{"id":2884,"date":"2014-12-12T08:03:59","date_gmt":"2014-12-12T13:03:59","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2884"},"modified":"2014-12-12T08:03:59","modified_gmt":"2014-12-12T13:03:59","slug":"presenting-the-303-trillion-in-derivatives-that-us-taxpayers-are-now-on-the-hook-for-zero-hedge","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2884","title":{"rendered":"Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For | Zero Hedge"},"content":{"rendered":"

Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For | Zero Hedge<\/a>.<\/p>\n

Courtesy of the Cronybus(sic) last minute passage, government was provided a quid-pro-quo $1.1 trillion spending allowance with Wall Street’s blessing in exchange for assuring banks that taxpayers would be on the hook for yet another bailout, as a result of the swaps push-out provision, after incorporating explicit Citigroup language that allows financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp,\u00a0explicitly\u00a0<\/strong>putting taxpayers on the hook for losses caused by these contracts.\u00a0Recall<\/a>:<\/p>\n

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Five years after the Wall Street coup of 2008, it appears the U.S. House of Representatives is as bought and paid for as ever. We heard about the Citigroup crafted legislation currently being pushed through Congress back in May when\u00a0Mother Jones\u00a0reported on it. Fortunately, they included the following image in their article:<\/p>\n

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\"Screen<\/p>\n

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Unsurprisingly, the main backer of the bill is notorious Wall Street lackey Jim Himes\u00a0(D-Conn.), a former Goldman Sachs employee who has discovered lobbyist payoffs can be just as lucrative as a career in\u00a0financial services.<\/p>\n<\/blockquote>\n

We say\u00a0explicitly,\u00a0<\/em>of course, because taxpayers have\u00a0always\u00a0<\/em>been on the hook\u00a0implicitly<\/em>for the next Wall Street meltdown.<\/p>\n

Why?<\/p>\n

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…click on the above link to read the rest of the article…<\/span><\/p>\n

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Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For | Zero Hedge. Courtesy of the Cronybus(sic) last minute passage, government was provided a quid-pro-quo $1.1 trillion spending allowance with Wall Street’s blessing in exchange for assuring banks that taxpayers would be on the hook for yet another bailout, as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1622,63,1272,1625,1668],"class_list":["post-2884","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bail-out","tag-banks","tag-congress","tag-cronyism","tag-derivatives"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2884"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2884\/revisions"}],"predecessor-version":[{"id":2885,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2884\/revisions\/2885"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}