Is Your Bank Safe?

  By Timothy D. Naegele[1]

Having purchased seven failing financial institutions from the American government[2], I can say categorically that no one knows for certain whether they are safe or not until they either survive or collapse.  Perhaps the classic example has been Silicon Valley Bank, where reportedly there were few at the top who had any knowledge of banking.[3]

That is stunning, to say the least.  Presumably even the bank’s most sophisticated depositors and customers had no idea how inept its management was.  But the greatest example today may be Wells Fargo Bank, which was once one of America’s and the world’s true icons in banking.[4]

Richard Kovacevich took over, who had no experience in banking; and he created a monster.  Yet, he departed before everything “hit the fan,” and others “took the rap” for his misdeeds.  To escape scot-free is astonishing, which Bernie Madoff and other “Ponzi scheme” creators could not achieve.[5]

We are still in the early stages of this financial reckoning; and the precise depth of the problems will not be known for a long time ahead—perhaps decades.  One thing is certain: no one should take any chances with their monies.  And yes, after the devastating and still-lingering effects of China’s Covid pandemic, many Americans have been hurt already, with much more to come.  Those at the bottom of the economic totem pole have been hurt in ways that are unfathomable.[6]

American companies continue to close, or lay off workers.[7]  Where the economic “merry-go-round” stops is anyone’s guess.  Are we on the cusp of both the “Great Depression II” and World War III, with unimaginable chaos ahead?[8]  I am not a seer; and even the best political, economic and military minds globally can only guess.  But it is best not to gamble in uncertain times like these, when our skills and faith are truly tested.[9]

Lastly, who will pay for this debacle in the United States?  Its taxpayers, of course.  There is no “free ride,” and someone always pays for the misdeeds of others.  Whether it is war, economic chaos or other calamities, the “piper” must be paid; and what we are experiencing today is no exception.  Will Americans and others globally rise up, and say “enough is enough,” as they did in Berlin when freedom had one of its greatest moments in human history?[10]

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© 2023, Timothy D. Naegele

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[1]  Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass).  See, e.g., Timothy D. Naegele Resume-21-8-6  and https://naegeleknol.wordpress.com/accomplishments/   He has an undergraduate degree in economics from the University of California, Los Angeles (UCLA), as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He served as a Captain in the U.S. Army during the Vietnam War, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal (see, e.g., https://en.wikipedia.org/wiki/Commendation_Medal#Joint_Service).  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., https://naegeleblog.wordpress.com/articles/ and https://naegeleknol.wordpress.com/articles/), and studied photography with Ansel Adams.  He can be contacted directly at tdnaegele.associates@gmail.com

[2]  See, e.g., https://naegeleknol.wordpress.com/accomplishments/ (“(1) Southern California Savings by The Securities Groups (1982); (2) Fidelity Federal Savings and Loan of Baltimore (1984), (3) American Heritage of Illinois (1984), (4) Fidelity Savings & Loan of Martins Ferry, Ohio (1985), (5) Brighton Federal of Colorado (1985), and (6) Century Savings of Kansas (1985) by Household Bank, F.S.B.; and (7) United Bank of San Francisco by Hibernia Bancshares Corporation (1986)”)

[3]  See https://www.dailymail.co.uk/news/article-11859379/Only-ONE-member-failed-SVBs-board-experience-investment-banking.html (“Only ONE member of failed SVB’s board had a career in investment banking – and the rest were Obama, Clinton mega-donors who ‘grieved’ when Trump won including one who went to Shinto shrine ‘to pray'”); see also https://www.dailymail.co.uk/news/article-11863441/Silicon-Valley-Bank-donated-73-MILLION-Black-Lives-Matter.html (“Woke Silicon Valley Bank donated over $73 MILLION to Black Lives Matter-related social justice groups before it collapsed – while failed Signature Bank gave $850,000”) and https://www.dailymail.co.uk/news/article-11860445/Signature-Bank-boss-hosted-company-seminar-gender-neutral-pronouns-prior-bank-failure.html (“Signature Bank boss hosted a company seminar on gender-neutral pronouns ‘ze’ and ‘hir’ five months before becoming the third largest bank failure in US history”)

[4]  See https://naegeleblog.wordpress.com/2019/09/27/wells-fargo-an-american-banking-nightmare/ (“Wells Fargo: An American Banking Nightmare”)

[5]  See supra n.4.

[6]  See, e.g., https://naegeleblog.wordpress.com/2020/07/09/homelessness-in-america/ (“Homelessness In America”)

[7]  See https://www.nytimes.com/2023/03/14/technology/meta-facebook-layoffs.html (“Meta to Lay Off Another 10,000 Workers”)

[8]  See, e.g., https://naegeleblog.wordpress.com/2023/03/10/is-the-united-states-on-the-cusp-of-the-great-depression-ii/ (“Is The United States On The Cusp Of The Great Depression II?”)

[9]  See https://naegeleblog.wordpress.com/2010/05/12/what-and-where-is-god/ (“What And Where Is God?”)

[10]  I was in Berlin when the Iron Curtain fell and the Soviet Union collapsed.  Soviet military personnel were selling their uniforms and plumbing fixtures from their barracks, and going back to “tent cities” in the USSR.  I will never forget the jubilation that day.

See, e.g., https://naegeleblog.wordpress.com/2015/11/29/the-death-of-putin-and-russia-the-final-chapter-of-the-cold-war/ (“The Death Of Putin And Russia: The Final Chapter Of The Cold War”)

The Death Of Putin And Russia: The Final Chapter Of The Cold War

 By Timothy D. Naegele[1]

The death of Russia’s brutal dictator-for-life Vladimir Putin, and the end of Russia, will comprise the final chapter of the Cold War—which began at the end of World War II, and lasted more than 70 years.

Lots of us have lived through that war since we were children.  Growing up a mile west of UCLA’s Westwood campus in Los Angeles, and attending elementary school not far away in the suburb of Brentwood, my classmates and I had to go through mock nuclear explosion drills and hide under our desks and shield our heads from “falling debris.”  I remember it well.

It is estimated that the Soviet Union’s Joseph Stalin was responsible for the deaths of more than 30 million men, women and children—his own countrymen—including millions during the collectivization of the Soviet farms in the 1930s.  As the Soviets moved through Germany and captured Berlin at the end of World War II, they raped at least two million German women in what is now acknowledged as the largest case of mass rape in history.[2]

To their credit, Ronald Reagan and George H.W. Bush set their sights on destroying the Soviet Union; and it is gone, without a shot being fired.  After Soviet forces left Afghanistan in humiliation and defeat—and in body bags—the USSR imploded.  The Berlin Wall and the Iron Curtain fell, and the rest is history.  Yet, the Cold War did not end.

Putin is a killer, and Stalin’s heir.[3]  After World War II, he came to prominence as a KGB operative in East Germany—or the DDR, as it was known before the collapse of Erich Honecker’s government—which was one of the most repressive regimes in the Soviet Union’s orbit, or the Evil Empire.  Following the USSR’s implosion, Putin and his thugs and cronies hijacked Russia’s incipient democracy, and have been exploiting it ever since.

Despite being a “public servant” all of his life, Putin has amassed a fortune estimated to be $70 billion; “Versailles” has been built for him already[4]; and his cronies have amassed billions of dollars too, and are living like kings outside of Russia.  The Russian people need to recover what Putin and his cronies have stolen from them, and then terminate all of them—like the last Czar and his family, and Italy’s Benito Mussolini.  Nothing less will suffice.

The world must never forget that Putin left the 2008 Summer Olympics in Beijing to launch his aggression against Georgia. Then, he left the 2014 Winter Olympics in Sochi and launched his aggression against Crimea and the rest of Ukraine.  Also, the world must never forget that in addition to downing Malaysia Airlines Flight 17—and killing all 283 passengers and 15 crew on board—Putin killed Alexander Litvinenko and countless others.

Russia is crippled as a result of our economic sanctions and the fall of oil prices. By ratcheting up the sanctions even more—such as unilaterally denying Russia access to the SWIFT banking system—Putin and Russia will be in free fall, and in a death spiral from which they will not recover.  Putin’s “invasion” of Syria may prove to be quicksand for him, just as Afghanistan was for the Soviets.

Russia is weaker today than the former USSR before it collapsed.  It spans nine time zones and includes 160 ethnic groups that speak an estimated 100 languages. It is by no means monolithic, and may crumble “overnight.”  Once Putin is gone, Russia may be dismembered—never to rise again—with China taking part (e.g., Siberia, which it covets) and the rest becoming independent states like the former Yugoslavia.

Each of the new states will act in its own best interests, just as has been true in the former Yugoslavia, and among the countries that were spun off from the USSR—which have thrived as part of the West.  Putinism will not survive Putin.  It will suffer an ignominious death, like its namesake; and constitute a tragic watershed in history, like Adolf Hitler’s “Thousand Year Reich” and Nazism.

Let the celebrations begin.  The end is near . . .

© 2015, Timothy D. Naegele

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[1] Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass). He and his firm, Timothy D. Naegele & Associates, specialize in Banking and Financial Institutions Law, Internet Law, Litigation and other matters (see www.naegele.com and http://www.naegele.com/documents/TimothyD.NaegeleResume.pdf). He has an undergraduate degree in economics from UCLA, as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University. He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal. Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., www.naegele.com/whats_new.html#articles), and can be contacted directly at tdnaegele.associates@gmail.com; see also Google search: Timothy D. Naegele

[2]  See https://naegeleblog.wordpress.com/2010/02/06/the-silent-voices-of-stalin’s-soviet-holocaust-and-mao’s-chinese-holocaust/ (“The Silent Voices Of Stalin’s Soviet Holocaust And Mao’s Chinese Holocaust”)

[3]  See https://naegeleblog.wordpress.com/2010/02/09/russias-putin-is-a-killer/ (“Russia’s Putin Is A Killer”)

[4]  See https://en.wikipedia.org/wiki/Putin%27s_Palace

Ronald Reagan and John F. Kennedy: A Question of Character

By Timothy D. Naegele[1][2]

 

With the passage of time, America’s greatest presidents prior to the 21st Century are apt to be viewed as Washington, Jefferson, Lincoln, Franklin Roosevelt and Ronald Reagan.  Gone from that list most certainly will be John F. Kennedy. Today, few young Americans even know who he was—or care about him—because less than a handful of his positive accomplishments had any lasting significance.

Reagan will be remembered, while Kennedy may be forgotten. This conclusion will surely offend those Kennedy disciples who are still pushing the myth of Camelot until its last gasp. Like William McKinley, the fact that an assassin cut short Kennedy’s life and presidency might be all that Americans recall about him 50 years from now.

It is striking how the death of Reagan . . . made one realize how great he was, and how small and inconsequential Kennedy’s accomplishments were. Aside from some flowery words—mostly written for him by Theodore Sorenson—and what remains of the once-vibrant Peace Corps, Kennedy’s legacy is almost nonexistent today.

Reagan was lucky and blessed to have survived an assassin’s bullet only 69 days after he took office on January 20, 1981, and America and the free world are fortunate that he did.  More than 40 years after Kennedy’s death, the full extent of his life-long medical problems is still being withheld from the American people and conservative scholars; and it is doubtful whether he would have lived to accomplish anything approaching what Reagan achieved.

Kennedy launched this nation into Vietnam; and his secretary of defense, Robert McNamara, was the architect of that lost war and the enormous suffering that it produced.  More than 50,000 brave Americans died, and it impaled this nation’s honor on the horns of a tragedy that still haunts policy makers and citizens alike.

Even before Vietnam, Kennedy was responsible for the failed Bay of Pigs invasion of Cuba, where Fidel Castro humiliated him completely. This led to more than 40 years of enslavement for the Cuban people. The Cuban Missile Crisis, or Kennedy’s confrontation with the Soviet Union, might have given rise to a nuclear winter.

Reagan is remembered for having brought down that “Evil Empire,” as well as the Berlin Wall and the Iron Curtain, and for freeing the people of Eastern Europe. Today, America’s friends in “New Europe” are its partners in NATO and its allies in the EU—as free men, woman and children who are no longer enslaved by communism.

Reagan’s marriage to Nancy was special and they were blessed with love. There was no hiding of mistresses by the Secret Service, which took place during Kennedy’s presidency. His reckless affairs with women were only outdone by his irresponsible and dangerous relationships with mobsters such as Chicago crime boss Sam Giancana.

Reagan was a doer who had style. Kennedy had style; however, the bloom has even gone off that rose. His serial womanizing, relations with Mafioso figures like Giancana—through their sexual liaisons with Judith Campbell Exner, who was used as their go-between—and other serious character flaws marred it.

Reagan was elected and reelected by landslides, while it is doubtful whether Kennedy would have become president in 1960 if the Mob had not helped him in Illinois and West Virginia—and Giancana claimed credit for that. Kennedy was the son of a bootlegger, and the apple does not fall far from the tree.

The discrepancy between Camelot and the man himself has been laid bare; and there is a stark difference between the hype of Kennedy acolytes and the truth. Perhaps the debunking of his myth is similar to what happened to this country after Vietnam. Maybe Kennedy and America’s invincibility before that war both shared a similar fate, and this country’s naiveté somehow ended.

Kennedy was not someone to look up to, much less deify. Many of us came to that conclusion reluctantly, years ago, with a sense of sadness rather than anger. Like the potentate in Hans Christian Andersen’s fairy tale, “The Emperor’s New Clothes,” the myth about Kennedy and his feet of clay have become clear for all to see with the passage of time.

In a recent Discovery Channel poll, Reagan was chosen as the “Greatest American,” edging Lincoln by a small margin. When he left office, Reagan had fulfilled his 1980 campaign pledge to restore “the great, confident roar of American progress and growth and optimism.” Also, greatness is often achieved in times of war, and Kennedy never won the war with Cuba, much less the Vietnam War that he started, nor did he win the Cold War—which Reagan won, as he implemented the policy of “peace through strength.”

Reagan will be remembered as one of America’s greatest presidents and a man of character. Kennedy was a tragic Shakespearean figure who may be forgotten and consigned to the dustheap of history. Perhaps this contrast between Reagan and Kennedy—this question of character that Thomas C. Reeves described in his terrific book about Kennedy—is what separates the men and underscores their differences, and ultimately will define their respective places in history.

© 2010, Timothy D. Naegele

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[1] Timothy D. Naegele was counsel to the U.S. Senate Banking Committee, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass), the first black senator since Reconstruction after the U.S. Civil War.  He practices law in Washington, D.C. and Los Angeles with his firm, Timothy D. Naegele & Associates (www.naegele.com).  He has an undergraduate degree in economics from UCLA, as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He is a member of the District of Columbia and California bars.  He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal.  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years.  See, e.g., www.naegele.com/whats_new.html#articles

[2] This article was published first at MensNewsDaily.com on August 1, 2005.  See http://www.naegele.com/documents/ReaganJFK.pdf