Posts from the ‘Gran Theft Economics’ Category

What I Saw When I Crashed a Wall Street Secret Society …..

http://nymag.com

One-Percent Jokes and Plutocrats in Drag: What I Saw When I Crashed a Wall Street Secret Society

Recently, our nation’s financial chieftains have been feeling a little unloved. Venture capitalists are comparing the persecution of the rich to the plight of Jews at Kristallnacht, Wall Street titans are saying that they’re sick of being beaten up, and this week, a billionaire investor, Wilbur Ross, proclaimed that “the 1 percent is being picked on for political reasons.”

Ross’s statement seemed particularly odd, because two years ago, I met Ross at an event that might single-handedly explain why the rest of the country still hates financial tycoons – the annual black-tie induction ceremony of a secret Wall Street fraternity called Kappa Beta Phi.

Adapted
from Kevin Roose’s book Young Money, published today by Grand Central Publishing.

“Good evening, Exalted High Council, former Grand Swipes, Grand Swipes-in-waiting, fellow Wall Street Kappas, Kappas from the Spring Street and Montgomery Street chapters, and worthless neophytes!”

It was January 2012, and Ross, wearing a tuxedo and purple velvet moccasins embroidered with the fraternity’s Greek letters, was standing at the dais of the St. Regis Hotel ballroom, welcoming a crowd of two hundred wealthy and famous Wall Street figures to the Kappa Beta Phi dinner. Ross, the leader (or “Grand Swipe”) of the fraternity, was preparing to invite 21 new members — “neophytes,” as the group called them — to join its exclusive ranks.

Looking up at him from an elegant dinner of rack of lamb and foie gras were many of the most famous investors in the world, including executives from nearly every too-big-to-fail bank, private equity megafirm, and major hedge fund. AIG CEO Bob Benmosche was there, as were Wall Street superlawyer Marty Lipton and Alan “Ace” Greenberg, the former chairman of Bear Stearns. And those were just the returning members. Among the neophytes were hedge fund billionaire and major Obama donor Marc Lasry and Joe Reece, a high-ranking dealmaker at Credit Suisse. [To see the full Kappa Beta Phi member list, click here.] All told, enough wealth and power was concentrated in the St. Regis that night that if you had dropped a bomb on the roof, global finance as we know it might have ceased to exist.

During his introductory remarks, Ross spoke for several minutes about the legend of Kappa Beta Phi – how it had been started in 1929 by “four C+ William and Mary students”; how its crest, depicting a “macho right hand in a proper Savile Row suit and a Turnbull and Asser shirtsleeve,” was superior to that of its namesake Phi Beta Kappa (Ross called Phi Beta Kappa’s ruffled-sleeve logo a “tacit confession of homosexuality”); and how the fraternity’s motto, “Dum vivamus edimus et biberimus,” was Latin for “While we live, we eat and drink.”

On cue, the financiers shouted out in a thundering bellow: “DUM VIVAMUS EDIMUS ET BIBERIMUS.”

The only person not saying the chant along with Ross was me — a journalist who had sneaked into the event, and who was hiding out at a table in the back corner in a rented tuxedo.

Several Kappas at the table next to me, presumably discussing the coming plutocracy.

I’d heard whisperings about the existence of Kappa Beta Phi, whose members included both incredibly successful financiers (New York City’s Mayor Michael Bloomberg, former Goldman Sachs chairman John Whitehead, hedge-fund billionaire Paul Tudor Jones) and incredibly unsuccessful ones (Lehman Brothers CEO Dick Fuld, Bear Stearns CEO Jimmy Cayne, former New Jersey governor and MF Global flameout Jon Corzine). It was a secret fraternity, founded at the beginning of the Great Depression, that functioned as a sort of one-percenter’s Friars Club. Each year, the group’s dinner features comedy skits, musical acts in drag, and off-color jokes, and its group’s privacy mantra is “What happens at the St. Regis stays at the St. Regis.” For eight decades, it worked. No outsider in living memory had witnessed the entire proceedings firsthand.

A Kappa neophyte (left) chats up a vet.

I wanted to break the streak for several reasons. As part of my research for my book, Young Money, I’d been investigating the lives of young Wall Street bankers – the 22-year-olds toiling at the bottom of the financial sector’s food chain. I knew what made those people tick. But in my career as a financial journalist, one question that proved stubbornly elusive was what happened to Wall Streeters as they climbed the ladder to adulthood. Whenever I’d interviewed CEOs and chairmen at big Wall Street firms, they were always too guarded, too on-message and wrapped in media-relations armor to reveal anything interesting about the psychology of the ultra-wealthy. But if I could somehow see these barons in their natural environment, with their defenses down, I might be able to understand the world my young subjects were stepping into.

So when I learned when and where Kappa Beta Phi’s annual dinner was being held, I knew I needed to try to go.

Getting in was shockingly easy — a brisk walk past the sign-in desk, and I was inside cocktail hour. Immediately, I saw faces I recognized from the papers. I picked up an event program and saw that there were other boldface names on the Kappa Beta Phi membership roll — among them, then-Citigroup CEO Vikram Pandit, BlackRock CEO Larry Fink, Home Depot billionaire Ken Langone, Morgan Stanley bigwig Greg Fleming, and JPMorgan Chase vice chairman Jimmy Lee. Any way you count, this was one of the most powerful groups of business executives in the world. (Since I was a good 20 years younger than any other attendee, I suspect that anyone taking note of my presence assumed I was a waiter.)

I hadn’t counted on getting in to the Kappa Beta Phi dinner, and now that I had gotten past security, I wasn’t sure quite what to do. I wanted to avoid rousing suspicion, and I knew that talking to people would get me outed in short order. So I did the next best thing — slouched against a far wall of the room, and pretended to tap out emails on my phone.

The 2012 Kappa Beta Phi neophyte class.

After cocktail hour, the new inductees – all of whom were required to dress in leotards and gold-sequined skirts, with costume wigs – began their variety-show acts. Among the night’s lowlights:

Paul Queally, a private-equity executive with Welsh, Carson, Anderson, & Stowe, told off-color jokes to Ted Virtue, another private-equity bigwig with MidOcean Partners. The jokes ranged from unfunny and sexist (Q: “What’s the biggest difference between Hillary Clinton and a catfish?” A: “One has whiskers and stinks, and the other is a fish”) to unfunny and homophobic (Q: “What’s the biggest difference between Barney Frank and a Fenway Frank?” A: “Barney Frank comes in different-size buns”).

Bill Mulrow, a top executive at the Blackstone Group (who was later appointed chairman of the New York State Housing Finance Agency), and Emil Henry, a hedge fund manager with Tiger Infrastructure Partners and former assistant secretary of the Treasury, performed a bizarre two-man comedy skit. Mulrow was dressed in raggedy, tie-dye clothes to play the part of a liberal radical, and Henry was playing the part of a wealthy baron. They exchanged lines as if staging a debate between the 99 percent and the 1 percent. (“Bill, look at you! You’re pathetic, you liberal! You need a bath!” Henry shouted. “My God, you callow, insensitive Republican! Don’t you know what we need to do? We need to create jobs,” Mulrow shot back.)

David Moore, Marc Lasry, and Keith Meister — respectively, a holding company CEO, a billionaire hedge-fund manager, and an activist investor — sang a few seconds of a finance-themed parody of “YMCA” before getting the hook.

Warren Stephens, an investment banking CEO, took the stage in a Confederate flag hat and sang a song about the financial crisis, set to the tune of “Dixie.” (“In Wall Street land we’ll take our stand, said Morgan and Goldman. But first we better get some loans, so quick, get to the Fed, man.”)

A few more acts followed, during which the veteran Kappas continued to gorge themselves on racks of lamb, throw petits fours at the stage, and laugh uproariously. Michael Novogratz, a former Army helicopter pilot with a shaved head and a stocky build whose firm, Fortress Investment Group, had made him a billionaire, was sitting next to me, drinking liberally and annotating each performance with jokes and insults.

“Can you fuckin’ believe Lasry up there?” Novogratz asked me. I nodded. He added, “He just gave me a ride in his jet a month ago.”

The neophytes – who had changed from their drag outfits into Mormon missionary costumes — broke into their musical finale: a parody version of “I Believe,” the hit ballad from The Book of Mormon, with customized lyrics like “I believe that God has a plan for all of us. I believe my plan involves a seven-figure bonus.” Amused, I pulled out my phone, and began recording the proceedings on video. Wrong move.

The grand finale, a parody of “I Believe” from The Book of Mormon

“Who the hell are you?” Novogratz demanded.

I felt my pulse spike. I was tempted to make a run for it, but – due to the ethics code of the New York Times, my then-employer – I had no choice but to out myself.

“I’m a reporter,” I said.

Novogratz stood up from the table.

“You’re not allowed to be here,” he said.

I, too, stood, and tried to excuse myself, but he grabbed my arm and wouldn’t let go.

“Give me that or I’ll fucking break it!” Novogratz yelled, grabbing for my phone, which was filled with damning evidence. His eyes were bloodshot, and his neck veins were bulging. The song onstage was now over, and a number of prominent Kappas had rushed over to our table. Before the situation could escalate dangerously, a bond investor and former Grand Swipe named Alexandra Lebenthal stepped in between us. Wilbur Ross quickly followed, and the two of them led me out into the lobby, past a throng of Wall Street tycoons, some of whom seemed to be hyperventilating.

Once we made it to the lobby, Ross and Lebenthal reassured me that what I’d just seen wasn’t really a group of wealthy and powerful financiers making homophobic jokes, making light of the financial crisis, and bragging about their business conquests at Main Street’s expense. No, it was just a group of friends who came together to roast each other in a benign and self-deprecating manner. Nothing to see here.

But the extent of their worry wasn’t made clear until Ross offered himself up as a source for future stories in exchange for my cooperation.

“I’ll pick up the phone anytime, get you any help you need,” he said.

“Yeah, the people in this group could be very helpful,” Lebenthal chimed in. “If you could just keep their privacy in mind.”

I wasn’t going to be bribed off my story, but I understood their panic.  Here, after all, was a group that included many of the executives whose firms had collectively wrecked the global economy in 2008 and 2009. And they were laughing off the entire disaster in private, as if it were a long-forgotten lark. (Or worse, sing about it — one of the last skits of the night was a self-congratulatory parody of ABBA’s “Dancing Queen,” called “Bailout King.”) These were activities that amounted to a gigantic middle finger to Main Street and that, if made public, could end careers and damage very public reputations.

After several more minutes spent trying to do damage control, Ross and Lebenthal escorted me out of the St. Regis.

As I walked through the streets of midtown in my ill-fitting tuxedo, I thought about the implications of what I’d just seen.

The first and most obvious conclusion was that the upper ranks of finance are composed of people who have completely divorced themselves from reality. No self-aware and socially conscious Wall Street executive would have agreed to be part of a group whose tacit mission is to make light of the financial sector’s foibles. Not when those foibles had resulted in real harm to millions of people in the form of foreclosures, wrecked 401(k)s, and a devastating unemployment crisis.

The second thing I realized was that Kappa Beta Phi was, in large part, a fear-based organization. Here were executives who had strong ideas about politics, society, and the work of their colleagues, but who would never have the courage to voice those opinions in a public setting. Their cowardice had reduced them to sniping at their perceived enemies in the form of satirical songs and sketches, among only those people who had been handpicked to share their view of the world. And the idea of a reporter making those views public had caused them to throw a mass temper tantrum.

The last thought I had, and the saddest, was that many of these self-righteous Kappa Beta Phi members had surely been first-year bankers once. And in the 20, 30, or 40 years since, something fundamental about them had changed. Their pursuit of money and power had removed them from the larger world to the sad extent that, now, in the primes of their careers, the only people with whom they could be truly themselves were a handful of other prominent financiers.

Perhaps, I realized, this social isolation is why despite extraordinary evidence to the contrary, one-percenters like Ross keep saying how badly persecuted they are. When you’re a member of the fraternity of money, it can be hard to see past the foie gras to the real world.

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World Bank Whistleblower makes Startling Confession …………

Karen Hudes exposes The World Bank. It is one of the world’s largest financial institutions said to represent 188 nations from around the world. Its stated purpose focuses on investing in the development of third-world nations and lending interest-free loans to middle- and low-income countries.

According to the World Bank, there are two goals that have been set to be achieved by the year 2030. These include decreasing the amount of people living on less than $1.25 a day to less than 3% and fostering the income growth of the bottom 40% of every country.

Are these goals sensible for the World Bank to accomplish? And, more importantly, can they be successfully achieved in the midst of a significant shift in the global currency market?

To help us break down the global financial giant known as the World Bank and how you can protect your finances during this seemingly unstable global market, we are joined by Karen Hudes, who claims to be a former senior councilwoman at the World Bank.

Next News Network is currently investigating to verify that the allegations and testimonies made by Karen Hudes are accurate.

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Hungary tells the Rothschild BanksTo Vacate Country.

End Rothschild

Hungary is making history of the first order along with Iceland & Russia.

Not since the 1930s in Germany has a major European country dared to escape from the clutches of the Rothschild-controlled international banking cartels. This is stupendous news that should encourage nationalist patriots worldwide to increase the fight for freedom from financial tyranny.

Already in 2011, Hungarian Prime Minister Viktor Orbán promised to serve justice on his socialist predecessors, who sold the nation’s people into unending debt slavery under the lash of the International Monetary Fund (IMF) and the terrorist state of Israel.

Those earlier administrations were riddled with Israelis in high places, to the fury of the masses, who finally elected Orbán’s Fidesz party in response.

According to a report on the German-language website “National Journal,” Orbán has now moved to unseat the usurers from their throne.

The popular, nationalistic prime minister told the IMF that Hungary neither wants nor needs further “assistance” from that proxy of the Rothschild-owned Federal Reserve Bank.

No longer will Hungarians be forced to pay usurious interest to private, unaccountable central bankers

Instead, the Hungarian government has assumed sovereignty over its own currency and now issues money debt free, as it is needed. The results have been nothing short of remarkable.

The nation’s economy, formerly staggering under deep indebtedness, has recovered rapidly and by means not seen since Germany.

 

The Hungarian Economic Ministry announced that it has, thanks to a “disciplined budget policy,” repaid on August 12, 2013, the remaining €2.2B owed to the IMF—well before the March 2014 due date.

Orbán declared: “Hungary enjoys the trust of investors,” by which is not meant the IMF, the Fed or any other tentacle of the Rothschild financial empire. Rather, he was referring to investors who produce something in Hungary for Hungarians and cause true economic growth.

This is not the “paper prosperity” of plutocratic pirates, but the sort of production that actually employs people and improves their lives.

 

With Hungary now free from the shackles of servitude to debt slavers, it is no wonder that the president of the Hungarian central bank, operated by the government for the public welfare and not private enrichment, has demanded that the IMF close its offices in that ancient European land.

In addition, the state attorney general, echoing Iceland’s efforts, has brought charges against the last three previous prime ministers because of the criminal amount of debt into which they plunged the nation.

The only step remaining, which would completely destroy the power of the banksters in Hungary, is for that country to implement a barter system for foreign exchange, as existed in Germany under the National Socialists and exists today in the Brazil, Russia, India, China and South Africa, or BRICS, international economic coalition.And if the United States would follow the lead of Hungary, Americans could be freed from the usurers’ tyranny and likewise hope for a return to peaceful prosperity.

American Free Press

Cyprus crisis deepens: Bailout rejected, banks may not reopen ………..

Hasan Mroue / AFP – Getty Images

Cypriot protestors outside the parliament in the capital, Nicosia, on Tuesday.

By Alastair Jamieson, Staff writer, NBC News

Cypriot leaders held crisis talks on Wednesday to avert financial meltdown after rejecting the terms of a controversial European Union bailout, turning instead to Russia for help.

Banks on the Mediterranean island may never reopen, Germany warned after lawmakers late Tuesday turned down a $12.9 billion deal that would have seen Cypriots lose up to 10 per cent of their bank deposits.

Thousands of Cypriots withdrew savings over the weekend fearing the deal might pass, emptying ATMs and sending global money markets into a steep dive.

Banks were ordered to remain closed after finance officials predicted a run on savings and a huge outflow of capital if they were to reopen.

Alexander Nemenov / AFP – Getty Images

Cypriot Finance Minister Michael Sarris outside the Russian Finance Ministry in Moscow on Wednesday.

 Germany’s finance minister, Wolfgang Schaeuble said major Cypriot banks were “insolvent if there are no emergency funds,” according to a BBC report, meaning savers might lose all their money if no deal was reached.

Greek media reports suggested the Cyprus Popular Bank had been sold to Russian investors, but the Cypriot government denied such a deal, Reuters said.

German Chancellor Angela Merkel said the ball was now in Cyprus’ court. “I regret the vote of the parliament yesterday,” she told reporters. “But of course we respect it and will now look to see what proposals Cyprus makes.

“From a political point of view, I say that Cyprus needs a sustainable banking sector. Today’s banking sector is not sustainable,” she added.

Even before the deal was rejected, Cypriot Finance Minister Michalis Sarris was already in Moscow working on an alternative plan to extend loans by using the island’s natural resources as a guarantee, according to English-language Cyprus Mail newspaper.

The crisis leaves the 17-nation Euro currency zone in uncharted territory: Greece, Portugal, Ireland, Spain and Italy have all accepted austerity cuts in return for aid.

Cyprus’ parliament rejected the deal late Tuesday when 36 lawmakers voted unanimously against it and the ruling party abstained, Reuters reported. Outside the parliament, hundreds demonstrated, chanting: “They’re drinking our blood.”

“The voice of the people was heard,” jubilant 65-year-old retiree Andreas Miltiadou told Reuters after the vote.

To help pay for the $13 billion European bailout, the government plans to take up to 10 percent from all savings accounts, angering those who say they aren’t responsible for the economic crisis. CNBC’s Sue Herera reports.

President Nicos Anastasiades was due to meet party leaders Wednesday morning, the BBC said.

Ivan Tchakarov, chief economist at Renaissance Capital, told CNBC that Russia, which was enraged by the unexpected European deal, could step in to save Cyprus from total financial collapse.

“This situation presents a fantastic opportunity for Russia and even President Putin to take moral high ground and to extend another loan to Cyprus and to become a savior of Europe,” he told CNBC in Moscow.

“At the end of the day we’re only talking about an additional seven to eight billion dollars of additional money that is needed to have a complete package for Cyprus, this is small change for Russia.”

Russian citizens account for the majority of the billions of euros held in Cypriot banks by foreign depositors.

Russia wasn’t the only critic of the deal, which was greeted with widespread dismay among global money markets. In an editorial, Bloomberg said it was the “worst” decision of the entire regional financial crisis, while the Economist panned it as “unfair, short-sighted and self-defeating.

Reuters contributed to this report.

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Is HSBC Really ‘Too Big to Jail’ ? …………………..

http://chasvoice.blogspot.mx

Posted by Charleston Voice

By Yahoo! Finance Mon, Mar 11, 2013 7:10 PM EDT

By Bartlett Naylor

In December of last year, HSBC (HBC) admitted to money laundering violations covering $200 trillion worth of transactions involving Mexican and Columbian drug cartels, groups allegedly aligned with terrorist organizations, sanctioned nations and others.

The U.S. Department of Justice (DOJ) explained it could not exact a penalty greater than one month’s profits against HSBC because doing so would cause systemic repercussions to the financial system. In shorthand, HSBC was “too big to jail.”

On March 6, U.S. Attorney General Eric Holder affirmed the “too big to jail” policy:

“I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy. And I think that is a function of the fact that some of these institutions have become too large.”

How did Attorney General Holder make this assessment? Did he consult with government banking experts? On March 7, Sen. Elizabeth Warren (D-Mass.) asked three high-ranking officials at a U.S. Senate banking committee hearing (see beginning at 1.22 hour) if they would advise DOJ that HSBC could not be penalized further owing to systemic threats.

David Cohen, Undersecretary for Terrorism and Financial Intelligence with the Treasury Department: “We told Justice that we weren’t in a position to offer any meaningful assessment” of taking various courses of action.

Jerome Powell, member of the Federal Reserve’s board of governors: “There were conversations, but that question wasn’t asked or answered. The questions were about this or that statute.”

Thomas Curry, Comptroller of the Currency: “The only question that Justice asked us was about the charter revocation … Our position was that this was a criminal justice decision.”

For context, Sen. Warren followed a theory that Public Citizen advanced in January when we sent letters to the Federal Deposit Insurance Corp and the Maryland Attorney General asking them to terminate HSBC’s insurance and forfeit the company’s charter respectively. (HSBC’s American operations are incorporated in Maryland.)

Our goal with these letters, ultimately, is to force our financial policy makers and any others willing to confront reality to use their authority, given to them by the Dodd-Frank Wall Street Reform and Consumer Protection law, to break up the banks. The financial crash of 2008 demonstrated the enormous expense taxpayers incur when banks become gambling operations with an understanding that their winnings will be privatized, and losses socialized.

The HSBC case sharpens the problem that banks of a certain size can actually engage in criminal activity with essential immunity.

Many sensible regulators and members of Congress now recognize that mega-banks are too large and the number that say they should be broken up is large, growing and bi-partisan.

And now this list includes the nation’s leading law enforcer: Attorney General Holder: “Some of these institutions have become too large.”

Apparently, Attorney General Holder did not need any regulator to tell him that some banks have become too large. It’s obvious.

Bartlett Naylor is the financial policy reform advocate for Public Citizen’s Congress Watch division. Follow him on Twitter at @BartNaylor.

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GREEDY LYING BASTARDS by Daryl Hannah ………

Actress Daryl Hannah is the executive producer of the new eco-documentary “Greedy, Lying Bastards.” It’s creating some major buzz not just for the name, but for its focus on campaigns that deny climate change. Hannah talks about her movie and the importance of stopping climate change deniers. “They basically are in the business of selling doubt,” one person says in Hannah’s documentary, one of the most powerful lines in the movie.

“It’s true because there is actually a consensus that it is happening,” Hannah says. “That it is also human caused. However – and even – what’s really interesting, is even Rex Tillerson from Exxon now has finally acknowledged that climate change is actually happening. Even the Koch Brothers publicly come out and acknowledge it. But yet they still funnel hundreds of millions of dollars to make sure that climate legislation isn’t passed. That there’s false information put out about the climate crisis and also about clean energy and its possibilities.”

Hannah explains that she hopes her movie helps people try to hold climate change deniers accountable.

“What we’re talking about is protecting our ability to survive and our vital life support systems. Now, there’s a way to do that and still create jobs that are domestic jobs with safe, clean energy. And that’s where we should be putting all of our resources,” she adds.

What happens when one industry has too much power? Politicians become pawns. Laws are created and prevented. Regulations are bypassed. Information is controlled. Dissent is stifled. Our climate changes. And people die.

Wildfires in the West. “Brown-Outs” in the East. Farmers losing crops to the worst drought since the Dust Bowl. Climate change is no longer a prediction for the future but a startling reality of today. The U.S. Pentagon believes it to be a matter of national and international security. Yet, as the evidence of our changing climate mounts and the scientific consensus proves a human causation, there continues to be no political action to thwart the warming of our planet.

“Greedy Lying Bastards” investigates the reasons behind stalled efforts to tackle climate change despite consensus in the scientific community that it is not only a reality but also a growing problem that is placing us on the brink of disaster. The film details the people and organizations casting doubt on climate science and claims that greenhouse gases are not affected by human behavior. Filmmaker and political activist Craig Rosebraugh documents the impact of an industry that has continually put profits before people, waged a campaign of lies designed to thwart measures to combat climate change, used its clout to minimize infringing regulations and undermined the political process in the U.S. and abroad.

Millions are spent each year by oil and related interests to fund the think tanks, groups, scientists and politicians waging what the film deems a campaign of deceit regarding the science of climate change and its dire impact on the planet. Between 1998 and 2012, “Greedy Lying Bastards” reports ExxonMobil spent over $25 million to dispel claims of global warming. The Koch brothers, who run the conglomerate Koch Industries, also provide significant funding. From 1997 through 2012, they spent over $60 million.

A far different story about climate change is told by the residents of Kivalina, a small Alaskan island above the Arctic Circle. Over the last fifty years, winter temperatures have risen nearly seven degrees and the ice that once protected the land is not forming properly leading to increasing erosion. As one tribal administrator notes: “The debate is over, we are dealing with the realities of climate change.”

“Greedy Lying Bastards” also presents a shocking analysis of the U.S. Supreme Court decision, Citizens United. According to the film, not only did this 2010 ruling pave the way for unlimited corporate contributions to political campaigns, but additionally it highlighted the blatant corruption of the country’s highest Court and its cozy relationship with top corporate interests.

WEBSITES:
* http://ExposeTheBastards.com
* http://facebook.com/GreedyLyingBastards
* http://en.wikipedia.org/wiki/Greedy_L…

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The West Attacked Libya to Stop Gold-Backed Currency ( filed under : The ongoing World War 3 !) ……………

http://www.activistpost.com

Watch it all , a MUST SEE documentary especially since there are rumors that China is planning to back its Yuan with gold.

(hint : listen closely at around min 30.oo)

Muammar al Gaddafi was a good man !

 

 

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