Last night Hal Turner (who has a reputation that is best described as heavily-adorned with Reynolds Wrap) published this: Link
The Turner Radio Network has obtained "stress test" results for the top 19 Banks in the USA.
....
1) Of the top nineteen (19) banks in the nation, sixteen (16) are already technically insolvent.
2) Of the 16 banks that are already technically insolvent, not even one can withstand any disruption of cash flow at all or any further deterioration in non-paying loans.
3) If any two of the 16 insolvent banks go under, they will totally wipe out all remaining FDIC insurance funding.
4) Of the top 19 banks in the nation, the top five (5) largest banks are under capitalized so dangerously, there is serious doubt about their ability to continue as ongoing businesses.
He then goes on to list things that we know to be factual, including derivatives exposure (mostly in interest-rate swaps and similar.)
This appears to have led to Treasury issuing the following statement this morning:
The U.S. Treasury Department has not yet received the results of "stress tests'' on the health of the nation's 19 top banks, spokesman Andrew Williams said Monday, after a blog said it had obtained the test results and some U.S. bank shares moved lower.
That's a lie.
How do we know its a lie?
Because of this from April 10th:
April 10 (Bloomberg) -- The U.S. Federal Reserve has told Goldman Sachs Group Inc., Citigroup Inc. and other banks to keep mum on the results of “stress tests” that will gauge their ability to weather the recession, people familiar with the matter said.
The Fed wants to ensure that the report cards don’t leak during earnings conference calls scheduled for this month. Such a scenario might push stock prices lower for banks perceived as weak and interfere with the government’s plan to release the results in an orderly fashion later this month.
How can you be ordered not to release something you don't have?
Since that was published on the 10th of April, we therefore know that the results exist and Treasury, the banks involved and The Fed have them, as The Fed was concerned that some banks might try to use them (perhaps in a misleading fashion) during their first quarter conference calls and earnings releases.
Sorry guys, but whether Hal Turner has the real results or not is no longer material. What's material is the claim that Treasury doesn't have them, since they told the banks on the 10th not to release them, and you can't release what you don't have.
The problem with lying is that eventually you forget your previous lies and thus get caught when you contradict yourself.
Link
Hal Turner Blog gets a call minutes ago from the SEC regarding this "document".
LINK
Looks like this document has come from here, I had already posted this weeks ago on this blog:
ORIGINAL LINK
More info HERE on the Banks MASSIVE losses
Link
Damn. Hard sell because banks are supposed to represent safety and security. I guess with the crooks running things anything is possible. I actually asked my teller the other day if things went bad would they lock me out. She said of course they would they can't have hundreds of people pushing and shoving.
ReplyDeleteLISTEN!!! This article is worth reading because the Treasury, and it's henchmen the Big Banks mentioned above are all in the same circle of fraud. The Gigs up as they say, get your money out quickly or lose it. Remember the FDIC can take ten years to pay you off!!!! The Fed Bank and Treasury are in shock because nothing seems to get any traction in the Banking or economy any longer and they just don't get it yet. We the John Q public are on to them and it's going to get harder for them to hide anything from us because they are being totally exposed day by day. Just look at the false rally in the markets i.e., banks claiming profit stocks were heading higher last week and on top of THAT THE COMEX GOLD MARKET IS A JOKE! THEY ARE OUT OF REAL GOLD SO THEY AE SELLING PAPER GOLD AND CAN'T DELIVER. WATCH IT ALL COME DOWN DAY BY DAY WITHOUT A RECOVERY IN SIGHT.
ReplyDeleteThe document was copied and pasted from Martin Weiss:
ReplyDeleteHere are the stress tests result document:
HERE
Yep, the sham will continue daily until the very end when the last piece of the wreck finally falls apart. They've been in damage control ever since Paulson came on there air to tell us everything was perfectly fine at the beginning of the storm.
ReplyDeleteI've already withdrawn my money and moved it into narcotics. Values so far have been stable and the profits are amazing.
ReplyDeleteGee, Mr. Economic analyst. Great job. I think I'm in love.
ReplyDeleteNo smuggler's blues so far, that's good.
ReplyDeleteOk..So now I'm suppose to take a scumbag White-Supremist for hiw word. Hal has already circulated his imaginary Amero around which he said China had billions off. Come on, anyone with a brain knows all transfers that would be done that size would be an electronic entry....Not a bunch of coins...Are they gonna use them at laundry mats across China...Anyway, needless to say he has no credibilty and is basically plagarizing what Weiss wrote several weeks ago.
ReplyDeleteIt is always difficult to maintain your composure during real or imagined danger.
ReplyDeleteHowever, regardless of the number of banks that enter bankruptcy or receivership, the the FDIC will not experience a shortfall of currency. Never. The reason for this is two fold.
The Federal government will simply print money to cover expenses. They currently employ this technique. It is a short sighted fix. At some point it will cause explosive inflation manifesting itself through soaring asset prices.
The Federal government will view rampant inflation favorably compared to a spiralling defaltionary period while defaulting on debt obligations.
Fed’s Hoenig Says Insolvent Financial Firms Should Fail
ReplyDeleteInsolvent financial firms must be allowed to fail regardless of their size, and sheltering such ’too big to fail’ institutions risks making the financial crisis worse, a top Federal Reserve official said Tuesday.
http://www.financetech.com/feed/showArticle.jhtml?articleID=216900346&cid=RSSfeed_FTN_All
The Obama administration will not let the banks fail, if they do things shatter and then they own this crisis in the forum of public opinion, regardless of the circumstances. The massive printing of money is occurring because of political reasons, not because they give a rip whether anyone fails or suffers or not. That's the real tragedy here. The people who gambled our money and lost will be able to simply steal more of it, then put our kids and their kids on the hook for higher taxes and inflation. We are being robbed blind.
ReplyDeleteput the bankers & auditors, 100% of them in jail - i am interested how they can sign the accounts of the bank knowing there is no recourse. It means that bankers and financial institutions are above the "law of the land"
ReplyDelete