Posts tagged “AIG”

Bernie Sanders wants to break up the banks. Let’s help!

Senator Bernie Sanders: “too big to fail” = “too big to exist”

Take a moment and read the two (2) page Too Big to Fail, Too Big to Exist Act, about to be offered by Senator Bernie Sanders (I-VT) in the United States Senate (PDF) and then read and sign the petition to Treasury Secretary Timothy Geithner. Don’t forget to tweet and facebook this as well. Unlike Saturday’s legislative abomination, this is something citizens of all stripes should be able to get behind.

Petition to Treasury Secretary Timothy Geithner

Too Big to Fail is Too Big to Exist

Financial institutions that are “too big to fail” played a major role in undermining the American economy and driving our country into a severe recession.

Financial institutions that are “too big to fail” put taxpayers on the hook for a $700 billion bailout and more than $2 trillion from the Federal Reserve in virtually zero interest loans.

Huge financial institutions have become so big that the four largest banks in America (JP Morgan Chase, Bank of America, Wells Fargo, and Citigroup) now issue one out of every two mortgages; two out of three credit cards; and hold $4 out of every $10 in bank deposits in the country.

Just five banks in America (JP Morgan Chase, Bank of America, Citigroup, Goldman Sachs, and Morgan Stanley) own a staggering 95% of the $290 trillion in derivatives held at commercial banks. Derivatives are risky side bets made by Wall Street gamblers that led to the $182 billion bailout of AIG, the $29 billion bailout that allowed JP Morgan Chase to acquire Bear Stearns, and the collapse of Lehman Brothers.

The concentration of ownership in the financial services industry has resulted in higher bank fees and interest rates that consumers are forced to pay for credit cards, mortgages and other financial products.

No single financial institution should be so large that its failure would cause catastrophic risk to millions of American jobs or to our nation’s economic well-being.

No single financial institution should have holdings so extensive that its failure could send the world economy into crisis.

We believe it is time to break up the banks and insurance companies which are too big to fail.

We believe that passage of The Too Big to Fail, Too Big to Exist Act (PDF) is essential for a strong American economy and a secure future for ourselves, our children, and our grandchildren.

We urge the immediate enactment of the Too Big to Fail, Too Big to Exist Act, which directs the treasury secretary to compile a list of those financial institutions that are too big to fail in the next 90 days, and to break up these banks and insurance companies a year after the legislation is signed into law.Sign this petition!

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The secret ACTA access list

Earlier this week, the Obama White House decided that you and I don’t have a right (or need) to know the details of the future of intellectual property in the United States (or the broader world) when they declared the contents of the Anti-Counterfeiting Trade Agreement a “National Security” secret. Shockingly, it turns out that the national security threat is only posed by average citizens and consumers. That fact becomes clear when you take a look at the list of “cleared advisors“, the members of the 27 United States Trade Representative (USTR) advisory boards.

The list is a veritable who’s who of corporate lobbyists and anti-consumer groups, including the RIAA, MPAA, Monsanto, Citigroup, Wal-Mart and AIG. You know, some of the same people that brought you the financial meltdown. Clearly, the people we want deciding intellectual property policy for the future. As you read this list, remember that President Obama feels that these individuals are more trustworthy than you are, that their guidance is more critical to the republic than any input you might provide through your limited access via your representatives and the Freedom of Information Act. As the poet De la Rocha put it, “Land of the free? Whoever told you that is your enemy!”

Read on for a partial list, courtesy of Knowledge Ecology International.
Read the rest of this entry »

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Wachovia seeks “Worst Corporate Welfare Recipient” award

Not to be outdone by the AIG shenanigans, the oh-so-thankful brass over at Wachovia are still sending their top earners from their A.G. Edwards subsidiary, all 75 of them (plus spouses and significant others) on a lovely cruise of the Mediterranean and the Greek Isles.

“You must pay attention to what you do as a consumer. You must know where your dollars are flowing.”

The boat departs tomorrow, if you want to wish them bon voyage! To think, I was happy for the Wachovians when they were absorbed by Wells Fargo. No more of that! I hope Citi sues them all into the ground for breach of contract. After all, taxpayers are on the hook for $120 billion-ish of Wachovia’s bad debt.

I know this is “business as usual” for these companies, but when you come crawling to the government, asking them to rape the children of America so you can continue to send people on lavish cruises and oceanside getaways, I think “usual” goes out the window.

I’ve said it before, I’ll say it again: it is time to get really, really angry. We have reached the point where it truly is us against them. You must pay attention to what you do as a consumer. You must know where your dollars are flowing. Don’t bank with these people and don’t do business with people that do. What better place than here, what better time than now?

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