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The Very Real Wall Street 'Secret Elite 9'

Discussion in 'General political debates' started by punkmar77, Sep 8, 2011.

  1. punkmar77

    punkmar77Experienced Member Staff Member Uploader Admin Team Experienced member




    Nov 13, 2009
     United States

    I will address a longstanding issue of nearly 13 years dating back to the candidacy of Bill Clinton, who operated a secret deal with the invisible hands and the very visible ones of the oligarchic-oligopolitic plutocracy of the bankers of Wall Street (Nicholas D. Kristof and Edward Wyatt, New York Times February 15, 16, 17 and 18, 1999)

    The abduction is exposed of both democracy and the activity of political and economic subjugation by the forces of the nonexistent financial market, manipulated by a handful of bankers who are maneuvering in absolute shadow.

    Realizing, of course, that we find ourselves at the beginning of XXI century.

    Exhuming (Bajo La Lupa 8/31/11) a disturbing article by Louise Story in The New York Times (NYT, 11/12/10) who reveals that every third Wednesday of the month, nine members of the 'elite' of Wall Street society, meet in Manhattan to protect the interests of large banks in the vast market for financial derivatives, one of the most profitable and controversial fields of finance.

    The hidden nine powerful bankers make up the committee that help to monitor transactions of derivatives, instruments such as insurance, that are used to cover the multibillion dollar risks in big business .

    In reality, it has surpassed a thousand trillion, an equivalent of several times the global GDP and the amount of which is unknown due to its deregulation (with lack of both governmental and citizen monitoring) and (off the balance sheet)invisible accounting in off shore tax havens .

    These hyper-toxic financial derivatives ("financial weapons of mass destruction" - Warren Buffet) constitute an incurable financial cancer, whose metastases have reached all corners of the world in which deregulated globalization operates, where before dying out they will exact a heavy toll in victims. These victims, ie, the world's citizens, are powerless to deal with such an incurable financial cancer being ignorant of their existence, where not even the political class, more pathetically ignorant than ever, understand its dynamics.

    Louise Story gets a bit lost in the minutiae (of cost overruns) but focuses finally on the rejection of the nine to other marginalized mega-business income bankers, as in the discriminated against Bank of New York (founded by Alexander Hamilton in 1784), which manages $23 billion of institutional money. Are the nine hidden bankers practicing racism and/or financial discrimination?

    Anjay Kannambadi, CEO of Bank of New York, complains that the reason why the 9 discriminate against his bank is to preserve their profits, as they were also the ones who wrote the rules of admission of membership.

    If we equate the speculation of financial derivatives with soccer, it would be something like they own the stadium, the ball and the two teams playing, the referees, the police chief, the mayor of the host city, the state governor and the president of the republic, they are also owners of the exclusive broadcast of the match, they set the rules of the game and are connected as well to a casino where you bet on the outcome which is also known. A recent example is the mega-speculator George Soros who was told by someone (by his colleague Ben Bernanke?) of the degradation of the United States credit rating by S&P due to foreign debt and easily picked up a massive 10-billion dollar gain (according to The Daily Mail).

    These things cannot be said by Louise Story, who defends a group of local New York bankers left out of the big gains by the other nine bankers whose identity has been whistle-blown by an anonymous someone: JP Morgan Chase, Goldman Sachs, Morgan Stanley, Deutsche Bank (of which the loquacious Alan Greenspan is adviser), UBS (betting against the interests of Pemex through its employee, the son of a former head of the 'paraestatal' who now serves as director of the predatory Schlumberger), the British Barclays, Credit Suisse, Bank of America, and Citigroup (shareholder of Moody's).

    The best part of the little financial soccer game? The identity of the referee is not known, when the same game is virtual. The only reality is the alleged bank profits and, above all, their losses, which sedates the powerless citizens, who did not see or understand the game.

    According to Louise Story, none of the governments regulators fully understand the size and interconnectedness of the financial derivatives market, particularly credit default swaps (CDS), which insure against bankruptcies or mortgage bonds.

    The ominous CDS which are estimated between 30 and 70 billion dollars (the equivalent of the global GDP!) depending on who imagined their total, bet and count on the bankruptcy of a country (literally) and today have the PIIGS (for its acronym in English: Portugal, Ireland, Italy, Greece and Spain) in agony as they say .

    The grim story of the alliance forged in the ninth circle of Dante's underworld between AIG and their contracts, using CDS, with the nine secret elite bankers of Wall Street, remains to unfold.

    The crisis of 2008 led to the creation of three clearing houses, whom no one knows the identity of their risk committees, but the nine bankers who control the elite keep secret. Long live transparency!

    It is recalled that insolvent banks (technically broke) were rescued with public money from citizens who are not even entitled to know the identity of the rescued. Now Americans live the miserable Fobaproa syndrome / IPAB, already suffering with the "neoliberal Mexico itamita" with the same transnational banking cartel (the hinge here is Joseph Marie Cordoba and his ally Guillermo Ortiz Martinez, now boss of the International Bank Payments, Zedillo was a simple executive).

    It holds true that the same people in influential positions in other clearing houses or in its powerful International Swaps and Derivatives committees help to govern the market.

    Louise Story says that maybe no other financial business is as profitable as derivatives, whose precise amount is ignored: its secrecy is the main factor that allows the nine bankers to obtain such colossal profits.

    The first audit in the history of the Federal Reserve has just unveiled $16 billion in secret rescues (note: the equivalent of U.S. GDP), guided by Ben Bernanke to include the secret elite club of nine bankers (IPS, 29/9/11).

    How can we, the citizens of the world, counteract this nihilistic secret bankocracy ?

    The spotlight is the best antidote to tame this secret bankocracy that only flourishes and prospers predominantly in the fetid darkness of the sewers.

    Alfredo Jalife-Rahme

    http://www.portaloaca.com/articulos/ant ... A.facebook

    translated from Spanish by yours truly.... :beer: