banksters stress test? FAIL! Can you say COVER UP boys and girls?
*** DOW DEATH SPIRAL™ ***
|Trade Time:||4:02pm Apr. 20 2009|
|Day’s Range:||7,840.45 – 8,128.94|
|52wk Range:||6,440.08 – 13,191.50|
DIVE, DIVE, DIVE!
Here’s a suggestion for real hope, change and responsibility:
– Ralph Waldo Emerson
Well Cricketeers, the book cooking is setting the whole economy on fire. That’s how the mess got started, and that’s how the idiot power elite are making it worse. This from mis fortune:
Big banks have a big credit problem
Bank of America and Citigroup have been sinking billions into rainy day funds, but problem loans are growing even faster.
By Colin Barr, senior writer
April 20, 2009
NEW YORK (Fortune) — Banks are socking away funds for future loan losses at a record clip. But at the sickliest institutions, problem loans are rising even faster.
On Monday, Bank of America became the latest big bank to report a stronger-than-expected quarterly profit, posting net income of $4.2 billion, or 44 cents a share. Analysts had expected a profit of just 4 cents a share.
Like its rivals Citigroup, JPMorgan Chase, and Wells Fargo, Charlotte-based BofA pointed to strong fixed-income trading results and a big rise in earnings from its mortgage business.
BofA managed to post the big profit even as it set aside more than $6 billion to cover future loan losses. The bank’s loan loss reserve now stands at $30 billion — double its year-ago level.
BofA expects more borrowers will fall behind on payments or default on their loans as job losses deepen and the economy struggles through its worst recession in decades.
“We understand that we continue to face extremely difficult challenges primarily from deteriorating credit quality driven by weakness in the economy and growing unemployment,” CEO Ken Lewis said in a statement Monday morning.
Yet as much money as BofA is putting away, both it and Citi — the two big banks that have received multiple infusions of federal aid over the past year — are reporting sharp rises in problem loans, particularly on their big credit card portfolios. BofA posted a $1.8 billion loss in its global cards business in the latest quarter.
I for one don’t feel the need to wait for the results of the “stress tests” to be released next month. I see the banksters have already failed! The feckless appaRATchiks in washingtOOn, under the so called “leadership” of the neolib klinton klan hillbillies like ethically challenged go go geithner and statusQUObama are continuing to cover up the crimes of the corpoRATe banksters! The following is shaping up to be the most effective cover up going, this from usatoday:
About 20 probes of bailout underway
By Matt Kelley, USA TODAY
WASHINGTON — A government watchdog has launched “almost 20” criminal investigations related to the $700 billion financial bailout program, according to a report to Congress to be released today.
Neil Barofsky, the special inspector general for the rescue program, says in the report that the probes involve possible public corruption; corporate, stock and tax fraud; insider trading; and mortgage fraud. Barofsky provided no information on who is being investigated or why, saying details will not be released “until public action is taken.”
The special inspector general’s office is focusing on possible wrongdoing by recipients of money under the Treasury Department’s Troubled Asset Relief Program (TARP).
“Those who make intentional misrepresentations in the TARP application process or in their financial reporting to Treasury may be in violation of several criminal statutes,” the report says.
In an interview with National Public Radio this month, Barofsky said one probe involves bank officials who were allegedly “cooking their books” to qualify for rescue funds. He did not name the bank.
If barfsky is serious, then it’s time to take this “criminal investigation” to the courts. There is little doubt that the criminal corpoRATe banksters are guilty of a whole host of crimes. This is why I say that the barfsky “criminal investigation” is shaping up to be the biggest cover up. A “criminal investigation” without indictments and convictions is utter bullshit!
I WANNA SEE bankster PERP WALKS!
statusQUObama’s loose change poetics aside, the truth is being hidden from YOU! The laBAMAnostra cover up of laBUSHanostra’s crimes also continues! This from the washingtOOn post:
Obama Follows Bush Policy on Detainee Access to Courts
By R. Jeffrey Smith
Washington Post Staff Writer
Saturday, April 11, 2009; Page A02
The Obama administration yesterday appealed a judge’s decision granting three detainees at a U.S. military prison in Afghanistan the right to challenge their detention in U.S. courts, arguing partly that compliance would inhibit the future capture of Pakistani citizens for detention by U.S. forces in Afghanistan.
The appeal makes clear that, despite the ruling this month by U.S. District Judge John D. Bates, the Obama administration for now wants to stick with a policy set by President George W. Bush that those incarcerated by U.S. troops in foreign prisons have no U.S. legal rights.
SONOFABUSH! This is part of the cover up of war crimes! statusQUObama does not want these people who have been illegally held for years to speak in court. Should they get a fair hearing, the bush crime family will have to be indited and tried for war crimes. statusQUObama can’t afford that because the neolib klinton klan hillbillies are all war criminals too!
DAGNABIT! The over feeding of the pork barrel military budget is a very big problem that statusQUObama refuses to address. This failure is leading to other failures. This from the zoo york times:
Obama’s Revenue Plans Hit Resistance in Congress
By CARL HULSE
Published: April 19, 2009
WASHINGTON — President Obama is running into stiff Congressional resistance to his plans to raise money for his ambitious agenda, and the resulting hole in the budget is threatening a major health care overhaul and other policy initiatives.
The administration’s central revenue proposal — limiting the value of affluent Americans’ itemized deductions, including the one for charitable giving — fell flat in Congress, leaving the White House, at least for now, without $318 billion that it wants to set aside to help cover uninsured Americans. At the same time, lawmakers of both parties have warned against moving too quickly on a plan to auction carbon emission permits to produce more than $600 billion.
The unwillingness to embrace some of the major White House tax and revenue proposals has frustrated administration officials. They note that lawmakers, many of them supporters of the president’s ambitious agenda, clamor to hold down the deficit while balking at the proposals to finance his program.
Clint Stretch, a top tax policy analyst for the consulting firm Deloitte Tax, said, “The president and the budget committees have set very ambitious targets for revenue raising, and they did it against a set of proposals that are going to be very hard to enact.”
As Congress prepares to reconvene after a recess, senior lawmakers and aides say they are only now beginning to confront the lack of new sources of money, especially for moving the nation toward universal health coverage, a goal for which Democrats hope to deliver a plan this year.
“It is a challenge,” said the chairman of the Senate Budget Committee, Kent Conrad, Democrat of North Dakota. For the health care effort, “you are talking about hundreds of billions of dollars under any formulation.”
Here’s an example of how the dogs in washingtOOn are aided and abetted by the corpoRATe media like the zoo york times. There is nothing in the excerpt above, or in the rest of the article, that indicates there are two excellent answers to the budget problem that statusQUObama refuses to consider:
- reduce the pork barrel military budget by 50%!
- Single payer universal national health care!
Those two sensible actions will put our federal budget in the BLACK NOW! We can end the problem TODAY by making better choices.
Here’s my FAVE endorsement for single payer universal national health care, from the neolib who now refuses to give it to us:
Let’s see, in the video statusQUObama had a step by step process to get a single payer health care plan:
- dems take back white house CHECK √
- dems take back senate CHECK √
- dems take back house o’reps CHECK √
- PAY UP BITCH! Mauhahahahahahahah
The ongoing ClapSotronics serving suggestion:
EAT THE FUCKING pig corpoRATe rich!
laBAMAnostra and laBUSHanostra agree:
- That the disaster of a war should continue indefinitely. laBAMAnostra has the same exit strategy as laBUSHanostra did, no exit strategy what so ever! The corpoRATe pigs agree the current war should be escalated and additional wars should be started whenever possible!
- That the waste, fraud, and abuse pork barrel spending on ever larger pentagon budgets should continue and money “should be no object” when it comes to the funding of military death and destruction! paygo my ass!
- That the thieving corpoRATe insurance companies (the rotten aig being only the tip of the corpoRATe iceberg in the insurance larceny business) should be able to continue to pocket almost half of our health care dollars via the waste fraud and abuse filled current “free market health care system.” This ripoff comes in the form of over the top corpoRATe insurer “administrative costs” and corpoRATe drug pusher profiteering even as the rest of us are badly served by their wealth care, NOT REALLY HEALTH CARE SYSTEM!
- That the wal-fare system (click this link to see how I defined the wal-fare system in an earlier post) started by the klinton klan co-presidents slick willy and hillary dillary doo (she a former walmart board member and both former co-presidents are now made members of laBAMAnostra) and made ever worse by the waste, fraud, and abuse pork barrel funding of so called “faith based” organizations should be able to continue to poverty pimp we poor folks into ever deeper poverty! Punitive policies that force us into slave labor, low wage “jobs” and sermons are no replacement for the basic human needs based system we should have!
- That the inherently dishonorable corpoRATe criminals should be allowed to continue to “self police” as the idiots in washingtOOn chant the tired deregulation mantra!
It’s time to put an end to deregulation and the kid glove wrist slap treatment they get by regulating the corpoRATeers and RICO statute CRIMINAL PROSECUTIONS OF THE corpoRATe THIEVES!
The Telepathic Crickets™ on the ClapSotronics editorial board and I wanna see criminal corpoRATe banksters in orange jumpsuits and leg irons!
The scientifically impossible I do right away
The spiritually miraculous takes a bit longer