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CHARLES: TODAY FEDERAL RESERVE
VICE-CHAIR FOR SUPERVISION,
MICHAEL BARR TESTIFIED BEFORE
THE SENATE FINANCE COMMITTEE ON
HEALTH OF BANKS.
EARLY ASSESSMENT OF DISASTER AT
SILICON VALLEY.
THEY WILL HAVE A POSTMORTEM A
LITTLE BIT LATER.
SO FAR SAYING A TEXTBOOK CASE OF
MISMANAGEMENT.
THAT SEEMS TO BE A SEVERE
UNDERSTATEMENT.
JOINING ME "JUDICIAL WATCH"
PRESIDENT, TOM FITTON.
TOM AT "JUDICIAL WATCH."
WATCHED ONE OF YOUR VIDEOS.
DOING YOUR OWN INVESTIGATION.
HOW CONFIDENT ARE YOU THAT THE
FEDERAL RESERVE ITSELF WILL
ACCEPT ANY SORT OF
RESPONSIBILITY FOR ITS LACK OF
SUPERVISION, ALSO MAYBE THE ROLE
MASSIVE RATE HIKES MIGHT HAVE
PLAYED?
>> WE HAVE EIGHT FREEDOM OF
INFORMATION ACT REQUESTS ALREADY
OUT ON THIS ISSUE.
WHEN BARR TALKS ABOUT
MISMANAGEMENT, IS HE TALKING
ABOUT FEDERAL AGENCIES
RESPONSIBLE FOR OVERSEEING THESE
BANKS?
IS THAT THE MISMANAGEMENT?
THERE IS NOT A DOLL THAT FLOWS
OUT OF THESE BANKS THESE DAYS
WITHOUT FED OVERSIGHT OR HAND IN
IT OR SUPERVISION.
THE IDEA THIS JUST IMPLODED, NO
ONE IN THE POSITION OF SUPPOSED
AUTHORITY IN THE FEDERAL
AGENCIES RESPONSIBLE FOR
SUPERVISING THE BANKS HAD ANY
IDEA IS NOT, IS NOT, DOES NOT
COMPORT WITH REALITY.
CHARLES: RIGHT.
>> AND WHAT IS GOING ON WITH THE
BAILOUTS TO DATE, THIS IS THE
VALUATION I THINK TAXPAYERS,
THOSE WHO END UP PAYING FOR THIS
AT THE BANKS WHEN THEIR FEES ARE
INCREASED TO COVER THE COSTS OF
LOSSES OF SVB AND OTHER BANKS
IS, ALL THESE DECISIONS ARE
POLITICAL.
I MEAN THESE ARE POLITICIANS
MAKING POLITICAL DECISIONS.
THE BAILOUT WHICH IN MY VIEW WAS
UNNECESSARY OF SVB ONLY TOOK
PLACE AFTER DEMOCRATIC
POLITICIANS IN CALIFORNIA
HARANGED THE BIDEN
ADMINISTRATION TO DO SOMETHING.
CHARLES: YEAH.
>> THEN THE NEXT SO-CALLED
BAILOUT, WHICH I CALL A
TAKEOVER, THE SIGNATURE BANK,
LOOKS LIKE IT WAS MORE ABOUT
DINGING THAT BANK FOR INVESTING
IN A POLITICALLY-INCORRECT
INVESTMENT AREA WHICH IS CRYPTO
AS OPPOSED TO ANY QUOTE,
SYSTEMIC FAILURES.
WE’VE DONE PREVIOUS
INVESTIGATIONS ON THE LAST BIG
BANK BAILOUT CIVIL.
CHARLES: RIGHT.
>> ONE OF MY FAVORITES IS THE
TREASURY DEPARTMENT, TOP
OFFICIAL SAYING WE GOT TO BRING
IN THE TOP BANKS.
THE NEXT BREATH HE SAID, WHO ARE
THE TOP BANKS?
THEY DIDN’T EVEN KNOW WHO THE
TOP BANKS WERE.
CHARLES: YOU TALKED ABOUT THE
FOLKS INVOLVED IN THIS,
PARTICULARLY POLITICIANS BUT
THAT WEEKEND YOU HAD FOLKS LIKE
ACKERMAN, ONE OF THE WEALTHIEST
PERSONS WHOEVER LIVED ON THE
PLANET, THEY WERE OPENLY
LOBBYING ON SOCIAL MEDIA FOR
THIS.
TURNS OUT THIS BAILOUT, TOP 10
DEPOSITS HELD $13.3 BILLION.
$13.3 BILLION, 10 ACCOUNTS.
I DARE SAY THEY HAD NOTHING TO
DO WITH SMALL BUSINESSES MEETING
PAYROLL, RIGHT?
SOLD IT TO THE PUBLIC THEY WERE
COMING TO RESCUE OF FOLKS BY THE
WAY COVERED UNDER $250,000.
THE SMALL BUSINESSES CAN MAKE
PAYROLL.
WHAT DO YOU MAKE OF THIS,
BILLIONAIRES THAT WERE BAILED
OUT IN THIS?
I MEAN HOW CAN WE HAVE TRUST AND FAITH IN THE SYSTEM LIKE THIS?
FAITH IN THE SYSTEM LIKE THIS?
>> NO, ESPECIALLY THE BAILOUT
EXPANDED TO ALL DEPOSITORS.
$19 TRILLION OF LIABILITIES
DEPENDING ON WHAT DAY OF THE
WEEK IS AND WHAT YELLEN IS
SAYING.
WHAT IS THE MISMANAGEMENT, A
BANK WHO COP $450 MILLION IN THE
EQUIVALENT AFTER CHECKING
ACCOUNT IN JUST ONE FINANCIAL
INSTITUTION?
THAT IS THE WHERE THE
MISMANAGEMENT IS.
WE SHOULDN’T BAIL THOSE FOLKS
OUT.
THEY SHOULD BE TAKING HAIRCUTS
TO PUT IT MILDLY.
CHARLES: FTX SAM BANKMAN-FRIED
IS CHARGED WITH BRIBING CHINESE
GOVERNMENT OFFICIALS OF
40 MILLION.
WHEN IT IS CHINESE OFFICIALS IT
IS BRIBERY.
WHEN IT IS AMERICANS IT IS
SPREADING INFLUENCE.
YOUR THOUGHTS.
>> GOING BACK TO THE FIRST
STORY, GUESS WHO BENEFITS FROM
BAILOUTS AS WELL, CHINA OWNED
ENTITIES,SVB WAS WELL-KNOWN
PARTNER FOR THE CHINESE
GOVERNMENTS.
THEY GET IT ON BOTH ENDS.