"Financial Fraud on Wall Street"

[WhiskeyGirl]

The re-nomination of Ben Bernanke, as Chairman of the Federal Reserve, has to be one of the ultimate political insults, particularly coming from Republicans, as did his predecessor, Alan Greenspan, both have taken America and the world down the sewer.  Ben Bernanke saved Wall Street, the banks, insurance companies and a myriad of other financial firms.

This is the same Ben who refused to release records to uncover where $2 trillion had gone in the loan program that followed the collapse of Lehman Brothers. This is an appellate defeat for the Fed. We would expect they will next appeal to the Supreme Court. This is important to the Fed, because a loss would not only expose which institutions were insolvent, US and foreign, but it would expose what collateral was accepted for these so-called loans, and have they been paid back?

The Fed and American and foreign bankers gambled and lost, so it was up to American taxpayers to bail them out. Needless to say, these actions were outrageous. The Fed not only had no authority to do what they did, but they did, but they also suborned perjury. We wonder how the Appeals Court missed that? The Fed has buried our country in debt, allowed unbelievable leverage and absolutely refuses to tell us what they are up too. Except for a few in Senate and House hearings, questioning is a total farce. The Fed has done as it pleases for 97 years and that has to stop. We cannot allow Ben Bernanke to lie before Congress and get away with it either. We also cannot allow any corporation or financial institution to keep two sets of books and not mark their investment to market.

As you can see the problems are not going away and they won’t disappear until the system is purged. More than $3 trillion has been poured into GM, AIG, Fannie Mae, Freddie Mac and Wall Street banks and brokerage houses by American taxpayers via the Fed and the Treasury. As a result the biggest violators have become even bigger, which was the intention from the beginning. As an example, JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Goldman Sachs hold almost 40% of all bank deposits. The credit crisis and the debt crisis are far from over. The desk chairs have just been rearranged. Not only will seven million more people lose their homes this year creating a 3-year home inventory for sale, but also lenders will get hit with commercial real estate they cannot possibly finance. We see another minimum of four more years of defaults both in the US and Europe. Taxpayers cannot save the system indefinitely, especially when the players that caused all this are back leveraging and speculating again. 

more here - http://www.globalresearch.ca/index.php?context=va&aid=18366