I Also found an interesting note from a GATA interview. The gold market confirmed that if you hold paper gold, you have NOTHING.
"The LBMA defines the owners of "unallocated accounts" quite clearly as "unsecured creditors." That means they have NO collateral. NONE."
http://www.gata.org/node/8478
So, your paper-gold ETF from the LBMA has no value. I suspect that COMEX un-allocated gold is the same. That's what I get from reading James Turks reading of the J P Morgan agreement for their ETF,,, for silver.
Screw the Banks and Investment Firms
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can't sit still
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can't sit still
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Some of you Burners may have overseas accounts. GOV just passed a bill that includes capital controls. J.P. Morgan does NOT like you having funds in a foreign bank;
http://www.zerohedge.com/article/its-of ... l-controls
http://www.zerohedge.com/article/its-of ... l-controls
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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can't sit still
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With a little luck, I'll post an image that shows the wealth distribution in various economies.
You can see that America and the rich Asian countries have the wealth concentrated in the hands of a fairly small group. Other economies have a fairly wide spread of wealth. Look at the lower 50 % of the U.S.
The Chinese GOV has about an 80% approval rating. Look at the wealth distributed to the middle class vs the very-rich.
North America has choked off the poorest 3/4s
Socialism is not the cure for this. Socialism has the double curse of robbing the rich and removing incentive from many of the rest.
You can see that America and the rich Asian countries have the wealth concentrated in the hands of a fairly small group. Other economies have a fairly wide spread of wealth. Look at the lower 50 % of the U.S.
The Chinese GOV has about an 80% approval rating. Look at the wealth distributed to the middle class vs the very-rich.
North America has choked off the poorest 3/4s
Socialism is not the cure for this. Socialism has the double curse of robbing the rich and removing incentive from many of the rest.
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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can't sit still
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As you already know, a couple of private banks in Iceland went bust and told the GOV "give us all your money" GOV wisely put it to a vote. The answer was NO.
Now, Greece is staging general strikes to protest austerity measures that will punish Public-sector Greek workers. In truth, they paid themselves WAY too much. GOV can't pay the bankers. They're a few hundred $ billion short.
The Euro-zone is suffering loses from speculators betting against the Euro. Reportedly, the EU is considering a ban on trading CDSs. This would have a huge effect on investors.
The Euro-zone will help only to the extent of spreading out the pain over a longer term.
Greece's GDP is way too low. They need to increase it 5%. Not very likely. Also, the strikes will reduce GDP.
" Are we headed for another systemic failure, only this time with the US already tapped out, our only hope will be for Mars to come and bail out the entire earth. The alternative: global debt repudiation as every country defaults and devalues its currency at the same time. What happens next, nobody knows."
http://www.zerohedge.com/article/europe ... k-gdp-now-
It would be very interesting if every country repudiated it's debts. The US owes the most and would gain the most by repudiation.
Everybody is worried about sovereign debt;
http://www.moneyweek.com/news-and-chart ... 01302.aspx
Now, Greece is staging general strikes to protest austerity measures that will punish Public-sector Greek workers. In truth, they paid themselves WAY too much. GOV can't pay the bankers. They're a few hundred $ billion short.
The Euro-zone is suffering loses from speculators betting against the Euro. Reportedly, the EU is considering a ban on trading CDSs. This would have a huge effect on investors.
The Euro-zone will help only to the extent of spreading out the pain over a longer term.
Greece's GDP is way too low. They need to increase it 5%. Not very likely. Also, the strikes will reduce GDP.
" Are we headed for another systemic failure, only this time with the US already tapped out, our only hope will be for Mars to come and bail out the entire earth. The alternative: global debt repudiation as every country defaults and devalues its currency at the same time. What happens next, nobody knows."
http://www.zerohedge.com/article/europe ... k-gdp-now-
It would be very interesting if every country repudiated it's debts. The US owes the most and would gain the most by repudiation.
Everybody is worried about sovereign debt;
http://www.moneyweek.com/news-and-chart ... 01302.aspx
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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can't sit still
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The numbers are just amazing. CME says that they want to help clear out $ 414 trillion in interest rate swaps.
http://www.reuters.com/article/idUSTRE62T4VV20100330
There's supposed to be $ 614 trillion in various flavors of CDOs floating around too. It's expected that 4.5 million Americans will lose their homes this year. There is also about $ 3 trillion in Commercial that is crashing.
Imagine the CDOs crashing when the Residential and Commercial RE defaults.
The banks are working overtime to try to do a "mutual cancellation" of as many CDOs as possible.
Just how many $ trillions are the banks going to squeeze out of us?
On a sadder note, it's reported that,,, this month 414,000 more Americans joined the ranks of the long-term unemployed.. This brings the total to 6.5 million. This article says that congress refused to extend unemployment benefits;
http://theautomaticearth.blogspot.com/2 ... mbers.html
I haven't checked that fact?
Ca. has already received over $ 2 billion in unemployment help. If the Feds cut off the money, a LOT of people are going to have to learn radical self-reliance.
On one hand, we have millions who can't / won't find any work. On the other hand, we have a fragile recovery in some sectors.
Each recession has had a progressively worse "jobless recovery"
Trade agreements and containerized-shipping have thrust the American worker into competition with the "world labor market" It doesn't want us. Our business model is for-shit also.
The major slide into long-term unemployment is not a temporary thing. The bank cartel that controls out money says to cut the safety net. It's HUNGRY time.
http://www.reuters.com/article/idUSTRE62T4VV20100330
There's supposed to be $ 614 trillion in various flavors of CDOs floating around too. It's expected that 4.5 million Americans will lose their homes this year. There is also about $ 3 trillion in Commercial that is crashing.
Imagine the CDOs crashing when the Residential and Commercial RE defaults.
The banks are working overtime to try to do a "mutual cancellation" of as many CDOs as possible.
Just how many $ trillions are the banks going to squeeze out of us?
On a sadder note, it's reported that,,, this month 414,000 more Americans joined the ranks of the long-term unemployed.. This brings the total to 6.5 million. This article says that congress refused to extend unemployment benefits;
http://theautomaticearth.blogspot.com/2 ... mbers.html
I haven't checked that fact?
Ca. has already received over $ 2 billion in unemployment help. If the Feds cut off the money, a LOT of people are going to have to learn radical self-reliance.
On one hand, we have millions who can't / won't find any work. On the other hand, we have a fragile recovery in some sectors.
Each recession has had a progressively worse "jobless recovery"
Trade agreements and containerized-shipping have thrust the American worker into competition with the "world labor market" It doesn't want us. Our business model is for-shit also.
The major slide into long-term unemployment is not a temporary thing. The bank cartel that controls out money says to cut the safety net. It's HUNGRY time.
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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can't sit still
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There are many claims that the crash was caused deliberately. Dunno. I've been giving it a lot of thought.
Great Depression I [G D I] was supposedly done on purpose too. One would have to ask why and how.
Banking is extremely lucrative. In G D I, 9000 banks went bust. This happened 16 years after the FED came into control of the money to prevent booms and busts. It makes more sense to refer to the Federal Reserve Board as the Rothschild Imperial Bank. So, the Rothschild Imperial Bank took control. Shortly thereafter, the economy crashed and 9000 competitors to the Rothschild Imperial Bank went out of business. The crash also seriously reduced the cost of buying up productive assets. OK, sounds plausible enough. The Rothschild Imperial Bank got all the deposits and business of 9000 of their competitors. They also bought up tons of productive assets for pennies.
Good logical business plan.
Fast forward to Great Depression II [G D II] The Rothschild Imperial Bank is still in control of the money. Their American lieutenant, J P Morgan pushed out tons of credit and then retracted it. This was all aided and abetted by the Rothschild Imperial Bank. When the banks foundered, they hit up GOV for money. They told GOV that they would multiply the money that they received by a factor of 10 [fractional reserve banking]
So, the minions of the Rothschild Imperial Bank received trillions. The big banks got $ trillions and their competitors got nothing. Gee wiz,, their competitors starting crashing. The big banks froze up credit to cause further distress to their smaller competitors. With the big bucks that they got from the treasury, they bought up their competitors,,, rather than supporting the economy. After all, the more that they crashed the economy, the more distressed competitors they could buy.
GREAT plan. They received the deposits and business of their competitors and GOV [us] received the liabilities.
Say that the banks received $ 1000 from GOV to stimulate the economy. With fractional reserve banking, they multiply that by 9 times. Actually, the multiply it a lot higher than that. So, now the banks has $ 10,000 to loan to the public at say 6 %. At simple interest, they receive $ 600 interest.
BUT, the banks deposited their money with Rothschild Imperial Bank for about 2.5 %. So, on the $ 1000 without any multiplying, they received $ 25 interest,,, instead of $ 600.
Their target is the competition and the producing sector of the economy. The worse the crash, the more banks they can buy.... the more of the productive sector they can buy. They need to seriously kill the FDIC and the FSLIC. They need to hold a hammer lock on the funds that they received so that they can buy up the dead as they fall.
It appears that G D II is far from over. Using the Argentine and Russian model, the Rothschild Imperial Bank "needs" to crash GOV also. They can get a far better return if they can get GOV over a barrel. GOV will simply turn over the national assets of the country to the Rothschild Imperial Bank.
Since the Rothschild Imperial Bank controls lots of other countries, it can arrange for our competitors to with hold supplies that we need to survive. That will assure that we pay up. A very successful business model.
Great Depression I [G D I] was supposedly done on purpose too. One would have to ask why and how.
Banking is extremely lucrative. In G D I, 9000 banks went bust. This happened 16 years after the FED came into control of the money to prevent booms and busts. It makes more sense to refer to the Federal Reserve Board as the Rothschild Imperial Bank. So, the Rothschild Imperial Bank took control. Shortly thereafter, the economy crashed and 9000 competitors to the Rothschild Imperial Bank went out of business. The crash also seriously reduced the cost of buying up productive assets. OK, sounds plausible enough. The Rothschild Imperial Bank got all the deposits and business of 9000 of their competitors. They also bought up tons of productive assets for pennies.
Good logical business plan.
Fast forward to Great Depression II [G D II] The Rothschild Imperial Bank is still in control of the money. Their American lieutenant, J P Morgan pushed out tons of credit and then retracted it. This was all aided and abetted by the Rothschild Imperial Bank. When the banks foundered, they hit up GOV for money. They told GOV that they would multiply the money that they received by a factor of 10 [fractional reserve banking]
So, the minions of the Rothschild Imperial Bank received trillions. The big banks got $ trillions and their competitors got nothing. Gee wiz,, their competitors starting crashing. The big banks froze up credit to cause further distress to their smaller competitors. With the big bucks that they got from the treasury, they bought up their competitors,,, rather than supporting the economy. After all, the more that they crashed the economy, the more distressed competitors they could buy.
GREAT plan. They received the deposits and business of their competitors and GOV [us] received the liabilities.
Say that the banks received $ 1000 from GOV to stimulate the economy. With fractional reserve banking, they multiply that by 9 times. Actually, the multiply it a lot higher than that. So, now the banks has $ 10,000 to loan to the public at say 6 %. At simple interest, they receive $ 600 interest.
BUT, the banks deposited their money with Rothschild Imperial Bank for about 2.5 %. So, on the $ 1000 without any multiplying, they received $ 25 interest,,, instead of $ 600.
Their target is the competition and the producing sector of the economy. The worse the crash, the more banks they can buy.... the more of the productive sector they can buy. They need to seriously kill the FDIC and the FSLIC. They need to hold a hammer lock on the funds that they received so that they can buy up the dead as they fall.
It appears that G D II is far from over. Using the Argentine and Russian model, the Rothschild Imperial Bank "needs" to crash GOV also. They can get a far better return if they can get GOV over a barrel. GOV will simply turn over the national assets of the country to the Rothschild Imperial Bank.
Since the Rothschild Imperial Bank controls lots of other countries, it can arrange for our competitors to with hold supplies that we need to survive. That will assure that we pay up. A very successful business model.
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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cowboyangel
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Did you hear that slimy rat Greenspan trying to squirm out of the congressional hearing question today as to why he didn't reign in the sub prime scheme? He said it was because congress was applying tremendous pressure to open up the real estate market to more people...blame somebody else you decrepit worm of a man and poor excuse for a regulatory entity.
"We'll know our disinformation program is complete when everything the American public believe is false."- William Casey, CIA Director 1981
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can't sit still
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Well, they sure as hell opened or the real estate market to more people. The problem is that those people didn't have any money;
"Bank of America, which currently forecloses on 7,500 homes every month will see that number rise to 45,000 by December 2010 as one senior executive pointed out at a recent trade show"
http://blog.oregonlive.com/frontporch/2 ... r_ris.html
45,000 foreclosures a month is both criminal and stupid. Do they think that speculators are going to buy those numbers as rentals? What about the CDOs that will kick in? Maybe a few trillion $ worth.
Investors are less likely to hold on to commercial property that individuals are to hold on to private houses. What about multi-family buildings? I doubt that the banks will want to run / rent M F buildings when the economy is so shitty. So, what happens when 100,000 multi-family buildings are dropped into default?
http://globaleconomicanalysis.blogspot. ... gs-in.html
And that's just one city. Anybody believe that GOV is going to come up with a solution to all the misery that the banks instigated?
"Bank of America, which currently forecloses on 7,500 homes every month will see that number rise to 45,000 by December 2010 as one senior executive pointed out at a recent trade show"
http://blog.oregonlive.com/frontporch/2 ... r_ris.html
45,000 foreclosures a month is both criminal and stupid. Do they think that speculators are going to buy those numbers as rentals? What about the CDOs that will kick in? Maybe a few trillion $ worth.
Investors are less likely to hold on to commercial property that individuals are to hold on to private houses. What about multi-family buildings? I doubt that the banks will want to run / rent M F buildings when the economy is so shitty. So, what happens when 100,000 multi-family buildings are dropped into default?
http://globaleconomicanalysis.blogspot. ... gs-in.html
And that's just one city. Anybody believe that GOV is going to come up with a solution to all the misery that the banks instigated?
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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can't sit still
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This is a vid from Max Keiser. It's pretty interesting. In it, Greenspan admits that he was wrong 30 % of the time. Keiser claims that it was 100 % of the time. Keiser produces a high-powered light that he says should be used on bankers. The shape is suggestive.
Greenspan also says that he couldn't possibly regulate the banks because the derivatives are / were too complicated. If Greenspan couldn't understand them, there is NO way that an investor could.
The blame-game is going into high gear.
Greenspan also says that he couldn't possibly regulate the banks because the derivatives are / were too complicated. If Greenspan couldn't understand them, there is NO way that an investor could.
The blame-game is going into high gear.
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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can't sit still
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Well, Goldman got a good slap on the wrist for being crooked;
http://dealbook.blogs.nytimes.com/2010/ ... hoofinance
The loss in value is a lot more than any fine would have been. Crooked fuckers !
http://dealbook.blogs.nytimes.com/2010/ ... hoofinance
The loss in value is a lot more than any fine would have been. Crooked fuckers !
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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can't sit still
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Various people are speculating about a double-dip recession. Truth is, the first dip never abated.
"about seven million households are behind on their mortgage payments. As I noted here yesterday, there are about 51 million mortgages in the U.S., so that means about 14% of all mortgage holders are in some stage of default. About 1 million are already in the foreclosure pipeline (as noted above) while a pool of 6 million defaulted/delinquent mortgages awaits entry into the pipeline."
http://www.benzinga.com/228930/foreclos ... o-bursting
The leveraged bets on all this RE are going to drag down the banks MUCH lower. They're holding on to all that TARP money in an attempt to pay for the new wave of defaults.
Think the banks can absorb the losses from 6 million foreclosures? Perhaps someone needs to explain to GOV why we shouldn't be building 600,000 new homes a year.
"about seven million households are behind on their mortgage payments. As I noted here yesterday, there are about 51 million mortgages in the U.S., so that means about 14% of all mortgage holders are in some stage of default. About 1 million are already in the foreclosure pipeline (as noted above) while a pool of 6 million defaulted/delinquent mortgages awaits entry into the pipeline."
http://www.benzinga.com/228930/foreclos ... o-bursting
The leveraged bets on all this RE are going to drag down the banks MUCH lower. They're holding on to all that TARP money in an attempt to pay for the new wave of defaults.
Think the banks can absorb the losses from 6 million foreclosures? Perhaps someone needs to explain to GOV why we shouldn't be building 600,000 new homes a year.
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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can't sit still
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There are a LOT of people who lost a LOT of money to fraud. They have a LOT of lawyers. http://www.chicagotribune.com/business/ ... 1669.story
There is precedent for prosecution;
http://baselinescenario.com/2010/04/17/ ... #more-7207
Not to be left out of the action, a few GOVs want a piece of GS and JP.
http://www.bloomberg.com/apps/news?pid= ... .BmI&pos=1
GOV saw what JP and GS did to Argentina. They see what their balance sheet looks like. They want to get the jump on prosecution before any other parties. LOTS of entities in Europe are flat broke from misrepresented investments;
http://globaleconomicanalysis.blogspot. ... -blow.html
Heck, maybe Greece can claim that their dealings with the banks were fraud and do NOT need to be honored. They ARE sovereign. JP would stand a chance of losing in court.
What a tangled web we weave when others we try to deceive.
JP is up on charges of fraud with the SEC. If Greece can pull some kind of umbrella of fraud over their debits, maybe they can walk.
A Netherlands bank wants to prosecute Merrill Lynch for fraud. The SEC played fast and loose for so long, I'm sure that the bank has a provable case;
http://globaleconomicanalysis.blogspot. ... ud-as.html
If / when the banks lose a couple of cases, the precedent will be set and EVERYBODY will rush to file claims. There's going to be a LOT of rich lawyers.
There is precedent for prosecution;
http://baselinescenario.com/2010/04/17/ ... #more-7207
Not to be left out of the action, a few GOVs want a piece of GS and JP.
http://www.bloomberg.com/apps/news?pid= ... .BmI&pos=1
GOV saw what JP and GS did to Argentina. They see what their balance sheet looks like. They want to get the jump on prosecution before any other parties. LOTS of entities in Europe are flat broke from misrepresented investments;
http://globaleconomicanalysis.blogspot. ... -blow.html
Heck, maybe Greece can claim that their dealings with the banks were fraud and do NOT need to be honored. They ARE sovereign. JP would stand a chance of losing in court.
What a tangled web we weave when others we try to deceive.
JP is up on charges of fraud with the SEC. If Greece can pull some kind of umbrella of fraud over their debits, maybe they can walk.
A Netherlands bank wants to prosecute Merrill Lynch for fraud. The SEC played fast and loose for so long, I'm sure that the bank has a provable case;
http://globaleconomicanalysis.blogspot. ... ud-as.html
If / when the banks lose a couple of cases, the precedent will be set and EVERYBODY will rush to file claims. There's going to be a LOT of rich lawyers.
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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cowboyangel
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can't sit still
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There has been endless speculation as to why Lehman Bros. was allowed to fail. After all, they were a Federal Reserve bank. Since there was no transparency, it all could have been covered up. Not surprisingly, there is speculation as to why GS is being outed by the SEC. There are claims that they stepped over some line and are going to be fried.
We know that Bear Stearns was tossed on the pyre because they refused to participate in the LTCM bailout. Maybe GS screwed the wrong person.
I'm sure that there is a lot of international pressure. The banks are NOT complying with Basel II. Maybe GS will be thrown to the wolves to motivate the other banks to come clean.
"In an earlier case, the banks were forced to divulge a recording;
The bank’s posture was openly predatory (the most infamous quote was “Funny business, you know? Lure people into that calm and then just totally fuck ‘em.â€
We know that Bear Stearns was tossed on the pyre because they refused to participate in the LTCM bailout. Maybe GS screwed the wrong person.
I'm sure that there is a lot of international pressure. The banks are NOT complying with Basel II. Maybe GS will be thrown to the wolves to motivate the other banks to come clean.
"In an earlier case, the banks were forced to divulge a recording;
The bank’s posture was openly predatory (the most infamous quote was “Funny business, you know? Lure people into that calm and then just totally fuck ‘em.â€
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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cowboyangel
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When I think of Goldman, I see that scene from the early film version of the "Tale of Two Cities" and those little French grannies watching the soon to be executed as they slyly play with their miniature guillotines....
"We'll know our disinformation program is complete when everything the American public believe is false."- William Casey, CIA Director 1981
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can't sit still
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Great Britain is so over-extended that they are going to crash big time. If they can't avoid the crash, the least they can do is to find a scapegoat.
It's one thing when you screw a little country like Ghana;
http://www.ghanaweb.com/GhanaHomePage/N ... ?ID=180487
It's another thing when you screw GB.
There is a valid report that the SEC is really after Goldman;
http://seekingalpha.com/article/199342- ... ource=feed
The BIG item that will screw Goldman and could be used against almost ALL others is "semantics"
One of the base "precepts" of Western law is disclosure. Disclosure demands that you tell the WHOLE truth in a prospectus. There is no way that Goldman can wiggle out of that none. Next on the agenda is ,,, criminal charges;
http://www.zerohedge.com/article/crimin ... dman-fraud
Goldman recently reported $ 3.4 billion profit.... how nice. There are hundreds of entities that would like a piece of that. Since fraud is very easy to prove in GS's case, EVERYBODY is going to sue. But wait, GS didn't do anything that tons of others did.
The whole shitpot of investment bankers is exposed to exactly the same action;
http://news.goldseek.com/RickAckerman/1271829600.php
It's a piece of cake to prove that the investment bankers didn't tell the whole truth on the risk of the derivatives. It's only a short step from that position to negate the contract on grounds of fraud. As more and more financial entities face bankruptcy,,, and GS's profits shoot up, they'll be burning the midnight oil in courts worldwide.
It's one thing when you screw a little country like Ghana;
http://www.ghanaweb.com/GhanaHomePage/N ... ?ID=180487
It's another thing when you screw GB.
There is a valid report that the SEC is really after Goldman;
http://seekingalpha.com/article/199342- ... ource=feed
The BIG item that will screw Goldman and could be used against almost ALL others is "semantics"
One of the base "precepts" of Western law is disclosure. Disclosure demands that you tell the WHOLE truth in a prospectus. There is no way that Goldman can wiggle out of that none. Next on the agenda is ,,, criminal charges;
http://www.zerohedge.com/article/crimin ... dman-fraud
Goldman recently reported $ 3.4 billion profit.... how nice. There are hundreds of entities that would like a piece of that. Since fraud is very easy to prove in GS's case, EVERYBODY is going to sue. But wait, GS didn't do anything that tons of others did.
The whole shitpot of investment bankers is exposed to exactly the same action;
http://news.goldseek.com/RickAckerman/1271829600.php
It's a piece of cake to prove that the investment bankers didn't tell the whole truth on the risk of the derivatives. It's only a short step from that position to negate the contract on grounds of fraud. As more and more financial entities face bankruptcy,,, and GS's profits shoot up, they'll be burning the midnight oil in courts worldwide.
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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can't sit still
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cowboyangel
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This is an incredible article by Ellen Brown on Computerized "Front Running"
I'm still trying to understand exactly what "front running" is other than a sophisticated form of cheating the trade based on fore knowledge of the seller's top pricing. If anybody can give me an elementary explanation, I will be grateful.
I hope Ellen has sent this to the SEC. It's another noose around the neck of the diabolical cancer called Goldman Sachs....
While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs.
Market commentators are fond of talking about “free market capitalism,â€
I'm still trying to understand exactly what "front running" is other than a sophisticated form of cheating the trade based on fore knowledge of the seller's top pricing. If anybody can give me an elementary explanation, I will be grateful.
I hope Ellen has sent this to the SEC. It's another noose around the neck of the diabolical cancer called Goldman Sachs....
While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs.
Market commentators are fond of talking about “free market capitalism,â€
"We'll know our disinformation program is complete when everything the American public believe is false."- William Casey, CIA Director 1981
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cowboyangel
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Wow Dan. Sam E. Antar's story was fascinating! Thanks for the link. Seems like Goldman should have considered hiring an ex-con like Antar, with his experience, to have a defense strategy based on experience.
That they are making so called "cover up" mistakes is funny and speaks to their panic. I guess when you really believe that you are "doing God's Work" as Goldman CEO Blankenfein said, it's much harder to see the devil in the basement, or the details.
That they are making so called "cover up" mistakes is funny and speaks to their panic. I guess when you really believe that you are "doing God's Work" as Goldman CEO Blankenfein said, it's much harder to see the devil in the basement, or the details.
"We'll know our disinformation program is complete when everything the American public believe is false."- William Casey, CIA Director 1981
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ygmir
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it's interesting to see, how many of his supporters, are so silent on all these financial shennanigans. Is it because they think Obama (and, his admin.) is for the little guy?
Is it because, they don't want to admit, he's screwing them, and, they voted for him, so, don't want to admit to a mistake?
Or, do they actually think what the admin. is doing is "for our own good"?.........
Is it because, they don't want to admit, he's screwing them, and, they voted for him, so, don't want to admit to a mistake?
Or, do they actually think what the admin. is doing is "for our own good"?.........
YGMIR
Unabashed Nordic
Pagan
Unabashed Nordic
Pagan
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cowboyangel
- Posts: 6986
- Joined: Fri May 14, 2004 10:32 pm
Under Bush there were no SEC legal actions of any note. This Goldman thing is going down under Obama's watch. It would be a major boost for him to get a conviction. Almost like the boost president's get by starting a war. Actually, this is a kind of war- the people against the banks and crooked Wall St investors.
"We'll know our disinformation program is complete when everything the American public believe is false."- William Casey, CIA Director 1981
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can't sit still
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- Joined: Tue Aug 23, 2005 4:21 pm
- Location: SoCal
It's possible that the SEC is doing what it is supposed to do ONLY because foreign GOVs are jumping into the fire.
Oil is sold in dollars. The U. S. has gone to war to insure that it is sold ONLY in dollars. Then along comes the EURO and oil is priced in Euros. We can't slap down the EU like we did Saddam. So, we send in GS to set up Greece for a crash to weaken the EMU.
http://www.google.com/hostednews/ap/art ... gD9F8C6QO0
The U.S. enjoys great advantage from having the "oil currency" We just print money to pay for oil. The EU has to actually earn the dollars.
The EMU works to have a stable currency and the U.S. works to destabilize it. JP and GS are attacking Greece to crash the Euro. If the Euro appears weak to OPEC, the dollar will enjoy more use.
We talk down the Euro;
http://www.caseyresearch.com/displayCdd ... 01612.aspx
http://www.marketwatch.com/story/moore- ... 2010-04-21
The world is crashing badly. The U.S. is more than willing to step on anybody to keep it's head above water.
Oil is sold in dollars. The U. S. has gone to war to insure that it is sold ONLY in dollars. Then along comes the EURO and oil is priced in Euros. We can't slap down the EU like we did Saddam. So, we send in GS to set up Greece for a crash to weaken the EMU.
http://www.google.com/hostednews/ap/art ... gD9F8C6QO0
The U.S. enjoys great advantage from having the "oil currency" We just print money to pay for oil. The EU has to actually earn the dollars.
The EMU works to have a stable currency and the U.S. works to destabilize it. JP and GS are attacking Greece to crash the Euro. If the Euro appears weak to OPEC, the dollar will enjoy more use.
We talk down the Euro;
http://www.caseyresearch.com/displayCdd ... 01612.aspx
http://www.marketwatch.com/story/moore- ... 2010-04-21
The world is crashing badly. The U.S. is more than willing to step on anybody to keep it's head above water.
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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Elderberry
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We're not quiet. But why argue? He's doing the best job of any president we've had since I can't remember when--maybe Clinton. But this is just MHO. 
JK
JK
ygmir wrote:it's interesting to see, how many of his supporters, are so silent on all these financial shennanigans. Is it because they think Obama (and, his admin.) is for the little guy?
Is it because, they don't want to admit, he's screwing them, and, they voted for him, so, don't want to admit to a mistake?
Or, do they actually think what the admin. is doing is "for our own good"?.........
Elderberry
When I was a kid I used to pray every night for a new bicycle.
Then I realized that the Lord doesn't work that way so I stole one and asked Him to forgive me
When I was a kid I used to pray every night for a new bicycle.
Then I realized that the Lord doesn't work that way so I stole one and asked Him to forgive me
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can't sit still
- Posts: 4645
- Joined: Tue Aug 23, 2005 4:21 pm
- Location: SoCal
Pretty good observations on the GS case;
The Daily Reckoning Presents
10 Things You Don’t Know (or were misinformed) About the GS Case
Barry Ritholtz
Barry Ritholtz
I have been watching with a mixture of awe and dismay some of the really bad analysis, sloppy reporting, and just unsupported commentary about the GS case.
I put together this list based on what I know as a lawyer, a market observer, a quant and someone with contacts within the SEC. (Note: This represents my opinions, and no one elses).
1. This is a Weak Case: Actually, no - it's a very strong case. Based upon what is in the SEC complaint, parts of the case are a slam dunk. The claim Paulson & Co. were long $200 million dollars when they were actually short is a material misrepresentation - that's Rule 10b-5, and it's no brainer. The rest is gravy.
2. Robert Khuzami is a bad ass, no-nonsense, thorough, award winning Prosecutor: This guy is the real deal - he busted terrorist rings, broke up the mob, took down security frauds. He is now the director of SEC enforcement. He is fearless, and was awarded the Attorney General's Exceptional Service Award (1996), for "extraordinary courage and voluntary risk of life in performing an act resulting in direct benefits to the Department of Justice or the nation."
When you prosecute mass murderers who use guns and bombs and threaten your life, and you kick their asses anyway, you ain't afraid of a group of billionaire bankers and their spreadsheets. He is the shit. My advice to anyone on Wall Street in his crosshairs: If you are indicted in a case by Khuzami, do yourself a big favor: Settle.
3. Goldman lost $90 million dollars, hence, they are innocent: This is a civil, not a criminal case. Hence, any mens rea - guilty mind - does not matter. Did they or did they not violate the letter of the law? That is all that matters, regardless of what they were thinking - or their P&L.
4. ACA is a victim in this case: Not exactly, they were an active participant in ratings gaming. Look at the back and forth between Paulson's selection and ACAs management. 55 items in the synthetic CDO were added and removed. Why?
What ACA was doing was gaming the ratings agencies for their investment grade, Triple AAA ratings approval. Their expertise (if you can call it that) was knowing exactly how much junk they could include in the CDO to raise yield, yet still get investment grade from Moody's or S&P. They are hardly an innocent party in this.
5. This was only one incident: The Market sure as hell doesn't think so - it whacked 15% off of Goldman's Market cap. The aggressive SEC posture, the huge reaction from Goldie, and the short term market verdict all suggest there is more coming.
If it were only this one case, and there was nothing else worrisome behind it, GS would have written a check and quietly settled this. Their reaction (some say over-reaction) belies that theory. I suspect this is a tip of the iceberg, with lots more problematic synthetics behind it.
And not just at GS. I suspect the kids over at Deutsche bank, Merrill and Morgan are working furiously to review their various CDOs deals.
6. The Timing of this case is suspect. More coincidental, really. The Wells notice (notification from the SEC they intend to recommend enforcement) was over 8 months ago. The White House is not involved in the timing of the suit itself; it is a lower level staff decision.
7. This is a Complex Case: Again, no. Parts of it are a little more sophisticated than others, but this is a simple case of fraud/misrepresentation. The most difficult part of this case is likely to turn on what is a "material omission." Paulson's role in selecting mortgages may or may not be material - that is an issue of fact for a jury to determine. But complex? Not even close.
8. The case looks thin: What we see in the complaint is the bare minimum the prosecutor has to reveal to make their case. What you don't see are all the emails, depositions, interrogations, phone taps, etc. that the prosecutors know about and GS does not. During the litigation discovery process, this material slowly gets turned over (some is held back if there are other pending investigations into GS).
Going back to who the prosecutor in this case is: His legal reputation shows he is a very thorough, very precise, meticulous litigator. If he decided to recommend bringing a case against the biggest baddest investment house on Wall Street, I assure you he has a major arsenal of additional evidence you don't know about. Yet.
Typically, at a certain point the lawyers will tell their client that the evidence is overwhelming and advise settling. That is around 6-12 months after the suit has begun.
9. This case is Political: I keep hearing that phrase, due to the SEC party vote. It is incorrect. What that means is the case is not political, it means it has been politicized as a defense tactic. There is a huge difference between the two.
10. I'm not a lawyer, but . . . Then you should not be ignorantly commenting on securities litigation. Why don't you pour yourself a tall glass of "Keep Your Mouth Shut" and go sit quietly in the corner.
Bonus: CNBC's Steve Liesman has taken over the role Charlie Gasparino used to occupy - he appears to be the official designated spokesperson/leakee for Goldman. I find this sort of access Journalism contemptible, but that's just me. It also says some negative things about Charlie's career move - Fox Biz may not garner enough ratings to waste a leak there.
I have $1,000 against any and all comers that GS does not win - they settle or lose in court. Any takers? My money is already in escrow - waiting for yours to join it. Winnings go to the charity of the winner's choice.
Barry Ritholtz
for The Daily Reckoning
The Daily Reckoning Presents
10 Things You Don’t Know (or were misinformed) About the GS Case
Barry Ritholtz
Barry Ritholtz
I have been watching with a mixture of awe and dismay some of the really bad analysis, sloppy reporting, and just unsupported commentary about the GS case.
I put together this list based on what I know as a lawyer, a market observer, a quant and someone with contacts within the SEC. (Note: This represents my opinions, and no one elses).
1. This is a Weak Case: Actually, no - it's a very strong case. Based upon what is in the SEC complaint, parts of the case are a slam dunk. The claim Paulson & Co. were long $200 million dollars when they were actually short is a material misrepresentation - that's Rule 10b-5, and it's no brainer. The rest is gravy.
2. Robert Khuzami is a bad ass, no-nonsense, thorough, award winning Prosecutor: This guy is the real deal - he busted terrorist rings, broke up the mob, took down security frauds. He is now the director of SEC enforcement. He is fearless, and was awarded the Attorney General's Exceptional Service Award (1996), for "extraordinary courage and voluntary risk of life in performing an act resulting in direct benefits to the Department of Justice or the nation."
When you prosecute mass murderers who use guns and bombs and threaten your life, and you kick their asses anyway, you ain't afraid of a group of billionaire bankers and their spreadsheets. He is the shit. My advice to anyone on Wall Street in his crosshairs: If you are indicted in a case by Khuzami, do yourself a big favor: Settle.
3. Goldman lost $90 million dollars, hence, they are innocent: This is a civil, not a criminal case. Hence, any mens rea - guilty mind - does not matter. Did they or did they not violate the letter of the law? That is all that matters, regardless of what they were thinking - or their P&L.
4. ACA is a victim in this case: Not exactly, they were an active participant in ratings gaming. Look at the back and forth between Paulson's selection and ACAs management. 55 items in the synthetic CDO were added and removed. Why?
What ACA was doing was gaming the ratings agencies for their investment grade, Triple AAA ratings approval. Their expertise (if you can call it that) was knowing exactly how much junk they could include in the CDO to raise yield, yet still get investment grade from Moody's or S&P. They are hardly an innocent party in this.
5. This was only one incident: The Market sure as hell doesn't think so - it whacked 15% off of Goldman's Market cap. The aggressive SEC posture, the huge reaction from Goldie, and the short term market verdict all suggest there is more coming.
If it were only this one case, and there was nothing else worrisome behind it, GS would have written a check and quietly settled this. Their reaction (some say over-reaction) belies that theory. I suspect this is a tip of the iceberg, with lots more problematic synthetics behind it.
And not just at GS. I suspect the kids over at Deutsche bank, Merrill and Morgan are working furiously to review their various CDOs deals.
6. The Timing of this case is suspect. More coincidental, really. The Wells notice (notification from the SEC they intend to recommend enforcement) was over 8 months ago. The White House is not involved in the timing of the suit itself; it is a lower level staff decision.
7. This is a Complex Case: Again, no. Parts of it are a little more sophisticated than others, but this is a simple case of fraud/misrepresentation. The most difficult part of this case is likely to turn on what is a "material omission." Paulson's role in selecting mortgages may or may not be material - that is an issue of fact for a jury to determine. But complex? Not even close.
8. The case looks thin: What we see in the complaint is the bare minimum the prosecutor has to reveal to make their case. What you don't see are all the emails, depositions, interrogations, phone taps, etc. that the prosecutors know about and GS does not. During the litigation discovery process, this material slowly gets turned over (some is held back if there are other pending investigations into GS).
Going back to who the prosecutor in this case is: His legal reputation shows he is a very thorough, very precise, meticulous litigator. If he decided to recommend bringing a case against the biggest baddest investment house on Wall Street, I assure you he has a major arsenal of additional evidence you don't know about. Yet.
Typically, at a certain point the lawyers will tell their client that the evidence is overwhelming and advise settling. That is around 6-12 months after the suit has begun.
9. This case is Political: I keep hearing that phrase, due to the SEC party vote. It is incorrect. What that means is the case is not political, it means it has been politicized as a defense tactic. There is a huge difference between the two.
10. I'm not a lawyer, but . . . Then you should not be ignorantly commenting on securities litigation. Why don't you pour yourself a tall glass of "Keep Your Mouth Shut" and go sit quietly in the corner.
Bonus: CNBC's Steve Liesman has taken over the role Charlie Gasparino used to occupy - he appears to be the official designated spokesperson/leakee for Goldman. I find this sort of access Journalism contemptible, but that's just me. It also says some negative things about Charlie's career move - Fox Biz may not garner enough ratings to waste a leak there.
I have $1,000 against any and all comers that GS does not win - they settle or lose in court. Any takers? My money is already in escrow - waiting for yours to join it. Winnings go to the charity of the winner's choice.
Barry Ritholtz
for The Daily Reckoning
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
-
cowboyangel
- Posts: 6986
- Joined: Fri May 14, 2004 10:32 pm
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can't sit still
- Posts: 4645
- Joined: Tue Aug 23, 2005 4:21 pm
- Location: SoCal
Jack Weatherford;
"95% of anonymous digital money was employed in derivatives and gambling in 1997…that’s thirteen years ago!!! I am sure that by now in 2010 it would be more than 99%.
Can you imagine…JUST ONE PERCENT OF MONEY are in an activity that they were design for - exchange of goods and services!!!"
As I mentioned in the "winter" thread, most of the money has fled the productive economy and fled to instruments Think about it. Quadrillions of dollars chasing each other like a snake trying to swallow it's tail. . The money is outside the productive economy, BUT, it can only express or validate it's value when it appears in the productive economy.
You could have bonds piled up to the ceiling. They don't do anything but just sit there until they're induced to cause an action in the productive economy.
Can you picture the imbalance? Can you imagine what a loss of confidence would do to the market for instruments?
Look what contagion is doing to the Euro. Imagine what would happen if that spread into bonds in general. The U.S. is trash-talking the Euro to try to get investors to buy treasury securities. http://globaleconomicanalysis.blogspot. ... -debt.html
What happens when the bond holders figure out that the bonds can't actually be redeemed?
"95% of anonymous digital money was employed in derivatives and gambling in 1997…that’s thirteen years ago!!! I am sure that by now in 2010 it would be more than 99%.
Can you imagine…JUST ONE PERCENT OF MONEY are in an activity that they were design for - exchange of goods and services!!!"
As I mentioned in the "winter" thread, most of the money has fled the productive economy and fled to instruments Think about it. Quadrillions of dollars chasing each other like a snake trying to swallow it's tail. . The money is outside the productive economy, BUT, it can only express or validate it's value when it appears in the productive economy.
You could have bonds piled up to the ceiling. They don't do anything but just sit there until they're induced to cause an action in the productive economy.
Can you picture the imbalance? Can you imagine what a loss of confidence would do to the market for instruments?
Look what contagion is doing to the Euro. Imagine what would happen if that spread into bonds in general. The U.S. is trash-talking the Euro to try to get investors to buy treasury securities. http://globaleconomicanalysis.blogspot. ... -debt.html
What happens when the bond holders figure out that the bonds can't actually be redeemed?
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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cowboyangel
- Posts: 6986
- Joined: Fri May 14, 2004 10:32 pm
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can't sit still
- Posts: 4645
- Joined: Tue Aug 23, 2005 4:21 pm
- Location: SoCal
Kunstler thinks that NOTHING is going to save it.
"This sucker is going down because the train of bankruptcies underway has a remorseless self-reinforcing power to provoke more and more bankruptcies at every stop along the line"
http://kunstler.com/blog/2010/04/a-stil ... .html#more
"This sucker is going down because the train of bankruptcies underway has a remorseless self-reinforcing power to provoke more and more bankruptcies at every stop along the line"
http://kunstler.com/blog/2010/04/a-stil ... .html#more
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.
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cowboyangel
- Posts: 6986
- Joined: Fri May 14, 2004 10:32 pm
Oh That Kunstler....I read his book, "The Long Emergency"...great stuff. The economy is going down and then peak oil will do the coup de grace.
Wall St. is completely misreading the anger of the people. Once the tea baggers and progressive left can agree on the corruption of banking-congress and wall st...then the system will come down.
Wall St. is completely misreading the anger of the people. Once the tea baggers and progressive left can agree on the corruption of banking-congress and wall st...then the system will come down.
"We'll know our disinformation program is complete when everything the American public believe is false."- William Casey, CIA Director 1981
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cowboyangel
- Posts: 6986
- Joined: Fri May 14, 2004 10:32 pm