{"id":5589,"date":"2015-02-12T06:21:05","date_gmt":"2015-02-12T11:21:05","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5589"},"modified":"2015-02-12T06:21:05","modified_gmt":"2015-02-12T11:21:05","slug":"shoot-bank-of-america-now-the-case-for-super-glass-steagall-is-overwhelming","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5589","title":{"rendered":"Shoot Bank Of America Now\u2014-The Case For Super Glass-Steagall Is Overwhelming"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/shoot-bank-of-america-now-the-case-for-super-glass-steagall-is-overwhelming\/\" target=\"_blank\">Shoot Bank Of America Now\u2014-The Case For Super Glass-Steagall Is Overwhelming<\/a><\/h3>\n<p>The mainstream narrative about \u201crecovery\u201d from the financial crisis is a giant con job.\u00a0And nowhere does\u00a0the mendacity run deeper than in the \u201cbanks are fixed\u201d meme\u2014an insidious cover story that has been concocted by the crony capitalist cabals that thrive\u00a0at the intersection of Wall Street and Washington.<\/p>\n<p>So this morning comes yet another expose in the Wall Street Journal about the depredations of Bank America (BAC). Not surprisingly, at the center of this latest malefaction is\u00a0still another set of schemes to\u00a0grossly abuse the deposit insurance safety net and enlist the American taxpayer in the risky business of\u00a0financing high-rolling London hedge funds.<\/p>\n<p>In this case, the abuse consisted of BAC funded and enabled tax avoidance schemes with respect to stock dividends\u2014\u2013arrangements which happen to be illegal in the US. \u00a0No matter. BAC simply arranged for them to be executed for clients in London where they apparently are kosher, but with funds from BAC\u2019s\u00a0US insured\u00a0banking entity called BANA, which most definitely\u00a0was not kosher at all.<\/p>\n<p>As to the narrow offense involved\u2014-that is, the use of insured deposits to cheat the tax man\u2014-the\u00a0one honest official to come out of Washington\u2019s\u00a02008-2009 bank\u00a0bailout spree, former FDIC head Sheila Bair, had this to say:<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shoot Bank Of America Now\u2014-The Case For Super Glass-Steagall Is Overwhelming The mainstream narrative about \u201crecovery\u201d from the financial crisis is a giant con job.\u00a0And nowhere does\u00a0the mendacity run deeper than in the \u201cbanks are fixed\u201d meme\u2014an insidious cover story that has been concocted by the crony capitalist cabals that thrive\u00a0at the intersection of Wall [&hellip;]<\/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":[3038,3453,312,3451,3452,860,865],"class_list":["post-5589","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-america","tag-fdic","tag-financial-crisis","tag-glass-steagall","tag-insured-deposits","tag-wall-street","tag-washington"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5589","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=5589"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5589\/revisions"}],"predecessor-version":[{"id":5590,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5589\/revisions\/5590"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}