as you see all these different by movements throughout the country
including here not by l_a_ you know we we get local coverage here in los
angeles and constantly the reporters like i don't think that it was inside
the bible but about vocab yeah
well i know this player two
well what i think that it's about is another great
injustice of the banks getting
huge payouts
basically through our money our collective money
and we get nothing
out very ironically
at uh... the organization is not a terrific news article on this is
bloomberg news if there was not to be confused
with the actions of mayor bloomberg it is his company so given credit for
running a company that read the story
but uh... obviously he has acted in a completely different way when it comes
doctor by wall street
when you look at the story
you get an axle sense
of the great injustice a let's get started
first of all they looked through twenty nine thousand pages
affair dot federal documents
the dated on the freedom of information act
that's because both the bush administration and no bombing
administration did not want to give this information over
as to how much they had
helped the banks
uh... this at all well it did market near within the bank should be in bigger
trouble
well then maybe they should have been in bigger trouble
and as you can see
get completely bell that in ways that we had not even a magic so everybody thinks
there was a talk program that bailed out
uh... these banks the money that was given to treasury in fact that money was
about seven hundred billion dollars
what a lot of people did not know
is that the fed bag guarantees and the lending to the end of the banks
actually
far larger
he was to the tune of seven point seven seven
trillion dollars
now that's a nice jackpot so the stuff that everybody's rincon straining on
part
is actually nichols a dime's compared for that actual money given up
to the fact
uh... a lot of the banks was a hail of those who just lie
owns we just got blown that we pay them back but where they show in a minute how
those lows in fact roundup making them
billions of dollars
in free money
for senior scientists a sense of the size
of how much by the fed money mattered
if you look at bank of america
they have forty five billion dollars in talk money but they got ninety one point
four billion dollars in the fed citigroup forty five billion dollars
from talk but ninety nine point five million dollars with that so you see
there is in both cases
they actually have places much money
from the federal reserve but they got from the treasury
so they want to look at the treasury money they don't want to look at the fed
money possess all the real action is now how about those six largest u_s_ banks
went ahead and sixty billion dollars in part
four hundred and sixty billion
from the fact that i watch much larger map
and uh...
how about the six banks compared to everyone else
because over seven hundred banks dot
bailed out by the fed
let alone the treasury right
so i didn't realize the fact
and all of those
just-in-time six big bet big banks
which are the best politically connected ones
sixty three percent of the money
so if you're politically connected your j_p_ morgan bankamerica citigroup wells
fargo the sex
were recently
you've got fifty three percent of the booty
while they were getting all that money there tell the public something else
entirely
uh... bank of america's ceo kenneth lewis who was the c_e_o_ at the time
uh... in uh... alway
said that his bank wall
was one of the strongest and most people major banks
in the world
in the second day
nobody places
of two thousand they would he was saying that
they had borrowed
eighty six
billion dollars from the central bank
that means that the federal reserve did not step in and
low-level cyst training
there's a lot of money
they would not be strong they will not be stable they were being bankrupt not a
little bancroft
utterly completely out of business bankrupt
negate imagine you're out of business
me like along the bike was gone for a while except i'd just need
and eighty six
million-dollar loan i mean she's really faces
billion-dollar anyone tell the public private or strong stable back
but he's not alone
j_b_ diamond on march twenty six a two thousand ten
of course is c_e_o_ j_p_ morgan said at the request of the federal reserve
self-motivated others to use the system
we took the money
basically say finally got tarp money i didn't need of money from the federal
reserve
i think that that treasury and the fact i can to help to other banks
here are right
here is a reality
in reality they have kickball wrote for the fed
twice as much cash
as they have on hair
so they have a certain amount of money on hand
in a bar twice as much as that to make sure that they can survive
on top of that at the time of their people are and they had forty eight
billion dollars
that they had taken
and two thousand nine from the federal reserve again as a giant number
part of it was a short the back but it was a second reason
because it was for a money
and jamie got the same i don't need it
meanwhile
as your after
ever regional handouts begins the week twelve months
as i got a reserves any fourteen billion dollars wife
'cause he's got to make it killing off of it as were about to show you
it just a little object
uh... but now let's look at where the big banks are right before we show you
how much money they made off that
well are back in uh... two thousand six before the any of this crisis began
uh... they had six point eight trillion dollars and assets ok well after the
great
crash they must have what's right
of course not
they actually have single-family more
they have nine and a half trillion dollars in assets today
that's a funny nine percent increase
this crash and they started that they cost then read them at all
a lot of helping them
why do they capture the government wishes and i was behind that is as well
in the second
so what is the level of conversation today and twenty-two or yes
arches in last year twenty ten
they give out one hundred and
forty six
million dollars in compensation
others on average for every worker at the shop banks
one hundred twenty six thousand three hundred and forty-two
uh... dollars aneta twenty percent increase
from two thousand five
so their executives are doing worse after they caused this crash
endurance significantly better why do they have free money
so finally
let me show you the freemen that they got
the hundred and ninety for arms that took this money from the federal reserve
wind up making
in what they call that interest margin
new thirteen
billion dollars
so this is really important let me explain what that means
that means they get it from the federal reserve sometimes as low as point all
one percent
where they basically don't have they they're paying nothing back to the
federal reserve they're almost getting it for free
but at the same time their lending it out
whether it's the businesses whether it's back to the united states government
and a former treasury bonds
they're letting it out at much higher rates three percent four percent
sometimes six recess sometimes ten percent
and they get to keep within the letter
now if the government can do u beset by buying the view at the height of their
boring on a single day it was one point two trillion dollars
the evidence that the other email one point two trillion dollars
and he will let it out to people whatever rate you like
well then you would have a thirty million dollars
these guys are doing is
his thankfully t_v_
interesting or different or unique product
what they did was they capture the government
antigovernment
developed
fifteen billion dollar jeff
that any of you could have made if you have that same advantage
and then they turned off talk a lot of people complaining about we gain some of
them talk money back
yes you might even some of our money back
the real prizes the federal reserve money
the real prior to that there was no money even if you want to comment he
didn't think that the laws
is a thirteen billion dollars you get the put in your pocket on that
difference it interest that you get the charge others
that's part of what i like the by wall street is mad about
they're saying that you know what
if they are free thirteen billion dollars from our money one week and we
got nothing
burn a key at the time so we have to do this it we don't do this unemployment
will be around eight or nine percent
high that news for you insider said anyway
skull we got no benefit from it
millions of how's it been foreclosed we got
all benefit from it
but the top one percent the bank executives at those
top six companies
then a tremendous amount of money in fact
justice sixty large u_s_ space so we mentioned earlier
they basically got a free
or point p
billion dollars
began from that difference in interest okay
so they get money at poi one percent
anne still back to people at four percent ten percent and satara
and they pocket according to bloomberg's calculations nearly five
billion dollars
that is a gift from the american taxpayer
now haha they holiday bonus
by the industry get
well that's because of course of lobby
uh... the uh... large banks idid too
uh... twenty two point one million dollars in lobby
in two thousand six
then they ran into trouble so what do they do
it's they ran out of money they should have any money for lobbying right anyway
they got was from a
the force
since they bought the politicians
there was no strings attached
and if you continue to spend our money to lobby our politicians in other words
to buy our politicians
so what they do they actually
increase their lobbying
in twenty ten are they spent twenty nine point four million dollars that's a gain
of thirty three percent from just five to four years before that so there is
more likely than ever now when you turn to the guy the bailout
and lead among the republicans in saying that park was absolutely necessary was
senator judd gregg
uh... and he's now a former senator from new hampshire
uh... when asked about the federal reserve money that was given a way that
was ten times lawyers in the carpeting he said quote
we didn't know the specifics
in other words the implication every seven bloomberg news talk to
so we've got all the talk a little something totally different
actually would have done anything different
what i'd like him as they did not
number two even if they didn't know
and they just found out about the fact they wouldn't change anything why don't
they change something right now now that you know what are you will get a
thirteen billion dollars back you're not going to do that
as you walk from the bank you got paid by those based you got they didn't
campaign pac contributions
and you know what you get paid and right now
well let's find out where senator judd gregg working today
he retired from the senate
and is now
working for
goldman sachs
that's how it works wilma saxo says are paying
in lobbying money by the way number one contributed to brocco bombing two
thousand eight
so both parties
and the number two when you retire i'll tell you millions on top
for the best
extra work you did on our behalf in getting us
thirteen billion dollars extra overall for all the banks
so the problem then they pay seventy are going to be a sellout ever tell you know
what was going on
is well worth it if banks like goldman sachs
and that's how we get robbed
that's why there's a market by movement all across the country
and that's why the power establishment whether it's the politicians on the
banks
are dying to shut it down so you don't find out how much the wrong