Jul 03

- Wall Street Banks Extract Enormous Fees From The Paychecks Of Millions Of American Workers (Economic Collapse, July 2, 2013):

Would you be angry if you had to pay a big Wall Street bank a fee before you could get the money that you worked so hard to earn?  Unfortunately, that is exactly the situation that millions of American workers find themselves in today.  An increasing number of U.S. companies are paying their workers using payroll cards that are issued by large financial institutions.  Wal-Mart, Home Depot, Walgreens and Taco Bell are just some of the well known employers that are doing this.  Today, there are 4.6 million active payroll cards in the United States, and some of the largest banks in the country are issuing them.  The list includes JPMorgan Chase, Bank of America, Wells Fargo and Citigroup.  The big problem with these cards is that there is often a fee for just about everything that you do with them.  Do you want to use an ATM machine?  You must pay a fee.  Do you want to check your balance?  You must pay a fee.  Do you want a paper statement?  You must pay a fee.  Did you lose your card?  You must pay a big fee.  Has your card been inactive for a while?  You must pay a huge fee.  The big Wall Street banks are systematically extracting enormous fees from the working poor, and someone needs to do something to stop this.

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May 12

- Mike Krieger: “Six Months Left… Can They Do It?” (ZeroHedge, May 11, 2012):

The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.

– John Kenneth Galbraith

Today what we are doing is modernizing the financial services industry, tearing down those antiquated laws and granting banks significant new authority.

-Bill Clinton at the signing of Gramm-Leach-Bliley Act in 1999 (which ended Glass-Steagall and gave banks full control of the United States of America)

Obama delivered heated rhetoric, but his actions signaled different priorities. Had Obama wanted to strike real fear in the hearts of bankers, he might have appointed former special prosecutor Patrick Fitzgerald or some other fire-breather as his attorney general. Instead, he chose Eric Holder, a former Clinton Justice official who, after a career in government, joined the Washington office of Covington & Burling, a top-tier law firm with an elite white-collar defense unit. The move to Covington, and back to Justice, is an example of Washington’s revolving-door ritual, which, for Holder, has been lucrative–he pulled in $2.1 million as a Covington partner in 2008, and $2.5 million (including deferred compensation) when he left the firm in 2009.

Putting a Covington partner–he spent nearly a decade at the firm–in charge of Justice may have sent a signal to the financial community, whose marquee names are Covington clients. Goldman Sachs, JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and Deutsche Bank are among the institutions that pay for Covington’s legal advice, some of it relating to matters before the Department of Justice. But Holder’s was not the only face at Justice familiar to Covington clients. Lanny Breuer, who had co-chaired the white-collar defense unit at Covington with Holder, was chosen to head the criminal division at Obama’s Justice. Two other Covington lawyers followed Holder into top positions, and Holder’s principal deputy, James Cole, was recruited from Bryan Cave LLP, another white-shoe firm with A-list finance clients.

– Peter J. Boyer in his excellent recent article “Why Can’t Obama Bring Wall Street to Justice?”

Six Months Left…Can They Do It?

I have to hand it to the Central Planners.  They are good.  Really, really good.  Of course, they are battling a crippled opponent considering so much of America consists of lobotomized sheeple, but nevertheless to be able to steal so much from many people with such blatant and simplistic methods and not be widely discovered is an act of devious brilliance.  The reason I say this now is because ever since last fall TPTB have changed tactics and totally taken over the markets and with it shoved many people into what is best described as a trance.  The people know something is very wrong.  They know they are getting poorer; that life is getting harder, yet the television and the markets have cloaked a blanket of sedation upon their minds.

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