Did you hear the story about, in 2008, the CEO from a major Wall Street firm (cough!—Goldman Sachs!—cough!) claiming they were “doing God’s work.”
This became “The Club’s” mantra to try and convince us that they were the good guys. They also claimed that their client’s best interests was their top priority.
Of course, this happened after they were bailed out of bankruptcy by us taxpayers. And it wasn’t just the $700 Billion they received from TARP. Nine years later we now know the banks received Trillions of taxpayer’s money to assist them in “doing God’s work.”
So, how have those Trillions of dollars helped you and the majority of the population?
Since then, the major banks are twice the size as they were back in 2008. What’s worse is they’ve increased their debt and are leveraged up to ten times their size in 2008. (Trillions of new debt)
And, just like our government, it’s mathematically impossible for them to pay all their debt.
To add insult to injury, they’re still sitting on Billions of bad mortgages from 2008 that are worth 50 cents on the dollar.
They cover it up (from a law that was put in effect after the meltdown) by saying the garbage mortgages are worth 100% of their value.
It’s an outright lie…but no one challenges them on it.
One unnamed bank (cough!—Blackrock—cough!) bought up extraordinary amounts of rental properties (with taxpayers’ money) and the result is that today most people can’t afford to rent them.
How’s that for “doing God’s work?”
If you’re tired of the lies and deception of Wall Street, tune in to our newsletter Simplifying Wall Street in Plain English.
We’ll give you the truth about how the banksters really work. And we’ll show you how to profit from their tricks. (HERE)