as you see all these different by
movements throughout the country including here not by l_a_ you know we
we get local coverage here in los angeles and constantly the reporters
like i don’t think that it was inside the bible but about vocab yeah well i know this player two well what i think that it’s about is
another great injustice of the banks getting huge payouts basically through our money our
collective money and we get nothing out very ironically at uh… the organization is not a
terrific news article on this is bloomberg news if there was not to be
confused with the actions of mayor bloomberg it
is his company so given credit for running a company that read the story but uh… obviously he has acted in a
completely different way when it comes doctor by wall street when you look at the story you get an axle sense of the great injustice a let’s get
started first of all they looked through twenty
nine thousand pages affair dot federal documents the dated on the freedom of information
act that’s because both the bush
administration and no bombing administration did not want to give this
information over as to how much they had helped the banks uh… this at all well it did market
near within the bank should be in bigger trouble well then maybe they should have been in
bigger trouble and as you can see get completely bell that in ways that we
had not even a magic so everybody thinks there was a talk program that bailed out uh… these banks the money that was
given to treasury in fact that money was about seven hundred billion dollars what a lot of people did not know is that the fed bag guarantees and the
lending to the end of the banks actually far larger he was to the tune of seven point seven
seven trillion dollars now that’s a nice jackpot so the stuff
that everybody’s rincon straining on part is actually nichols a dime’s compared
for that actual money given up to the fact uh… a lot of the banks was a hail of
those who just lie owns we just got blown that we pay them
back but where they show in a minute how those lows in fact roundup making them billions of dollars in free money for senior scientists a sense of the
size of how much by the fed money mattered if you look at bank of america they have forty five billion dollars in
talk money but they got ninety one point four billion dollars in the fed
citigroup forty five billion dollars from talk but ninety nine point five
million dollars with that so you see there is in both cases they actually have places much money from the federal reserve but they got
from the treasury so they want to look at the treasury
money they don’t want to look at the fed money possess all the real action is now
how about those six largest u_s_ banks went ahead and sixty billion dollars in
part four hundred and sixty billion from the fact that i watch much larger
map and uh… how about the six banks compared to
everyone else because over seven hundred banks dot bailed out by the fed let alone the treasury right so i didn’t realize the fact and all of those just-in-time six big bet big banks which are the best politically connected
ones sixty three percent of the money so if you’re politically connected your
j_p_ morgan bankamerica citigroup wells fargo the sex were recently you’ve got fifty three percent of the
booty while they were getting all that money
there tell the public something else entirely uh… bank of america’s ceo kenneth
lewis who was the c_e_o_ at the time uh… in uh… alway said that his bank wall was one of the strongest and most people
major banks in the world in the second day nobody places of two thousand they would he was saying
that they had borrowed eighty six billion dollars from the central bank that means that the federal reserve did
not step in and low-level cyst training there’s a lot of money they would not be strong they will not
be stable they were being bankrupt not a little bancroft utterly completely out of business
bankrupt negate imagine you’re out of business me like along the bike was gone for a
while except i’d just need and eighty six million-dollar loan i mean she’s really
faces billion-dollar anyone tell the public
private or strong stable back but he’s not alone j_b_ diamond on march twenty six a two
thousand ten of course is c_e_o_ j_p_ morgan said at
the request of the federal reserve self-motivated others to use the system we took the money basically say finally got tarp money i
didn’t need of money from the federal reserve i think that that treasury and the fact
i can to help to other banks here are right here is a reality in reality they have kickball wrote for
the fed twice as much cash as they have on hair so they have a certain amount of money
on hand in a bar twice as much as that to make
sure that they can survive on top of that at the time of their
people are and they had forty eight billion dollars that they had taken and two thousand nine from the federal
reserve again as a giant number part of it was a short the back but it
was a second reason because it was for a money and jamie got the same i don’t need it meanwhile as your after ever regional handouts begins the week
twelve months as i got a reserves any fourteen billion
dollars wife ’cause he’s got to make it killing off
of it as were about to show you it just a little object uh… but now let’s look at where the
big banks are right before we show you how much money they made off that well are back in uh… two thousand six
before the any of this crisis began uh… they had six point eight trillion
dollars and assets ok well after the great crash they must have what’s right of course not they actually have single-family more they have nine and a half trillion
dollars in assets today that’s a funny nine percent increase this crash and they started that they
cost then read them at all a lot of helping them why do they capture the government
wishes and i was behind that is as well in the second so what is the level of conversation
today and twenty-two or yes arches in last year twenty ten they give out one hundred and forty six million dollars in compensation others on average for every worker at
the shop banks one hundred twenty six thousand three
hundred and forty-two uh… dollars aneta twenty percent
increase from two thousand five so their executives are doing worse
after they caused this crash endurance significantly better why do
they have free money so finally let me show you the freemen that they
got the hundred and ninety for arms that
took this money from the federal reserve wind up making in what they call that interest margin new thirteen billion dollars so this is really important let me
explain what that means that means they get it from the federal
reserve sometimes as low as point all one percent where they basically don’t have they
they’re paying nothing back to the federal reserve they’re almost getting
it for free but at the same time their lending it
out whether it’s the businesses whether it’s
back to the united states government and a former treasury bonds they’re letting it out at much higher
rates three percent four percent sometimes six recess sometimes ten
percent and they get to keep within the letter now if the government can do u beset by
buying the view at the height of their boring on a single day it was one point
two trillion dollars the evidence that the other email one
point two trillion dollars and he will let it out to people
whatever rate you like well then you would have a thirty
million dollars these guys are doing is his thankfully t_v_ interesting or different or unique
product what they did was they capture the
government antigovernment developed fifteen billion dollar jeff that any of you could have made if you
have that same advantage and then they turned off talk a lot of
people complaining about we gain some of them talk money back yes you might even some of our money
back the real prizes the federal reserve
money the real prior to that there was no
money even if you want to comment he didn’t think that the laws is a thirteen billion dollars you get
the put in your pocket on that difference it interest that you get the
charge others that’s part of what i like the by wall
street is mad about they’re saying that you know what if they are free thirteen billion
dollars from our money one week and we got nothing burn a key at the time so we have to do
this it we don’t do this unemployment will be around eight or nine percent high that news for you insider said
anyway skull we got no benefit from it millions of how’s it been foreclosed we
got all benefit from it but the top one percent the bank
executives at those top six companies then a tremendous amount of money in
fact justice sixty large u_s_ space so we
mentioned earlier they basically got a free or point p billion dollars began from that difference in interest
okay so they get money at poi one percent anne still back to people at four
percent ten percent and satara and they pocket according to bloomberg’s
calculations nearly five billion dollars that is a gift from the american
taxpayer now haha they holiday bonus by the industry get well that’s because of course of lobby uh… the uh… large banks idid too uh… twenty two point one million
dollars in lobby in two thousand six then they ran into trouble so what do
they do it’s they ran out of money they should
have any money for lobbying right anyway they got was from a the force since they bought the politicians there was no strings attached and if you continue to spend our money
to lobby our politicians in other words to buy our politicians so what they do they actually increase their lobbying in twenty ten are they spent twenty nine
point four million dollars that’s a gain of thirty three percent from just five
to four years before that so there is more likely than ever now when you turn
to the guy the bailout and lead among the republicans in saying
that park was absolutely necessary was senator judd gregg uh… and he’s now a former senator from
new hampshire uh… when asked about the federal
reserve money that was given a way that was ten times lawyers in the carpeting
he said quote we didn’t know the specifics in other words the implication every
seven bloomberg news talk to so we’ve got all the talk a little
something totally different actually would have done anything
different what i’d like him as they did not number two even if they didn’t know and they just found out about the fact
they wouldn’t change anything why don’t they change something right now now that
you know what are you will get a thirteen billion dollars back you’re not
going to do that as you walk from the bank you got paid
by those based you got they didn’t campaign pac contributions and you know what you get paid and right
now well let’s find out where senator judd
gregg working today he retired from the senate and is now working for goldman sachs that’s how it works wilma saxo says are
paying in lobbying money by the way number one
contributed to brocco bombing two thousand eight so both parties and the number two when you retire i’ll
tell you millions on top for the best extra work you did on our behalf in
getting us thirteen billion dollars extra overall
for all the banks so the problem then they pay seventy are
going to be a sellout ever tell you know what was going on is well worth it if banks like goldman
sachs and that’s how we get robbed that’s why there’s a market by movement
all across the country and that’s why the power establishment
whether it’s the politicians on the banks are dying to shut it down so you don’t
find out how much the wrong