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Why Occupy Wall Street isn't Making Concrete Demands

michael-hudsonMichael Hudson talks about the US economy and debt crisis [23:14]

Why Occupy Wall Street isn't Making Concrete Demands

occupy-wall-streetOccupy Wall St – We Need Systemic Change [9:57]

[Interview by Michael Hudson] You should regulate the terms of their [bank's] lending. You should never have let them get into derivatives, period. You should never let them give zero interest loans, period. You should enforce a fraudulent conveyance act, where if a bank makes a loan without any idea of how the debtor can pay, as you have on the books in New York, the loan is simply wiped off the books. It’s nullified as a fraudulent conveyance. You have the leading banking sectors in America–Bank of America is a fraudulent enterprise. It’s a gang. Let’s be straight about it. It’s a crime gang. Citibank, a crime gang. Wells Fargo, a crime gang. None of these guys are put in jail. Now, the fact that they’re not put in jail, and the fact that today the former securities and exchange regulatory commission was told by the judge, you’re not allowed to fine violators who you have said committed crimes, you’ve said are criminal organizations, you’re not allowed to regulate them, this just shows that what essentially the Obama administration is backing is a long-term Republican and Democratic decriminalization of fraud. Now, how are you going to recriminalize fraud like you used to do? You used to throw these guys in jail. You don’t anymore. That’s why I say the problem goes so deep and is so corrupt–. One of the demands on Wall Street, for instance, that everybody agreed in the Occupy Wall Street is that Tim Geithner, who’s a bank lobbyist, should not be in charge of the Treasury. You have the US Treasury run by a bank lobbyist whose job is to give away free lunches to bank and say the government can give all the money it wants to the banks but it can’t give [a penny] to the workers, it can’t give a penny to increased jobs for the workers.

Is Iceland a Model for the Rest of Us?

Iceland’s Fair Value Vultures (11/12/11) [article]

What happened at the G20

DN: Wall Street v. Greece: G20 Opens as Greek PM Pushes For Referendum on EU Bailout Plan (11/03/11) [11:06]
DN: Jon Corzine's MF Global Firm Collapses in Biggest Wall Street Failure Since Lehman Brothers (11/03/11) [13:40]
     William Cohan, Vanity Fair, Book: Money and Power, How Goldman Sachs has come to Rule the World

Is Bank of America (BoA) Failing?

Bank of America’s holding company -- the parent of both the retail bank and the Merrill Lynch securities unit -- held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. About $53 trillion, or 71 percent, were within Bank of America NA, according to the data, which represent the notional values of the trades.

That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm’s $79 trillion of notional derivatives, the OCC data show.

boaTRNN: Bill BlacK: Bank of America's Death Rattle (10/29/11) [6:49]

BB: BofA Said to Split Regulators Over Moving Merrill Derivatives to Bank Unit (10/18/11) [article]

Not with a bang, but a whimper: Bank of America Death Rattle (10/19/11) [article]

What Needs to Be Done at the FED
TRNN: Bill Black talks about the FED (10/27/11) [11:45]
Dylan Ratigan: Bill Black- Prosecute Bank Fraud (10/27/11) [9:38]

How Banks Got So Big


6 Banks own 60% of the US GDP - Goldman Sach, JPMorgan, CitiGroup, Bank of America, Wells Fargo

The Clearing House Payments Company L.L.C. is owned by the following banks:

Bank of America, N.A.
The Bank of New York Mellon
Branch Banking and Trust Company
Capital One
Citibank, N.A.
City National Bank
Comerica Bank
Deutsche Bank Trust Company Americas
Fifth Third Bank
First Citizens Bank & Trust Company
JPMorgan Chase Bank, N.A.
KeyBank, N.A.
Manufacturers and Traders Trust Company
PNC Bank, N.A.
RBS Citizens, N.A.
Union Bank
U.S. Bank, N.A.
Wells Fargo Bank, N.A.

11.03.2011. 09:50

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