..Zing!
WTH! OMG! I need to get a bigger mattress.
BFL
Glad I’ve been rolling over into gold and other assets.
Frankly, I thought this lesson was learned long, long ago. My dear old Dad got robbed out of his pension when the bank he worked at for decades was bought, stripped, and resold. That was in the ‘80s.
Will try to Bump it tomorrow.
...the means by which ALL the money in pensions funds/IRA’s/401K’s will be subsumed into the monster derivative sinkhole the major banks have tied the Federal Treasury to...
This is one of the most important posts in quite some time. Thanks so much for finding it. I was watching CNBC and Fox Biz most of the morning, listened to Limbaugh 12 to 3 and heard not a word about this.
Is this author credible? I’ve just recently stumbled upon some of her posts and videos and don’t know anything about her.
BTTT....scary stuff.
“This ruling and precedent will be used by every brokerage, every bank, every insurance company and every pension fund to deny you your money when the financial system finally collapses, be it on Monday, or be it two years from now.”
Where have you been Ann? that’s the essence of the 08 bailout and follow-up Extortion-Care 2014 Plan. Moral Hazzard breached. And the backing behind HillaryRomneyExtortionCare.
There’s a handful of us Freepers who have been saying this for years now; that the ‘bankster’ and there brought and paid for lackeys in government have completely rigged the system and we have been called names worse than those used on Obama.
These Financial entities are allowed to run multi-million dollar scams and yet when caught NO ONE goes to jail and at worse they pay pennies on the dollars they stole.
I’ve caught flak before and as I said I’ve have been call a communist and worse for saying this, but the corner three card Monte dealer is more honest than most of the ‘Too Big to Fail’ banks and investment houses. And face it the Monte dealer who ‘scams’ a few hundred is a thousand times more likely to go to jail that the ‘banksters’ that are stealing millions.
I don’t believe this woman is characterizing the result of this matter properly. What the court said is this - Mellon has a right to the collateral Sentinel put for the loan. Sentinel’s crime is all the greater because they put up collateral that wasn’t really theirs. It’s Sentinel’s problem not Mellon’s. And Corzine is as culpable as Sentinel.
Think of it this way. You steal an auto and the title to an auto that’s not really yours and there are no liens. You sell the car and give the title to a third party. Is the third party purchaser going to lose when all comes out? Not if it was a commercial sale, of course he loses if its a sham sale. You remain liable for your crime against the original owner. Mellon sits in the same seat as the person who bought the car. Commerce can figure this one out just as they once figured out how to keep land swindlers form selling the same property two and three times.
OK I know I am in need of some coffee but can you explain what this means and how it effects regular people like me........Sorry, my mind is just not taking this in today
ping
BFL
How am I supposed to sleep tonight?
Eventually the government MUST come for our savings. Once our debt bomb explodes, the only REAL money left in this country is in private savings (banks, 401k’s, pensions). They will take this money and replace it IOUs.
Why am I so sure - because the ONLY other option that can resolve this problem is to turn Social Security into a welfare program, and the geezers won’t allow that for a second.
There really is no other ending.
Ping
What about the FDIC insurance? One would still be protected by that.
Ugh! Puppy sitting two reactive maltese dogs for a client...I didn’t get to sleep last night.
I heard something last night though that sort of rattled around in the old sleepy noggin’ of mine.
It was a newscast about the top 5 banks were/are required to provide the government with a collapse plan...and how the government can’t insure or doesn’t have the ability to back the top 5 banks. It didn’t surprise me, but it sort of rollsover with this blurb you posted...that it is not our money if it is not in our hands.
Ah...here it is:
Exclusive: U.S. banks told to make plans for preventing collapse
http://www.reuters.com/article/2012/08/10/us-banks-recoveryplans-idUSBRE87905N20120810
U.S. regulators directed five of the country’s biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.
The two-year-old program, which has been largely secret until now, is in addition to the “living wills” the banks crafted to help regulators dismantle them if they actually do fail. It shows how hard regulators are working to ensure that banks have plans for worst-case scenarios and can act rationally in times of distress.
Revolution is coming folks to take America back.