There's this nagging question that just keeps coming back to me about the bailouts to all the 'surviving' Banks and especially Goldman Sachs, since they haven't missed a beat. I keep asking, how the hell did they do this? Most of the increase in our federal deficit this past year is specifically due to bailing out all the banks and their Wall Street pals, (with our money)while trying to save what is left of our tanking economy that they nearly destroyed.
So when I think about Goldman Sachs raking in $3.44 billion bucks in profits this quarter alone, while the US deficit went over a $1 trillion dollars for the first time in the nation's history, (and appears to now be heading towards doubling that figure in before the budget year is out,) I keep going back to Goldman Sachs and the other 100 'secret banks' the Federal Reserve doled out money to. It wasn't just our '$700 Billion' that is in play here.
But since we cannot get any answers from the Federal Reserve, some of this information must be gleaned by the likes of us little old taxpayers who bailed their asses out.
In case you haven't seen the OCC Quarterly Report on Bank Trading and Derivatives for 2009, I think you might be interested in seeing exactly what is being hidden off the balance sheets that most American are not aware of.....try $47 Trillion dollars of derivatives backed by the government or rotting in some toxic pool that nobody wants anyone to know about, or more important wants you to know about.
I mean, it's not like 'we' the people get a copy of the OCC report in the mail lodged between our National Geographic and Vanity Fair Magazines...... even if we are the ones that bailed all the crooks and liars out.
Nahhh, we gotta go looking for that little piece of information. Here it is if you want to take a look at it.
Here is some of the basic information that you need to know for this discussion in general:
* The notional value of derivatives held by U.S. commercial banks increased $1.6 trillion in the first quarter, or 1%, to $202.0 trillion, due to the continued migration of investment bank derivatives business into the commercial banking system.
* U.S. commercial banks generated record revenues of $9.8 billion trading cash and derivative.
* instruments in the first quarter of 2009, compared to a $9.2 billion loss in the fourth quarter of 2008.
* Net current credit exposure decreased 13% to $695 billion.
* Derivative contracts remain concentrated in interest rate products, which comprise 84% of total.
* derivative notional values. The notional value of credit derivative contracts decreased by 8% during the quarter to $14.6 trillion.
And the Hall of Greedy Bastards from Hell who would kill their own mothers for a sub-prime loan deal? You'll recognize the names of the absolute worst derivatives offenders:
1 JPMORGAN CHASE & CO. $81,108,352
2 BANK OF AMERICA CORPORATION $77,874,726
3 GOLDMAN SACHS GROUP, INC. $47,749,124
4 MORGAN STANLEY $39,125,255
5 CITIGROUP INC. $31,715,734
The OCC states that 'we the people'(or the Banks, or the FED) have $ 47 friggin trillion dollars in bad toxic dept that these 'Addicted Gamblers' deregulating 'profoundly irresponsible' (Obama's words for them) have jacked up. I don't know about you, but I sure haven't heard that 'little piece of news' slipped into the media somewhere between Michael Jackson's Toxic Drug Report and reading about the famous 'Oscar Meyer Weiner' truck running into a house in Wisconsin.
$47 trillion dollars....OMFG. Why does that sound like all the money in all the world to me.............and it's all from those 'fake credit swaps mortgage crunching up bullshit David X. Li Fake economic theory from hell' gambling crash that no one, I mean no one is ever going to be able to pay off. Sigh. Hitting my head again a brick wall feels good right now. I wish I could put a curse on Hank Paulson and all these crooks to make their anuses itch (in public) all the time, 24/7 until they all just ends up in an 'anus itching mental hospital' for the criminally insane.
Continue reading - http://www.dailykos.com/storyonly/2009/7/18/754813/-$47-Trillion-Toxic-Derivatives-the-Banks-FED-Are-Hiding
