Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘finance’

Welcome to our Incestuous Fiscal Orgy – State Farm Privacy Policy

Posted by Warm Southern Breeze on Thursday, March 5, 2020

Take notice of this text of the upper area of the note:
Why are we sending you a Notice of our Privacy Policy?

“Federal law permits banks, investment companies, and insurance companies to provide all their services under one organization. This same law requires State Farm to share our Notice of Privacy Policy in writing with you each year you are insured with us or maintain an account with us.”

Let me re-emphasize this point:
“Federal law permits banks, investment companies, and insurance companies to provide all their services under one organization.”

This law – the Glass-Steagall Act – since its inception in Great Depression era America in 1933, FORBADE the incestuous fiscal orgy under which this nation now suffers.

The Glass-Steagall Act was the subject of intense lobbying efforts by Banks, Insurance Companies and Stock Brokerage Houses to repeal the law, and especially intensified circa 1960’s, climaxing in the late 1990’s under a Republican-controlled House and Senate.

The 1999 repeal of the Glass-Steagall Act allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate, or commingle, their business.

Previously, it prohibited any of those institutions (banks, insurance companies, and stock brokerage houses) from acting as any combination of an investment bank, a commercial bank, or insurance company.

The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, (Public Law 106-102, 113 Stat. 1338, enacted November 12, 1999), was signed into law by President Clinton.

WHY IS THIS IMPORTANT TO YOU and ME, AND HOW DOES THIS AFFECT YOU and ME?

The recent financial melt-down in this nation – now being called “The Great Recession” – is due in large part to the elimination of the Glass-Steagall Act, because the banks that made bad loans, the insurance companies that insured the real estate and commercial paper, and the stock brokerage houses that traded the stocks of both, and owned both, were greedy for more gain, and eventually began to invent complex mechanisms and artificial commercial paper which came to be known as “derivatives.”

In essence, those “derivatives” were based upon Credit Default Swaps – another complex and inherently evil type of financial thing/device – which was described by German Chancellor Angela Merkel, in March 2010 as “Credit-default swaps, where you insure your neighbor’s house just to destroy it and make money from it, that’s exactly what we have to curb. We must succeed at putting a stop to the speculators’ game with sovereign states.”

The types of investments that most people tend to be familiar with, such as stocks and bonds, involve betting that a company or government will do well. In stark contrast, a credit default swap (CDS) allows an investor to bet that a certain bond issuer will do poorly, or fail – not be able to meet its obligations. In financial markets, the CDS is sometimes thought of as a form of Read the rest of this entry »

Posted in - Business... None of yours, - Lost In Space: TOTALLY Discombobulated, - Transfer: How do we get THERE from HERE? (Add a 'T'.) | Tagged: , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Executive Betrayal: #ALpolitics @GovernorBentley’s Fleecing of Taxpayers & Donors

Posted by Warm Southern Breeze on Wednesday, September 16, 2015

Executive Betrayal

Robert Bentley’s Fleecing of Taxpayers and Donors

By Donald V. Watkins
©Copyrighted and Published (via Facebook) on September 16, 2015
Used with permission

Governor Robert Bentley could barely contain his lust and love for Rebekah Caldwell Mason in the months leading up to his re-election in 2014. He was so obsessed with Rebekah that he sent a romantic text written for Rebekah to First Lady Dianne Bentley by mistake. It was graphic in content. Ms. Bentley’s subsequent review of her husband’s text messages answered all of her questions about the nature and scope of the governor’s marital infidelity. The text message exchange between the two lovers, along with what Dianne overheard during the governor’s private phone calls to Rebekah, let her know that the governor, 72, was “head-over-heels” in love and lust with his 43-year-old paramour.

Alabama Governor Bentley with paramour/ Rebekah Caldwell Mason

Alabama Governor Robert Bentley with paramour Rebekah Caldwell Mason

Not only has Bentley proven to be a cheater and a sexual pervert, but now he has proven to be a crooked governor too. We have recently learned that Bentley not only had direct and personal knowledge of Rebekah’s handling of questionable financial practices with state and campaign monies, but he even went so far as to Read the rest of this entry »

Posted in - Lost In Space: TOTALLY Discombobulated, - My Hometown is the sweetest place I know, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

Supreme Court Chief Justice John Roberts Blasts Congressional Budget Impasse: Condemns “Fiscal Cliff”

Posted by Warm Southern Breeze on Monday, December 31, 2012

This is the complete text of the Supreme Court’s Year-End Report on the Federal Judiciary.

The document itself is available as a PDF document via: http://www.supremecourt.gov/publicinfo/year-end/2012year-endreport.pdf

Page breaks and page numbers are annotated at the bottom of the page enumerated beginning with page 2.

Note: The links provided in this version are NOT part of the original version.

EMBARGOED until 6 p.m. E.S.T. December 31, 2012 (No wires, no broadcasts, no Internet until 6 p.m. E.S.T.)

For further information, contact the Public Information Office 202-479-3211

2012 Year-End Report on the Federal Judiciary

Imagine a young seaman, two hundred years ago, standing night watch at the rail of an American frigate. Just one generation removed from the war for independence, he finds his Nation once again squaring off in battle with Great Britain, the world’s preeminent sea power. The sailor has ample reason to be anxious. Britain’s Royal Navy includes 115 ships of the line and 126 frigates, while the United States Navy consists of only 17 vessels. Perhaps the seaman musters confidence from the name of his ship: USS Constitution.

Named by President Washington himself, the Constitution was one of six frigates Congress authorized in 1794 to bolster the fledging United States Navy. The name was apt. The ship’s designer, Joshua Humphreys, drew on venerable Old World principles and New World ingenuity to engineer a nautical vessel uniquely suited to the country’s needs. Like the Framers, Humphreys produced an American original. He fashioned a ship long on keel but tight of beam. Constructed from frontier timber and copper bolts

forged by Paul Revere, the Constitution was durable but economical, nimble yet powerful. Christened with a bottle of madeira—the favorite beverage of future Chief Justice John Marshall— she launched on October 21, 1797.

During her early years, the Constitution patrolled the eastern seaboard and saw action in the Caribbean and along the Barbary Coast. But she became the stuff of legends two hundred years ago, at the outbreak of the War of 1812. Called into battle off the coast of Nova Scotia on August 19, the Constitution engaged and decisively defeated the British warship HMS Guerriere. The American ship’s sturdy oak hull repelled the Guerriere’s 18-pound cannon balls, earning her the nickname “Old Ironsides.” Four months later, the Constitution repeated the feat off the coast of Brazil. On December 29, she traded broadsides with HMS Java and reduced the British ship to an unsalvageable wreck.

The War of 1812 was fought over a wide field of battle. Measured against the whole war effort, the Constitution’s unexpected victories did not play a decisive role in the outcome of the conflict. But facing long odds, she did her part and did it well. The triumphs of Old Ironsides boosted America’s sagging morale during the early days of the war. Her exploits were celebrated in the paintings of Thomas Birch, the poetry of Oliver Wendell Holmes, Sr., and the prose of James Fenimore Cooper. Through Read the rest of this entry »

Posted in - Did they REALLY say that?, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

U.S. Attorney General Charges 530 in Mortgage Probe With $1 Billion in Fraud Losses

Posted by Warm Southern Breeze on Tuesday, October 9, 2012

U.S. Charges 530 in Mortgage Probe With $1 Billion in Losses

The U.S. brought charges against 530 people over mortgage schemes that cost homeowners more than $1 billion, Attorney General Eric Holder said today.

More than 73,000 homeowners were victims of various frauds for which charges were filed during a year-long crackdown, including “foreclosure rescue schemes” that take advantage of those who have fallen behind on payments, the Justice Department said in a statement.

“These comprehensive efforts represent Read the rest of this entry »

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Congratulations, Mark Zuckerberg! And welcome to the 1% of the 1% class!

Posted by Warm Southern Breeze on Wednesday, May 23, 2012

Is it clear enough that Wall Street denizens like neither FaceBook or Mr. Zuckerberg?

They bitched, moaned, groaned, griped, carped and complained about his attire.

Now, the stock of his company is tanking, and readers will recall the title of an earlier post which asked “How is FaceBook’s IPO like Erectile Dysfunction?

To be certain, this is not a reflection upon Mr. Zuckerberg’s character, but rather a form of criticism of his company’s business model. More specifically, it is the demonstrated lack of a concrete, long-term profit-making revenue stream which has many analysts concerned about the firm’s long-term viability.

By the way, based on 2009 tax year filing data, the Internal Revenue Service says an Adjusted Gross Income (AGI) of $343,927 or more, will put you in the top 1 percent of taxpayers.

Mark Zuckerberg earns $1.1 billion from selling Facebook shares

By Salvador Rodriguez

May 22, 2012, 5:35 p.m.

Mark Zuckerberg on Tuesday completed the transaction of the 30.2 million shares he sold in Facebook’s IPO Friday.

The shares he disposed of sold for $37.58 a piece, bringing him a cool $1.1 billion. But despite all that money, the Facebook CEO will be Read the rest of this entry »

Posted in - Lost In Space: TOTALLY Discombobulated, - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , | Leave a Comment »

Banks encourage “short” sales to invigorate economy, public not enthused

Posted by Warm Southern Breeze on Wednesday, May 18, 2011

Our nation’s economy has for years rested upon manufacturing, which has been the “backbone” of any industrialized nation. (Note the phrase “industrialized nation.”) Now that industry has been “out-sourced” to China, India, and other nations with emerging economies, not only has America become dependent upon other nations (not independent), but our national security and standard of living has been compromised.

Thus, banks, insurance companies and stock brokerage houses – who have again been allowed to enjoy their incestuous fiscal orgies because the Glass-Stegall Act was repealed – are forced to invent artificial commercial paper (derivatives, etc., which no one can thoroughly explain) to increase profits. In conjunction with the computer-driven algorithms of auto-traders and futures markets, the risks Wall Street and banks make (upon the backs of the people) are increasingly becoming a veritable “house of cards” built upon shifting sands.

The uncertainty of our economic future is even more precarious, and is no more clearly demonstrated than in this instance, when banks can’t sell houses they own, even after taking significant reductions (losses), and providing incentives for private buyers.

After reading the following news story, consider the implications for our economy. Read the rest of this entry »

Posted in - Uncategorized | Tagged: , , , , , , , , , , , , , , , | 1 Comment »

Screw You and Your Family Too! -OR- The Battle of Wall Street: BIG BUSINESS v everybody else

Posted by Warm Southern Breeze on Tuesday, March 16, 2010

When you sell a thing, you no longer own it.

Right?

Not so in the make-believe world of Wall Street!

In the make-believe world of Wall Street, when you sell a thing, you STILL own it!

Huh?

Well, Lehman Brothers “sold” $50 BILLION of their assets, but kept possession of them, and made it appear as if they no longer owned them. Normal folks would consider that fraud, or theft. So does a U.S. Federal Bankruptcy Examiner.

Financial regulators in the United Kingdom are investigating bankrupt American Lehman Brothers for hiding more than $50,000,000,000 ($50 BILLION) in their accounts, through criminal transactions nick-named “repo transactions.”

What could you do with an extra $200 or so? …Continue…

Posted in - Lost In Space: TOTALLY Discombobulated, - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Credit Default Swaps: Why should they be outlawed?

Posted by Warm Southern Breeze on Saturday, March 6, 2010

Credit-default swaps – where you insure your neighbor’s house just to destroy it and make money from it – that’s exactly what we have to curb.”

How dangerous is it for money traders to take bets on, and therefore exploit, a nation’s budget deficit or any other fiscal crisis?

Regarding the quote, if you guessed that Harry Reid, President Obama, Janet Reno, George W. Bush, …Continue…

Posted in - Did they REALLY say that?, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: , , , , , , , , , , , , , , , , , , , | 4 Comments »

You Wall Street Mother Fucking Sons of Bitches!

Posted by Warm Southern Breeze on Thursday, December 17, 2009

Brian Williams has reported Thursday, December 17, 2009 on the NBC Nightly News that,

New York state finance officials said today Wall Street is on track to shatter all profitability records this year.

Profits came in at just under FIFTY BILLION dollars

– that’s profit for the first three quarters of 2009 –

and that is much more than was expected for the entire year,

and a stunning TWO-AND-A-HALF times more than the previous record set back in the year 2000.

Bonus payments for bankers and traders could be as much as FORTY percent HIGHER than last year.”

Download the New York State Comptroller‘s report – Review of the Financial Plan of the City of New York, December 2009,  Report 16-2010, by Thomas P. DiNapoli, New York State Comptroller –  here:

http://www.osc.state.ny.us/osdc/rpt16-2010.pdf

See NBC Nightly News video here:

http://www.videonewslive.com/view/404951/video_wall_street_sees_recordbreaking_profits

-AND-

here:

http://www.bing.com/videos/watch/video/wall-street-sees-record-breaking-profits/60a1dyr


Posted in - Did they REALLY say that?, - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 2 Comments »

 
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