As parents we all tell our children to tell the truth. There is the great story of President George Washington saying, “I cannot tell a lie” and confessing to cutting down the cherry tree. However, it was President James Garfield that said, “The Truth will set you free, but first it will make you miserable!”
Well, Bloomberg News released a story last week that provides more of the “truth” of our economic crisis and how the largest banks in America have lied to us, broke the law and manipulated us, Congress and the Federal Reserve. In the meantime making billions of dollars in profits…does that make you miserable?
The release of this story barely made headlines in major newspapers and the nightly news. After months of the media and financial industry belittling and essentially discrediting the “Occupy Wall Street” movement that began with the simple objective against corruption and greed on Wall Street, Bloomberg News breaks this story and nobody apologizes to the “Occupy Wall Street” folks. It would seem that based on this information, they were right all along!
Little did we know the level of greed and corruption that actually existed on Wall Street and yet, here we are only a few days later and there are no stories on the nightly news nor front page stories. What has happened to “The Fourth Estate” in America? What has happened to our “watch dog” that is supposed to report corruption.
Instead, the American media is focusing on the sexual escapades of a Republican candidate for President next November! This unprecedented level of corruption should be on the front page of our newspapers until someone goes to jail!
Here are direct quotes from the Bloomberg article by Bob Ivry, Bradley Keoun and Phil Kuntz; The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.” It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.
On Nov. 26, 2008, then-Bank of America (BAC) Corp. Chief Executive Officer Kenneth D. Lewis wrote to shareholders that he headed “one of the strongest and most stable major banks in the world.” He didn’t say that his Charlotte, North Carolina-based firm owed the central bank $86 billion that day.
JPMorgan Chase & Co. CEO Jamie Dimon told shareholders in a March 26, 2010, letter that his bank used the Fed’s Term Auction Facility “at the request of the Federal Reserve to help motivate others to use the system.” He didn’t say that the New York-based bank’s total TAF borrowings were almost twice its cash holdings or that its peak borrowing of $48 billion on Feb. 26, 2009, came more than a year after the program’s creation. Howard Opinsky, a spokesman for JPMorgan (JPM), declined to comment about Dimon’s statement or the company’s Fed borrowings. Jerry Dubrowski, a spokesman for Bank of America, also declined to comment.
Do you wonder why people are diving for the floor and not commenting? BECAUSE WHAT THEY DID IS ILLEGAL! THEY BROKE THE LAW!
These statements clearly prove that both Lewis at Bank of America and Dimon at JP Morgan Chase & Co broke the Sarbanes–Oxley Act of 2002 (Pub.L. 107-204, 116 Stat. 745, enacted July 30, 2002), also known as the 'Public Company Accounting Reform and Investor Protection Act' (in the Senate) and 'Corporate and Auditing Accountability and Responsibility Act' (in the House) enacted on July 30, 2002, which set new or enhanced standards for all U.S. public company boards, management and public accounting firms. Sarbanes–Oxley Act was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation's securities markets. President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt. The era of low standards and false profits is over, no boardroom in America is above or beyond the law. " (obtained from Wikipedia. http://en.wikipedia.org/
Well, little did we realize that a new era of corruption, greed and cover-ups was born. The challenge for us as regular people..as American citizens is…what can we do about it? The reality is that those that created “Occupy Wall Street” before it was co-opted by Unions and organized labor had a very specific message against greed and corruption on Wall Street. They “took action to make things happen.” They marched on Wall Street and protested their rights as American citizens. Even those rights were manipulated in order to get them to stop and Police used violence and pepper spray to stop them from speaking out. Funny thing is that many of the cops reading this probably feel like they should pepper spray the bankers now.
If you are taking the time to read this column…please take the time and energy to become more knowledgeable about what is going on. Write letters and emails to your Senators, Congressmen and Governor. Start asking questions. The more questions we ask as citizens and really put pressure on our representatives they will be forced to try and convict bankers for not only breaking the Sarbanes – Oxley Act, but also investigate the corruption and greed that has destroyed the global economy. Not to mention the “insider trading” stories that are now coming to light and the Jon Corzine MFGlobal debacle.
What other actions can you take in order to “make things happen?” Well, what do these bankers obviously value most? Money, right? So a simple action that will definitely impact them and their wallets is if you take your money out of their institutions and place them in Credit Unions. Refinance your mortgages and car loans and student loans, any financial vehicle that you have with one of these banks and place them with a Credit Union. In addition to convicting these crooks of breaking the law we can take away our money that they use against us to make more money for themselves. In the end America, it’s up to you.
About the Author
Kevin L. McCrudden is President of Motivate America, Inc. and Founder of National Motivation & Inspiration Day, which is January 2nd of every year and was passed by The United States Congress after the tragic events of 9-11-2001. Creator of “I Am America Apparel” www.IamAmerica.us and is also author of “U ~ Who Are U?” where he introduces the most significant addition to Maslow’s Hierarchy of Needs in 60 years. http://www.amazon.com/~-