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Wall Street Aristocracy Got $1.2 Trillion in Fed’s Secret Loans

Posted by Rich on August 23, 2011 at 12:14pm
Read this first before you see who got the money, if you can!!!!  Especially about the "Foreign Borrowers"!!!

21,000 Transactions

Any new rescues by the U.S. central bank would be governed by transparency laws adopted in 2010 that require the Fed to disclose borrowers after two years.

Fed officials argued for more than two years that releasing the identities of borrowers and the terms of their loans would stigmatize banks, damaging stock prices or leading to depositor runs. A group of the biggest commercial banks last year asked the U.S. Supreme Court to keep at least some Fed borrowings secret. In March, the high court declined to hear that appeal, and the central bank made an unprecedented release of records.

Data gleaned from 29,346 pages of documents obtained under the Freedom of Information Act and from other Fed databases of more than 21,000 transactions make clear for the first time how deeply the world’s largest banks depended on the U.S. central bank to stave off cash shortfalls. Even as the firms asserted in news releases or earnings calls that they had ample cash, they drew Fed funding in secret, avoiding the stigma of weakness.

Who got the money?
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Statement of Support for American Laws for American Courts

Posted by Rich on August 23, 2011 at 9:05am

Dear Colleague:

We urge you to join us in adding your name to the statement in support of theAmerican Laws for American Courts Act, which has been enacted in three states and has been introduced in over twenty other state legislatures.   TheAmerican Laws for American Courts Act protects all American citizens and residents in state legal cases when the application of a foreign law would violate constitutional liberties.

The American Laws for American Courts Act is constitutional and “facially neutral.”  It does not mention any specific religion, creed or legal doctrine, and in the two years since its introduction into state legislatures, it has never been challenged in court.

The Act‘s sole objective is to protect all U.S. citizens and residents from the application of foreign laws when the application of a foreign law will result in the violation, in the specific matter at issue, of a liberty guaranteed by the Constitution of the United States or the public policies of the state in question.  Such violations would include but not be limited to infringements on due process, freedom of religion, speech, or press, equal protection, and any right of privacy or marriage as specifically defined by the constitution of the state.

Reviews of state laws provide extensive evidence that foreign laws and legal doctrines are introduced into US state court cases, including, notably, Islamic law known as Shariah, which is used in family courts and other courts in dozens of foreign Muslim-majority nations .

These foreign laws, frequently at odds with U.S. constitutional principles of equal protection and due process, typically enter the American court system through:

  • Comity (mutual respect of each country’s legal system)
  • Choice of law issues and
  • Choice of forum or venue

Granting comity to a foreign judgment is a matter of state law, and most state and federal courts will grant comity unless the recognition of the foreign judgment wouldviolate some important public policy of the state. This doctrine, the “Void as against Public Policy Rule,” has a long and pedigreed history.

Unfortunately, because state legislatures have generally not been explicit about what their public policy is relative to foreign laws, including as an example, Shariah, the courts and the parties litigating in those courts are left to their own devices – first to know what Shariah is, and second, to understand that granting comity to a Shariah judgment may be at odds with  our state and federal constitutional principles in the specific matters at issue.

The American Laws for American Courts Act is carefully limited in scope, recognizing the need to balance the protection of individual liberties with other legal principles:

  • The American Laws For American Courts Act does not apply to a business that contracts to subject itself to foreign law in a jurisdiction other than the state or the United States.
  • The American Laws for American Courts Act is carefully defined so as not to interfere with the right of any individual or entity to the free exercise of religion as guaranteed by the First Amendment to the U.S. Constitution and by the constitution of this state.  For example, it would not affect the decisions of Jewish, Christian, Muslim or other ecclesiastical courts, or their enforcement, as long as those decisions did not result in the violation of a right guaranteed by the state constitution or the Constitution of the United States.
  • The American Laws for American Courts Act would not conflict with any federal treaty or other international agreement to which the United States is a party.

The goal of the American Laws for American Courts Act is a clear and unequivocal application of what should be the goal of all state courts: No U.S. citizen or resident should be denied the liberties, rights, and privileges guaranteed in our constitutional republic.  American Laws for American Courts is needed especially to protect women and children, identified by international human rights organizations as the primary victims of discriminatory foreign laws.

Please join our fellow Americans from across the country in signing this statement of support for American Laws for American Courts, the 21st Century civil rights initiative to ensure constitutional liberties for all Americans.

Please share this letter with leaders in your  community
and your colleagues across America.

 

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