Memo Behind Global Financial Collapse via Vice

Discussion in 'Pandora's Box' started by MrTokester98, Aug 24, 2013.

    "The year was 1997. US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks. That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial banks and investment banks. It was like replacing bank vaults with roulette wheels.
    Second, the banks wanted the right to play a new high-risk game: “derivatives trading”. JP Morgan alone would soon carry $88 trillion of these pseudo-securities on its books as “assets”.
    Deputy Treasury Secretary Summers (soon to replace Rubin as Secretary) body-blocked any attempt to control derivatives.
    But what was the use of turning US banks into derivatives casinos if money would flee to nations with safer banking laws?
    The answer conceived by the Big Bank Five: eliminate controls on banks in every nation on the planet -- in one single move. It was as brilliant as it was insanely dangerous."
    I don't even know what to say..

  2. they all need a kick in the balls and time on the waterboard
  3. Why not hang them by the balls?
    ..that's still being lenient

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