Posts Tagged ‘goldman sachs’

JPMorgan Chase demands access to Bloomberg logs…

Posted on 2013 05, 17 by rockingjude

JPMorgan Chase logo web screenshot

JPMorgan Chase lawyers have demanded that Bloomberg hand over five years of internal staff logs, in another sign of disquiet among financial firms over the extent of a snooping scandal at the market data vendor.

News of the probe is another blow for Bloomberg after it confirmed earlier this week that journalists at the firm had monitored page views and log-ins by traders using its desktop data terminals.

“Our legal department sent a formal request to Bloomberg to verify exactly what information reporters had access to and confirmation of their controls to prevent future breaches,” JPMorgan Chase said in a statement.

Bloomberg CEO Daniel Doctoroff sought to draw a line under the scandal on Monday by outlawing the practice and creating a new role of client data compliance officer to tighten up procedures.

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Ban ‘Pure’ Speculators of Oil Futures –…The High Cost of Gambling on Oil…

Posted on 2012 04, 13 by rockingjude


Published: April 10, 2012

Speculators knock OPEC off oil-price perch

Speculators knock OPEC off oil-price perch (Photo credit: Barrybar)


THE drastic rise in the price of oil and gasoline is in part the result of forces beyond our control: as high-growth countries like China and India increase the demand for petroleum, the price will go up.

But there are factors contributing to the high price of oil that we can do something about. Chief among them is the effect of “pure” speculators — investors who buy and sell oil futures but never take physical possession of actual barrels of oil. These middlemen add little value and lots of cost as they bid up the price of oil in pursuit of financial gain. They should be banned from the world’s commodity exchanges, which could drive down the price of oil by as much as 40 percent and the price of gasoline by as much as $1 a gallon.

Today, speculators dominate the trading of oil futures. According to Congressional testimony by the commodities specialist Michael W. Masters in 2009, the oil futures markets routinely trade more than one billion barrels of oil per day. Given that the entire world produces only around 85 million actual “wet” barrels a day, this means that more than 90 percent of trading involves speculators’ exchanging “paper” barrels with one another.

Because of speculation, today’s oil prices of about $100 a barrel have become disconnected from the costs of extraction, which average $11 a barrel worldwide. Pure speculators account for as much as 40 percent of that high price, according to testimony that Rex Tillerson, the chief executive of ExxonMobil, gave to Congress last year. That estimate is bolstered by a recent report from the Federal Reserve Bank of St. Louis.

Many economists contend that speculation on oil futures is a good thing, because it increases liquidity and better distributes risk, allowing refiners, producers, wholesalers and consumers (like airlines) to “hedge” their positions more efficiently, protecting themselves against unseen future shifts in the price of oil.

Bursting The Bubbles…By Al Holtje…

Posted on 2012 03, 23 by rockingjude

Money has no motherland: financiers are
without patriotism and without decency;
their sole object is gain.”
… Napoleon Bonaparte

By Al Holtje


NEW YORK, NY - MARCH 14:  People gather outsid...

March 14, 2012 in New York City.

When you start talking QUADRILLIONS, something must be wrong. Something has to give. Divide that number by every person on the planet and it equals $206,000. Make the distribution around the world and what would follow? A loaf of bread might cost $3 million. The dollar would be worthless.

Where’s the outrage?

We are, at a crossroads, either we come to terms with reality or face the consequences. The numbers don’t lie. We look, we read, we shrug, we point fingers and life goes on. That will end and soon because the most egregious example of what we have become is government allowing “financiers” as Napoleon put it to undermine our freedom.


Let’s review: The financially engineered derivative bubble now stands at about $1,405,000,000,000 vs. only about $15 trillion in our banking system. Too big to fail bankers have exploited our monetary system for their own personal gain without oversight from the federal government. In the United States … corruption rules pure and simple. The situation now is so serious that once the bubble pops, government will take control and … there go our rights and our freedoms guaranteed by Our Constitution as they will become redefined in what bureaucrats will cite as “in the best interest of the country.”

The bubble bursting process is taking place now in the form of deleveraging forcing a move of these contracts to higher ground by using the Federal Reserve’s influence to guarantee against failure which could happen on an unprecedented scale. Bank America for example, has on its books $75 trillion in contracts, J.P. Morgan, Chase has $79 trillion. Combined, the $159 trillion is ten times the total money in the nation’s banks and incidentally, both banks passed the U.S. Treasury’s stress test. How could that happen? Ben Bernanke, one of the worst guardians of the nation’s money in the history of the Federal Reserve, gave an ok to Bank of America to transfer their $75 trillion in open contracts from their brokerage subsidiary (Merrill Lynch) to the bank thereby making them eligible for FDIC protection. The transfer was clearly illegal and the FDIC objected but, to no avail.

Wall Street Confidence Trick: The Interest Rate Swaps that Are Bankrupting Local Governments…

Posted on 2012 03, 23 by rockingjude
Picture of interest rates swaps listing on new...

Picture of interest rates swaps listing on newspaper Category:Finance (Photo credit: Wikipedia)

Posted on March 22, 2012 by Ellen Brown

Far from reducing risk, derivatives increase risk, often with catastrophic results.

—   Derivatives expert Satyajit Das, Extreme Money (2011)

The “toxic culture of greed” on Wall Street was highlighted again last week, when Greg Smith went public with his resignation from Goldman Sachs in a scathing oped published in the New York Times.  In other recent eyebrow-raisers, LIBOR rates—the benchmark interest rates involved in interest rate swaps—were shown to be manipulated by the banks that would have to pay up; and the objectivity of the ISDA (International Swaps and Derivatives Association) was called into question, when a 50% haircut for creditors was not declared a “default” requiring counterparties to pay on credit default swaps on Greek sovereign debt.

Interest rate swaps are less often in the news than credit default swaps, but they are far more important in terms of revenue, composing fully 82% of the derivatives trade.  In February, JP Morgan Chase revealed that it had cleared $1.4 billion in revenue on trading interest rate swaps in 2011, making them one of the bank’s biggest sources of profit.  According to the Bank for International Settlements:

[I]nterest rate swaps are the largest component of the global OTC derivative market.  The notional amount outstanding as of June 2009 in OTC interest rate swaps was $342 trillion, up from $310 trillion in Dec 2007.  The gross market value was $13.9 trillion in June 2009, up from $6.2 trillion in Dec 2007.

For more than a decade, banks and insurance companies convinced local governments, hospitals, universities and other non-profits that interest rate swaps would lower interest rates on bonds sold for public projects such as roads, bridges and schools.  The swaps were entered into to insure against a rise in interest rates; but instead, interest rates fell to historically low levels.  This was not a flood, earthquake, or other insurable risk due to environmental unknowns or “acts of God.”  It was a deliberate, manipulated move by the Fed, acting to save the banks from their own folly in precipitating the credit crisis of 2008.  The banks got in trouble, and the Federal Reserve and federal government rushed in to bail them out, rewarding them for their misdeeds at the expense of the taxpayers. 

Why The Huge Spike in Oil Prices? “Peak Oil” or Wall Street Speculation?…

Posted on 2012 03, 20 by rockingjude

~WikiLeaks released a U.S. diplomatic cable last year quoting a Saudi Arabia’s rep. to OPEC’s board of governors, telling a Florida congressman, that speculation “represented approximately $40 of the overall oil price when it was at its height.” ~jude

 By F. William Engdahl

Global Research, March 16, 2012

Since around October last year,  the price of crude oil on world futures markets has exploded. Different people have different explanations. The most common one is the belief in financial markets that a war between either Israel and Iran or the USA and Iran or all three is imminent. Another camp argues that the price is rising unavoidably because the world has passed what they call “Peak Oil”—the point on an imaginary Gaussian Bell Curve (see graph above) at which half of all world known oil reserves have been depleted and the remaining oil will decline in quantity at an accelerating pace with rising price.

Both the war danger and peak oil explanations are off base. As in the astronomic price run-up in the Summer of 2008 when oil in futures markets briefly hit $147 a barrel, oil today is rising because of the speculative pressure on oil futures markets from hedge funds and major banks such as Citigroup, JP Morgan Chase and most notably, Goldman Sachs, the bank always present when there are big bucks to be won for little effort betting on a sure thing.  They’re getting a generous assist from the US Government agency entrusted with regulating financial derivatives, the Commodity Futures Trading Corporation (CFTC).


Since the beginning of October 2011, some six months ago, the price of Brent Crude Oil Futures on the ICE Futures exchange has risen from just below $100 a barrel to over $126 per barrel, a rise of more than 25%. Back in 2009 oil was $30.

Why Wall Street Should Stop Whining…

Posted on 2012 02, 15 by rockingjude

Everybody on Wall Street is talking about the new piece by New York magazine’s Gabriel Sherman, entitled “The End of Wall Street as They Knew It.

The article argues that Barack Obama killed everything that was joyful about the banking industry through his suffocating Dodd-Frank reform bill, which forced banks to strip themselves of “the pistons that powered their profits: leverage and proprietary trading.”

Having to say goodbye to excess borrowing and casino gambling, the argument goes, has cut into banking profits, leading to extreme decisions like Morgan Stanley’s recent dictum capping cash bonuses at $125,000. In response to that, Sherman quotes an unnamed banker:

“After tax, that’s like, what, $75,000?” an investment banker at a rival firm said as he contemplated Morgan Stanley’s decision. He ran the numbers, modeling the implications. “I’m not married and I take the subway and I watch what I spend very carefully. But my girlfriend likes to eat good food. It all adds up really quick. A taxi here, another taxi there. I just bought an apartment, so now I have a big old mortgage bill.”

Quelle horreur! And who’s to blame? According to Sherman’s interview subjects, it has nothing to do with the economy having been blown up several times over by these very bonus-deprived bankers, or with the fact that all conceivable public bailout money has essentially already been sucked up and converted into bonuses by that same crowd.

Contributors to the major candidates for President according to how much spent…

Posted on 2012 01, 13 by rockingjude
Goldman Sachs New World Headquarters

Image via Wikipedia

These table lists the top donors to this candidate in the 2012 election cycle. The organizations themselves did not donate , rather the money came from the organizations’ PACs, their individual members or employees or owners, and those individuals’ immediate families.Organization totals include subsidiaries and affiliates.

Because of contribution limits, organizations that bundle together many individual contributions are often among the top donors to presidential candidates. These contributions can come from the organization’s members or employees (and their families). The organization may support one candidate, or hedge its bets by supporting multiple candidates. Groups with national networks of donors – like EMILY’s List and Club for Growth – make for particularly big bundlers.


Goldman Sachs $367,200
Credit Suisse Group $203,750
Morgan Stanley $199,800
HIG Capital $186,500
Barclays $157,750
Kirkland & Ellis $132,100
Bank of America $126,500
PriceWaterhouseCoopers $118,250
EMC Corp $117,300
JPMorgan Chase & Co $112,250
The Villages $97,500
Vivint Inc $80,750
Marriott International $79,837
Sullivan & Cromwell $79,250
Bain Capital $74,500
UBS AG $73,750
Wells Fargo $61,500
Blackstone Group $59,800
Citigroup Inc $57,050
Bain & Co $52,500

~jude conclusion…Banks….Investment Corps…


US Army $24,503
US Air Force $23,335
US Navy $17,432
Mason Capital Management $14,000
Microsoft Corp $13,398
Boeing Co $10,620
Google Inc $10,390
Overland Sheepskin $10,350
IBM Corp $8,294
US Government $7,756
DUNN Capital Management $7,500
Corriente Advisors $7,500
Greenstreet Co $7,500
Northrop Grumman $7,272
Lockheed Martin $7,208
Intel Corp $6,855
US Dept of Defense $6,524
United Technologies $6,316
Federal Express Corp $6,255
Entergy Corp $5,950

~jude conclusion…Military…he advocates less/to no wars and major Corps….


Rock-Tenn Co $27,500
Poet LLC $20,000
First Fiscal Fund $15,000
Pull-A-Part Inc $15,000
Amway/Alticor Inc $10,000
State Mutual Insurance $10,000
American Fruits & Flavors $10,000
Streck Inc $10,000
Windway Capital $9,600
Wirco Inc $8,500
McKenna, Long & Aldridge $7,500
Blackstone Group $7,000
Richardson Properties $7,000
Wells Fargo $5,900
American General Corp $5,000
American Solutions PAC $5,000
J Smith Lanier & Co $5,000
Woody’s Smokehouse $5,000
AFLAC Inc $5,000
Clark Consulting $5,000

~jude conclusion…Insurance & Banks….


Blue Cross/Blue Shield $18,000
Universal Health Services $17,250
Kimber Manufacturing $12,300
El Dorado Holdings $10,000
Achristavest $10,000
CONSOL Energy $8,500
Diamond Manufacturing $8,000
Northwestern Mutual Life $7,650
Pride Mobility Products $6,000
Gleason Agency $5,250
NetApp $5,250
Conestoga Wood Specialties $5,250
Shinn & Co $5,000
Group Fox Inc $5,000
Newsome Eye Clinic $5,000
Citizens United $5,000
Energy Alchemy $5,000
Neal Communities $5,000
Medallion Enterprises $5,000
Mako Global $5,000

~jude conclusions…Healthcare, Insurance, Energy…

RickPerry (R)

Ryan LLC $186,800
Murray Energy $105,504
USAA $69,500
Contran Corp $50,000
Ernst & Young $47,800
Clayton Williams Energy $46,300
State of Texas $44,250
Occidental Petroleum $41,000
Primoris Services $32,500
Allen, Boone et al $32,500
Friedkin Companies $28,000
McNa Dental Plans $28,000
Global Mine Service Inc $27,500
Allen Trucking $27,500
Reschini Group $27,500
Locke Lord Bissell & Liddell LLP $27,000
Phillips Machine Service $25,000
Swanson Industries $25,000
JPMorgan Chase & Co $24,550
Universal Healthcare $24,000

~jude conclusions…energy, TX, Healthcare, Banks…

Michele Bachman (R)

Hubbard Broadcasting $10,000
Empire Office Inc $10,000
College Loan Corp $10,000
Captive-Aire Inc $10,000
Slumberland Inc $10,000
Carbun Concepts $8,000
KMG Tool $6,001
Hanford, Freund & Co $5,250
Citizens United $5,000
Mohawk Moving & Storage $5,000
Slavic401k.Com $5,000
Dcm $5,000
Advance Engineering $5,000
Koch Industries $5,000
Crown Assoc Realty $5,000
Clint Pharmaceuticals $5,000
Keeper Technology LLC $5,000
Target Corp $4,500
United Parcel Service

~jude conclusions…media & SEO, Industry, Pharma, college loans?, Transport…

Barack Obama(D)

Microsoft Corp $171,573
Comcast Corp $113,800
University of California $107,501
Harvard University $99,975
Google Inc $95,066
DLA Piper $75,375
Skadden, Arps et al $69,374
Chopper Trading $64,815
Stanford University $62,928
Time Warner $62,600
Ballard, Spahr et al $62,300
National Amusements Inc $62,100
Arnold & Porter $54,700
Goldman Sachs $50,124
Columbia University $49,347
Latham & Watkins $49,082
Exelon Corp $48,625
US Dept of State $48,077
Mayer Brown LLP $47,700
Sidley Austin LLP $44,825

Please take into account of *HOW MUCH $$$* was contributed by each Corp…or legalize corps employees/shareholders…

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Everything You Need to Know About Wall Street, in One Brief Tale…

Posted on 2012 01, 13 by rockingjude

If there was ever a news story that crystalized the moral dementia of modern Wall Street in one little vignette, this is it.

Newspapers in Colorado today are reporting that the elegant Hotel Jerome in Aspen, Colorado,  will be closed to the public from today through Monday at noon.

Why? Because some local squire has apparently decided to rent out all 94 rooms of the hotel for three-plus days for his daughter’s Bat Mitzvah.

The hotel’s general manager, Tony DiLucia, would say only that the party was being thrown by a “nice family,” but newspapers are now reporting that the Daddy of the lucky little gal is one Jeffrey Verschleiser, currently an executive with Goldman, Sachs.

At first,  I couldn’t remember where I knew that name from. But then I looked it up and saw an explosive Atlantic magazine story, published last year, called, “E-mails Suggest Bear Stearns Cheated Clients Out Of Millions.” And then I remembered that piece, and it hit me: Jeffrey Verschleiser is one of the biggest assholes in the entire world!

The story begins at Bear Stearns, where Verschleiser used to work, up until the company exploded, in large part because of him personally.

Back in the day, you see, Verschleiser headed Bear’s mortgage-backed securities operations. Toward the end of his tenure, his particular specialty began with what at the time was the usual industry-wide practice, putting together gigantic packages of crappy subprime mortgages and dumping them on unsuspecting clients.

But Verschleiser reportedly went beyond that. According to a lawsuit later filed by a bond insurer called Ambac, Verschleiser also masterminded a kind of double-dipping scheme. What he would do is sell a bunch of toxic mortgages into a trust, which like all mortgage trusts had provisions written into their pooling and servicing agreements (PSAs) that required the original lenders to buy the loans back if they went into default.

So Verschleiser would sell bad mortgages back to the banks at a discount, but instead of passing the money back to the trust, he and other Bear execs allegedly pocketed the funds.

From the Atlantic story:

The traders were essentially double-dipping — getting paid twice on the deal. How was this possible? Once the security was sold, they didn’t have a legal claim to get cash back from the bad loans — that claim belonged to bond investors — but they did so anyway and kept the money. Thus, Bear was cheating the investors they promised to have sold a safe product out of their cash. According to former Bear Stearns and EMC traders and analysts who spoke with The Atlantic, Nierenberg and Verschleiser were the decision-makers for the double dipping scheme.

Imagine giving someone a hundred bucks to buy a bushel of apples, but making a deal with him that he has to buy back any apples that turn out to have worms in them. That’s what happened here: Bear sold the wormy apples back to the farmer, but instead of taking the money from those sales and passing it on to you, they simply kept the money, according to the suit.

How wormy were those apples? In one infamous email cited in the suit, a Bear exec colorfully described the content of the bonds they were selling:

Bear deal manager Nicolas Smith wrote an e-mail on August 11th, 2006 to Keith Lind, a Managing Director on the trading desk, referring to a particular bond, SACO 2006-8, as “SACK OF SHIT [2006-]8″ and said, “I hope your [sic] making a lot of money off this trade.”

So did Verschleiser himself know the mortgages were bad? Not only did he know it, he went so far as to tell his colleagues in writing that it was a waste of money to even bother performing due diligence on the bad bonds:

Jeffrey Verschleiser even said in an e-mail that he knew this was an issue. He wrote to his peer Mike Nierenberg in March 2006, “[we] are wasting way too much money on Bad Due Diligence.” Yet a year later nothing had changed. In March 2007, Verschleiser wrote to Nierenberg again about the same due diligence firm, “[w]e are just burning money hiring them.”

One of the ways that banks like Bear managed to convince investors to buy these bonds was by wrapping them in bond insurance through companies like Ambac, commonly known as “monoline” insurers. Investors who knew the bonds were insured were less worried about default.

Verschleiser, seeing that Bear had gotten firms like Ambac to insure its “sack of shit” bonds, saw here a new opportunity to make money. He first induced the monolines to insure the worthless bonds, then bet against the insurers! (Is it any wonder this guy ended up hired by Goldman, Sachs?) From the Atlantic story again:

Then in November 2007, Verschleiser wrote to his risk committee that he knew insurers for mortgage securities were going to have big financial problems. He suggested they multiply by ten times the short bet he’d just made against stocks like Ambac. These e-mails show Verschleiser’s trading desk bragging to firm leadership that he made $55 million off shorting insurers’ stock in just three weeks.

So in essence, Verschleiser was triple-dipping. First he was selling worthless “sacks of shit” to investors, representing them as good investments. Then, he kept the money from the return sales of the wormy apples. And then, on top of that, he made money by betting against the insurers he was sticking with these toxic assets.

We all know what happened from there. Bear, Stearns went under, thanks in large part to insane schemes like Verschleiser’s, and all of us were forced to pick up at least part of the tab as the Fed spent billions subsidizing Bear’s emergency takeover by JP Morgan Chase. In subsequent litigation, Chase has steadfastly refused to buy back the bad mortgages dumped on investors by the likes of Verschleiser, and has even fought tooth and nail to prevent the information in the Ambac suit from being made public.

Ambac went into Chapter 11 bankruptcy in 2010 for a variety of reasons, some of which had nothing to do with its losses in deals like these. But certainly Ambac and other monoline insurers like MBIA suffered for having insured worthless mortgage bonds sold onto the market by the Verschleisers of the world. Ambac in its suit asserted that it paid out over $641 million in claims related to the bonds from the Bear deals.

With all of this, though, Verschleiser landed happily on his feet. He reportedly heads Goldman’s mortgage division now. And after cutting a mile-wide swath of losses through the American economy, helping destroy two venerable firms in Bear and Ambac, bilking the taxpayer for untold millions more (he is also named in a lawsuit filed by the Federal Housing Finance Agency for allegedly speeding bad loans onto securitization before they defaulted), Verschleiser is now living the contented life of a proud family man, renting out a 94-room hotel for three days for his daughter’s Bat Mitzvah.

It’s certainly heartening that Verschleiser is spending this money on his daughter instead of, say, hiring a busload of Jamaican hookers to spend the weekend lounging with him in a hot tub full of Beluga caviar. People ought to give their children the best, I guess. But there’s this, too: at a time when one in four Americans has zero or negative net worth, renting a 94-room hotel for three days for a tweenager party might already be pushing the edge of the good taste/tact envelope. Even for the most honest millionaire in Aspen, it would seem a little gauche.

But for this burglarizing dickhead to do it? It’s breathtaking, isn’t it? I hope he at least invited his bankrupted investors to the pool party.

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The Fed Cartel: Part11: The Freemasons Bus & the House of Rothschilds…

Posted on 2011 12, 09 by rockingjude


The Square and Compasses. The symbols employed...

Image via Wikipedia

The Intel Hub
Dean Henderson
December 8, 2011

(Excerpted from Chapter 19: The Eight Families: Big Oil & Their Bankers in the Persian Gulf…)

In 1789 Alexander Hamilton became the first Treasury Secretary of the United States.  Hamilton was one of many Founding Fathers who were Freemasons. He had close relations with the Rothschild family which owns the Bank of England and leads the European Freemason movement.  George Washington, Benjamin Franklin, John Jay, Ethan Allen, Samuel Adams, Patrick Henry, John Brown and Roger Sherman were all Masons.

Roger Livingston helped Sherman and Franklin write the Declaration of Independence. He gave George Washington his oaths of office while he was Grand Master of the New York Grand Lodge of Freemasons.  Washington himself was Grand Master of the Virginia Lodge.  Of the General Officers in the Revolutionary Army, thirty-three were Masons.  This was highly symbolic since 33rd Degree Masons become Illuminated. [1]

Populist founding fathers led by John Adams, Thomas Jefferson, James Madison and Thomas Paine- none of whom were Masons- wanted to completely severe ties with the British Crown, but were overruled by the Masonic faction led by Washington, Hamilton and Grand Master of the St. Andrews Lodge in Boston General Joseph Warren, who wanted to “defy Parliament but remain loyal to the Crown”. St. Andrews Lodge was the hub of New World Masonry and began issuing Knights Templar Degrees in 1769. [2]

All US Masonic lodges are to this day warranted by the British Crown, whom they serve as a global intelligence and counterrevolutionary subversion network. Their most recent initiative is the Masonic Child Identification Program (CHIP). According to Wikipedia, the CHIP programs allow parents the opportunity to create a kit of identifying materials for their child, free of charge. The kit contains a fingerprint card, a physical description, a video, computer disk, or DVD of the child, a dental imprint, and a DNA sample.

The First Continental Congress convened in Philadelphia in 1774 under the Presidency of Peyton Randolph, who succeeded Washington as Grand Master of the Virginia Lodge.  The Second Continental Congress convened in 1775 under the Presidency of Freemason John Hancock.  Peyton’s brother William succeeded him as Virginia Lodge Grand Master and became the leading proponent of centralization and federalism at the First Constitutional Convention in 1787.  The federalism at the heart of the US Constitution is identical to the federalism laid out in the Freemason’s Anderson’s Constitutions of 1723. William Randolph became the nation’s first Attorney General and Secretary of State under George Washington. His family returned to England loyal to the Crown.  John Marshall, the nation’s first Supreme Court Justice, was also a Mason. [3]

When Benjamin Franklin journeyed to France to seek financial help for American revolutionaries, his meetings took place at Rothschild banks.  He brokered arms sales via German Mason Baron von Steuben.  His Committees of Correspondence operated through Freemason channels and paralleled a British spy network.  In 1776 Franklin became de facto Ambassador to France.  In 1779 he became Grand Master of the French Neuf Soeurs (Nine Sisters) Lodge, to which John Paul Jones and Voltaire belonged.  Franklin was also a member of the more secretive Royal Lodge of Commanders of the Temple West of Carcasonne, whose members included Frederick Prince of Whales. While Franklin preached temperance in the US, he cavorted wildly with his Lodge brothers in Europe.  Franklin served as Postmaster General from the 1750’s to 1775 – a role traditionally relegated to British spies. [4]

With Rothschild financing Alexander Hamilton founded two New York banks, including Bank of New York. [5]  He died in a gun battle with Aaron Burr, who founded Bank of Manhattan with Kuhn Loeb financing.  Hamilton exemplified the contempt which the Eight Families hold towards common people, once stating, “All communities divide themselves into the few and the many.  The first are the rich and the well born, the others the mass of the people…The people are turbulent and changing; they seldom judge and determine right.  Give therefore to the first class a distinct, permanent share of government.  They will check the unsteadiness of the second.”[6]


Posted on 2011 09, 01 by rockingjude

(Infowars) – The current trend in the world of finance and politics is toward consolidation of power into the hands of a few large financial intuitions like Goldman Sachs.  Over 40 US states have turned over control of unemployment payments to the largest private banks such as Bank of America, JP Morgan Chase, and Citibank.  Recipients of benefits are often forced to have a bank account and a debit card at these banks in order to receive their benefits.

The state of Kentucky handed over control of all their revenues and financial transactions to these same banks which caused the global financial crisis.  Handing over large accounts of public money are among the many gifts and support measures provided by US government entities to prop up and rescue too big to fail banks.

So how do these mega bank show their gratitude to the American People for throwing them a lifeline during the financial crises that began in 2008?  A little known fact is that last year Citigroup, JP Morgan, and many other large international banks were engaged in promoting China’s renminbi currency to be accepted in place of the dollar in world commerce.  The financial times of London ran an article on August 26, 2010 entitled “Banks back switch to renminbi for trade” which states:

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