Credit Suisse Unease Sparks World Stock Sell-Off (Connecting the Dots: Credit Suisse, JPMorgan Chase & Co., Citigroup. Bank of America Corp., FDIC & Soros Funding, All Networking)

Credit Suisse Unease Sparks World Stock Sell-Off (Connecting the Dots: Credit Suisse, JPMorgan Chase & Co., Citigroup. Bank of America Corp., FDIC & Soros Funding, All Networking)

Newsmax

Wednesday, 15 March 2023 12:26 PM EDT

https://www.newsmax.com/finance/streettalk/stock-selloff/2023/03/15/id/1112278/

U.S. stocks dropped Wednesday as turbulence at Credit Suisse revived fears of a banking crisis, eclipsing bets of a smaller interest rate hike in March following weak economic data.
Troubles at Credit Suisse have piled more pressure on the banking sector following the collapse of SVB Financial and peer Signature Bank, undoing relief from the emergency measures by U.S. authorities aimed at preventing a contagion.
U.S.-listed shares of Credit Suisse hit a record low, after its largest investor said it could not provide more financing to the bank, starting a rout in European lenders and bringing U.S. banks under pressure as well.

European stock markets fell sharply Wednesday, amid the banking sector fallout. The pan-European Stoxx 600 index closed 3% lower, with all sectors in the red. Banking stocks sank 7%, followed by the oil and gas sector, down 6.6%.

Credit Suisse ended at the bottom of the blue-chip index overseas after the bank’s biggest lender, Saudi National Bank, said it would not be able to offer it more financial help, citing regulatory reasons. Credit Suisse closed down 24% after falling as much as 30% earlier in the session.
"Anything negative from any highly visible institution, in this case Credit Suisse, is going to have ripple effects across the financial sector," said Michael James, managing director of equity trading at Wedbush Securities.
Meanwhile, data showed retail sales fell 0.4% last month from a 3.2% growth in January, while economists polled by Reuters had expected a contraction of 0.3%.
A separate report showed U.S. producer prices unexpectedly fell in February, offering some hopeful signs in the fight against inflation.
The data, which came on the heels of a reading on Tuesday showing a moderation in consumer inflation last month, fueled hopes of a less hawkish Fed policy as a cooling in demand could persuade the central bank to slow the pace of its rate hikes.
U.S. Treasury yields tumbled, with traders now expecting equal chances of a 25-basis-point rate hike and a pause at the Fed's March meeting.
Amid several volatility halts, First Republic Bank fell 17.7% while PacWest Bancorp slid 17.2%, a day after shares of the battered banks staged a strong recovery.
Shares of their peer Western Alliance Bancorp as well as those of bank and brokerage Charles Schwab Corp. reversed early declines to rise 7.1% and nearly 2% respectively.
"In the financial markets, you just have to look at the ones that could weather through and don't have as much investment risk on their on their portfolio," said Jeffrey Carbone, managing partner at Cornerstone Wealth.
Big U.S. banks including JPMorgan Chase & Co., Citigroup and Bank of America Corp. fell between 1% and 6%.
The KBW regional banking index slid 1.4%, while the S&P 500 banking index dropped 3.7%.
Most of the 11 major S&P 500 sectors were in the red, with energy down 5.6% and leading declines.
At 11:57 a.m. ET, the Dow Jones Industrial Average was down 585.89 points, or 1.82%, at 31,569.51, the S&P 500 was down 60.75 points, or 1.55%, at 3,858.54, and the Nasdaq Composite was down 100.00 points, or 0.88%, at 11,328.15.
Weighing on the industrials-heavy Dow Jones, Boeing Co. shed 5.8% after the company on Tuesday said its aircraft deliveries fell in February.
Declining issues outnumbered advancers by a 4.63-to-1 ratio on the NYSE and by a 3.09-to-1 ratio on the Nasdaq.
The S&P index recorded one new 52-week high and 32 new lows, while the Nasdaq recorded eight new highs and 292 new lows.

Connecting the Dots:

A.W. Clausen was the chairman & CEO for the Bank of America Corp. and an honorary trustee at the Brookings Institution (think tank).

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Judith Rodin was an honorary trustee at the Brookings Institution (think tank) and is a director at Citigroup Inc.

Joan E. Spero was an honorary trustee at the Brookings Institution (think tank), and is a director at Citigroup Inc.

Ann Dibble Jordan is an honorary trustee at the Brookings Institution (think tank) and was a director at Citigroup Inc.

Charles O. Prince III was a trustee at the Brookings Institution (think tank), and the chairman & CEO for Citigroup Inc.

Klaus Kleinfeld is a trustee at the Brookings Institution (think tank) and was a director at Citigroup Inc.

Lawrence H. Summers was a trustee at the Brookings Institution (think tank) and is a consultant for Citigroup Inc.

Geoffrey T. Boisi is an honorary trustee at the Brookings Institution (think tank) and was the vice chairman for JPMorgan Chase & Co.

Crandall C. Bowles  is a trustee at the Brookings Institution (think tank) and a director at the JPMorgan Chase & Co.

Ellen V. Futter is a trustee at the Brookings Institution (think tank) and was a director at the JPMorgan Chase & Co.

James S. Crown is a director at JPMorgan Chase & Co., and a trustee at the Aspen Institute (think tank).

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank) and the Harlem Children's Zone.

George Soros was the chairman for the Foundation to Promote Open Society and a benefactor for the Harlem Children's Zone.

Michael R. Bloomberg was a benefactor for the Harlem Children's Zone and is the founder of the Bloomberg Family Foundation.

Bloomberg Family Foundation was a funder for the Aspen Institute (think tank).

John J. Mack is a director at the Bloomberg Family Foundation, was the benefactor for the Harlem Children's Zone, a co-CEO for the Credit Suisse Group, and the president & CEO for Credit Suisse First Boston.

Credit Suisse First Boston is the former name for the Credit Suisse Group.

Credit Suisse Group was the Bailout Money Market Mutual Fund Liquidity borrower, and the Bailout Term Auction Facility borrower.

Credit Suisse Group was a funder for the Bill, Hillary & Chelsea Clinton Foundation.

Bloomberg Family Foundation was a funder for the Bill, Hillary & Chelsea Clinton Foundation.

Open Society Foundations was a funder for the Bill, Hillary & Chelsea Clinton Foundation and the American Constitution Society.

George Soros is the founder & chairman for the Open Society Foundations.

Eric H. Holder Jr. was a board member for the American Constitution Society and a partner at Covington & Burling LLP.

John C. Dugan  is a partner at Covington & Burling LLP and was a director at the Federal Deposit Insurance Corporation (FDIC).

Covington & Burling LLP is the lobby firm for the Credit Suisse Group.

Peter F. Weibel was a director at the Credit Suisse Group and is a Swiss advisory council member for the American Swiss Foundation.

Faith Whittlesey is the chair emerita for the American Swiss Foundation and was the U.S. ambassador for Switzerland.

Swiss National Bank is the central bank for Switzerland, and swapped the Swiss franc for dollars in the Bailout Central Bank Liquidity Swap Lines.

Olivier Steimer is the vice chairman of the bank council for the Swiss National Bank, and a division chairman for the Credit Suisse Group.

Philipp M. Hildebrand was the president for the Swiss National Bank and is a member of the Group of Thirty.

Roger W. Ferguson Jr. is a member of the Group of Thirty and was the chairman for the Swiss Re America Holding Corporation.

Timothy F. Geithner was a member of the Group of Thirty, the treasury secretary for the Barack Obama administration and an overseer at the International Rescue Committee.

Foundation to Promote Open Society was a funder for the International Rescue Committee and the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Mario Draghi is an honorary trustee at the Brookings Institution (think tank) and a member of the Group of Thirty.

Lawrence H. Summers was a trustee at the Brookings Institution (think tank), the National Economic Council chairman for the Barack Obama administration, is a member of the Group of Thirty and a consultant for Citigroup Inc.

Judith Rodin was an honorary trustee at the Brookings Institution (think tank) and is a director at Citigroup Inc.

Joan E. Spero was an honorary trustee at the Brookings Institution (think tank), and is a director at Citigroup Inc.

Ann Dibble Jordan is an honorary trustee at the Brookings Institution (think tank) and was a director at Citigroup Inc.

Charles O. Prince III was a trustee at the Brookings Institution (think tank), and the chairman & CEO for Citigroup Inc.

Klaus Kleinfeld is a trustee at the Brookings Institution (think tank) and was a director at Citigroup Inc.

Geoffrey T. Boisi is an honorary trustee at the Brookings Institution (think tank) and was the vice chairman for JPMorgan Chase & Co.

Crandall C. Bowles  is a trustee at the Brookings Institution (think tank) and a director at the JPMorgan Chase & Co.

Ellen V. Futter is a trustee at the Brookings Institution (think tank) and was a director at the JPMorgan Chase & Co.

A.W. Clausen was an honorary trustee at the Brookings Institution (think tank) and the chairman & CEO for the Bank of America Corp.  

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society and is Jonathan Soros’s father.

Jonathan Soros was the vice chairman for the Foundation to Promote Open Society, is George Soros’s son and a senior fellow at the Roosevelt Institute.

Cantwell F. Muckenfuss III is a director at the Roosevelt Institute and was a counsel to the chairman for the Federal Deposit Insurance Corporation (FDIC).

Paul S. Sarbanes was a governor for the Roosevelt Institute and Martin J. Gruenberg was his senior counsel.

Martin J. Gruenberg was Paul S. Sarbanes senior counsel and is the chairman for the Federal Deposit Insurance Corporation (FDIC).

William M. Isaac was the chairman for the Federal Deposit Insurance Corporation (FDIC) and is a member of the Bretton Woods Committee.

Robert L. Clarke was a director at the Federal Deposit Insurance Corporation (FDIC) and is a member of the Bretton Woods Committee.

George Soros is a member of the Bretton Woods Committee.

John C. Dugan was a director at the Federal Deposit Insurance Corporation (FDIC), is a member of the Bretton Woods Committee, and a partner at Covington & Burling LLP.

Covington & Burling LLP is the lobby firm for the Credit Suisse Group.
Resources: Past Research

Obama says ready to launch air attacks on IS in Syria (Past Research on JPMorgan Chase & Co.)

FRIDAY, SEPTEMBER 12, 2014

https://thesteadydrip.blogspot.com/2014/09/obama-says-ready-to-launch-air-attacks.html

9,000 jobs to go at Lloyds: Taxpayer-backed bank slashes a TENTH of its workforce and shuts 200 branches (Past Research on JPMorgan Chase & Co.)

TUESDAY, OCTOBER 28, 2014

https://thesteadydrip.blogspot.com/2014/10/9000-jobs-to-go-at-lloyds-taxpayer.html

Wells Fargo to repay $25 billion bailout (Past Research on Citigroup)

MONDAY, MARCH 9, 2015

https://thesteadydrip.blogspot.com/2015/03/wells-fargo-to-repay-25-billion-bailout.html

Bank of America Reaches $17 Billion Mortgage Settlement with US (Past Research on Citigroup & Bank of America)

FRIDAY, AUGUST 22, 2014

https://thesteadydrip.blogspot.com/2014/08/bank-of-america-reaches-17-billion.html

Credit Suisse (Past Research on Credit Suisse)

THURSDAY, MAY 14, 2015

https://thesteadydrip.blogspot.com/2015/05/credit-suisse.html

Jeb Bush: Michael Bloomberg A ‘Good Man’ And A ’Patriot’ (Past Research on the Bloomberg Family Foundation)

SUNDAY, JANUARY 24, 2016

https://thesteadydrip.blogspot.com/2016/01/jeb-bush-michael-bloomberg-good-man-and.html

FDIC Chairman in Hot Seat Over Operation Choke Point (Past Research on FDIC)

WEDNESDAY, MARCH 25, 2015

https://thesteadydrip.blogspot.com/2015/03/fdic-chairman-in-hot-seat-over.html

Group of Thirty (Past Research for the Group of Thirty)

THURSDAY, OCTOBER 17, 2013

https://thesteadydrip.blogspot.com/2013/10/group-of-thirty.html

Barney Frank to Newsmax: Regulators Sound Alarm on Digital Currency (Connecting the Dots: Barney Frank, Signature Bank, FDIC, HBO, Too Big to Fail (2011) & Soros Funding, All Networking)

Barney Frank to Newsmax: Regulators Sound Alarm on Digital Currency (Connecting the Dots: Barney Frank, Signature Bank, FDIC, HBO, Too Big to Fail (2011) & Soros Funding, All Networking)

By Fran Beyer    |   Monday, 13 March 2023 11:33 AM EDT

Newsmax

https://www.newsmax.com/newsmax-tv/crypto-currency-svb-signature-bank/2023/03/13/id/1112035/

Barney Frank, co-sponsor of historic Wall Street reform legislation in 2010, said the collapse of two banks last week happened for different reasons, but that regulators are responding with a "clear signal" about digital currency.

Frank, on the board of New York-based Signature Bank, said on Newsmax's "Wake Up America" that "there was no trouble" until Silicon Valley Bank was shuttered by California regulators after a failed share sale that drained $42 billion in deposits in one day.

"We were in a grab. We got collapsed," Frank said of Signature Bank. "There's a very real difference between SVB and our bank.

"We were the victim, I think … of a contagion," he said. "I think that it would have been saved. We'll get … an answer to that, by the way, because FDIC [Federal Deposit Insurance Corporation] will be selling my bank. I think somebody's going to get a very good deal. They're going to get to buy a bank that is in really pretty good shape."

According to Frank, "part of the problem was from the regulated standpoint, our bank had gotten involved in digital [currency].

"Now, we did it in a very sound way. … We allowed and facilitated our customers, if they wanted, to deal with each other and digital. But I think one of the things that come out of this is the regulators are sending a clear signal: Stay away from digital.

"There was no sign of trouble until SVB failed. That's what triggered it."

Frank also defended the 2010 legislation he co-sponsored, known as Dodd-Frank.

"It worked, clearly, because what we said was, 'We had a problem that we've solved' back then … underfinanced derivatives and bad mortgages," he said.

"We also said, 'But something could happen again. We don't know what it will be.' Well, it turned out digital has been a very destabilizing factor."

Frank said the federal government is stepping in "and "it's preventing the contagion."

"What happened in 2008 was the failure of a couple of institutions generated a domino effect by so many other ones … indebted to each other without the money to pay it off," he added about that bank crisis. "That's not happening now."

Frank said he doesn't believe more banks will follow either SVB or Signature.

"We changed the law so they would not be able anymore to do what they did ... To get them over their liquidity question," he said. "The Fed is doing that, and I think that will prevent the contagion. That's exactly what we said we were trying to do" in 2008.

He also said there's no way now to predict if there will be a big self-off or if the markets will calm.

"There's no point speculating," he said. "I think what the Fed has done, both with regard to the …. backstop, bailout, whatever you want to call it for lending money, giving money to deal with the liquidity crisis and making sure that people meet payback — I don't think there's a practical reason for the sell off."

Connecting the Dots:

Barney Frank on the board of New York-based Signature Bank, Ann Lewis’s brother and Robert Raben was his counsel.

Ann Lewis is Barney Frank’s sister and was a VP for the Planned Parenthood Federation of America.

Open Society Foundations was a funder for the Planned Parenthood Federation of America, the American Constitution Society and the Alliance for Justice.

George Soros is the founder & chairman for the Open Society Foundations.

Robert Raben was Barney Frank’s counsel, a director at the American Constitution Society, is a director at the Alliance for Justice and the president of the Raben Group.

Melody C. Barnes was a principal at the Raben Group, the EVP for the Center for American Progress, the domestic policy council, director for the Barack Obama administration and is Barack Obama’s golf partner.

Center for American Progress calls for heightened “Gun Safety, Gun Control” for guns.

Open Society Foundations was a funder for the Center for American Progress.

George Soros is the founder & chairman for the Open Society Foundations, Jonathan Soros’s father, was a supporter for the Center for American Progress and the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the Roosevelt Institute.

Jonathan Soros was the vice chairman for the Foundation to Promote Open Society, is George Soros’s son, and a senior fellow at the Roosevelt Institute.

Cantwell F. Muckenfuss III is a director at the Roosevelt Institute and was a counsel to the chairman for the Federal Deposit Insurance Corporation (FDIC).

William M. Isaac was the chairman for the Federal Deposit Insurance Corporation (FDIC) and is a member of the Bretton Woods Committee.

Robert L. Clarke was a director at the Federal Deposit Insurance Corporation (FDIC) and is a member of the Bretton Woods Committee.

John C. Dugan was a director at the Federal Deposit Insurance Corporation (FDIC), is a member of the Bretton Woods Committee and a partner at Covington & Burling LLP.

George Soros is a member of the Bretton Woods Committee and the founder & chairman for the Open Society Foundations.

Open Society Foundations was a funder for the American Constitution Society, the Alliance for Justice and the Planned Parenthood Federation of America.

Eric H. Holder Jr. was a board member for the American Constitution Society, a partner at Covington & Burling LLP and is the attorney general at the U.S. Department of Justice for the Barack Obama administration.

Robert Raben was a director at the American Constitution Society, Barney Frank’s counsel, is a director at the Alliance for Justice and the president of the Raben Group.

Ann Lewis is Barney Frank’s sister and was a VP for the Planned Parenthood Federation of America.

Barney Frank is Ann Lewis’s brother, on the board of New York-based Signature Bank and Robert Raben was his counsel.

Melody C. Barnes was a principal at the Raben Group, the EVP for the Center for American Progress, the domestic policy council, director for the Barack Obama administration and is Barack Obama’s golf partner.

Center for American Progress calls for heightened “Gun Safety, Gun Control” for guns.

Open Society Foundations was a funder for the Center for American Progress.

George Soros is the founder & chairman for the Open Society Foundations Jonathan Soros’s father and was the chairman for the Foundation to Promote Open Society.

Jonathan Soros was the vice chairman for the Foundation to Promote Open Society, is George Soros’s son, and a senior fellow at the Roosevelt Institute.

Cantwell F. Muckenfuss III is a director at the Roosevelt Institute and was a counsel to the chairman for the Federal Deposit Insurance Corporation (FDIC).

Foundation to Promote Open Society was a funder for the Roosevelt Institute.

Quentin Schaffer is a governor for the Roosevelt Institute and the EVP for HBO.
HBO purchased the movie rights to the Too Big to Fail (2011).

Resources: Past Research

FDIC Chairman in Hot Seat Over Operation Choke Point (Past Research on the FDIC))

WEDNESDAY, MARCH 25, 2015

https://thesteadydrip.blogspot.com/2015/03/fdic-chairman-in-hot-seat-over.html

Barney Frank (Connecting the Dots: Barney Frank, The Planned Parenthood Federation of America, The Center for National Policy, The Truman National Security Project, Gun Control & Soros Funded Think Tanks, All Networking) (Past Research on Barney Frank)

SATURDAY, OCTOBER 29, 2022

https://thesteadydrip.blogspot.com/2022/10/barney-frank-connecting-dots-barney.html

Obama Justice Dept Prosecutors Recommend Felony Charges Against Gen. Petraeus (Past Research on Eric Holder)

SUNDAY, JANUARY 11, 2015

https://thesteadydrip.blogspot.com/2015/01/obama-justice-dept-prosecutors.html

Obama’s Peanut-Brained Attack on MetLife - Why should an insurance company be treated like a bank? (Past Research on Too Big To Fail)

THURSDAY, NOVEMBER 6, 2014

https://thesteadydrip.blogspot.com/2014/11/obamas-peanut-brained-attack-on-metlife.html

Smaller Bites – (Connecting the Dots: FDIC & Soros Funding, All Networking)

FDIC Takes Control of Silicon Valley Bank After Its Collapse

By Bryan Jung

March 10, 2023Updated: March 11, 2023

People line up outside of the shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, Calif., on March 10, 2023. (Justin Sullivan/Getty Images)

https://www.theepochtimes.com/silicon-valley-bank-fails-fdic-steps-in-to-protect-depositors-from-losing-all-their-money_5114376.html

The Federal Deposit Insurance Corporation (FDIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation.

Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American tech and life sciences firms and start-ups, according to a press release.

The collapse of the California bank is the largest bank failure since Washington Mutual in 2008, during the last major bank crisis.

The FDIC set up a so-called bridge bank, the Deposit Insurance National Bank of Santa Clara (DINB), and as the receiver, transferred all of the insured deposits of SVB there and so all insured assets, up to the $250,000 coverage limit, are safe and will be accessible to depositors starting March 13.

Although the main office and all branches of SVB will reopen at the beginning of next week, the DINB will now control and manage its operations.

The official coverage limit is $250,000 per depositor, per insured bank, for each account ownership category, so some depositors could potentially have more than $250,000 insured.

However, the FDIC added that it “will pay uninsured depositors an advance dividend within the next week” and will receive a receivership certificate for the remaining amount of their uninsured funds.

Future dividend payments may be made to uninsured depositors, while the FDIC sells off the assets of SVB.

“The failure of @SVB_Financial could destroy an important long-term driver of the economy as VC-backed companies rely on SVB for loans and holding their operating cash,” warned Pershing Square CEO Bill Ackman in a tweet just before the bank failure.  

Silicon Valley Lender Was In Trouble For Some Time

It is unverified how much money was pulled out of SVB yesterday after its announcement of a $2.25 billion share sale plan sparked a run on the bank.

The massive interest rate hikes over the past year have caused the value of its bonds to fall, particularly those that take many years to mature, and forced the bank to reinvest the proceeds from its sales into shorter-term assets.

SVB suffered significant losses on its portfolio, which was heavily invested in U.S. Treasuries and mortgage-backed securities, all of which have taken a beating.

The bank’s shares fell more than 60 percent after its March 8 announcement, wiping out $9.4 billion in market value.

Executives publicly stated that they would dump $21 billion worth of holdings at a $1.75 billion loss, while raising $500 million from venture firm General Atlantic to cover rapidly declining customer deposits and bond losses to save the firm.

General Atlantic has yet to make a comment, only hours after announcing an agreement to invest $500 million in the now-failed bank.

SVB CEO Greg Becker told clients earlier this week to “stay calm. That’s my ask. We’ve been there for 40 years, supporting you, supporting the portfolio companies, supporting venture capitalists.”

However, many depositors, along with many of their venture capital backers, panicked and pulled their money out anyway.

Top venture capital firms like Coatue and Founders Fund encouraged portfolio companies to strongly consider pulling money out of SVB, while Sequoia Capital reiterated its diversification strategy after concerns grew over the bank’s stability.

The California lender had approximately $209 billion in total assets and $175 billion in deposits at the end of 2022.

However, the FDIC said that its current deposit total at this time is “undetermined.”

The amount of insured and uninsured deposits was undetermined at the time of closing and will be determined once the FDIC obtains additional information from the bank and customers.

Some economists hope that the news will discourage the Federal Reserve from raising interest rates higher.

The number of investors saying that the likelihood of the central bank would enact a 50-basis-point rate increase, declined today, but the February jobs report could be another factor.

“Lots of chatter today about the possibility of generalized U.S. banking system stress due to SVB troubles. Three summary things on this: While the U.S. banking system as a whole is solid, and it is, that does not mean that every bank is,” stated economist Mohamed A. El-Erian in a tweet.

“Due to the volatility in yields after the prior protracted period of leverage-enabling policy, the most vulnerable currently are those vulnerable to both interest rate and credit risk. Contagion risk and the systemic threat can be easily contained by careful balance sheet management and avoiding more policy mistakes,” he added.

Connecting the Dots:

John C. Dugan was director at the Federal Deposit Insurance Corporation (FDIC), a comptroller for the Comptroller of the Currency, and is a partner at Covington & Burling LLP.

Cantwell F. Muckenfuss III was the counsel to the chairman for the Federal Deposit Insurance Corporation (FDIC), a senior deputy comptroller for the Comptroller of the Currency and is a director at the Roosevelt Institute.

Foundation to Promote Open Society was a funder for the Roosevelt Institute.

George Soros was the chairman for the Foundation to Promote Open Society.

and is Jonathan Soros’s father.

Jonathan Soros is George Soros’s son and a senior fellow at the Roosevelt Institute.

Paul S. Sarbanes is a governor at the Roosevelt Institute and was Martin J. Gruenberg’s senior counsel.

Martin J. Gruenberg’s senior counsel was Paul S. Sarbanes and is the chairman for the Federal Deposit Insurance Corporation (FDIC).

Resources: Past Research

Targeted? Gun sellers say ‘high risk’ label from feds cuts off banking options, restricts business (Past Research on FDIC)

MONDAY, MAY 19, 2014

https://thesteadydrip.blogspot.com/2014/05/targeted-gun-sellers-say-high-risk.html

Smaller Bites – Bank of America Corp. (Bailout Company) (Connecting the Dots: Bank of America Corp. (Bailout Company), The Federal Deposit Insurance Corporation (FDIC) & The Soros Funded Think Tanks, All Networking) (Past Research on FDIC)

FRIDAY, NOVEMBER 11, 2022

https://thesteadydrip.blogspot.com/2022/11/smaller-bites-bank-of-america-corp.html

West Point Grad Congressman Says He Has 'Zero Time' for Complaints About Woke Military, Focused on China (Connecting the Dots: West Point, Pat Ryan, Georgetown University, Veterans Affairs & Soros Funding, All Networking)

West Point Grad Congressman Says He Has 'Zero Time' for Complaints About Woke Military, Focused on China (Connecting the Dots: West Point, Pat Ryan, Georgetown University, Veterans Affairs & Soros Funding, All Networking)

24 Jan 2023

Military.com | By Rebecca Kheel

Military News

Rep. Pat Ryan, D-N.Y., speaks to reporters at the National Purple Heart Museum in New Windsor, N.Y. Wednesday, Nov. 2, 2022 (AP Photo/Hans Pennink)

https://www.military.com/daily-news/2023/01/24/west-point-grad-congressman-says-he-has-zero-time-complaints-about-woke-military-focused-china.html

The first West Point graduate to represent the academy in Congress -- a Democrat -- is warning Republicans against using the military academies in their planned war on "wokeness."

In an interview Monday with Military.com, Rep. Pat Ryan, D-N.Y., argued political attacks such as GOP accusations of "critical race theory" infiltrating the military academies undermine public trust in the military and distract from preparing the services to compete with China.

"Especially at a time of great global risk and change and uncertainty between China and Russia and everything else, we need to be the adults in the room here. We need to be the ones thinking not about scoring political points or what's gonna get you more likes on Twitter or hits on Fox News," he said.

"I have zero time for the political distractions and BS, and I will very aggressively call that out," he added. "The ultimate irony to me, a lot of people calling this out haven't spent a single day in uniform, and I think that certainly shows in how they've conducted themselves."

Ryan, a self-described "red shirt freshman" who expects to return to the House Armed Services Committee this Congress after his short stint at the end of last year following a special election, spoke with Military.com by phone about his military and veteran priorities this year. He spoke a day after holding a ceremonial swearing-in at the U.S. Military Academy at West Point overseen by Senate Majority Leader Chuck Schumer, D-N.Y., who nominated Ryan to the academy two decades ago.

Ryan highlighted preparing for competition with China, conducting oversight of the new military toxic exposures law, and getting a bill he first introduced last year related to Department of Veterans Affairs home loans across the finish line as among his top priorities.

Ryan, an Iraq War veteran, was first elected to Congress in a special election in August in a race that gave Democrats hope the expected "red wave" of the November elections wouldn't materialize -- hopes that were borne out when Republicans won a narrower House majority than expected and Democrats retained control of the Senate. Because of redistricting, Ryan ran this time in an adjacent district in the general election that includes West Point, making him the first academy graduate to represent the school in Congress.

With their narrow House majority, Republicans have vowed to target "woke" military policies, a term they apply to a wide range of policies they disagree with but most often refers to efforts to make the military more welcoming to minorities, women and nonconforming genders.

Republican attacks on wokeness in the military have also pulled in the military academies. An infamous exchange between Chairman of the Joint Chiefs Gen. Mark Milley and Republicans on the House Armed Services Committee in 2021 centered on allegations that critical race theory was being taught at West Point. Critical race theory is an academic framework largely confined to graduate-level courses that examines the intersection of law and racism but has become a label the GOP applies to any discussion of racism in America.

Ryan dismissed such attacks as a "distraction" from the more important issue of ensuring the military academies are training leaders and building a military force that's ready for competition with China.

Ryan offered few specifics on what Congress should be doing to advance the military's China strategy, though he commended some steps the military has already taken, such as the Marine Corps' reorganization of forces in the Pacific. In general, he said will be looking for "more creativity" and "a fresh set of thinking" during the upcoming budget cycle when it comes to tackling threats from China.

He also said he thinks the newly created House Select Committee on Strategic Competition between the United States and the Chinese Communist Party, one of the only House proposals to receive widespread bipartisan support so far this year, will be an important "clearing house" for lawmakers to craft a "comprehensive strategy" on China. While he would like to serve on the committee, he acknowledged his junior status makes it unlikely he will be appointed to the panel.

"I have a three-year-old and a one-year-old, two boys, and at the end of the day, if we don't get this right, this being the competition with China, I fear that they could fight in a World War-style conflict with China that would be devastating for the whole world," he said.

Meanwhile, Ryan pointed to his experience as a veteran as he discussed conducting oversight of the PACT Act, the sweeping measure passed last year that expanded health care and benefits for veterans exposed to toxic substances during their service. One area he wants to keep an eye on is whether more symptoms and medical conditions need to be added to the list of illnesses presumed to be connected to service after the bill added 23 diseases.

Ryan himself enrolled in VA health care for the first time in December after the PACT Act allowed post-9/11 veterans who didn't previously enroll to do so. He said he found the experience harder than it needed to be since he was missing some paperwork and, rather than being able to show someone the copy he had in his email, he had to print out a hard copy and fax it.

"It's 2023, and I have to fax something to get access," he said. "You think about the number of people who might already be hesitant to go, then you go and it's not as smooth as it should be, and it just further dissuades people from getting the ultimate care they need or should have. So I'm not knocking the great people that work at the VA because they work hard and they really believe in the mission. But we've got to bring it into the 21st century in terms of a lot of the technology and the approach."

More immediately, Ryan said he's pushing for passage of his bill to expand VA home loan eligibility to more Guardsmen and reservists. Specifically, the bill seeks to ensure that any day Guardsmen and reservists are on federal active-duty status, including for training, counts toward home loan eligibility. Right now, Guardsmen are eligible after 90 days -- 30 of which must be consecutive -- of "full-time National Guard duty," but Guardsmen have said there are gaps in the law that cause them to be denied loans.

The bill passed the House in September, but was not taken up by the Senate before the end of the year. Sen. Jeanne Shaheen, D-N.H., introduced the companion bill in the upper chamber in December, and Ryan attributed the holdup in the Senate just to the fact that there was not enough time left in the year, adding that he's hopeful it will become law now that there's a full congressional session to take it up.

"I still think in a very divided moment politically, we are going to be able to come together around issues of national security, of taking care of veterans and military families, and I remain optimistic that we can do that," he said. "When there are other members and other folks who are in it for their own, whatever reasons of ambition or whatever reasons are causing them to politicize this stuff, we have to call them out. So I will certainly be doing that on behalf of all my fellow service members and veterans because we are more than those that have put their life on the line and those that are in harm's way right now."

Pat Ryan (politician)

https://en.wikipedia.org/wiki/Pat_Ryan_(politician)

Early life and career

Ryan was born and raised in Kingston, New York, the son of Patricia L. and Kevin M. Ryan.^[5] He earned a Bachelor of Science in international politics from the United States Military Academy in 2004 and a Master of Arts in security studies from Georgetown University.^[6] Two of his West Point classmates are fellow Congressmen John James and Wesley Hunt. His wife is Rebecca Ryan (née Grusky).^[7] He was previously married and divorced.

Connecting the Dots:

Barry R. McCaffrey was a professor at the U.S. Military Academy (West Point) and a director at the Atlantic Council of the United States (think tank).

Andrew Goodpaster was a superintendent for the U.S. Military Academy (West Point) and a chairman for the Atlantic Council of the United States (think tank).

Daniel W. Christman was a superintendent for the U.S. Military Academy (West Point) and a director at the Atlantic Council of the United States (think tank).

George A. Joulwan was a professor at the U.S. Military Academy (West Point) and is a director at the Atlantic Council of the United States (think tank).

Open Society Foundations was a funder for the Atlantic Council of the United States (think tank). 

George Soros is the founder & chairman for the Open Society Foundations.

Eric K. Shinseki was a director at the Atlantic Council of the United States (think tank) and the secretary at the U.S. Department of Veterans Affairs.

Togo D. West Jr. is a director at the Atlantic Council of the United States (think tank) and was the secretary at the U.S. Department of Veterans Affairs.

Chuck Hagel was the chairman for the Atlantic Council of the United States (think tank), a professor at Georgetown University and the deputy administrator for the U.S. Veterans Administration.

Rep. Pat Ryan earned his Master of Arts in security studies from Georgetown University and a Bachelor of Science in international politics from the United States Military Academy (West Point) in 2004.

Madeleine K. Albright was a professor at Georgetown University, an honorary director at the Atlantic Council of the United States (think tank), the president for the Center for National Policy and an advisory board member for the Truman National Security Project.

Tammy Duckworth is an advisory board member for the Center for National Policy, an advisory board member for the Truman National Security Project and was the assistant secretary at the U.S. Department of Veterans Affairs for the Barack Obama administration.

R. Hunter Biden is a director at the Truman National Security Project and Joseph R. Biden Jr’s son.

Kamala D. Harris is an advisory board member for the Truman National Security Project and the Vice President for the Joseph R. Biden Jr Administration.

Resources: Past Research

West Point Now Teaches Critical Race Theory (Connecting the Dots: West Point to Soros) (Past Research on West Point)

THURSDAY, JUNE 23, 2022

https://thesteadydrip.blogspot.com/2022/06/west-point-now-teaches-critical-race.html

Veterans Affairs Secretary Expresses ‘Regret’ For Disneyland Comments (Past Research on Veterans Affairs)

WEDNESDAY, MAY 25, 2016

https://thesteadydrip.blogspot.com/2016/05/veterans-affairs-secretary-expresses.html

White House chief of staff Ron Klain for the Biden administration (Connecting the Dots: Ron Klain, Truman National Security Project, The Third Way, Gun Control & The Soros Funded Think Tanks, All Networking) (Past Research on Truman National Security Project, Kamala Harris & Hunter Biden)

SUNDAY, OCTOBER 30, 2022

https://thesteadydrip.blogspot.com/2022/10/white-house-chief-of-staff-ron-klain.html

Smaller Bites – (Connecting the Dots: Far-Left Southern Poverty Law Center (SPLC) & Soros Funding, All Networking)

Southern Poverty Law Center Attorney Charged with Domestic Terrorism for Allegedly Rioting with Antifa

Breitbart

By PAUL BOIS 6 Mar 2023

https://www.breitbart.com/politics/2023/03/06/southern-poverty-law-center-attorney-charged-with-domestic-terrorism-for-rioting-with-antifa/

An attorney with the far-left Southern Poverty Law Center (SPLC), an organization that frequently lists mainstream conservatives alongside hate groups like the Ku Klux Klan (KKK), has been charged with domestic terrorism after allegedly rioting with Antifa in Atlanta.

Over the weekend, far-left agitators allegedly threw Molotov cocktails and launched fireworks at an Atlanta police training facility that has been under construction. Among the 23 people arrested for what police called a “coordinated attack” is Thomas Jurgens, 28, a staff attorney at the SPLC. Following the arrest, Jurgens’ Linkedin page was deleted. Per the New York Post:

Of the 23 people slapped with domestic terrorism charges over the violent protest, Jurgens and only one other man, Jack Beaman, hail from the state of Georgia. Police said the majority of those arrested are from other parts of the US — as well as France and Canada.

The SPLC didn’t immediately respond to The Post’s request for comment in the wake of Jurgens’ arrest. In total, 35 “violent agitators” were nabbed after they attacked the future site of the $90 million police training facility, cops said.

It wasn’t immediately clear if the remainder of those arrested will also be hit with domestic terrorism charges.

During the demonstration over the weekend, protesters allegedly threw Molotov cocktails, fireworks, rocks, and bricks at police officers. Atlanta Police Chief Schierbaum later described it as a “coordinated attack” and that multiple pieces of construction equipment were set on fire.

“This was a very violent attack, very violent attack,” Schierbaum said. “This wasn’t about a public safety training center. This was about anarchy… and we are addressing that quickly.”

This image provided by the Atlanta Police Department shows construction equipment set on fire Saturday, March 4, 2023 by a group protesting the planned public safety training center, according to police. (Atlanta Police Department via AP)

According to the Georgia Department of Public Safety, some left-wing agitators even tried blinding police officers by shining green lasers into their eyes.

Republican Georgia Gov. Brian Kemp also condemned the violence, calling it an act of “domestic terrorism.”

“As I’ve said before, domestic terrorism will NOT be tolerated in this state,” Kemp said. “We will not rest until those who use violence and intimidation for an extremist end are brought to full justice.”

As Breitbart News reported, far-left rioters lit a police car on fire and broke the windows of several local businesses this past January in response to the death of 26-year-old activist Manuel Teran, who was killed during a police sweep “in what the Georgia Bureau of Investigation said was an exchange of gunfire with police that wounded a state trooper,” according to the Atlanta Journal-Constitution (AJC).

The protest eventually turned violent, with a police car being set aflame while businesses were broken into. Police responded to multiple instances of property damage along Peachtree Street. The Atlanta Police Foundation also had its glass doors smashed in.

The SPLC’s listing of conservatives alongside legitimate hate groups almost had deadly consequences in 2013 when domestic terrorist Floyd Lee Corkins II attempted a mass shooting at the Family Research Council (FRC) after the SPLC listed it as a hate group.

Mark Krikorian, executive director of the Center for Immigration Studies, wrote in the Washington Post that the center’s use of “hate” labels destroys public discourse.

“The wickedness of the SPLC’s blacklist lies in the fact that it conflates groups that really do preach hatred, such as the Ku Klux Klan and Nation of Islam, with ones that simply do not share the SPLC’s political preferences,” he wrote. “The obvious goal is to marginalize the organizations in this second category by bullying reporters into avoiding them, scaring away writers and researchers from working for them, and limiting invitations for them to discuss their work.”

The SPLC acknowledged a member of their organization was arrested during the event in a tweet Monday, describing them as a “legal observer”:

Connecting the Dots:

Julian Bond is a co-founder, director emeritus for the Southern Poverty Law Center, a director at the Center for Economic and Policy Research and a director at People for the American Way.

Open Society Foundations was a funder for the Center for Economic and Policy Research. 

George Soros is the founder & chairman for the Open Society Foundations, was the chairman for the Foundation to Promote Open Society and a contributor for MoveOn.org, 

Foundation to Promote Open Society was a funder for People for the American Way.

James Rucker was a director of grassroots mobilization for MoveOn.org and a director at Southern Poverty Law Center.

Resources: Past Research

Leftist Shooter Used Southern Poverty Law Center “Hate Map” to Plan Killings (Past Research on the Southern Poverty Law Center)

THURSDAY, FEBRUARY 12, 2015

https://thesteadydrip.blogspot.com/2015/02/leftist-shooter-used-southern-poverty.html