2010 at 6:05 AM | Registered CommenterDailyBail
Dec 3, 2010 at 6:06 AM | Registered CommenterDailyBail
This is getting some traction. WRH should be please to see this site and their link to Bankers Gone Wild. This article appears to have been submitted to a fairly well read site.

http://szaboservices.blogspot.com/2010/12/wall-streets-mortgage-backed-security.html


Here is a little flashback.

http://www.swissre.com/media/news_releases/swiss_re_expects_chf_1_2_billion_mark_to_market_loss.html
Dec 3, 2010 at 8:20 AM | Unregistered Commenterjohn
Dec 3, 2010 at 12:15 PM | Registered CommenterDailyBail
Dec 3, 2010 at 12:18 PM | Registered CommenterDailyBail
Dec 3, 2010 at 12:19 PM | Registered CommenterDailyBail
Mukasey declined to investigate mortgage fraud in 2008,

http://www.nytimes.com/2008/06/06/business/06justice.html

His son however defended Bernie Madoff and as such recused himself from the case.
Dec 3, 2010 at 1:16 PM | Unregistered Commenterjohn
Good to see Motorhead in on the banksta beatdown...

great clip cheyenne...
Dec 3, 2010 at 1:21 PM | Registered CommenterDailyBail
@john...

thanks for the mukasey info...i wasn't aware...good stuff...
Dec 3, 2010 at 1:23 PM | Registered CommenterDailyBail
Glass Stegall was repealed in 1999. Since 2000 this firm bundled over a trillion in mortgages.

http://www.nytimes.com/2008/02/01/business/01legal.html
Dec 3, 2010 at 2:27 PM | Unregistered Commenterjohn
another great find john...can i assume that you are the 'same' john who emails me all the excellent links...?
Dec 3, 2010 at 2:58 PM | Registered CommenterDailyBail
Dec 3, 2010 at 3:19 PM | Unregistered Commenterjohn
Regarding Mr. Nelson at Mckee and Nelson. He worked for the Treasury Department and IRS. And we wonder why these guys get away with the shit they do.

http://taxprof.typepad.com/taxprof_blog/2007/08/mckee-nelson-th.html
Dec 3, 2010 at 4:19 PM | Unregistered Commenterjohn
Have a look at the FEDs MBS.xls spread sheet. It lists the MBS they purchased and sold from 1/5/2009 to 7/8/2010 as part of QE1. Each line appears as a separate transaction. There are 2 other fields “Trade Amount” which is the face value of the security and “Price” which is the actual amount paid. The total trade amount of all those categorized as “Purchase” is 1.85 trillion dollars. The amount paid was a little over 877 Billion. So the fed paid the “Price” of about 47 cents on the dollar.
During this same time they also sold Securities The total trade amount of all those categorized as “Sale” is 600 Billion dollars. They were sold to various banks for the “Price” of 148 billion dollars, about 25 cents on the dollar.
So 1.85 trillion bought minus the 600 Billion sold, leaves 1.25 trillion dollars. Which matches what they say they have.
Here is an over simplified version of what I think happened.
Toasters sell for $10 each. During an audit it is discovered you have $0 and 185 broken toasters which you can’t sell dragging down your balance sheet. I come in and give you $880 for those toasters. You now have $880 and a clean balance sheet. I have 185 bad toasters on my balance sheet. I let you cherry pick the toaster parts and help you fix the bad toasters. We are able to fix 60 of them. I sell those 60 to you for $148. You now have $1332 (880-148 +600 dollars worth of good toasters). You have been re-capitalized and I am only left with 125 really bad toasters on my balance sheet, which I record in the positive column, since no one is going to audit me. It is a win-win for us all. BTW Be sure to give you self a huge bonus for that nice profit you made this year. Ain’t it great to be bankster buddies?
Dec 3, 2010 at 5:31 PM | Unregistered Commentergol4
@DB I apologize for misunderstanding your post about E-mailing you. My response at 3:19 should have been no, I have only posted here and not e-mailed you. Sorry for the mix up. Too many johns I guess!
Dec 4, 2010 at 11:11 AM | Unregistered Commenterjohn
Foreclosure fraud bombshell.

http://www.zerohedge.com/article/foreclosure-fraud-bombshell-%E2%80%93-thousands-pennsylvania-foreclosures-could-be-void

I want to concentrate on what started it and who benefited including those that investigated or decline to investigate it, who knew what was happening and the ensuing cover up.
Dec 4, 2010 at 12:40 PM | Unregistered Commenterjohn
The timeframe of 2000 seems to be ground zero, everything after that is directly related.

http://www.pulitzer.org/archives/6392

Repeal of Glass-Stegall, mortgage bundling, CDO's, sham tax havens, budget cutbacks to investigative agencies, refusal to investigate mortgage fraud, cover-ups and on and on.
Dec 4, 2010 at 2:31 PM | Unregistered Commenterjohn
@john...

please send me an email through the site...
Dec 4, 2010 at 3:02 PM | Registered CommenterDailyBail
There's a swastika in the woodwork behind the senator.
Apr 1, 2011 at 1:16 PM | Unregistered CommenterMr D

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