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Banks that were victims of Bernie...Strangely, I noticed that they had also received taxpayer bailout money:
Partial list:
Bank of America*
Wachovia (bought by Wells Fargo which had gotten a bailout)
JPMorgan (also Chemical Bank was on Bernies list and it had bought JPMorgan but kept the JPMorgan name)
Citigroup USA /Citibank
Bank of New York
City National
Valley National Bank
*Additionally, AIG funneled more than $90 billion U.S. taxpayer bailout dollars between the September bailout and the end of the year to several U.S. banks. Bank of America was one of the US banks that received money from AIG.
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The following weren’t eligible as TARP recipients because they weren’t American banks...but money from US taxpayersflowed through A.I.G. to these foreign institutions. Banks outside the United States together received $60 billion taxpayer dollars from A.I.G.
Société Générale(French bank ) excess of $8 billion
Deutsche Bank received $4.9 billion above the market value of its securities
Calyon was given an extra $1.9 billion, above market value.
UBS (a Swiss bank) got an extra $1.8 billion above market value plus they received $60 billion from their government.
February 13, 2007 · (NPR) Immigrants who don't have credentials to work in the United States can still get a credit card, thanks to Bank of America. The bank is hoping to tap a fast-growing market by offering credit cards to illegal immigrants without Social Security numbers
January 2009 - Bank of America , the nation's largest bank reported a net loss of $1.79 billion in the fourth quarter of 2008. (Yet, last year they had acquired Countrywide and Merrill Lynch and then taken $15 billion in taxpayer bailouts.) 1st bailout
So....Bank of America took a $10 billion bailout (2nd bailout) and a few days later on January 16, 2009 - another $20 billion (3rd bailout) from the federal government. (75% of it was used to pay Merrill Lynch executives huge bonuses, since Bank of America had purchased Merrill Lynch last year.)
Note: The government is also guaranteeing $118 billion of Bank of America assets.
This was all before the Bernie Victims list was even announced, showing Bank of America was on it heavily.
Feb 2009 - ABC NEWS reported that Bank of America sponsored a five day carnival-like affair just outside the Super Bowl stadium and insiders put the cost at close to $10 million, with tents alone over $800,000. Proceeds from the event were to go to local youth initiatives.
Feb 13, 2009 - Halted foreclosures, letting borrowers live in the homes although they are still not making any payments.
March 15, 2009 - Bank of America received $5.2 billion in payouts from the federal government’s bailout of American International Group AIG*. (4th bailout from taxpayer money!) Merrill Lynch & Co, which was recently acquired by Bank of America, got $6.8 billion. the 5th bailout from taxpayer money!
Mar 18, 2009 - Bank of America Corp. ordered to disclose information about bonuses given to employees at Merrill Lynch & Co. just before the bank bought the brokerage company.
*AIG had received $170 billion in bailouts from the government to honor obligations for credit default swaps and other transactions.
Last edited by OneDayAttaTime; 03-28-2009 at 03:26 PM..
Wall Street Journal reports in 2007 that JP Morgan Chase was making mortgage loans to people who are in the US illegally and who have no social security numbers http://www.chexar.com/press/wsj050307.pdf
JP Morgan Chase:
March 2005 - agreed to pay only $2 billion of the $15.4 billion of WorldCom's bonds, that they had underwritten.
2007 - J.P. Morgan's "Building a Dream" program provides mortgages to illegal immigrants who don't have Social Security numbers. The Wall Street Journal reported JPMorgan's plan to pitch mortgages to illegal immigrants in Maricopa County, Ariz. Sheriff Joseph Arpaio whose office has arrested hundreds of illegal immigrants, said, "If I catch these people, they are going back to Mexico and the banks will have a tough time collecting on their loans."
March 2008 - bought troubled Bear Stearns (Note: EMC, which made numerous loans to "foreign nationals" (loaning to those with no social security number is fraud - a federal offense), was owned by Bear Stearns.
Sept 2008 - bought the bulk of Washington Mutual Inc.* becoming the largest U.S. bank, based on deposits.
Oct 14, 2008 - received $25 billion in bail outs, yet Jamie Dimon admitted they will use bailout money to buy more companies, not make loans.
December 10, 2008 - JP Morgan Chase was on the Madoff Victim's List
Feb 13, 2009 - Halted foreclosures, leaving homeowners in the homes although they are not making any payments.
March 23, 2009 - Although recently bailed out with taxpayer money, instead of paying it back they are going to spend $120 million on corporate jets
* LA Times reported 10/10/2007 that Washington Mutual (which was later bought by JPMorgan Chase) gave a $615,000 Mortgage to an immigrant from Mexico with a 6th grade education who not only can't read or write English but he also only makes $9 an hour. The home which is now for sale is expected to be a “short sale” with the house selling for less than the original $615,000 purchase price, with the lender weathering the loss....which will be augmented by taxpayer money.
HISTORY: In 1996, Chemical Bank acquired the Chase Manhattan Corporation taking the more prominent Chase name. In 2000, the combined company acquired J.P. Morgan & Co. and combined the two names to form what is today JPMorgan Chase & Co. JPMorgan Chase retains Chemical Bank's headquarters at 277 Park Avenue and stock price history.
On April 7, 2006, JPMorgan Chase announced it would be swapping its corporate trust unit for The Bank of New York Co.'s retail and small business banking network
(I mention this as I noticed that Chemical Bank and The Bank of New York were on the list of Madoff's victims.)
Interesting story says rumor and innuendo was used to create a panic that would change the course of history. The panic of 1907 was triggered by rumors that two major banks were about to become insolvent. Later evidence pointed to the source of the rumors. The public, believing the rumors, proceeded to make them come true by staging a run on the banks. The Secret Bailout of J. P. Morgan: How Insider Trading Looted Bear Stearns and the American Taxpayer
Last edited by OneDayAttaTime; 03-28-2009 at 03:34 PM..
November 2006 -loans to illegal immigrants who do not have a legitimate Social Security number, a credit file or legal immigration status are being made by Citibank, according to the Seattle Times.
September 29, 2008 - In an effort to secure Citigroups place among the U.S. banking industry's Big Three, Bank of America and JP Morgan Chase Citigroup planned to buy the banking operations of Wachovia absorbing up to $42 billion of losses from Wachovia's $312 billion loan portfolio, with the FDIC covering the remaining losses, but, alas, Wells Fargo instead of Citigroup got Wachovia.
October 2008 - took $25 billion from the U.S. banking-industry bailout. (And they were trying to buy Wachovia less than a month ago??)
October 6, 2008 - Citigroup filed a $60 billion lawsuit against Wells Fargo & Co over the acquisition of Wachovia Corp (If they are having so many financial problems who is paying for the attorney fees for this $60 billion lawsuit, if they don't win?)
November 24, 2008 - out of $306 billion in troubled assets, Citigroup will absorb the first $29 billion in losses. After that, three government agencies — the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp. — will take on any additional losses. Essentially taxpayers will be on the hook if Citigroup's massive portfolios of mortgage, credit cards, commercial real-estate and big corporate loans continue to sour. In addition, the Treasury Department also will inject $20 billion of fresh capital into Citigroup. 2nd bailout?
December 10, 2008 - Citigroup was on the Madoff Victim's List
Jan. 16, 2009 - Even with the bailouts from taxpayer paid bailouts the Citigroup announced a $8.29 billion fourth-quarter loss in 2008. This was before the names on the Madoff list were announced.
Feb 13, 2009 - Halted foreclosures, letting borrowers live in the homes although they are still not making any payments.
According to Hoovers, "The US government holds more than 80% of the company, and its future remains in a state of flux.”
As of March 2009 embattled insurance giant AIG (at the heart of a global financial crisis) has received federal bailouts totaling $180 billion and is now paying $165 million in employee bonuses. The US government has said it may still have to help AIG more. President Barack Obama is trying to address with plans for trillions of dollars in spending.
September 16, 2008 - $85 billion United States rescue that gives the government a 79.9 percent stake in the insurer.
October 10, 2008 - AIG claims to have borrowed $70.3 billion as of October 8. It was discovered that AIG had spent $200,000 on hotel rooms and $23,000 on spa services days after it got the emergency loan from the government.
November 10 - AIG posts a record quarterly loss, hurt for the fourth consecutive quarter. The third-quarter netloss is $24.47 billion compared with a year-earlier profit of $3.09 billion. Over the four quarters the loss has totaled $42.5 billion.
December 2 - AIG and the government reached an agreement to clear the insurer of its obligations on about $53.5 billion in toxic mortgage debt. (2nd bailout?) The Fed has established two funds to hold mortgage assets linked to AIG.
December 22 - German reinsurer Munich Re says it will buy AIG's HSB Group for $742 million to expand its U.S. business. This is the largest asset deal reached by AIG since October when it unveiled its plan for asset sales to raise funds to repay the government bailout.
January 26, 2009 - AIG says it is working with Bank of America Corp and Merrill Lynch to sell a fund management business that operates 15 funds with more than $12.4 billion in assets under management as of September 30.
March 2 2009 - Third new aid plan, putting $30 billion more at AIG's disposal, and easing terms and conditions to give the insurer a billion-dollar-a-year break on interest and dividend payments.
AIG reports a $61.7 billion fourth-quarter loss, the largest quarterly loss in corporate history.
March 2009, AIG announced that they werepaying out $165 million in executive bonuses. Total bonuses for the financial unit could reach $450 million and bonuses for the entire company could reach $1.2 billion.
March 14, 2009- AIG's financial products unit will pay $220 million in employee retention payments for 2008, $55 million of which were paid in December 2008 and $165 million required to be paid by March 15, 2009.
March 15, 2009- It is revealed that more than $90 billion of U.S. taxpayer bailout dollars were funneled through AIG between the September bailout and the end of the year to several U.S. banks including Merrill Lynch, Bank of America and Goldman Sachs -- one of Wall Street's most politically connected firms -- and to European banks including Deutsche Bank, France's Societe Generale, Switzerland's UBS and the UK's Barclays. Banks outside the United States together received $60 billion from A.I.G. (Updated info says: A large part of the AIG scandal is that over $100 billion taxpayer dollars have been channeled through AIG to major global financial institutions that have already received separate, significant bailout dollars in many cases. In other words, funds are provided to AIG by the U.S. government so that it can pay other companies, in effect making it a "bailout clearinghouse." ) German and French banks got $36 billion from AIG Bailout - BusinessWeek
AIG has 45 U.S. domiciled insurance companies authorized to do business in Louisiana. Of those companies, 28 are property and casualty insurers with two being Louisiana domestic insurers:Audubon Insurance Company and National Union Fire Insurance Company of Louisiana; 13 are life and health insurers; and four are surplus lines property and casualty companies: American International Specialty Lines Insurance Company, Audubon Indemnity Company, Landmark Insurance Company and Lexington Insurance Company. United Guaranty is another. (see also http://www.aig.com/individuals-and-families-insurance_20_16514.html) They also own American General Finance and who knows how many other names under the parent company.
Last edited by OneDayAttaTime; 03-28-2009 at 03:12 PM..
2005 -loans are being made to illegal immigrants who do not have a legitimate Social Security number, a credit file or legal immigration status are being made by Wells Fargo, called Celebrate Home according to the Seattle Times the Wall Street Journal.
September 2008 Wells Fargo was one of the first banks to get bailout funds - $25 billion tax dollars. On the very same day the bail out was passed Wells Fargo announced they would buy Wachovia afterall. (They had their eye on Wachovia just like Citgroup did-- the winner gets to be one of the 3 biggest banks in the US!)
October 6, 2008 - Citigroup filed a $60 billion lawsuit against Wells Fargo & Co over the acquisition of Wachovia Corp which would have secured Citigroups place among the U.S. banking industry's Big Three with Bank of America and JP Morgan Chase.
December 10, 2008 - Wachovia was on the Madoff Victim's List
December 31, 2008 - Wells Fargo completed the Wachovia acquisition making them the second largest bank. Wells Fargo said theydid not require FDIC assistance to complete the Wachovia takeover. (Because they had just gotten a $25 billion bail out?)
Feb. 9, 2009 - Wells Fargo wants to buy UBS, (UBS had money funneled to them by AIG) plus UBS received a $60 billion from the Swiss government, CBS News peported.
Feb 13, 2009 - Halted foreclosures, letting borrowers live in the homes although they are still not making any payments
March 15, 2009 - Wachovia Corp.(now owned by Wells Fargo) received $1.5 billion in payouts from AIG from the $170 billion bailout the government gave AIG to honor its obligations for credit default swaps and other transactions.
You also need to point out that AIG also would cause m,any privte pension funds to collapse if it went under. Alos the fact taht the insurnace psrt of AIG is not causing the problems.In fact the hedges that AIG took on would cause many companies to collpae if tehy went under. there is no deying that AIG wasas important as keep te banking systemcollapsing. It really just a metter of how you do it as with teh banks IMO.
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