Saturday, August 4, 2012

The Obama, aka Barry Soetoro, Death Pool: Just More Coincidences?

The Obama, aka Barry Soetoro, Death Pool: Just More Coincidences?

04Aug
The Obama aka; Barry Soetoro Death Pool: Just More Coincidences?

Deaths connected to the Obama White House

Stephen Ivens FBI special agent :
Body Found. Worked in counter terrorism. Is the FBI Investigating Obama? Video: What Really Happened To FBI Special Agent Stephen Ivens ? ; FBI Agent Fleeing Massive Manhunt Warns “They’re All Insane” : Speculation of a ‘False Flag’ operation such as Operation Northwoods. Shortly before his death: Donald Sachtleben, former FBI agent, arrested on child pornography charges. Note: Two Hikers happened to find Ivens’ body, but over 100 FBI agents could not.

Aurora massacre:
several links between James Holmes and U.S. government research (Salk Institute involved in neurologically enhancing soldiers’ abilities on battlefield…connections to DARPA); Holmes Family Has Deep DARPA Connections ; A growing number of alternative media publications are now claiming that an October 2011 photograph of an Occupy Wall Street (OWS) protester getting carted off by law enforcement officials in New York is of none other than the Colorado Killer, James Holmes. ; More Signs Point to James E. Holmes As Occupy ‘Black Bloc’ Member-… Plotted to Kill Cops With Firebombs Just Like Black Bloc Chicago; Picture of Holmes arrested in New York Protest

1.  The Connection Between London’s 2012 Olympics & The Aurora, Colorado Blood Sacrifice!

More on the Aurora massacre:
Colorado Shooting victims: Was Colorado Shooting Staged By The Government? (video link on YouTube here) New York Times openly admits domestic terror plots masterminded by the FBI; FBI ‘entrapment’ tactics questioned in web of phony terror plots and paid informants ; FBI intercepts its own terrorist plot against US Capitol, Pentagon ;
FBI nabs five mastermind geniuses after teaching them how to blow up a bridge in Cleveland ; New York Times...Terrorist Plots, Hatched by the F.B.I.…-Question: How does an unemployed medical student afford $20,000 in weapons gear? -…Holmes had $26,000 Federal grant for studies…. Colorado theater shooting suspect was neuroscience Ph.D. student:
Where does an unemployed, introverted medical school student get the training to deploy sophisticated booby traps, tactical body armor, weapons systems, and more..; Staged just in time for the vote on the UN Small Arms Treaty? Was it part of a deliberate plot like the Fast and Furious Scandal? (see file on Gunrunner-Gate), Obama made sure to visit the victims...
-More claims that the shooting was a staged event: Colorado Shooting Patsy Was Under Air Force Psychiatrist’s Care ; Real life shooting imitates training exercise at Parker medical school
Donald A. Perry:
Chick-fil-A’s public relations director dead of heart attack : Is Rahm Emanuel bullying Chick-fil-A over gay marriage? : Emanuel goes after Chick-fil-A for boss’ anti-gay views ; Rahm: Chick-fil-A Values Are Not Chicago Values ; Rahm backs down: We never said we’d block Chick-fil-A from Chicago, says spokesman
Victoria Windsor:
Blogger, researcher into ancestry: .. .reported that.she had “found evidence that the records of Madelyn Payne Dunham and Stanley Armour Dunham had been “tampered with.” Cause of death not yet revealed. Said to have died from a “sudden illness”.
Eva Rausing:
Found dead with no cause of death yet established. Her husband has been suspected as the killer. Rausing’s family says she was at Occidental College at the same time as Obama. ”Family of tragic Tetra Pak wife Eva Rausing reveal she began dabbling with ‘hard drugs’ while at the same college as Barack Obama as husband is arrested for murder”… Suspected cause of death from drug overdose.
Alex Okrent:
-Apparently found deat at Obama’s campaign headquarters in Chicago. Witnesses say he collapsed, found dead after. Okrent had long been a staffer back the Obama 2004 U.S. senate campaign, on staff for eight years. Parents immediately say the cause of death was “heart attack”, but no autopsy was yet performed. Medical examiner said the cause of death was ”inconclusive”.
Internet recornds have been scrubbed. Twitter account timeline also makes no mention of his work for Obama: Okrent Twitter file (on Twitter). - Speculation as to whether he was a witness to an Obama gay connection: Who Is Dead Obama Staffer Alex Okrent?
Jaime Zapata:
- Homeland Security Investigations Special Agent who was murdered in an ambush. Revelation that I.C.E. Report of Investigation on seizure of Fast & Furious weapons in Texas in August 2010 wassigned by Zapata. Speculation that he was murdered as part of a coverup the Gunwalker scandal. (Nachumlist Gunrunner-Gate scandal files here)
John McCarthy Roll:
- was the Chief Judge for the United States District Court for the District of Arizona, murdered by the same gunman attacking Gabrielle Giffords. Theory that Roll’s prelimiary ruling on “United States of America v. $333,520.00 in United States Currency et al” (Case Number: 4:2010cv00703 Filed: November 30, 2010) was cause for the assassination and that the shooter used the mass shooting as a cover for the government. - Claim: Giffords hit a planned assassination: Judge Roll real target
Andrew Breitbart:
- Died of a massive heart attack, walking outside late at night, alone, in the dark approximately one week before he was to produce tapes of Obama’s extremist activities in college.
More speculation:Breitbart: “Wait ‘Til They See What Happens March 1st”, Breitbart’s Footage Shows Obama ‘Palling Around’ With Terrorists….. Sheriff Joe Arpaio: I Spoke with Andrew Breitbart Shortly Before he Died ……An Eyewitness Speaks Out About Andrew Breitbart’s Death Scene… Breitbart’s skin color described as bright red. … Was Andrew Breitbart assassinated?..
.More murder speculation: Was Andrew Breitbart Murdered?……….Coroner: Breitbart Died of Heart Failure…* Christopher Lasseter, Dissapears…..witness to Breitbart’s death vanishes -Follows suspicious demise of member of coroner’s team (possibly in hiding to avoid reporters), …. Breitbart witness: He dropped like sack of bricks Describes ‘thick white band’ around forehead at death
Michael Cormier:
- respected forensic technician for the Los Angeles County Coroner died under suspicious circumstances at his North Hollywood home April 20, the same day Andrew Breitbart’s cause of death was finally made public. Medical examiners in Los Angeles are investigating the possible poisoning death……Conspiracy theorists cry foul after Andrew Breitbart’s ‘coroner’ dies of arsenic poisoning- ….Police Debunk Theories Linking Breitbart, L.A. Coroner Tech Deaths
Steve Bridges Dies At 48
- Impersonator Who Offended 0bama …Steve Bridges as President Obama – August 2011 ….It appeared that he died of natural causes…: On the Steve Bridges website, they are now calling his death ‘an accident”...that the probable cause of death was due to “upper airway anaphylaxis”, caused by a severe allergic reaction.. — CSI Show: Murder by anaphalaxis?… A real life example of possible murder by anaphalaxis
The deaths of Seal Team Six
…who never would fly an entire company in one helicopter alone.
Robin Copeland, 46, 11/4/2011:
former Energy Department official who took part in several significant disarmament programs, died suddenly
Matt Simmons,
an investment banker and whistle blower in the British Petroleum oil spill. Died suddenly at home of a heart attack at the age of 67. An autopsy by the state medical examiner’s office concludes that Simmons died from accidental drowning “with heart disease as a contributing factor.” Speculation of murder: Assassinations by induced heart attack and cancer.
Kam Kuwata
- was found dead inside his Venice home after friend — concerned that they had not heard from him for a few days — alerted police. Political consultant in California. Democratic insider. Possibly the Obama consultant referred to in the Ulsterman Report: Alledgedly viewed bizarre drug induced behavior from Obama during the the 2008 campaign.: “The Troubling Timeline”…. The Death of a Political Operative – The Troubling Timeline… (UPDATED)
Bill Gwatney,
a close friend of Bill and Hillary Clinton and a Clinton super delegate at an upcoming convention in Denver and was fatally shot in 2008. Shooter had a post-it note with a mystery phone number. Did Obama Assassinate Clinton delegates? Bill Gwatney and Stephanie Tubbs Jones?
Stephanie Tubbs Jones:
found brain dead in 2008. Democratic Rep. Stephanie Tubbs Jones of Cleveland, a super delegate and one of Hillary Clinton’s most prominent black supporters, was found in her car unconscious Also: Did Obama Assassinate Clinton Delegates? Additional: Hollywood Producer Bettina Viviano: Bill Clinton Directly Told Me Barack Obama Not Eligible – ….Caucus death threats (audio)… also reported by Jerome Corsi at WND: Hillary supporter’s untold Obama horror stories Allegations of intimidation, manipulation, sudden death
Madelyn Payne Dunham:
Obama’s grandmother, died 2 days before the general election. Flew up to see her for one hour – alone. No records. Cremated immediately, ashes dispersed.
Lieutenant Quarles Harris Jr.
- A key witness in a federal probe into passport information stolen from the State Department was fatally shot in front of a District church. Obama’s Passport Breach: Unanswered Questions, and an Unsolved Murder

1.  FBI Witness Murdered Who Had Access & Was To Testify In Obama/Soetoro Passport FBI Investigation.

1.  Breaking => Mother Of Obama’s Murdered Gay Partner Speaks Up ~ All 3 Homosexual Members Of Obama’s Trinity Church Murdered Within 6 Weeks.

Larry Bland and Nate Spencer:
Two other black members of Trinity Church Murdered at the same time - Report: Mother Of Obama’s Murdered Gay Lover Speaks Up – With Video
BEVERLY ECKERT,
Continental Flight Victim, Was 9/11 Widow (VIDEO, SLIDESHOW), was at the White House with Barack Obama, part of a meeting the president had with relatives of those killed in the 2001 attacks
Michael Scott
- Although Chicago school board president Michael Scott’s death had been ruled a suicide by the Cook County medical examiner’s office, Chicago police characterized the case as a death investigation, and have not concluded that Scott’s death was a suicide- was subpoenaed to testify before a federal grand jury looking into the admissions practices of Chicago’s elite schools. -also was under scrutiny over Olympics-related real estate dealings.
David Koschman,
Mudered in a Chicago Rush Street brawl by Richard J. “R.J.” Vanecko, a nephew of Mayor Daley and White House Chief of Staff Bill Daley- Homicide case involving Daley nephew closed without charges , Witness to Killing Involving Daley Nephew: Deceased Didn’t Start It
Ashley Turton,
wife of the Obama administration’s House of Representatives liaison, Dan Turton, was found dead in a burning car Monday morning, Roll Call and other news outlets are reporting. Fire officials said it appeared the car crashed as it was pulling in or out of the garage behind a rowhouse in the Capitol Hill neighborhood of Washington, D.C., at about 5 a.m. Neighbors dialed 911 after spotting the fire. The body was discovered after fire crews doused the blaze. The fire also charred part of the garage. Nobody in the house was injured, fire officials said. Ashley Turton worked as a lobbyist for the utility giant Progress Energy, according to Politico. She was a former staffer for U.S. Rep. Rosa DeLauro, D-Conn. The Rahm Emanuel Connection to the Deceased Ashley Turton, – The ATF investigates - Ashley Turton Crashed Under the Influence
Dawn Sylvia-Stasiewicz,
Obama’s First Dog Trainer Dies At 52. Rumored to be salaried at over $102,000 per year at tax-payer expense
Mama Lois
Anderson, 79, and her 52 year old daughter Zelda White: Two US women aid workers were shot dead in Nairobi in Kenya (2008) were the retired Presbyterian Church missionaries of Pennsylvania (USA), known to thousands of Africans. The suspected killers of the US women, who were travelling in a car with diplomatic license plates, allegedly shot dead by police later. They were well known for their work. There is speculation that they possibly had knowledge of the birth and care for Barack Obama in Kenya and were later murdered to cover the trail. When murdered, the Husband had his full wallet which the thieves/car jacker didn’t take, and there was never a connection made to the said attackers the police later shot dead, but blamed for the double homicide/car jacking. Their church was burned in 2008, possibly to destroy any possible birth records there. Then police chief Mohammed Hussein Ali was later removed from office by Obama supported Kenyan strongman Odinga. All possible witnesses ended up dead, all possible records of the care of infant Obama burned in the church fire, and the public official responsible out of office.
Holiyah Soetoro Sobah, aka Lia Soetoro,
Obama’s adopted sister: died under mysterious, sudden, and unusual circumstances just as she was getting ready to be reunited with her childhood companion and adopted brother. She spoke of many specific incidences in the household, where she grew up with “Barry” in Indonesia. She saved many items that Barry used during childhood. She was looking forward to seeing him, because she’d seen him on TV and was told that was “Barry”, her little brother; however, Lia had reservations about it and so was anticipating seeing the scars he had from falling out of the mango tree and the limp she said he walked with. That was not to be because she up and died. Read about it here and watch video of here……..PDF document from a web site of the Consulate General of the Republic of Indonesia appears to confirm a relationship between Lia and Barack Hussein Obama. Update On The Sudden Death Of Obama’s Sister Lia Soetoro: Information From The Consulate General Of The Republic Of Indonesia.

1.  Update On The Sudden Death Of Obama’s Sister Lia Soetoro: Information From The Consulate General Of The Republic Of Indonesia.

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Wife Of Missing FBI Agent Breaks Silence With Emotional Plea

Cass Sunstein's Resignation Encourages Advocates For Health And Safety

Cass Sunstein's Resignation Encourages Advocates For Health And Safety

froomkin@huffingtonpost.com
Posted: 08/03/2012 3:26 pm Updated: 08/03/2012 3:56 pm

WASHINGTON -- White House regulatory czar Cass Sunstein is stepping down after failing to advance federal health and safety rules nearly as much as Obama supporters had hoped, while also failing in his attempt to win over powerful corporate interests by offering to roll back regulations they disliked.
(See this extensive Huffington Post profile of Sunstein from June 2011).
Sunstein's departure was announced in a statement from President Barack Obama Friday morning, in which the president thanked his former University of Chicago Law School colleague "for his friendship and for his years of exceptional service." Obama credited Sunstein with showing "that it is possible to support economic growth without sacrificing health, safety and the environment." Read More
Sunstein, who headed the White House's little-known but hugely powerful Office of Information and Regulatory Affairs, also got a warm send-off from his immediate boss. White House Office of Management and Budget director Jeffrey Zients credited him with helping design "numerous rules that are, among other things, saving lives on the highways by making vehicles safer and reducing distracted driving; dramatically increasing the fuel economy of the nation’s cars and trucks; protecting public health by reducing air pollution; making our food supply safer; and protecting against discrimination on the basis of disability and sexual orientation."
But that is a modest record in the context of the wholesale deregulation during the Bush/Cheney era and the unprecedented regulatory failures of the recent past: financial crisis; the BP oil spill; the Upper Big Branch mine explosion; a bevy of food- and toy-related health scares and the imminent dangers of climate change.
Critics said he did more damage than good. "That's small progress in comparison to the rules he killed," said Rena Steinzor, a law professor at the University of Maryland and president of the pro-regulation Center for Progressive Reform.
Steinzor credits Sunstein for killing or stalling critically important regulations proposed by Obama's cabinet agencies, including those intended to improve air quality, limit exposure to silica, and protect minors from dangerous agricultural work.
Steinzor also criticized some of the rules Sunstein ushered in, such as one that allows many poultry plants to speed up processing lines by eliminating federal inspectors.
"The track record is very bad," Steinzor said. "There will be disasters in the second term -- if there is one."
Sunstein was a favorite rhetorical foil for some conservatives on account of his academic writings urging the government to nudge -- rather than force -- people into making better decisions. Glenn Beck called him a latter-day Goebbels ready to "control your every move." And yet Sunstein's signature campaign involved rolling back regulations, not expanding them.
Soon after the 2010 election, Sunstein launched what he called a "regulatory look-back," campaign during which government rule makers reconsidered agencies' existing rules to make sure they weren't too onerous for business.
Sunstein became a regular fixture on the Wall Street Journal op-ed page, proselytizing on behalf of the campaign, which he and the White House said "produced over $10 billion in five-year savings."
But it was not enough for the corporate right, which consistently rebuffed him. And it utterly infuriated progressives by adopting the right-wing narrative that regulations are fundamentally suspect.
"Sunstein left behind a muddled regulatory approach that appeared to buy into a phony, largely Republican agenda that regulations were job killers but not life savers," said Jeffrey Ruch, executive director of Public Employees for Environmental Responsibility, a whistleblower group.
As for savings, Sunstein -- and Obama -- often included in their calculations items like rolling back a rule that theoretically could have treated milk spills like oil spills. But even Obama's own Environmental Protection Agency administrator called that interpretation a myth. An Occupational Safety and Health Administration initiative updating "hazard classifications and labels," which the White House said "is expected to result in an annualized $585 million in estimated savings for employers" was actually proposed in 2006 by the Bush administration.
Consumer groups are saying Sunstein's decision to return to Harvard Law School gives Obama a chance to reboot his regulatory agenda.
"With Cass Sunstein's departure, the Administration should take this opportunity to shift gears from their focus on 'lookback' reviews to more aggressively pursuing a forward looking agenda of modernizing regulatory standards that are unacceptably out of date in areas such as food, consumer product, and workplace safety, just to name a few," Public Citizen regulatory advocate Amit Narang said in a statement.
But some critics expect little change. "While Sunstein’s office served as the health and safety sphincter for the federal government, he was not running his own agenda," said Ruch. "He was merely taking direction from a finger-in-the-wind White House."
http://www.huffingtonpost.com/2012/08/03/cass-sunsteins-resignation_n_1738438.html#es_share_ended
http://soundofheart.org/galacticfreepress/content/cass-sunsteins-resignation-encourages-advocates-health-and-safety-huffington-post

CAR AIR-CONDITIONING - VERY IMPORTANT!

CAR AIR-CONDITIONING - VERY IMPORTANT!

My car book says to roll down the windows to let out all the hot air before turning on A/C.

WHY ?
Car Air-conditioning -
No wonder more folks are dying from cancer than ever before.
We wonder where this stuff comes from but here is an
Example that explains a lot of the cancer causing incidents.

Many people are in their cars first thing in the morning and the last thing at
Night, 7 days a week.
As I read this, it makes me feel guilty and ill.
Please pass this on to as many people as possible.
Guess it’s not too late to make some changes

Car A/C (Air Conditioning) MUST READ!!!

Please do NOT turn on A/C as soon as you enter the car.

Open the windows after you enter your car and then turn ON the AC after a couple of minutes.

Here's why: According to research, the car dashboard, seats, air freshener emit Benzene, a Cancer causing toxin (carcinogen - take time to observe the smell of heated plastic in your car).

In addition to causing cancer, Benzene poisons your bones, causes anemia and reduces white blood cells. Prolonged exposure will cause Leukemia, increasing the risk of cancer. Can also cause miscarriage.
Acceptable Benzene level indoors is 50 mg per sq. Ft.
A car parked indoors with windows closed will contain 400-800 mg of Benzene.
If parked outdoors under the sun at a temperature above 60 degrees F, the Benzene level goes up to 2000-4000 mg, 40 times the acceptable level.

People who get into the car, keeping windows Closed will inevitably inhale, in quick succession, excessive amounts of the toxin.
Benzene is a toxin that affects your kidney and liver.. What's worse, it is extremely difficult for your body to expel this toxic stuff.

So friends, please open the windows and door of your car - give time for interior to air out -dispel the deadly stuff - before you enter.

Thought: 'When someone shares something of value with you and you benefit from it, you have a moral obligation
to share it with others.'

This is what snopes.com says. It is not the air conditioning in the car but the Benzene producing agents that cause cancer. Check it out:
 

IMPORTANT MUFON DISCLOSURE: 8/3/12 - UFO crash investigator: Leonard Stringfield's research goes public

Sixty volumes of “meticulous UFO research over 30 years” by the late Ufologist Leonard H. Stringfield were donated to the Mutual UFO Network (MUFON), according to an August 3, 2012, announcement by MUFON Executive Director David MacDonald who spoke at the organization’s annual symposium. The news of Stringfield’s work surfacing and in MUFON’s hands now had been kept secret prior to the 8 p.m. announcement as one of two “blockbuster UFO discoveries” that the group was to make at the Cincinnati event. A second briefing will be made about 4:30 p.m. on Sunday, August 5. Stringfield (1920-1994) was an American ufologist who worked with government and private agencies to track UFO reports and had a special interest in reports of crashed objects.

MUFON Pennsylvania State Director John Ventre, reacting by telephone just minutes after the announcement, said MacDonald touched on just some of the written evidence compiled by Stringfield. “In those 60 volumes we have government interference, the FBI and CIA stopping the ufologists at any cost,” Ventre said. “He names Donald Rumbsfeld and President Ford as being briefed on UFOs by J. Allen Hynek. He talks about UFO investigators being beaten or receiving death threats. He names heads of state that knew. He even has actor Jackie Gleason’s contact information in there. There is a lot of explosive information in there.” Media stories from the past suggested that President Nixon had shown Gleason an actual alien body. Ventre said that MUFON plans to digitize the files and make them available to researchers in the future.

The subject of UFOs first caught Stringfield’s attention on August 28, 1945, just three days before the end of WWII, when he had his own encounter as an Army Air Force Intelligence Officer en route to Tokyo with 12 other specialists from the Fifth Air Force. The group was approaching Iwo Jima at 10,000 feet with a sunlit sky. "I was shocked to see three teardrop-shaped objects from my starboard-side window,” Stringfield wrote. “They were brilliantly white, like burning magnesium, and closing in on a parallel course to our C-46. Suddenly our left engine feathered, and I was later to learn that the magnetic navigation-instrument needles went wild. As the C-46 lost altitude, with oil spurting from the troubled engine, the pilot sounded an alert; crew and passengers were told to prepare for a ditch! I do not recall my thoughts or actions during the next, horrifying moments, but my last glimpse of the three bogies placed them about 20 degrees above the level of our transport. Flying in the same, tight formation, they faded into a cloud bank. Instantly our craft's engine revved up, and we picked up altitude and flew a steady course to land safely at Iwo Jima." Stringfield walked away from the event frightened about what he had seen, and later heard independent reports from other witnesses that caused him to take a more serious look at UFOs.

He created Civilian Research, Interplanetary Flying Objects (CRIFO) and published the monthly newsletter, ORBIT. The newsletter caught the media’s attention and soon his paid subscribers swelled to 2,500, becoming the world’s largest civilian UFO research group of its day. Then on September 9, 1955, the Air Defense Command (ADC), Columbus, OH, called on him for cooperation in passing along current UFO reports. The Ground Observer Corps (GOC) in southwestern Ohio was asked to call Stringfield with UFO activity and he was asked to call the ADC to report the better sightings. In 1957, Stringfield became the public relations adviser for the National Investigations Committee on Aerial Phenomena (NICAP), a new civilian UFO reporting group operated by Donald Keyhoe – a position he held until 1972.

In the 1970s he began collecting witness accounts of crashed UFOs that included accounts of alien bodies. He went on to publish seven reports on this material until his death in 1994. He served as director of public relations and as a board member for MUFON. He was a regional director for the J. Allen Hynek Center for UFO Studies. He was an advisor to Grenada Prime Minister Sir Eric Gairy during efforts to establish a UFO research agency within the United Nations. He published his first UFO book, "Inside Saucer Post 3-0 Blue" in 1957. Other books followed. His most famous, "Situation Red: The UFO Siege" was published in 1977 and subsequently translated into several languages. Later, he published seven reports on UFO Crash/Retrievals. The latest, "Status Report VII: Search for Proof in a Hall of Mirrors," was published in February 1994.

In his private life, Stringfield worked for DuBois Chemicals, a division of Chemed Corporation, Cincinnati. He died on December 18, 1994, in his sleep one day after his 74th birthday after a long battle with lung cancer.

[Background information compiled from Wikipedia, NICAP and Mr. Stringfield’s published obituary].

http://www.examiner.com/article/ufo-crash-investigator-leonard-stringfield-s-research-goes-public

Serious info....Military bases evacuating!

*TWO WEEK DEADLINE >>>

**AUDIO ATTACHED >>> 0803123 18.5 min excerpt.mp3

------------------------------------------------------------------------

-------- Original Message --------
Subject:        Serious info....Military bases evacuating!
Date:   Fri, 3 Aug 2012 18:17:55 -0700 (PDT)



Greg,
I'm not sure if you are aware of this:

Nutrimedical Report Radio Show archive for Friday, August 3, 2012.
Hour # 3.
Serious info.
East and West Coast military bases are commencing evac orders as of this
afternoon.
(Norfolk, Virginia,     Fort Bragg, North Carolina,      Camp LeJeune,
North Carolina,
  Camp Pendleton, California.)
Kindly, do your own prudent investigation and prepping.
http://www.gcnlive.com/programs/nutrimedical/archives.php.
Friday, August 3, 2012.
Hour 3.

Portrait of a Warrior (Texas Country Reporter) - YouTube

On a quiet street in an old downtown behind an unassuming store front you'll find a monument to heros. Each portrait depicts a fallen solder, a child who will never return to their parents but even though they are gone, one dedicated volunteer has adopted them all...


It gives me great pleasure to introduce to you Ken "the dauber" Pridgeon and the Portrait Of A Warrior Memorial Art Gallery. Ken "the dauber" Pridgeon Portrait of a Warrior Memorial Art Gallery 308 W. Texas Avenue, Baytown, TX.

I am so glad that I watched this touching video sent to me about a retired sign painter in Texas that spends  sometimes 19 hours a day  painting portraits of every Texas serviceman and service woman that has died. I know you will love it too.



http://www.youtube.com/watch?v=lRGWUFEeXZw&feature=player_embedded#!  8 minute video

DH

Friday, August 3, 2012

Understanding the Glass-Steagall Act by Drake

Understanding the Glass-Steagall Act

by Drake

Understanding How Glass-Steagall Act Impacts Investment Banking and the Role of Commercial Banks


Contents At A Glance 
Use these hyperlinks to jump to the particular section; use the search feature on you browser to find particular information on this page; or simply go down the page using the scroll bars to read in a linear fashion.

Introduction to the Glass-Steagall Act

Causes For and Brief History of Glass-Steagall Act

Carter Glass and Henry Steagall

Restrictions and Repeals in the Bank Holding Company Act

The Provisions Within the Sections of the Glass-Steagall Act

The Generally Accepted Rationale for the Separation of Commercial and Investment Banking

A Summary of the Rationale Leading up to the Enactment of the Glass Steagall Act

Introduction to the Glass-Steagall Act [Return to Top]

The Glass-Steagall Act has remained one of the pillars of banking law since its passage in 1933 by erecting a wall between commercial banking and investment banking. In effect, the law keeps banks from doing business on Wall Street, and vice versa. In actuality, there are two Glass Steagall measures. The first was the Glass-Steagall Act of 1932, a bookkeeping provision that allowed the Treasury to balance its account. And what is commonly known today as the Glass-Steagall law is actually the Bank Act of 1933, containing the provision erecting a wall between the banking and securities businesses. It also laid the groundwork for legislation that would allow the Federal Reserve to let banks into the securities business in a limited way.

Causes For and Brief History of Glass-Steagall Act [Return to Top]

Fundamental to an understanding of the passage of the Glass-Steagall Act is the fact that by 1933 the U.S. was in one of the worst depressions of its history. A quarter of the formerly working population was unemployed. The nation's banking system was chaotic. Over 11,000 banks had failed or had to merge, reducing the number by 40 per cent, from 25,000 to 14,000. The governors of several states had closed theirstates' banks and in March President Roosevelt closed all the banks in the country. Congressional hearings conducted in early 1933 seemed to show that the presumed leaders of American enterprise -- the bankers and brokers -- were guilty of disreputable and seemingly dishonest dealings and gross misuses of the public's trust. Looking back, some historians have come to a different conclusion about the role such abuses played in bringing down banks. Some historians now say the chief culprit of bank failures was the Depression itself, which caused real estate and other values to fall, undermining bank loans. Securities abuses played a minimal role in the collapse of banks, these historians say, and caused few failures among the New York banks with the largest Wall Street operations.
The Banking Act of 1933 was probably the newly-elected Roosevelt administration's most important response to the perceived shambles of the nation's financial and economic system. But the Act did not change the most important weakness of the American banking system -- unit banking within states and the prohibition of nationwide banking. This structure is considered the principal reason for the failure of so many U.S. Banks, some 90 percent of which were unit banks with under $2 million in assets. (In contrast, Canada, which had nationwide banking, suffered no bank failures and only a few of the over 11,000 U.S. Banks that failed or merged were branch banks.) Instead, the Act established new approaches to financial regulation -- particularly the institution of deposit insurance and the legal separation of most aspects of commercial and investment banking (the principal exception being allowing commercial banks to underwrite most government-issued bonds).

Carter Glass and Henry Steagall [Return to Top]

The primary force behind the law was Mr. Glass, a 75-year-old senator who stood 5 feet 4 inches. A former Treasury secretary, he was a father of the Federal Reserve System and a critic of banks that engaged in what he considered the risky business of investing in stocks. He wanted banks to stick to conservative commercial lending, and he exploited the antibank sentiment to push through the changes he wanted. But just two years after Glass-Steagall was enacted, Mr. Glass helped lead an effort to have it repealed, as "he thought it was a mistake and an overreaction." Mr. Glass passed on in 1946 at the age of 88. Mr. Steagall (pronounced stee-GAHL), a Democratic who was chairman of the House Banking and Currency Committee, developed a passion for helping farmers and rural banks from growing up in Ozark, Alabama. He had little interest in separating banking from Wall Street, but signed on to the bill after Mr. Glass agreed to attach Mr. Steagall's amendment, which authorized bank deposit insurance for the first time.
For several years before 1933 Senator Glass had wanted to restrict or forbid commercial banks from dealing in and holding corporate securities. He strongly believed that bank involvement with securities was detrimental to the Federal Reserve system, contrary to the rules of good banking, and responsible for stock market speculation, the Crash of 1929, bank failures, and the Great Depression. It is generally accepted that he was unable to achieve the goal of separating commercial and investment banking until revelations concerning National City Bank were brought forth in the Senate Committee on Banking and Currency's Stock Exchange Practices Hearings. Disillusionment with speculators and securities merchants carried over from investment bankers to commercial bankers; the two were often the same, and an embittered public did not care to make fine distinctions. The Banking Act of 1933 was passed and quickly signed into law.

Restrictions and Repeals in the Bank Holding Company Act [Return to Top]

Curbing banks' ability to grow too large has been a common theme in legislation through the years. During the 1930s and 1940s, banks stuck to the basics of taking deposits and making loans. Congress didn't intervene again until 1956, when it enacted the Bank Holding Company Act to keep financial-services conglomerates from amassing too much power. That law created a barrier between banking and insurance in response to aggressive acquisitions and expansion by TransAmerica Corp., an insurance company that owned Bank of America and an array of other businesses. Congress thought it improper for banks to risk possible losses from underwriting insurance. While many banks today (1990s) sell insurance products provided by insurers, banks can't take on the risk of underwriting.
Several attempts since 1933 by commercial bankers, and at times regulators, to repeal or draft exceptions to those sections of the law that mandate separation of commercial and investment banking -- usually referred to alone as 'Glass-Steagall Act' -- generally have not been successful. As a result, the United States and Japan (which was forced to adopt laws similar to the U.S. Banking statues after the Second World War), alone among the world's important financial nations, legally require this separation. (Japanese banks can engage in many securities activities, however, including underwriting and dealing in commercial paper and ownership of up to 5 percent of non-bank enterprises.).

The Provisions Within the Sections of the Glass-Steagall Act [Return to Top]

The Glass-Steagall Act has come to mean only those sections of the Banking Act of 1933 that refer to banks' securities operations -- sections 16, 20, 21, and 32. These four sections of the Act, as amended and interpreted by the Comptroller of the Currency, the Federal Reserve Board and the courts, govern commercial banks' domestic securities operations in various ways.
Sections 16 and 21 refer to the direct operations of commercial banks. Section 16 and 21 refer to the direct operations of commercial banks. Section 16, as amended by the Banking Act of 1935, generally prohibits Federal Reserve member banks from purchasing securities for their own account. But a national bank (chartered by the Comptroller of the Currency) may purchase and hold investment securities (defined as bonds, notes, or debentures regarded by the Comptroller as investment securities) up to 10 per cent of its capital and surplus. Sections 16 and 21 also forbid deposit-taking institutions from both accepting deposits and engaging in the business of 'issuing, underwriting, selling, or distributing, at wholesale or retail, or through syndicate participation, stock, bonds, debentures, notes or other securities', with some important exceptions. These exceptions include U.S. Government obligations, obligations issued by government agencies, college and university dormitory bonds, and the general obligations of states and political subdivisions. Municipal revenue bonds (other than those used to finance higher education and teaching hospitals), which are now of greater importance than general obligations, are not included in the exceptions, in spite of the attempts of commercial banks to have Congress amend the Act. In 1985, however, the Federal Reserve Board decided that commercial banks could act as advisers and agents in the private placement of commercial paper.
Section 16 permits commercial banks to purchase and sell securities directly, without recourse, solely on the order of and for the account of customers. In the early 1970, the Comptroller of the Currency approved Citibank's plan to offer the public units in collective investment trusts that the bank organized. But in 1971 the U.S. Supreme Court ruled that sections 16 and 21 prohibit banks from offering a product that is similar to mutual funds. In an often quoted decision discussed at length in section IV of this chapter and in Chapters 2,3,4 and 5, the Court found that the Act was intended to prevent banks from endangering themselves, the banking system, and the public from unsafe and unsound practices and conflicts of interest. Nevertheless in 1985 and 1986 the Comptroller of the Currency decided that the Act allowed national banks to purchase and sell mutual shares for its customers as their agent and sell units in unit investment trusts. In 1987, the Comptroller also concluded that a national bank may offer to the public, through a subsidiary, brokerage services and investment advice, while acting as an adviser to a mutual fund or unit investment trust. Since 1985 the regulators have allowed banks to offer discount brokerage services through subsidiaries, and these more permissive rules have been upheld by the courts. Thus, more recent court decisions and regulatory agency rulings have tended to soften the 1971 Supreme Court's apparently strict interpretation of the Act's prohibitions.
Sections 20 and 32 refer to commercial bank affiliations. Section 20 forbids member banks from affiliating with a company 'engaged principally' in the 'issue, flotation, underwriting, public sale, or distribution at wholesale or retail or through syndicate participation of stocks, bonds, debentures, notes, or other securities'. In June 1988 the U.S. Supreme Court (by denying certiorari) upheld a lower court's ruling accepting the Federal Reserve Board's April 1987 approval for member banks to affiliate with companies underwriting commercial paper, municipal revenue bonds, and securities backed by mortgages and consumer debts, as long as the affiliate does not principally engage in those activities. 'Principally engaged' was defined by the Federal Reserve as activities contributing more than from 5 to 10 per cent of the affiliate's total revenue. In 1987, the DC Court of Appeals affirmed the Federal Reserve Board's 1985 ruling allowing a bank holding company to acquire a subsidiary that provided both brokerage services and investment advice to institutional customers. In 1984 and 1986 the Court held that affiliates of member banks can offer retail discount brokerage service (which excludes investment advice), on the grounds that these activities do not involve an underwriting of securities, and that 'public sale' refers to an underwriting.
Section 32 prohibits a member bank from having interlocking directorships or close officer or employee relationships with a firm 'principally engaged' in securities underwriting and distribution. Section 32 applies even if there is no common ownership or corporate affiliation between the commercial bank and the investment company.
Sections 20 and 32 do not apply to non-member banks and savings and loan associations. They are legally free to affiliate with securities firms. Thus the law applies unevenly to essential similar institutions. Furthermore, securities brokers' cash management accounts, which are functionally identical to cheque accounts, have been judged not to be deposits as specified in the Act.
Commercial banks are not forbidden from underwriting and dealing in securities outside of the United States. The larger money center banks, against whom the prohibitions of the Glass-Steagall Act were directed, are particularly active in these markets. Five of the top 30 leading underwriters in the Eurobond market in 1985 were affiliates of U.S. Banks, with 11 per cent of the total market. These affiliates include 11 of the top 50 underwriters of Euronotes. Citicorp, for example, has membership in some 17 major foreign stock exchanges, and it offers investment banking services in over 35 countries. In 1988, it arranged for its London securities subsidiary to cooperate with a U.S. Securities firm to make markets in securities in the United States. The Chase Manhattan Bank advertises that it 'has offices in almost twice as many countries as ten [major listed] investment banks combined. Furthermore, commercial banks' trust departments can trade securities through their securities subsidiaries or affiliates for pension plans and other trust accounts.
In summary, commercial banks can offer some aspects of investment advisory services, brokerage activities, securities underwriting, mutual fund activities, investment and trading activities, asset securitization, joint ventures, and commodities dealing, and they can offer deposit instruments that are similar to securities.

The Generally Accepted Rationale for the Separation of Commercial and Investment Banking [Return to Top]

The generally accepted rationale for the Glass-Steagall Act is well expressed in the brief filed by the First National City Bank (1970) in support of the Comptroller of the Currency (William Camp), who had given the bank permission to offer commingled investment accounts. For this case (Investment Company Institute v. Camp, 401 US 617, 1971), which the Supreme Court decided in favor of the Investment Company Institute, FNCB's attorneys described the rationale for the Act thus: (First National City Bank, 1970, pp. 40-2):
The Glass-Steagall Act was enacted to remedy the speculative abuses that infected commercial banking prior to the collapse of the stock market and the financial panic of 1929-1933. Many banks, especially national banks, not only invested heavily in speculative securities but entered the business of investment banking in the traditional sense of the term by buying original issues for public resale. Apart from the special problems confined to affiliation three well-defined evils were found to flow from the combination of investment and commercial banking.

Provisions of the Glass-Steagall Act were directed at these abuses: [Return to Top]

(1) Banks were investing their own assets in securities with consequent risk to commercial and savings deposits. The concern of Congress to block this evil is clearly stated in the report of the Senate Banking and Currency Committee on an immediate forerunner of the Glass-Steagall Act.
(2) Unsound loans were made in order to shore up the price of securities or the financial position of companies in which a bank had invested its own assets.
(3) A commercial bank's financial interest in the ownership, price, or distribution of securities inevitably tempted bank officials to press their banking customers into investing in securities which the bank itself was under pressure to sell because of its own pecuniary stake in the transaction.

A Summary of the Rationale Leading up to the Enactment of the Glass Steagall Act [Return to Top]

The original (and in some measure, continuing) reasons and arguments for legally separating commercial and investment banking include:
·         · Risk of loses (safety and soundness). Banks that engaged in underwriting and holding corporate securities and municipal revenue bonds presented significant risk of loss to depositors and the federal government that had to come to their rescue; they also were more subject to failure with a resulting loss of public confidence in the banking system and greater risk of financial system collapse.
·         · Conflicts of interest and other abuses. Banks that offer investment banking services and mutual funds were subject to conflicts of interest and other abuses, thereby resulting in harm to their customers, including borrowers, depositors, and correspondent banks.
·         · Improper banking activity. Even if there were no actual abuses, securities-related activities are contrary to the way banking ought to be conducted.
·         · Producer desired constraints on competition. Some securities brokers and underwriters and some bankers want to bar those banks that would offer securities and underwriting services from entering their markets.
·         · The Federal 'safety net' should not be extended more than necessary. Federally provided deposit insurance and access to discount window borrowings at the Federal Reserve permit and even encourage banks to take greater risks than are socially optimal. Securities activities are risky and should not be permitted to banks that are protected with the federal 'safety net'.
·         · Unfair competition. In any event, banks get subsidized federal deposit insurance which gives them access to 'cheap' deposit funds. Thus they have market power and can engage in cross-subsidization that gives them an unfair competitive advantage over non-bank competitors (e.g. Securities brokers and underwriters) were they permitted to offer investment banking services.
·         · Concentration of power and less-than-competitive performance. Commercial banks' competitive advantages would result in their domination or takeover of securities brokerage and underwriting firms if they were permitted to offer investment banking services or hold corporate equities. The result would be an unacceptable concentration of power and less-than-competitive performance.
·         · Universal v. Specialized Banking. If the Glass-Steagall Act were repealed, the U.S. Banking system would come to resemble the German universal system, which would be detrimental to bank clients and the economy.
-- Posted the week of April 12, 1998
Sources: The Separation of Commercial and Investment Banking. The Glass-Steagall Act Revisited and Reconsidered. George J. Benston. Published by The MacMillan Press Ltd., in association with the Department of Banking and Finance, City University Business School, London, 1990.
Commercial Banking and the Glass-Steagall Act. American Bankers Association, February 18, 1982
Why Glass-Steagall, Reviled for Decades, Just Won't Go Away. The Wall Street Journal. Dow Jones & Company, April 10, 1998.
Drake | August 3, 2012 at 2:03 pm | Categories: News | URL: http://wp.me/p2tRr3-iI

Things could be worse!

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