ALERT! OPPOSE HR 992 AUTHORIZING BAILOUTS FOR CREDIT DEFAULT SWAPS

HAT TIP TO NAKED CAPITALISM, LINK BELOW. THIS COULD BE WORSE THAN REPEAL OF GLASS-STEAGEL.

Each Bank Has All the Money in the World

OK, I get it the numbers ARE staggering, but both BOA and Chase say they own in $75 trillion in derivatives. And their auditors have undertaken no steps to put a value on that. But just taking these two banks together without all the other banks, we are talking $150 TRILLION. That is more than twice the amount of all the money in the world. And now they are about to get assurance in the form of legislation that would guarantee them payment on all credit default swaps and synthetic derivatives — through Federal bailout!!!

Go to Yves Smith’s site and send the letter he suggests. It is critical that this be stopped. And by the way, those derivatives are all credit derivatives which means they evidence some form of ownership of all consumer and most business credit. Now that they put our financial affairs in a food processor and chopped it into a puree, they say it is our problem to figure out how to take the ownership out of the puree and reconstruct the orange or chicken you put into it. One more example why the foreclosures should never have been allowed to happen — under existing black letter law.

When You Weren’t Looking, Democrat Bank Stooges Launch Bills to Permit Bailouts, Deregulate Derivatives
http://www.nakedcapitalism.com/2013/03/when-you-werent-looking-democrat-bank-stooges-launch-bills-to-permit-bailouts-deregulate-derivatives.html

58 Responses

  1. […] « ALERT! OPPOSE HR 992 AUTHORIZING BAILOUTS FOR CREDIT DEFAULT SWAPS Eric Holder Doctrine: Decriminalize Big Crimes » […]

  2. J.P. MORGAN are not trustworthy at all.

  3. JP Morgan Chase Credit Derivative Trades Part 1 ( and Part 2), March 15, 2013 – over 5 hours of subcommittee testimony.
    c-spanvideo(dot)org/videoLibrary/
    What better way to list how the largest trusted financial institution in the (corporate) United States; than to hold a hearing with sworn testimony where you identify each step of the fraud and each step of the cover up and make it congressional record for all eternity.

    The beginning of the end of confidence in fiat, and the beginning of the beginning of abandoning what doesn’t work for something in the future that will.

    None of those people had the authority nor power to unilaterally nor collectively to do what was done with the synthetic credit portfolio, and the VAR used to try to cover up the losses.

    Trespass Unwanted, Creator, Corporeal, Life, Free and Independent State, People, Conscience, In Being, In Jure Proprio, Jure Divino

  4. This fraud started in 1982. Well before the fake Repeal of Glass Steagall. I purchased my home in 1992 and there was never a legal lien…a Security Agreement recorded to date, and that was confirmed to me by an attorney for the Recorder of Deeds office. The cover up for the Origination Fraud began after the fake repeal of Glass Steagall in 1999…..I received an all new PIN # ….PROPERTY INDEX NUMBER in 2000….without my knowledge. All of the ORIGINATION FRAUD was hidden under the old PIN # on the Trust Deed. In fact the NEW PIN is handwritten in on the Trust DEED that I received in 1993. That proves intent to Deceive as it did not appear on a property tax bill until 2000.

  5. @JG
    Exactly…not to mention they weren’t even real promissory notes…because of the previous GSE false defaults of the original notes starting in 1999-2000…;)

  6. What a bunch of crooks. Sounds like the FDIC stole everyones deposits and closed up shop. I would call the Sheriff’s department. If deposits are not insured they should be informing the people. I know of someone who had quite a bit of money in a business account and the bank shut her account down because of “suspicious activity.” As soon as the “mess” was cleared up she transferred to CHASE…Some people do not know how to take a hint.

  7. Does anyone know of a way to get my uninsured deposits back from IndyMac Bank that failed on July 11, 2008? I lost $61,000.00 that the FDIC says “You just have to wait and see”?

  8. Marc said:
    “When the mortgage note becomes a security based on two true sales, the original debt is extinguished. If it did still exist, the term is “double dipping” and people have gone to jail for that…”
    But was there any true sale at all? Can’t forget that little detail. That aside, I think what you said may well be the case. It reads to me, anyway. The right of recourse on the notes – anyone’s – may have been abandoned by the conversion to securities. After all, people would make their mtg payments, right? I think you either pegged it or are in the hood. To me, it’s all about whom if anyone has the right of recourse for nonpayment and who owes whom, complicated at least on the surface by the fact that at the heart are promissory notes, not oil or gold or juju bees. And then there are the guarantees, like FNMA’s, and any indentures created by failure to deliver or for any other reason. I still believe that banksters are using the trusts to satisfy their own indentures to the investors and for the handy credit bid in the trust’s name so as not to expose the ruse, whether the ruse is limited to non-delivery or not (or multiple commitments of the same note, etc.) There are times when equity should prevail, but this isn’t one of them. Equity should never find in favor of filthy hands such as imo is the case here (86’ing underwriting guidelines, inflated appraisals, teaser rates, false ratings, betting against loans, etc. come to mind). The guy who caused the problem must bear the loss and that’s the banksters. Period. If that results in a windfall to one class of people, the borrowers, so be it. Imo, that’s a fact of the law not being argued and being ignored by most courts.

  9. @SAS9385

    …and of course, the section of the Pentagon that was taken out that same day by the missile (not an airplane) housed the accounting for all that…so disgusting and sad.

  10. Yves is a woman

  11. Right back at you Christine.

  12. Imbecile.

  13. No deb I won’t stop. My words go into a medium not just myself but everyone can understand. We were all born to be free and independent. There is one Creator, that’s all, just one. There is one maker and the maker is infallible. All of this other stuff they are trying to feed everyone is a lot of garbage. Fear of the unknown is all they know….The bankster corp are one giant deceptive, lying catastrophe who really should just knock off their b.s.

    As for Christine and all of her threats. That’s all she has.

  14. My guess from back in 2009

    Bond Side Analysis
    Origination’ 3,000,000,000
    Deposited 2,400,000,000
    Exposure (21,000,000,000)

    Accrual Side Analysis
    Origination’ 3,000,000,000
    Deposited 60,000,000,000
    Exposure (57,000,000,000)

    Combined (78,000,000,000)

  15. Deb,
    She doesn’t get it and cannot get it. She’s hurting herself much more than anyone else.

    Thanks SAS9385. Didn’t expect anyone to follow that. That’s where the answer lies.

  16. “take care of the means and the end will take care of itself”

    Mahatna gandhi

    “what lies ahead of us and what lies behind us pales in significance, when compared to what lies, within us”

    Ralph Waldo Emerson

    “the intellect has little to do on the road to discovery. There comes a leap in conciousness, call it intuition or what you will, and the solution comes to you and you dont know how or why. All great discoveries are made this way.”

    Albert Einstein

    “so shall my word be that goeth forth, out of my mouth:
    it shall not return unto me void,
    but it shall accomplish that which i please, and it shall prosper in the thing whereto i sent it”

    Isaiah, 55:11

    every word matters

    stripes, stop- your words go into a meduim you dont understand. im far from perfect, being mindful and watching my mouth , god knows i have a big mouth, i get negitve too, we know there are more discoveries to be made which will change things for the better, truth is truth, truth always comes to the surface, but in the meantime lets all be mindful of what comes out of our mouths.

  17. […] Filed under: foreclosure Livinglies’s Weblog […]

  18. Disclosure of what…..? Their totalitarian fix for a quadrillion dollars in bank fraud….? NESARA-ONE PEOPLES PUBLIC TRUST – ONE WORLD MARK OF THE BEAST GOVERNMENT NESARA & CURRENCY…THE AMERO…They will tell us demons are aliens and they gave us all of this technology that really came from the creator and they stole it all for nefarious, control freak purposes. They are not of a higher intelligence they are thieves.

    This is a fake & fraudulently induced war. It is all a control freak scam by commie control freaks….they want to give us one choice…the mark of the beast …… it is all unconstitutional & illegal either by compliance or force. It is the deliberate destruction of our free will. The Rothschild click and the BRICS click are all in on the scam. They are all the pot calling the kettle black….

    You screwed me and I screwed you but really they screwed all of us of a quadrillion dollars. They are all one evil. The BRICS are their agents of evil but the are all the new world hoarders.

  19. General Wesley Clarke on Bloomberg news talking about European austerity measures and the Govt of Cypress. He said economists have studied economies for decades and why are the Governments going back and making the same mistakes of the early 1900’s…..? Don’t they know wheelbarrows full of cash do not work…?

    Of course they know….it is the same imposters doing the same crimes against the people though this is the completion of all of their evil plans for world domination….totalitarianism.

    It is all fraud & fiction by the same imposters who have been hiding behind the scenes all through history.

    In the end of the interview General Clarke said this is all happening because of the banks. But left out a few key words…..it is all happening because of the crimes of the ….gold- oil- drug debt cartel…..who are the shareholders/bondholders/investors/directors of the international bankster corporate govt.

  20. With one detail: disclosure was supposed to take place on 9/12/01. It was actually scheduled to take place. Bush Jr. was ready to disclose.

    Rumsfeld announced publicly on 9/10/01 that treasury was missing $1.5 trillion not accounted for.

    The following day, the towers were blown.

    Still a pretty good analysis.

  21. Pretty good analysis, Christine. Many people will grow scared but from what I get, we are getting close to disclosure.

  22. Correction….they all want us to believe they own us and we are all hopelessly intertwined …. Bullshit…it is all a big fat GLOBALIST fraud by imposters.

  23. In order to know who our enemies are you have to know who the shareholders/bondholders/investors are…….all of the Politicians and their Cronies from all of the nations listed in christines comment below plus ……Canada….Mexico…including…..BRAZIL….RUSSIA….INDIA….CHINA…….
    the BRICS nations…they are the biggest culprits here. They are complete communists….they have hijacked the U.S. TREASURY and have all robbed us of a quadrillion dollars of our wealth via mass Securities Frauds…The rothschilds and the Europopean monarchs are no better they are communists as well hiding behind NESARA -ONE PEOPLES PUBLIC TRUST…the World Currency…AKA….the AMERO. They all want to believe they own this place with all of their criminal fraud.

    Nothing any of them do is Constitutional or Legal.

    It’s the derivatives stupid…..it’s all a scam…a giant Securities Fraud they used to rob a quadrillion dollars and everything from us. Don’t believe them.

  24. No Christine I don’t get it….because you are the only syhillis here…that is another open secret.

    I know the truth and the truth is unchangeable. None of this crap you say is Constitutional or Legal in the United States. Not any of it. You can post 9/11 videos all day and try and say our government did this. That is not true. Imposters did this. They are the shareholders/bondholders/investors in all of the Securities Frauds AKA the GOLD-OIL-DRUG CARTEL ….the debt creators and the freedom stealers.

    They are hidden behind Corporate Shields and call themselves our Government…..We The People are the Government in our Constitutional Republic so to blame the Government for this is to blame the American people….We The People did not have any knowledge of these crimes and we did not commit these heinous crimes. Our enemies both foreign & domestic did this. Nothing they do is Constitutional or Legal therefore, they are imposters; fictitious persons.

    We The People are who have to reject them and all of their evil works and not comply until the Rule of Law is restored.

  25. Oops! The US has the most information but China is right about to disclose because, face it, the 1.2 billion of them need more energy than our puny, pathetic 320 millions (1/4) and they’re sick and tired of waiting for Obama to do what Clinton was supposed to do in 1996 and Bush failed to do on 9/10/01 because… Oops! 911!

    Oops! Running out of Oops! So is Lagarde… in China as we speak.

  26. Foreclosures v. Disclosures… Jeez… What’s more important for us, as a species? And why are the US so blatantly missing in action?

    This lists contains countries that have actually disclosed, those that are in litigation to disclose all or specific files and countries that have released significant aspects of UFO and alien encounters.

    This is happening in rapid fashion and will continue until we have some undeniable facts put forward that the UFO and Alien Phenomena is real.

    This list will be updated monthly or when additional countries determine that these files should be released to the public.

    There has been some new rather startling information that has come out of Russia in February 2013, check the Russian Links below for details

    Click on the country for the source.
    1. Argentina
    2. Australia
    3. Brazil
    4. Canada
    5. Chile
    6. China
    7. Denmark
    8. Finland
    9. France
    10. Germany
    11. India
    12. Ireland
    13. Japan
    14. Mexico
    15. New Zealand (Additonal Report)
    16. Peru
    17. Russia (New Info From Feb 2013)
    18. Spain
    19. Sweden
    20. Ukraine (not in English)
    21. United Nations
    22. United Kingdom (Additional Files July 2012)
    23. Uruguay
    24. Vatican City (Educating Humanity on Vatican Disclosure)

    It is very clear that mankind is being prepared for disclosure. It is no coincidence that more than 20 countries have started partial or full disclosure. Also comments and actions from the Vatican and the UN indicate that the “so called powers” want some of this information to become public. The preparation process is well under way and it is not that difficult to connect the dots. The time frame for proof is expected to be late 2013 – 2014.

    On a final note, full, honest and complete disclosure may never happen. At best, we can expect some type of limited or partial disclosure.

  27. People can’t connect the dots when people want to believe everything they are told by these imposters. They are everywhere in the media and in this imposter government. They are disguised as Americans but nothing they do is Constitutional or Legal. Not one thing.

    They will tell never disclose the truth about anything because if they do they will cause a panic. These technologies did not come from some aliens from another planet. These technologies came from the Creator and these crooks hijacked it for nefarious, control freak purposes.

    These imposters are agents of evil. These aliens are demons and fallen angels. The proof is in all of their bad fruits we are all witnessing right now. The economy is horrible, people are miserable and are fighting for their survival in many cases. This is a very deceptive form of control. They want to destroy religion so we believe their lies. Catholic Church doctrine is not being followed, just like the Rule of Law is not being followed and there is a reason for it. All of these so called leaders are frauds…imposters….agents of evil.

    Everything they have done flies in the face of our peace and security. That is how you know this is an evil plan. If you are not secure in your Life, Liberty and Property then you have no peace & security. Many do not realize the peril they are in because of these Securities Frauds…no one is safe. Nothing protects them from these imposters except their Legal Rights to protect their Life, Liberty and Property and the Rule of Law is not being upheld.

    I am not here to tell people what they want to hear. I am here to alert the people that our Legal Rights AKA…the Rule Of Law are not being upheld in the U.S. and as a result of that we are not safe, secure or at peace anywhere. Not in our persons, houses, papers or effects and therefore this is war on U.S. soil by our enemies both foreign & domestic. This enemy is both close at hand and far away…it is operating both openly and in secret.

    The enemy is totalitarianism and the only correction is to not cooperate with it unless and until the U.S. CONSTITUTION/BILL OF RIGHTS, OUR LEGAL RIGHTS, THE RULE OF LAW ARE RESTORED.

  28. “I have no idea what control freak Christine is talking about RE: lower clergy.”

    Of course. You can’t read. Christine said that the imbeciles she’s dealt with knew not to stick around like syphilis on lower clergy. Get it, SYPHILIS?

  29. Everyone knows the traitors from within allowed these massive Securities Frauds against us and that is why 9/11 happened. It was an Act of Insurrection by the traitor politicians and their criminal friends and our Foreign enemies. These crooks were covering up for their crimes against us and used their Securities Fraud crimes to criminalize and to rob and destroy all of US. See the documentary Obama 2012. This is all about totalitarianism.

  30. I have no idea what control freak Christine is talking about RE: lower clergy. This is definitely an evil plan to destroy all of our freedoms. Our religious freedom and otherwise. Look at the name of their latest Act against US…..The Freedom of Religion and Marriage Act……or some stupid shit like that. We now need an Act approved by these crooks to worship and marry. This is all way out of control. These crooks are agents of evil. The U.S. Government dropped the ball and hurled us a hail marry pass. It is all up to every American to do their part to make that touchdown complete and demand the Rule of Law be upheld.

  31. Perspective. Again.

  32. Perspective. That’s all there is to it.

  33. As I was saying,

    I don’t want anyone to put stripper out of HER misery. She created it. She owns it. i want someone to put her out of OUR misery. we never signed up for that imbecile. Sheesh!

    If I wanted to deal with imbeciles, I know plenty who have, at least, the courage to show their face. And once told to leave me alone, they don’t stick around like syphilis on lower clergy!

  34. Tarp was THE bailout. Of course it was kept private until, oops, the GAO just released the report and come to find out that the big banks used the $700Billion as collateral for a 15.98 Trillion loan from the FR for their foreign interests to pump foreign banks.

    Thanks Mr. P.
    By they way, how’s that Paulson & Co hedge fund doing these days, what’s 50-70Quadrillion with interest amongst …

    It’s called, create a debt crisis overnight, avoid the Constitution, and the nightmare of loss of liberty begins instantly.

    With unlimited lines of credit, the whale traders can create massive shorts and systematically bring a country to its knees, just to bleed the wealth. It is the new era of megafinance. Iterative systematic defaults means the swaps payoff up to 70:1 each time. Not bad odds for someone praying for defaults…

    Just say no!
    …Or kiss family and say welcome to the chains of bondage.

    Voltaire was correct.
    “Every currency, throughout all time, at some point reverts to its intrinsic value.”

    Our currency has already been fully debased.

    You know I can’t seem to figure out why Russia is standing on the buy button for physical gold and silver hmmmmm.
    Let’s see the last time they did that gold was at $400 per oz. hmmmmm.

  35. There is no way this bankster corp are going to forgive the massive criminal fraud by their perps. This was their evil plan. They never pay back what they steal. There are no legal or monetary fixes for a QUADRILLION dollars in Securities Frauds by these crooks. Their fix will be criminal, it will be totalitarianism and forced acceptance of the mark of the beast. The beast is in Israel trying to cover up this Russian/Chinese takeover. The bottom line, this is all a scam to microchip the American people to their crimes and destroy our Constitutional Republic. None of it is Constitutional or Legal. These imposters, these totalitarian mobster crooks have hijacked our government and our treasury by committing a quadrillion dollars in Securities Fraud without our knowledge or consent.

    This is no time to medicate ourselves ….. we need to pay attention and keep our eye on what these crooks are doing at all times.

  36. I don’t know what Basel III requires but whatever it requires, it does not make a quadrillion dollars in embezzlement of U.S. taxpayer wealth legal. Christine says something bigger is in the works. Coming from her that can only mean it will be another scam. There is no legal or monetary correction for a quadrillion dollars in Securities Frauds and everything done so far has been unconstitutional and therefore illegal.

  37. Iwantmynpv,

    And don’t forget Obama’s trip to Israel. Look at the BIG picture. Timing is everything.

  38. Iwantmynpv,

    I know you are. I fume a lot too. But take a step back. Look at what is really happening: debt forgiveness worldwide toward third wold countries. Keshe’s technology now being adopted by many countries (including the US in November, after Obama signed an executive order against it in July… why the sudden volte-face?)

    Remember “An Inconvenient truth” in 2004. Remember what Gore said: “We have the technology and we have 10 years to act. After that, it will be too late.” Lew and Lagarde in… China! China’s biggest solar plant just declaring bankruptcy.

    Doesn’t that tell you what is brewing?

  39. I’m angry – I need to go take my medicine..

  40. Iwantmynpv,

    It is not happening as we believe it is from reading it from that angle. Something way much bigger is in the works. That is only another of the many distractions to manipulate and get people riled up. But there is no harm in opposing it regardless.

  41. I guess I see how they are going to achieve the BASEL III initiatives. I just can’t believe this is happening in broad daylight. Can we take a poll on who shoudl be executed first for treason? is that legal? We can call it Gallup poll, or entertainment purposes only.

  42. I am making the list… When the big “C’ comes a callin, a couple of these guys are a going…

  43. unreal i cant believe this is happening

  44. Paulson made sure he was bonded for the bailout of his criminal friends. Well we didn’t bond that crook.

  45. All of these entities were and are massively overleveraged and still are. They have nothing to back up their balance sheets. This is simply an open and secret robbery of We The People in progress by our enemies both foreign and domestic.

  46. Imagine Paulson insisted on immunity before TARP. We need to start meeting these people on the streets, and taking right to their faces.

    Let’s be honest, would anyone really miss James Dimon if someone capped him on his way into vipers den on Park.

  47. Except the off-blance sheet size is about 60 times the predecessor. The writing is on the wall. Look where the cyrpiot bankers went for the bail-out. The smaller EU members will peel of before year end. Italy, Spain and France have all contracted beyond the brink, and they will soon make the pension grab just like Cyprus.

    Imagine, other Countries are already nationalizing the retirement accounts to fund the cash exodus fro their central depositories.

    God save the Queen.

    A Carie, I agree with most, and still disagree with the one premise of purchases. I have personally received an original mortgage note stamped “paid in full” from Fannie’s servicer, Chase Home Mortgage.

    Fannie and Freddie ares till their sluch fund, but you continue to owerlook one important factor. At the time of the financial unravel, the FHLB had more lent to the banks than Freddie and Ginnie combined.

    Japan will weaken the Yen within 30 days to offset the Russian move coming on Saturday.

  48. keepon….I agree about Paulson. He is a complete scumbag as are all of the Bush/Clinton cronies.

  49. These entities are strangers, imposters to our Constitutional Republic. Clever extortionists is all they are. The traitor politicians are to blame. If the trustee, the title company agent of the U.S. Treasury Dept does not have the Security Agreement, a breach of our security has occurred…..

    Amendment IV states .. The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrant shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.

    That goes for forced compliance in the form of social programs & taxation like property tax, Social Security and Obamacare. Congress has the power to lay & collect taxes. Not to use taxation as a weapon to weaken the power of We The People. We have been being robbed by these crooks for decades…. Derivatives are unconstitutional and illegal as well because by deception, they are being used to fraudulently destroy our rights to Life, Liberty & Property.

  50. You pretty much nailed it Marc, spot on my man!.
    http://demonocracy.info/infographics/usa/derivatives/bank_exposure.html

  51. Right on Marc..

  52. Little late closing that stable door.
    They’ve been shifting the liability off the holding companies to the
    retail deposit arms for the last 18 months.FedRes approved it.
    Good luck trying to get them to shift that crap back.On the bright side,
    the potential losses are so large,nobody can backstop them without
    the entire system collapsing.

  53. Well, let’s see, the Gross Domestic Product of all goods and services is about $69Trillion.

    According to the Bank of International Settlements a while back, there was $1.14 Quadrillion in derivatives. The reason is that they sold up to 70 credit default swaps at the face value of each of the mortgages.
    A credit default swap is insurance by another name so as not to be regulated.

    There is not enough cash on planet earth to bail out the derivatives market.

    There are two sides to the mortgage transaction, the public side and the private side… There should be an accounting of both sides. The private side is off balance sheet and enables the dark liquidity pools of investment funds. When the mortgage note becomes a security based on two true sales, the original debt is extinguished. If it did still exist, the term is “double dipping” and people have gone to jail for that…

    Just say No!

  54. Reblogged this on Deadly Clear and commented:
    This is just the tip of the iceberg. Couple this issue with the fact that billionaires are bailing out of consumer stock and banks – get your money out now! Remember: “First come – first served.”

  55. Sounds like another Hank Paulsen move: Give me all the $, or at least sign for it (isn’t that how we got into this mess in the 1st place?) or we’re turning the globe inside out! And our elected officials are going to throw in with the treasonists, and sell out the next how many generations of America(ans).

    This government, law enforcement, elected officials’ arrogant ‘frat-house boys gang-rape’ mentality has to stop. They’re taunting & bullying us into the final 1 way left to do that.

  56. These people are not our government Louise, they are imposters. I heard on the local news yesterday the complete communists in the Chicago City Council are trying to pass a bill that the banksters can evict upon illegal transfer of the property with no court order. This may come down to the Second Amendment if these crooks are not stopped.

  57. Neil,

    Are we supposed to oppose HR 992 or HR 667?

    The letter is drafted to oppose HR 667 but your blog says HR 992. Can you clear this up?

    Thanks,

    George

    Date: Thu, 21 Mar 2013 21:15:18 +0000 To: gocr@hotmail.com

  58. The banks are still running amok. Our worthless govt still seems to be completely impotent about them. When will it be “let them eat cake”?

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