Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps; and the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it. According to an SEIU report:
Derivatives… have turned into a windfall for banks and a nightmare for taxpayers…. While banks are still collecting fixed rates of 3 to 6 percent, they are now regularly paying public entities as little as a tenth of one percent on the outstanding bonds, with rates expected to remain low in the future. Over the life of the deals, banks are now projected to collect billions more than they pay state and local governments – an outcome which amounts to a second bailout for banks, this one paid directly out of state and local budgets.
Along with the choking fumes and piles of putrid waste, sound systems and a constant bombardment of honking horns from cars, lorries and screaming buses assault residents and the unprepared in towns and cities throughout India. Loudspeakers are used to spread political propaganda; celebrate and circulate expensive arranged and prolonged weddings; and, mounted outside temples and mosques, loudly proclaim the jargon of the just and the righteous path to salvation. Continue reading →
There must be something in the water at No 10 Downing Street, currently inhabited by Prime Minister David Cameron.
When Tony Blair was in residence, according to the diaries of his former communications director, Alastair Campbell, before the illegal invasion of Iraq, for which Blair’s Downing Street offices produced fantasy, fictional, false justifications, the then Prime Minister was guided by his faith and regularly spoke to “his Maker.” Blair may have “spoken” – but, as ever, he clearly didn’t listen. Continue reading →