Apatow: Borchgrave - Director of Transnational Threats at the CSIS - Calls for Glass-Steagall

May 1, 2011 - PRLog -- The message is from Arnaud de Borchgrave, editor at large of The Washington Times and the United Press International, director of transnational threats at the Center for Strategic and International Studies (CSIS).

Karlweis laments that "after a career in finance I look aghast on what has happened since the turn of the 21st century. The conclusion I have come to is that the present financial crisis was caused by, and is one of the most blatant manifestations of, widespread moral decline in our society."

The gnome turned sage says that "devoid of all common sense and consumed by greed, the big all-service banks led by Wall Street contrived a financial system that was nothing but a house of cards while adopting lending criteria based on equally flimsy mathematical hypotheses. Not that they cared; they unloaded their junk from their balance sheets onto duller players who snapped it up as a cash-flow booster, only to see it all go up in smoke later on."

At a minimum, Karlweis concludes, "we will need a full reinstatement of the Glass-Steagall Act (repealed in 1999), which made it impossible for a single legal entity to conduct or control all types of financial business." This means institutions that receive deposits from the public must be clearly prohibited from speculating on their own behalf with the money of their depositors. -- The Dam is Threatened, Pittburg Tribune-Review, 1 May 2011. [1]

The Banking Act of 1933 a.k.a. The Glass-Steagall Act (repealed in 1999), [2] was the most important emergency legislative action enacted during the Great Depression to to stabilize the financial system and contain the cause of the crisis....  Wall Street investment banks access to depository banks:

The Glass-Steagall Act a.k.a. The Banking Act of 1933
Full Text: Archives.org
Url: http://www.archive.org/details/FullTextTheGlass-steagallA...

Humanitarian Resource Institute is requesting legal analysis of "H.R.1489 -- Return to Prudent Banking Act of 2011" and commentary by the International Bar Association Human Rights Institute, for UN member countries:

H.R.1489 -- Return to Prudent Banking Act of 2011
Bill Text: Library of Congress, 12 April 2011
Url: thomas.loc.gov/cgi-bin/query/z?c112:H.R.+1489:
Alt: http://www.opencongress.org/bill/112-h1489/text

Note: On Sunday, 1 May 2011, the Library of Congress websites and catalogs were unavailable due to scheduled hardware maintenance.

Since the integrity of the global financial system is determined by it's weakest link, all market participants, in every interconnected UN country, must function under the umbrella of a solid regulatory framework.  

UN International economic emergency contingency discussions continue. [3,4,5,6,7,8]

References:

  1. The Dam is Threatened, Pittburg Tribune-Review, 1 May 2011. Url: www.pittsburghlive.com/x/pittsburghtrib/news/election/s_734686.html
  2. Glass-Steagall Act: Wickpedia. Url: en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act
  3. Apatow: Jurisdiction Critical for Prosecution of Financial Crimes  - FINCEN - Interpol - IBA: HRI-ICC: HRI:UNArts Humanitarian Intervention Initiative, 22 April 2011. Url: www.unarts.org/H-II/ref/4222011OHCHR.html
  4. Apatow: Inside Job - Prosecution for Financial Crimes Top Priority - FINCEN - Interpol - IBA: HRI-ICC: HRI:UNArts Humanitarian Intervention Initiative, 19 April 2011. Url: www.unarts.org/H-II/ref/4192011OHCHR.html
  5. Apatow: Documentary w/study Guide Targets Every U.S. City - Prime Time: HRI:UNArts Humanitarian Intervention Initiative, 18 April 2011. Url: www.unarts.org/H-II/ref/4182011OHCHR.html
  6. Apatow On G20 Action Plan to Address the International Economic Emergency: HRI:UNArts Humanitarian Intervention Initiative, 16 April 2011. Url: www.unarts.org/H-II/ref/4162011OHCHR.html
  7. Apatow Asks G20 to View Documentary: Inside Job - Establish Emergency Action Plan: HRI:UNArts Humanitarian Intervention Initiative, 15 April 2011. Url: www.unarts.org/H-II/ref/4152011OHCHR.html
  8. Financial Crimes Referred to UN Commission on Human Rights - Security Council: HRI:UNArts Humanitarian Intervention Initiative, 13 April 2011. Url: www.unarts.org/H-II/ref/4132011OHCHR.html

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