It is the same players that we saw enabling reckless behaviour in 1998: Citigroup, the Fed, and the Clinton-led Wall Street Democrats.
And here we are again, almost eighteen years later, watching the same short term, selfish behaviour by the big money banks putting the entire economy of productive individuals at risk again.
“There’s something big and scary going on behind the scenes but, as usual, the public isn’t reading about it on the front pages of the newspapers…
Dodd-Frank was supposed to push the derivatives out of the commercial banks which hold the insured deposits to prevent another taxpayer bailout, the so-called “push out” rule. But in December of 2014, Citigroup was able to sneak legislation into the must-pass spending bill to keep the government running that overturned the push-out rule…
Using its insured bank’s balance sheet as ballast, Citigroup’s bank holding company now ranks as the largest holder of all derivatives in the U.S. According to the Comptroller of the Currency, the very bank that blew itself up in 2008 and received the largest taxpayer bailout in history, now holds $55 trillion in notional amount of derivatives.