michaelcollinsdc 
Federal district court Judge Jed S. Rakoff called off a J.P. Morgan deal in an order that revealed the inside track on how the financial giant does business. The ruling of January 28 prevents Morgan from selling or participating the $225 million loan it made to Cablevisión, owned in the majority by Grupo Televisa, one of Mexico’s largest telecommunications companies. (Image)
Cablevisión used the loan to purchase a Empresas Bastel which operated a major fiber optic network throughout Mexico. While it was no secret that Morgan would sell the loan to other investors, Judge Rakoff found that Cablevisión, and its majority shareholder Televisa, had no intention of allowing it’s biggest competitor to control 90% of loan.
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michaelcollinsdc Where are the Populists?
“There are two ideas of government. There are those who believe that if you just legislate to make the well-to-do prosperous, that their prosperity will leak through on those below. The Democratic idea has been that if you legislate to make the masses prosperous their prosperity will find its way up and through every class that rests upon it.” William Jennings Bryan, 1896
Populism is broadly defined as “political ideas and activities that are intended to represent ordinary people’s needs and wishes.” The majority are deliberately held down by the financial elite. Removal of the financial elite is the vehicle to realize the “people’s needs and wishes.” (Graph)
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michaelcollinsdc Bank of America Looks Like First of Many
“This merger (Bank of America and Merrill Lynch) is a classic example of how the actions of our nation’s largest financial institutions led to the near-collapse of our financial system,” said Attorney General Cuomo. “Bank of America, through its top management, engaged in a concerted effort to deceive shareholders and American taxpayers at large. This was an arrogant scheme hatched by the bank’s top executives who believed they could play by their own set of rules. In the end, they committed an enormous fraud and American taxpayers ended up paying billions for Bank of America’s misdeeds.” (Image)
