We should take some notes from Iceland

[Vatican_Assassin]

Bankers jailed, sued as Iceland seeks culprits for crisis

AFP
May 12, 2010

More than a year and a half after Iceland’s major banks failed, all but sinking the country’s economy, police have begun rounding up a number of top bankers while other former executives and owners face a two-billion-dollar lawsuit.
Since Iceland’s three largest banks � Kaupthing, Landsbanki and Glitnir � collapsed in late 2008, their former executives and owners have largely been living untroubled lives abroad.
But the publication last month of a parliamentary inquiry into the island nation’s profound financial and economic crisis signaled a turning of the tide, laying much of the blame for the downfall on the former bank heads who had taken “inappropriate loans from the banks� they worked for.

http://www.breitbart.com/article.php?id=CNG.4090f16a5abf84c5a5adff0665cbc792.3a1&show_article=1

[benchwarmer69]

There are supposed to be laws stopping the monopolizing of companies.... Yet here Wal Mart is, and we see it with phone companies, computer businesses, and electricity companies.

We ALREADY have a law saying that "illegals" should have to "learn our ways" before coming here.... yet Arizona has to re-pass a law basically, and there are already a overgrowth of illegals that there was nothing done about.

There are already laws here that state that bankers are liable for what they do... but somehow, they find a way out in most cases. Usually with their fine-print contracts.

Obama GAVE them money. Taxpayer money that we didn't even have to begin with. I doubt they (or any politician) do a damn thing, like always.

Someone once said, "it's not the banks money." ..An you better believe that, or get stomped on by them.. Even highly educated people rub their heads at the contracts they want someone to fill out. So then, what does the common man think of this? I'm guessing it doesn't bode well. If they KNOW you can't pay up on a contract, with all the "checking" they do, then they should never allow said contract be signed in the first place. If everyone is dead-broke, what do they have to glean? We're seeing that all across the country right now, and IMO, the banks are mostly to blame. Even after their huge "bailout."

[dbucfan]

Federal Reserve is into this money exchanging up to its' collective eyeballs.  I am not a Ron Paul fan - but as regards the Fed - I agree with him

[John Galt?]

TARP was one of the biggest scams perpetrated on the American public. TARP gave BoA, Wells Fargo, many others and of course Goldman Sachs, billions in zero interest loans. What did they do with the money? Not lend it to consumers or businesses. No they used it all to buy Treasury securities (in effect they lent the $$ the Treasury lent to them back to the Treasury and charged them interest), made a whooping bunch in interest, and then repaid TARP. They not only made the interest on the T-notes and Bonds, but they bought them all at depressed prices and got face value for them.

How the TARP scam worked:

Bank X gets $10 billion from TARP at 0% interest. Bank X buys $5 billion in T-notes (5300mm notes) at $.94m and $5 billion bonds (5600mm) at $.89m. They get $185.5 million in interest from the notes and $252 million in interest off the bonds. The notes and bonds both mature at $1,000 so they get another $300 million off the notes and $600 million off the bonds. Total profits= $1,337.5 million Total expenses= $0.00 They then repaid all the TARP $$$ and they and the Treasury are all applauded for doing a great job.

But where did that interest come from? The Treasury. And where did they get it from? The IRS. And where did the IRS get it from? Look at your paycheck!!!

[Mean D]

This is the worst administration in United States history.  They don't have a clue what is going on.  Obama does stink to high hell, but the worst has to be Eric Holder.  He has been yapping his stupid gums against the new Arizona law on illegal immigration the admits at the recent hearing that he hadn't so much as read the 10 page law.  In a private enterprise he is terminated immediately.  But Obamalamadingdong is so inept he probably doesn't even see anything wrong with it.  The democraps WILL get handed their hats in November.

[dbucfan]

TARP was one of the biggest scams perpetrated on the American public. TARP gave BoA, Wells Fargo, many others and of course Goldman Sachs, billions in zero interest loans. What did they do with the money? Not lend it to consumers or businesses. No they used it all to buy Treasury securities (in effect they lent the $$ the Treasury lent to them back to the Treasury and charged them interest), made a whooping bunch in interest, and then repaid TARP. They not only made the interest on the T-notes and Bonds, but they bought them all at depressed prices and got face value for them.

How the TARP scam worked:

Bank X gets $10 billion from TARP at 0% interest. Bank X buys $5 billion in T-notes (5300mm notes) at $.94m and $5 billion bonds (5600mm) at $.89m. They get $185.5 million in interest from the notes and $252 million in interest off the bonds. The notes and bonds both mature at $1,000 so they get another $300 million off the notes and $600 million off the bonds. Total profits= $1,337.5 million Total expenses= $0.00 They then repaid all the TARP $$$ and they and the Treasury are all applauded for doing a great job.

But where did that interest come from? The Treasury. And where did they get it from? The IRS. And where did the IRS get it from? Look at your paycheck!!!

Nice explanation - of an out and out SCAM