Contact:Bob Harris

Where are our media watchdogs? Isn't it strange they haven't asked Bruce VonCannon about the bailout of Wall Street in the financial crisis?

Bruce VonCannon was an eminent international banker -CEO of Banque Privee Edmond de Rothschild Hong Kong -until he landed in Greensboro to run for the open Congressional seat. How did Bruce VonCannon's bank benefit from the bailout?

The press hasn't asked. Probably waiting for Republicans to nominate Mr. VonCannon before they unload. Here's what we know.

Swiss and French banks like UBS and BNP Paribas needed billions in loans from the Federal Reserve to get through the financial crisis according to the GAO report. Did the Rothschild banks get direct aid from Washington, too? When the Federal Reserve opened dollar swap lines with the European Central Bank during the Greek bailout, did the Edmond de Rothschild Group benefit?

And how about backdoor aid? Big banks are in the derivatives game. Derivatives are bets on future values whether it's gold, mortgages, interest rates or anything. You can win a lot or lose a lot. You can also use derivatives to offset risk in your own portfolio so you don't go broke in a sudden market swing.
But an over the counter derivatives bet is only as good as your betting partner on the other side of the trade. If he can't pay, you're sunk.. Busted. It's called counterparty risk.

The AIG bailout was all about bailing out Goldman Sachs because AIG owed Goldman. The Financial Crisis Commission said Goldman Sachs had $200 billion in counterparty risk with Swiss and French banks.

Banque Privee Edmond de Rothschild held roughly $20 billion in derivatives during the crisis and they claim they were a few million ahead. But who were their counterparties? Were their counterparties bailed out and how much did that save Rothschild?

Did cheap money loans from the Federal Reserve flowing through domestic or foreign banks wind up in the Edmond de Rothschild Group account to back derivatives trading?

Bruce VonCannon knows the answers. The media is giving him a free ride now. It won't be that way if Republicans give Bruce VonCannon the nomination without getting the facts about bailouts, tax

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