Federal Regulators Have Gutted Safety and Soundness Rules for the Biggest Wall Street Banks
Bottom line: federal regulators are as clueless today as they were in 2008 when it comes to the level of systemic risk these banks pose to the financial system of the United States. The only way to rein in that risk is to break up these banks and restore the Glass-Steagall Act. That would separate these casinos from the federally-insured, deposit-taking banks.
Related:
Citigroup puts employee who ran QAnon website on paid leave
Gelinas earned over $3,000 a month on a crowd-funded Patreon site dedicated to supporting the QAnon site, which he said helped cover the monthly operating costs.
“As outlined in our Code of Conduct, employees are required to disclose and obtain approvals for outside business activities,” Citigroup said in a statement, declining to comment on Gelinas’s status.
There is heavy irony in Citigroup now being outed as the employer of Gelinas, whose LinkedIn resume (also now removed) indicated he had worked for the bank for the past 17 years. Citigroup has a heavy history with the Clintons. President Bill Clinton’s Treasury Secretary was Robert Rubin. After Rubin helped to engineer the 1999 repeal of the 1933 banking legislation known as the Glass-Steagall Act, allowing federally-insured banks to merge with Wall Street trading casinos, Rubin became a member of the Citigroup Board of Directors and reaped $120 million in compensation over the next decade. Citigroup desperately needed the repeal of this legislation because it had already illegally merged Citicorp with Salomon Brothers the prior year.
Sandy Weill, the Co-CEO at Citigroup in 1999, who lobbied for the repeal of Glass-Steagall, was given a commemorative pen from the Clinton signing ceremony that repealed the legislation. Just nine years after the repeal, Wall Street banks like Citigroup blew up Wall Street, taking down the U.S. economy in the process.
Related:
Notably, on the very same day that Citigroup made this historic announcement, Thursday, September 10, a fact-checking website known as “Logically,” posted a breathtakingly detailed outing of one of Citigroup’s Senior Vice Presidents, Jason Gelinas, as the man behind the notorious QAnon conspiracy website known as QMap.pub.
The QMap.pub website has now disappeared from the web but you can read its archived postings at the website maintained by the Wayback Machine, an initiative of the Internet Archive.
Catch and Kill: The Protection Racket Used by Trump, Weinstein, Epstein and Wall Street
By Pam Martens and Russ Martens: July 22, 2020 ~
The only element of truth and facts that the American people have today when it comes to Wall Street crime is when a courageous whistleblower comes forward before they are nabbed in a catch and kill operation.
THE USA USES SOFT-POWER TACTICS ON GREENLAND AND FAROE ISLANDS
The former Director of the CIA and current United States Secretary of State, Mike Pompeo, visited Denmark on July 22nd in order to meet with the Danish Prime Minister, Mette Frederiksen, the Minister for Foreign Affairs, Jeppe Kofod, as well as representatives from Greenland and the Faroe Islands in order to formulate a common military and economic policy in the North Atlantic and Arctic regions.
Related:
Pompeo visits Denmark after diplomatic spat over Greenland
Leading up to the visit a statement from the US Department of State highlighted the importance of a partnership in the Arctic, “particularly as we see increased activity in the region from Russia and the People’s Republic of China”.
But there is another bone of contention: The Nord Stream 2 gas pipeline being built between Russia and Germany.
Ms. Cat’s Chronicles 