Submitted by Elaine Magliaro, Guest Blogger
I’ve heard many politicians talk about what they believe were the causes of the financial meltdown of 2008 and the money problems facing our federal, state, and local governments today. These causes include: collective bargaining, pensions, healthcare costs for public workers; subprime mortgages taken out by poor people who couldn’t actually afford to buy homes; the high costs of Social Security, Medicare, and Medicaid. Many of these same politicians rarely put the blame for the financial crises we are experiencing in this country today on the cost of waging two wars—or on the financial shenanigans of the big banks of Wall Street.
In February of 2010, Mike Elk wrote an article for the Huffington Post titled How Big Banks’ Greek-Style Schemes Are Bankrupting States Across the U.S. In it, he talked about a financial instrument called the “interest rate swap”—which is a kind of unregulated derivative.
Here’s an excerpt from Elk’s article:
Just when you thought Wall Street couldn’t get any more clever in their attempts at predatory lending, they have.
Big Banks have created an exotic financial instrument that is the equivalent of a payday loan for cash-strapped state and local governments, innocently labeled an “interest rate swap.”
In the United States, states and local governments cannot run deficits. This year states face a $357 billion budget shortfall and local governments are facing an additional $82 billion budget shortfall. States have begun cutting basic services like snow removal, reduced garbage pickup, and in Colorado Springs they went to the pawn shop – selling police helicopters on the Internet.
In a desperate effort to meet budget needs, states and local governments over the last decade have gone to the big banks to ask for exotic instruments known as interest rate swaps. These desperate state and local governments were taken advantage of in the same way that Greece was by Goldman Sachs. Likewise, these swaps are threatening the economic health of local cities and states.
Shouldn’t there be more discussion on news programs and in Congress about these “exotic financial instruments” that may be a big contributing factor to the poor financial health in which many of our states and municipalities find themselves?
In Looting Main Street, an article Matt Taibbi wrote for Rolling Stone in the spring of 2010, the author detailed how interest rate swaps were helping to bankrupt Jefferson County, Alabama. Jefferson County’s troubles began when it had to finance a new sewer project and went looking for money. Then the vultures of Wall Street came swooping into town.
Taibbi wrote:
In 1996, the average monthly sewer bill for a family of four in Birmingham was only $14.71 — but that was before the county decided to build an elaborate new sewer system with the help of out-of-state financial wizards with names like Bear Stearns, Lehman Brothers, Goldman Sachs and JP Morgan Chase. The result was a monstrous pile of borrowed money that the county used to build, in essence, the world’s grandest toilet — “the Taj Mahal of sewer-treatment plants” is how one county worker put it. What happened here in Jefferson County would turn out to be the perfect metaphor for the peculiar alchemy of modern oligarchical capitalism: A mob of corrupt local officials and morally absent financiers got together to build a giant device that converted human shit into billions of dollars of profit for Wall Street …
He continued:
And once the giant shit machine was built and the note on all that fancy construction started to come due, Wall Street came back to the local politicians and doubled down on the scam. They showed up in droves to help the poor, broke citizens of Jefferson County cut their toilet finance charges using a blizzard of incomprehensible swaps and refinance schemes — schemes that only served to postpone the repayment date a year or two while sinking the county deeper into debt. In the end, every time Jefferson County so much as breathed near one of the banks, it got charged millions in fees. There was so much money to be made bilking these dizzy Southerners that banks like JP Morgan spent millions paying middlemen who bribed — yes, that’s right, bribed, criminally bribed — the county commissioners and their buddies just to keep their business. Hell, the money was so good, JP Morgan at one point even paid Goldman Sachs $3 million just to back the fuck off, so they could have the rubes of Jefferson County to fleece all for themselves.
According to Taibbi, the original cost for the sewer project was estimated to be about $250 million. That amount was reported to have ballooned into a total indebtedness of $5 billion for Jefferson County over the years. Because of the sewer debacle, the county was not only “saddled with an astronomical debt on its sewer project, it also saw a downgrade in its overall credit rating, which left it paralyzed in its attempts to borrow money to pay for general expenditures.” This is why people’s sewers bills exploded by 400%! This is why the county had to lay off many of its employees—who also lost their health insurance. This is also why Jefferson County had to file for bankruptcy last fall.
Bloomberg reported that Jefferson County’s Chapter 9 filing left creditors like JP Morgan “facing hundreds of millions of dollars in losses” and that it could “revive concern that defaults may rise in the $2.9 trillion municipal bond market.” The filing also leaves county residents uncertain as to how much they may be charged for sewage fees in order to repay the debt. Bloomberg also reported that JP Morgan agreed to a $722 million settlement with the SEC in 2009 “over payments its bankers allegedly made to people tied to county politicians in order to win business.” According to a Reuters report, at least twenty-two individuals have been convicted on charges of corruption, bribery, and fraud.
So…corrupt county officials and contractors have gone to jail. So…JP Morgan pays a multi-million-dollar fine to the SEC. So what? Does it fix things for all the people in Jefferson County who lost their jobs and health insurance because unethical politicians, contractors, and bankers were made to pay for their crimes? Does it help the poor people who can’t afford to pay their water and sewer bills? Does it help the poorest residents of Birmingham who say they can no longer afford to pay for running water?
One gentleman who lives in Birmingham says he has found it cheaper to purchase water from a gas station and to pay a sanitation company to remove waste from his “porta-potty” than to pay his water and sewer bill—which can amount to $300 some months. One Birmingham woman said that after she pays her water and sewer bill she doesn’t have much money left from her monthly $600 Social Security check to pay for food and electricity.
And so it goes. No help for the poor of Jefferson County. Yet, the wizards of Wall Street who are helping to bankrupt our communities are making a killing!
I’d say we need some REAL financial reform in this country NOW…before we become a third world country. Shouldn’t interest rates swaps and other “exotic financial instruments” be regulated? What do you think?
SOURCES
How Big Banks’ Greek-Style Schemes Are Bankrupting States Across the U.S. (Huffington Post)
Jefferson County Files for Chapter 9 Bankruptcy Protection (JEFFCOnline—The Offical Website of Jefferson County, Alabama)
Looting Main Street: How the nation’s biggest banks are ripping off American cities with the same predatory deals that brought down Greece (Rolling Stone)
Jefferson County, Alabama: Screwed By Wall Street, Still Paying (Rolling Stone)
“Looting Main Street”–Matt Taibbi on How the Nation’s Biggest Banks Are Ripping Off American Cities with Predatory Deals (Democracy Now)
Alabama county files biggest municipal bankruptcy (Yahoo/Reuters)
Alabama’s Jefferson County Declares Biggest Municipal Bankruptcy (Businessweek)
The Fleecing of Alabama: The Bills Come Due (Bloomberg)
ekeyra,
You wrote:
“So its the bank’s fault that jefferson county is run by idiots? Maybe if you hadnt allowed them to borrow money on the back of the taxpayer those taxpayers would not have saddled themselves with astronomical debt?
*****
Did I say it was the bank’s fault that Jefferson County was run by idiots?
The title of this post is “How the Bankers of Wall Street Are Helping to Bankrupt America.” I think I showed how that is happening.
Some questions for you:
– If the bankers didn’t provide money to middlemen to bribe county officials, do you think Jefferson County and its residents would be facing the financial problems they are today?
– Do you think the bankers are blameless?
– Do you approve of bankers bribing government officials?
Elaine,
I read about that. People also had their interest rates put from prime to sub-prime rates at the closing. They were threatened with legal action if they didn’t go ahead and close. This is a real threat because a seller can take legal action against a buyer for failure to complete the contract. At higher rates, the payment was more than people could afford.
ekeyra,
Sorry I misspelled your name in my post.
Jill,
Here’s an excerpt from one of my previous posts about the subprime mortgage crisis:
A Sordid Tale of Discriminatory Lending Practices and “Ghetto Loans”
http://jonathanturley.org/2011/12/11/a-sordid-tale-of-discriminatory-lending-practices-and-ghetto-loans/
In the aftermath of the financial crisis back in 2008, a number of conservative commentators—including Mike Huckabee and Neil Cavuto—blamed minorities and low income people for the subprime mortgage mess. According to some of these conservatives, the responsibility for the mortgage mess lay at the feet of the Community Reinvestment Act and the poor/minorities among us who took out subprime mortgages. There didn’t seem to be any mention of banks and their predatory lending practices being at fault in any way.
Well, James Theckson, a former banker who was a regional vice president for Chase Home Finance in southern Florida, claims that banks are mostly culpable for the subprime mortgage fiasco. He told Nicholas Kristof of the New York Times that his team wrote $2 billion in mortgages in 2007—and that some of them were “no documentation” mortgages. Theckson said, “On the application, you don’t put down a job; you don’t show income; you don’t show assets. But you still got a nod.” He continued, “If you had some old bag lady walking down the street and she had a decent credit score, she got a loan.”
Erka,
First, I never said, nor do I think any rational person can say that financial problems began in 2008.
I did assume you knew we were, as taxpayers, on the hook for at least 23 trillion (that we know of). There was a problem with fraudulent mortage making on the part of banks. They falsified income and changed the terms of the loans at closing along with many other criminal actions. The FBI warned of these types of fraud at least as early as 2004. No corrective, ie: law enforcement action was taken.
Now we come to what happen to these fraudulent as well as completely legal housing loans. These loans were bundled and sold off as AAA securities. People who knew this was bull shit, such as GS, sold them as AAA securities and also bought insurance for when they failed, because they knew full well they would fail. Thus, my point is, the bailout gave people money for engaging in multiple criminal fraud. If we were going to hand out 23 trillion dollars we could have paid off the original fraudulent mortgages and most of those people would have spent the money in ways that could have kept the economy afloat.
I am not saying that a consumer society is a healthy society, far from it. But the disaster we faced in 2008 would have been averted had we given the money straight to homeowners.
Tax money is in fact going to private groups. This has been a disaster for our nation. I understand you do not believe there should be any form of govt. I can’t argue that point with you except to say we differ on that issue.
I think it is important to work together as a society for each other’s common good. I do not resent paying taxes so that people can have education, healthcare, social security, disability, environmental quality, roads and infrastructure, etc. I do resent paying taxes into private military and banking industry coffers.
The way to deal with corruption in office is a people’s movement. Until people who have committed crimes are voted out of office they will continue to protect criminals in private industry. I therefore refuse to vote for a person who has committed war and financial crimes for political office.
I don’t think that we will agree on a need for a functioning govt.
ekeyra,
Why don’t we make the Banks pay back all of the money that they
” borrowed” from the Fed at ridiculous interest rates not to mention how much they lost the economy? If they don’t have to pay it back why should the middle class?
Anderson’s Whistleblowing CRIMINAL ALLEGATIONS reveal a MASSIVE GOVERNMENT CORRUPTION, exposing a NETWORK OF CRIMINAL ACTIVITIES/ATROCITIES operated by a CRIMINAL RICO ORGANIZATION inside Government, effectively creating a subterfuge to law. The RICO ENTERPRISE is comprised mainly of Powerful and Influential Law Firms, Attorneys at Law, Lawmaker Politicians, Public Officials and Judicial Officials, according to these Whistleblowers. Together, acting in Conspiracy, these trusted officials all abuse their legal degrees and positions in TOP OUTPOSTS OF LAW in order to aid and abet the commission and cover-ups of COMPLEX ILLEGAL LEGAL CRIMES, including directing operatives in various government capacities to subterfuge and subvert Law, Regulation and Justice to prevent prosecution.
According to Anderson, operatives of the CRIMINAL RICO ORGANIZATION, include but are not limited to, SENIOR STATE and FEDERAL PUBLIC OFFICIALS, almost all with legal degrees, operating inside US Government Agencies, including the courts and prosecutorial offices, DISABLING JUSTICE and REGULATION, and opening the door for the RICO Enterprise’s COMPLEX ILLEGAL LEGAL CRIMES to proceed. Illegal Legal Crimes packaged and rolled out by ATTORNEYS AT LAW that all are currently contributing to the INTENTIONAL Bankrupting of World Markets through a series of sophisticated frauds.
Examples of these frauds, include but are not limited to, FRAUDULENT SUBPRIME MORTGAGES, FRAUDULENT COLLATERALIZED DEBT OBLIGATIONS (CDOs), FRAUDULENT DERIVATIVES, FRAUDULENT INSURANCE CONTRACTS, FRAUDULENT TARP FUNDS and VIOLATIONS OF ANTITRUST LAWS. Where all of these FRAUDS require superior knowledge of Law, the type only LICENSED ATTORNEYS AT LAW posses. The Criminal Operatives, disguised as ATTORNEYS AT LAW with LEGAL DEGREES, are nested deep inside Government at Key Posts, in order to COVER-UP the CRIMINAL RICO ORGANIZATION’S ILLEGAL LEGAL CRIMES. The Operatives now are deeply embedded in the United States and New York regulatory agencies, prosecutorial agencies and courts, at the highest levels, as revealed by Anderson and others. Here comes a political scandal on an International Scale to make Boss Tweed’s New York Tammany Hall look like a Juvenile Delinquency robbing of the cookie jar.
From my upcoming 2nd Circus Motion
I. INTRODUCTION
What country before ever existed a century & a half without a rebellion? & what country can preserve its liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? Let them take arms. The remedy is to set them right as to facts, pardon & pacify them. What signify a few lives lost in a century or two? The tree of liberty must be refreshed from time to time with the blood of patriots & tyrants. It is its natural manure.
The “Tree of Liberty” letter from Thomas Jefferson to William Smith
A. CHRISTINE C. ANDERSON, ESQ., NEW YORK SUPREME COURT ATTORNEY WHISTLEBLOWER TESTIMONY REVEALS A CRIMINAL RICO CARTEL COUP D’ÉTAT ON GOVERNMENT AT THE HIGHEST OUTPOSTS OF LAW AND REGULATION
NEW YORK SUPREME COURT WHISTLEBLOWER ATTORNEY, CHRISTINE C. ANDERSON, ESQ. (“Anderson”) MAKES FELONY CRIMINAL ALLEGATIONS IN US FEDERAL COURT AND BEFORE THE NEW YORK SENATE JUDICIARY COMMITTEE. ALLEGATIONS AGAINST SENIOR RANKING OFFICIALS OF THE US ATTORNEY’S OFFICE, THE NEW YORK ATTORNEY GENERAL’S OFFICE, THE DISTRICT ATTORNEY’S OFFICE, THE NEW YORK SUPREME COURT, THE NEW YORK SUPREME COURT DISCIPLINARY DEPARTMENTS, “FAVORED LAWYERS AND LAW FIRMS ” AND NAMES A “CLEANER” , AS REVEALED IN FEDERAL COURT TESTIMONY, A ONE NAOMI GOLDSTEIN. THESE ALLEGATIONS DEMAND IMMEDIATE REPORTING, INVESTIGATION AND HALTING OF THE LEGALLY RELATED IVIEWIT RICO & ANTITRUST LAWSUIT IN ORDER TO BEGIN INVESTIGATIONS TO IDENTIFY AND PROSECUTE THOSE FINGERED BY WHISTLEBLOWER ANDERSON and OTHERS.
The “Legally Related” Federal Lawsuit of New York Supreme Court Veteran Senior Supreme Court Disciplinary Department Attorney and Expert in Attorney Criminal Misconduct Complaints, Whistleblower Christine Anderson, Esq., by Federal Judge Shira Anne Scheindlin to this RICO & ANTITRUST Lawsuit, exposes from the inside, a legal conspiracy of corruption involving the highest levels of Regulatory, Prosecutorial and Judicial Public Offices both State and Federal. Heroism is a word earned through action. The Whistleblowing Efforts of Anderson, another New York Supreme Court Attorney Whistleblower and Hero, Nicole Corrado, Esq., and, a Sitting New York Supreme Court Justice, Honorable Duane A. Hart, Esq., all cited herein, should be the Moniker of HEROISM for others in the legal profession to follow.
These Whistleblowers Expose Corruption at the Top of Government, including the Courts, this Court, the Department of Justice, the New York Attorney General and others. They further provide the World with an understanding of how America’s Financial System has melted top down, from rigged economic breakdowns and controlled demolition of world markets through fraud, with no Regulators or Prosecutors or Courts to stop it, in fact, all of them Aiding and Abetting the crimes. Nobody attempting to RECOVER the stolen funds for the PEOPLE, as all of the Top Government Officials charged with enforcement of the Law, appear on the take and part of the crimes according to these Whistleblowers. These Whistleblowing efforts expose how and why no one on Wall Street/Greed Street/Fraud Street has been charged with Criminal Acts, despite massive and overwhelming evidence of CRIMINAL ACTS and FRAUD. Further exposed, is why none of the Stolen Loot from these Economic Crimes have been recovered back to the People. What is unveiled is a COUP D’ÉTAT on the HIGHEST OUTPOSTS OF LAW & ORDER in the United States and yet not a single story in the Mainstream Media aka US Pravda Press, regarding these shocking allegations by inside Whistleblowers.
Exposed by these HEROIC WHISTLEBLOWING EFFORTS is a REVOLVING DOOR between a LICENTIOUS GROUP OF LAW FIRMS and ATTORNEYS AT LAW, acting in both PRIVATE PRACTICE and PUBLIC OFFICE, working together in CONSPIRACY and forming a RICO CRIMINAL ORGANIZATION with tentacles embedded at the highest outposts of the US Government in order to OBSTRUCT JUSTICE for the CRIMINAL ENTERPRISE. Anderson, Corrado and Other Public Office Whistleblowers cited herein, also provide explanation for why Judges and Attorneys at Law are now desperately trying to grant themselves immunity for felony crimes and attempting to use the State Attorney General Offices and other Government officials as accomplice in the cover-up. Immunity for ATTORNEYS AT LAW for their role in TORTURE CRIMES, WAR CRIMES and ECONOMIC CRIMES, crimes that include the CREATION OF ILLEGAL/FRAUDULENT FINANCIAL & INSURANCE CONTRACTS that led to the RIGGED HOUSING and MARKET COLLAPSES, that led to MILLIONS OF VERY ILLEGAL FORECLOSURES and left MILLIONS UNEMPLOYED AND STARVING. Seeking immunity for crime, as a legal defense is both futile and an obvious admission of guilt, which will never hold in a fair and impartial court of law? The attempts to gain immunity for FELONY CRIMINAL ACTS shows culpability in the crimes, exposing fear by the guilty of retribution of the day when the “long arm of the law” swings back. Fear that they will hang for their crimes against Humanity, their War Crimes (Illegal Undeclared Wars of Aggression, Torture, Misappropriation of Public funds by Congress for Undeclared Wars, Economic Terrorism and more) and they must hope for dirty courts to clear them forever.
Whistleblowing comes at a price to Whistleblowers in this new environment of a CRIMINAL GOVERNMENT. Christine Anderson, Corrado, Hart and others, including PLAINTIFF have been through hell to bring this INFORMATION TO LIGHT and where this Court should acknowledge Anderson, Corrado and the others who have come forth for their HEROISM, suspiciously, they do not. These are TRUE AMERICAN PATRIOTS, HEROES and ROLE MODELS OF ETHICS shunned by the very legal system they work in. We instead find this Court currently attempting to ILLEGALLY DISMISS Anderson’s WHISTLEBLOWER Lawsuit and the “legally related” cases prior to investigations and hearings of the criminal acts exposed by government officials against other Senior Ranking Officials.
We find THIS COURT attempting to BURY THE FELONY CRIMINAL ALLEGATIONS AGAINST FEDERAL AND STATE AGENCIES EXPOSED BY CREDIBLE WITNESSES in a FEDERAL COURT by “SWEEPING THEM UNDER THE RUG,” PRIOR TO INVESTIGATIONS REQUIRED BY LAW, as more fully defined herein. Therefore, Plaintiff starts this Motion in HONOR. A TIP OF THE HAT TO THE TRUE PATRIOTS NAMED HEREIN AND THEIR HEROIC WHISTLEBLOWING EFFORTS TO BLOW THE LID OFF ONE OF THE LARGEST CORRUPTION STORIES OF ALL TIME, PLACING MEMBERS OF THIS COURT RIGHT IN THE CENTER OF WORLD MARKET FRAUD AND MORE, A ROOT OF THE PROBLEM.
Watched two movies this weekend … Company Men and Margin Call. Company Men was good … Margin Call was great.
“Another thing I fail to understand is why Alabama voters still vote for the very people who are robbing them blind.” (OS)
We have that same phenomena in Ohio. Taft and his buds robbed the state blind … ( http://www.toledoblade.com/coingate ) yet just a few years later the voters returned the republican teabaggers to power and, once again, financial shinnanigans are unfolding.
Money has always been a corrupter but voter stupidity is the enabler.
OS
“I completely fail to understand the arguments of anyone who blames the victims and defends the banksters.”
The victims are the taxpayers who got stuck with the bill after their elected “representatives” shook hands with the banks and both walked away laughing at those poor saps. If you eliminate the particular bank in this story, any other one can easily take its place. However, if you eliminate the ability of “representatives” to borrow money they will never be personally liable for repayment, the bank then has to convince everyone INDIVIDUALLY to go into that much debt.
Im astounded how people this smart cant put two and two together that if you let people borrow money they dont have to pay back, then of course they arent going to care what happens to it or how much they owe.
OS
what’s going unsaid is that in the state government and over much of the state is that the problems in birmingham are that blacks run the city of birmingham and that black people can’t handle money.
if this happened in huntsville, montgomrery, or god forbid tuscaloosa, the state would be ready to secede.
OS,
Calling them con men is an insult to upstanding con men everywhere! When middlemen are actually going to jail we need to follow the money and send a few more up the river. However, what is most important to me is to hit the Banks with larger fines to make the Cities and Counties whole when fraud was present.
Great story Elaine.
I had read of this debacle in an article by Roger Shuler, a reporter and blogger from Alabama. There is so much fraud it is almost incalculable, but in a heavily Republican state, with Bush holdovers in the US Attorney office, there seems to be little incentive to investigate, let alone prosecute, the bankers and their enablers who perpetrated this fraud.
I completely fail to understand the arguments of anyone who blames the victims and defends the banksters. Those are con men of the first order. Another thing I fail to understand is why Alabama voters still vote for the very people who are robbing them blind.
“These things would all be doable if we had a political class that wasn’t beholden to the very thugs who defrauded our nation and continue to steal from the people.”
Perhaps the solution is to simply not have a political class, considering they are the cornerstone that enables those violations of people’s rights?
Jill,
“We could have paid off everyone’s mortgages by now and been much better off as a nation for it!”
Not only do you leave it completely ambiguous as to who “we” is in that sentence, but you dont even attempt to explain WHY we should be paying off everyone’s mortgage, nor do you try to back up your assertion that buying everyone in america a house would make us all better off.
“Instead what is really happening is the deliberate draining off of public funds to private hands. It is what happened in 08 and it is still happening now. ”
The fleecing of america has been going on for a lot longer than the past 4 years. The bigger problem is, how does any redistribution of resources not fit your definition of “public funds going to private hands” ? Whether you are collecting taxes and bailing out corporations or your handing it over to starving people, at some point those resources reach “private hands”.
“According to Taibbi, the original cost for the sewer project was estimated to be about $250 million. That amount was reported to have ballooned into a total indebtedness of $5 billion for Jefferson County over the years. Because of the sewer debacle, the county was not only “saddled with an astronomical debt on its sewer project, it also saw a downgrade in its overall credit rating, which left it paralyzed in its attempts to borrow money to pay for general expenditures.” This is why people’s sewers bills exploded by 400%! This is why the county had to lay off many of its employees—who also lost their health insurance. This is also why Jefferson County had to file for bankruptcy last fall.”
So its the bank’s fault that jefferson county is run by idiots? Maybe if you hadnt allowed them to borrow money on the back of the taxpayer those taxpayers would not have saddled themselves with astronomical debt?
Not only that, but if jefferson county was having to borrow money to cover its general expenditures, then it sounds like they were already in financial trouble. Maybe the culprit here is beaurcrats expanding their short term budget by sticking their constituents with long term unpayable debt.
Elaine,
This is a very important article that you have written. Financial instruments are so complex that most of us cannot wrap our minds around that kind of fraud. I know its very difficult for me. I think that’s part of the reason that explanations such as “people were buying houses they couldn’t afford” sit well with people. Even though it isn’t true or even when it is partly true, that has nothing to do with the financial crisis and subsequent blow up of the economy. We could have paid off everyone’s mortgages by now and been much better off as a nation for it!
Instead what is really happening is the deliberate draining off of public funds to private hands. It is what happened in 08 and it is still happening now. Due to even more rarefied fraud we are due for the next bubble anytime now. The people will be asked again to bail out the fraudsters.
We need immediate criminal prosecutions for fraud. We need civil suits to recover the money and we need actual regulators to enforce existing regulations. These things would all be doable if we had a political class that wasn’t beholden to the very thugs who defrauded our nation and continue to steal from the people.
birmingham could do like the city of milwaukee and process the end product and make birmorganite. then send it to wall street as a default swap.
I went into my checkbook to see what my water and sewer bill is per month … $15.68 … and our sewers were completely overhauled approx. 5 years ago.
These wizards of Wall Street are really the Wicked Witches of the West and should be handled thusly: