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WILL HUNTER BIDEN'S LAPTOP GET JOE OFF THE HOOK?

HunterBelieve it or not, there might be something good for Joe Biden that comes from Hunter Biden’s infamous laptop that was left at a Delaware computer shop for repair and never claimed.

Hunter Biden, who appears to plead ignorance in response to allegations contained in previous documents and neither admits nor denies ownership of the subject laptop, has filed a countersuit in US District Court in Delaware alleging that computer shop owner, John Paul Mac Isaac, had no legal right to copy and disseminate the contents of the laptop that was abandoned at his Delaware store in 2019.

“Mr. Biden is without knowledge sufficient to admit or deny the allegations in paragraph xx.”

FACTUAL BACKGROUND

Possession of Electronic Data that Mac Isaac Claims to Be Hunter Biden’s

In or before April 2019, Counterclaim Defendant Mac Isaac, by whatever means, came into possession of certain electronically stored data, at least some of which belonged to Counterclaim Plaintiff Biden.

Mac Isaac claims that he obtained lawful possession of the data because it was contained on a laptop that Mr. Biden left behind at Mac Isaac’s repair shop (the Mac Shop) and that a Repair Authorization form, allegedly signed by Mr. Biden, provided that “equipment left with the Mac Shop after 90 days of notification of completed service will be treated as abandoned and you agree to hold the Mac Shop harmless for any damage or loss of property.” Mac Isaac further claims that because Mr. Biden never returned to the repair shop to retrieve his recovered data, Mac Isaac is thereby the rightful owner to the equipment under the terms of the Repair Authorization form.

Footnote: This is not an admission by Mr. Biden that Mac Isaac (or others) in fact possessed any particular laptop containing electronically stored data belonging to Mr. Biden. Rather, Mr. Biden simply acknowledges that at some point, Mac Isaac obtained electronically stored data, some of which belonged to Mr. Biden.

[OCS: What follows is a discussion of Delaware law setting forth the procedures required to exert a claim on abandoned property and that Mac Issac allegedly did not follow those procedures and lacked a valid claim to the laptop.]

Moreover, even if the Repair Authorization form were enforceable under Delaware law, by its own terms, it provides abandonment of only any “equipment” that is left behind at the Mac Shop, and not the data on or embedded within any such equipment. In fact, the Repair Authorization form states that the Mac Shop will make every effort to “secure your data.” Customers who sign Mac Isaac’s Repair Authorization form do not waive any rights under Delaware law for the data that any equipment might contain. Reputable computer companies and repair people routinely delete personal data contained on devices that are exchanged, left behind, or abandoned. They do not open, copy, and then provide that data to others, as Mac Isaac did here.

<Source: Case 1:23-cv-00247-MN Document 11 Filed 03/17/23 in the United States District Court for the District of Delaware.>

Remember Best Buy’s Geek Squad matter?

FBI Used Paid Informants On Best Buy's Geek Squad To Flag Child Pornography

The FBI paid Best Buy Geek Squad employees as informants, rewarding them for flagging indecent material when people brought their computers in for repair.

That's according to documents released to the Electronic Frontier Foundation, a digital civil liberties organization, which filed a Freedom of Information Act lawsuit seeking records that might show warrantless searches of people's devices.

EFF filed its complaint last year after revelations about the FBI's interactions with Geek Squad technicians emerged in the case of Mark Rettenmaier, an Orange County, Calif., physician and surgeon who took his computer in for repair when it wouldn't boot up. Rettenmaier faced child pornography charges after a Geek Squad employee flagged his computer to the FBI.

In May, a federal judge threw out almost all the evidence (which prosecutors said included hundreds of images of child pornography) because of "false and misleading statements" an FBI agent made in an affidavit to get a search warrant for Rettenmaier's house. The government ended up dropping the charges against him. <Source>

[OCS: Once again the FBI appears to have crossed the line with impunity and judicial immunity.]

Bottom line…

In general, the data on an abandoned electronic device is still owned by the person who originally created or stored the data. However, ownership of the device itself may have been transferred or lost through various means, such as theft, abandonment, or sale.

This lawsuit may hold significant implications for the privacy of your data that may be contained on electronic devices, including computers and other equipment for storing data, when they are abandoned, sold, trashed, or returned to an equipment provider.

It may also be the key to getting Joe and his family off the hook, especially if a partisan federal judge ruled that any evidence presented by the prosecution is tainted by the fruit of the poison tree doctrine, which extends the exclusionary rule to make evidence inadmissible in court if it was derived from evidence that was illegally obtained.

We live in perilous times when law enforcement and judicial authorities continue to overstep their constitutional bounds based on their individual beliefs or a partisan political agenda, often without repercussions or sanctions.

We are so screwed.

-- Steve


“Nullius in verba.”-- take nobody's word for it!

“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw

“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”

“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS

"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius

“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell

“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar

“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS


BIDENOMICS: CAUGHT IN A VICIOUS CIRCLE

More and more spending…

VICIOUS CYCLE

And even more...

Progressive Communist Democrat crazies are asking the private bank-owned Federal Reserve to print up to an additional 2 TRILLION dollars to combat bank liquidity problems caused by the Federal Reserve raising interest rates to fight inflation caused by printing too much money and not increasing national productivity at the same time.

At the same time, destroy the $250,000 FDIC insurance cap on deposits to protect "small" depositors in favor of bailing out the millionaires and companies whose deposits exceed $250,000.

Lie to the average American consumer and taxpayers that this is not a "bailout" and will not raise their taxes. And these consumers and taxpayers will not pay the increased FDIC insurance fees and bailout funds with lower interest yields on deposits, higher bank fees, and grossly inflated dollars worth less in purchasing power.

Calling the bailout a "Bank Term Funding Program" does not change the fact that this is a billionaire/millionaire bailout that disadvantages the little guy that the progressive communist democrats claim to protect.

Lie to the average American consumer that the Federal Reserve will "stress test" depository institutions that ignore stress tests only work for "leveraged investments" and not the actual problem of mismatched maturities and unhedged interest rate fluctuations in fixed-income securities (aka bonds).

Fed-hdr

Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors

The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution's need to quickly sell those securities in times of stress. <Source>

Déjà Vu all over again…

Like the 2008 TARP (Troubled Assets Relief Program), the new Bank Term Funding Program uses dodgy assets (under-water securities if sold for a loss in the open market)as collateral for loans that provide the financial institution good funds at the face(par)value of the securities.

This is fundamental unsound banking practice as the collateral is de facto insufficient to justify the loan -- or the institution would not need a bailout.

This also violates the "bail-in" provisions of the Dodd-Frank Act of 2010 (Orderly Liquidation Authority), which was designed to provide immediate relief to financial institutions by allowing them to use money from their unsecured creditors, including depositors and bondholders, to restructure their capital to stay afloat. Essentially, they are converting debt into equity to increase their capital requirements.

The taxpayer no longer bears the risk as risk is shifted to unsecured creditors, including depositors whose account balances exceed the FDIC limit of $250,000.

Financing our enemies...

During a Congressional hearing, Treasury Secretary Janet Yellen admitted that Chinese Communist Party-linked businesses that had deposits in Silicon Valley Bank (SVB) will be made whole by the American banking system. Considering how much U.S. debt our enemies have purchased, Yellen cannot sanction these entities without provoking a confrontation with severe consequences for our economy. Considering so many of our U.S.-based multinational companies have outsourced vital strategic functions to China, we are doubly screwed as we prop up the Communist Chinese economy.

Incompetence or malevolence?

It appears that a number of large financial institutions were prevented from intervening in the purchase of Silicon Valley Bank by the FDIC and government regulatory bodies that would need to provide waivers for the larger systemically important banks to participate in the rescue.

Of course, this would cut the need for a Fed "intervention" and a narrative pushing the Central Bank Digital Dollar ("Project Hamilton")  -- an absolute tyrannical move to control your funds and purchasing. Digital services through the Fed are here!!! CONVENIENT TIMING!

Fed-hdr

Federal Reserve announces July launch for the FedNow Service

About the FedNow Service...

The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve's FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org

Bottom line…

Once again, Congress is holding government operations hostage as they attempt to raise the federal debt limit, the amount is set by law and has been increased or suspended over the years to allow for the additional borrowing needed to finance the government's operations. On December 16, 2021, lawmakers raised the debt limit by $2.5 trillion to a total of $31.4 trillion. Biden is requesting at least $1.8 trillion more than the government would take in. But in fiscal 2024. 

We are closer to the forced implementation of the digital dollar and absolute tyranny.

We are so screwed.

-- Steve


“Nullius in verba.”-- take nobody's word for it!

“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw

“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”

“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS

"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius

“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell

“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar

“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS


LINDSEY GRAHAM: THE DEMOCRAT'S PUSSY BITCH

Lindsey-graham

Toughen up: Senator Lindsey Graham calls for Biden to shoot down Putin's warplanes if they ever 'get close to American assets in international waters' again

Senator Lindsey Graham called for Biden to 'hold Russia accountable' for downing a US drone and threatened to shoot Putin's warplanes if they approach American assets even over international waters.

South Carolina GOP Senator Graham said the US should gun down Russian warplanes that approach an American asset in the airways over international waters after two Russian fighter jet pilots had forced down an unnamed US aerial vehicle (UAV) over the Black Sea yesterday, March 14. <Source>

Once again, we find the tough-talking war-hawk Lindsey Graham (R-SC) ready to start World War III over Ukrainian borders but a total pussy bitch when defending democracy.

It is no surprise that Graham joined six other traitorous RINOs (Republicans In Name Only) to confirm former Los Angeles Mayor Eric Garcetti as the first U.S. Ambassador to India for the Biden Administration.

  • Collins-ME
  • Cassidy-LA
  • Daines-MT
  • Graham-SC
  • Hagerty-TN
  • Marshall-KS
  • Young-IN

Why is it that every time the GOP is presented with an opportunity to push back against the progressive communist democrats, we find Lindsey Graham jumping the aisle and advancing their progressive agenda?

India is strategically important to the United States for several reasons:

  1. Geostrategic location: India is located in a region of strategic importance to the United States, particularly in terms of its proximity to China, Pakistan, and Afghanistan. The United States has been interested in maintaining a presence in this region to help promote regional stability and counter China's rising influence.

  2. Economic potential: India has the world's sixth-largest economy and is expected to become the world's third-largest economy by 2030. The United States sees India as a significant market for its goods and services and a key partner in trade and investment.

  3. Security cooperation: The United States and India share common interests in regional security, particularly in counterterrorism and maritime security. The two countries have signed numerous agreements in recent years to enhance their security cooperation.

  4. Democratic values: India is the world's largest democracy and shares many values with the United States, including a commitment to human rights, the rule of law, and a free and open society. The United States sees India as a natural partner in promoting these values in the region and beyond.

  5. Strategic partnership: The United States and India have developed a strategic partnership in recent years, with regular high-level exchanges and cooperation across a range of issues, including defense, trade, energy, and technology. The two countries also share a vision for a free and open Indo-Pacific region, which is seen as a counterbalance to China's growing influence in the region.

  6. Dealing with Russia: India continues to bypass American arms vendors and is one of the largest purchasers of Russian arms, and makes heavy purchases of oil, coal, and fertilizers.

So why would the Biden Administration appoint an elite, effete progressive communist democrat former mayor to such a position? Could it be that Garcetti will be a figurehead for the Obama foreign policy machine in the Biden White House?

Bottom line…

It is almost as if the progressive communist democrats were blackmailing Graham to go along with their nefarious plan to destroy America from within. I wonder when the façade will crumble and the truth revealed.

We are so screwed.

-- Steve

.


“Nullius in verba.”-- take nobody's word for it!

“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw

“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”

“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS

"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius

“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell

“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar

“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS


STOP BLAMING JOE BIDEN WHEN IT IS OBAMA'S FAULT

Obama-biden-plot

For those who continue to blame President Joe Biden for the ongoing catastrophe that has befallen America, it appears that you may be grossly mistaken.

It appears, at least from my perspective, that Biden is little more than an empty vessel being manipulated by the Obamacons with protection from the communist-infiltrated Democrat Party and a corrupted coalition of legacy and social media. This is, indeed, Obama’s third term in office via proxy. And he is going with an attempt at a fourth term if Biden captures the nomination, even with his impaired cognitive state and refusal to honor legitimate questions outside his cade of chosen journalists with their pre-asked and pre-answered questions.

Marxist-trained and influenced Barack Obama’s most significant achievement has been to morph Marxism’s class warfare into open racial and sexual warfare. Where the labels of racist, bigot, white supremacist, homophobe, and misogynist are used to silence opponents. Where alleged discrimination is used to justify tyranny by the minority to force the acceptance of outrageously egregious actions that would shock the conscience of average Americans --  if the details were reported openly and honestly without the progressive communist democrat narrative.

An analysis of the Biden Administration’s key staff positions in the Executive Office of the President includes some individuals who held some of the most influential positions in the Obama Administration. Particularly notable are the following:

  • Jake Sullivan, National Security Advisor -- Director of Policy Planning under Obama
  • Susan Rice, Domestic Policy Advisor -- the 23rd United States National Security Advisor and the 27th United States Ambassador to the United Nations under Obama
  • Anita Dunn, Senior Advisor to the President -- White House Communications Director under Obama; married to Robert Bauer, White House Counsel under Obama

Let us not forget former Secretary of State John Kerry, who now serves as the special envoy for climate, and former Deputy Secretary of State Antony Blinken, now Secretary of State. Biden’s selection of these individuals and others demonstrates a clear continuation of the Obama administration’s policies and values.

In addition to Obama’s policy advocates, there seems to be a small group of Obama’s minders tasked with keeping Biden hidden from the public or stage-managing his appearances. Carefully preparing lists of media individuals to call upon and the exact answers to the questions that they have been requested to ask. When Biden goes off-script, we see the real Biden, an individual who cannot separate fact from fiction and who has trouble navigating his immediate environment.

Corruption comes in all colors…

Here in California, we have another Democrat Party presidential hopeful, multi-millionaire elitist Governor Gavin Newsom.

Newsom lobbied the Biden Administration to extend FDIC’s customary insurance limits beyond $250,000 to cover multi-million uninsured deposits held in the recently failed Silicon Valley Bank. Somehow, he forgot to mention the bank’s $100,000 donation to his wife’s alleged charity, personal accounts that he may have had at the bank, and the bank’s business relationship with three of his hospitality companies, CADE, Odette, and Plumpjack. <Source>

Bottom line…

There is no doubt that former President Barack Obama has a significant influence on the Biden administration, particularly in terms of policy, personnel, and political strategy, and which is likely to continue throughout the remainder of Biden’s presidency.

While we concentrate on the latest distraction, many of them are artificially manufactured to divert our attention away from the fact that our nation and quality of life are slowly slipping away as our treasury is plundered and our capitalist system is turned toward communism, the progressive communist democrats are thoroughly screwing us.

-- Steve


“Nullius in verba.”-- take nobody's word for it!

“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw

“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”

“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS

"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius

“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell

“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar

“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS


CAN THIS POSSIBLY BE TRUE?

C18CC816-D5B5-4E64-8E01-A5CCFB5A653A
Can this even be remotely true?

BLACK LIVES MATTER MOVEMENT RECEIVED NEARLY $83 BILLION FROM CORPORATIONS


The Black Lives Matter (BLM) movement and related causes received an astonishing $82.9 billion from corporations, a new funding database from the Claremont Institute has found. 

The Claremont Institute’s Center for the American Way of Life explained the necessity of their report in an article published in Newsweek, where the Center asserted that the 2020 BLM movement was about more than just “rioting and destruction.” 

The Center explained that “The BLM pressure campaigns, harassment, and moral blackmail also amounted to possibly the most lucrative shakedown of corporate America in its history.”

“As a point of reference, $82.9 billion is more than the GDP of 46 African countries. In 2022, the Ford Motor Company’s profits were $23 billion,” they also noted. The sum of $82.9 million includes “more than $123 million to the BLM parent organizations directly,” as well as much more to other organizations supporting BLM’s agenda. 

The list reveals that several popular corporations from a wide range of different industries supplied the movement with large sums of cash. Walmart, for example, which is based in Arkansas, gave a whopping $100 million in support of BLM and related causes focusing on “racial equity.” Amazon gave even more, supplying the movement with an astonishing $169.5 million. Silicon Valley Bank gave the movement $73.45 million.

Meanwhile, the pharmaceutical company Abbvie gave the movement over $62 million in funding. Allstate gave $7.7 million to the cause and American Express gave $50 million. Apple gave $100 million while AT&T gave $21.5 million. The movement and its causes received another $90 million from Nike.

United Airlines, JetBlue, Southwest Airlines, and Delta Airlines all gave money to BLM and related causes as well.

Bank of America, meanwhile, provided $18.25 million to BLM and related causes while Wells Fargo diverted $210 million towards BLM and related causes. Deloitte gave $85 million to BLM and related causes.

Asset management giant BlackRock put a shocking $810 million towards BLM and related causes, while other powerful financial institutions also bankrolled the movement, with Capital One Financial giving $10 million, Morgan Stanley giving $30 million, US Bank giving $160 million, and Goldman Sachs giving $10.1 million.

Meanwhile, Prudential Financial supplied the movement and its related causes with a sum of $450 million but was outdone by Mastercard, which gave $500 million.

The database found that Boeing gave $15.6 million, while Northrop Grumman gave $2 million and Raytheon gave $25 million.

The Walt Disney Company gave $8.8 million to BLM and related causes while the Pokémon Company gave $200,000. <Source>

If this is true, and most of the money remains unaccounted for…

Where is the Department of Justice investigation on what looks like an unprecedented grift and possibly a funding vehicle for communist fifth-column activities in the United States?

Should shareholders bring a class action lawsuit against the corporate officers and Directors who allowed this flagrant misuse of corporate funds while pocketing tens of millions in salaries, perks, bonuses, and options?

Bottom line…

It is increasingly obvious that corporate offices and board members have lost their minds, are afraid to lose their jobs, willfully ignorant, a party to the grift, or simply don’t care because it is not their money. All violations of their fiduciary duties to the shareholders. No wonder many of these same individuals are opting for stakeholder capitalism to dilute their fiduciary duties.

We are so screwed if this story is accurate and without a mitigating explanation for the large sums given to an organization headed by communist queers and featuring sketchy governance.

— Steve 


“Nullius in verba.”-- take nobody's word for it!

“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw

“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”

“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS

"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius

“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell

“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar

“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS


SILICON VALLEY BANK: WOKE UGLY IN CALIFORNIA

The short version of the SVB failure: a bad bet on interest rates and maturity mismatches ( borrowing short-term from depositors and lending long-term to corporations, without any interest-rate hedging) ...

Money from venture-capital-fueled companies poured into the bank at a staggering rate. The bank's lending activity could not keep pace with the gusher of money, so surplus funds were invested in safe instruments like government securities and triple-A-rated mortgage-backed securities.

Unfortunately, the Biden regime with its outrageous spending spurred on inflation which provoked the Fed to raise interest rates.  The days of near-zero Fed interest rates and an acceptable securities yield of 2% were over as interest rate yields approached 5%.  Smart people saw the interest rate overhang on the bank's balance sheet and were watching the situation. When the bank attempted to raise $2.25 billion and noted a $1.8 billion loss on securities sales -- the smart people wired their money out of the bank resulting in an unprecedented $42 billion hit on a single day -- and the bank's failure.

Maxine Waters to the rescue...MAXINEMad Max…

Since the 2008 financial crisis, California Representative Maxine “Mad Max” Waters (D-CA) has served on the House Financial Services Committee, chairing the House Financial Services Committee from 2019 to 2023 and as the ranking member since 2023. A progressive communist democrat, she has had ample time to lead in strengthening banking practices and ensuring well-capitalized resilient banks. In this task, she is an abject failure as she advocates for setting aside sound banking practice in favor of DEI (Diversity, Equity, and Inclusion), which demands similar outcomes regardless of the circumstances, and loans conditioned on ESG (Environmental, Social, and corporate Governance) scoring that advances the progressive agenda and empowers third-parties with no equity state in the enterprise.

"I am alarmed by the failure of Silicon Valley Bank, which marks the second largest bank failure in U.S. history," she said in a statement. "I am closely monitoring and convening Committee members with regulators so myself and members can understand the latest around the closure of Silicon Valley Bank (SVB) by the California Department of Financial Protection and Innovation (DFPI), and the Federal Deposit Insurance Corporation (FDIC) appointed as receiver. I appreciate the DFPI and the FDIC for taking decisive action today, and I remain confident in America’s financial markets and the ability of our regulators to protect consumers and investors."

Yada, Yada, Yada. 

No matter how much Waters yammers on about risk and stress tests, it's all bullshit. This was not a regulatory failure, it was the gross incompetence of risk management. Stress tests apply to leveraged balance sheets, not to Triple-A investments that are not leveraged. All the regulations proposed cannot fix a problem that demands an astute risk manager with the singular task of protecting the bank, its depositors, and shareholders -- not "woke stakeholders," the corrupt regime in power, or a progressive communist democrat agenda.

The revelations are getting ugly…

Becker…

Silicon Valley Bank CEO Greg Becker, who was a director of the Federal Reserve Bank of San Francisco from 2019 until the day of his bank’s collapse, was quickly and quietly removed as a Class A director of the San Francisco Fed, representing member banks. In the best Stalinist tradition, he was “disappeared” from the Fed’s website, which now advertises that there is a “vacant seat Group 1.”

Becker sold $3.6 million worth of SVB shares on February 27, eleven days before regulators shut down his failed bank. It is almost certain that Becker knew of the need to raise $2.25 billion by issuing new common and convertible preferred shares to shore up its operations, the $1.8 billion loss on the sale of the bank’s AFS (Available For Sale) securities after it sold bonds in its portfolio of investments at a $1.8 billion loss, and the inherent dangers of its HTM (Hold To Maturity) portfolio in a fluctuating interest rate environment. There are only three answers: inattention, incompetence, and corruption.

As the CEO, he definitely knew that the position of Chief Risk Officer remained empty for eight months and that the staff was concentrating on progressive woke nonsense. Surely someone knew how to hedge the bank's interest rate exposure using interest rate swaps since they had done so previously. 

SVB had NO head of 'risk assessment' for nine months before it collapsed... as woke boss for Europe, the Middle East, and Africa was busy organizing a month-long Pride campaign and a 'Lesbian Visibility Day'

Collapsed lender Silicon Valley Bank operated without a chief risk officer between April 2022 and January 2023 while the operation's United Kingdom-based  Head of Risk stands accused of prioritizing pro-diversity initiatives over her actual role.

Meanwhile, Jay Ersapah, who acts as Head of Risk for the bank in Europe, Africa, and the Middle East and who describes herself as a 'queer person of color from a working-class background' - organized a host of LGBTQ initiatives including a month-long Pride campaign and implemented 'safe space' catch-ups for staff. 

In a corporate video published just nine months ago, she said she 'could not be prouder' to work for SVB serving 'underrepresented entrepreneurs.'

Professional network Outstanding listed Ersapah as a top 100 LGTBQ Future Leader.

'Jay is a leading figure for the bank’s awareness activities including being a panelist at the SVB’s Global Pride townhall to share her experiences as a lesbian of color, moderating SVB’s EMEA Pride townhall and was instrumental in initiating the organization's first-ever global "safe space catch-up", supporting employees in sharing their experiences of coming out,' her bio on the Outstanding website states. <Source>

The Fed…

Ps-1

Vivek, a 2024 presidential candidate hoping to head the Treasury Department in the next Administration... 

Vivek

Bottom line...

More government and more regulations are not the answer. We must hold incompetent and corrupt individuals responsible for their actions.

To the extent the progressive communist democrats are trying to blame deregulation, let us remember that they were the results of attempting to address the regulatory excesses and serious flaws in the Democrat-designed Dodd-Frank bill – the massive new regulatory plan named for two of the most corrupt financial regulators in Congress that saw institutions such as Fannie Mae and Freddie Mac as instruments of government policy, parking spots for out of work favored Democrats, and massive piggy banks to provide housing benefits to Democrat districts come election time. The heavy-handed regulators were burying small and community banks in unproductive red tape that eventually led to their acquisition by bigger banks with teams of compliance officers.

What happened to the idea of creative destruction where the investors and bondholders in a failing institution lose their investments and do not get a pass with government-subsidized funding and spreading the risk to the greater financial community? Yes, I feel sorry for the collateral damage in the community, but those companies should have been more aware of the risk in using a single bank.

WARNING: The progressive communist democrats will attempt to capitalize (pun intended) on this crisis. Demand that they lower government spending now!

We are so screwed.

-- Steve


“Nullius in verba.”-- take nobody's word for it!

“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw

“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”

“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS

"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius

“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell

“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar

“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS


IT'S NOT A TAXPAYER BAILOUT: IT'S A GOVERNMENT-INSURED "LOAN"

Will the Obama/Biden Administration allow a “woke” bank that financed a number of the government’s climate change initiatives to fail, possibly dooming those climate change efforts?

Bailout

Tough talk from Treasury Secretary Janet Yellen ...

Yellen rules out bailout of Silicon Valley Bank owners, investors

Treasury Secretary Janet Yellen said on Sunday that the U.S. would not consider a bailout of Silicon Valley Bank owners and investors after its historic failure last week, saying in the aftermath of the 2008 banking crisis that “we’re not going to do that again.”

“Well, let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out,” Yellen said in an interview with CBS’s “Face The Nation.” “The reforms that have been put in place means that we’re not going to do that again. But we are concerned about depositors and are focused on trying to meet their needs.”

The collapse of the bank sent shockwaves throughout the tech industry last week, which relied heavily on the bank for financing. Federal regulators took over the bank as depositors rushed to pull cash from the company, raising fears that there could be widespread damage to the banking system. <Source> <Full interview transcript/video>

The reality…

Silicon Valley Bank collapse: Treasury, Fed and FDIC announce steps to ensure deposits will be paid in full

The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation announced Sunday that they will make additional funding available to ensure all Silicon Valley Bank deposits, both insured and uninsured, will be paid in full.

"After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary [Janet] Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors," the said in a joint statement. "Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."

The Fed also announced it will make additional funding available to "to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors." <Source>

The Narrative…

A senior Treasury official and Federal Reserve officials on calls with reporters Sunday night insisted these moves to pay the deposits of Silicon Valley Bank are not a bailout.

The officials stressed that the funds used to pay depositors of Silicon Valley Bank and Signature Bank will come from the FDIC's Deposit Insurance Fund (DIF). The DIF is funded by fees on banks, and then from earnings on their investments such as Treasury securities, and currently has more than $100 billion in it, according to officials.

"The Deposit Insurance Fund is bearing the risk. This is not funds from the taxpayer," a senior Treasury official said.

The senior Treasury official also stressed that taxpayers are not paying for these moves -- the banks' shareholders are. "The bank's equity and bondholders are being wiped out. They took a risk as owners of the securities, they will take the losses," the senior Treasury official said.

Officials were repeatedly pressed by reporters on if these moves on Silicon Valley Bank and Signature Bank would establish a precedent to cover uninsured funds and leave taxpayers vulnerable in the future if FDIC funds were not sufficient.

"Right now, we are very focused on addressing the current issue and taking care of the current system and stabilizing the banking systems -- or the uninsured, and assuring uninsured depositors that they will be made whole. But I do think we will be looking back with time and reassess and assess whether any changes should be made," the senior Treasury official said. <Source>

What the Federal Reserve says…

Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors

To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.

The Federal Reserve is prepared to address any liquidity pressures that may arise.

The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution's need to quickly sell those securities in times of stress.

With approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds.

After receiving a recommendation from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, Treasury Secretary Yellen, after consultation with the President, approved actions to enable the FDIC to complete its resolutions of Silicon Valley Bank and Signature Bank in a manner that fully protects all depositors, both insured and uninsured. These actions will reduce stress across the financial system, support financial stability and minimize any impact on businesses, households, taxpayers, and the broader economy. <Source>

Bottom line…

Make no mistake about it, all of the funds used to bailout, or in FedSpeak, stabilize, the failed bank comes from the taxpayers, be they the bank’s investors and depositors or other taxpayers receiving a lower yield and higher fees to pay their bank’s FDIC contribution. All of the costs being ultimately factored into the prices paid by all consumers.

Notice that the Treasury Department, the FDIC (Federal Deposit Insurance Corporation), and the Federal Reserve are studiously ignoring the issue of having large depositors directly pay for insurance to cover their large deposits or building a similar facility to insure long-term holdings against interest rate fluctuations.

Why did the bank’s chief risk officer not adequately hedge their investment in interest-rate-sensitive long-term securities which has been historically problematic in the banking community? Whoops – SVB did not have a CRO for eight months while the bank’s core lending segment, venture capital, was in turmoil. And the risk personnel appeared to concentrate on “woke” initiatives.

Again, we are screwed.

-- Steve


“Nullius in verba.”-- take nobody's word for it!

“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw

“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”

“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS

"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius

“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell

“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar

“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS


CRIMINAL UN-AMERICAN FISCAL IRRESPONSIBILITY

Undocumented-democrats

It is time to prosecute elected officials and bureaucrats who knowingly violate federal laws in the name of social justice. I am unaware of any provision in the U.S. Constitution or the federal law that authorizes an individual or elected official to choose which laws they will violate without imposing consequences for their mistaken or unwarranted actions.

So it is time to send those crippling our nation and illegally stealing taxpayer funds to jail.

An example…

Mayor Adams Releases "The Road Forward," New Blueprint to Handle Asylum Seeker Crisis Moving Forward

New City Mayor Eric Adams today released "The Road Forward: Blueprint to Address New York City's Response to the Asylum Seeker Crisis," a comprehensive approach outlining the next phase of the city's response to the unprecedented humanitarian crisis resulting from the surge of asylum seekers arriving in the five boroughs since last spring.

[OCS: Let us not forget that the labels "migrant" and "asylum seekers" are euphemisms for illegal aliens who have unlawfully crossed into our country without our permission, bringing with them illiteracy, poverty, disease, and crime. Unprecedented, because we have never seen this type of unchecked invasion of our nation. All attributable to the Obama/Biden Administration's "open border policy" and the blatant disregard for federal immigration laws.]

As the number of asylum seekers arriving in New York City since last April tops 50,000 — with more than 30,000 currently in the city's care — Mayor Adams announced he will create the Office of Asylum Seeker Operations (OASO) to focus solely on coordinating the city's continued response with a focus on resettlement and legal services, as well as a new 24/7 arrival center for asylum seekers. The blueprint also outlines new strategies the city will pilot to train asylum seekers for employment, including a program with houses of worship to provide asylum seekers with a place to stay and connection to services, in addition to a partnership with SUNY Sullivan to provide job training and housing for asylum seekers as they await work authorization. Finally, the city will continue to advocate for the state and federal governments to provide additional financial and operational support to better manage the asylum seeker crisis moving forward.

[OCS: This is the creation of more bureaucracy to be funded and staffed with unionized workers who will continue to perpetuate their existence, demanding ever-increasing salaries and benefits for themselves and more and more money to funnel to those undeserving individuals whose first act in the United States was to commit a federal crime.]

"Over the past year, New York City has faced an unprecedented humanitarian crisis caused by global forces beyond our control," said Mayor Adams. "We have moved mountains to help the tens of thousands who arrived as our shelter population has increased at a dramatic rate.

[OCS: This is a bald-faced lie. The crisis is manufactured and directly attributable to the progressive communist democrats in the Obama/Biden Administration, the Congress, and a partisan Judiciary that cannot even begin to adjudicate immigration status within a reasonable time. Telling illegal aliens to show up for a court date sometime in the future continues to bestow the safety-net benefits meant for American citizens, who paid into the system with their labor, to the underserving. As for the label "unsheltered," it is another euphemism for "homeless."]

As we continue to respond, I'm proud to announce, "The Road Forward," our blueprint to address the asylum seeker crisis and outline the work that lies ahead. New Yorkers know that the asylum seeker of today is the citizen, the leader, and the innovator of tomorrow, and I'm proud that New York City is leading the way, turning a crisis into an opportunity for progress for the entire country."

[OCS: These lawbreakers should never be granted citizenship unless they return to their country of origin and join the end of the line to wait their turn – as do legal applicants to enter the United States.]

"The Asylum Seeker crisis has challenged so many of us in various ways – and the city's response has been and continues to be laden with care and compassion," said First Deputy Mayor Sheena Wright. "Our blueprint is a plan for how we will move forward together, and I implore everyone at all levels to help however you can. This affects us all, and together is how we can best navigate this crisis."

"Throughout this crisis, the city has worked to center our services with dignity, respect, and care for every individual, family, and child," said Deputy Mayor for Health and Human Services Anne Williams-Isom. "Whether helping children receive needed vaccinations, assisting with school enrollment, or providing vital legal information, the city and our partners in the non-profit, faith-based, and private sector continue to step up and meet the needs of asylum seekers every day. This blueprint lays out the work to date and, more importantly, charts a path forward. The work ahead remains an ongoing, complex, interconnected set of issues that will take support from our state and federal partners, and all sectors of society. Thank you to our teams and partners that continue doing the work 24/7 to support our newest New Yorkers."

New York City has stepped up throughout this crisis, handling an unprecedented arrival of asylum seekers, largely on its own. While more than 50,000 asylum seekers have moved through the city's intake system since last spring, currently, New York City is providing a place to stay for more than 30,000 asylum seekers — more than any other city in the nation. Last year, the city launched a swift, coordinated multi-agency effort to provide basic needs and services to the tens of thousands of asylum seekers arriving, providing shelter, food, clothing, access to health care, legal information, education, and more. The city launched the Asylum Seeker Resource Navigation Center and satellite sites, which have now served more than 14,000 asylum seekers, providing casework, legal, medical, and school enrollment, as well as a range of other services. The city has also already opened 92 emergency shelter sites and currently has open seven Humanitarian Emergency Response and Relief Centers that provide asylum seekers with a place to stay, and, through Project Open Arms, the city has enrolled more than 13,000 students in temporary housing since last summer.

[OCS: There is no doubt that illegal aliens are being treated far better than some of our nation's senior citizens, working poor, and homeless. Not to mention members of the United States Armed Forces.]

Led by the newly created OASO, New York City will transition from an emergency response-approach to a steady state-approach in an effort to continue managing the response to the unprecedented asylum seeker crisis. OASO will manage a new, centralized 24/7 arrival center that will replace the Port Authority as a primary destination for asylum seekers when they arrive. This will enable experienced community-based providers that have been working around the clock on the ground to work in coordination more closely. OASO will also oversee inter-agency coordination, manage advocacy to state and federal governments, and lead the following initiatives to help newly arrived asylum seekers chart a course towards self-sufficiency and long-term resettlement.

[OCS: Advocacy for more funding for illegal aliens, not New York residents who happen to be American citizens, is disgusting.]

<Source: New York City>

Let's not forget free college…

Eric Adams wants to send NYC migrants to college for free — and will cost taxpayers $1.2M

The New York Post reported Friday that the OASA would oversee a pilot program, providing educational services and room and board, to up to 100 migrants for a year. They will attend SUNY Sullivan Community College and The Center for Discovery, a special education entity in Sullivan County.

By spending New Yorkers’ hard-earned taxpayer dollars on college classes for migrants, he is incentivizing and rewarding illegal immigration simply to export the crisis of Democrats’ own making out of New York City,” Rep. Elise Stefanik (R-NY) told the Post.

The program could run taxpayers $1.2 million, the Post estimates, based on SUNY Sullivan Community College tuition rates for two semesters. However, the city has not disclosed the actual cost. <Source>

Bottom line…

Next time the progressive communist democrats tell you there are approximately 12-15 million "migrants" in America, consider that the Federation for American Immigration Reform (FAIR) estimated 5.5 million migrants illegally crossed the United States' southern border under Biden's watch in Fiscal Years 2021 and 2022.

As for the malfeasance of the Obama/Biden Administration, consider that an overwhelming number of illegal aliens cross the border legally and overstay their visas. And the government does not track or deport these individuals because they refuse to implement an inbound/outbound matching system and enforce the law.

Why are we favoring Marxist/Communist Mexicans, Chinese, and Russians over Cubans who desperately seek freedom – could it be because they are conservative and tend to vote Republican?

To say we are screwed is an understatement. Remember this when choosing a candidate for local, state, and federal elections.

-- Steve


“Nullius in verba.”-- take nobody's word for it!

“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw

“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”

“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS

"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius

“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell

“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar

“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS