Saturday, August 11, 2012

Bertha and Betty

Subject: Betty & Bertha

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Two 90-year-old women, Bertha and Betty, had been friends all of their lives.

When it was clear that Bertha was dying, Betty visited her every day.

One day Betty said, 'Bertha, we both loved playing softball all our lives, and we played all through high school. Please do me one favor: when you get to heaven, somehow you must let me know if there's women's softball there.'

Bertha looked up at Betty from her deathbed and said, 'Betty, you've been my best friend for many years. If it's at all possible, I'll do this favor for you.'

Shortly after that, Bertha passed on.

A few nights later, Betty was awakened from a sound sleep by a blinding flash of white light and a voice calling out to her, 'Betty, Betty.'

'Who is it', asked Betty, sitting up suddenly. 'Who is it?'

'Betty, it's me, Bertha.'

'You're not Bertha. Bertha just died.'

'I'm telling you, it's me, Bertha,' insisted the voice.

'Bertha! Where are you?'

'In heaven,' replied Bertha. 'I have some really good news and a little bad news.'

'Tell me the good news first,' said Betty.

'The good news,' Bertha said, 'is that there's women's softball in heaven.
Better yet, all of our old buddies who died before me are here, too.
Even better than that, we're all young again.
Better still, it's always springtime and the weather is mild all the time.
And best of all, we can play softball all we want, and we never get tired.'

'That's fantastic,' said Betty. 'It's beyond my wildest dreams! So what's the bad news?'

'You're pitching Tuesday.'




 


Miniature airport--THIS IS UNBELIEVABLE!! LOOKS SO REAL

Miniature airport--THIS IS UNBELIEVABLE!! LOOKS SO REAL



This is long, but really good, 
especially the last 4 mins. showing takeoffs/landings.
  
ALL I CAN SAY IS, WOW!!!  AMAZING.....!?!?!





Speaker on.


Amazing.  love the take offs!






Teachers' Unions in Action

It is interesting to note that Randi Weingarten, president of AFT brings in a salary of well over $400,000 a year, closer to $500,000.  That's more than Joe Biden makes as vice president; that's more than Obama makes as president.  I have no idea what Linda Bridges, one of many vice presidents of the AFT is paid.  With salaries like that, is it any wonder that they don't want to relinquish their strangle-hold on America's educators, educational system and the minds of teachers as well as students?  It is nothing more than a feathered nest for the union officials and a seemingly endless funnel to the Democrat Party's campaign chest.  And for all the money the teachers and taxpayers pay, the quality of education seems to be in inverse proportion.  The more paid, the worse it gets. 

August 11, 2012

Teachers' Unions in Action

Two recent WSJ articles -- ironically, appearing on the same day -- remind us anew of the complete cynicism and utter immorality of the teachers' unions.

The first is about the vicious fight that the Louisiana Association of Educators (LEA), one of the major rent-seeking rat-packs -- oh, pardon me, I meant to say "teachers' unions" -- in the state. The LEA is outraged -- outraged! -- that Gov. Bobby Jindal was able to pass a school choice initiative starting this year that creates a modest (5,600-student capacity) voucher system for poor kids to attend private (including parochial) schools. The LEA is pursuing a lawsuit in the state court system, asking that the voucher plan be ruled unconstitutional for violating the separation of church and state.

The courts have refused to delay the voucher system until the trial in October. And since the issue has already been settled by the U.S. Supreme Court -- no, a district giving a voucher directly to the parent, who then chooses to use it at a religious school, does not constitute state support of religion -- the LEA is getting nasty.

In fact, the LEA is now in full attack mode. Its lawyers faxed threatening notices to 100 of the 119 schools in the voucher program, warning them that their clients (the union thugs) intend to use "whatever means necessary" to make the schools bar voucher students.

"By any means necessary" -- BAMN, as it is known to devotees of radical causes -- is code language for confrontational action, including violence if necessary.

The LEA will start by suing all 100 schools, many of them small private schools catering to poor children. The LEA, flush with fat union dues, is well-positioned to legally harass these schools, whose resources are limited.
You can see why the LEA is panicked: its members support failure in school so long as it lines their pockets, and they know that the public is beginning to realize that school choice is a necessary precondition to K-12 school reform.
And, brother, does Louisiana need school reform. Forty-four percent of its public schools are given a D or F by its own grading system, and no doubt that system has low standards to begin with.

The parents know this, which is why there were 10,300 applications for the vouchers, with 84% of those students being from schools ranked D or F.

In fine, the LEA is using all the muscle it has to destroy the lives of children, the vast majority of whom are minority children. This is despicable.

Turning next to New York, there is the depressing news that the New York teachers' unions (including one of the most powerful, the United Federation of Teachers) are working diligently to shield members accused of sexual crimes.
Specifically, nearly a hundred tenured teachers or other public school employees have been charged by the Department of Education with various sex crimes, including one teacher who had sex with a 13-year-old girl and an assistant principal who asked a young girl if she would give him oral sex.

But while in private industry, perps would be summarily fired and face the justice system (or else the business would be on the firing line), in New York they just appear before a school investigation panel, an independent law firm, or a local school superintendent. After that, the perp goes before an arbitrator selected -- get this! -- by the teachers' union and the school district jointly. The arbitrators, by the way, get paid $1,400 a day. You don't have to be a public choice economist to realize that, to please the unions, these arbitrators will likely be inclined to fine or suspend the teachers rather than fire them.

For example, one perp who repeatedly hugged girls, including fondling one poor girl's breasts, was suspended for six months. Another fine fellow was only reprimanded for "inappropriate touching" of a number of young boys. A third randy shaper of young minds, who repeatedly texted sex messages to girls -- including asking one to perform a striptease for him -- was merely suspended.

A New York state senator has introduced legislation to terminate the arbitrators' "final say," but it is doubtful that the teachers' unions will allow such a measure to pass. After all, in New York, the teachers' unions virtually own the state legislature.

This is beyond despicable -- it is downright degenerate. Memo to the "rationally ignorant" voters: these are your tax dollars at work, and the system is destroying your children.

Philosopher Gary Jason is a senior editor of Liberty and the author of the book Dangerous Thoughts (available through Amazon).


Read more: http://www.americanthinker.com/2012/08/teachers_unions_in_action.html#ixzz23GgJc9LF

John Lennon Brings his Message to us on BBS Radio Tonight Aug 11th

John Lennon Brings his Message to us on BBS Radio Tonight Aug 11th

Musician John Lennon (no introduction needed) will be joining us on BBS Radio tonight on "The Messenger".  There are always surprises when our guests from the non-physical share their perspective from the higher dimensions.
You can call in to listen, ask questions, or listen via the Internet as channels extraordinaire Carolyn Evers and Dr. Richard Presser bring us another riveting show---free of charge---toward your expanded consciousness.
Time passes quickly on these programs so if you have a question, call in early to secure your spot.
Tune into The Messenger tonight (August 11th) at 9pm US Eastern Time, 6:00 Pacific on Station 1 at www.bbsradio.com . Copy the link into your browser address bar and press Enter if it does not work for you.
To ask questions, call in Toll Free on 1-888-627-6008
To just listen via the phone, call in on +1 760-569-7676 Access Code 534355# . Please check these numbers on the BBS website if they are not working for you.
Blessings, Joy, Love and Peace.
Richard Presser
www.the2012Countdown.com - You will find the recordings of all calls from "The Messenger" at this website

Department of Homeland Security Goes Wild; DHS Chief Favored Lesbo Pal


Department of Homeland Security Goes Wild; DHS Chief Favored Lesbo Pal

Janet Napolitano’s Little Love Nest at DHS

The Thomas More Law Center, a national public interest law firm based in Ann Arbor, Michigan, has announced that it has filed a federal lawsuit against Homeland Security Secretary Janet Napolitano.

MAINE MOOSE STORY

This actually happened with some guys from Maine.
They dressed the truck up with a guy spread-eagled on the roof.


The driver and passenger put on Moose heads. 
 
Then they went down the Maine toll road Interstate, causing 16 accidents.


Yes; they went to jail ...

 


 
Yes; alcohol was involved.

 
 
 

Delta Flight 15

Love a good story ....as well as love thy neighbor!


Delta Flight 15
Here is an amazing story from a flight attendant on Delta Flight 15, written following 9-11:

"On the morning of Tuesday, September 11, we were about 5 hours out of Frankfurt, flying over the North Atlantic. All of a sudden the curtains parted and I was told to go to the cockpit, immediately, to see the captain. As soon as I got there I noticed that the crew had that "All Business" look on their faces. The captain handed me a printed message. It was from Delta's main office in Atlanta and simply read, "All airways over the Continental United States are closed to commercial air traffic. Land ASAP at the nearest airport. Advise your destination."

"No one said a word about what this could mean. We knew it was a serious situation and we needed to find terra firma quickly. The captain determined that the nearest airport was 400 miles behind us in Gander, New Foundland. He requested approval for a route change from the Canadian traffic controller and approval was granted immediately--no questions asked. We found out later, of course, why there was no hesitation in approving our request."

"While the flight crew prepared the airplane for landing, another message arrived from Atlanta telling us about some terrorist activity in the New York area. A few minutes later word came in about the
hijackings."

"We decided to LIE to the passengers while we were still in the air. We told them the plane had a simple instrument problem and that we needed to land at the nearest airport in Gander, New Foundland to have it checked out."

"We promised to give more information after landing in Gander. There was much grumbling among the passengers, but that's nothing new! Forty minutes later, we landed in Gander. Local time at Gander was 12:30 PM! .... that's 11:00 AM EST."

"There were already about 20 other airplanes on the ground from all over the world that had taken this detour on their way to the U.S.  After we parked on the ramp, the captain made the following announcement: "Ladies and gentlemen, you must be wondering if all these airplanes around us have the same instrument problem as we have. The reality is that we are here for another reason." Then he went on to explain the little bit we knew about the situation in the U.S. There were loud gasps and stares of disbelief. The captain informed passengers that Ground control in Gander told us to stay put."

"The Canadian Government was in charge of our situation and no one was allowed to get off the aircraft. No one on the ground was allowed to come near any of the air crafts. Only airport police would come around periodically, look us over and go on to the next airplane. In the next hour or so more planes landed and Gander ended up with 53 airplanes from all over the world, 27 of which were U.S. commercial jets."

"Meanwhile, bits of news started to come in over the aircraft radio and for the first time we learned that airplanes were flown into the World Trade Center in New York and into the Pentagon in DC. People were trying to use their cell phones, but were unable to connect due to a different cell system in Canada. Some did get through, but were only able to get to the Canadian operator who would tell them that the lines to the U.S. were either blocked or jammed."

"Sometime in the evening the news filtered to us that the World Trade Center buildings had collapsed and that a fourth hijacking had resulted in a crash. By now the passengers were emotionally and physically exhausted, not to mention frightened, but everyone stayed amazingly calm. We had only to look out the window at the 52 other stranded aircraft to realize that we were not the only ones in this predicament."

"We had been told earlier that they would be allowing people off the planes one plane at a time. At 6 PM, Gander airport told us that our turn to deplane would be 11 am the next morning. Passengers were not happy, but they simply resigned themselves to this news without much noise and started to prepare themselves to spend the night on the airplane."

"Gander had promised us medical attention, if needed, water, and lavatory servicing. And they were true to their word. Fortunately we had no medical situations to worry about. We did have a young lady who was 33 weeks into her pregnancy. We took REALLY good care of her. The night passed without incident despite the uncomfortable sleeping arrangements."

"About 10:30 on the morning of the 12th a convoy of school buses showed up. We got off the plane and were taken to the terminal where we went through Immigration and Customs and then had to register with the Red Cross."

"After that we (the crew) were separated from the passengers and were taken in vans to a small hotel. We had no idea where our passengers were going. We learned from the Red Cross that the town of Gander has a population of 10,400 people and they had about 10,500 passengers to take care of from all the airplanes that were forced into Gander! We were told to just relax at the hotel and we would be contacted when the U.S. airports opened again, but not to expect that call for a while."

"We found out the total scope of the terror back home only after getting to our hotel and turning on the TV, 24 hours after it all started."

"Meanwhile, we had lots of time on our hands and found that the people of Gander were extremely friendly. They started calling us the "plane people." We enjoyed their hospitality, explored the town of Gander and ended up having a pretty good time."

"Two days later, we got that call and were taken back to the Gander airport. Back on the plane, we were reunited with the passengers and found out what they had been doing for the past two days. What we found out was incredible."

"Gander and all the surrounding communities (within about a 75 Kilometer radius) had closed all high schools, meeting halls, lodges, and any other large gathering places. They converted all these facilities to
mass lodging areas for all the stranded travelers. Some had cots set up, some had mats with sleeping bags and pillows set up."

"ALL the high school students were required to volunteer their time to take care of the "guests." Our 218 passengers ended up in a town called Lewisporte, about 45 kilometers from Gander where they were put up in a high school. If any women wanted to be in a women-only facility, that was arranged. Families were kept together. All the elderly passengers were taken to private homes."

"Remember that young pregnant lady? She was put up in a private home right across the street from a 24-hour Urgent Care facility. There was a dentist on call and both male and female nurses remained with the crowd for the duration."

"Phone calls and e-mails to the U.S. and around the world were available to everyone once a day. During the day, passengers were offered "Excursion" trips. Some people went on boat cruises of the lakes and
harbors. Some went for hikes in the local forests. Local bakeries stayed open to make fresh bread for the guests. Food was prepared by all the residents and brought to the schools. People were driven to restaurants of their choice and offered wonderful meals. Everyone was given tokens for local laundry mats to wash their clothes, since luggage was still on the aircraft. In other words, every single need was met for those stranded travelers.  Passengers were crying while telling us these stories. Finally, when they were told that U.S. airports had reopened, they were delivered to the airport right on time and without a single passenger missing or late. The local Red Cross had all the information about the whereabouts of each and every passenger and knew which plane they needed to be on and when all the planes were leaving. They coordinated everything beautifully. It was absolutely incredible."

"When passengers came on board, it was like they had been on a cruise. Everyone knew each other by name. They were swapping stories of their stay, impressing each other with who had the better time. Our flight back to Atlanta looked li ke a chartered party flight. The crew just stayed out of their way. It was mind-boggling. Passengers had totally bonded and were calling each other by their first names, exchanging phone numbers, addresses, and email addresses."

"And then a very unusual thing happened. One of our passengers approached me and asked if he could make an announcement over the PA system. We never, ever allow that.  But this time was different. I said "of course" and handed him the mike. He picked up the PA and reminded everyone about what they had just gone through in the last few days. He reminded them of the hospitality they had received at the hands of total strangers. He continued by saying that he would like to do something in return for the good folks of Lewisporte."

"He said he was going to set up a Trust Fund under the name of DELTA 15 (our flight number). The purpose of the trust fund is to provide college scholarships for the high school students of Lewisporte. He asked for donations of any amount from his fellow travelers. When the paper with donations got back to us with the amounts, names, phone numbers and addresses, the total was for more than $14,000!"

"The gentleman, a MD from Virginia, promised to match the donations and to start the administrative work on the scholarship. He also said that he would forward this proposal to Delta Corporate and ask them to donate as well.  As I write this account, the trust fund is at more than $1.5 million and has assisted 134 students in college education."

"I just wanted to share this story because we need good stories right now. It gives me a little bit of hope to know that some people in a far away place were kind to some strangers who literally dropped in on them. It reminds me how much good there is in the world."

"In spite of all the rotten things we see going on in today’s world this story confirms that there are still a lot of good and Godly people in the world and when things get bad, they will come forward."

"God Bless America...and the Canadians."

Gauss Virus Targets Banking System May Cause US Financial Collapse

Gauss Virus Targets Banking System May Cause US Financial Collapse

By Susanne Posel
theintelhub.com
August 11, 2012
Kaspersky Lab, a Moscow-based computer security firm has found a new cyber surveillance virus that has been spying on banking transactions, stealing login information for social networks, email and instant messaging in the Middle East – specifically targeting Lebanon’s BlomBank, ByblosBank and Credit Libanais. And infected computers also include CitiGroup Inc.’s Citibank and eBay’s Paypal online paymentsystem.
This virus’ focus on online banking makes it a potential threat to banking systems worldwide. Researchers are still trying to determine if this virus is simply conducting surveillance on banking transactions or if it is being used to steal money out of targeted accounts.
Being called Gauss by the Kaspersky Lab, who confirmed that the new virus is related to Stuxnet, Flame and Duqu, yet a more sophisticated, state-sponsored cyber-espionage tool.
Researchers from the security software manufacturer Symantec Corp, confirm Kaspersky Lab’s summation that Gauss is related to previous government-created cyber warfare viruses.
Gauss is capable of being used as a weapon to attack industrial control systems, just like Stuxnet which was used to go after Iran’s Natanz nuclear power plant facility in 2010. Gauss can encrypt programs that are compressed onto a USB drive and decompress them once the virus is able to contact to a targeted computer. Kapersky Lab stated: “After looking at Stuxnet, Duqu and Flame, we can say with a high degree of certainty that Gauss comes from the same ‘factory’ or ‘factories.’ All these attack toolkits represent the high end of nation-state-sponsored cyber-espionage and cyber war operations.”
According to Jeffrey Carr, cyber warfare expert for the security firm Taia Global , the US government has been monitoring Lebanese Banks for activity traceable to militant groups and drug cartels. Carr said: “You’ve got this successful platform. Why not apply it to this investigation into Lebanese banks and whether or not they are involved in money laundering for Hezbollah?”
US intelligence is touting that “Beirut is a hot spot for the clandestine movement of money by states” in reference to moneylaundering.
Iran has stated that Flame and Stuxnet specifically targeted their oil refineries with the intent to disrupt oil production. Gauss could be used for this purpose; however it is designed to infiltrate banking systems online infrastructure with complex algorithms and encrypted code bases.
Kapersky Lab is still analyzing Gauss and its capabilities. They confirmed that the creator of the virus went to a great deal of trouble to disguise its purpose by using sophisticated encryption codes that may take months to decipher.
The Budapest University of Technology and Economics’s Laboratory of Cryptography and System Security have devised a free test that determines whether or not the tell-tale Palida Narrow font is downloaded to any computer.
In tandem, the Federal Bureau of Investigations (FBI) is claiming that another malware scheme is directing web users to a compromised version of the FBI website. When on this fake FBI website, the malware known as Reventon, will extract data and coerce users to pay an online fine.
The UN’s International Telecommunications Union (ITU) has issued a warning to world leaders to protect their infrastructure because of the threat of Gauss. Marco Obiso, cyber security coordinator for ITU said: “We don’t know what exactly it does.
We can have some ideas. We are going to emphasize this.”
The Department of Homeland Security (DHS) is analyzing Gauss’ potential threat to the US. Peter Boogaard, DHS spokesperson commented: “The department’s cyber security analysts are working with organizations that could potentially be affected to detect, mitigate and prevent such threats.”
The Cybersecurity Act of 2012 was introduced and voted down by the Senate in July with false claims of “. . . foreign governments, criminal syndicates and lone individuals are probing our financial, energy and public safety systems every day. It would be the height of irresponsibility to leave a digital backdoor wide open to our cyber adversaries” wasperpetuated by President Obama.
Shawn Henry, a veteran of the cyber security division in the FBI, has stated that a cyber-attack is “very, very likely” to occur soon.
The Obama administration, in response to the Congress rejecting the CSA, is considering an executive order “to protect the nation’s critical computer infrastructure”, according to John Brennan, Homeland Security advisor.
At a Council on Foreign Relations meeting Brennan stated : “One of the things that we need to do in the executive branch is to see what we can do to maybe put additional guidelines and policies in place under executive branch authority. I mean if the Congress is not going to act … then the president wants to make sure that we are doing everything possible.”
Brennan said that an executive order would be a “good vehicle” to ensure government agencies are empowered to take action “to make sure the nation is protected.”
Stewart Baker, former senior official for the DHS and cyber security expert at the law firm Stepoe and Johnson remarked: “The president can say we can’t wait, and I’m going to do what Congress can’t and protect the American people from cyber-attacks” and “in an election year, that sounds like a pretty promising approach.”
Obama has repeatedly circumvented Congress with his use of executive orders. This instance would be another incident where he would be abusing his executive powers.
Because of the global fiat currency implosion that begun in 2008, the banking cartels have been propping up the American financial system to stave off a complete monetary collapse in the US. However it has always been their intention to bring down the monetary system in America.
Ironically, Gauss may be the mode in which they are able to carry this out.
During the MF Global scandal, Jon Corzine ordered segregated customer funds to be secretly redirected into accounts in JPMorgan. During this beta-test, the banking cartels got away with stealing $200 million of customer money without suffering repercussions.
Recently we have seen other types of theft out of customer accounts held in major banks like Bank of America (BoA) wherein they drilled into a customer’s safety deposit box, confiscated family heirlooms and transferred them out of the bank. The customer’s property was sent to North Carolina before the theft was detected. When the customer attempted to retrieve their property, BoA claimed they did not have a social security number on file which was why they emptied out the safety deposit box. However, when opening a safety deposit box, the customer’s social security number is provided on the initial documentation.
The lie BoA perpetrated on the customer was simply to distract from the fact that they overtly stole out of their customer’s private account. And this small-time thievery may be a symptom of a larger banking scheme looming in the distance.
Guass, which is an online banking surveillance virus, has the capability of electronically transferring information out of customer accounts to be redirected to another location. The banking industry would be devastated if suddenly they were infiltrated by Gauss which would cause every banking customer to become insolvent overnight.
This sets the stage for the banking holiday that we’ve all been warned about. For example, the mainstream media would be used to announce that Gauss has infected the all domestic banking computer systems. In order to purge the virus, all banks would need to shut down for a specified amount of time in order to reconfigure their computers. Perhaps on a Friday afternoon, the major banks will all announce that they will shut down to customer activity so they can “get rid of” Gauss from their system. The banks might say that they will reopen to the public on Monday morning.
Customers would not be able to conduct any financial transactions, either in the bank or online over that weekend. And with the promise that everything will be ok on Monday, there is no threat of a banking holiday because the cover story is that a virus must be purged before regular banking can continue.
However this would be a false flag meant to pacify the public to avert mass panic. While the general public would fall for the cover story, the banking cartels would simply electronically transfer all customer funds from private checking accounts out to off-shore banks where they could not be touched and cover their tracks.
Then on Monday morning, while the reports that the banking industry suffered greater infiltration than expected, the DHS and US armed forces would be poised to enact martial law to control the potential for domestic insurrection caused by the realization that every American has had their money stolen from them by the banking cartels in one fail swoop.
Susanne Posel is the Chief Editor of Occupy Corporatism. Our alternative news site is dedicated to reporting the news as it actually happens; not as it is spun by the corporately funded mainstream media. 

The 2012 Presidential Campaign – A Public Farce

CGI’s HotCoffee: The 2012 Presidential Campaign – A Public Farce
‘The Two headed Rothschild Cartel’s, Political Snake ‘
Posted By: CGI_admin [Send E-Mail]
Date: Saturday, 11-Aug-2012 02:53:28
How dirty will the 2012 Presidential Campaign get? We are now to this stage of the production where the main issue being discussed is dirty campaigning. Next they will be bringing up photographs of Thomas Jefferson and John Adams, comparing the dirty campaigns of long ago with those of today. So what do you think? Is Barack Obama running a dirtier campaign or is Mitt Romney?
Hey, wait a minute.
Barack Obama is a treasonous insurgent who has violated our Constitution by serving as head of the UN Security Council, invading Libya, signing NDAA with Sections 1021 and 1022, and various executive orders circumventing our Congress and seizing dictatorial powers.
Mitt Romney is a fraudulent tax dodger, ex-CEO of Bain Capital which could be the poster child for the deliberate destruction of America, has signed legislation to ban guns in Massachusetts, and is actually the father of Obamacare, not to mention the fact that he is an illegitimate candidate as fraud, coercion, and racketeering have been implemented in his run for the GOP candidacy.
So what do you think? Is Romney or Obama running the dirtier campaign? Which is the lesser of the two evils? Are you ready to go out and cast your vote for the perpetuation of the status quo and your own enslavement?
ALERT !***************************************
There are gun boats in Tampa’s waterways and armed foot soldiers being brought in to quell any unrest that might develop before, during, or after the GOP Convention. People, this is a police state. When elections have this appearance in other countries, we ridicule those governments and look on with sorrow at their citizens as victims of tyranny.
Anyone who participates in this blatant act of treachery must be held to account. Film them. Put their names on your list. At this point in the ball game, ignorance can no longer be considered an excuse. They are either cowardly or actively a part of the treachery. They are the enemy. Treat them with contempt, right up until we take them into custody.
We are the many. They are the few. They cannot defeat us and we must let them know it. Make it clear that it is just a matter of time.
God bless the Republic, death to the international corporate mafia, we shall prevail.

JPM's $150 Billion FDIC Reality Adjustment' - Jamie Dimon Just Admitted To The World That JPM's Assets Are Overvalued By

The Rumor Mill News Reading Room 

JPM's $150 Billion FDIC Reality Adjustment' - Jamie Dimon Just Admitted To The World That JPM's Assets Are Overvalued By
Posted By: DannyCahalin [Send E-Mail]
Date: Saturday, 11-Aug-2012 00:45:43

JPM’s $150 Billion FDIC Reality Adjustment
Reuters published an exclusive story this morning
http://www.reuters.com/article/2012/08/10/us-banks-recoveryplans-idUSBRE87905N20120810
U.S. banks told to make secret plans for preventing collapse
Buried in the final paragraph:
In a presentation in March, JPMorgan Chase said it had a recovery plan in place and said it was ordered by regulators. The presentation was organized by Harvard Law School and was closed to the media at the time, but is now available online.
Here’s the BEST part of the JPM document.
It’s easy to see on the PDF:
http://www.law.harvard.edu/programs/about/pifs/symposia/europe/baer.pdf
Go to page 9. Under the wipeout scenario JPM describes a $50 billion trading loss turning into a $200 billion loss as soon as the FDIC takes over. Why… ? Because JPM says they would expect the FDIC to immediately writedown JPM’s assets by an additional $150 billion.
Holy mark to bullshit. Jamie Dimon just admitted to the world that JPM is mis-marking assets to the tune of $150 billion.
It gets better. Go to page 10. The chart shows that they only have $184 billion in equity, minus the $50 billion loss, minus ‘the $150 billion fdic reality adjustment’, which leaves them in a negative equity position of (-$16 billion).
So, we can extrapolate that without this phantom loss of $50 billion, JPM’s real equity position is just $34 billion currently, not the $184 billion on their books.
Found @
http://www.blacklistednews.com/index.php