Rebels Cut Off Breasts

Carcea Daniel:" Report of the Inquiry Commission Financial Crisis "



"..... the barbarians storm the citadel of the economy .. and oche tacciono!" (Saul Arpino)


Rapporto della Financial Crisis Inquiry Commission

Financial Crisis Inquiry Commission è il nome della commissione d’inchiesta che ha indagato sulle cause della crisi economico-finanziaria scoppiata nel settembre del 2008. Per un anno e mezzo ha cercato di capire quello che hanno combinato banche, fondi di investimento, speculatori, governo e agenzie di rating, svolgendo lo stesso compito che vide impegnata la Commissione Pecora nel 1932 nel cercare di decifrare le cause della Grande Depressione del '29.

Alcuni giorni fa è uscito il rapporto della Commissione, un rapporto passato sotto traccia in Italia, analizzato solo da Lettieri e Raimondi sul Foglio, who took over the 576 pages of full-bodied relationship, "we came first to the conclusion that this crisis was avoidable," said committee chairman Phil Angelides at a press conference in Washington, noting that the dramatic events were "the result of actions and omissions to act human and could be repeated if you can not learn from history. "

The commission, in the conclusions of the report, focused on five main points: the regulatory authorities, including the Federal Reserve, have "made mistakes in handling the mortgage crisis" there have been a "dramatic problems" related to governance institutions financial, there was a "explosive mix of loans and excessive exposure to risk" by American families who put the financial system on a collision course with the crisis, the Fed, the Treasury and other regulatory authorities were not prepared the crisis, showing a lack of understanding of the financial system that were supposed to monitor, there were accounting and ethical violations at all levels.

The heavy signs announcing the arrival of the perfect storm have been beautifully ignored: the risks of excessive mortgages for the purchase of houses, the relative increase in property prices, from credit files thanks to the cheerful high leverage allowed to multiply greatly the creation of money, the unregulated derivatives opaque and not transparent, outside the ordinary market and clearing house, to the operations of long-term loans against cash available soon. The slogan was the prevailing laissez-faire that has quickly become a moral hazard at all levels.

Large banks and American business not only operate with a leverage that could also arrive at a ratio of 40/50 to 1, ie, compared to 40/50 dollars of assets (assets) has only $ 1 for capital. The insane policy of low interest rates taken by the Federal Reserve and Alan Greenspan, former President of the U.S. central bank has created the illusion of unlimited money available to all, the unlimited growth of production and the increase in property prices, style chain letter.

But at some point the American dream became a nightmare and has dragged into the crisis around the world, especially the Western world is characterized by large public and private debts.

And the best thing that three years ago, little has changed, the system continues to be governed by what in 1913 (the year when the Fed) the U.S. Congress called the "Money Trust" means a band of big financiers abuse their power "public" to control much of the industry and who want to maximize profits in a super risky and should be protected against the risk at the same time, with the save state in case things go wrong.

fact in the report is cited 357 times well Goldman Sachs, since Goldman is widely recognized as the most powerful of the big investment banks, those that are too big to fail, save the U.S. Treasury, and has represented the paradigm of conflict of interest and financial fraud, with the operation Abacus. What was Abacus? Abacus was a title Muut chock full of subprime, and high-risk, created in 2007 by financier Paulson, who had guessed that the market immobiliare era in procinto di crollare, perché troppo gonfiato, tramite Goldman il Cdo (Collateralized debt obligation), viene piazzato nei portafogli dei propri clienti, mentre subito dopo sia Paulson che Goldman Sachs si preparavano a vendere quei titoli, cioè a scommettere sulla caduta del mercato immobiliare, vendendo allo scoperto e comprando i cds sul titolo Abacus, scommettendo quindi contro i gli investitori a cui avevano venduto il titolo, una roba al cui confronto Tanzi e Cragnotti appaiono come due ladri di mele.

Fra i complici della crisi non può mancare l’analisi sulle agenzie di rating;le tre sorelle– Standard and Poor’s, Moody’s, Ficht, - messe sotto o accusa per comportamenti opachi e ritardi nelle loro valutazioni lasciando, specie negli ultimi dieci anni, troppo spazio a critiche e dubbi sulla loro attendibilità e indipendenza come controllori rispetto ai controllati paganti. Sappiamo che anche in questo mondo il conflitto di interessi impera, i soci di grandi banche e grandi banche di investimento hanno quote societarie anche nelle agenzie di rating, come si può pensare a rating disinteressati?

Ma il centro dell’analisi del rapporto della commissione è l’attività speculativa delle banche. Nel 1933 il congresso americano era intervenuto con il Glass-Steagall Act: con questo importante atto di regolamentazione del sistema, aveva separato le banche commerciali dalle banche d'investimento di Wall Street, allo scopo, di evitare gli errori del decennio precedente, quando le banche investivano i propri attivi in titoli, con il conseguente pericolo per i depositi commerciali e di risparmio in caso di crollo delle azioni, e concedevano finanziamenti rischiosi per fare artificiosamente salire il valore di titoli selezionati o la posizione finanziaria di società nelle quali avevano investito i propri attivi.
La partecipazione finanziaria nella proprietà, quotazione, e distribuzione di titoli spingeva inevitabilmente i responsabili delle banche a consigliare ai propri clienti d'investire in titoli che le stesse banche avevano interesse a vendere. Si trattava di un abnorme conflitto d'interessi e un invito alla frode e agli abusi.

Il Glass-Steagall Act has worked for many years, but by the seventies and has come under attack from various lobby money, with the excuse that times had changed, and there was need for more freedom for increasing investment and the economy in general. In 1980 it was finally abolished in 1999 and amended at the time of Clinton. The expected event moved on the merry-go finance, the casino world, the supermarket of speculation, the words are wasted in recent years to clarify the effect of deregulation and loosening of controls taken from the financial system but also facilitated by Greenspan and fed, the practices of wild finance and moral hazard shall be distributed and speculation Financial that were practiced in the twenties now seem like tricks for beginners.

And 'This is the main cause of the great debt bubble of the third millennium and the dire consequences that we carry with us for who knows how long, serious reform should start from the separation between commercial banks and investment banks, perhaps because it is someone who does not agree.

Daniel Carcea