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radiumsoup, thanks and UGH! at the same time.
Could this be questioned by a filing by S+G and therefore overturned?
TIA
GYS
FWIW, regarding SHORT SALES in Europe.
Austria + Germany forbid them last year.
Now 1-2 days ago 4 other major European countries installed the same law:
France/Spain, Belgium + another one I forgot now.
So why is the US still allowing this?
Answer that our 5 big banks "too big too fail" would lose billions as well as the hedgefunds which grease the government!
Makes me absolutely sick!
GYS
Tool_power, and what if she approves this S$$T regardless of our DD?
What recourse do we have afterwards?
TIA
GYS
Jerle, correct!
GYS
cheechmoney, then this seems to confirm that her "attention span" is rather limited, or she is either overworked or plainly preoccupied. She should know this case inside-out by now!
However written arguments have their +++'s as one can read/re-read up again and again and confer the Law books at the same time.
IMO, wasn't a bad decision at all.
Wonder who brought it up?
GYS
radiumsoup, I agree with your classic courtroom 101 scenario. But didn't catch whether his wish for 30 Minutes ORAL was granted or not.
TIA
GYS
DC - STAT would be welcomed by most of us LT holders.
BigBang, I agree, but then she's another government employee and hoping for a big pay-day or placement in private industry, which one you and I can guess when this is all done.
Joe McMahon is unfortunately gone forever, he at least had some balls while in the governments employ.
As for the "slanted" article our friend in the NW, guess who is paying her bills/book deal?????
The continuous chit-chat at times and winking/smiling at each other between MW and Rosenfart also makes me sick to my stomach.
I can only hope that she after all those years FINALLY caught up with Rosenfarts downright LYING in her court room and making a mockery of it, being devious and fraudulent at the same time etc... and that she'll play her trump-card soon!
Maybe this is a game for her until she caught up with what really transpired, I can only hope. Never underestimate a "played/scorned" woman which I learned the hard way some time ago - LOL.
BUT maybe also waiting for a phone-call from the Inner offices of JPIG to make her decision?
At least I am happy that she allowed the ORALS despite Rosenfarts arguments.
THANKS to BETH again for standing up and presenting our case = KUDOS.
Also THANKS to Ilenes/Slatky for the Tweets and also thanks to some posters who gave some insight into the proceeding at court I wasn't able to listen to but will go through the transcript with a fine tooth comb when available.
And thanks to DanBB for providing this service for us "lowly commoners".
GYS
Y'ALL have a nice weekend now!
cents2ks, WHOA,
what are you saying now. Preferred's will get paid but the UQ's will not?
Careful bud!
GYS!
cents2ks, it might not happen as your think.
Given J. Demons ARROGANCE + the help of the gov/FED this needs an "independent/fair" court order and SS in the drivers seat to prosecute these criminals/their Co's.
MW didn't cut it for sure and probably in the pocket
GYS
cents2ks, yep saw it as well. But the traders and HF's are trying to have JPIG on an even keel eventually, at a $30.00 price it might go that way + the FEDS might step in to SAVE them, if the market continues to deteriorate much more which IMO, I predict!
GYS
FWIW, Europe's market are down again.
DAX: down -1.1% as of now = about 2:00pm in Europe.
Therefore I expect the Dow getting another hit, with the banks getting hit the most.
Despite T. Geithner's and B. Bernanke's overtures = pacifying/white-washing, it looks dismal for the US markets and OUR Eonomy. IMO, other traders know this and act accordingly,,,,,namely the Chinese!
BUT THEN OF COURSE take into account, the many Hedge Funds who will be profiting handsomely again!,, as well as the ones employed at AIG, GS, BoA and JPIG! = hidden from view/public scrutiny.
See: George Soros, whos HF single-highhandedly brought down the British Pound in 1992!
BUT still NO REGULATION from our esteemed government!
GYS
umaw, YOU forgot to add;
AND get OBSCENE bonuses for doing so, ALL under the "so-called" watchful eye of the government and the FED to be sure.
GYS
Axel, loved your filing and right on spot in pointing things out vigorously
Thanks much from the bottom of my heart.
GYS
PS: Markets in Europe have another re-bound from the lows of yesterday/Wed. but wonder if it will hold as some more rumors about other EU countries are surfacing = instability. However rumors could have been placed by these unscrupulous HF's to benefit from "down-turns" as well as "up-turns" and IMO this will be proven to be true.
I hope the US Congress/Senate will place a law to forbid these shenanigans in the future ,,,,, one can only hope.
gophilipgo, AMEN you just nailed the core problem. Unfortunately my earlier post was deleted where I addressed this also.
Too bad.
GYS
Jerle, it's gonna hit 1 minute before 12:00, bet Ya.
GYS
You better pray that this will not happen!
They should have better gov. controls on and the with strict ACCOUNTABILITY.
Yep, we had this with B. Frank and C. Todd = overseers! IMO they should have been kicked out on their A$$ and jail-time.
Wasn't B. Frank who "ensured" that Freddie and Fannie were OK and profitable?
2 month later they needed to get a massive "tax-payer" infusion and still do.
Please inform yourself.
GYS
Q:
did anyone in the US - yep still not there - catch the interview given by DEMON on CNBC this AM, some poster eluded to earlier?
Short synopsis, please!
TIA
GYS
Desperado90, perfect synopsis.
I couldn't have said it any better!
THX
GYS
MONICALAW, by all means not brilliant, but given the circumstances I needed to act.
I did lose so much in LEH + WAMU (the bigger part in my Roth) I felt and still feel entitled to "reap back" some monies from JPIG regardless of this "sad saga".
GYS
mypenneys, only partially true.
Remember under Clinton the banks were told to give out loans indiscriminately to make the American dream of owning a house and of course the banks/underwriters jumped at this with both feet, knowing full well that they would be protected by the FED'S.
However the "super banks" decided to bundle these loans (good and bad ones) and sell them to others and then bundle them again......
hence the default on most (bad ones) since the economy turned down and people had no monies to keep up the payments.
However all these "so-called" banks profited handsomely from underwriting fees and selling these dubious products in the meantime and running some banks in Europe into the ground.
Goldenslacks, JPIG, Citi and BoAbyss in the foreground to be sure!
GYS
drkazmd65, LOL.
fortunately I do have the capital (10k's of JPIG) but from what we have gone through and learned over the past 3 years and remember I'm also a PRE holder it was a given for me. I have done this before in a smaller frame but once it hit 45. I felt sure enough that the "house of cards" will come down.
GYS
Don, not entirely too late to short JPIG but not practical or very short lived.
I did short it about 44.- and covered yesterday at about 34.-. Once the markets will stabilize (?) JPIG will go up again at which point I'll short them again.
GYS
North of Center / By Danny Mayer
How JP Morgan Took Over All Kentucky's Financial Services, And Why You Should Be Scared
One of the major players in the global financial crisis is now in charge of all financial transactions in an entire state. Could this spread?
August 4, 2011 |
On July 1, JP Morgan Chase became the Commonwealth’s bank. As the state’s official depository, JP now receives all deposits, writes all checks and makes all wire transfers on the $12-15 billion that flow through Kentucky state government in the course of a fiscal year. It will cut payroll checks, receive federal and other funds earmarked for the state, and disburse educational or transportation or any other funds to their appropriate monetary endpoints. For its trouble, the bank will receive $1.3 million in state fees and the ability to re-lend idle state funds out to customers for private gain.
Yes, you should be worried.
JP's decade
A global corporation with more than $2 trillion in assets and operations in 60 countries, JP Morgan Chase has been a major figure in the ongoing global financial crisis. As one of the largest private banks in the U.S., the bank made incredible amounts of money by underwriting many of the questionable loans (sub-prime, zero down, adjustable rate) that fueled the American housing bubble. It then made even more money by packaging hundreds of these shitty loans into a single “product,” a mortgage backed security, which it sold like Twinkies to pious religious non-profits, filthy-rich hedge fund managers, municipal fire-fighters, retired auto-workers, and the like, each security effectively putting these groups on the hook—and not JP—for the shitty loans that it had helped create.
When, inevitably, individual homeowners began to default on their loans, thereby triggering the stock market collapse of 2008, JP Morgan found a way to make money on that, too, by buying insurance (known as credit default swaps) on the shitty securities of shitty mortgages that it had sold to unwitting investors. For good measure, the U.S. government handed the corporation $25 billion in TARP funds, $30 billion in U.S. treasury backing to purchase bankrupt Bear Stearns (previously a global leader in mortgage backed securities), and the biggest chunk of the $129 billion of taxpayer-provided money earmarked for creditors of bankrupt credit default swaps provider AIG.
Since 2002, the bank has turned its attention to another easy revenue source: city, state and national government debt. Along with other large banks like Goldman Sachs, it began selling a new type of complicated loan to countries like Greece, states like Connecticut and Mississippi, and cities as far-flung as Birmingham, Alabama, and Milan, Italy. Even the Delaware Port Authority and the Pennsylvania school system have gotten caught in the JP trap.
These derivative packages, named “swaps” to ensure they do not get officially counted as debt on government balance sheets, essentially act as second and third and fourth-mortgages on public infrastructure projects like airports and highways. Loaded with adjustable rates and a slew of fees and “trigger points” that ensure rapid debt growth, the swaps essentially ensure the privatization of public government assets. In the case of Birmingham, Alabama, for example, Rolling Stone journalist Matt Taibbi has reported how a city sewer project initially estimated to cost $250 million generated “a total of $1.28 billion just in interest and fees on the debt,” most of which went into the private coffers of J.P. Morgan. The result for Birmingham? “Between 2008 and 2009,” Taibbi notes, “the annual payment on Jefferson County’s debt jumped from $53 million to a whopping $636 million.” The debt now stands at $4800 per resident.
This is the corporation that our state leaders have chosen to safeguard and disperse public state money.
Local first
In the most recent of a slew of fraud-related lawsuits targeting JP Morgan’s financial transactions, the corporate giant has been forced to pay $228 million in damages for rigging bids on municipal bonds—public debt incurred to pay for expensive infrastructure projects. The lawsuit accused JP Morgan of insider dealings that inflated the taxpayer cost on over 90 projects spanning 31 states. As is standard in these cases, the money the bank was forced to pay back reflected only a percentage of what they made off the deals, quarters on the dollar. What’s more, because the settlement did not require the bank to admit guilt, it has been effectively insulated from any future litigation on behalf of the specific localities that were defrauded.
One of these states, it should be known, is Kentucky. A small blurb appearing in the July 13 Herald-Leader, less than 2 weeks after state leaders made JP Morgan Chase our Commonwealth bank, cited two separate bid-rigging schemes that had made their way onto the 31-state lawsuit: Western Kentucky’s Henderson County received $224,000 from the lawsuit, while the University of Kentucky stood to recoup $66,000 as part of the settlement.
“The issue with UK,” the Herald-Leader blurb reported, “involved a series of bonds totaling $18.695 million dating to May 2001” for the Peter H. Bosomworth Health Sciences Research Building (described by UK as “the Medical Center’s marquee research facility”) and its utility infrastructure.
Writing in response to the JP lawsuit on his Rolling Stone blog, Taibbi lamented that big banks were getting away with crimes that, when pulled off by blue-collar muscle outfits like the mob (and they are), result in lengthy jail sentences. Fraud on the part of JP Morgan and other corporate banks, he concluded, is “not going to stop until people start doing hard time for these crimes.”
Unfolding events here in this state attest to how far we still have to come. Not only does JP Morgan mostly escape prosecution, here in Kentucky we seem hellbent on giving them the keys to our kingdom's vault, too.
http://www.alternet.org/story/151917/how_jp_morgan_took_over_all_kentucky%27s_financial_services%2C_and_why_you_should_be_scared/?page=entire
FWIW, covered my short yesterday at about 34 = almost 10 points from then but went long to catch the "rebound" today, but shorted them today again!
GLTYA
Monica, hate to post - not when the GOV is involved Grabbing everything in sight = to make due but paying for what!?
Weren't we supposed to be OUt OF Lybia after 1 week of engagement???
+++ many months and counting,
GYS
Heck, I'm all FOR this!
But who will instigate the "take-down" ???
GYS
MrchntDeth, for posting this and also alert as to WEIL/Rosenfart to deceit throughout the courts = JMW!
GYS
mypenneys, FWIW, the government!
JPIG holds, the SS funds among other $$ = too big to fail and therefore "inhaled" banks with multiple Billions, AND sanctioned by the government = goes back 20+ years now.
IMO, time to break them up!
GYS
MrchntDeth, thanks you for bringing this up and read most of your recent posts as well,,, I can only concur!
Something is foul in WAMU land and needs to be corrected ASAP!
GYS
Are we looking at another "Black Friday" today?
Markets down everywhere, in Germany investors are in "panic selling mode" and of course WAMUQ is down 10% so far.
I guess we shall see in about 3 hours.
GYS
YEP, in my ROTH!
GYS
chaarles, YOU pinpointed this absolutely right!
How will this benefit us SH's will remain to be seen.
I fully trust S+G to have "the handle"....damaging evidence!
GYS
FWIW, analyzing "stuff" over the past month.
I saw that the "legal/registered" Short position increased.
Markets down overall and ours (DOW) is at the -400 level at this point.
IMO no confidence that the US economy will recover anytime soon - lifeblood of the US with small businesses stifled, but feeding the UNIONS in states of MI, WI, OH and WALL Street to boot, also AIG, Freddie and Fannie with our hard-earned TAX-PAYER-MONIES, forgot GM now.
I can't see any recovery anytime soon.
As to WAMUQ's PPs, it may very well hit the .05/.06 as well.
I got "my lot" and was a PRE-holder and averaged down over these many years. but not anywhere where I could call it a equal/profit?
Kudos to the traders, I'm not one of them and hoping/actually counting for a favorable outcome of this "disaster".
GYS
thelimeyone, WOW what a nice/accurate post,,,, and I fully agree too?
GYS
Voodoo, hate to tell you but JPIG is involved in this scheme majorly, hence they play with their MM's to the fullest.
SEC, what or where are they???
GYS
VivaLasVegas, if you check out Dragon's post over many years......
He's a perpetual short seller and probably working for a HF!
GYS
DON, Amen, you spelled it out correctly!
GYS
Fitch Downgrades J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC1
NEW YORK, Jul 27, 2011 (BUSINESS WIRE) -- Fitch Ratings has downgraded J.P. Morgan Chase Commercial Mortgage Securities Corp. series 2001-CIBC1 commercial mortgage pass-through certificates. A detailed list of rating actions follows the end of the press release.
The downgrades of class G and H are the result of Fitch expected loss associated with loans currently in special servicing. The upgrade and affirmation of the senior classes reflect increased credit enhancement and expected pay down to offset increasing loan concentrations.
As of the July 2011 distribution date, the pool's certificate balance has paid down 92.2% to $79.4 million from $1 billion. Fitch modeled losses of 21% based on Fitch adjustments to recent property valuations obtained by the special servicer for the specially serviced properties. Nine (52.4%) of the remaining 19 loans in the pool have been designated Fitch Loans of Concern (LOC), of which eight (46.4%) are in special servicing, but only five (38.6%) contribute expected losses.
The largest contributor to Fitch expected losses, the pool's largest specially serviced loan (17.6%), is collateralized by a 288,666 square foot (sf) anchored retail center located in Richmond, KY, 30 miles south of Lexington. The loan transferred to special servicing in March 2009 due to imminent default and the special servicer foreclosed on the property in November 2010. Contributing to the default in 2009, the property's largest tenant, Goody's Family Clothing went bankrupt causing a decrease to revenue. The special servicer has reported that the property's interior is obsolete and that the local market is saturated with retail space. Prior to foreclosure, the borrower reconfigured some space into office space. The most recent reported occupancy is 72.2% as of month-end April 2011.
The second largest contributor to Fitch expected losses is a loan (5.95%) collateralized by 63,000 sf anchored retail center in Tupelo, MS. The loan transferred to special servicing in January 2010 due to monetary default. Revenue at the property declined when the largest tenant (27.3%), Circuit City, filed bankruptcy and stopped paying rent. The special servicer is working to determine the best resolution for the trust after the borrower filed for bankruptcy in February 2011.
The third largest specially serviced loan (7.85%) is secured by a 106,540 sf office building in Hammonton, NJ, near Atlantic City. The loan transferred to special servicing in November 2010 due to imminent maturity default. The property was 100% occupied at maturity, however the largest tenant (62%) vacated upon its lease expiration in February 2011. Cushman Wakefield is currently marketing the vacant space.
Fitch downgrades the following classes as follows:
--$29.1 million class G to 'BBB-/LS4' from 'BBB/LS4'; Outlook Negative;
--$10.5 million class H to 'CC/RR1' from 'CCC/RR1'.
Fitch upgrades the following class:
--$10.5 million class F to 'AA/LS5' from 'AA-/LS5'; Outlook Stable.
Fitch affirms the following classes and revises the Recovery Rating (RR) as indicated:
--$15.9 million class E at 'AAA/LS4'; Outlook Stable;
--$13.9 million class J to 'C/RR2' from 'C/RR5';
--$2.5 million class K at 'D/RR6'.
Fitch does not rate class NR.
Classes A-1, A-2, A-3, B, C, and D have paid in full. Due to realized losses, classes L and M have been reduced to zero.
Fitch has withdrawn the rating on interest-only class X1 and X2 has been paid in full. (For additional information on the withdrawl of the rating on class X1, see 'Fitch Revises Practice for Rating IO & Pre-Payment Related Structured Finance Securities' dated June 23, 2010.
Additional information on Fitch's criteria is available in the Nov. 17, 2010 report, 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', which is available at ' www.fitchratings.com ' under the following headers:
Structured Finance then CMBS then Criteria Reports
Additional information is available at ' www.fitchratings.com '.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 13, 2010);
--'Surveillance Methodology for U.S. Fixed -Rate CMBS Transactions' (Nov. 17, 2010).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=574208
http://www.marketwatch.com/story/fitch-downgrades-jp-morgan-chase-commercial-mortgage-securities-corp-series-2001-cibc1-2011-07-27?reflink=MW_news_stmp
KUDOS to this administration to keep the the "vulture bank" JPM alive....more than interesting to say the least:
For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs.
In another disturbing finding, the GAO said that on Sept. 19, 2008, William Dudley, who is now the New York Fed president, was granted a waiver to let him keep investments in AIG and General Electric at the same time AIG and GE were given bailout funds. One reason the Fed did not make Dudley sell his holdings, according to the audit, was that it might have created the appearance of a conflict of interest.
To Sanders, the conclusion is simple. "No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed's board of directors or be employed by the Fed," he said.
The investigation also revealed that the Fed outsourced most of its emergency lending programs to private contractors, many of which also were recipients of extremely low-interest and then-secret loans.
The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo. The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts. Morgan Stanley was given the largest no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.
A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. "The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street."
CORRUPTION AT ITS FINEST.. When I read this article, I saw the bigger picture. We have very incompetent people at the Federal Reserve and we need to reform it, before we get our country back on track.Bernake needs to be flogged and many many people need orange jumpsuits, including Jamie D and Sheila, they can share a 3 bed cell with Hank Paulson. JPM needed 390 Billion, yet WAMU was not even able to get 5 Billion! Oh how the cookie crumbles!
Jamie Dimon was hailed as a hero, yet he got 390 Billion and WAMU to keep his company floating. He really is "too big too fail!" I'll bet the Fortune Magazine author of that story is PO'ed because he was either fed a really large pile of horse dookie or was in on JD being made banker of the year! HUM!
Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts
Posted by ?D on July 21st, 2011
ben-bernanke-fed-reserve-chair
The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke(pictured to the left), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning.
What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious — the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.
In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.
“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.” – Bernie Sanders(I-VT)
When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.
Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses will eventually plunder the world economy.
The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places
View the 266-page GAO audit of the Federal Reserve(July 21st, 2011): http://www.scribd.com/doc/60553686/GAO-Fed-Investigation
Source: http://www.gao.gov/products/GAO-11-696
FULL PDF on GAO server: http://www.gao.gov/new.items/d11696.pdf
Senator Sander’s Article: http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3