90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
Wall Street in the Hot Seat
Goldman Sachs Chairman and CEO Lloyd Blankfein; JPMorgan Chase Chairman and CEO James Dimon; Morgan Stanley Chairman John Mack; and Bank of America President and CEO Brian T. Moynihan, testify on Capitol Hill on Wednesday, Jan. 13, 2010. (AP)

Goldman Sachs Chairman and CEO Lloyd Blankfein; JPMorgan Chase Chairman and CEO James Dimon; Morgan Stanley Chairman John Mack; and Bank of America President and CEO Brian T. Moynihan, testify on Capitol Hill on Wednesday, Jan. 13, 2010. (AP)

Post your comments below

The lords of Wall Street, all lined up on Capitol Hill this week for a dressing down.

Goldman Sachs. Morgan Stanley. JPMorgan Chase. Bank of America. CEOs all in a row. Peppered with questions by the Financial Crisis Inquiry Commission.

They’re cutting bonus checks this week. Big ones. But the questions over meltdown and bailout, what went wrong and how to fix it, are still hanging. And today, it’s the Attorney General testifying.

This hour, On Point: Wall Street in the hot seat in Washington.

Guests:

Joining us from New York is David Weidner, columnist for MarketWatch and The Wall Street Journal.

Also from New York we’re joined by Christine Harper, chief financial correspondent for Bloomberg News.

Please follow our community rules when engaging in comment discussion on this site.
  • http://www.richardsnotes.org Richard

    If these bankers are on the hot seat then Paulson, Summers and Geithner need to be right there with them.

  • Mike

    I watched this morning theater act yesterday. Within an minutes I was sick to my stomach.

    Nothing will come of it and it is a complete waste of time since our government is owned by these criminal bankers who couldn’t keep the smirks off of their faces. (especially Dimon of Chase and Blankfein of Goldman Sachs)

    THIS IS FASCISM AMERICA.

  • Marc

    This will be awesome. Lloyd “God’s Work” Blankfein and the rest need to be taken to court. The giant banks — BoA (where I do all of my business), Citigroup, J. P. Morgan Chase — need to be shut down and broken up. If we have enough money to “bail them out” we have enough to cover the loses. Then reinstate the Glass–Steagall Act and end usury. The economy is strong when Americans are working. There should be two simple goals for the economy. Keep people in their homes — rewrite the mortgages so people can afford them — and get them back to work. The problem with housing is that the government’s position is to keep prices high instead of keeping people in their homes. It is outrageous that the banks are declaring record profits when so many people are out of work.

  • David Laughlin

    Will the Bankster Bonusees contribute to help Haiti?

  • Bob of Newton

    If they got caught up in the general mindset that everything was fine, why did they get such huge bonuses? They seem to be saying that they are no smarter than anyone else.

  • Mike

    Blankfein said he didn’t think housing prices would ever go down while they were betting in their OTC Derivatives against the mortgage securities.

    In the afternoon there was testimony that even if housing prices just stayed even these banks would lose money.

    They knew what they were doing.

    They knew that Paulson, former Goldman Sachs CEO, would bail them out with taxpayer money.

    They are criminals and should have been locked up yesterday.

  • http://www.victoriagroup.com Rod Goult

    I listened to, in particular, the Goldman Sachs CEO with some amazement.
    On the one hand he tries to tell us that, like others, they didn’t see the meltdown in housing prices coming.
    Then, on the other hand, we find that the same bank was betting against its own securitized assets by selling them short.
    He can’t have it both ways – either the bank thought that it had a good risk, or they knew that they didn’t.
    When they are selling their own securities short, they know that they have a poor risk. So there is the answer.
    The CEO was being very economical with the truth. In other words, he wasn’t being honest at all.
    He and the others should be prosecuted for fraud. That’s what it was.

  • Ellen Dibble

    The banks have made a balloon of their own remuneration, so the price of a “house” (banker) has been bid up like a seaside property.
    Won’t this balloon burst of its own?

  • johnny

    i’d like to hear Blankfein explain how he’s ‘earned’ over $40M in compensation last year based on his abysmal job performance.

  • Mike

    Blankfein was just a piece of work yesterday.

    Arrogant to the hilt. Talking over the commissioners.

    He basically told the commission, hey, pretending the mortgages securities are good as gold and then betting against them is what I do, and you can’t touch me.

  • johnny

    i’d like to hear Blankfein explain how he’s ‘earned’ over $40M in compensation last year based on his abysmal job performance.

    watch bill moyers on pbs.org last friday, you’ll see that these large financial institutions are paying 1%-5% tax rate while the average joe on the street is paying 30 times that.

    we’ve got foxes guarding the chicken coop

  • Janet

    Another example of the failure of big government.

  • pw

    Me oh my. I foresee a little slap on the wrist for Wall Street. Poor fellas.

  • Mike

    Americans, ask the IRS how you can get:
    the GOLDMAN SACHS 1% TAX RATE.

  • http://www.richardsnotes.org Richard

    Sheila Baird has it: It’s a failure of policy coupled with greed.

    The folks who deregulated the financial industry are just as culpable as these bastards.

  • Mike

    The banks are going to pay themselves 150 BILLION in bonuses made with taxpayer money.

    That is more than all of the deficits of all states in America.

    It it not only obscene but criminal since we are now owe the debt on their gambling losses.

  • BHA

    I would ask all these ‘no one else is smart enough so I am worth many millions per year’ bankers to compare their value to that of the job of President of the United States and then explain to everyone why they should be paid more than President Obama.

    Let the “I’m so smart” bankers get a real job at a real salary.

  • Ellen Dibble

    I’d like to see Sheila Bair’s statement in black and white. Did I hear her point to subsidized housing policies as part of the problem? Right you are!
    Developers seek for tax breaks and low interest rates and put up “affordable” housing, sucking all the air out of any efforts to put up the kind of rental housing we need. I mean, “affordable” housing per the lease claims a 25 percent “tax” on every next dollar these renters earn. Add to that the “tax” perpetrated by the subsidies for health care (real and proposed) and the “tax” by reducing food stamps, and there is zero motivation to earn a legal dollar. The next legal dollar (minus the mortgage deduction, minus the 15.3% Social security tax on earnings) is about zero.
    There should have been a volcano of energy-efficient, geothermally heated multi-unit apartment buildings sprouting in the last few years.
    Where were they?

  • Mike

    The Subsidy That Won’t Die
    The big banks claim the government isn’t helping them anymore. Not exactly. Check out this little-known subsidy.

    http://www.slate.com/id/2241251/

    It’s a complete lie that TARP was the only money from the government and they are counting on the American public being too stupid to know better.

    Americans are still on the hook for 14 TRILLION for these banks.

  • Barbara

    If these CEOs are so intelligent and valuable, then how come they “couldn’t see this coming.” As they’ve repeatedly stated.
    I have worked for a small, community bank for the past decade and we are even stronger than ever.
    I as a layperson saw this coming in 2005! The CEOs don’t want to admit that they were just concerned about thier own bottoms…and bottom lines!
    No one is worth being paid tens, let alone hundreds of millions of dollars. PERIOD.

  • Harold MacCaughey

    “If men were angels, no government would be necessary.”
    Hamilton and Madison
    We can have endless Congressional hearings to no end. We need legislation to ensure that “too big to fail” is abolished. If Wall Street bankers want to gamble and take big bets, let them do so with their own institution’s money, not the taxpayers.’
    HJ MacCaughey

  • Susan Mojica

    Anyone who wants to get to the heart of this matter should read “Fiat Money Inflation in France” and learn about Austrian economics. “Fiat Money Inflation in France” shows how “casino systems” get established in a country…follow the money, or actually, follow what the money is made of.

  • John

    This would have been a great show to have had Jack on. Once a week isn’t enough.

  • Mike

    It is almost two years since the fall of Bear Sterns.

    What laws has Congress passed?

    NONE.

    If you call them up they say “we are working on it”.

    Congress is bought and paid for by these bankers.

    THIS IS FASCISM AMERICA.

  • david

    Wall Street told us for decades that outsourcing and downsizing was the way to go. Destroying our manufacturing with so called “free trade”. It’s time to quit listening to “Wall Street” and go back to a basic economy with manufacturing as it’s base and not financial services.

  • Tom Reitano

    I do my job really well, show up everyday, preform better then expected, I keep my job, incentive is work or get fired. How outside of the devil, does a company reward failure. And at the poor and middle class’s expense!! We need a Andrew Jackson!!!

  • Jack Barter

    The fact that these folks are not in jail is beyond me!!! I like the way that the Chinese deal with economic criminals……………..

  • Mike

    Chase’s Jamie Dimon was just so full of folksy charm yesterday.

    His daughter this and his brother-in-law that.

    How about telling us Jamie how you colluded with FDIC’s Sheilia Bair to steal Washington Mutual?

    Tell us that little folksy story.

  • kye

    To me, it just seems that they were betting on total collapse v. no collapse.

  • Mike

    Come on.

    They knew how it was going to play out. Why do you think Paulson was made treasury secretary?

    I read SHOCK DOCTRINE before this went down and I could predict it exactly.

    And sure enough it went according to plan.

    The banks made billions on the way up. Gambled, then told the government to take the losses. And now we, the American taxpayer are so in debt we will never get out of it. While the bankters are billionaires.

  • Dee

    Gosh, there is gambling in the casino and the big bankers are surprised by that? When they were rolling the dice? Nothing is too big to fail, as we are learning about states like California and New York – just to name a couple – let alone the big financial companies. The villagers are sharpening their pitchforks and readying the torches for when these greedy pigs start shoveling money into their own bonuses. I agree with Arianna Huffington – pull your money from these big banks and reinvest locally in small institutions.

  • Susan Mojica

    Mike wrote “He basically told the commission, hey, pretending the mortgages securities are good as gold and then betting against them is what I do, and you can’t touch me.”

    Hmmm…famous words once said by Alan Greenspan re the US dollar…hey, we can make it as good as gold. Beginning to understand why the States put a requirement upon themselves to accept only gold and silver coin as a tender in the payment of debts.

  • c vigneron

    I moved my money to a small local bank last summer. I paid $1000 pre-payment penalty on my WAMU/Chase line of credit.

    I’d paid the balance 3 times previously without penalty.

    Glad I’m gone! Bastards!

  • Kris

    RE: the caller’s comment about the Military Industrial Complex. NPR just reported this week on something that ACCURATELY supports at least part of his point of view:

    AIG insures Blackwater!

    So, the scenario I can envision was that of Cheney deciding to support NOT ONLY his own former company, but ALSO Blackwater and AIG, and who knows how many other private companies that, guest what…..get a hand-made MARKET for THEIR services, while all the rest of us see the market for OUR goods and services disappear as the jobs go to China!

    I’m SURE the caller is on to something that needs much more INVESTIGATION by my beloved NPR!

    ALSO: to major REALTY companies have investors??? If so, can you see the basic asking price for houses sky-rocketing in the recent past to serve the share-holders there??? I do not KNOW the answer to this question. Can NPR also investigate this? If there are shareholders in realty companies, yes, they will be suffering now, but did their interests add to the bubble? I have NEVER heard this discussed, and I just thought of it now due to the overall conversation.

    We desperately need FINANCIAL WORLD REGULATION!!!!

  • http://www.onpointradio.org Robert Bliss

    What you are missing in your discussion is the role of the rating agencies.
    When the mortgage backed securities were given a poor rating (BBB, or CCC) the Banks/Investment firms who bundled these securities “Shopped Around” until they found a rating agency which would give them a triple A rating. That rating agency then got a lot more business & the agency who rated properly LOST business.
    THEY ALL KNEW!
    In fact Chase was the first Bank to start pulling back from these investments when they saw the end was near.
    You all need to re-watch that excellent “Frontline” Public TV.

  • BHA

    Do these big banks actually use the ratings from Moody’s to decide what to buy. I really doubt it.

  • ErikW65

    It’s what they do, when they get that big. Break then up. It’s the only solution. History is so instructive. Step up and be a Leader Mr. President, like Teddy Roosevelt did! Or else this presidency, and this country really, will not be successful. I don’t see how it can be, with these huge financial institutions siphoning off the capital and depriving the Larger System of it’s lifeblood.

    It irks me that we saved them from the systemic risk they created, and now they are choking the System by hoarding the liquidity we provided, instead of pumping it into the economy in the form of lending, as it was intended to do.

    Take that bonus money, and do something CONSTRUCTIVE with it, you selfish corporate tools/fools! Your hubris, to think you can thrive independently of the Larger System is revolting!

  • http://www.filipinoboston.blogspot.com akilez

    I am just disappointed if someone is having a hard time making payment for a car because of no yearly increase for the past 2 years. These banks don’t know how to HELP the consumers who lost their jobs or salary freeze situation.

    WE BAIL THESE BANKS OUT A SIMPLE CONSIDERATION FOR THE CONSUMERS IS NEVER PRACTICE BY THE AMERICAN BANKS.

    BANKS ARE SO GREEEDY. I am sick of them.

  • Mike

    Yesterday Chase’s Jamie Dimon was so smug about the great shape Chase was in all along the way.

    Completely failing to mention Chase was the most exposed of all the banks on the derivatives.

  • Shaun

    Good morning Tom,

    I was an environmental consultant for 15 years, specializing in due diligence and environmental risk management. I consulted for Goldman, BofA, Citi Group, AIG, Wells Fargo, Lehman and others. By 2005, 2006 and 2007 these institutions had collectively and recklessly abandoned their environmental risk policies. They were profit driven. A careful review of their books will demonstrate that their current holdings are greatly overvalued, that they fail to account for any … any financial liability. To listen to these CEOs deny knowledge, deny culpability … I am sickened. It was all a calculated risk and we the taxpayer lost.

  • Mike

    Shaun

    All of the banks in the country are INSOLVENT.

    They are making sure that we the taxpayer take the hit however.

    THAT IS CALLED FASCISM.

  • jeffe

    I have friend who works in the legal department of one the investment banks being discussed here.

    These men are telling lies, period.

    The risk was discussed, a lot. The default swaps and the huge leverages the attached to them was out of control and they knew it. The took a bet and lost.

  • BHA

    $68 MILLION bonus? HOW do these jerks look in the mirror every day and say “Yes sir, I worked so hard last year, I deserve $68 million EXTRA”!

    Time to introduce the 99.9% tax rate on every dollar of compensation, be it cash or stock, over $500,000

  • Mike

    Jeff

    The reality is they didn’t lose. We did.

    Once more, THIS IS FASCISM AMERICA.

  • MLGM

    Another one of these shows when the guests completely monopolize the airwaves. What a joke.
    After trying to call in for 20 mns I was put in the queue for another 15 only to be told that there was no more time. Of course!!

    So Tom here is my answer to your question “is it theater”
    Yes indeed. In the testimony you played in the very beginning I only heard lack of remorse and total arrogance. My brother, no lefty by a long shot, left his job in the financial world last spring because he couldn’t take the lack of morality of the greedy people around. As he explained it to me the Wall street types want to make as much money as possible, as fast as possible and they just don’t care who get screwed in the process. Lack of conscience seems to be their common trait.
    I pushed aside my own cynicism when I voted for Obama. I wanted hope and he delivered beautifully. But hope was supposed to be followed by change. Where is the change? Why is Larry Summers still the behind the scene puppeteer?
    This program claiming to care to hear what we the people have to say is proving once more to be a farce

  • Mike

    This commission is kabuki theater.

    NOTHING WILL COME OF IT.

    Americans wake up you are living in a FASCIST STATE.

  • Ellen Dibble

    Once upon a time, bankers embodied responsibility, stability, and the preached it to the rest of the community. They underwrote new industries, new businesses, relying upon fairly intimate knowledge of the prospects involved. I knew the bankers had morphed into something quite the opposite and quite dishonest around 1999 and sort of hunkered down.
    In a global world, with global businesses and global profits and losses, I don’t think the old model of “responsibility” applies. Consider Haiti. The United States doesn’t miss a beat; it’s a global world. No nation is too insignificant to be under the American aegis of concern.
    This all escapes my moral imagination. Yes, but it seems to escape the moral imagination of the bankers in charge as well.

  • http://www.filipinoboston.blogspot.com akilez

    OHH I forgot to tell I am changing my career to a Bank Teller. I heard they are getting $15,000 bonuses.

  • Mike

    http://www.fcic.gov/
    (202) 292-2799

    “The Financial Crisis Inquiry Commission is a bipartisan commission that has been given a critical non-partisan mission — to examine the causes of the financial crisis that has gripped the country and to report our findings to the Congress, the President, and the American people.

    Hopefully, the Commission’s work can help rebuild the American people’s belief in a financial system that puts Americans to work, fulfills their goals and provides the foundation for a new era of broadly shared prosperity.”

    Rebuild our trust?

    Yes, when they break up the banks, make them buy their bad mortgage securities back they dumped on us the taxpayer and their bad credit card debt, cap the interest rate they can charge us on credit cards, demand mortgage cram downs, regulate the banks and OTC derivatives and tax bonuses at 99% we will recover our faith.

    Until then, it’s clear we are living in a FASCIST STATE.

  • Moses

    Earthquake in DC responsible for the rebirth of the US.
    Bankers and the pols in their pockets are swallowed by the earth.

    Or we will get some sanctimonious political handwringing meant for the latest NPR soundbite and back to the staus quo.

  • Moses

    This just in from the same NPR…

    Federal Reserve shows biggest profit in history…

    http://www.npr.org/blogs/thetwo-way/2010/01/obama_baghdad_korea_federal_re.html

    Some estimates I have seen show that nearly half of the fed’s balance sheet consists of the bad paper they assumed from these bankers.

    If it was worth next to nothing then and it is accounted at 100% now…

    There truly is a bad moon rising.
    Governments that have gone down this road before have
    always touted growth as the way out…

    Unfortunately this has often meant war…

    Watch for the scapegoats to be villanized on ONPOINT s in the next several weeks as NPR swallows the bait…

    Israel, Iran, North Korea, Yemen, the demonization of Russia…

    The US/banking cabal just hasn’t decideed who has drawn the black bean…

  • Carolann Najarian

    It seems to me that the very format — starting with the 4 CEOs ALL together raises a question as to how serious the committee is.

    How different the start would have been if critics — economists, financial people, thinkers –had been called first for their assessment of what caused the crisis — which is what this commission’s mandate is.

    “Business” as usual — that seems clear.

  • Moses

    “Phineas, took a spear in his hand…” followed both the bankers and their political hacks to the Congressional hearing… “and drove a spear through them both…”

    It will be:
    -a peaceful revolution from within
    -a war that an unknowing populace follows to its
    slaughter.
    -or the enslavement of a people by the politicians
    and bankers as they move on to their next conquest.

  • Mike

    Moses

    War won’t pull us out of this financial crisis. In fact, it will only deepen it. And would be playing with fire since China has told us in no uncertain terms they are not going to finance our wars anymore.

    Wars aren’t fought like they were in WWII anymore. And without a draft it does nothing about unemployment.

    In fact, it has been shown that military spending creates very few jobs for the amount of money spent.

    That said, TPTB might think that another war will distract the American people. But they would be wrong. I think Americans no longer can get behind wars that don’t really touch their lives and just cost them money.

  • Todd

    “It seems to me that the very format — starting with the 4 CEOs ALL together raises a question as to how serious the committee is.”
    Posted by Carolann Najarian

    It had to be done with 4. If it had just been Larry, Moe, and Curly, then there would’ve been no question whatsoever regarding the seriousness of the committee.

  • Douglas Gray

    I would like to know if anyone can tell the the reason these big banks exist. The only reason I can figure out as to their existence is to make a very few people very rich. What is the purpose of them making these big profits. It doesn’t appear that they put them back into the local economies or lend it to people at a lower interest rate to help with the mortgage crisis. No it appears to me that they just hand it out to people “who are to valuable to let go” so they won’t go to another bank and make big profits for that bank to make the people in that bank richer. I would like to know why a bank need to make a “BIG” profit at all. Is it function of a bank to help the communities that they are a part of or to make a few people in that community rich.

  • Ellen Dibble

    Douglas, I heard an argument that is pretty convincing as to why some banks need to be huge: There are global-size projects to be financed. There are national projects that would be tough for even the national government in Washington to finance. Like the resurrection of a viable public transportation system (railways), or an energy pipeline that can carry and store wind energy, solar energy, etc., etc. The costs include the cost of buying property that is suddenly very valuable.
    If we don’t want the government to finance that, then private enterprise has to do it. Whence the money? The argument is that loans from 500 small banks for the same undertaking, for a project developed under one management, is not a good idea.
    That’s the argument.

  • Mike

    Ellen

    That is a senseless argument. Since the government is what is holding up the banks. The big banks are insolvent without the government money.

    And btw, clean energy financing has all but dried up since the financial meltdown.

  • Ellen Dibble

    So, Mike, how do you think we can get this nation back to work, building a future for ourselves? Sorry, that is a monster question.

  • Mike

    Ellen,

    I think we must take back our government.

    The little bit of power we have currently lies with our vote. The only way is make that count is to vote every incumbent out and keep voting them out until they represent us.

    We will know they represent us when we can get public financing for campaigns.

    If we can get that they we will have a much better level playing field against the corporations and the rich who have access to our government that we don’t have.

    Also, the American citizen is really the American consumer.

    So use your power as a consumer and take your money away from these “too big to fail banks” in every way shape and form. (accounts, loans, mortgages, credit cards, 401k money etc)

    Buy local farmers’ meat and produce and milk.

    Try to support local shops.

    Try to buy from companies that care about you and the environment.

    Educate and organize with your neighbors.

    STOP JUST WATCHING TV AND PLAYING WITH YOUR IPHONE.

  • Robert

    Our political system is broken!
    This is what happens when the system is dominated by businesses -and egos- (media included) grown “too big to fail”; and a populace that tolerates (and even celebrates) an economic system that has no humility and little regard for the future general well-being of the country as a whole, or the planet that we depend upon.
    The political parties have established a ‘game’ that is fixed on a process of problem solving and decision making based foremost on gaining political advantage. Therefore, any response or solution that comes out of this process is almost assured to be dishonest and ineffectual.
    Even after this disaster falling around us; There seems to be no real effort to make the individuals and organizations responsible accountable. Nor is it at all likely that significant corrections will be made.
    Perhaps even sadder is that President Obama -who inherited this mess- had told us that it’s time to ‘grow up’ and get to working together on these and other problems not dealt with responsibly. Unfortunately, he seems to have insufficient resources to change the status quo in this political environment.
    -anyone for ‘climate change’?

  • Todd

    The one simple action that individuals can take to minimize the undue influence of “too big to fail” banks: Withdraw ALL of your money from commercial banks, and deposit it into a local credit union account. That way, YOU derive the benefit of being a stockholder, instead of some Goldman-Sachs crony.

    The Banksters will have less power to manipulate our economy if they aren’t in possession, and therefore control, of our money.

  • Ellen Dibble

    Mike, I’m with you 100 percent about the public financing of campaigns, and about voting with our dollars wherever possible.
    I have a big question about how to do that with retirement funds, of which I have a few, which are so-called “socially responsible” funds (for what it’s worth). To me, the definition of “socially responsible” is just the very keystone of whether normal Americans can steer their resources where it helps most. I am hoping AARP can help “lean forward” on this issue. When I feel the kind of drag as to confronting this issue, I know I’ve hit a nerve.
    Someone is reluctant to declare investments in, say, Chase “not socially responsible.” Something like that.
    Even a young investment banker with stellar brain and heart would have a hard time defining this “socially responsible” to my satisfaction. But the issue has to be joined at some point if America’s resources are going to get where they need to be.

  • Anne Greene

    Can we claw back the AIG counter-party payments that were made at 100 cents on the dollar? Is there any way to have that money paid back to the taxpayers? (We have 80% ownership of AIG.)

    I have more hope in the FCIC after watching the C-Span coverage for the last two days. I don’t think the commission is beholden to the CEOs … seem more aligned with the other expert panels – thankfully.

  • http://www.lit.org/author/fritzwilliam F. William Bracy

    It wouldn’t be a bad idea to preserve–after they die–the brains of certain people … those who are consistently on the wrong side of every issue, including all those who report at, and work for, the Wall Street Journal. No doubt there would be bold new insights into our understanding of certain obscure cranial mechanisms behind the phenomenon of indoctrination.

    Not opposed to the reinstatement and/or preservation of the Glass – Stiegel Act? (David Weidner, columnist for MarketWatch and The Wall Street Journal) Amazing how Mr. Weidner worked that comment in at the very last moment. They have absolutely no intention of going away, and it’s all our loss … not theirs.

  • http://bruceguindon.com bruce guindon

    I don’t think I care about the obvious what I’m concerned about is the future. What safe guards are going to be put in place to catch the bad behavior before it reeks havoc on us all and there is no business to large to fail

  • Emilio Poljanec

    From: http://www.biblebelievers.org.au/black.htm

    “…The Club of Rome is a conspiratorial umbrella organization, a marriage between Anglo-American financiers and the old Black Nobility families of Europe, particularly the so-called “nobility” of London, Venice and Genoa. The key to the successful control of the world is their ability to create and manage savage economic recessions and eventual depressions. The Committee of 300 looks to social convulsions on a global scale, followed by depressions, as a softening-up technique for bigger things to come, as its principal method of creating masses of people all over the world who will become its “welfare” recipients of the future.”

    Full article:

    from BibleBelievers Website

    In Carthage, the Canaanites called themselves Punics. Rome attacked Carthage in full force, beginning in 264BC and completed their task after killing or enslaving every Carthaginian, by sowing the land to salt so that nothing could ever grow there again. The Edomites descended from Esau later intermarried with the Turks to produce a Turco-Edomite mixture which later became known as Chazars (Khazars) – who are the present occupants of Israel. These Canaanites eventually adopted the name “Sepharvaim” for deceptive purposes. They later became known as Venetians, and by marrying into European royalty and aristocracy, the “black nobility.” The Venetians today control the Federal Reserve system in the US.

    Around AD1400, European power centers coalesced into two camps: the Ghibellines, who supported the Emperors Hohenstaufen family, and the Guelphs, from Welf, the German prince who competed with Frederick for control of the Holy Roman Empire. The Pope allied himself with the Guelphs. All modern history stems directly from the struggle between these two powers. The Guelphs are also called the Neri, Black Guelphs, or Black Nobility, and supported William of Orange in his seizure of the throne of England, which eventually resulted in the formation of the Bank of England and the East India Company, which would rule the world from the 17th century. All coup d’etats, revolutions and wars in the 19th and 20th centuries are centered in the battle of the Guelphs to hold and enhance their power, which is now the New World Order.

    The power of the Guelphs would extend through the Italian financial centers to the north of France in Lombardy (all Italian bankers were referred to as “Lombards”). Lombard in German means “deposit bank”, and the Lombards were bankers to the entire Medieval world. They would later transfer operations north to Hamburg, then to Amsterdam and finally to London. The Guelphs would start the slave trade to the colonies. The Guelphs, in order to aid their control of finance and politics, would perpetuate gnostic cults which eventually developed into the Rosicrucians, Unitarians, Fabian Society and the World Council of Churches. The East India company, together with John Stuart Mill, would finance the University of London. A friend of Mill, historian George Grote, a founder of London University donated £6000 for the study of “mental health”, which began the worldwide “mental health” movement.

    Banks large and small in the thousands are in the Committee of 300 network, including:
    • Banca Commerciale d’Italia
    • Banca Privata
    • Banco Ambrosiano
    • The Netherlands Bank
    • Barclays Bank
    • Banco de Colombia
    • Banco de Ibero-America

    Of special interest is Banca del la Svizzeria Italiana (BSI) – since it handles flight capital investments to and from the United States – primarily in dollars and US bonds – located and isolated in “neutral” Lugano, the flight capital center for the Venetian Black Nobility. Lugano is not in Italy or in Switzerland, and is a kind of twilight zone for shady flight capital operations. George Ball, who owns a large block of stock in BSI, is a prominent “insider” and the bank’s US representative.

    In the secret 1822 Treaty of Verona (between Austria, France, Prussia and Russia) the Jesuits agreed to smash the US Constitution and suppress the freedom of the US. Their methods included destroying free speech, destroying and suppressing the press, universal censorship, sustaining the cooperation of the Pope and clergy to use religion to help keep nations in passive obedience and financing wars against countries with representative governments. The monarchs who signed this treaty were ultimately deposed. Most of these families are very wealthy and may be more powerful today than when they sat upon thrones. They are known collectively as the Black Nobility. Privately these families refuse to recognize any right to rule except their own. The fact that this treaty was made long ago does not mean it is void. The treaty was placed in the Congressional Record on April 25, 1916 by Senator Owen.

    In 1948 George H.W. Bush graduated from Yale University and the Skull and Bones. He is a distant cousin of the Queen of England, part of the Black Nobility which traces its power back 5,000 years.

    Prince Bernhard of the Netherlands created a group that became known as the Bilderbergers. Many “conservative” researchers have come to recognize the Bilderbergers as an important force for the “New World Order.”

    (Note: Since the Bildebergers, according to former British Intelligence agent John Coleman, serve as a BINDING force between the three major ’one world government’ forces – the Wicca-Masons (i.e. Communism); the Black Nobility descendants of the early Roman emperors; and the Maltese Jesuits. . . each of which have 13 respective representatives on the 39-member Bildeberger board – and since a Nazi SS stormtrooper was responsible for developing this “New World Order” coordination council, and since Adolph Hitler’s second book was titled [believe it or not] “The New World Order.” No wonder Adolph Hitler’s dream – and that of his predecessors the “Kaisers”, a German translation of “Caesars” – was the revival of the Roman empire).

    According to former British Intelligence agent Dr. John Coleman, the three world power groups: the Wicca-Masons (i.e. Communism), the Maltese-Jesuits and the Black-Nobility (’Black’ in this context refers to their character, not their skin color) all work for and under the central Command of the Bavarian Illuminati which binds them together.

    The Bavarians created the Bilderberg society for this purpose, the core of which is a council of 13 members from each of the three ’groups’ or 39 in all. The old-line ruling families who believe that they have the right to rule the world because they are descended from the emperors of the ancient Roman and so-called ’holy’ Roman Empires consist of 13-15 ’blue blood’ families. Which include: Rothschild; Kuhn; Loeb; Lehman; Rockefeller; Sach; Warburg; Lazard; Seaf; Goldman; Schiff; Morgan; Schroeder; Bush and Harriman . . . Others that have not been mentioned are more ’powerful’ than others. But these names will get you started if you wish to track down the present-day inner core of the conspiracy. The history of the Bilderberg group itself, a cover for the Bavarian Illuminati, and its Nazi connections, would probably be the best place to start.

    Prominent on the board of two insurance giants are Committee of 300 members:
    • the Giustiniani family, Black Nobility of Rome and Venice who trace their lineage to the Emperor Justianian
    • Sir Jocelyn Hambro of Hambros (Merchant) Bank
    • Pierpaolo Luzzatti Fequiz, whose lineage dates back six centuries to the most ancient Luzzatos, the Black Nobility of Venice
    • Umberto Ortolani of the ancient Black Nobility family of the same name
    Other old Venetian Black Nobility Committee of 300 members and board members of ASG and RAS are:
    • the Doria family, the financiers of the Spanish Hapsburgs
    • Elie de Rothschild of the French Rothschild family
    • Baron August von Finck (Finck, the second richest man in Germany now deceased)
    • Franco Orsini Bonacassi of the ancient Orsini Black Nobility that traces its lineage to an ancient Roman senator of the same name
    • the Alba family whose lineage dates back to the great Duke of Alba
    • Baron Pierre Lambert, a cousin of the Belgian Rothschild family

    Italy was chosen as a test-target by the Committee of 300. Italy is important to the conspirators’ plans because it is the closest European country to the Middle East, and linked to Middle East economics and politics. It is also the home of the Catholic Church, which Weishaupt ordered destroyed, and home for some of Europe’s most powerful oligarchical families of the ancient Black Nobility. Should Italy have been weakened by Aldo Moro’s death, it would have had repercussions in the Middle East which would have weakened US influence in the region. Italy is important for another reason; it is a gateway for drugs entering Europe from Iran and Lebanon.

    Various groups combined under the name of socialism to bring about the downfall of several Italian governments since the Club of Rome was established in 1968. Among these are the Black Nobility of Venice and Genoa, P2 Masonry and the Red Brigades, all working for the same goals. Police investigators in Rome working on the Red Brigades-Aldo Moro case came across the names of several very prominent Italian families working closely with this terrorist group. The police also discovered evidence that in at least a dozen cases, these powerful and prominent families had allowed their homes and/or property to be used as safe houses for Red Brigades cells.

    Peccei headed the Atlantic Institute’s Economic Council for three decades while he was the Chief Executive Officer for Giovanni Agnellis’ Fiat Motor Company. Agnelli, a member of an ancient Italian Black Nobility family of the same name, was one of the most important members of the Committee of 300. He played a leading role in development projects in the Soviet Union. The Club of Rome is a conspiratorial umbrella organization, a marriage between Anglo-American financiers and the old Black Nobility families of Europe, particularly the so-called “nobility” of London, Venice and Genoa. The key to the successful control of the world is their ability to create and manage savage economic recessions and eventual depressions. The Committee of 300 looks to social convulsions on a global scale, followed by depressions, as a softening-up technique for bigger things to come, as its principal method of creating masses of people all over the world who will become its “welfare” recipients of the future.

    To introduce new cults and continue to boost those already functioning which includes rock “music” gangsters such as the filthy, degenerate Mick Jagger’s “Rolling Stones” (a gangster group much favored by European Black Nobility) and all of the Tavistock-created “rock” groups which began with “The Beatles.” To continue to build up the cult of Christian fundamentalism begun by the British East India Company’s servant, Darby, which will be misused to strengthen the Zionist state of Israel through identifying with the Jews through the myth of “God’s Chosen People” and by donating very substantial amounts of money to what they mistakenly believe is a religious cause in the furtherance of Christianity.

    Brzezinski was not writing as a private citizen but as Carter’s National Security Advisor and a leading member of the Club of Rome and a member of the Committee of 300, a member of the CFR and as a member of the old Polish Black Nobility. His book explains how America must leave its industrial base behind and enter into what he called “a distinct new historical era.”

    In this regard a French Black Nobility member, Etienne D’Avignon, as a member of the Committee of 300, was assigned the task of collapsing the steel industry in the US It is doubtful that any of the hundreds of thousands of steel workers and shipyard workers who have been without jobs for the past decade have ever heard of D’Avignon.

    A second assassination bureau is located in Switzerland and was until recently run by a shadowy figure of whom no photographs existed after 1941. The operations were and probably still are financed by the Oltramaire family – Swiss Black Nobility, owners of the Lombard Odier Bank of Geneva, a Committee of 300 operation. The primary contact man was Jacques Soustelle – this according to US Army-G2 intelligence files. This group was also closely allied with Allen Dulles and Jean de Menil, an important member of the Committee of 300 and a very prominent name in the oil industry in Texas.

    Army-G2 records show that the group was heavily involved in the arms trade in the Middle East, but more than that, the assassination bureau made no less than 30 attempts to kill General de Gaulle, in which Jacques Soustelle was directly involved. The same Soustelle was the contact man for the Sendero Luminoso-Shining Pathway guerilla group protecting the Committee’s Peruvian cocaine producers.

    Richard Gardner was sent to Rome on a special assignment. Gardner married into one of the oldest Black Nobility families of Venice, thus providing the Venetian aristocracy a direct line to the White House. The late Averill Harriman was another of the committee’s direct links with the Kremlin and the White House, a position inherited by Kissinger after Harriman’s death.

    In 1986 in “The Order of St. John of Jerusalem” Dr. Coleman wrote:
    “It is therefore not a secret society, except where its purposes have been perverted in the inner councils like the Order of the Garter, which is a prostituted oligarchical creation of the British royal family, which makes a mockery of what the Sovereign Order of St. John of Jerusalem stands for. As an example, we find the atheist Lord Peter Carrington, who pretends to be an Anglican Christian but who is a member of the Order of Osiris and other demonic sects, including Freemasonry, installed as a Knight of the Garter at St. George’s Chapel, Windsor Castle, by Her Majesty, Queen Elizabeth II of England, of the Black Nobility Guelphs, also head of the Anglican Church, which she thoroughly despises.”

  • Daniel Carson

    just make it so no stock brokers that are supposed to have your interest at heart should not collect any commision or money until the stock makes money
    that would give them more insentive to be honest if they want to make money
    thats it \simple

  • Curtain rises

    Of course this is theater, just as “hope and change” was theater.

    Production meeting:

    Tom: Ok…what’s happening…

    Staffer with guilt issues re family wealth or lack thereof: Well, we could crank up the base with the big bonuses scheduled for bank execs…we have some hot clips from the committee hearings…

    Tom: Good…just give me a few minutes before the show to get my indignation cranked up.

  • Daniel Carson

    they have been doing this for almost one hundred years everyone from the bottom to the top they just dont want anouther crash so they didnt take it over the top until they big five saw the opertunity to take what money they could get a hold of from sthe average investor the brokers just want there commision they get it when you buy and when you sell they dont care ut they still give you advice encourage you to invest in some types you would never consider but it like the movie the sting and it hurts not the sheltered heads of the companys or the guys on the floor its a big puppet show and we are getting stuffed and who losses there cars and the housed and get their personal lives destroyed its been happening for years but they got way to greedy needed money to produce and invest in weopons which brought government down and destroyed our economy these people drove the push to war and hey i dont like “terrorist” but i think they have the right idea take down these guys or take their coporate shelter away didnt the government run business in the building of the country im just using common knowlege but its right there in our face has anyone ever been a personal friend of a stock broker or a stock broker morgage broker whatever they are worse than drug dealers they lie they cheat they steal they tell you what you want to hear or what you dont want to hear if they want the consumer to take the fall and they are givin there inst from the top a big puppet show

  • Dana Koch

    There is a simple fact that draws people to careers in the financial sector…the opportunity to make money. Not just earn a decent living but get rich! I can’t say I blame them. Who would not want to have vast amounts of wealth and be able to enjoy life with no concern about paying for college educations, weddings, meeting monthly bills and funding ones own retirement.

    However…at what point does the accumulation of wealth morph into greed? So…the issue to me is quite clear, there are many (not all) in the financial community that are greedy. Sadly, Wall Street is entrenched in a culture of greed. It is no wonder that my hard earned tax dollars are supporting greedy level bonuses.

    The big banks argue that the only way they can keep talent is by offering compensation at staggering levels. There may in fact be a small number of people deserving of this but with very few exceptions, everyone is replaceable!

  • Kathryn Carlstrom

    In my opinion, the Wall Street bankers are both domestic and international terrorists who brought about an economic 911. These terrorists, each and every one of them, should be held to account for their crimes. I’m ok with sending them to the moon, literally, if they don’t own up to their part in carrying out the financial attacks that sent shock wave throughout all the world’s financial markets. Perhaps AIG will find a way to shed some light on their despicable acts and in the process regain some lost respect.

  • Susan Mojica

    The fraud is in the money…
    http://www.youtube.com/watch?v=BNkNEWc6kJQ

  • Brett G

    They won’t be in the “Hot Seat” until they’re fully investigated by DOJ & States’ AGs.

    The Pecora Commission was seated AFTER 1000+ prosecutions. Get the bloodhounds on the job.

    The caller was right. If the FEDS can’t control the Robber Bankers, then Canada has another + along with its Universal Health Care.

    Congress has to get up to speed & get 21st Century Healthcare Reform [ to me, it’s improved primary care from merged Medicare/Medicaid & Universal Single Payer.

    Repeal the 2 reforms to Wall ST passed under Clinton- Securities Modernization Act (repealed Glass-Steagall & the Commodities Futures “reform” push by GOP Sen./UBS lobbyist that removed derivatives (ALL) from regulation.

    Otherwise, the FCIC so far is more like PR theater funded by the Big Banks.

  • david

    Fussing about the big banks, quess who got a pass?
    Taxpayers have sunk $111 billion into these two mortgage giants and experts say that we will NEVER recover those investments. Their CEOs will get paid as much as $6 million for 2009. Obama just pledged “unlimited financial assistance” to these two giants, none other than Fannie Mae and Freddie Mac. Ask Barney who Herb Moses is or was? Wall Street gets bombed(deserves to) but Fannie and Freddie gets a pass. You have to ask why????

  • Michael

    “Fussing about the big banks, quess who got a pass?
    Taxpayers have sunk $111 billion into these two mortgage giants and experts say that we will NEVER recover those investments. Their CEOs will get paid as much as $6 million for 2009. Obama just pledged “unlimited financial assistance” to these two giants, none other than Fannie Mae and Freddie Mac. Ask Barney who Herb Moses is or was? Wall Street gets bombed(deserves to) but Fannie and Freddie gets a pass. You have to ask why????”

    Actually Fannie and Freddie had a small portion of the market and mortgages, it wasn’t until the big banks mortgages started going south, did the banks start pawning off there mortgages on both Entities

    ” WASHINGTON — As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.

    Commentators say that’s what triggered the stock market meltdown and the freeze on credit. They’ve specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie’s and Freddie’s financial problems.”

    Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.

    Federal Reserve Board data show that:

    * More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

    * Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

    * Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that’s being lambasted by conservative critics.

    The “turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007,” the President’s Working Group on Financial Markets reported Friday.

    http://www.mcclatchydc.com/251/story/53802.html

  • Michael

    15 largest subprime serving companies in 2008

    http://media.mcclatchydc.com/smedia/2008/10/13/16/647-20081013-ECONOMY-subprime.large.prod_affiliate.91.jpg

    Conservative critics claim that the Clinton administration pushed Fannie Mae and Freddie Mac to make home ownership more available to riskier borrowers with little concern for their ability to pay the mortgages.

    “I don’t remember a clarion call that said Fannie and Freddie are a disaster. Loaning to minorities and risky folks is a disaster,” said Neil Cavuto of Fox News.

    Fannie, the Federal National Mortgage Association, and Freddie, the Federal Home Loan Mortgage Corp., don’t lend money, to minorities or anyone else, however. They purchase loans from the private lenders who actually underwrite the loans.

    This much is true. In an effort to promote affordable home ownership for minorities and rural whites, the Department of Housing and Urban Development set targets for Fannie and Freddie in 1992 to purchase low-income loans for sale into the secondary market that eventually reached this number: 52 percent of loans given to low-to moderate-income families.

    To be sure, encouraging lower-income Americans to become homeowners gave unsophisticated borrowers and unscrupulous lenders and mortgage brokers more chances to turn dreams of homeownership in nightmares.

    But these loans, and those to low- and moderate-income families represent a small portion of overall lending. And at the height of the housing boom in 2005 and 2006, Republicans and their party’s standard bearer, President Bush, didn’t criticize any sort of lending, frequently boasting that they were presiding over the highest-ever rates of U.S. homeownership.

    Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.

    During those same explosive three years, private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.

    In 1999, the year many critics charge that the Clinton administration pressured Fannie and Freddie, the private sector sold into the secondary market just 18 percent of all mortgages.

    http://www.mcclatchydc.com/251/story/53802.html

  • Daniel Wacker

    I don’t know what the fuss is about taxing health care benefits. As a worker in a church (non-profit), I had to declare the value of my health benefits to the IRS for taxation purposes.

  • http://www.beccar.wordpress.com Eugenia Renskoff

    Hello, Tom, I would like to get my money back. Not only did I lose my condo in Atlanta, GA, and my excellent credit, I also lost my savings. Even if I suddenly won the lottery, I still would want to get the money back. Plus, the price of the condo. I feel it is only fair. All I wanted was to have a home. That’s all. It was a beautiful condo. Eugenia Renskoff

  • justanother

    I posted this same very comment in another forum, but thought it is related to the discussion here as well, thank you –

    Just finish watching Bill Moyers on PBS.

    Listen to his guest Thomas Frank/Wall Street Journal describing mind blowing facts how inferior government is made by design by the Republican.

    http://www.pbs.org/moyers/journal/01152010/watch.html

  • Janet

    Wall Street destroyed millions of jobs in America over the last 30 years. Pension raids, outsourcing, downsizing, mergers, free trade, nothing but smoke and mirrors so they could make more money. I don’t like the democrates but I hope they “stick it” to wall street and the bankers.

  • Fred

    Chase’s Dimon says his firm has “substantially enhanced our mortgage underwriting standards, essentially returning to traditional 80% loan to value ratios and requiring borrowers to document their income.”

    RETURNED to traditional standards? Just when did Chase choose to abandon the most basic fundamentals of prudent banking? Even a first year finance student learns the Five “Cs” of Lending, namely: Capacity, Capital, Collateral, Credit, and Character.

    These casino banks must go.

  • Larz

    This is the biggest heist in history, they call it stimulus/bailout. The banks stole the money

  • Larz

    What a lame retarded excuse I heard on your show why glass stiegel should not be re instated .. Of course it should, it may not be the only answer but at this point it should help and we need all the help we can get. Be ware, America may be in big trouble. There may be a false recovery, but the banks have too much power and control everything. This is known as fascism

  • Moses

    Stop the collusion between government and banks.
    Evereyone able to stop using credit should stop.
    Starve the bankers now.

  • http://www.facebook.com/PeoplesNaturalLiving M.j. Kuntz

    Do you want to make a difference? Get your money out of the banks where it is earning nothing and put it into gold. Without your hard earned savings, the Wall Street banksters will not be able to function.

ONPOINT
TODAY
Jul 31, 2014
Russian President Vladimir Putin heads the Cabinet meeting in the Novo-Ogaryovo residence, outside Moscow, Russia, Wednesday, July 30, 2014.  (AP)

The US and Europe face off against Russia. Are we looking at Cold War II? Something hotter?

Jul 31, 2014
A comical sign suggest the modern workplace is anything but collegial . (KW Reinsch / Flickr)

When the boss is a bad apple. How some pretty dark traits can push some to the top.

RECENT
SHOWS
Jul 30, 2014
Janitta Swain, Writer/Exec. Producer/Co-Director Dinesh D'Souza, John Koopman, Caroline Granger and Don Taylor seen at the World Premiere of 'America: Imagine The World Without Her' at Regal Cinemas LA Live on Monday, June 30, 2014, in Los Angeles, CA. (AP)

Conservative firebrand Dinesh D’Souza says he wants an America without apologies. He’s also facing jail time. We’ll hear him out.

 
Jul 30, 2014
Smoke and fire from the explosion of an Israeli strike rises over Gaza City, Tuesday, July 29, 2014. Israel escalated its military campaign against Hamas on Tuesday, striking symbols of the group's control in Gaza and firing tank shells that shut down the strip's only power plant in the heaviest bombardment in the fighting so far. (AP)

Social media is changing how the world sees and talks about Israel and Gaza, Israelis and Palestinians. We’ll look at the impact.

On Point Blog
On Point Blog
This 15-Year-Old Caller Is Really Disappointed With Congress
Tuesday, Jul 29, 2014

In which a 15-year-old caller from Nashville expertly and elegantly analyzes our bickering, mostly ineffective 113th Congress.

More »
4 Comments
 
Our Week In The Web: July 25, 2014
Friday, Jul 25, 2014

Why the key to web victory is often taking a break and looking around, and more pie for your viewing (not eating) pleasure.

More »
Comment
 
The Art Of The American Pie: Recipes
Friday, Jul 25, 2014

In the odd chance that our pie hour this week made you hungry — how could it not, right? — we asked our piemaking guests for some of their favorite pie recipes. Enjoy!

More »
1 Comment