Tip:
Highlight text to annotate it
X
so bank of america uh... in
two thousand eight of course was a disaster and had to be bailed out of the
everyone else old top banks
about what was it was bailout is
uh... the fed came in and
something from ante which is an issue as firm as to what does that have been with
the american collection
well ang cheap was sold a bill of goods from bankamerica and what the fed did
was they cannot took it off the hands of a aji so the bank of america would be
held responsible for
now they when finished indeed recently i'll tell you all about that which is
another secret bailout for bank of america
let me explain
bank of america had sold these more security enti
for about thirty nine point two billion dollars as a little bit more prompted
now but that's the easy explanation
that's a value today as he had had
that turns out they were barbecue
and they're only worth at most twenty point eight billion dollars adn the
bailouts and she sold it
quote-unquote too but that it was it packaged in something called maiden lane
two
for twenty point eight billion dollars so you see what happened there was a
eighty lost eighteen point four billion dollars brother is in a loss that is
because bank of america lied to them
about what was in the mortgage securities out
remember a archie at that point
owned by
the u_s_ taxpayers
so we just got screwed for about eighteen billion dollars
by the way what goes the fed also screws s as is different story
now and she dances bank of america says look and i was eighteen billion dollars
as seven billion of dollars of that was deathly because of fraud and bank of
america dead
proved that in court
but it's an open question in a way to settle a court
for two million five billion it's unclear right
now here's what the fed comes back into play
july of last year
turns out the fed did two things
one they have a legal opinion say all dunno when we bought mainly to from
and anchi t-shirts group
new it was
bank of america was gonna give anybody money for fraud it would be offs
about where that signing your contract with a r e g
that somebody i t says is not witnesses that had a fact
but the facts as well if there was going to be any money would come to us
but they were supposed to go with
second of all they say
on top of what
bankamerica might go on us
they also have these two other morris securities they list forty three million
dollars so they know a settlement
where they get forty three million dollars and then they say not only or we
settling these two tiny little mortgage security issues
but we're also relieving you of your duty to pay any of that seven billion
dollars back
what you think about how is saying that it's if somebody on you
seven bucks mice and if they're friendly you know why
don't sweat pants embarks on a date
if somebody only seven thousand dollars
you let it go
we let it go in best friend would you let it go with your cousin
not all about that
now how about seven billion dollars
the new york bad which is supposed to regulate bank of america
look out for us so the bank americanism rob us house bank of america problems
dot seven oh and i was on worry about
and this is why i didn't really bad
issued by the way i don't want a las eighteen billion dollars
now all i know that at the time was taxpayer money now it's a little bit
more complicated as they've
paid some of that back
so some of it is cheryl their money but either way they say look
bank of america defrauded us working them to jail we need that money back
because they were in the wrong we knew anyone they did something wrong
the fencing the don't get fakes
we protect the backside colts
this is made outside as one of which put this point out by walker todd
former official at the federal reserve bank of cleveland visas qu
if the central bank starts releasing binding the legal claims for a nominal
compensation
it looks like just one more element of the secret or back-door bail out
of the banking system
well mister todd it looks like that
'cause it is that
they weren't always on the border near fred
the top banks
ha weird compound thanks would decide
mission help no top banks
how is same is system do we have set up
so that the basis for some regulate themselves
and so
when you say hey what do you know but i a seven billion dollars that go back to
the american taxpayer
they decide now you know what
don't worry about it american tax revenues
eventective going to be the seven billion
it's six minutes sick
how do we allow this in a democracy
they did
horrible transactions that we're possibly fraudulent that should be in a
quarrel all right now
and the maybe
heels off of it
we bailed them out
and we and we don't get it back in fact we get one more seeker bailout after
another after another bigger than this
in july of last year
he brought in this line man