Harry:
Thank you for the opportunity to be on your e-mail list. I appreciate your generosity and hard work.
I am writing to ask you to unsubscribe me from your list. I value your research reports. However, it would be hypocritical of me to accept them.
I believe in death penalties for private corporations and partnerships. My vote for one of the first to be executed is Goldman Sachs.
You and your colleagues have helped to build and manage a machinery that has committed treason and genocide on a breathtaking scale. The history of Goldman Sachs over the last two decades is living proof that it is possible to kill with a financial system and a pen.
The fact that you don’t understand what you and your colleagues are doing is breathtaking. It raises more than a few questions about whether you understand what is really behind the flow of funds you track and publish.
The question before us is who will pay the price of the mess that you and your colleagues have had such a significant hand in creating:
Who will lose their business and who will keep it?
Who will lose their job and who will keep it?
Who will lose their home and who will keep it?
Who will lose their reputation and who will not?
Who will lose their family and who will not?
Who will lose their health and who will not?
Who will lose their future and who will not?
Who will lose their life and who will not?
Who will lose their freedom and who will not?
My plan for bailing out the country would include asserting common law offsets against the assets of the NY Fed member banks and all of their partners and employees who benefited up to an amount sufficient to repay $4 trillion missing from the US government, to fund losses caused by the manipulation of the precious metals markets and to fund claims of fraudulent inducement and fraud on mortgages and mortgage securities. To fund the offsets, I would propose to seize the offshore and onshore assets of those who created the mortgage bubble and derivatives mess in the first place.
Frankly, I see no reason why millions of poor people around the world should pay a global tax through the dollar and US treasury and agency securities for which the American people are liable, so you and your colleagues can continue to live in comfort and luxury without concern that you will be held accountable to the same standards of enforcement applied to the people who live in the communities wrecked by the mortgage, money laundering and financial fraud that made you and your clients so powerful.
It seems to me if anyone should lose their business, jobs and home, it is you and your colleagues.
Sincerely Yours,
Catherine Austin Fitts
I thought I was the only radical extremist nutcase who believed that, since our legal system provides the rights of human beings to corporations, it should provide also for their execution for extreme misdeeds.
I would visualize capital punishment for a corporation to include, apart from criminal trials for the individual humans who directed and managed it:
Confiscation and sale of its assets, with no single buyer permitted to acquire more than 5% of them, and
Lifetime prohibition against two or more members of its management ever again working for the same employer.
What provisions would you like to see?
Catherine,
I came across an article written by Susan Trimbath. I’m having a little trouble understanding this particular line. Is she saying the bonds were “counterfeited” or is she referring to CDS that were sold on the bonds?
“CMOs were supposed to produce more money available for lending to homeowners than would otherwise have been the case. Instead it produced more paper, more heavily leveraged and less secure. Securitized mortgages were misused to the extent that $45 trillion in bonds were issued on $5 trillion in assets; it’s as if someone bought insurance for 9 times the value of the house.”
http://www.newgeography.com/content/00305-financial-innovation-wall-street%E2%80%99s-false-utopia
I would appreciate your analysis of this… You had mentioned that there were fewer assets than bonds sold at HUD. I know that there is naked shorting in the securities market, and this just sounds like the same fraud.
Also, I’m not clear how you discovered the fraud at HUD. You said that you visited places on the roles that had no buildings. I understood that there was more insurance sold on bonds than asset recorded?
Mary
Thank you Catherine. Are you beginning to see the fullscale of the fraud created by the Global Elite? The virtual sell out of the Former United States of America. And now it’s all the resonsibility is all ours, to continue to expose them, bring them to Justice, and restore this once proud and great nation while we still can. Our children and our very own futures depend on it. Wake up America, Wake up!!!
The truth shall set us all free…
Expose the Fraud
My dear Ms Fitts: You go girl…I have only one legal point concerning your continuous desire to recoup “the $4 trilion missing from the US government” ( I assume the Defense Dept. budget ). And that is: How would you deliver as discovery the accounting books of the Pentagon to corroberate the numbers? Furhermore, how would you also include the names of the actual banks to which the moneys were transfered? I am in complete favor of the recoupment of the vast ceo and executive officers abundant bonuses and pay to repay this admitted loss. Love your work. I’m falling asleep listening to you on coast to coast ( 2 am EST ), as I wake at 5 am…. be well and stay well, Richard
Re: common law right of offset. A right at “common law” is one that comes about through court precedent rather than a statute. Many, if not most, common law rights came into being before we had statutes, i.e., from England. Sometimes common law rights exist side-by-side with similar, or even the same, constitutional or statutory rights that are in “code” form. An attorney would argue in court for the common law right either when there is no statute or when the statute is more limited than the broader common law right.
A right of offset is just the right of one who holds the property of another (e.g., a bank) to seize that property to satisfy a debt or liability incurred by the owner of the property. So, for example, the IRS has the right to set off your tax refund against taxes otherwise due and unpaid. Similarly, if you have a savings account at a bank as well as a credit card with the same bank and you don’t pay the amount due on your credit card, the bank can apply (or “set off”) the amount in your savings account against the debt. Catherine is applying this concept in the case of member banks of the NY Fed on the theory that because the Federal Reserve Bank of New York is the depository for the US government, its members are responsible, or liable, for the “lost” $4 trillion of government money. As I understand her statement, she is suggesting that the federal government should seize, by means of an accounting offset, funds owed to the member banks by the US Government as a reimbursement to the American people for their loss. In that case, the banks whose money was seized would then have to sue the government and prove that they did not owe that money to the government in order to recover the amounts seized.
Catherine,
Beautifully said.
I hope some day you can do a blog post
or commentary on Flashpoints on Goldman’s sordid history.
Best,
James
I got a very calm, intelligent response. Very Goldman Sachs. A reminder of how incredible this world could be if we could attract all the hard, working intelligent people back into the real economy.
I should point out that Goldman would not be #1 on my list. The competition for that honor would be between JP Morgan Chase and AIG. Looks like Morgan has already nailed AIG when they pulled the liquidity on Lehman.
It is like watching a civil war break out among the crocodiles.