I am being hampered in speed by my circumstances. I have not been able to get the payout website up. This is nobodies fault just the nature of events. Thank the Lord it shall be completed. Pray for me in this because I have a time table to hit that is controlled by other parties.
My criminal matter at the district level is now complete. I've come to the end of Mr. Alsup. At the end of the day I can say he really was a windbag. His bark had no correlation to his bite.
At the appeals court we await if they are going to force lawyers upon us. I like our chances of continuing as we were. This ruling should be any day. After that the first order of business will be the bond. We have never had a bond or hearing so we don't know what to expect. It would be nice because the BOP dolts are trying to do all they can to impede my appeal effort. This is an unholy system of bully tactics. Even if I just wanted to lay down and do my time they would draw me into a battle. They can't help themselves because they have no respect for God or man.
The civil lawsuit will take another 3-4 months before anything meaningful happens. There is just some volleying taking place before we get to the real issues. Don't worry about this one the retards are already set up for failure on this one. This trap was so obviously laid by me I never thought they would fall for it. The good news is I get Judge Jeffrey White who is Mr. Alsup's best friend. I like to keep trouble close to Mr. Alsup. We'll soon find out about the quality of friends he keeps.
I'm being moved if the warden has his way. In an act of retaliation for my acts at Dublin they are trying to punish me. What that means at the moment is not clear. I think they would like to ship me further from my family and to a higher security. I leave this to God. I am not my own. He is in control not the BOP. Where He wants me I will be. Stay blessed and I will update you again soon.
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Hello friends,
Tonight on TAKE NO PRISONERS at 9 PM EST on the Republic Broadcasting Network, we will examine three important topics and a special guest:
1. Tom Schaults’ APPROACH TO TRIAL
2. PROCEDURES TO KEEP A NOTARY PUBLIC AS A NON-PARTY WITNESS
3. HOW TO HANDLE A SURPRISE INTERVIEW OF THE NOTARY
The last two topics are critical for anyone who has used a notary public witness. Any notary public and law merchant who does not understand this information is unnecessarily at risk. We will discuss:
- How NOT to become a party to the process.
- How the notary can handle the interview WITHOUT defending the instrument
- How the notary can ensure that the investigator does NOT utter a typical false affidavit
- A followup process to quash any thought of prosecuting the notary.
The interview with Tom Schaults will explore his unique perspective on appearing at trial as a vehicle for educating the jury. Like the July 20th and 27th interviews, this will be ground-breaking information that every patriot needs to hear.
That’s tonight (Sunday), 9 PM EST, on the Republic Broadcasting Network.
______________________
ANNOUNCEMENT: ENFORCEMENT TRAINING CURRICULUM
As you may know, I am working feverishly on a comprehensive training curriculum for combating lawless “Courts.” That curriculum, in the form of a training manual:
DECONSTRUCTING THE DE FACTO
Lawful remedy to kidnapping under color of law
will unfold during the final two days of the 5 day North American BIC Law Merchant Event being held in XXXXXXX on XXXXXXber XX – XXXXXXber XX. I do not believe that we can overemphasize the need for patriots (Canadian AND American) to be prepared for hearings, investigations, arraignments, trials, arrests and kidnappings under color of law. At present, this manual consists of 7 sections devoted to specific technique and method for 5 discrete methods courtroom methods (Commercial, Simple, Educational, Sovereign, and Abatement). A hot-linked table of contents will take the reader immediately to any topic of interest such as a threat of contempt, how to handle an arrest, defending a BIC settlement, and arresting the interloper.
It is my intention to conduct broad-based hot-seat enforcement training so that attenddees return home after the meeting knowing exactly how to handle ALL of the situations that the Lord may visit upon them.
______________________
CLARIFICATION
In light of recent inquiries, I believe I should apologize for any confusion about the curriculum of the North American Event. In addition to the emphasis on enforcement, we WILL be covering ALL of the American BIC procedures in addition to the Canadian derivatives. Attendees will receive training in BOTH venues of BIC Instruments, Stage 1 presentment, Stage 2 hellfire enforcement strategies, BIC Essence, BIC Turbo, BIC Turbo for Court, BIC for Dummies, BIC Suite, BIC Lien, sovereign procedures, mentoring guidelines, and the tax remedies with emphasis on what I call the Reverse method.
In addition, all of the recent BIC safety and notary revisions will be included. We can, and will, accomplish those goals during the five day meeting.
I apologize to my American friends for the need to drive a bit to reach the meeting. However, it is my intention to elevate our training and methods to the next level. Our location is a cloistered environment that will support what I intend to be a unique Event of brotherhood and learning. Applications are available at
I do not believe that we can overemphasize the need for patriots
to be prepared for
hearings,
investigations,
arraignments,
trials,
arrests
and kidnappings
under color of law.
At present, this manual...
why not just put in "tawtcher" as well????
YA, becoss yo gut crupt juges like beans always trying to get it "in the end"!!
GRAND THEFT MORTGAGE,coming to home or (playstation) near you. JACKSON HOLE, Wyo. (MarketWatch) -- The financial crisis has entered a new phase and will likely bring total credit losses above $1 trillion, according to a leading academic who has been studying the turmoil since its beginning a year ago.Critics like Buiter worry that the Fed's unprecedented actions — including financial backing for JPMorgan Chase & Co.'s takeover of Bear Stearns Cos. — are putting taxpayers on the hook for billions of dollars of potential losses. They also say it encourages "moral hazard," that is, allowing financial companies to gamble more recklessly in the future.Aug. 23 (Bloomberg) -- Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators, the nation's ninth bank to collapse this year amid bad real-estate loans and writedowns stemming from a drop in home prices.The bank, with $752 million in assets and $622 million in total deposits, was shuttered by the Kansas state bank commissioner's office and the Federal Deposit Insurance Corp., the FDIC said yesterday in a statement.
What is the grade that your bank gets?
Bank City State
TheStreet.com
Rating
Total Assets
($ thousands)
Advanta Bk Corp Draper UT A 2,587,476
Albany B&TC NA Chicago IL A 512,418
Alerus Financial NA Grand Forks ND B+ 717,480
American Bk of Texas Sherman TX A- 1,054,627
American Bk TX NA Marble Falls TX A- 684,350
American Heritage Bk Sapulpa OK A- 599,074
American NB&TC Danville VA A 784,257
American St Bk Lubbock TX A- 2,095,007
Apple Bk For Svgs Manhasset NY B+ 8,307,485
BancFirst Oklahoma City OK A- 3,773,746
BancorpSouth Bk Tupelo MS B+ 13,151,538
Bank of Clarke Cty Berryville VA B+ 512,038
Bank of Commerce Idaho Falls ID A+ 730,004
Bank of Hampton Roads Norfolk VA A- 581,257
Bank of Marin Corte Madera CA B+ 919,799
Bank of Stockton Stockton CA A- 1,752,232
Bank of the Commonwealth Norfolk VA B+ 883,383
Bank of the Ozarks Little Rock AR B+ 3,041,220
Bank of the Sierra Porterville CA A- 1,279,280
Bank of the West El Paso TX A- 701,178
Bank of Utah Ogden UT B+ 699,707
Bank of Washington Washington MO A- 598,542
BankPlus Belzoni MS B+ 2,087,587
Beal Bk NV Las Vegas NV B+ 1,755,318
Bessemer TC Woodbridge Twp NJ A- 594,017
Bessemer Trust Co NA New York NY A- 933,083
Broadway Bk Chicago IL B+ 1,118,366
Broadway NB San Antonio TX A 1,799,320
Brookline Bank Brookline MA A- 2,390,461
Burke & Herbert B&TC Alexandria VA A 1,538,861
Cameron St Bk Lake Charles LA A- 585,035
Centennial Bk Fountain Valley CA B+ 702,138
Centier Bank Whiting IN A- 1,819,170
Central Bk Provo UT A 616,561
Citizens 1st Bank Tyler TX A 599,052
Citizens Bk Elizabethton TN A 633,137
Citizens Bk Philadelphia MS B+ 709,271
Citizens Bk Farmington NM B+ 538,459
Citizens Business Bk Ontario CA B+ 6,368,212
Citizens NB of Meridian Meridian MS A- 1,136,808
City NB Beverly Hills CA B+ 15,440,489
City NB of Florida Miami FL A+ 2,870,059
City NB of WV Charleston WV A- 2,479,901
Columbia Bk Fair Lawn NJ B+ 4,413,282
Columbus B&TC Columbus GA B+ 6,084,023
Community Bk Pasadena CA B+ 2,152,830
Community BK of Tri-Cty Waldorf MD B+ 631,867
Conway NB Conway SC A- 854,951
Custodial Trust Co Princeton NJ A+ 995,443
Deutsche Bk TC Americas New York NY A- 38,216,000
Deutsche Bk Tr Co DE Wilmington DE A- 705,719
Dime Svgs Bk of Williamsburg Brooklyn NY A- 3,608,610
Eastern Bk Boston MA B+ 6,888,199
El Dorado Svgs Bk FSB Placerville CA A- 1,578,117
Evangeline B&TC Ville Platte LA A 526,050
Farmers & Merch Bk Ctrl CA Lodi CA A- 1,565,470
Farmers & Merchants Bk Long Beach CA A+ 3,319,158
Farmers St Bk Marion IA A- 529,080
Fidelity Bk Fuquay-Varina NC A- 1,476,620
First B&T East Texas Diboll TX B+ 610,264
First Bk Troy NC B+ 2,382,454
First Citizens B&TC Columbia SC B+ 6,257,895
First Citizens NB Mason City IA A- 888,258
First Community Bk NA Bluefield VA B+ 2,045,941
First Farmers & Merchants Bk Columbia TN B+ 858,918
First Federal Bk of FL Lake City FL A 622,261
First Financial Bank, NA Abilene TX B+ 1,004,152
First Financial Bk Terre Haute IN A- 2,216,822
First Financial Bk NA Hamilton OH B+ 3,311,397
First Hawaiian Bk Honolulu HI A- 12,957,489
First Mid Illinois B&T NA Mattoon IL B+ 1,015,170
First NB Hot Springs AR A- 731,884
First NB Paragould AR A- 569,058
First NB Fort Pierre SD B+ 601,911
First NB Alaska Anchorage AK B+ 2,340,746
First NB of Long Island Glen Head NY A- 1,131,438
First NB of Newtown Newtown PA A+ 617,146
First NB of Palmerton Palmerton PA A- 568,607
First NB of Pulaski Pulaski TN B+ 549,442
First NB of Santa Fe Santa Fe NM B+ 577,897
First NB of Shelby Shelby NC A 958,190
First NB of TN Livingston TN A 538,747
First PREMIER Bk Sioux Falls SD A 897,077
First Regional Bk Los Angeles CA B+ 2,317,382
First Security Bk Missoula MT B+ 804,740
First Security Bk Batesville MS B+ 505,781
First St Bk Central TX Austin TX B+ 925,481
Firstbank Southwest Amarillo TX B+ 668,453
Flagship B&T Co Worcester MA B+ 578,087
FPC Financial FSB Madison WI B+ 1,335,460
Frost NB San Antonio TX A- 13,886,593
FSGBank NA Chattanooga TN B+ 1,246,936
Gate City Bk Fargo ND B+ 988,689
GE Capital Fncl Salt Lake City UT A- 2,733,979
Glacier Bk Kalispell MT A- 912,552
Glens Falls NB&TC Glens Falls NY B+ 1,401,702
GMAC Bank Midvale UT B+ 30,329,334
Heritage Bk of Commerce San Jose CA A- 1,413,435
High Point B&TC High Point NC A- 799,903
Hills B&TC Hills IA B+ 1,678,922
Home Federal Bank Nampa ID B+ 709,380
Home Federal Bank of TN Knoxville TN B+ 1,795,718
Hometrust Bank Clyde NC B+ 1,302,033
Horizon Bk Bellingham WA B+ 1,391,681
Hudson Valley Bank, NA Stamford CT A- 2,222,661
Idaho Independent Bk Coeur D'Alene ID B+ 611,389
International Bk/Cmmrce NA Brownsville TX B+ 791,038
Intrust Bk NA Wichita KS B+ 3,563,025
Jersey Shore St Bk Jersey Shore PA A- 617,494
KleinBank Big Lake MN A- 1,515,280
LA Jolla Bk FSB Rancho Santa Fe CA B+ 3,610,901
Liberty Bk Middletown CT A- 2,779,188
Luther Burbank Svgs Santa Rosa CA B+ 2,922,141
Macon Bk Franklin NC B+ 1,071,196
Manufacturers Bk Los Angeles CA B+ 2,052,781
Maspeth FS&LA Maspeth NY A 1,339,757
Mechanics Bk Richmond CA A- 2,706,040
Merchants Bk Burlington VT B+ 1,275,990
Metro Bk Pell City AL B+ 516,160
Metropolitan NB Springfield MO A- 562,405
Mission Bk Mission KS B+ 583,770
Mizuho Corporate Bk Of CA Los Angeles CA A- 607,163
Mizuho Corporate Bk USA New York NY A- 3,929,083
Mountain West Bk Coeur D'Alene ID B+ 1,048,597
Nara Bank Los Angeles CA B+ 2,542,854
National B&TC of Sycamore Sycamore IL A- 556,750
National Bk of Blacksburg Blacksburg VA A 907,500
National Exchange B&TC Fond Du Lac WI A 1,059,425
Nationwide Bank Columbus OH A- 1,410,354
Needham Bk Needham MA B+ 755,930
New York Commercial Bk Islandia NY B+ 2,789,878
New York Community Bk New York NY B+ 28,822,406
Newburyport Five Cnts SB Newburyport MA B+ 572,099
North American Svgs Bk FSB Grandview MO B+ 1,525,704
Northfield Bank Staten Island NY A- 1,469,698
Old Second NB Aurora IL B+ 2,998,079
OptumHealth Bank, Inc. W Valley City UT A- 736,192
Oritani Svgs Bk Washington NJ B+ 1,380,027
Orrstown Bk Shippensburg PA B+ 915,013
Panhandle St Bk Sandpoint ID B+ 995,379
Parke Bk Sewell NJ B+ 509,567
Penn Security B&TC Scranton PA A- 615,238
Peoples Bk of Biloxi Biloxi MS A- 892,028
People's United Bank Bridgeport CT B+ 20,541,299
Piedmont FSB Winston-Salem NC B+ 822,459
Pinnacle Bk Lincoln NE B+ 2,182,610
Planters B&TC Staunton VA B+ 827,186
Provident Bk Montebello NY B+ 2,816,881
Prudential Bank & Trust, FSB Hartford CT B+ 1,460,729
RCB Bk Claremore OK B+ 1,209,166
River City Bk Sacramento CA A- 833,431
Roma Bank Robbinsville NJ B+ 891,830
Rosedale FS&LA Baltimore MD A+ 598,638
Salin B&TC Indianapolis IN B+ 823,057
Savings Bk of Mendocino Cty Ukiah CA A- 743,626
Second B&T Fredericksburg VA B+ 776,038
Security NB of Omaha Omaha NE B+ 563,295
Security NB of Sioux City IA Sioux City IA B+ 608,039
Severn Svgs Bk FSB Annapolis MD B+ 955,154
Silicon Valley Bk Santa Clara CA A 6,386,386
Skagit St Bk Burlington WA A- 578,637
Solvay Bk Solvay NY B+ 503,807
Somerset Svgs Bk, SLA Bound Brook NJ B+ 602,359
South Side T&SB Peoria IL A- 542,051
Southcoast Community Bk Mt Pleasant SC B+ 509,493
Southern B&TC Mt Olive NC B+ 1,199,244
Starion Financial Bismarck ND B+ 581,732
State Bk of India (Calif) Los Angeles CA B+ 538,913
State Bk of Southern Utah Cedar City UT A 599,643
State Bk Texas Irving TX B+ 500,565
Stearns Bk NA St Cloud MN B+ 1,106,700
Sumitomo Tr & Bkg Co USA Hoboken NJ A 738,385
Talbot Bk of Easton MD Easton MD B+ 572,997
Texas B&TC Longview TX B+ 986,015
Torrington Svgs Bk Torrington CT B+ 714,673
Tri City NB Oak Creek WI A 767,701
Tri Counties Bk Chico CA A- 1,998,110
U.S. Century Bank Miami FL B+ 1,424,915
UBM Bank Colorado, NA Denver CO B+ 833,581
UMB NB of America Salina KS B+ 633,934
Union B&TC Lincoln NE B+ 1,655,668
Union Federal Svgs Bk N Providence RI B+ 647,471
United Bk Zebulon GA B+ 654,403
Univest NB&TC Souderton PA A- 2,041,748
Valley National Bank Passaic NJ B+ 12,933,726
Wachovia Bk of DE NA Wilmington DE B+ 4,814,700
Washington First Intl Bk Seattle WA A- 583,787
Washington FS&LA Seattle WA A+ 11,738,021
Waukesha St Bk Waukesha WI A 697,058
Webster Five Cents SB Webster MA B+ 512,109
Western Security Bank Billings MT A- 540,694
Wilmington Svgs Fund Society Wilmington DE B+ 3,173,008
Wilshire St Bk Los Angeles CA B+ 2,258,035
Woodforest NB Houston TX A- 2,589,346
World Financial Network NB Columbus OH A- 1,003,874
Wright Express Fin Svcs Corp Salt Lake City UT B+ 1,195,118
Yakima FS&LA Yakima WA B+ 1,398,520
Weakest Banks and Thrifts
in the United States
(See first table above for strongest.)
Distributed by: Weiss Research, Inc.
Source of Financial Strength Ratings: Courtesy of TheStreet.com Ratings,
www.TheStreet.com.
Data source: FDIC’s Call Reports and OTS’ Thrift Financial Reports, March
31, 2008.
Selection criteria for the table below: All U.S. commercial banks, savings
banks, S&Ls and other thrifts with total assets of $500 million or more and
with a rating of D- or lower.
Instructions: Same instructions as for strongest, above.
Bank City State
TheStreet.com
Rating
Total Assets
($ thousands)
1st Centennial Bk Redlands CA D- 715,231
1st United Bk Boca Raton FL D+ 575,509
Affinity Bk Ventura CA D- 1,172,207
Alliance Bank Lake City MN D 651,634
Alliance Bk Culver City CA D- 1,111,157
Alliance Bk Corp Fairfax VA D 553,450
Amboy Bank Old Bridge NJ D- 2,695,636
Amcore Bk NA Rockford IL D+ 5,135,631
American Bk St Paul MN D 612,162
American Bk of Commerce Wolfforth TX D+ 690,847
American Founders Bk Inc Frankfort KY D- 561,375
American River Bk Sacramento CA D 585,958
Americanwest Bk Spokane WA D 2,106,351
Ameriprise Bank, FSB New York NY D 1,551,509
Amtrust Bank Cleveland OH D- 17,301,384
ANB Financial NA Rogers AR F 1,895,545
Anchorbank FSB Madison WI D+ 5,088,062
Avidia Bank Hudson MA D+ 954,640
Baltimore County Svgs Bk FSB Baltimore MD D 615,915
Banco Popular North America New York NY D+ 12,738,302
Banco Santander PR San Juan PR D 9,103,575
Bank of Blue Valley Overland Park KS D- 753,205
Bank of Choice Evans CO D- 560,922
Bank of Choice Colorado Arvada CO D- 637,106
Bank of East Asia USA NA New York NY D 748,859
Bank of Florida-Southwest Naples FL D+ 698,891
Bank of Granite Granite Falls NC D 1,192,025
Bank of the Cascades Bend OR D+ 2,403,853
BankAtlantic Fort Lauderdale FL D 6,212,631
BankUnited FSB Coral Gables FL D+ 14,312,695
Baraboo NB Baraboo WI D+ 596,978
Barclays Bank Delaware Wilmington DE D 7,125,125
Baylake Bk Sturgeon Bay WI D 1,078,889
Beach Community Bk Fort Walton Bch FL D- 660,975
BLC Bank, NA Strasburg PA D- 3,178,636
BPD Bk New York NY D+ 632,610
Bradford Bank Baltimore MD D- 551,944
Bridgeview Bk Group Bridgeview IL D+ 1,403,902
Buckhead Community Bk Atlanta GA D- 943,151
Builders Bk Chicago IL D- 527,387
CapitalSouth Bank Birmingham AL D- 756,441
Central Co-Op Bk Somerville MA D+ 570,835
Central Progressive Bk Lacombe LA D- 508,652
Century Bk FSB Sarasota FL D- 929,123
Chevy Chase Bk FSB McLean VA D+ 15,130,114
Citizens First Svg BK Port Huron MI D+ 2,091,041
Citizens-Union Svgs Bk Fall River MA D 649,190
Columbian B&TC Topeka KS D- 735,766
Community Bk Loganville GA E+ 623,764
Community Central BK Mt Clemens MI D- 544,704
Community First Bk Harrison AR D+ 519,235
Community South Bk Parsons TN D- 569,721
Community West Bk Goleta CA D+ 628,610
Conestoga Bank Chester Springs PA D- 680,814
Corus Bk NA Chicago IL D 8,976,744
Countrywide Bank, FSB Alexandria VA D 121,412,048
County Bk Merced CA D 2,078,298
Crescent B&TC Jasper GA D+ 950,001
Crescent B&TC New Orleans LA D+ 559,526
Delaware County B&TC Lewis Center OH D 716,851
Desert Hills Bk Phoenix AZ D+ 502,374
Doral Bank Puerto Rico San Juan PR D 8,835,752
Downey S&LA FA Newport Beach CA D- 13,130,348
E*Trade Bank Arlington VA D+ 48,184,276
Eastern Svgs Bk FSB Hunt Valley MD D 1,132,481
Equitable Bk SSB Wauwatosa WI D+ 548,555
Eurobank San Juan PR D- 2,792,787
Falcon International Bk Laredo TX D+ 871,386
Farmers & Merchants Bk Lakeland GA D- 534,414
Federal Trust Bank Sanford FL E- 670,589
Fidelity Bank Dearborn MI D 1,045,530
Fidelity Bk Norcross GA D+ 1,732,780
First American Intl Bk Brooklyn NY D+ 542,634
First Bank of Beverly Hills Calabasas CA D+ 1,410,692
First Bk Fncl Centre Oconomowoc WI D+ 571,327
First Central Svgs Bk Glen Cove NY D- 645,056
First Community Bk Taos NM D+ 3,455,652
First Federal Bank Harrison AR D 828,860
First Federal Bank of CA FSB Santa Monica CA D+ 7,083,638
First Georgia Banking Co Franklin GA D+ 715,523
First Gulf Bank, NA Pensacola FL D+ 698,875
First Mariner Bk Baltimore MD D- 1,172,860
First NB of AZ Scottsdale AZ E+ 2,836,085
First NB of GA Carrollton GA D- 882,993
First NB of Nevada Reno NV D- 1,634,041
First NB of the South Spartanburg SC D+ 850,717
First Niagara Commercial Bk Lockport NY D 717,088
First Place Bank Warren OH D+ 3,283,975
First St Bk Eastpointe MI D 738,642
First St Bk Stockbridge GA D- 705,237
First Tennessee Bk NA Memphis TN D+ 37,063,967
Firstbank of PR San Juan PR D+ 17,173,199
FirsTier Bk Louisville CO D+ 542,909
Flagstar Bk FSB Troy MI D- 15,898,386
Florida Capital Bank, NA Jacksonville FL D- 819,512
Florida Choice Bk Mt Dora FL D 868,805
Florida Community Bk Immokalee FL E+ 935,236
Founders Bk Worth IL D 980,356
Franklin Bk SSB Houston TX D- 5,922,659
Fremont Investment & Loan Anaheim CA E 6,047,598
Gainesville Bank & Trust Gainesville GA D 646,373
Geauga Svg Bk Newbury OH D+ 530,388
Goldman Sachs Bk USA Salt Lake City UT D 25,573,236
Graystone Bank Lancaster PA D 524,412
Great FL Bk Miami FL D+ 1,850,387
Guaranty Bank Milwaukee WI D- 1,826,503
Habersham Bk Clarkesville GA D- 520,216
Hanmi Bk Los Angeles CA D+ 3,927,609
Haven SB Hoboken NJ D+ 680,150
Heartland Bk Clayton MO D+ 892,367
Helm Bk Miami FL D+ 586,280
Highland Bk St Michael MN D+ 507,223
Hillcrest Bk Overland Park KS D- 1,882,968
Home NB Blackwell OK D 815,543
Home S&LC Youngstown OH D 2,716,625
HSBC Bk USA NA Wilmington DE D+ 188,284,200
Huntington NB Columbus OH D+ 55,566,801
Illinois NB Springfield IL D- 517,987
Imperial Capital Bk La Jolla CA D+ 3,530,257
Independence Bk Owensboro KY D+ 675,449
Independent Bk Ionia MI D- 3,238,995
IndyMac Bk FSB Pasadena CA E- 32,010,816
Integrity Bk Alpharetta GA E- 1,203,701
Inter Svgs Bk FSB Maple Grove MN D- 951,692
Intervest NB New York NY D+ 2,046,601
Irwin Union Bk Columbus IN D+ 5,425,343
Irwin Union Bk FSB Columbus IN D+ 692,224
K Bk Owings Mills MD D- 649,097
LaSalle Bank Midwest NA Troy MI D 37,008,195
Lehman Brothers Bk FSB Wilmington DE D- 12,246,720
LibertyBank Eugene OR D 960,085
Lincoln Bank Plainfield IN D+ 862,451
Lowell Five Cents SB Lowell MA D+ 663,853
Lydian Private Bank Palm Beach FL D+ 2,008,561
Macatawa Bk Holland MI D 2,133,420
Magyar Bank New Brunswick NJ D 504,200
Marine Bk-Springfield Springfield IL D 631,946
Meridian Bank NA Wickenburg AZ D 2,505,730
Merrick Bank Corp S Jordan UT D+ 1,181,376
Midcountry Bank Marion IL D- 1,025,760
Mid-Missouri Bk Springfield MO D+ 752,747
MidWestOne Bk Oskaloosa IA D- 778,014
Millennium BCP Bank, NA Newark NJ D- 841,322
Mutual Bk Harvey IL D- 1,532,589
National City Bk Cleveland OH D 152,519,145
New South FSB Irondale AL D 1,986,425
Northeast Bk Auburn ME D+ 583,816
Northside Cmnty Bk Gurnee IL D 554,194
Northwest Georgia Bk Ringgold GA D+ 633,733
Ocean Bk Miami FL D- 5,120,611
Omni Bk Metairie LA D 727,864
Omni NB Atlanta GA D- 992,505
OmniAmerican Bank Fort Worth TX D 1,086,199
One United Bk Boston MA D 742,866
Orion Bk Naples FL D 2,936,394
Park View FSB Cleveland OH D 868,702
Peachtree Bk Duluth GA E 545,076
Peninsula Bk Englewood FL D- 606,312
Peoples Community Bank W Chester OH D- 870,486
PFF B&T Pomona CA E+ 4,103,786
Ponce De Leon Federal Bk New York NY D+ 643,478
Premier Bk Jefferson City MO D- 1,569,820
Premier Bk-Maplewood Maplewood MN D- 552,769
Presidential Bk FSB Bethesda MD D+ 534,166
Redding Bk of Commerce Redding CA D 646,946
Republic Federal Bank, NA Miami FL D- 613,165
R-G Premier Bk of PR San Juan PR D+ 7,165,822
Riverside Bk of Gulf Coast Cape Coral FL D- 535,046
Scotiabank DE PR Hato Rey PR D- 1,529,267
Seacoast NB Stuart FL D- 2,391,360
Security Bank of Bibb County Macon GA D- 1,315,478
Security Bk of Kansas City Kansas City KS D+ 880,439
Security Pacific Bk Los Angeles CA D- 585,184
Signature Bk of Arkansas Fayetteville AR D 549,211
Silver St Bk Henderson NV D 1,624,672
Southport Bk Kenosha WI D+ 510,740
Sovereign Bk Wyomissing PA D+ 81,906,412
Sovereign Bk NA Dallas TX D 632,482
Sterling B&T FSB Southfield MI D- 670,627
Sterling Savings Bank Spokane WA D+ 12,189,506
Superior Bank Birmingham AL D 2,943,775
Teambank NA Paola KS D+ 704,541
Temecula Valley Bk Temecula CA D 1,373,343
TIB Bank Naples FL D+ 1,423,951
TierOne Bk Lincoln NE D 3,374,893
Tower B&TC Fort Wayne IN D+ 687,243
Transatlantic Bk Miami FL D+ 573,742
Truman Bk St Louis MO D 502,798
Vanguard B&TC Valparaiso FL D+ 633,756
Vantus Bk Sioux City IA D+ 597,030
Vineyard Bk, NA Rancho Cucamonga CA D 2,326,862
Vision Bk Panama City FL D- 922,174
Warren Bk Warren MI D- 587,082
Washington Mutual Bank Henderson NV D+ 317,823,952
Wauwatosa Svgs Bk Wauwatosa WI D+ 1,771,794
West Coast Bk Lake Oswego OR D 2,607,534
Westernbank Puerto Rico Mayaguez PR D- 15,971,230
Westsound Bk Bremerton WA D- 502,789
Select U.S. Brokers with
Their Capital Multiples
Publisher: Weiss Research, Inc.
Data source: Securities and Exchange Commission (SEC) and most recent
financial statements.
Selection criteria for the table below: Based on reader interest and other
issues we deemed relevant to investors.
Definition of Capital Multiple: Total net capital divided by minimum capital
requirement.
Instructions:
1. Do not rely exclusively on this measure to evaluate the relative safety of
your broker.
2. When you have a choice, favor brokers with a higher capital multiple as an
indicator of their ability to withstand losses or other financial difficulties.
Brokerage Firm Capital Multiple
Edward Jones 19.90
Bank of New York Mellon (Pershing) 15.80
T. Rowe Price 13.98
Scottrade 13.86
OptionsXpress 12.65
Raymond James 11.92
Merrill Lynch 8.62
Fidelity 7.93
Bank of America Securities 5.97
ING Direct 5.85
Schwab 5.85
Lehman Brothers 5.43
E Trade 5.00
TD Ameritrade 4.72
Citi Smith Barney 4.06
Goldman Sachs 3.90
Morgan Stanley 3.21
Strongest Banks and
Thrifts in the United States
(See second table below covers the weakest; go to
the bottom of this report for information on brokers.)
Distributed by: Weiss Research, Inc. and www.MoneyandMarkets.com.
Source of Financial Strength Ratings: Courtesy of TheStreet.com Ratings,
www.TheStreet.com.
Data source: FDIC’s Call Reports and OTS’ Thrift Financial Reports, March
31, 2008.
Selection criteria for the table below: All U.S. commercial banks, savings
banks, S&Ls and other thrifts with total assets of $500 million or more and
with a rating of B+ or higher.
Instructions: Below, please find the listings for the strongest and weakest
banks and thrifts.
1. Make sure you have the exact name of your bank or thrift, along with its
state of domicile.
2. Look for your institution in alphabetical order. If it is not on this list, check
the list of Weakest Banks and Thrifts below.
3. If you cannot find your institution on either list, visit www.TheStreet.com.
4. Under “PORTFOLIO & TOOLS,” select “Banks & Thrifts Screener.”
5. This will take you to a new page with the bank screener, and you’ll see a
box on the left hand side to fill in your bank information. To narrow the
search, type in the name of your State. For the bank name, enter just the
FIRST word or a SINGLE key word. Do not enter the full bank name.
6. Refer to the following ratings scale:
A excellent
B good
C fair
D weak
E very weak
+ the upper third of each grade range
- the lower third of each grade range
7. Based on these ratings, here are some guidelines to follow:
If your bank is rated B- or higher, do not take any further action unless
your deposits are over the FDIC limit.
If your bank is rated D+ or lower, consider moving your money elsewhere.
If your bank is rated a C- a C or a C+, we consider it a yellow flag.
Monitor the rating periodically to make sure it has not been downgraded
into the D range.
If you’re shopping for a new bank or thrift, favor those with a rating of B+
or better.
i bet even the crupt drudge beans dun no that they are peepls workiing to crate a process to do a AR on yo incum tacks dat yo already paid in...
there are multiple brain 'trusts' working to this end...by next year, yo will be able to do AR on yo incum tacks...that yo alredy payded in....
the AR will apply to anythins that involve debt, meening anytins that yo pay with 'money' wich is debt nots....
rember, when assevelt take all yo gold in 33', then there was no ways to payoff dets, only 'discharge' them...the only way to discharge them is to do an AR process...write an prom nots, just like the bank rit yo promo nots when yo try to borry moooney from them....
stay toon...for lastest develments....
according to kendy, one should be happy each and every time they take yo to court as they are just givnng yo more meony in ARs remdys....
i guss that this only apples if yo no what yo are dong....but if yo do, yo can relly 'clean up' $$$$$$
like kendy says: never argue/fight with them....jsut 'accept fo valyoo' and then turn into an AR $$$$$
And Kurt whines
I have not been able to get the payout website up.
Took your crayons and computer access away didn't they after your last little escapade? Not to mention forbidding you from more fraudulent filings and documents.
and wimpers some more
I've come to the end of Mr. Alsup. At the end of the day I can say he really was a windbag. His bark had no correlation to his bite.
Remind me Kurt, how many years was it you were sentenced to if Alsup was such an impotent windbag?
Kurt wishfully thinking again
At the appeals court we await if they are going to force lawyers upon us. I like our chances of continuing as we were.
You tried going on as you were and got told NO you weren’t. The court has refused your nonsense and told you no more, all has to go through your court appointed lawyer from now on. As to a hearing, the only thing you are going to get is a refused on you appeal.
yet another Kurtian prediction of imminent success, in other words, don’t hold your breath
Don't worry about this one the retards are already set up for failure on this one. This trap was so obviously laid by me I never thought they would fall for it.
Just like the criminal trial was all set up for your victory????
100 bank failures in the next year of 850 Billion + It's sad that those running for President aren't talking about this:
It's More Than Freddie and Fannie
The US Banking System Is in Trouble
$500 Billion and Counting
Fannie, Freddie, and the Credit Crisis
Baltimore, La Jolla, and South Africa
Yet another crisis confronts us, as we will have to deal with the aftermath of a rather large number of bank failures over the next year, which is likely to overwhelm the ability of the FDIC to insure your bank deposits. Today we look at the banking system, the FDIC, and Freddie and Fannie. It's not pretty, but as realists we must know what we are facing.
But first, I just want to say I am glad that Richard Russell is doing fine. For those who do not know, he suffered a mild stroke last Friday. I talked to him yesterday, and he was a little tired but doing better. He has decided to cut back his writing schedule and relax a bit more, which is a good thing. At 84, he has written a daily (and sometimes lengthy) commentary and has been writing the monthly Dow Theory Letter since 1958. He is the dean of newsletter writers. He has forgotten more than most of us will ever know about the markets.
His doctor told him he needed to seek some balance in his life and cut down on the stress. I know how much it takes to write my one letter each week; I can't imagine what it takes to write five. Basically, his plan is now to post his stats and only write about the markets when something important is happening, about every two weeks. I hope he sticks with that plan, as I want to be sharing dinner and drinks with him for many years to come. I am sure you join me in wishing him and his lovely wife Faye all the best and a healthy and quick recovery.
The US Banking System Is in Trouble
A few weeks ago when I was in Maine, I met Chris Whalen. Chris is the managing director of a service called Institutional Risk Analytics, whose primary business is analyzing the health of banks and financial institutions. If you are one of their clients, you can go to their web site and drill quite deep into all aspects of every bank in America. And what they have done is come up with various metrics which compare how well-capitalized a bank is, how much risk it is taking, and what kind of losses (or profits) it can expect. It is a one of a kind firm, and the data gives Chris a very special perspective on the US banking system.
And what he sees is not pretty. There is a crisis brewing. He expects 100 banks to fail between now and July of 2009. Most of them will be small, but there will be a few large banks. The total assets of those banks he estimates to be $850 billion (not a typo!). Those are the assets the FDIC is going to have to cover when they take over the banks.
Take Washington Mutual as an example. There are problems there. Their debt now trades at 20%, which is worse than junk. There is no way they could issue preferred stock to recapitalize their business. And they are going to need more capital, as they have writedowns in their future due to the slowing of the economy. Any common issue would have to seriously dilute existing shareholders almost to the point of nothing. There are circumstances in which they can survive, but it would take a remarkable recovery for the US economy, which is not likely. Maybe management can pull a rabbit out of the hat, but it will need some strong magic to get the capital they need at a cost they can live with.
The FDIC has about $50 billion. These reserves have been built up over the years from deposit insurance paid by banks that are part of the program. They are going to need an estimated $20 billion just to cover the failure of Indy Mac. The FDIC will have to cover only a small percentage of the $850 billion, as some of those assets will surely be good. But if they have to cover 10%, then the FDIC would need another $50 billion. Does that sound like a lot? Chris thinks a more conservative number for planning purposes would be 20-25% potential losses, and you hope it does not get there.
Sometime in the next few quarters, Congress and the President, either the current group or early in the term of the next President, are going to have to address that potential shortfall, before we see bank runs as people fear that FDIC insurance reserves may not be enough. The very sad fact is that taxpayers are going to be on the hook for some time. What is likely to happen is that a loan facility will be made to the FDIC so they can borrow as much as they need, and pay it back from future bank insurance payments.
You can't make up the shortfall just by raising fees. Chris points out that raising fees right now is not really a winning option, as that just makes the financial books of marginal banks even worse. You can raise rates as the banking system returns to health.
If Congress and the President wait too long, there could be a very serious problem, as depositors could start moving their funds under $100,000 (the insured amount) to what they perceive may be a safer bank than their current bank. Rumors could run rampant. This is something that needs to be addressed now. Frankly, this should be addressed right after the elections AT THE LATEST, in consultation with Congress and the new President.
If you are worried about your bank, you can go to Chris's web site and pay $50 for a brief analysis of your bank and an update for the next four quarters. If you have less than $100,000 in your accounts, you should not worry. But for businesses with large deposits and cash flows, it might be worth checking on the health of your bank. The link is http://us1.institutionalriskanalytics.com/Cart/Request.asp?affiliate=bmg123.
You can click on the link that says "Click here for the free samples" in the lower right corner of the page to see if the format of what they offer is something you would find useful.
$500 Billion and Counting
We have seen some $505 billion in bank write-offs so far in this credit crisis. It is serious naiveté to assume that this will be the extent of it. Most of the write-offs have been mortgage-related. We have not yet seen the write-offs that will come as consumers start defaulting on credit cards, auto loans, and other consumer debt. Neither have we seen the losses that will come from commercial real estate or corporate loan as the recession progresses. You can't write off something until it goes bad, although you can increase your loan loss provisions. This of course hits earnings and your stock price and thus your ability to raise new equity. It presents a very difficult dilemma for bank managers and investors deciding whether to invest or go away.
Sober-minded analysis from the IMF suggests that the total write-offs by all banks may be $1 trillion. Dr. Nouriel Roubini is much more alarmed and puts the potential losses at closer to $2 trillion. That means that banks over time are going to have to increase their loan loss provisions, hitting both earnings and capital. And that means they will have to raise more investment capital and equity at a time when their stock prices are low.
It is a vicious spiral. Banks have less capital, so they are able to lend less to the very businesses that need the money; and without said money the businesses will be less capable of paying their current loans, which means that banks have less capital. Rinse and repeat.
That only prolongs the recession and Muddle Through Economy, which hurts consumers and corporate profits, which in turn puts more pressure on banks. Ultimately it means that banks are going to have to raise a lot more capital than anyone who is buying financial stocks today imagines. And it is largely going to be expensive capital. Look at this note from Bennet Sedacca of Atlantic Advisors:
"Financial entities like banks, broker/dealers, regional banks, finance companies, and insurance companies need credit at reasonable rates in order to finance themselves. I have been concerned for many years that the door would finally shut on banks, brokers and others to raise new capital in the debt markets.
"For many regional banks like KeyCorp, Zions, Regions, and National City, the door has already shut on them--if they wanted to raise capital in the debt market at levels where their outstanding issues regularly trade, they would have to pay 12-15%, hardly economic levels. GM bonds trade near 27% yields. Washington Mutual trades north of 15%.
"Then there are the 'good banks', like J.P. Morgan and Wells Fargo. J.P. Morgan recently sold $600 million of preferred stock at 8 3/4 % and Wells Fargo sold $1.3 billion at 8 5/8%, plus underwriting fees.
"Below I offer up a few guesses of what other issuers would have to pay to issue preferred stock.
Lehman Brothers--11-13%.
Merrill Lynch--11-12%.
Morgan Stanley--9-10%.
Citigroup--9 1/2-10 1/2%.
CIT Group--12-15%.
Fannie Mae/Freddie Mac---15%
Keycorp--11-13%.
National City--13-15%.
Wachovia--10-12%.
Zions Bancorp--13-15%.
GM/GMAC--not possible.
Washington Mutual--not possible.
Ford--not possible."
Bennet does note a good point. Banks that conserved capital and managed their risks well will be in good shape to take over weaker brethren. They will have access to the capital markets for the money they need for expansion. My own bank was acquired recently by another small regional bank. Deals are getting done.
In another note, and to illustrate this point, Sedacca points out that it is not just Freddie and Fannie. Besides Washington Mutual, mentioned above, "RF (Regions Financial) needs to raise $2 billion says Sanford Bernstein. Let's see, what are their options? They can sell debt. The problem here is that you couldn't sell debt if you wanted. The last reported trade in RF paper was 2 weeks ago nearly +700 to the 30 year or close to 12%. Their preferreds trade at 10% and the stock is now a 'single digit midget' near $8 a share. So if you could even get a deal done, shareholders would get a 50% haircut."
Fannie, Freddie, and the Credit Crisis
Let's turn to Freddie and Fannie. There must be some people who think there is some way that the shareholders of Fannie and Freddie will not lose everything, as their shares actually trade. This just simply goes to show that you can fool some of the people some of the time. And as we will see, some of those people are very serious institutions.
It is almost a forgone conclusion that the US Treasury will have to step in and for all intents and purposes nationalize the two government-sponsored enterprises. The estimated losses in these two firms are far beyond what they could raise in a traditional market. And the longer the government waits, the worse the situation is likely to get.
Moody's downgraded the preferred stock in these firms to almost junk level because of the increased likelihood of "direct support" from the US Treasury, which, depending on the nature of the support, could wipe out both the holders of the common and the preferred. The preferred shares have already lost half their value since June 30 on speculation that an intervention would mean a stop in dividend payments (highly likely) and issuance of new preferred that would take preference over current preferred.
Interestingly, this would put more pressure on the banking system, as many banks hold the GSE preferred shares as assets, choosing to get a little extra return over traditional and more conservative assets. But then of course, Fannie and Freddie preferred were considered safe just a few months ago, with the best ratings from Moody's.
"Regional banks including Midwest Bank Holdings Inc., Sovereign Bancorp and Frontier Financial Corp., may have the most to lose. Melrose Park, Illinois-based Midwest has $67.5 million, or as much as 23 percent of its risk-weighted assets, in the preferred stock, while Philadelphia-based Sovereign owns about $623 million and Everett, Washington-based Frontier about $5 million." (Bloomberg)
It is doubtful that banks which hold these assets have written them down yet, but with a downgrade they will almost certainly be forced to do so in the near future. For the record, Fannie Mae has 17 classes of preferred stock, with more than 600 million shares outstanding. Freddie Mac has 24 classes of preferred stock, with about 460 million shares outstanding. The existing shares are trading worse than junk bonds, paying 17-19%.
And it may be a total write-off. It is hard to imagine how Treasury Secretary Paulson, or a new Treasury Secretary next year, could put US taxpayer money into the companies at risk without wiping out the current common and preferred shareholders. The justified outrage would be huge.
The basic problem is that without Freddie and Fannie the US mortgage market would go from crippled to moribund, if not dead. We have created a system that could not function in the short term without them, and the pain of allowing them to collapse would be another 1930s-style Depression, the era in which these firms were first created. They were never designed to take on the huge leverage they did, or to use hundreds of millions in lobbyist money and campaign contributions to create a massive payment scheme for management and shareholders. Congressional estimates are that this could cost US taxpayers $25 billion, a significant multiple of their current market caps.
Fannie and Freddie will not be able to raise capital on their own. At this point, why would any rational investor put that much money into a company with such a convoluted preferred share scheme, without government guarantees? That estimated loss assumes that the housing market does not get worse from this point. Losses could be much worse, or things could get better. Who knows? Why invest in something with so much uncertainty?
But there are more problems. You can't just take someone else's property, and that is what stock is, without some serious reasons. You almost are forced to wait for a crisis, otherwise shareholders would sue, saying that they suffered unnecessary losses. You can certainly expect the preferred shareholders to sue. That is why Paulson hired JP Morgan to figure out how to recapitalize the banks. I don't envy the people who are working on that one. Maybe there is some magic somewhere, but as we saw with Bear Stearns, at the end of the day it is all about adequate capital.
The GSE companies should be adequately capitalized and broken up into much smaller firms that would not be too big too fail in the future, and put under a regulator that would enforce reasonable leverage limits, with the profits going to pay back the US taxpayer before any profits or dividends are paid to any other future owners.
That is, if the government takes the two GSEs and puts capital (probably in the form of loans and guarantees) into them, which puts taxpayers at risk, then allows a public offering of the smaller entities to raise capital to repay the loans, any shortfall should be made up by the issuance of preferred shares, and the common shareowners would wait until the government loan was repaid before they would be eligible for a dividend.
And the people responsible for creating the leveraged systems, the board, et al., should be forced to resign. New top management all around.
The ultimate goal should be for taxpayers to get their money back and any guarantee, implicit or explicit, to be removed. No mortgage bank should ever again be allowed to be too big too fail.
Now, taken as a part of the total credit crisis, which will run to over $1 trillion (at least), $25 billion may not seem like a lot. But I hope this is a wake-up call for better regulations and safeguards.
And before I go, let me reiterate my call for regulators to force banks to move their credit default swaps to an exchange. The potential for a blow-up is serious, and it could dwarf the current credit crisis. I am not saying it will happen, just that it could. Even a low-risk event should be protected against. Credit default swaps are legitimate business transactions. They are very useful. They should just be put on an exchange, like futures or options, where there is 100% transparency as to counterparty risk.
Baltimore, La Jolla, and South Africa
I am home for a few weeks, enjoying the tail end of summer. On September 6, Tiffani and I will head to Baltimore to be with Bill Bonner, founder of Agora Publishing, and a host of friends, to celebrate his 60th birthday. It is hard to believe that we have known each other for 26 years. What an incredible business model he has created. He has adapted with the times, letting his business evolve into a multi-hundred-million-dollar enterprise. I remember first going to his offices in Baltimore, which were definitely in a very bad part of town. I was nervous just walking two blocks in broad daylight; but the offices were inexpensive, I suppose.
He is the one of the best pure writers I know. You can read some of his essays and subscribe to the free Daily Reckoning (be warned: Bill is quite bearish) by clicking on this link: http://www.dailyreckoning.com/rpt/mauldin.html.
Tiffani and I will then be going to La Jolla September 15 to meet with my partners at Altegris, and meet some new potential associates. Right now, drinks with Richard and Faye Russell is on the calendar, and I really look forward to it.
Then a few weeks later I will head off on a quick trip to South Africa, where I will be speaking for an investment group in Cape Town, then maybe stop off in London for a day and then hurry home in time to do my regular letter.
That is enough to make me tired, so I think I will hit the send button and go home and see who is there. Have a great week.
Your needing to seek my own balance analyst,
John Mauldin
John@FrontLineThoughts.com
850+ Billion average per bank that will go bankrupt in the next 12 months x 100. That's assuming that things don't get worse in the next year which is almost a given. How will the FDIC insure & make good on all of this? They can't!
"In the middle of difficulty lies opportunity."
Albert Einstein
Washington Mutual, the mammoth bank to fail in the next few months?
850+ Billion average per bank that will go bankrupt in the next 12 months x 100.
...soon yo almost talkin' bout' sirius money here....almost as much as burly bowls HYPEs took in....
FANNIE, FREDDIE BUFFETED BY WARREN...SAYS 'JIG IS UP'
Aug. 22 (Bloomberg) --
Fannie Mae and Freddie Mac, the two largest mortgage finance companies, ``don't have any net worth,'' billionaire investor Warren Buffett said.
``The game is over'' as independent companies said Buffett, the 77-year-old chairman of Berkshire Hathaway Inc., in an interview on CNBC today. ``They were able to borrow without any of the normal restraints. They had a blank check from the federal government.''
Freddie Mac and Fannie Mae touched 20-year lows yesterday on the New York Stock Exchange on speculation a government bailout will leave the stocks worthless. U.S. Treasury Secretary Henry Paulson won approval from Congress last month to pump emergency capital into the companies, which account for more than half of the $12 trillion U.S. mortgage market.
Fannie and Freddie mispriced their products and ``kept existing because they had the federal government behind them,'' Buffett said. Omaha, Nebraska-based Berkshire had been among the largest holders of Freddie until about 2001, when it became apparent the company wasn't being run well, he said.
The two mortgage companies recorded almost $15 billion in combined net losses in the past four quarters as delinquencies rose to record levels, shrinking their capital. The swoon sparked concern they may not be able to weather the worst housing slump since the Great Depression and prompted Paulson to step in with a rescue plan.
Fannie, down 95 percent in the past year before today, advanced 34 cents to $5.19 at 9:32 a.m. in New York Stock Exchange composite trading. The stock was trading at almost $70 a year ago. Freddie, down 91 percent this year, added 24 cents to $3.40.
Market Value
Fannie's market value has shrunk to $5.2 billion from almost $40 billion at the beginning of the year. Freddie has declined to $2 billion from $22 billion, making it increasingly difficult for the companies to raise new funds.
Fannie Mae was created as part of Franklin D. Roosevelt's New Deal in the 1930s, a time when the U.S. economy was struggling to emerge from the stock market crash, industrial production had tumbled 50 percent and the unemployment rate rose as high as 30 percent. Freddie started in 1970, when the economy was strained by the Vietnam War.
Both have the implicit guarantee of the U.S. government, so they can borrow at lower rates than banks and make money by purchasing higher-yielding mortgages from home lenders, providing new capital for loans.
Discomfort
Buffett had an 8.5 percent stake in Freddie until he became ``uncomfortable'' with the risks Freddie was taking on. In 2005, he said ``it would not be the end of the world'' if Fannie and Freddie stopped buying new mortgages.
Former Federal Reserve Chairman Alan Greenspan and Richmond Federal Reserve Bank President Jeffrey Lacker have called for the companies to be nationalized. William Poole, former head of the St. Louis Fed, said last month Freddie is technically insolvent and Fannie's fair value may be negative next quarter.
Buffett said he may have increased his stake in Wells Fargo & Co. or American Express Co., without being more specific.
More bank failures are possible this year, Buffett said, and he suggested penalties should be meted out to people who spread rumors about the solvency of investment banks. Speculation about cash shortages contributed to a run on Bear Stearns Cos. and its forced sale to JPMorgan Chase & Co. earlier this year.
``If your virtue is questioned, you've got a problem,'' he said. In the normal course of business, ``there is no investment bank that can pay all its liabilities tomorrow.''
Richest Man
Buffett, ranked the world's richest man by Forbes magazine, said he made a $500 million bid on a Chinese stock ``not so long ago'' that wasn't accepted. He declined to name the company involved, adding that he'd ``be surprised if we don't do something in the next few years'' in China.
He also said he traveled with Bill Gates, founder of Microsoft Corp., to a Canadian site for extracting oil from tar sands, though an investment isn't imminent. Buffett said oil has ``changing dynamics because there's not a buffer for supply like there was'' a few years ago.
Buffett has been seeking acquisitions to put some of Berkshire's idle cash to work and toured Europe earlier this year to find candidates. He said today that he's been getting more ``distress'' calls than real opportunities, and that he's been referring callers to sovereign wealth funds. While he wouldn't call the funds, often controlled by national governments, ``dumb money,'' he characterized them as ``innocent money.''
Slower Growth
The U.S. economy is likely to continue slowing the rest of this year, Buffett said. Berkshire Hathaway's retail businesses slowed more during June and July, and they're trying to raise prices as margins get squeezed by higher costs, he said.
Buffett said he's concerned that inflation will start being built into expectations as it was during the 1980s.
``If that happens again, we're in big trouble,'' he said.
In his comments on U.S. politics, Buffett said he favored former Senator Sam Nunn for Barack Obama's Democratic Party running mate, and that former Democratic candidate John Edwards should consider returning small donations because he ``misled'' people. Edwards admitted having an extramarital affair that he earlier denied.
To contact the reporter on this story: Josh P. Hamilton in New York at jphamilton@bloomberg.net.
Last Updated: August 22, 2008 09:38 EDT
www.bloomberg.com/apps/news
dam that slop is GOOD!!!
slop nail anther one!
a few posts ago, slop say dat the ptb are now stymied...that they can start a small skirmish, but that it would quickly be put down, because..
"THE INTEL HAS ALREADY BEEN DELIVERED TO THE OTHER SIDE"
they already know where the strike is cumming from.
now, just moments ago, the wruld repoots writes:
ACT ONE OF DIE MEISTERSCHWINDLERN ENDS THIS WEEK
GEORGIANS DELIVER SENSITIVE U.S. MILITARY ASSETS INTO RUSSIAN HANDS
Wednesday 27 August 2008 00:57
GEORGIANS DELIVER SENSITIVE U.S. MILITARY ASSETS INTO RUSSIAN HANDS
delvering more INTEL to the enemy...
it almsot like there a 'ghost' bringing them the 'intel'....and to slop, maybe mo like a 'sprit'......
geeez!
dont get tooo good at it sloop, nest thins yo no, dose guys will want to hire yo!
yep, to the ptb, yo jug is up!
jus like juginns is....
whever yo go to strat a war, a 'ghost' will alerady be brigning them them the intel ahead of yo.
This was forwarded to me and very serious and on target !!
My purpose is to try to get answers and tell them what I am doing I want them to be a party to my solutions if any one ask hey I asked my Rep or my fiduciary and they never responded so they must have agreed, talk to them. I am trying to build a better box. I am sending USPS presentment so they can’t say I put any white powered in the letters. J After they have it a couple of weeks I am going to send to everyone. If we all do it maybe someone will respond the our problem are much bigger than getting our bills paid, houses back and our friends out of jail. Our problem is losing our country as our Congressmen are selling it to foreigners. If you watch the news they are talking about China and the Middle East among many other countries not buying our securities “our paper” they are buying our equities “our property” I am pretty sure I don’t have to explain what this means. We need to stop this now.
8-13-2008John
Mr. DOUGLAS SHULMAN
OFFICE OF THE COMMISSIONER
INTERNAL REVENUE SERVICE
1111 CONSTITUTION AVENUE N.W.
WASHINGTON, D.C. 20224
Dear Mr. Schulman, first I would like to thank you, in advance, for reading and responding to my letter. I, like many Americans have found it very difficult to continue to sustain a moderate living in the current economic environment. In my difficulties I started researching different avenues trying to find a remedy to resolve my current financial distress so I could protect my family and everything we worked so hard to achieve.
I started by understanding the form of government our founding father risked their lives to ensure that we had, a REPUBLIC. Latin for “public thing or public matter” Our Founding Fathers gave us LAW to live by. A form of Government, a freedom that no one before or since has ever been privileged to live under. It is expressed as Unalienable “Un- lien-able” rights, black law “rights that cannot be liened against“. I have read our Declaration of Independence and the Constitution for the United States of America and researched our Founding Fathers intentions and have found a few facts that have left me wondering “what is going on with our current government”. I am not sure what my Unalienable Rights are! As I understand my rights, they are as follows.
1. The right to the Pursuit of Happiness thru Liberty
2. The right to Personal Property
3. The right to enjoy the fruits of my Labor
These are just a few of my rights that cannot be liened against. Well this certainly is not the case. It’s my right as long as I pay the Fees or Taxes to enjoy the right. How can this be?
So my first questions is
1. How can you tax an UNALIENABLE RIGHT?
OUR TYPE GOVERNMENT
We had two basic choices of government when our founding fathers created it Republic or Monarchy. When Benjamin Franklin was asked what kind of government do we have he answered “A REPUBLIC IF YOU CAN KEEP IT,” The Republic form of Government our country was founded on was ruled by LAW. Law was the public thing and is clearly defined as such. But now we have a Democracy otherwise defined as majority rule or mob rule. This means that 51% of the people can tell the other 49% how to live. For example if 51% or more want to take my house from me and 49% or less want me to keep my house you do not have to follow law, you just vote to take my house and since you are the majority you win. You see this in every kind of case today not just property rights.
History has proven that a Democracy form of government is an intermediate form of rule until you get an Oligarchy “a small group of people who together govern a nation or control an organization, often for their own purposes” I believe it to be easy to prove that this is truly the form of government we have today. I have researched the laws and have been unable to find when we changed our form of government or if Democracy was ever mentioned in any of our founding documents like the Declaration of Independence or the Constitution for the United States of America.
So, my second question is:
2. When did “We the People” vote for a Democracy form of Government?
3. How can we get our REPUBLIC back
THE FEDERAL RESERVE
The Constitution states that the “Congress shall have the only power to coin money”. I have read this document many times over and have not found where the Constitution has given the right to give that privilege to the foreign entity like the Federal Reserve. I have researched the FEDERAL RESERVE’S documents and laws and found more interesting facts. A few of them I will list here together with questions.
Our Federal Reserve Notes are Money of Exchange “that has no value or credit instruments”. We do not have Legal Money or Money of Account” which has value proven by the fact it’s backed by Gold or Silver. Our Constitution REQUIRES all debts to be paid with GOLD or SILVER Legal Money. This was not optional. Therefore I have a few questions based on the facts I have learned.
4. Who are the Owners of the Federal Reserve?
5. How can we pay our debts if Legal Money does not exist?
6. Is it not illegal to pay a debt with a debt or “Money of Account” or Credit?
7. When did “We the People” vote to change the constitution to allow us to pay our debts with worthless paper?
8. How can the Federal Reserve write checks or print money out of an account that has no money? If I did that I would go to jail.
9. The 1984 Grace Commission report commissioned by Ronald Reagan stated that one third gets lost or is unaccounted for the other two thirds of our income taxes go to pay the interest of the National Debt only. Why are we paying interest on money created from nothing to a foreign entity and why are we not printing our own money like our Constitution states we are required by law to do?.
10. The Federal Reserve manual states money is created by my signature. How can it be legal for a bank to charge interest on money that is created by our signature not loaned to us by the bank and it’s depositors as we are lead to believe?
OUR COURT SYSTEM
I have heard case after case of judges stating facts like “The Law is as I say it is” or “I am Law”. I have seen cases where a person tries to use the Constitution to defend themselves and was told “You are not a party to the Constitution”. Sometimes people try to quote the Statutes and Laws in their defense only to find out the Statutes and Law’s are copyrighted and you have to get permission to use them or you are violating Copyright Law. I am not capable of putting into words how far this is from what our Founding Fathers created when they created a system of Government ruled by law a “REPUBLIC”.
During my research on law and the court system, I have found not only do judges involve themselves in a case as something other than a neutral party, but it is ok even lawful for a prosecutor to commit perjury, produce false statements or evidence to try to convict someone. This is clearly what happened to the DUKE lacrosse team. I have found that all Courts have DUNN and BRADSTREET numbers. This means that Courts are a for profit business NOT A COURT OF LAW as is portrayed. I have also found that every case is bonded and sold on the Stock Market as an Investment Security (even speeding tickets). So the fact is if crimes are not a Capital crime, they are Commercial crimes, which means you have violated a “CONTRACT LAW” not a CRIMINAL LAW. So the Courts system is a business like Wal-Mart not a Court of Law.
My questions are
11. Why do Courts have a Dunn & Bradstreet number?
12. Why are Court cases bonded and sold on the stock market?
13. How can the courts make money on court cases?
14. Why are you not protected by the Constitution “your birth right”?
15. Why are the Laws copyrighted and you have to get permission to use them?
16. Why do Court Officers swear to uphold the Constitution of the United States instead of the “United States of America”?
17. What is the United States?
18. And please explain the reason behind each and every order listed below.
PRESIDENTIAL EXECUTIVE ORDERS
a. 10990 - POWER TO CONTROL HIGHWAYS, MODES OF TRANSPORTATION, AND SEAPORTS
b. 10995 - POWER TO SEIZE CONTROL OF COMMUNICATIONS, MEDIA INTERNET, RADIO, AND TELEVISION
c. 10997 - POWER TO CONTROL ELECTRICITY, FUEL, AND MINERALS
d. 10998 - POWER TO SEIZE ALL MEANS OF TRANSPORTATION, INCLUDING PERSONAL, CARS, TRUCKS, BOATS, AND PLANES, ETC.
e. 10999 - POWER TO SEIZE ALL FOOD SUPPLIES AND FARMS
f. 11000 - ALLOWS GOVERNMENT TO MOBILIZE CIVILIANS INTO WORK BRIGADES UNDER GOVERNMENT SUPERVISION
g. 11001 - POWER OVER ALL HEALTH, EDUCATION, AND WELFARE FUNCTIONS
h. 11002 - GIVES POSTMASTER POWER TO REGISTER ALL CITIZENS
i. 11003 - POWER TO CONTROL OF ALL PRIVATE AND COMMERCIAL AIRPORTS AND AIRCRAFT
j. 11004 - ALLOWS THE HOUSING AND FINANCE AUTHORITY TO RELOCATE COMMUNITIES, BUILD NEW HOUSING, AND DESIGNATE AREAS TO BE ABANDONED
k. 11005 - POWER OVER RAILROADS, INLAND WATERWAYS, AND STORAGE FACILITIES
l. 11921 - GIVES FEMA CONTROL OF BANKS
MY SOLUTION
My journey started because I wanted to know “where does money come from” I also wanted to know how I could get out of my current financial dilemma and not lose my home. After researching the facts, I have discovered that going to the bank so they can loan me my own credit is an unnecessary, unwise and costly action. Researching HJR 192, Public Laws and Congressional Record I have found that no one can force you to pay a public debt with any certain form of money, it’s illegal. It is also impossible to pay off all debt because you have to go further in debt to pay the interest, simply said if you monetized all loans and added it to the currency in circulation there still would not be enough money to pay off all debts.
Listed below are some of the laws I used to make my determination.
RESEARCH & REFERENCES ON LAWS AND CODES
1. David H. Friedman, I BET YOU THOUGHT. . . . States According to the Federal Reserve Bank of New York, money is anything that has value that banks and people accept as money; money does not have to be issued by the government
2. Federal Reserve Bank of New York (4th ed. 1984), explains that banks create new money by depositing IOUs, promissory notes, offset by bank liabilities called checking account balances. Page 5 says, “Money doesn’t have to be intrinsically valuable, be issued by government, or be in any special form
3. Anne Marie L. Gonczy, MODERN MONEY MECHANICS 7-33, Federal Reserve Bank of Chicago (rev. ed. June 1992), contains standard bookkeeping entries demonstrating that money ordinarily is recorded as a bank asset, while a bank liability is evidence of money that a bank owes. The bookkeeping entries tend to prove that banks accept cash, checks, drafts, and promissory notes/credit agreements (assets) as money deposited to create credit or checkbook money that are bank liabilities, which shows that, absent any right of setoff, banks owe money to persons who deposit money.. Cash (money of exchange) is money, and credit or promissory notes (money of account) become money when banks deposit promissory notes with the intent of treating them like deposits of cash. See, 12 U.S.C. Section 1813 (1) (definition of “deposit” under Federal Deposit Insurance Act).
4. Federal Reserve Bank of Dallas publication MONEY AND BANKING, page 11, explains that when banks grant loans, they create new money. The new money is created because a new “loan becomes a deposit, just like a paycheck does
5. MODERN MONEY MECHANICS, page 6, says, “What they [banks] do when they make loans is to accept promissory notes in exchange for credits to the borrowers’ transaction accounts.” The next sentence on the same page explains that the banks’ assets and liabilities increase by the amount of the loans
a. H.J.R 192 73 Congress JOINT RESOLUTION TO SUSPEND THE GOLD STANDARD AND ABROGATE THE GOLD CLAUSE, JUNE 5, 1933 H.J. Res. 192, 73rd Cong., 1st Sess. Joint resolution to assure uniform value to the coins and currencies of the United States. Whereas the holding of or dealing in gold affect the public interest, and therefore subject to proper regulation and restriction; and Whereas the existing emergency has disclosed that provisions of obligations which purport to give the obligee a right to require payment in gold or a particular kind of coin or currency of the United States, or in an amount of
money of the United States measured thereby, obstruct the power of the
Congress to regulate the value of money of the United States and are
inconsistent with the declared policy of the Congress to maintain at all times
the equal power of every dollar, coined or issued by the United States, in the
markets and in the payment of debts. Now, therefore, be it Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) every provision contained in or made with respect to any obligation which purports to give the obligee a right to require payment in gold or a particular kind of coin or currency, or in an amount in money of the United States measured thereby, is declared to be against public policy; and no such provision shall be contained in or made with respect to any obligation hereafter incurred.
6. United States Federal Government has been dissolved by the Emergency Banking Act, March 9, 1933, 48 Stat. 1, Public Law 89-719; declared by President Roosevelt, being bankrupt and insolvent
7. 27 CRF 72.11 purports to define some crimes as "commercial crimes": Sec. 72.11 Meaning of terms. As used in this part, unless the context otherwise requires, terms shall have the meanings ascribed in this section. Words in the plural form shall include the singular, and vice versa, and words importing the masculine gender shall include the feminine. The terms "includes" and "including" do not exclude things not enumerated which are in the same general class. Commercial crimes are any of the following types of crimes (Federal or State): Offenses against the revenue laws; burglary; counterfeiting; forgery; kidnapping; larceny; robbery; illegal sale or possession of deadly weapons; prostitution (including soliciting, procuring, pandering, white slaving, keeping house of ill fame, and like offenses); extortion; swindling and confidence games; and attempting to commit, conspiring to commit, or compounding any of the foregoing crimes. Addiction to narcotic drugs and use of marihuana will be treated as if such were commercial crime.
8. U.S. Code Title 26 = Section 1273 OID
9. UCC Code § 3-302. HOLDER IN DUE COURSE. "holder in due course" means the holder of an instrument
10. UCC Code § 3-308. PROOF OF SIGNATURES AND STATUS AS HOLDER IN DUE COURSE.
11. UCC Code § 5-116. Choice of Law and Forum
12. UCC Code § 3-311. Accord and Satisfaction by Use of Instrument.
(a) If a person against whom a claim is asserted proves that (i) that person in good faith tendered an instrument to the claimant as full satisfaction of the claim, (ii) the amount of the claim was unliquidated or subject to a bona fide dispute, and (iii) the claimant obtained payment of the instrument, the following subsections apply. (b) Unless subsection (c) applies, the claim is discharged if the person against whom the claim is asserted proves that the instrument or an accompanying record contained a conspicuous statement to the effect that the instrument was tendered as full satisfaction of the claim.
(c) Subject to subsection (d), a claim is not discharged under subsection (b) if either of the following applies: (1) The claimant, if an organization, proves that (i) within a reasonable time before the tender, the claimant sent a conspicuous statement to the person against whom the claim is asserted that communications concerning disputed debts, including an instrument tendered as full satisfaction of a debt, are to be sent to a designated person, office, or place, and (ii) the instrument or accompanying communication was not received by that designated person, office, or place. (2) The claimant, whether or not an organization, proves that within 90 days after payment of the instrument, the claimant tendered repayment of the amount of the instrument to the person against whom the claim is asserted. This paragraph does not apply if the claimant is an organization that sent a statement complying with paragraph (1). (d) A claim is discharged if the person against whom the claim is asserted proves that within a reasonable time before collection of the instrument was initiated, the claimant, or agent of the claimant having direct responsibility with respect to the disputed obligation, knew that the instrument was tendered in full satisfaction of the claim.
13. US Code TITLE 31 > SUBTITLE III > CHAPTER 35 > SUBCHAPTER IV > § 3541
a. § 3541. Distress warrants
(a) When an official receiving public money before it is paid to the Treasury or a disbursing or certifying official of the United States Government does not submit an account or pay the money as prescribed by law, the Comptroller General shall make the account for the official and certify to the Secretary of the Treasury the amount due the Government.
(b) The Secretary shall issue a distress warrant against the official stating the amount due from the official and any amount paid. The warrant shall be directed to the marshal of the district in which the official resides. If the Secretary intends to take and sell the property of an official that is located in a district other than where the official resides, the warrant shall be directed to the marshal of the district in which the official resides and the marshal of the district in which the property is located.
President Roosevelt said after passing the Banking ACT and taking the gold away from the people “Since we have taken the gold away from the people the Government is responsible for all the peoples public DEBT”. So I understand that all Debts are prepaid and there must be a solution or it’s a Treasonous Act punishable by law. This is fact.
So, if all public debts are prepaid, I have to find a solution for this and my solution I have found is through the IRS using their 1099 forms. I believe I should receive every dollar I spend into the system through any account my name is associated with to include personal and business accounts back on my taxes. I have done my part in helping the expansion of money using the Fractional Banking method. I understand that Reserve Notes are a tax instrument created by taxes, and I believe that since all debts are prepaid, I should get all my money back.
I have decided to fund my Treasury Account and use that to offset my debt instead of Federal Reserve Notes as I believe it to be my Lawful right to do so.
If I am wrong with any of the facts I have discovered or remedies I am using it is your responsibility and duty to inform me immediately in writing.
If you know of a remedy that will work better or more efficiently, I am noticing you as my Fiduciary to inform me immediately in writing.
If you see my paper work has errors in it, please correct them for me and inform me immediately in writing you have my permission to make any corrections. Like many others, I am in desperate need of a fast and proper filing so I can receive my refund quickly.
Again, I want to thank you for your help on these issues. I have researched this in great detail and have filed all the necessary documents I need to rebut any presumptions about my debtor status. It is filed with the Clerk of Courts, Chatham County under 08R69, and you were given notice along with several other public officials through Notary presentment by Registered Mail number 7006 0100 0003 8837 1120 on or about July 11, 2008.
My Last Question is
19. Are all of our Politicians and News Media outlets so well paid for or under such fear and duress of the Powers of the People that control our money that we cannot get a straight answer anywhere?
As stated previously, I have researched this in great detail if this is the case I pray our country is strong enough and has enough moral character and courage to do the right thing. If not, I worry about the peace and tranquility of our future for my children and others.
Please respond to me in writing at the address below with your reply.
Regards
Mark-Allen: Wasmuth
Secured Party Creditor
c/o 65 David Miller Court
Chapel Hill, North Carolina: Near [27517]
CC
HENRY M. PAULSON, JR. (Appoint as Fiduciary)
SECRETARY OF THE TREASURY
DEPARTMENT OF THE TREASURY
1500 PENNSYLVANIA AVENUE N.W.
WASHINGTON, D.C. 20220
DOUGLAS SHULMAN (Appoint as Fiduciary)
OFFICE OF THE COMMISSIONER
INTERNAL REVENUE SERVICE
1111 CONSTITUTION AVENUE N.W.
WASHINGTON, D.C. 20224
CONGRESSMEN DAVID PRICE
88 VILCOM CENTER
SUITE 140
CHAPEL HILL, NC 27514
SENATOR RICHARD BURR,
217 RUSSELL SENATE OFFICE BUILDING
WASHINGTON DC 20510
SENATOR ELIZABETH DOLE,
555 DIRKSEN SENATE OFFICE BUILDING
WASHINGTON DC 20510
Mark & Meridith Wasmuth
www.StirsMG.com
Life is an occasion rise to it!!!
“I am a most unhappy man I have unwittingly ruined my country. A great industrial nation is now controlled by a system of credit. We are no longer a government by free opinion, no longer a government of convection and the vote of the majority, but a government by the opinion and the duress of a small group of dominate men.”
President
Woodrow Wilson
1919
A comment made after he signed the Federal Reserve Act 1913 into Law creating a private bank called the “Federal Reserve” ran by wealthy bankers not government.
DOUGLAS SHULMAN (Appoint as Fiduciary)
OFFICE OF THE COMMISSIONER
INTERNAL REVENUE SERVICE
1111 CONSTITUTION AVENUE N.W.
WASHINGTON, D.C. 20224
fist of all...good lunk ritin' to anynone in a bilding wit a address of "1111" ???
yo mite ass weel rite to:
I. Lou Minotti
1111 Constipation Av.
Washingmachine, Dis See
yo will get just ass good resluts....
yes, stroy is becumming quiet a story yet...maybe when he retries as "THE EDITOR", he can cum to NYC an open up a cumedy club....
=============================
he wrote sum good ones lately:
This should come as no real surprise since the cynical spooks even assert this 'in-your-face' by advertising 'INTEL INSIDE', which says exactly what it means. More specifically, NSA have made great strides in this direction by having a back door built into Microsoft VISA.
=====================
MS VISTA: Virtual Instant Surveillance Tactical Application.
==================
ACT ONE OF DIE MEISTERSCHWINDLERN ENDS THIS WEEK
===================
wasnt there a christmas cartoon with a crackter name
BURGERMEISTER
MEISTERSHWINDLER
or was dat a moovee?
SHCWINDLERS LISTZ??
LOLOLOOOLO!!!!
btw, rather than get all intangle with the RSI, y not jus do an AR on the irs forms..listen to kendy for insructuons....
EVIL BAKERS FACT OR FICTION?
But the real danger of bankers like Lawrence Summers lies not in their untethered intellect but in their cold ambition and selfish greed that sees nations and people as but living fodder to be milked, used and discarded as they and others profit.
In 1991, Summers issued the following memo while serving as Chief Economist at the World Bank:
…developed countries ought to export more pollution to developing countries because these countries would incur the lowest cost from the pollution in terms of lost wages of people made ill or killed by the pollution due to the fact that wages are so low in developing countries…the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that.
As the World Bank's Chief Economist, Summer's memo is a chilling reflection of the heartlessness that lies at the core of bankers and banking establishments. The World Bank itself seems to be a favorite watering hole for those of questionable intent.
Robert McNamara, the architect of the Vietnam War was President of the World Bank as was Paul Wolfowitz, the architect of the Iraq War. The current President of the World Bank, Robert Zoellick, is also an ardent supporter of the Iraq War (also on Zoellick's considerable list of “credits” is his service as advisor to Enron, his membership on the Council on Foreign Relations and Trilateral Commission and his attendance at the secretive Bilderberg meetings from 1991 to the present and his role as Senior International Advisor to investment bank Goldman Sachs).
It is no coincidence that those heading the World Bank are closely associated with America 's vast war machine. Bankers have profited from fueling the military ambitions of both England and the US for the past two centuries and continue to do so today.
But perhaps the most damning indictment yet of the World Bank and today's bankers is John Perkins's Confessions of an Economic Hitman (Barrett Koehler, 2004) in which Perkins reveals the hidden intent of the World Bank and US bankers to cold-bloodedly indebt third world countries such as Argentina and profit by their misery.
In their review of Confessions of an Economic Hitman, Russell Mokhiber and Robert Weissman write:
Remember Smedley Butler?
He was perhaps the most decorated Major General in Marine Corps history. In the early part of this century, he fought and killed for the United States around the world. Butler was awarded two Congressional Medals of Honor.
Then, when he returned to the United States he wrote a book titled “War Is A Racket” which opens with the memorable lines: “War is a racket. It always has been.”
“I was a high class muscleman for Big Business, for Wall Street and for the Bankers,” Butler said. “In short, I was a racketeer, a gangster for capitalism.”
In a speech in 1933, Butler said the following:
“I helped make Mexico , especially Tampico , safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefit of Wall Street. The record of racketeering is long. I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-1912. I brought light to the Dominican Republic for American sugar interests in 1916. In China I helped to see to it that Standard Oil went its way unmolested.”
Smedley Butler, meet John Perkins.
Perkins has just written a book, “Confessions of an Economic Hit Man” (Barrett Koehler, 2004). It is the War is A Racket for our times. Some of it is hard to believe. You be the judge.
In 1968, after graduating from Boston University , Perkins joined the Peace Corps and was sent to Ecuador . There, he was recruited by the National Security Agency (NSA) and hired by an international consulting firm, Chas. T. Main in Boston.
Soon after beginning his job in Boston , “I was contacted by a woman named Claudine who became my trainer as an economic hit man.” Perkins assumed the woman worked for the NSA.
“She said she was sent to help me and to train me,” Perkins said. “She is extremely beautiful, sensual, seductive, intelligent. Her job was to convince me to become an economic hit man, holding out these three drugs –- sex, drugs and money. And then she wanted to let me know that I was getting into a dirty business. And I shouldn't go off on my first assignment, which was going to be Indonesia, and start doing this unless I knew that I was going to continue doing it, and once I was in I was in for life.”
Perkins worked for Main from 1970 to 1980. His job was to convince the governments of the third world countries and the banks to make deals where huge loans were given to these countries to develop infrastructure projects. And a condition of the loan was that a large share of the money went back to the big construction companies in the USA – the Bechtels and Halliburtons.
The loans would plunge the countries into debts that would be impossible to pay off.
“The system is set up such that the countries are so deep in debt that they can't repay their debt,” Perkins said. “When the U.S. government wants favors from them, like votes in the United Nations or troops in Iraq, or in many, many cases, their resources – their oil, their canal, in the case of Panama, we go to them and say – look, you can't pay off your debts, therefore sell your oil at a very low price to our oil companies. Today, tremendous pressure is being put on Ecuador , for example, to sell off its Amazonian rainforest -– very precious, very fragile places, inhabited by indigenous people whose cultures are being destroyed by the oil companies.”
When a leader of a country refuses to cooperate with economic hit men like Perkins, the jackals from the CIA are called in. Perkins said that both Omar Torrijos of Panama and Jaime Boldos of Ecuador -– both men he worked with – refused to play the game with the U.S. and both were cut down by the CIA -– Torrijos when his airplane blew up, and Roldos when his helicopter exploded, within three months of each other in 1981.
If the CIA jackals don't do the job, then the U.S. Marines are sent in –- Butler 's “racketeers for capitalism.”
Perkins also gives lurid details of how he pimped for a Saudi prince in the 1970s, in an effort to get the Saudi royal family to enter an elaborate deal in which the U.S. would protect the House of Saud. In exchange, the Saudis agreed to stabilize oil prices and use their oil money to purchase Treasury bonds, the interest on which would be used to pay U.S. construction firms like Bechtel to build Saudi cities.
For years, Perkins wanted to stop being an economic hit man and write a tell-all book. He quit Main in 1980, only to be lured back with megabucks as a consultant. He testified in favor of the Seabrook Nuclear power plant (“my most infamous assignment”) in the 1980s, but the experience pushed him out of the business, and he started an alternative energy firm.
When word got out in the 1990s that he was starting to write a tell-all book, he was approached by the president of Stone & Webster, a big engineering firm.
Over seven years, Stone & Webster paid Perkins $500,000 to do nothing.
“At that first meeting, the president of the company mentioned some of the books that I had written about indigenous people and said –- that's nice, that's fine, keep doing your non-profit work,” Perkins told us. “We approve of that, but you certainly would never write about this industry, would you? And I assured him that I wouldn't.”
Perkins assumes the money was a bribe to get him not to write the book.
But he has written the book.
You be the judge.
Evil bankers? Fact or Fiction? You be the judge.
DEFAULT OR JUST DEADBEATS
Well,do U have any idea about the Financial Advisor Colombia SC has that will work for the company to come out from the financial crisis?
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