Hal Turner: Independent Contractor for the FBI, Eh?
If you recall, Hal Turner was also the one who claimed he'd been leaked stress test results before they were released. And I was cool with him (in America, it's your right to be a racist on your own website even if that makes your chances of getting into Heaven a bit more dismal, it's still to each his own) until he threatened my favorite judge.
A New Jersey blogger about to stand trial on charges that he made death threats against federal judges was apparently paid by the F.B.I. in its battle against domestic terrorism, according to a published report.
The blogger, Hal Turner, received thousands of dollars from the Federal Bureau of Investigation to report on neo-Nazis and white supremacist groups and was sent undercover to Brazil, according to a report on Sunday by The Record of Bergen County.
Mr. Turner also claims the F.B.I. coached him to make racist, anti-Semitic and other threatening statements on his Internet radio show, but the newspaper also found that many federal officials were concerned that his audience might follow up on his violent speech.
The newspaper reviewed numerous government documents, e-mail messages, court records and almost 20 hours of jailhouse interviews with Turner.
Mr. Turner goes on trial Tuesday in Federal District Court in Brooklyn, accused of making death threats against three federal appeals judges based in Chicago after saying in Internet postings in June that the judges “deserve to be killed” because they had refused to overturn handgun bans in Chicago and its suburb of Oak Park.
The postings included the photos and work addresses of the judges — Richard A. Posner, Frank H. Easterbrook and William J. Bauer — along with a picture of the Dirksen Federal Courthouse in downtown Chicago and notations indicating the placement of “bomb barriers.”
Mr. Turner’s F.B.I. connections began in 2003 with the Joint Terrorism Task Force based in Newark, and continued on and off until this year, according to the newspaper. He claims his postings and other inflammatory statements were part of an undercover operation to ferret out violent left-wing radicals.
So let's get a refresher on Mr Turner, shall we? (from my April 20th Treasury Caught in a Bold-Faced Lie on Stress Tests?)
Hal Turner is one of those "tin foil hat" guys (and a general asshat as far as racists are concerned) who dares to talk about a North American Union, the Amero, and the various "conspiracies" in place to keep the little sheeple in line. But he has also busted the United States Treasury in a bold-faced lie.
Yesterday, Turner reported on his blog that he'd somehow received leaked stress test results which revealed 16 of the top 19 banks were technically insolvent. As if that weren't a giant duh and bad enough to begin with, the Treasury has gone so far as to say it does not even have the results. But how could this be when on April 10th the Fed and Treasury insisted that they did not want banks leaking the results for fear of fudging up Q1 earnings calls?
The results via Turner are not pretty and show just how broken the American banking system truly is - false or delusional killer Q1 earnings bullshit be damned:
1) Of the top nineteen (19) banks in the nation, sixteen (16) are already technically insolvent. (Based upon the “alternative more adverse” scenario which had a 3.3 percent contraction of the U.S. Economy in 2009, accompanied by 8.9 percent unemployment, followed by 0.5 percent growth of the U.S. Economy but a 10.3 percent jobless in 2010.)2) Of the 16 banks that are already technically insolvent, not even one can withstand any disruption of cash flow at all or any further deterioration in non-paying loans. (Without further government injections of cash)
3) If any two of the 16 insolvent banks go under, they will totally wipe out all remaining FDIC insurance funding.
4) Of the top 19 banks in the nation, the top five (5) largest banks are under capitalized so dangerously, there is serious doubt about their ability to continue as ongoing businesses.
5) Five large U.S. banks have credit exposure related to their derivatives trading that exceeds their capital, with four in particular - JPMorgan Chase, Goldman Sachs, HSBC Bank America and Citibank - taking especially large risks.
6) Bank of America`s total credit exposure to derivatives was 179 percent of its risk-based capital; Citibank`s was 278 percent; JPMorgan Chase`s, 382 percent; and HSBC America`s, 550 percent. It gets even worse: Goldman Sachs began reporting as a commercial bank, revealing an alarming total credit exposure of 1,056 percent, or more than ten times its capital! (HSBC is NOT in the top 19 banks undergoing a stress test, but is mentioned in the report as an aside because of its risk capital exposure to derivatives)
7) Not only are there serious questions about whether or not JPMorgan Chase, Goldman Sachs,Citibank, Wells Fargo, Sun Trust Bank, HSBC Bank USA, can continue in business, more than 1,800 regional and smaller institutions are at risk of failure despite government bailouts!
The debt crisis is much greater than the government has reported. The FDIC`s "Problem List" of troubled banks includes 252 institutions with assets of $159 billion. 1,816 banks and thrifts are at risk of failure, with total assets of $4.67 trillion, compared to 1,568 institutions, with $2.32 trillion in total assets in prior quarter.
Put bluntly, the entire US Banking System is in complete and total collapse.
Whether or not Turner had these results in hand, the Treasury is now scrambling to cover things up, claiming the report is false simply because they do not even HAVE the results. Again, how is this possible when Bloomberg announced on April 10th that it wanted banks to keep mum on the tests?
Yeah enough of that, we saw what happened.
Seriously, what is this shit?
I may keep this excuse in mind should a set of black helicopters land near my office one of these days and try to take me away for my distinctively anti-Fed potty mouth. But officer! Bernanke made me do it!
In sort of related news, an anonymous commenter informs us that Turner was never a right-winger. No shit. A libertarian? No thanks, we have enough whackjobs on our team, thanks.