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Thursday, July 09, 2009
The chancellor's City surrender
"It is boring banking, (essentially mortgage banking), done badly that has caused all our problems."What ?! They piled over $1300Trillion of derivatives on a base of mortgages they sold to people who barely had a pulse and zero income. They did it outside of a transparent market, over-the-counter. They lied and lied and lied. They even shorted the companies they sold the rubbish on to because they knew the junk would take them down. They lobbied for Glass-Steagall to be binned because they knew that what they were up to was a conflict of interest and all they had to do was to remove the legislation in their way. They decorated their balance sheets with assets that they themselves valued and called it "mark-to-model". Bookkeeping based on a lie. They took their worse crap off-balance sheet and offshore and sold and resold crap between themselves and the SIVs to create ever more "deposits" which they used as "collateral" for yet more borrowing and lending. Every time the penny came around they took "fees" and "commissions". This boondoggle inflated the money supply, robbed honest workers of their savings and because it was covered with layers of bookkeeping boolshite, distorted price and investment signals leading to malinvestment and misinvestment. Now they have collapsed the world.
And you think that is BORING banking ? Then what the hell is rampant, out of control , criminal, embezzeling, their noses in the coke bucket and their hands on your wallet. banking ?
This was no Black Swan , this was an organised crime who have as a last insult stolen what is left of the taxpayers' money and bailed THEMSELVES out and carried on paying themselves obscene "bonuses" as though nothing happend.
These BORING bankers need to be put on public trial for treason.
sketched by dweller at 1:15 am
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