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LaRouche: Stop London's
Fraudulent Bail-Out Schemes

Jan. 20, 2009 (EIRNS)—This release was issued today by the Lyndon LaRouche Political Action Committee (LPAC).

American statesman Lyndon LaRouche today denounced the City of London's continuing insistence on cooking up desperate bail-out schemes for the bankrupt international financial system, which they are trying to impose on the United States as well, such as the absurd idea of creating a "bad bank" loaded down with toxic assets. "This is a bunch of hyperinflationary nonsense," LaRouche said:

We should put these things through bankruptcy reorganization.

That's what you do: you put them through bankruptcy. You can do it by bankruptcy proceeding, you know. You can say that those things which are of value to the government and to the people will be protected; and those other things won't. They will just sit out there, waiting for their disposition.

And that's what they're not doing.

You've got a bankrupt system, and they refuse to put it into bankruptcy! What they are doing instead, is they are getting to an inflationary valuation of fraudulent assets. Here you have a bank that's bankrupt. The assets are worthless. Everybody agrees the assets are worthless. But they are going to try to keep them alive. What is that, but fraud?

This is fraud! They are commiting a fraud against the people.

President Obama has to push through to have all of this declared illegal. He should say: 'This is fraudulent. We found that the evidence shows that it was fraudulent.' Because obviously you cannot have the United States being destroyed by this kind of operation.

This is tantamount to treason. It just cannot be tolerated. So therefore these guys have to be told: 'We're calling you back in, buddy.' And the new Pecora Commission is going to find itself with some questions that the old one didn't quite have. It would appear that history has learned nothing from the experience of the Pecora Commission.

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