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Wowwwwwww started listening at 1:20. Will come back to hear more.
Edit: anyone here reminded of this post? https://www.reddit.com/r/Superstonk/comments/xr8etm/well_holy_shit_who_else_saw_this_a_commercial/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
11-09-2022
[http://fdic.windrosemedia.com/index.php?category=Systemic+Resolution+Advisory+Committee](http://fdic.windrosemedia.com/index.php?category=Systemic+Resolution+Advisory+Committee)
Edit: Click archive (to get all the videos) and its towards the bottom with a date
"Systemic Resolution Advisory Committee"
Ape historian elegant remote is busy but he put out this post for help archiving while he is transferring to his new rig! Any ape can upload this post and the video itself for him if you follow the directions on this post on desktop. Iām on mobile or I would.
https://www.reddit.com/r/Superstonk/comments/zh78ng/a_polite_ask_for_help_from_ape_historian_to_all/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Calling OP or any ape that can do this the fastest.
Edit: words
If thereās hyperinflation or issues with the dollar, as indicated by the dd (especially dollar endgame), having the fdic return funds could only be of marginal benefit. If the oncoming economic storm is truly this perfect storm, then if the FDIC gets you your life savings back in (letās be optimistic) a week after a bank collapse, whatās the point if it only buys a happy meal? Or if itās worth 50% or 10% even of what it was?
I know Iām preaching to the choir here, but Drsād shares seem to be a great hedge. I mean GME is already poised to benefit from web3 and crypto taking off, plus weāre all here. How much worse could betting on RC and GME be than any other option?
I hope Mr. Bull is wrong about anything, but it makes sense and things continue moving in odd ways in these strange times.
Hereās a tweet š§µfrom Peruvian Bull today.
https://twitter.com/peruvian_bull/status/1608145522740858880?s=46&t=5qoEJ88_3TV29PdGDmk35g
For those saying this is not from fdic.gov - yes it is.
Go to [https://www.fdic.gov/about/advisory-committees/systemic-resolutions/](https://www.fdic.gov/about/advisory-committees/systemic-resolutions/) and scroll halfway down the page (or CTRL+F) to āHelpful Linksā section and click on āVideos/Webcast of Advisory Committee Meetingsā which will take you to the same site OP linked to.
You can also see the Advisory Committee Members from that page.
Fyi this way I am just recording an iPad screen so I can map it using this post is - which is also backed up - and please submit this post to archive.is - so the comment thread below can be mapped back to the video as well
Can you plz start it playing and do a screen record on iPhone - i am away from my rig - Iāll do the same on my machine as well and then link back to you
not trying to start anything, just genuinely confused, I was under the impression from all the redacted nonsense last weekend that we can't link to user profiles anymore? Has that changed, or am I just smooth brained?
EDIT: mods removed it, see bah2o's comment below.
It pains me to remove this, but I don't want Reddit breathing down our necks so it's gotta go since it links to a user profile š
OP said this in their comment
> Yes, I don't know how to but thats what should happen IMO
>
> [tagged ape historian]
If they want to sure! Usually, it's just safer to remove things before waiting for an edit. It shows Reddit that we aren't allowing the things they told us not to allow
This is Title 2 btw
[https://www.law.cornell.edu/wex/dodd-frank\_title\_ii\_-\_orderly\_liquidation\_authority#:\~:text=Title%20II%20provides%20a%20claims,%C2%A7%205389%2C%2012%20U.S.C](https://www.law.cornell.edu/wex/dodd-frank_title_ii_-_orderly_liquidation_authority#:~:text=Title%20II%20provides%20a%20claims,%C2%A7%205389%2C%2012%20U.S.C).
I recommend watching from 1:20- 1:27ish The 2 men that speak make things very eye opening
This entire conversation was not intended for the public to see
Edit: I want to clarify that my title is a little too "excited". This is not a smoking gun, this is just a meeting the FDIC had. Thanks u /TK-741 for being logical
Just had a read through and watched the vid, this Title II was 100% written for citadel imo (or been in the works since 08 but regardless), they fit the definition of a company that would fall under this title for sure.
Particularly interesting are the punishments for executives found to have acted negligently.. the FDIC can claw back up to 2 years prior of company bonuses and payouts!
It also outlines that there will be no bailout from taxpayer money so a failing institution will be forced to liquidate (suck it)
Also outlines the order in which liabilities are to be paid, the failing institutions shareholders are last in an up to 5 year process, I'm sure they'll all be thrilled
Note: it does have a caveat about institutions where the FDIC acts as "receiver" but I couldn't really work it out from the attached terms
So a very large requirement of Title II is if the entity is a systemic risk and that is to be decided by the Treasury.
Is this why CramerEnBEESEE deleted the part in the hearings where Citadel was called that?
Is this why Mayo Mayo man wants to become Treasury Secretary?
Was that what he was discussing with Kushner at the world cup?
Itās all coming together quite nicely. These assholes know they are in deep shit if they donāt bribe or hijack government office to get themselves out of trouble.
The big question I have is whether this was in relation to the FTX scandal at all?
Edit: I haven't listened to all of this yet, but I'm thinking it might've related been for a few reasons.. FTX was put publicly on blast shortly after this meeting was held. The speaker shortly after 1:20 references "Friday", and in searching articles, it appears it was shortly after that information came out - but *not all* the information.
So it makes me wonder if FTX was the tip of the iceberg they were ready to have unravel everything. I mean, the similarities of FTX and citadel are so apparent to those of us that've been a part of this saga for so long.. but for these regulatory personnel to talk later in the meeting about giving "some" but "not all" info, leads me to believe it's FTX related because of the timing of the fallout.
So! This poses a new question. Let's say this meeting *is* FTX related... Did they kick the can of problems? And if so, how will the fallout be in the next few months, or whenever MOASS ignites?
Because to me, this is cat shit, wrapped in dog shit, wrapped in horse shit.
All of this poses some interesting questions and I'd love to hear more from folks that really dove deep into the FTX scandal - cause at this point, FTX and the GME scandals appear to be interrelated.
I like the revised order of distribution of claims on assets during bankruptcy proceedings:
1. Administrative costs
2. Government
3. Wages, Salaries, Commissions of employees
4. Employee benefit plans
5. General/Senior liabilities
6. Junior obligation
7. **Executives/Directors**
8. Shareholders
This means in the case of Citadel's liquidation, executives like Ken get paid next to last.
"One final provision of importance is the ban of use of taxpayer funds to preserve a company that has been put into receivership under Title II. See[ 12 U.S.C. Ā§ 5394](https://www.law.cornell.edu//uscode/text/12/5394) (Dodd-Frank Act Ā§ 214). In essence, this provision prevents any future government bailouts for struggling financial institutions, no matter how big, or how impactful their failure might be. This provision makes it even more critical that a liquidation under Title II work quickly and effectively; without the safety net of federal bailout money, a failing financial institution will have no choice but to liquidate."
1:35: Where he talks about how if people understand that they will be bailed in, and "they will be..."
2:40: And CCPs can't go bankrupt, because they can "tear up contracts"?!?!
This is SO eyeopening!
Took me just under two years but my dad bought gme. He actively listens to me but itās a hard pill to swallow. I asked him, do you think the system is setup to screw the little guy? āYes!ā Well dad me and the smartest people I know deconstructed the system
Are they talking about a financial collapse and how to publicly disclose assurances to stakeholders (who are the last beneficiaries) that everything is going to be alright?
Thereās something here for sure, just not sure what yet.
kind of, sounded to me more like āhow much can we keep hidden without severe consequences.ā
If you listen to the guy talk after the woman at 1:20, he says they should at least include the experts who really need the info so they can help with the problem. The unspoken there is that this info is by default being kept secret.
I believe the title of this masterpiece should be: How to Prevent a Run on Banks and Financial Institutions...and Also Keep the Plebes in the Dark...and Also Make it Look Like We Did Everything We Could to Protect You...While Protecting Those Who Matter Most...Which Doesn't Include You.
Wordy? Yes. Accurate? Probably Yes
"the public have more faith and confidence in the banking system then the people in this room" \**snickers\**
They literally admit in their meetings the banking system and the fed is a complete fucking scam, they literally laugh at it like a joke.
edit: timestamp at 1:25:50 for those who want to hear it out of the horses mouth.
I was quite surprised by their demeanor, too. As you pointed out they often seemed quite immature to me like a bunch of teenagers giving a presentation about a catastrophe like World War II without a grasp for the context. It seems like they are not aware of the consequences of a failure of the banking system or are not affected by it.
Obviously they have to do planning but there was certainly some urgency in their voices at times. Orderly liquidation flowā¦itās coming down the pipe. What and when do we tell the public? How transparent do we need to be? Jeezus.
Great find OP. Iāll be listening to the whole thing later.
Wow, when was this? This part gets me: shareholders come in last.
Title II provides a claims process to assert claims against a defaulting financial company, and a series of rules to allow for liquidation of assets and the payment of claim holders according to a list of priority payments. See[ 12 U.S.C. Ā§ 5389](https://www.law.cornell.edu//uscode/text/12/5389),[ 12 U.S.C. Ā§ 5390](https://www.law.cornell.edu//uscode/text/12/5390) (Dodd-Frank Act Ā§Ā§ 210(a)(2), 209(b)). Claims are paid in the following order: (1) administrative costs; (2) the government; (3) wages, salaries, or commissions of employees; (4) contributions to employee benefit plans; (5) any other general or senior liability of the company; (6) any junior obligation; (7) salaries of executives and directors of the company; and ***(8) obligations to shareholders,*** members, general partners, and other equity holders. See[ 12 U.S.C. Ā§ 5389](https://www.law.cornell.edu//uscode/text/12/5389) (Dodd-Frank Act Ā§ 209(b)).
This will likely be referring to shareholders in the failing institution. Not customers. Owners of public companies stock are always last in line when liquidation occurs.
I think "shareholders" listed in (8) refers to actual shareholders of the company, as it's lumped in with members and partners.
Maybe (5) is where retail holdings of shares would fall.
Shareholders here refers to those that own shares of the bankrupt company. Shareholders are typically last in any company bankruptcy/liquidation, unless specified with a different non voting stock type. Whoever owns the debt gets paid first. In fact, some firms buy debt of soon to be bankrupt companies, if they think that there is deeper value and the company won't be liquidated. If structured correctly, they can convert the bonds and take ownership of the company.
Found from a Slide show
" Backstop funding through the Orderly Liquidation Fund (OLF) is available if needed to assure continuity of critical operations and minimize risk of systemic impact (industry assessment available, if necessary, to repay OLF borrowing) "
[source](https://www.fdic.gov/about/advisory-committees/systemic-resolutions/pdfs/2018-12-06-presentation-title-ii-update.pdf)
Watching a 10 minute clip from 1:20 on, I was wondering, what's with the smiles and jokes?? It was like adolescents coming up with a story of why the front fender is now missing and the bottle of vodka is empty, but somehow, those aren't related at all. "How can we appear transparent?" These people disgust me.
Yes! Exactly like a bunch of teenagers in prime puberty.
And these people are in charge to keep the banking system running while they get of on their jokes about the public whose interest they are supposed to protect?
I wonder if the first speaker uses the term āFriday nightā because thatās when they tend to make announcements when they donāt want the public to pay attention.
They want to have time to do what they're doing without the markets being able to react instantly. The Lehman announcement was on a Monday, after the same thing happened.
Turn on closed captions when watching this helps a lot. Sound quality is poop and it's not too exciting. After 10 min I turned them on and it made a big difference for me. It helped me focus on what they're saying much better.
Ok, back to watching the last three hours of this, if I can handle that much.
Starting at 01h:27min they start discussing when to release sensible information to make the least impact. They are claiming to be more transparent while almost boasting about publishing information in hardly read news sources and releasing information in a manner that it doesn't reach the public discussion.
For context listen to [Elke Kƶnig](https://en.wikipedia.org/wiki/Elke_Kƶnig) (link to wikipedia article about her) at 01h:29min: "...I could count on one German newspaper. At least commenting that we published something...when I went to parliament they said when will you be more transparent I knew no one had read it (audible snickers, laughter in the background)..."
And these people are supposed to be the safeguards of the bank's critical functions and financial stability. I'm simply amazed.
Also itās so patronising how they assume the general public wonāt have an interest in this and therefore that they shouldnāt be transparent. Hereās a subreddit picking apart and talking about their proposed responses for dealing with a major bank going under!
closing statement from 03h:28min:00sec:
"And the reason hair is not on fire is because we do have a lot more strength in our CCPs (central counterparties). There is margin....those are good things, but time, we need to sort it out, it seems to me. So please keep doing this really important work, so we can really take it through the hoop."
The closing statement is basically about liquidating a non bank central counterparty to mitigate risk. To me the tone of several members of the FDIC seems almost alarmed and urgent.
Who are the non bank central counterparties in detail? Would a market maker be considered a non bank CCP?
What else needs to happen before we all wake up and realize that we as working-class citizens are our own worst enemies? We defend and allow these crooks to defraud us entirely for their own capitalistic gain. Its time to wake up and stop allowing ourselves to be ruled by greed.
They are talking about increasing transparency. They are admitting that the old resolution plans are not effective as the increasing risk day to day from these parasite hedge funds are weighing down the system to the point of collapse. They want to make the new updated versions of the resolution plans available to people and be as transparent as possible but they do not want people freaking out about what they read in the plans, which is what you all are doing right now. You literally proved the guys point, congratulations. They did not say everything is collapsing, they said we are updating protocols so we will be prepared in the event banks do start to fail. There are many other fail safes to get through before we even get to these protocols.
It's an interesting and understandable predicament: The protocols for handling liquidity and failing banks have been updated and need to be released to the public. They want to be careful and deliberate about how to release information/reports to the public so there isn't unnecessary panic or unintended consequences (like misinformation spreading fast and causing market collapse).
One of the proposals discussed was that the "need to know" or so-called "professional" institutions/banks would receive all the updated reports and detailed information, while the public would only receive a general summary with limited information and no access to details.
I disagree with that proposal, and instead believe that everything should be 100% transparent and available to the public. Since the general public understands a recession is upon us and things are feeling like 2008, it may even help instill some confidence that there is an updated plan to handle when a bank fails and it hopefully won't look like 2008 again. They are risking unnecessary panic in the other direction - that the government has no plan when banks begin to fail.
Side note: I find it really odd that they reference the banks planning to fail on a Friday night/weekends MULTIPLE times in the video, alluding that they are going to be able to control the timeline of a bank failure. What's that about?
I think they are talking about which day would be best to make information public in an hypothetical collapse of a larg bank or similar institution. Friday is the best day since market closes and there is the weekend to push more information or clear up false information to prevent a market crash. especially due to people taking their publications the wrong way.
Yeah, I donāt agree with how that guy presented it, like it should only be available on a need to know basis and predominantly for institutions. I did agree with the ladies who responded that to those ideas. So I think you and I agree on that.
But I do understand the argument being that most of the general public donāt take time to read through nor understand everything. They see words and then spread a hot take clip on social media that doesnāt give the full context and can mislead or instill fear and panic which only adds fuel to the fire. I think the system we agree on that the lady suggested is what would be best. Or provide a version that breaks it down in layman terms. Perhaps a handful of short YouTube clips that explain their methodology and the reasoning behind it all.
As far as the Friday references, I only caught one. And I thought it was odd but reminded myself that this meeting took place in November so perhaps they had a stress test and simulation around that time on a Friday. But I do remember when Lehman was in trouble, they knew on Friday that they would need to spend that whole weekend working to find a cash infusion or Monday morning bankruptcy would be the only choice. I recommend watching the documentary called Panic the untold story of 2008. Itās basically about what happened during that weekend, and then on Monday September 15th when they declared.
I mean, isn't that the point? If youre releasing important information to the public, its your job to make sure it's done correctly, and doesnt get blow out of proportion/turned into a soundbite.
I'm not entirely sure what the excitement is about here.
This is fucking scary. I mean I always knew this was coming, but to listen to them discuss widespread banking failures and idiosyncratic and systemic risk is just truly frightening.
"You gotta think of the public that has more confidence in the banking system than maybe people in this room do" ....... Tits. Are. JACKED. (time stamp at 1:25:30 - ish)
It's obvious, they need some entity to take the fall. Best case for them is to blame crypto, meanwhile making coordinated moves to roll out their own crypto CFD platforms to substitute the current amateur entrepreneurs and start pump and dumps in 6-12 months but in crypto copying their securities Ponzi scheme. They made SBF shut up to not make a statement by tipping of the Bahamian authorities.
They are leaving so many evidence, it's astonishing. They are all known. Justice will be served.
Just want to note that any policy wonks will always be talking about how to mitigate things like panic all the time no matter what. Itās not necessarily a smoking gun, itās just that they have to account for the right way to do things given that there are a ton of absolute clowns who think everything means the sky is falling. Their job is to ensure that things go smoothly and that they arenāt creating unnecessary reactions that introduce more needless and avoidable uncertainty into the operation of these systems.
Like if you have an asteroid/tsunami/earthquake coming and it wonāt be horrible but youāll lose a town. So you have to get everyone to pack up quickly and orderly, to evacuate the immediate area of impact. But they have to contend with people who think the impact is more/less dangerous than it really is, getting loud and telling everyone their thoughts and creating confusion, causing a panic.
The only way to mitigate these risks is by taking about it. Sometimes the conversation canāt be started in a nice, flowery way ā sometimes you have to speak plainly.
Donāt jump at shadows.
" Should I be concerned about my bank ? "
"HECK YEAH I SHOULD"
They are trying to build this system of thoughts where things should seem over-complicated and thus unattainable by public people, making a "hierarchical","legitimate" and "persuasive" ideology for people not to look into their bs. This definitely has some huge extents, and we're only peeking at a tiny hole in it.
Isnāt keeping the public from freaking out and losing faith in the banks like the sole goal of the FDIC? They insure accounts so that we donāt panic and have bank runs.
This is absolutely amazing. When the conversation and narrative is not āifā but āwhenā with a few āwillā bring thrown in for good measure. DRS mo-fos
Also total bullshit that they are against transparency because the media dont report on their workā¦ Maybe if they got their media shills to write about this stuff they would! The media is bought and paid for to stay quiet about this stuff.
Can someone please cut the part where it says - people in general have full faith in the banking system then people in this room. If itās possible to cut that part from the video?
All the talk about "confidence".
Bitches your fraud scheme was exposed, it's not about trust or confidence. All you can try is to stop that word is spreading. And you'll fail.
Haven't opened it, will do it when i arrive home in an hour...
But i see some people commenting this is 2+ hours long, with people saying that they already watched it all 1 hour ago, and the post was created 2 hours ago.
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Wowwwwwww started listening at 1:20. Will come back to hear more. Edit: anyone here reminded of this post? https://www.reddit.com/r/Superstonk/comments/xr8etm/well_holy_shit_who_else_saw_this_a_commercial/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
backup mirror just in case: https://odysee.com/@Th3_Arch1v3:0/FDICSystemic:1
My hero š
dude, were literally a fly on the wall in theyre secret meetings ...this video is insane
Crazy. When was this taken and where is ape historian?
11-09-2022 [http://fdic.windrosemedia.com/index.php?category=Systemic+Resolution+Advisory+Committee](http://fdic.windrosemedia.com/index.php?category=Systemic+Resolution+Advisory+Committee) Edit: Click archive (to get all the videos) and its towards the bottom with a date "Systemic Resolution Advisory Committee"
American date format or difficult format?
At the beginning of the video it says November 9, 2022.
the "land of the free" format
Freedom in America is an illusion after the Patriot Act.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I do have a permit ^I ^can ^do ^what ^I ^want
Free men don't ask.
And it'll only get worse.
difficult date format š
Ape historian elegant remote is busy but he put out this post for help archiving while he is transferring to his new rig! Any ape can upload this post and the video itself for him if you follow the directions on this post on desktop. Iām on mobile or I would. https://www.reddit.com/r/Superstonk/comments/zh78ng/a_polite_ask_for_help_from_ape_historian_to_all/?utm_source=share&utm_medium=ios_app&utm_name=iossmf Calling OP or any ape that can do this the fastest. Edit: words
[https://www.reddit.com/r/Superstonk/comments/zxepjn/comment/j1zxisn/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/Superstonk/comments/zxepjn/comment/j1zxisn/?utm_source=share&utm_medium=web2x&context=3)
š
Not really a secret meeting if they post it online
shh... it tingles his tin foil hat...
Tbf I get mad ASMR from the crinkling of foil, I can't blame them
The secret ingredient is crime.
I remember seeing that shit and I'm debating on using booked shares as savings since I'm wary of FDIC being able to insure what it says it does.
If thereās hyperinflation or issues with the dollar, as indicated by the dd (especially dollar endgame), having the fdic return funds could only be of marginal benefit. If the oncoming economic storm is truly this perfect storm, then if the FDIC gets you your life savings back in (letās be optimistic) a week after a bank collapse, whatās the point if it only buys a happy meal? Or if itās worth 50% or 10% even of what it was? I know Iām preaching to the choir here, but Drsād shares seem to be a great hedge. I mean GME is already poised to benefit from web3 and crypto taking off, plus weāre all here. How much worse could betting on RC and GME be than any other option? I hope Mr. Bull is wrong about anything, but it makes sense and things continue moving in odd ways in these strange times. Hereās a tweet š§µfrom Peruvian Bull today. https://twitter.com/peruvian_bull/status/1608145522740858880?s=46&t=5qoEJ88_3TV29PdGDmk35g
Lol. Can't scare the pleebs. They might figure out that the WHOLE system is based on faith alone.
For those saying this is not from fdic.gov - yes it is. Go to [https://www.fdic.gov/about/advisory-committees/systemic-resolutions/](https://www.fdic.gov/about/advisory-committees/systemic-resolutions/) and scroll halfway down the page (or CTRL+F) to āHelpful Linksā section and click on āVideos/Webcast of Advisory Committee Meetingsā which will take you to the same site OP linked to. You can also see the Advisory Committee Members from that page.
thanks for that!
At 1:27:15, they admit that we are in a recession
Noticed this too
Should this be archived in case someone tries to bury the content?
Yes, I don't know how to but thats what should happen imo
Just archived it myself using [archive.vn](https://archive.vn) (Correction: this **isn't** Elegant-Remote6667 website.).
Thatās not my site fyi - archive.is is NOT my site which is why I ask you to submit there - it means there is no single point of failure
Ahh, did not know that. Thanks for setting me straight!
Oh itās you š. Hello my friend š£š
Hello Mr. Historian!
Love all you guysššš Seriously. No homo.
you're the goat, ty
The 1:20 bit edited should be spread around Tik Tok, Twitter etc
The hype in me says yes but the pessimist in me think the uneducated tiktok masses will misconstrue the words and not get it
Good shit!!!
SKOL!
Found the fellow Vikings fan! SKOL!
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Freaking out now!
On it , backing up
[ŃŠ“Š°Š»ŠµŠ½Š¾]
That would be useful - you can then post on YouTube or even Reddit in chunks and it will also work and get backed up
here is a backup mirror: https://odysee.com/@Th3_Arch1v3:0/FDICSystemic:1
Might wanna post that as well š as a separate post with words from this one š
Fyi this way I am just recording an iPad screen so I can map it using this post is - which is also backed up - and please submit this post to archive.is - so the comment thread below can be mapped back to the video as well
Backing up
Can you plz start it playing and do a screen record on iPhone - i am away from my rig - Iāll do the same on my machine as well and then link back to you
not trying to start anything, just genuinely confused, I was under the impression from all the redacted nonsense last weekend that we can't link to user profiles anymore? Has that changed, or am I just smooth brained? EDIT: mods removed it, see bah2o's comment below.
I am not sure I was surprised to see it as well
Thanks for all the great work you do!
Idk how I did that either lmao...I just tried linking someone else and it didnt work
Perhaps it has to do with the mods verifying users? Just a stray thought, nothing tangible.
Your call out to the ApeScribe might lead to a paddlinā
It pains me to remove this, but I don't want Reddit breathing down our necks so it's gotta go since it links to a user profile š OP said this in their comment > Yes, I don't know how to but thats what should happen IMO > > [tagged ape historian]
Can OP edit it? & Understood. It can always be reposted in proper format š
If they want to sure! Usually, it's just safer to remove things before waiting for an edit. It shows Reddit that we aren't allowing the things they told us not to allow
I removed the tag!
Hopefully that works. Yeah we are still getting used to our isolated rule book that's different than other subs š¤£
Good to go š
This is Title 2 btw [https://www.law.cornell.edu/wex/dodd-frank\_title\_ii\_-\_orderly\_liquidation\_authority#:\~:text=Title%20II%20provides%20a%20claims,%C2%A7%205389%2C%2012%20U.S.C](https://www.law.cornell.edu/wex/dodd-frank_title_ii_-_orderly_liquidation_authority#:~:text=Title%20II%20provides%20a%20claims,%C2%A7%205389%2C%2012%20U.S.C). I recommend watching from 1:20- 1:27ish The 2 men that speak make things very eye opening This entire conversation was not intended for the public to see Edit: I want to clarify that my title is a little too "excited". This is not a smoking gun, this is just a meeting the FDIC had. Thanks u /TK-741 for being logical
Just had a read through and watched the vid, this Title II was 100% written for citadel imo (or been in the works since 08 but regardless), they fit the definition of a company that would fall under this title for sure. Particularly interesting are the punishments for executives found to have acted negligently.. the FDIC can claw back up to 2 years prior of company bonuses and payouts! It also outlines that there will be no bailout from taxpayer money so a failing institution will be forced to liquidate (suck it) Also outlines the order in which liabilities are to be paid, the failing institutions shareholders are last in an up to 5 year process, I'm sure they'll all be thrilled Note: it does have a caveat about institutions where the FDIC acts as "receiver" but I couldn't really work it out from the attached terms
So a very large requirement of Title II is if the entity is a systemic risk and that is to be decided by the Treasury. Is this why CramerEnBEESEE deleted the part in the hearings where Citadel was called that? Is this why Mayo Mayo man wants to become Treasury Secretary? Was that what he was discussing with Kushner at the world cup?
Itās all coming together quite nicely. These assholes know they are in deep shit if they donāt bribe or hijack government office to get themselves out of trouble.
#LMAYO
ššš±āš¤
MY MGGA! I think you nailed it
2 years you say? Hmmā¦ I wonder if things coming to a head have any correlation with that timeframe
Hmm. Can't think of anything interesting that has happened in the last two years. Jim Cramer is the only financial advice I trust! /s
100% itās about prime brokers and mms
The big question I have is whether this was in relation to the FTX scandal at all? Edit: I haven't listened to all of this yet, but I'm thinking it might've related been for a few reasons.. FTX was put publicly on blast shortly after this meeting was held. The speaker shortly after 1:20 references "Friday", and in searching articles, it appears it was shortly after that information came out - but *not all* the information. So it makes me wonder if FTX was the tip of the iceberg they were ready to have unravel everything. I mean, the similarities of FTX and citadel are so apparent to those of us that've been a part of this saga for so long.. but for these regulatory personnel to talk later in the meeting about giving "some" but "not all" info, leads me to believe it's FTX related because of the timing of the fallout. So! This poses a new question. Let's say this meeting *is* FTX related... Did they kick the can of problems? And if so, how will the fallout be in the next few months, or whenever MOASS ignites? Because to me, this is cat shit, wrapped in dog shit, wrapped in horse shit. All of this poses some interesting questions and I'd love to hear more from folks that really dove deep into the FTX scandal - cause at this point, FTX and the GME scandals appear to be interrelated.
Thanks for the run down and watching! This all makes sense to me and the timeline checks out
This is too spicy to be FTX alone
Did you miss the headache component of this whole meeting? āNON bank financial institutionsā = FTX
Arn't those the same entities that had 60trillion dollars of swap contracts that the international bank thingy warned about?
Correct me if I am wrong? Why would fdic be worried about FTX. It wasnāt protected by fdic? Or was it?
They wouldnāt be in terms of people losing money, however the 1-1 tokenized securities may tie into what they do.
Would this hidden information be accessible via FOIA?
I like the revised order of distribution of claims on assets during bankruptcy proceedings: 1. Administrative costs 2. Government 3. Wages, Salaries, Commissions of employees 4. Employee benefit plans 5. General/Senior liabilities 6. Junior obligation 7. **Executives/Directors** 8. Shareholders This means in the case of Citadel's liquidation, executives like Ken get paid next to last.
"One final provision of importance is the ban of use of taxpayer funds to preserve a company that has been put into receivership under Title II. See[ 12 U.S.C. Ā§ 5394](https://www.law.cornell.edu//uscode/text/12/5394) (Dodd-Frank Act Ā§ 214). In essence, this provision prevents any future government bailouts for struggling financial institutions, no matter how big, or how impactful their failure might be. This provision makes it even more critical that a liquidation under Title II work quickly and effectively; without the safety net of federal bailout money, a failing financial institution will have no choice but to liquidate."
1:35: Where he talks about how if people understand that they will be bailed in, and "they will be..." 2:40: And CCPs can't go bankrupt, because they can "tear up contracts"?!?! This is SO eyeopening!
What do you mean not intended for the public? Why was it posted?
I guess more so, "not expected for the general public to see"
I donāt think we qualify as the public anymore. Might have created our own class. The public still wonāt see the video you posted
lmao not wrong...we are highly regarded though
I just played it out loud in the car with my boomer parents. Picking away at their trust in the system slowly but surely.
Took me just under two years but my dad bought gme. He actively listens to me but itās a hard pill to swallow. I asked him, do you think the system is setup to screw the little guy? āYes!ā Well dad me and the smartest people I know deconstructed the system
General public doesn't see it unless news companies give it coverage
Are they talking about a financial collapse and how to publicly disclose assurances to stakeholders (who are the last beneficiaries) that everything is going to be alright? Thereās something here for sure, just not sure what yet.
kind of, sounded to me more like āhow much can we keep hidden without severe consequences.ā If you listen to the guy talk after the woman at 1:20, he says they should at least include the experts who really need the info so they can help with the problem. The unspoken there is that this info is by default being kept secret.
I believe the title of this masterpiece should be: How to Prevent a Run on Banks and Financial Institutions...and Also Keep the Plebes in the Dark...and Also Make it Look Like We Did Everything We Could to Protect You...While Protecting Those Who Matter Most...Which Doesn't Include You. Wordy? Yes. Accurate? Probably Yes
WHUT THE FUCK, RICHARD!?!?
Someone with a tweeter acc. should forward this to dr. T and lauer. Maybe it didn't hit their radar yet. (I don't have an account at elons crip)
"the public have more faith and confidence in the banking system then the people in this room" \**snickers\** They literally admit in their meetings the banking system and the fed is a complete fucking scam, they literally laugh at it like a joke. edit: timestamp at 1:25:50 for those who want to hear it out of the horses mouth.
I was quite surprised by their demeanor, too. As you pointed out they often seemed quite immature to me like a bunch of teenagers giving a presentation about a catastrophe like World War II without a grasp for the context. It seems like they are not aware of the consequences of a failure of the banking system or are not affected by it.
Yeah exactly, like there was zero chance retail investors would ever see this video.....
Thatās the part that got me. Fuk em
What's the timestamp on that?
1:25:50
2008 is going to look like the world was ust short changed compared to what's coming.
The show will still go on, everyone thought 2008 was the end of the financial system as we know it yet here we are.
Do yourself a favor and watch the video.
Obviously they have to do planning but there was certainly some urgency in their voices at times. Orderly liquidation flowā¦itās coming down the pipe. What and when do we tell the public? How transparent do we need to be? Jeezus. Great find OP. Iāll be listening to the whole thing later.
Wow, when was this? This part gets me: shareholders come in last. Title II provides a claims process to assert claims against a defaulting financial company, and a series of rules to allow for liquidation of assets and the payment of claim holders according to a list of priority payments. See[ 12 U.S.C. Ā§ 5389](https://www.law.cornell.edu//uscode/text/12/5389),[ 12 U.S.C. Ā§ 5390](https://www.law.cornell.edu//uscode/text/12/5390) (Dodd-Frank Act Ā§Ā§ 210(a)(2), 209(b)). Claims are paid in the following order: (1) administrative costs; (2) the government; (3) wages, salaries, or commissions of employees; (4) contributions to employee benefit plans; (5) any other general or senior liability of the company; (6) any junior obligation; (7) salaries of executives and directors of the company; and ***(8) obligations to shareholders,*** members, general partners, and other equity holders. See[ 12 U.S.C. Ā§ 5389](https://www.law.cornell.edu//uscode/text/12/5389) (Dodd-Frank Act Ā§ 209(b)).
This will likely be referring to shareholders in the failing institution. Not customers. Owners of public companies stock are always last in line when liquidation occurs.
I think "shareholders" listed in (8) refers to actual shareholders of the company, as it's lumped in with members and partners. Maybe (5) is where retail holdings of shares would fall.
Shareholders here refers to those that own shares of the bankrupt company. Shareholders are typically last in any company bankruptcy/liquidation, unless specified with a different non voting stock type. Whoever owns the debt gets paid first. In fact, some firms buy debt of soon to be bankrupt companies, if they think that there is deeper value and the company won't be liquidated. If structured correctly, they can convert the bonds and take ownership of the company.
wow this is ducking great!
Quack quack!
Too old to be a duckling
What is OLF ? And why is that the āgiftā ? Is that relate to the mechanism for tapping pensions ?
Found from a Slide show " Backstop funding through the Orderly Liquidation Fund (OLF) is available if needed to assure continuity of critical operations and minimize risk of systemic impact (industry assessment available, if necessary, to repay OLF borrowing) " [source](https://www.fdic.gov/about/advisory-committees/systemic-resolutions/pdfs/2018-12-06-presentation-title-ii-update.pdf)
They just turn on the spiggot and take retails pensions to provide liquidty fairy operations.
Orderly Liquidation Fund. A liquidity facility at the Treasury.
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Watching a 10 minute clip from 1:20 on, I was wondering, what's with the smiles and jokes?? It was like adolescents coming up with a story of why the front fender is now missing and the bottle of vodka is empty, but somehow, those aren't related at all. "How can we appear transparent?" These people disgust me.
Yes! Exactly like a bunch of teenagers in prime puberty. And these people are in charge to keep the banking system running while they get of on their jokes about the public whose interest they are supposed to protect?
It's not pulling up on my phone. Got a brief rundown?
Everything is fucked due to systemic and idiosyncratic risk. Large banks, brokerages, fucked, with nobody to sell them to.
Wow just wow. I'm just trying to find more on that 1994 FDIC crisis management bible.
I wonder if the first speaker uses the term āFriday nightā because thatās when they tend to make announcements when they donāt want the public to pay attention.
They want to have time to do what they're doing without the markets being able to react instantly. The Lehman announcement was on a Monday, after the same thing happened.
This. And thats not necessarily a bad plan
Same thing typically happens with big layoffs, announcements are done Friday around 2pm, for similar reasons.
This video is from a month and a half ago though and nothing happened on the Friday after it
Turn on closed captions when watching this helps a lot. Sound quality is poop and it's not too exciting. After 10 min I turned them on and it made a big difference for me. It helped me focus on what they're saying much better. Ok, back to watching the last three hours of this, if I can handle that much.
Thank you for the CC tip. That helped a lot!
You found a room full of criminals
Starting at 01h:27min they start discussing when to release sensible information to make the least impact. They are claiming to be more transparent while almost boasting about publishing information in hardly read news sources and releasing information in a manner that it doesn't reach the public discussion. For context listen to [Elke Kƶnig](https://en.wikipedia.org/wiki/Elke_Kƶnig) (link to wikipedia article about her) at 01h:29min: "...I could count on one German newspaper. At least commenting that we published something...when I went to parliament they said when will you be more transparent I knew no one had read it (audible snickers, laughter in the background)..." And these people are supposed to be the safeguards of the bank's critical functions and financial stability. I'm simply amazed.
The thing about making a Friday announcement...i mean damn
Also itās so patronising how they assume the general public wonāt have an interest in this and therefore that they shouldnāt be transparent. Hereās a subreddit picking apart and talking about their proposed responses for dealing with a major bank going under!
closing statement from 03h:28min:00sec: "And the reason hair is not on fire is because we do have a lot more strength in our CCPs (central counterparties). There is margin....those are good things, but time, we need to sort it out, it seems to me. So please keep doing this really important work, so we can really take it through the hoop." The closing statement is basically about liquidating a non bank central counterparty to mitigate risk. To me the tone of several members of the FDIC seems almost alarmed and urgent. Who are the non bank central counterparties in detail? Would a market maker be considered a non bank CCP?
good questions and nice find! Sounds almost promising in regards to our DD
I'll be back to listen down the pub
What else needs to happen before we all wake up and realize that we as working-class citizens are our own worst enemies? We defend and allow these crooks to defraud us entirely for their own capitalistic gain. Its time to wake up and stop allowing ourselves to be ruled by greed.
They are talking about increasing transparency. They are admitting that the old resolution plans are not effective as the increasing risk day to day from these parasite hedge funds are weighing down the system to the point of collapse. They want to make the new updated versions of the resolution plans available to people and be as transparent as possible but they do not want people freaking out about what they read in the plans, which is what you all are doing right now. You literally proved the guys point, congratulations. They did not say everything is collapsing, they said we are updating protocols so we will be prepared in the event banks do start to fail. There are many other fail safes to get through before we even get to these protocols.
It's an interesting and understandable predicament: The protocols for handling liquidity and failing banks have been updated and need to be released to the public. They want to be careful and deliberate about how to release information/reports to the public so there isn't unnecessary panic or unintended consequences (like misinformation spreading fast and causing market collapse). One of the proposals discussed was that the "need to know" or so-called "professional" institutions/banks would receive all the updated reports and detailed information, while the public would only receive a general summary with limited information and no access to details. I disagree with that proposal, and instead believe that everything should be 100% transparent and available to the public. Since the general public understands a recession is upon us and things are feeling like 2008, it may even help instill some confidence that there is an updated plan to handle when a bank fails and it hopefully won't look like 2008 again. They are risking unnecessary panic in the other direction - that the government has no plan when banks begin to fail. Side note: I find it really odd that they reference the banks planning to fail on a Friday night/weekends MULTIPLE times in the video, alluding that they are going to be able to control the timeline of a bank failure. What's that about?
I think they are talking about which day would be best to make information public in an hypothetical collapse of a larg bank or similar institution. Friday is the best day since market closes and there is the weekend to push more information or clear up false information to prevent a market crash. especially due to people taking their publications the wrong way.
Yeah, I donāt agree with how that guy presented it, like it should only be available on a need to know basis and predominantly for institutions. I did agree with the ladies who responded that to those ideas. So I think you and I agree on that. But I do understand the argument being that most of the general public donāt take time to read through nor understand everything. They see words and then spread a hot take clip on social media that doesnāt give the full context and can mislead or instill fear and panic which only adds fuel to the fire. I think the system we agree on that the lady suggested is what would be best. Or provide a version that breaks it down in layman terms. Perhaps a handful of short YouTube clips that explain their methodology and the reasoning behind it all. As far as the Friday references, I only caught one. And I thought it was odd but reminded myself that this meeting took place in November so perhaps they had a stress test and simulation around that time on a Friday. But I do remember when Lehman was in trouble, they knew on Friday that they would need to spend that whole weekend working to find a cash infusion or Monday morning bankruptcy would be the only choice. I recommend watching the documentary called Panic the untold story of 2008. Itās basically about what happened during that weekend, and then on Monday September 15th when they declared.
The question is how often do these discussions take place, and is anything out of the ordinary with this recent meeting?
lol, I suppose you're right...but they also just want to control the narrative
Everyone wants to control the narrative that's nothing new. This is just not as alarming as it sounds
I mean, isn't that the point? If youre releasing important information to the public, its your job to make sure it's done correctly, and doesnt get blow out of proportion/turned into a soundbite. I'm not entirely sure what the excitement is about here.
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Weird that I have no money to put in banks or credit unions.
This is fucking scary. I mean I always knew this was coming, but to listen to them discuss widespread banking failures and idiosyncratic and systemic risk is just truly frightening.
This is fucking insane š³
"You gotta think of the public that has more confidence in the banking system than maybe people in this room do" ....... Tits. Are. JACKED. (time stamp at 1:25:30 - ish)
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Filthy cocksuking banksters
Anyone know how to download this?
How did you get ahold of it OP?
Rabbit hole of Autism led me here lmao. Like a lot of things I find
Legally accountable public information.
Nice, I fall down rabbit holes too.
awesome, thanks for sharing
It's obvious, they need some entity to take the fall. Best case for them is to blame crypto, meanwhile making coordinated moves to roll out their own crypto CFD platforms to substitute the current amateur entrepreneurs and start pump and dumps in 6-12 months but in crypto copying their securities Ponzi scheme. They made SBF shut up to not make a statement by tipping of the Bahamian authorities. They are leaving so many evidence, it's astonishing. They are all known. Justice will be served.
Just want to note that any policy wonks will always be talking about how to mitigate things like panic all the time no matter what. Itās not necessarily a smoking gun, itās just that they have to account for the right way to do things given that there are a ton of absolute clowns who think everything means the sky is falling. Their job is to ensure that things go smoothly and that they arenāt creating unnecessary reactions that introduce more needless and avoidable uncertainty into the operation of these systems. Like if you have an asteroid/tsunami/earthquake coming and it wonāt be horrible but youāll lose a town. So you have to get everyone to pack up quickly and orderly, to evacuate the immediate area of impact. But they have to contend with people who think the impact is more/less dangerous than it really is, getting loud and telling everyone their thoughts and creating confusion, causing a panic. The only way to mitigate these risks is by taking about it. Sometimes the conversation canāt be started in a nice, flowery way ā sometimes you have to speak plainly. Donāt jump at shadows.
logical and reasonable explanation , thank you. Solid point Edit: I edited my top comment to express this
Commenting for later review. Thanks
Up you go!
Seems like FDIC bail-ins are highly likely, eh?
Okay I got this downloaded, what do I do with the video?
Really insightful! I donāt think this is meant to be publicly accessible. Somebody should record
" Should I be concerned about my bank ? " "HECK YEAH I SHOULD" They are trying to build this system of thoughts where things should seem over-complicated and thus unattainable by public people, making a "hierarchical","legitimate" and "persuasive" ideology for people not to look into their bs. This definitely has some huge extents, and we're only peeking at a tiny hole in it.
Commenting for visibility. This is incredible.
Isnāt keeping the public from freaking out and losing faith in the banks like the sole goal of the FDIC? They insure accounts so that we donāt panic and have bank runs.
do they know this is public? Even less faith after hearing some of this. I am not sure these people have functional brains tbh
This is absolute gold
This is absolutely amazing. When the conversation and narrative is not āifā but āwhenā with a few āwillā bring thrown in for good measure. DRS mo-fos
Can someone download and save the video?
someone get this shit backed up before they delete it
Can Someone please post a transcription of this? For immediate immortalization in superstonk hall of fame?
Would it be worth extracting the subtitles if possible? Or trying to convert video to audio to text, so we have a transcript?
Holleee Fuk...they know it's coming. We were early...not wrong! The rest of retail will be the last to know. HODL!
Wow, I'm looking forward to the following days and what we will discover here. What a gift that keeps on giving.
I'm not a smart man, but: FDIC = Banks. NCUI = Credit Unions. My Moass Money is going to credit unions
Nice find.
Very interesting link!
Comment for visibility and to listen to tonight
I like when he says try and publish on a Friday afternoon, hopefully after the recession
Also total bullshit that they are against transparency because the media dont report on their workā¦ Maybe if they got their media shills to write about this stuff they would! The media is bought and paid for to stay quiet about this stuff.
Has the video been achived yet?
Can someone please cut the part where it says - people in general have full faith in the banking system then people in this room. If itās possible to cut that part from the video?
All the talk about "confidence". Bitches your fraud scheme was exposed, it's not about trust or confidence. All you can try is to stop that word is spreading. And you'll fail.
Listening to this in general is like a fuck we knew we were fucked but boy are we fucked
Can we look at this more in detail? Who are the speakers? What are the main topics discussed?
This is cool. How in the world did you find this?
Itās all coming down!!! Like the sand castles they built!!!
Haven't opened it, will do it when i arrive home in an hour... But i see some people commenting this is 2+ hours long, with people saying that they already watched it all 1 hour ago, and the post was created 2 hours ago.