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Feb-03-2012 13:39TweetFollow @OregonNews
We, the 99%, are SapsJoe Clifford Salem-News.com
Maybe the bankers were not so stupid after all; maybe it’s we who are stupid.
(Jamestown, RI) - Follow this. Large US banks indulged in risky real estate loans resulting in their holding billions of dollars in bad debts, then turned around and sold many of them fraudulently disguised to pension funds.
Failing because of their stupidity and foolish investments, US banks were given 8 trillion dollars of your money without your say or vote in the matter, in what has been described as the biggest heist of all time, and is recognized as the largest transfer of wealth in the history of the world.
As a matter of fact, you were not asked if you wanted to give this money to banks, you were simply told it was being done. After getting 8 trillion dollars to help them “recover” or “survive”, banks rewarded their CEO’s with ridiculous sums of bonus money, enraging powerless taxpayers and causing a PR nightmare.
To add insult to injury, many of the largest US banks such as Goldman Sachs, are being sued by pension funds around the world for falsely representing and selling loan packages to pension funds. Pension funds argue that banks knew their packages consisted of “bad debts”, but disguised them and mislead investors into believing the purchases were fine.
So your taxpayer bailout money will be used by big banks, to settle and payoff fraud suits by pension companies who were intentionally misled and lied to about the package of mortgages they bought from large US banks.
Much of the 8 trillion dollars given to banks was done secretly by the Federal Reserve and was only discovered recently, so there could be more than the 8 trillion than we currently know about.
Meanwhile over 6000 folks from the “Occupy” movement have been arrested for protesting the power of the banks, but not one person from the banking industry has been arrested or charged. Maybe the bankers were not so stupid after all; maybe it’s we who are stupid. From Seinfeld; what a “bizaro world” we live in.
Salem-News.com Writer Joe Clifford, lives in historic Jamestown, Rhode Island, and has contributed a number of articles relating to foreign policy to newspapers in the Rhode Island area for years.
He graduated from Providence College where he earned an undergraduate and graduate degree. After a lengthy career as a high school teacher he turned to the study of US foreign policy, and then to writing, as a means of expressing an alternative perspective. His reading and research on foreign policy is broad and extensive, especially as the policy relates to the Middle East. His interest in foreign policy was inspired by the American misadventure in Vietnam. You can write to Joe at this address: email@example.com
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