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Big Six Banks have stolen more than $30 billion from local governments through rigged interest-rate swaps
12 August 2013
(LPAC)—The Big Six Bank criminals — JPMorgan Chase, Morgan Stanley, Citigroup, Bank of America, Goldman Sachs, Wells Fargo — and their allied thieves, have stolen more than $30 billion from state and city government treasuries, through rigged interest-rate swap agreements over the period since roughly 2005. These banks rigged the LIBOR rate to their advantage, which governs these swap agreements. These "swaps" — which were sold as money-saving for the public entities — have looted more than $100 million per year from each of certain state or city governments; and were the governments to attempt to cancel these agreements, they would be liable to pay the banks many times that amount in "termination fees." In order to make those payments, the local governments have had to cut essential social services and infrastructure, which kills citizens. In March 2010, the Service Employees International Union (SEIU) published a report, Big Banks Squeeze Billions in Profits from Public Budgets, which listed the annual net amount that the state or city local entity had to pay out, as of that date, to the banks on the interest-rate swap agreement. Below, as examples of crimes against humanity, is a list, taken from that report, of the swap payments that these entitites pay per year (these amounts are as of 2010, and most are paying the same amount now):
The Big Six Bank criminals, joined by Royal Bank of Canada, Deutschebank, and others, are the counterparties to these swaps. Implementation of Glass-Steagall — which would in turn banrkupt Wall Street — combined with a Hamiltonian credit system, would cause these cities to survive and develop. [ref] |
