Clinton’s ‘Committee to Save the World’ Unleashes Wall Street – RAI with Rana Foroohar
Dodd-Frank-- Swiss Cheese? You can always count on our politicians to leave holes for the corporate hoard to manipulate the system. Obviously you've heard of bail outs. What we experienced in 2008 and effected so many of us one way or another. But have you heard of bail ins? Did you know bail ins were added to the Dodd-Frank bill? In the article below it talks about a bail in taking place in Cyprus. (Consequently, government and banking officials were quite satisfied with the results of the bail-in process except that the stockholders, bank depositors, and the Cyprus economy did not fare all too well. (The larger stockholders of the bank exited before knowledge of the insolvency became public.) The latest news from Cyprus reported in a Wall Street Journal article 5 late last year is that the existing shareholders were almost completely wiped out and 21,000 bank clients who had deposits of more than ,000 euros saw 47.5% of their unsecured savings converted to equity making them 81.4% owners of an insolvent bank. Unfortunately, the bank is now teetering on closing permanently if they can’t get a new infusion of capital to keep the doors open. But what leadership for the bank can be expected from depositors turned shareholders who really only want their back?) ,000 euros is approximately $120,000. I also read a while back of a bail in case in Italy having wiped out a lot of depositors savings and retirement funds. Now I'm not likely to have that kind of in the bank unless I hit the lottery. But I don't trust these fucking people to where I wouldn't think them to save their own rich asses that they might come after my house and what little I do have. If your bank goes completely under, believe it, the top share holders will know it's coming and out quickly leaving us peasants owning an empty building.
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