Greg Becker appeared before the Committee on Banking, Housing, and Urban Affairs - astute Senators, primarily women, did a great job - grilling the Managers of the Bank that went under - in this case, Silicon Valley Bank - here in California. He tried his best to cover up the corruption and failed - miserably.
SVB Private Bank
Most of us have a very short memory and need to remember the spiraling of the economy in Thailand in 1997.
Greedy investors brought the Thai economy to its knees - with magnets like Soros - wheeling and dealing - with billions of dollars - devaluing the Bhat. Then buying the Bhat back and making a considerable profit.
Soros stated I am interested in making money and he did.
To hell with empathy and caring for humanity and those that most need to be helped.
At that time, many thought the Financial Institutions in the United States were stable and that our economy could withstand most situations - linked to our economy.
Million of innocent had to deal with their mortgage-back securities - others lost thousands and millions - from their IRA and regular savings in the many banks that carried their saving and assets.
The 2007-2008 financial crisis was severe and had adverse impacts worldwide.
People said it brought memories reminiscent of the Depression in 1929 - all because some greedy bankers took part in excessive risk-taking - much like the edge funds and the risk-taking involved today.
We know what happened with AIG, Lehman Brothers, and Bear Stearns when the U.S. Federal Bank refused to guarantee its loans to this large financial institution - who were gambling with our money.
Some of us must remember history repeats - and it did repeat in 2008. And like a thief who shows up at night - in 2023 with the collapse of SV Bank, Republic Bank in San Francisco, and Signature in New York.
Signature Bank in New York followed with a similar downturn - and all over the United States - most people - were very concerned about the savings and investment in the many banks.
The Senate Committee on Banking, Housing, and Urban Affairs questioned the heads of the banks - and we all became aware these Bank Managers or Directors - did not pay attention to Federal Deposit Insurance Corporation (FDIC) examiners and the advice they gave them about their sordid state of affairs in their respective banks.
These managers paid no attention to the Federal Deposit Insurance Corporation (FDIC) supervisory recommendation and, may I add, the U.S. Federal Bank - that years ago knew what was coming down the corrupt pipeline.
When thousands of customers get panicky and start pulling billions of dollars as they did here in San Francisco with Republic Bank - the adverse impacts are profound and many.
JP Morgan Chase and its head honcho Jamie Dimon said, "Our government invited us and others to step up, and we did."
Some of us remember how the Glass-Steagall legislation was revamped and adopted in 1933 - permitting financial institutions to address risk average, risk-taking, commingling commercial risk-averse, and several contemporary adverse impacts linked to edge funds.
We know that the most vulnerable are low-income folks who fall for predatory financial products - as happened in 2007-2008 with sub-prime loans.
In 2008 the Emergency Economic Stabilization Act pumping over $800 billion, failed to slow down the free fall of our economy.
Again and again, we see the U.S. Federal Bank turn a blind eye to the Managers of the large Financial Institutions and entities that must be held accountable - and this utter nonsense must stop - now.
Suffice it to say the firewalls created to maintain banking standards are all ignored.
Not so regarding the citizen or constituent - you miss one payment, and these banks are all over you. Forcing you to pay late fees - never once considering - if there is a situation that puts the customer in a predicament - linked to illness, some dire straits - banks love people's money - and love to gamble with it.
Here in San Francisco, we have Republican Bank that JP Mongan Chase and other banks - came to their rescue - even President Joes Biden, our President, was involved - in the rescue operations.
San Francisco has its Federal Reserve Bank - we know it has been interested in Climate Change - not so much in standards, serving those who invested in the banks, more poor people. The banks need to pay more attention to the FDIC supervisory recommendations.
On another matter very important for all the world to know the Office Of Personnel Management was hacked in November of 2013.
Four million - Federal workers lost money from their accounts, and many had their Security Clearance hacked to this day - we have no assessment of how serious this hacking adversely impacted - those who worked so hard and served our nation.
The Chinese attacker group is dubbed XI by the Congressional Office of Personnel Management breach. All these happened when President Barrack Hussein Obama was the President of the United States.
We all remember BRIC - stands for Brazil, Russia, India, and communist China.
Several attempts made in the past for the above-mentioned nations to have their own monetary system - have been put at rest by the World Bank, the U.S Federal Reserve Bank, and our Law Enforcement.
However, slowly but surely, the Republicans here in the United States who foster our sourcing - many of them billionaires - have been creating pandemonium at all levels - even when it comes to our " debt ceiling. "
Granted, when we plan to spend taxpayers' money - we must be leery and use taxpayers' money wisely as our Nation mandates responsibility and sound leadership.
Again and again, Congress failed us miserably - today, the divisiveness has reached saturation point.
Gone are the days of bipartisanship where the poor and indigent - our Elders and Seniors are cared for.
We cannot call ourselves decent human beings when we disdain our infants, our children, our youth, our young adults, our Elders - those with compromised health - more the mentally and physically challenged.
We do this all the time with our " pork barrel " spending - crooked congresspersons and Senators - passing bills - to help the area they represent.
Kevin McCarthy can do better - he is all talk and no walk.
This is Turtle Island - the land of the indigenous.
There was a time when all was well - then came the strange and fucked it up - and they do again and again - pollute and contaminate - and think of abating and mitigating - after the fact.
Our time has come - we will stand tall and represent.
The Indigenous are here to stay on their terms.
The Great Spirit sees it all - those that harm the indigenous -will fall flat of their faces - make no bones about it. The slow death of innocent infants, children, youth, women, men, and elders on our Southern Border - must be dealt with - the many crimes against humanity.
We are watching you like a hawk.
You better believe this is all Indigenous land - every square inch.
Stay cool as a cucumber - our time is now.
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