Updating FTR #‘s 772 and 792, the broadcast highlights a recent social psychology experiment that indicated a strong inclination toward dishonest, criminal behavior on the part of banking professionals. After noting Deutsche Bank’s precarious position, the program notes two other suspicious deaths. Deutsche Bank’s Calogero Gambino allegedly took his own life, following the alleged suicide of another Deutsche banker–William Broeksmit. Citigroup’s Shawn Miller supposedly slit his own throat, this after placing some 911 calls complaining about being followed. The Senate banking committee recently concluded an investigation of the banking industry’s involvement in the commodities’ markets, something that offers tremendous opportunity for illegal speculation, as well as leaving banks with potentially catastrophic exposure to fluctuation in those markets. In October, a dramatic fluctuation in the market for U.S. Treasury bills has raised ominous questions concerning the stability of this global financial safe haven. The probability of such an event happening was once every 1.6 billion years!
Foreign Banks borrowed extensively from Fed during the meltdown; aid to Dexia and Depfa needed to avoid munipal fiscal armageddon, stemming partially from Dexia’s apparent criminal activity.
Food Services Giant Sodexo’s scams cost taxpayers, school children big bucks; Timothy Geithner ignored U.S. Treasury bonds naked short selling; Swiss Banks joining AIG in offshore machinations.
U.S. is beset by the same structural economic and political problems as Emerging Market countries; Will the “Top Banana Republic” pull through? Or will we bring the rest of the world down?
Mussolini’s corporate state rewarded members of the economic and political elite who brought him to power. Compare fascist Italy with George W. Bush’s America!
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