Vollständige Version anzeigen : Now this has to be scary.....not always
52,000 Tax Evaders Now Holding Financial World Hostage
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 08/19/2009 10:09 -0500
According to Reuters (http://www.reuters.com/article/ousiv/idUSTRE57F15820090817), the amended deal between the IRS and Switzerland to cut down the number of disclosures from 52,000 to 5,000 comes on the heels of the understanding by the US Treasury that after Goldman and CRE, it is now 52,000 tax cheats who hold the financial world hostage. Apparently if all the 52,000 tax evaders fled from UBS, it would spell the end of the world (once again).
"NZZ am Sonntag said the U.S. government had backed off from the original demands of the Internal Revenue Service (IRS) because the U.S. Treasury Secretary did not want to provoke another financial crisis by pushing UBS over the edge." :kopf
At what point with Tim Geithner show a modicum of backbone and actually do the right thing instead of bowing to pressure from any which direction? The irony is that for all intents and purposes Swiss bank secrecy is over:
NZZ am Sonntag said the names of those to be disclosed would be those suspected of committing tax fraud under the terms of the double taxation agreement, which obliges Switzerland to provide help if Washington seeks it in a criminal investigation.
Accounts below a certain size would not be reported, but this limit would be kept confidential so that account-holders could never be sure whether they were vulnerable, it said.
However, account-holders threatened with disclosure would be able to challenge the move in the Swiss courts, it said.
Some observations here: First, the CHF is likely about to tank. While a net dollar positive, this may in fact benefit Europe and specifically the CRE and residential bubble, especially in Central and Eastern Europe, where mortgages are mostly denominated in Swiss Francs. Undoubtedly, this has been a long-term consideration of the US Treasury and the Federal Reserve. Second, with all the money that is about to surface from previously undisclosed bank accounts, estranged wives of husbands who somehow are suddently hundreds of millions of dollars richer, will make divorce very, very happy. Look for a flood of divorces over the next several months as the battle for the spoils picks up in earnest.
And here is the official IRS press release (http://www.irs.gov/newsroom/article/0,,id=212124,00.html):
IRS to Receive Unprecedented Amount of Information in UBS Agreement
IR-2009-75, Aug. 19, 2009
WASHINGTON — The Internal Revenue Service and the Department of Justice today announced the successful negotiation of an agreement that will result in the IRS receiving an unprecedented amount of information on United States holders of accounts at the Swiss bank UBS.
As a result of this agreement, the IRS will receive substantially all of the accounts that it was interested in when it initiated the John Doe summons against UBS.
Under the agreement, the IRS will submit a treaty request to the Swiss government describing the accounts for which it is requesting information. The Swiss government will then direct UBS to initiate procedures to turn over information on thousands of accounts to the IRS. The IRS will receive information on accounts of various amounts and types, including bank-only accounts, custody accounts in which securities or other investment assets were held and offshore company nominee accounts through which an individual indirectly held beneficial ownership in the accounts.
Also, the agreement retains the U.S. Government’s right, if the results are significantly lower than expected and other measures fail, to seek appropriate judicial remedies, including resuming actions to enforce the John Doe summons.
The agreement involves a number of simultaneous legal actions:
The judicial enforcement of the John Doe summons will be dismissed. While this enforcement motion will be withdrawn, the underlying summons remains in effect.
Upon receiving the treaty request, the Swiss government will direct UBS to notify account holders that their information is included in the IRS treaty request. It is expected that these notices will be sent on a rolling basis with some being sent over the coming weeks and others over the coming months. Receipt of this notice will not by itself preclude the account holder from coming into the IRS under the Voluntary Disclosure Program.
In addition, the Swiss Government has agreed to review and process additional requests for information for other banks regarding their account holders to the extent that such a request is based on a pattern of facts and circumstances equivalent to those of the UBS case.
Information provided to the IRS through this process will be thoroughly examined for all potential civil and criminal tax violations. The IRS will assess any additional tax, interest and a number of applicable penalties. This includes the penalty for the willful failure to file an FBAR. This penalty can be up to 50 percent of the value of the account for each year an FBAR was not filed.
The IRS will also recommend criminal prosecution in those cases where the facts warrant such an action. To date, the IRS and the Department of Justice have successfully prosecuted four United States customers of UBS whose information was provided to the IRS by UBS as part of the Deferred Prosecution Agreement.
Individuals whose information is obtained by the IRS through this process will, by longstanding policy, not be eligible for the voluntary disclosure program.
IRS Commissioner Discusses UBS Settlement (http://www.zerohedge.com/article/irs-commussioner-discusses-ubs-settlement)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 08/19/2009 12:43 -0500
The big question - "Why Now?" (is it because we have a big deficit) is strategically left unanswered.
8 comments (http://www.zerohedge.com/article/irs-commussioner-discusses-ubs-settlement#comments)
on Wed, 08/19/2009 - 12:51
We need our dollars back whilst they are worth something.
by Cheeky Bastard
on Wed, 08/19/2009 - 12:52
Again, FUCK YOU IRS; go home; we are NOT Iraq. Go after Cayman Island you fucking morons, you could find couple of TRILLION dollars there.
on Wed, 08/19/2009 - 12:56
They won't that's the IRS farms. They cultivate the drug dealers. Grow the drug dealers. Cut them down and keep the money. There's at least 4 trillion just from drug dealer farming plus the 2.3 trillion that congress wanted to know about the day before 9/11.
by Project Mayhem
on Wed, 08/19/2009 - 13:05
Haha the international drug cartels grow tall , healthy and strong! You gotta park your money somewhere.
I hear BCCI is a good spot
Also that missing $2.3 trillion disappeared into Rumsfeld's claws
Dutzende Tote bei Anschlägen in Bagdad :(:gomad
19. August 2009 Bei den bislang schwersten Bombenanschlägen seit dem Rückzug der amerikanischen Soldaten aus den irakischen Städten sind am Mittwoch mindestens 86 Menschen getötet und mehr als 300 verletzt worden. Die Serie von sieben koordinierten Explosionen begann kurz am Vormittag in der Nähe des Finanzministeriums im Norden von Bagdad, wenige Minuten später wurde unweit des Außenministeriums in der stark gesicherten Grünen Zone eine Autobombe gezündet. Dazu erschütterten noch fünf weitere Bomben, die sich auch gegen Soldaten und Polizisten richteten, die irakische Hauptstadt.....
Zur Bildergalerie (http://www.faz.net/s/RubDDBDABB9457A437BAA85A49C26FB23A0/Doc%7EEC96B11E16C984BF9BBEB2912D0B85251%7EATpl%7EEcommon%7ESspezial%7EAp%7EE1.html)
ganzer Artikel: http://www.faz.net/s/RubDDBDABB9457A437BAA85A49C26FB23A0/Doc~EC96B11E16C984BF9BBEB2912D0B85251~ATpl~Ecommon~Scontent.html (http://www.faz.net/s/RubDDBDABB9457A437BAA85A49C26FB23A0/Doc%7EEC96B11E16C984BF9BBEB2912D0B85251%7EATpl%7EEcommon%7EScontent.html)
It sounds like Gerald Celente has had enough:
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1255413#post1255413)
"Die größte Depression aller Zeiten"
China Makes Biggest Cut in US Treasury Assets Since 2000 (http://jessescrossroadscafe.blogspot.com/2009/08/china-makes-biggest-cut-in-us-treasury.html)
http://3.bp.blogspot.com/_H2DePAZe2gA/Sox-PNBw7gI/AAAAAAAAJmY/iJuufQhapzI/s400/WizardBalloon.jpg (http://3.bp.blogspot.com/_H2DePAZe2gA/Sox-PNBw7gI/AAAAAAAAJmY/iJuufQhapzI/s1600-h/WizardBalloon.jpg) China dumps US Treasuries the most aggressively in a decade. Now THAT's a change you can believe in.
One has to wonder how long the UK, Japan and the US can keep supporting each other's crony capitalist oligopolies.
China Daily (http://www.chinadaily.com.cn/china/2009-08/18/content_8582318.htm)
China cuts US Treasury holdings in June
NEW YORK: China reduced its holdings of US Treasury debt in June by the biggest margin in nearly nine years, according to a US Treasury Department report issued on Monday.
China cut its net holdings by 3.1 percent to $776.4 billion in June from $801.5 billion in May, the report says. This is also the first large-scale reduction of US Treasury debt by China so far this year.
However, its June holdings were still larger than April's $763.5 billion and $767.9 billion in March, according to the statistics of the Treasury Department.
Reuters data show the drop in China's Treasury holdings in June was the biggest percentage reduction since a 4.2 percent cut in October 2000.
On the other hand, Japan, the second-largest holder of US Treasury securities, increased its holdings to $711.8 billion in June from $677.2 billion in May.
The United Kingdom, the third largest holder, also increased its holdings to $214 billion in June from $163.8 billion, a surge of 30.6 percent.
Posted by Jesse at 6:24 PM (http://jessescrossroadscafe.blogspot.com/2009/08/china-makes-biggest-cut-in-us-treasury.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=4787744923192179311) :verbeug
"Die größte Depression aller Zeiten"
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1255495#post1255495)
:schwitz ....wohl dem der einen Schrebergarten hat :cool (ich nicht :()
19 August 2009
The Chief Economists (http://jessescrossroadscafe.blogspot.com/2009/08/chief-economists.html)
But do they care?
Posted by Jesse at 7:36 PM (http://jessescrossroadscafe.blogspot.com/2009/08/chief-economists.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5484960393686618171) :verbeug
19.08.2009, 20:44 #2054 (http://www.hall-of-finance.de/forum/showpost.php?p=520427&postcount=2054) Zockerzicki (http://www.hall-of-finance.de/forum/member.php?u=469)
Die siebente Schwoäbin
http://www.hall-of-finance.de/forum/customavatars/avatar469_3.gif (http://www.hall-of-finance.de/forum/member.php?u=469) Registriert seit: 21.02.2005
Giftpflanze im Rucola
Gestrüpp des Grauens (http://www.spiegel.de/wirtschaft/service/0,1518,643634,00.html)
Der deutsche Rucola-Markt ist zusammengebrochen, nachdem in einer Plastikschale ein einzelner giftiger Stängel gefunden wurde: Bauern fürchten um ihre Existenz, der Entdecker der toxischen Pflanze ist bestürzt. Nur bei den Behörden tut sich wenig - sie wiegeln weiter ab. Von Stefan Schultz mehr... (http://www.spiegel.de/wirtschaft/service/0,1518,643634,00.html)
Mitunter geht es schneller als man befürchtet ..
:gruebel ....was soll/kann man denn noch essen :rolleyes
Federal Study Shows Mercury In Fish Widespread, Inescapable (http://www.huffingtonpost.com/2009/08/20/federal-study-shows-mercu_n_263741.html)
Quick Read (http://www.huffingtonpost.com/2009/08/20/federal-study-shows-mercu_n_263741.html) |
20 August 2009
Why the Austrian, Keynesian, Monetarist, and Neo-Liberal Economists Are All Wrong (http://jessescrossroadscafe.blogspot.com/2009/08/why-austrians-keynesians-and.html)
US Personal Income has taken its worst annual decline since 1950.
This is why it is an improbable fantasy to think that the consumer will be able to pull this economy out of recession using the normal 'print and trickle down' approach. In the 1950's the solution was huge public works projects like the Interstate Highway System and of course the Korean War.
Until the median wage improves relative to the cost of living, there will be no recovery. And by cost of living we do not mean the chimerical US Consumer Price Index.
The classic neo-Austrian prescription is to allow prices to decline until the median wage becomes adequate. Setting aside the risk of a deflationary wage-price spiral, which is desired by no one except for the cash rich, the political risks of such an approach are enormous.
On paper it is obvious that a market can 'clear' at a variety of levels, if wages and prices are allowed to move freely. After all, if profits are diminished, income can obviously be diminished by a proportional amount, and nothing has really changed in terms of viable consumption.
The Supply side (cash rich bosses), Austrians and monetarist free market ideologues (the idealists) would like to see this happen at a lower level through a deflationary spiral. The Keynesians and neo-liberals wish to see it driven through the Demand side, with higher wages rising to meet the demands of profit in an inflationary expansion. Both believe that market forces alone can achieve this equilibrium.
Unfortunately both groups are wrong.
Both approaches require an ideal, almost frictionless, objectively rational, and honest economy in order to succeed. The Keynesians have a bit of an edge in this, because it is easier to control inflation than deflation in a fiat regime, and the natural growth of inflation tends to satiate the impulse to greed. They don't care if they can buy more as long as they can say they HAVE more. People tend to be irrational, and there is a percentage of the population that is irrationally greedy and obsessively rapacious. People are not naturally 'good.'
The greatest flaw in the many studies that come from each of the schools to prove their point is the brutal way in which they flatten the reality of the markets and make assumptions to allow their equations and analysis to 'work.'
The most intractable part of the current financial crisis, and the ongoing problem of the US economy is the huge tax which is levied on the American public by its corporations, primarily in the financial and health care sectors, and a political system based on lobbyists and their campaign contributions.
There are hidden taxes and impediments to 'free trade' at every turn. The ugly truth is that American capitalism hates free markets, always seeking to overturn the rules and impose oligopoly if not outright monopoly through barriers to entry, manipulation of the political process, distortion of regulation, predatory pricing, brute force, and the usual slate of anti-trust practices.
Some of these 'hidden taxes' are the bonuses on Wall Street which require an increasing percentage of the financial 'action.' The credit cards fees and penalties levied by banks to support profits in a contracting economy. The SGA portion of the income statements of the pharaceutical industry which only American consumers seem willing to pay. A health care system which is a monument to overspending, outrageous pricing, and greed.
The notion that "if only government would not regulate markets at all everything would be fine" is a variation of Rousseau's romantic notion of the noble savage which no one believes except those who wish to continue to act like savages, and those who get no closer to the real work of an economy than their textbooks. Anyone who believes that no regulation or self-regulation works well has never driven on a modern American freeway.
Yes, a certain portion of the population are adult, and generally good and fair. But there is a percentage of the population that is not. And since the 1980's they have been encouraged by the culture of relativisim and greed to 'express themselves' and so they have, with a vengance.
Discussion rarely proceeds very far because of the dialectical nature of American thought. Both extremes are wrong, but they seem to content to merely bash each other, pointing out their errors, while repeating the same mistakes over and again.
The engineering of the economy has become married to the engineering of the political dialogue by the coporate media and their political parties. "The engineering of consent is the very essence of the democratic process, the freedom to persuade and suggest." Edward L. Bernays 1947)
What does all this mean?
It means that until the banks are restrained, and the financial system is reformed, and balance is restored there can be no sustained recovery.
Posted by Jesse at 11:50 AM (http://jessescrossroadscafe.blogspot.com/2009/08/why-austrians-keynesians-and.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1427838318602148040) :verbeug
20 Aug 2009 @ 8:49 PM
Die mächtigste Frau der Erde (http://blog.4st.ch/?p=3159)
http://blog.sundog.ch/photos/karikaturen/images/69/640x480.aspx (http://blog.sundog.ch/photos/karikaturen/picture69.aspx) Angela Merkel, mächtigste Frau der Erde
Gemäss Forbes (http://www.forbes.com/lists/2009/11/power-women-09_Angela-Merkel_34AH.html)ist die Deutsche Bundeskanzlerin Angela Merkel die mächtigste Frau der Welt. ‘Der Schweizer Narr’ hat diese zu allem fähige Führerperson für seine Leser porträtiert.
Thursday, August 20, 2009
Abby JOSEPH Cohen sees S and P at 1100 by year end, The Second Stimulus "Cash For Wankers" (http://ispeakofpeak.blogspot.com/2009/08/abby-joseph-cohen-sees-s-and-p-at-1100_20.html)
The Obama administration following advice from Goldman Sachs, has decided to pass a second stimulus package to target the "Sin" industry to prevent job losses in that sector. Titled "CASH FOR WANKERS", this package will give rebates for anyone buying American Made Porn DVDs or magazines.
Barney Frank said that this package was extremely necessary as the Porn Industry was now flat on its back. "I have proved time and time again that I will bend over forwards to help the porn industry just as I did for Fannie and Freddie. This shows our commitment to the last truly American product to still be around. This is even more vital now as my committee contributed significantly to the destruction of the second last i,e housing." A White House spokesperson said that this package was timely, large, throbbing and would stimulate the private sector very well.
Prominent Blogger Mike Shedlock however said the plan, like every other thing coming (pun intended) from the White House would be a floppy failure. " They would just be pulling demand forward. What are they going to do for an encore?" Other Critics pointed out that instead of stimulating domestic demand, the White House should focus on selling our Porn abroad.
"There is a growing class of Chinese workers who now only work 16 hours a day instead of 20 to make ends meet. At the end of a hard day's work they would like nothing better than to sit back and watch 2 wholesome girls express their passion for each other" said Larry Kudlow on CNBC. "We should be selling to China instead of complaining about their currency manipulations" he added.
While the Democrats hailed this as a success for the middle class, the Republicans were upset that sex-toys, which are more popular among married couples, were not included in the bill. They were trying to pass their own bill to provide rebates for pregnancies carried to term. They argued that it would lead to a whole new generation of "Boomers" which would solve many of economy's problems. The bill was being drafted under the Title "No Fucked Up Idea Left Behind."
Posted by The Mad Scientist at 6:49 AM (http://ispeakofpeak.blogspot.com/2009/08/abby-joseph-cohen-sees-s-and-p-at-1100_20.html)
Siedlerprotest im Westjordanland
"Wir werden niemals weichen" (http://www.spiegel.de/politik/ausland/0,1518,643799,00.html)
Die israelischen Siedler im Westjordanland sind empört: Auf Druck der USA hat Ministerpräsident Netanjahu neue Bauprojekte gestoppt - doch sie wollen um alles in der Welt bleiben. Selbst ein Bruderkrieg mit der Armee schreckt sie nicht, wie ein Besuch in einer der illegalen Siedlungen zeigt. Aus Rechelim im Westjordanland berichtet Ulrike Putz mehr... (http://www.spiegel.de/politik/ausland/0,1518,643799,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=8345&goto=newpost) ]
:bad lieber Krieg als Frieden :bad
Barack Obama led condemnation of Scotland's administration for allowing the Lockerbie bomber to return home to Libya.
James Kirkup, Auslan Cramb and Alex Spillius in Washington
Published: 10:00PM BST 20 Aug 2009
Comments 105 (http://www.telegraph.co.uk/news/uknews/terrorism-in-the-uk/6062496/Barack-Obama-leads-condemnation-of-Scotland-for-freeing-Lockerbie-bomber.html#comments) | Comment on this article (http://www.telegraph.co.uk/news/uknews/terrorism-in-the-uk/6062496/Barack-Obama-leads-condemnation-of-Scotland-for-freeing-Lockerbie-bomber.html#postComment)
The US President’s criticism of the “mistake” added to a growing backlash against the Scottish decision to free the biggest mass murderer in British legal history on compassionate grounds.
Hours after the Scottish National Party administration in Edinburgh announced its decision to free him, Abdelbaset Ali Mohmed Al Megrahi, the only man convicted of the 1988 atrocity, flew home to a hero’s welcome in Tripoli......
full story: http://www.telegraph.co.uk/news/uknews/terrorism-in-the-uk/6062496/Barack-Obama-leads-condemnation-of-Scotland-for-freeing-Lockerbie-bomber.html
....na ja - da war der Kniefall des Herrn Merz noch relativ harmlos :rolleyes
Von Hubert Mooser. Aktualisiert um 18:12 Uhr 51 Kommentare (http://www.tagesanzeiger.ch/schweiz/standard/Micheline-CalmyRey-widerspricht-HansRudolf-Merz/story/11797713#kommentar)
Merz genervt: «Ja, ja, ich habe alles falsch gemacht» (http://www.tagesanzeiger.ch/schweiz/standard/Merz-genervt-Ja-ja-ich-habe-alles-falsch-gemacht/story/23770050)
Der Rückenschuss aus Bern (http://www.tagesanzeiger.ch/schweiz/standard/Der-Rueckenschuss-aus-Bern/story/20064684)
Alleingang nach Tripolis (http://www.tagesanzeiger.ch/schweiz/standard/Alleingang-nach-Tripolis/story/18178075)
:zz http://lh3.ggpht.com/_odwu_bJENb8/SjbQyQM70bI/AAAAAAAACHQ/dQpuV292UjM/sleeping-cat-on-computer_thumb%5B2%5D.jpg?imgmax=800 ;)
22 August 2009
When At First You Don't Succeed, Bring In the Reserves (http://jessescrossroadscafe.blogspot.com/2009/08/when-at-first-you-dont-succeed-bring-in.html)
http://3.bp.blogspot.com/_H2DePAZe2gA/SpDlfeX3iFI/AAAAAAAAJnY/7yY3qUiZMtQ/s320/banquiermode.GIF (http://3.bp.blogspot.com/_H2DePAZe2gA/SpDlfeX3iFI/AAAAAAAAJnY/7yY3qUiZMtQ/s1600-h/banquiermode.GIF)Someone asked why Bernanke seemed so positive about the US recovery, and what he would do if his prediction turned out to be incorrect.
The first answer is rather straightforward. He is 'jawboning' or trying to increase confidence in the system to motivate businesses to spend and consumers to buy. The Fed can only set the playing field, but the players have to be confident enough to take the field. We think he is underestimating the neglect that the American consumer has taken over the last twenty years in terms of their overall poor condition (real income), and the disrepair of their equipment (household balance sheets), not to mention the rocks and snares and pitfalls remaining on the field from the gangs of New York and the economic royalists.
But let's assume Bernanke's first major gambit does falter. What is he likely to do next?
Beranke's Fed does have a printing press, and he has been using it as we all know. Here is a chart showing the expansion of the credit side of the Fed's Balance Sheet. This is from the top line labeled "Reserve Bank Credit" from the weekly H.41 report which is becoming more popularly followed these days. If one adds the Feds gold holdings, currency in circulation, and Special Drawing Rights, we get the Total Factors Supplying Reserve Funds.
So what would Ben do for "Plan B?" Would he merely add more programs, expand the Fed's Credit Items even more aggressively?
There was an important function added to the Fed's bag of tricks during this crisis that has not received sufficient attention perhaps: their ability to pay interest on reserve funds on deposit with the Fed from the Member Banks.
As can be seen from this next chart, this amount is now substantial running close to a trillion dollars. A portion of this would be characterized as 'excess reserves.' The Fed should be able to motivate banks to use these reserve by adjusting the riskless interest rates they pay.
This was a much desired tool by the monetarist Fed because it enabled them to expand their Balance Sheet and add a significant amount of credit to the banks system immediately, but to keep 'a bit of a leash' on the downstream effects of this liquidity even after it was deployed.
As the Fed's interest rate remains sufficiently high, the reserves, especially the excess reserves, remain in the banking system, and are not deployed actively as loans and inflationary additions to the financial system.
The Fed issues an H3 report, Aggregate Reserves of Depository Institutions and the Monetary Base. In their latest report, they characterize $708.5 Billion of these reserves as 'Excess Reserves.'
So, what we might expect to see is the Fed, as the banking system stabilizes after perhaps some new programs and credit facilities, begin to slowly unleash these excess reserves by reducing the interest to the Member Banks, which would lower the bar and motivate them to engage in more commercial loan activity.
We think one problem is that the banks have more options than merely keeping their excess capital at the Fed or loaning it out to private companies.
http://2.bp.blogspot.com/_H2DePAZe2gA/SpDlqIZLP6I/AAAAAAAAJng/ueAWlqaHLS4/s320/printingpress.JPG (http://2.bp.blogspot.com/_H2DePAZe2gA/SpDlqIZLP6I/AAAAAAAAJng/ueAWlqaHLS4/s1600-h/printingpress.JPG)Certainly Goldman Sachs has shown that it can defy all the odds and make millions each day by aggressively playing the equity, bond and credit markets. It is also more likely that banks would be inclined to invest their excess capital through acquisitions of other banks, which might represent a moral hazard in creating fewer, and more "too large to fail" institutions.
Therefore we might see the first serious moves towards financial reform before the Fed begins to really unleash the liquidity which they have created in the banking system.
There is of course also their monetization of Treasury Debt, to support the stimulus programs being run from the fiscal side of the US financial apparatus. That would be included in the expansion of their Balance Sheet, and we would expect that to continue on at the very least indirectly, if not overtly on the Fed's balance sheet.
An Aside on the Gold Stock of the Fed
By the way, one method the Fed might use to immediately expand its Balance Sheet would be to recognize that their gold stock is significantly undervalued.
In the H.41 Report, the Fed shows a credit of $11 billion dollars in Gold Stock held primarily in New York, Chicago, Atlanta, and San Francisco, with lesser amounts at each of the Regional Banks. This gold is part of the collateral against the Federal Reserve Notes in circulation, and has been valued at an official rate of $42.22 per troy ounce for many years.
1. Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ouncehttp://4.bp.blogspot.com/_H2DePAZe2gA/SpDmgScsecI/AAAAAAAAJnw/QQWrwCfKPxM/s200/3000_l.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/SpDmgScsecI/AAAAAAAAJnw/QQWrwCfKPxM/s1600-h/3000_l.jpg)By calculation the Fed has 261,511,132 fine troy ounces on its books. If the Fed revalued their gold stock at a more reasonable market price of let's say $1000 per ounce, then this would immediately add $261 billion to the Fed's Balance Sheet IF the gold is really held by the Fed without encumbrances.
One has to wonder why the Fed has never taken the revaluation on its Balance Sheet for gold since the value of $42.22 is so clearly an historic artifact. They perform much more market based calculations for the Special Drawing Rights and their Foreign Exchange holdings. One certainly does not need to sell the gold in order to monetize it, since that has already been accomplished, albeit at a much lower rate.
One can only wonder.
Federal Reserve H3.1.2 US Reserve Assets (http://www.federalreserve.gov/releases/bulletin/1208assets.htm)
Posted by Jesse at 11:19 PM (http://jessescrossroadscafe.blogspot.com/2009/08/when-at-first-you-dont-succeed-bring-in.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8879798264310566119) :verbeug
Notice of Copyright © Droit d'Auteur
This original work on this site is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 US License (http://creativecommons.org/licenses/by-nc-nd/3.0/us/)
Startseite: 23. August 2009
Nun hat Ghadhafi drei Schweizer Geiseln (http://www.nzz.ch/nachrichten/startseite/nun_hat_ghadhafi_drei_schweizer_geiseln_1.3394596.html)
Kommentar zur diplomatischen Extratour von Bundesrat Merz in Libyen (http://www.nzz.ch/nachrichten/startseite/nun_hat_ghadhafi_drei_schweizer_geiseln_1.3394596.html)
Mit seinem riskanten Alleingang in Tripolis hat Bundespräsident Hans-Rudolf Merz sein politisches Schicksal in die Hände des libyschen Revolutionsführers gelegt. Noch sind die beiden von Ghadhafi festgehaltenen Schweizer nicht frei. (http://www.nzz.ch/nachrichten/startseite/nun_hat_ghadhafi_drei_schweizer_geiseln_1.3394596.html) ...http://www.nzz.ch/static-images/headline_topic_more.gif (http://www.nzz.ch/nachrichten/startseite/nun_hat_ghadhafi_drei_schweizer_geiseln_1.3394596.html)
International: 23. August 2009
Wahlbetrug in Afghanistan (http://www.nzz.ch/nachrichten/international/wahlbetrug_in_afghanistan_1.3394915.html)
EU lobt die Wahlen, wider besseres Wissen (http://www.nzz.ch/nachrichten/international/wahlbetrug_in_afghanistan_1.3394915.html):mad
Die Hinweise auf Betrugsmanöver bei der Präsidentenwahl in Afghanistan häufen sich. Die Rede ist von Stimmzetteln, die nachträglich in die Urnen geschmuggelt oder weggeworfen wurden. Dennoch qualifiziert die EU die Wahl als «gut und fair». (http://www.nzz.ch/nachrichten/international/wahlbetrug_in_afghanistan_1.3394915.html) ...http://www.nzz.ch/static-images/headline_topic_more.gif (http://www.nzz.ch/nachrichten/international/wahlbetrug_in_afghanistan_1.3394915.html)
http://www.nzz.ch/static-images/pixel.gif http://www.nzz.ch/static-images/news_readmore.gif Wahlzettel: Verbrannt und gefälscht (http://www.nzz.ch/nachrichten/international/wahlbetrug_afghanistan_eu_wahlzettel_1.3395272.html)
http://www.nzz.ch/static-images/news_readmore.gif Südafghanistan: «Katastrophale» Wahlbeteiligung (http://www.nzz.ch/nachrichten/international/afghanistan_wahl_beteiligung_1.3387579.html)
......Die rund 100 EU-Beobachter waren am Wahltag in 17 von 34 Provinzen präsent. Im paschtunischen Süden, wo die Sicherheitslage am heikelsten ist und am meisten Betrug erwartet wurde, gab es nur sechs Beobachterteams, die meist in den Militärcamps blieben. Ihre Bewegungsfreiheit sei durch Sicherheitsbestimmungen extrem eingeschränkt gewesen, erklärt ein westlicher Beobachter. Man müsse sich schon fragen, ob eine solche Mission überhaupt sinnvoll sei, sagt er selbstkritisch.......
Kniefall, Heuchlerei, Feigheit, Wegschaun :kotz Doppelmoral :Prost :bad
Thousands Evacuated As Massive Fire Reaches Athens Suburbs (http://www.huffingtonpost.com/2009/08/23/thousands-evacuated-as-fi_n_266370.html)
Quick Read (http://www.huffingtonpost.com/2009/08/23/thousands-evacuated-as-fi_n_266370.html) |
| Greece (http://www.huffingtonpost.com/news/greece)
Free Summer Edition Of Grant's (http://www.zerohedge.com/article/free-summer-edition-grants)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 08/22/2009 23:42 -0500
Always a unique and compelling perspective
9 comments (http://www.zerohedge.com/article/free-summer-edition-grants#comments)
12 million jobseekers in China won't find work (http://www1.pressdemocrat.com/article/20090822/APF/908220556) The Press Democrat (http://www1.pressdemocrat.com/article/20090822/APF/908220556) 2009-08-22
China's top employment (http://wn.com/s/employment.html) official said even if the country achieved this year's 8 percent economic growth target, only about half the 24 million jobseekers in the country would likely find work, the China (http://chinanewsagency.com/) Daily said. "The shortfall...
Read full article (http://www1.pressdemocrat.com/article/20090822/APF/908220556)
(photo: AP / Eugene Hoshiko)
Friday, August 21, 2009
Who is Tyler Durden? (http://www.nakedcapitalism.com/2009/08/who-is-tyler-durden.html)
On Blogging Brawls and Bragging Rights (http://www.zerohedge.com/article/blogging-brawls-and-bragging-rights)
Submitted by Leo Kolivakis (http://www.zerohedge.com/users/leo-kolivakis) on 08/23/2009 12:20 -0500
9 comments (http://www.zerohedge.com/article/blogging-brawls-and-bragging-rights#comments)
A couple of days ago Yves Smith of Naked Capitalism posted a comment, Who Is Tyler Durden? (http://www.nakedcapitalism.com/2009/08/who-is-tyler-durden.html) The post generated over 187 comments (and still counting), most of which were infantile swipes from morons claiming that one blog is better than the other one.
I got carried away too and used language that I shouldn't have, but after sleeping on it, I want to offer you some of my thoughts on these blogging brawls and bragging rights.
First, while I defended Yves from the vitriolic attacks in the comments, her post was stupid and probably done to stir up shit in the blogosphere. As I stated in the comments, who cares who Tyler Durden is? Whether it is one person or a group of people posting anonymously, is irrelevant. As long as Zero Hedge (http://www.zerohedge.com/) keeps delivering interesting comments, people will read it and make up their own minds as to accuracy of what they are reporting.
That brings up my second point. Everyone has an agenda, including yours truly, and so does Yves Smith of Naked Capitalism (http://www.nakedcapitalism.com/). Everyone has their "schtick" and they want to be heard. The thing that gets me is that some people are a lot more transparent than others in their agenda. I use my real name, you can read all about me on my profile, I tell you my agenda right at the top of my blog. I say this because I just found out yesterday that Yves Smith is Susan Webber of Aurora Advisors (http://www.auroraadvisors.com/resume_webber.html).
[Note: Admittedly, I am an idiot because when I first started reading Naked Capitalism, I thought Yves was a guy. She then sent me an outline of her new book and I still couldn't figure out who she is. She even emailed me once or twice as Susan Webber and I never put two and two together because at that time, I thought it was someone else. You have to scroll all the way down to the bottom of her blog to see Aurora Advisors. No problem, I wish she told me right off the bat in clear English or posted it on her blog clearly so I can add her company to my list of advisors on my blog, which I gladly did last night.]
Third, your credibility is only as good as what you post. I can easily castigate Yves Smith, citing that she worked for Goldman Sachs :rolleyes or that Lehman Brothers and Soros Fund Management are part of her firm's client list (http://www.auroraadvisors.com/our_clients.htm). I can conjure up a conspiracy theory that tells you Goldman Sachs is behind Naked Capitalism to bombard the market with disinformation. But Yves has posted numerous critical comments, some of which are highly critical of the financial establishment. I do not question her credibility, but I would have liked it if she was more upfront of who she is and where she works. If you are selling your services to clients in the financial world, you should disclose it.
Fourth, posting anonymously does not detract from the message but again, please state your qualifications and your agenda. Everyone has their schtick, so just be upfront and state it. Some of us stick our necks out more than others, however, because quite frankly, we got nothing to lose. As I told one former pension bully who kept threatening to sue me, "I know the truth and will disclose it in a court of law. I got nothing to lose." It cost me a future in the pension industry, but I had my fill of pension parrots and pension politicians and their feeble cover-your-ass board of directors.
Fifth, I find it absurd when I read comments like "this blog is the best or that blog is the best". Why do we blog? Because we are fed up with the bullshit that the investment bankers, banks, insurance companies, private funds, mutual funds, and pension funds are feeding us. I consider blogs as another medium to help me gain an edge in what is really going on.
Importantly, the blogosphere has fast become a key medium in the information arbitrage business. There are many excellent blogs out there and none of them have a monopoly on wisdom. Some think they are more important than others, but they are only fooling themselves.
Sixth, we all have our personal tastes when it comes to blogs. For example, when I want to know about markets, I love reading Tim Knight's Slope of Hope (http://slopeofhope.com/), Ben Bittrolff's Financial Ninja (http://benbittrolff.blogspot.com/), and David Spurr's Displaced EMA (http://displacedema.blogspot.com/). The Kirk Report recently had an excellent Q&A with Tim Knight (http://www.thekirkreport.com/2009/08/qa-with-tim-knight.html) which put it succinctly:In fact, every time you visit his blog you can count on Tim saying or sharing something that is likely to amuse you and/or at least get you thinking about something. His perspectives are always fresh, witty, and clearly different than the typical "we're always in a bull market" garbage found within the mainstream financial press. I do not always agree with Tim, Ben or David, especially recently where I feel their bearish tone totally underestimated the effects of performance anxiety (http://pensionpulse.blogspot.com/2009/06/big-money-suffering-performance-anxiety.html) following a horrible Q1. But what I appreciate is their free thinking and the fact that they have "skin in the game". They are individual traders trying to make a living, not some investment bank trying to sell some idea to big institutional clients (so they can front run them or take the opposite side of the trade). I will say it again, in the environment we are heading, small is beautiful (http://pensionpulse.blogspot.com/2009/05/why-is-small-beautiful.html) and you'd better forget the what the claptraps on Wall Street are saying and pay close attention to what the top hedge funds are buying.
As far as big picture ideas, I like reading many blogs, but the best ideas often come from other sources like Hoisington Investment Management (http://www.hoisingtonmgt.com/profile1.html) and Absolute Return Partners (http://www.arpllp.com/disclaimer.asp?destination=newsletters.asp%3Fsection%3D00010004). I especially like reading independent thinkers like Michael Hudson (read his latest on the specter of debt revolt haunting Europe (http://www.counterpunch.org/hudson08182009.html)) and Henry Liu who has many excellent articles on his website (http://www.henryckliu.com/index.html) and on Asia Times' Complete Henry CK Liu (http://www.atimes.com/atimes/others/Henry.html). There are academics and numerous other commentators that I place ahead of any blog in my "must read" category. That is why I have placed extensive list of links on my blog so you can access these comments.
Finally, every blogger has his or her own style. I like posting links to articles, often posting the full article and adding comments (short or long) at the end. Yves and Mish like interjecting on some passages. That is their style and their right (I find it too "mish-mash" for my taste). As far a copyrights, the minute someone posts and article on the internet for everyone to view, it is open. I give full credit where credit is due, posting the link and stating the authors and source, but I like posting full articles so people avoid going back and forth. That is my style and I make no apologies for this (okay Mr. Mish?!?!).
On that final note, I will let all my readers know that I decided to stop posting on Naked Capitalism. I thank Yves for the opportunity, but I am an independent thinker who does not like to be edited and to be honest, I have overextended my stay there and helped her out enough while she wrote her book. I decided to join the team over at Zero Hedge (http://www.zerohedge.com/), using my real name, and will continue posting my material as I see fit.
I invite all of you to keep reading Pension Pulse (http://pensionpulse.blogspot.com/) regularly as I keep discussing trends in the pension industry and financial markets the way I've been diligently doing for a little over a year now. I still do not allow comments on my blog because I do not have the time nor the inclination to police them. Feel free to email me (email@example.com) if you have any specific comments to my posts.
:kotz GS allover :rolleyes
Sprott On Beyond The Stimulus (http://www.zerohedge.com/article/sprott-beyond-stimulus)
1 comment (http://www.zerohedge.com/article/sprott-beyond-stimulus#comments)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 08/23/2009 13:23 -0500
"Are you stimulated yet? We hope you are, because we’ve just witnessed the largest economic stimulus in the history of the world. Never before have so many government dollars been thrown at the economy to prevent a depression. When added together, the combined financial, monetary and fiscal stimuli in the US are more than the cost of the two World Wars and “The New Deal” combined." - Eric Sprott
Annie Leibovitz, photographer of stars, faces ruin... (http://www.breitbart.com/article.php?id=CNG.2f54f844fc040f6daba9c6b086caf08f.21&show_article=1)
..der Pleitegeier macht vor niemandem Halt :rolleyes
Goldman Sachs: Recipients
SenateObama, Barack (http://www.opensecrets.org/politicians/summary.php?cid=N00009638)$997,095
SenateClinton, Hillary (http://www.opensecrets.org/politicians/summary.php?cid=N00000019)$415,750
PresidentialRomney, Mitt (http://www.opensecrets.org/politicians/summary.php?cid=N00000286)$234,275
SenateMcCain, John (http://www.opensecrets.org/politicians/summary.php?cid=N00006424)$230,095
HouseHimes, Jim (http://www.opensecrets.org/politicians/summary.php?cid=N00029070)$152,798
SenateDodd, Chris (http://www.opensecrets.org/politicians/summary.php?cid=N00000581)$112,500
PresidentialGiuliani, Rudolph W (http://www.opensecrets.org/politicians/summary.php?cid=N00009908)$109,450
PresidentialEdwards, John (http://www.opensecrets.org/politicians/summary.php?cid=N00002283)$68,750
SenateSpecter, Arlen (http://www.opensecrets.org/politicians/summary.php?cid=N00001604)$47,600
HouseEmanuel, Rahm (http://www.opensecrets.org/politicians/summary.php?cid=N00024813)$37,750
SenateSununu, John E (http://www.opensecrets.org/politicians/summary.php?cid=N00000397)$31,400
SenateReed, Jack (http://www.opensecrets.org/politicians/summary.php?cid=N00000362)$30,100
HouseSkelly, Michael Peter (http://www.opensecrets.org/politicians/summary.php?cid=N00029586)$26,171
SenateBaucus, Max (http://www.opensecrets.org/politicians/summary.php?cid=N00004643)$26,000
SenateHarkin, Tom (http://www.opensecrets.org/politicians/summary.php?cid=N00004207)$24,580
SenateLautenberg, Frank R (http://www.opensecrets.org/politicians/summary.php?cid=N00000659)$24,100
SenateChambliss, Saxby (http://www.opensecrets.org/politicians/summary.php?cid=N00002685)$22,400
SenateCollins, Susan M (http://www.opensecrets.org/politicians/summary.php?cid=N00000491)$21,900
SenateWarner, Mark (http://www.opensecrets.org/politicians/summary.php?cid=N00002097)$21,800
SenateLandrieu, Mary L (http://www.opensecrets.org/politicians/summary.php?cid=N00005395)$20,700
See all recipients (http://www.opensecrets.org/orgs/recips.php?id=D000000085)
Based on data released by the FEC on May 12, 2009.
.....auch wenn es endlos erscheint - ich meine man sollte diese GS-Stories festhalten, und da die links oft nicht mehr funktionieren nach einer Weile - na dann eben die ganze Länge :o die comments oft sehr aufschlussreich :cool
Is Goldman's Selective Trading Disclosure A Legal Way For Preferred Clients To Front Run The Market? (http://www.zerohedge.com/article/goldmans-selective-trading-disclosure-legal-way-preferred-clients-front-run-market)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 08/23/2009 20:08 -0500
Zero Hedge has long been discussing the impact of selective informational disclosure, be it in the context of trading or research asymmetries, which promote a two-tiered market, where privileged accounts of major broker dealers receive "tips" ahead of "everyone else." The quid's pro quo is that these "privileged" few end up executing the bulk of their trades with the broker-dealer, thus ramping up riskless agency revenues. In essence the clients' capital risk is mitigated, while the return to the "perpetrator" is augmented by collecting a disproportionate share of the bid/offer spread in the given security. Whether this tiering mechanism occurs via Flash orders, SLP provisioning, actionable IOIs, advance selective notice of a large flow order, a phone call, a limited Bloomberg blast, or an Instant Message, the ethics of the practice are undoubtedly shady, and potentially borderline criminal. But no one is the wiser, as both sender and receiver of information know to keep their mouth shut. Until today, when the WSJ blows one aspect of this practice out of the water, by focusing on Goldman's selective informational disclosure to preferred clients, and is likely to create much more headache for Goldman's PR department and its staunchest CNBC-based prosecutor-turned-supporter and soon to be Sellout author.
In a long-overdue article titled "Goldman's Trading Tips Reward Its Biggest Clients (http://online.wsj.com/article/SB125107135585052521.html)" author Susanne Craig brings much of the firm's dirty laundry to the front page. While a must read for anyone interested in how Goldman Sachs "cultivates" its key client relationships, the summary is as follows:
Goldman Sachs Group Inc. research analyst Marc Irizarry's published rating on mutual-fund manager Janus Capital Group Inc. was a lackluster "neutral" in early April 2008. But at an internal meeting that month, the analyst told dozens of Goldman's traders the stock was likely to head higher, company documents show.
The next day, research-department employees at Goldman called about 50 favored clients of the big securities firm with the same tip, including hedge-fund companies Citadel Investment Group and SAC Capital Advisors, the documents indicate. Readers of Mr. Irizarry's research didn't find out he was bullish until his written report was issued six days later, after Janus shares had jumped 5.8%.
This pretty much summarizes the "magical" performance that many hedge funds generated in Wall Street's golden age: Goldman (and other firms, many of which however now are defunct) treated several clients preferentially, creating a "club" in any given name, running it up, then releasing what the club already knew to the broader investing public, as the club unloaded its positions to the witless majority. And this went on for many years, and in many aspects, still does.
Critics complain that Goldman's distribution of the trading ideas only to its own traders and key clients hurts other customers who aren't given the opportunity to trade on the information.
Securities laws require firms like Goldman to engage in "fair dealing with customers," and prohibit analysts from issuing opinions that are at odds with their true beliefs about a stock. Steven Strongin, Goldman's stock research chief, says no one gains an unfair advantage from its trading huddles, and that the short-term-trading ideas are not contrary to the longer-term stock forecasts in its written research.
Not contrary indeed, just useful, selective, tongue-in-cheek hints that provide a 10% front-running riskless arbitrage to those lucky enough to trade hundreds of millions of [stocks/bonds/CDS/options/fx/treasuries/munis] with the 85 Broad Financial Holding Company.
Ed Canaday, whom Zero Hedge respects very much for always proferring accurate and unspun information, is prompt in explaining this situation:
Goldman spokesman Edward Canaday says the tips are "market color" and "always consistent with the fundamental analysis" in published research reports. "Analysts are expected to discuss events that may have a near-term or short-term impact on a stock's price," he says, even if that is a different direction from an analyst's overall forecast. Goldman's published research reports include a disclosure that "salespeople, traders and other professionals" may take positions that are contrary to the opinions expressed in reports. But the firm doesn't disclose the trading huddles.
Mr. Canaday says analysts are told that any comment at a meeting that could result in a change in a rating, earnings estimate or stock-price target "must be published and disseminated broadly to all clients." He adds, however, that it is rare that tips arising from the meetings reach that threshold.
Rare, last time we checked, had a special judicial meaning, that was almost on par with never. But not quite. Mr. Canaday elaborates further:
The tips usually go to top clients who have expressed interest in having the information and have short-term investment horizons, he says. Goldman doesn't want to overload other clients with information that isn't relevant to them, he says. "We are not in the business of serving thousands of retail customers," he says.
Indeed- the firm is purely in the business of making sure the several dozen multi-billion hedge funds it does serve make practically risk free returns by taking advantage of the gullibility of John Q. Public, who is not relevant enough to be addressed by Goldman's massive trading floor, yet whose bail out is more than welcome when the firm's stock price is in the mid $50's, and about to hit $0.
So what does the law say about this:
"The spirit of the law is twofold," says Eric Dinallo, who in 2003, when serving as a deputy to former New York Attorney General Eliot Spitzer, helped negotiate a $1.4 billion stock-research settlement with 10 major Wall Street firms, including Goldman. "Analysts should give consistent advice to all their customers, be they small investors or big trading clients." Any views that differ from an analyst's published rating but are "worth sharing with certain customers," he says, should be made "available to everyone."
Mr. Cuomo, we hope you read this (we know you are).
Yet, most entertaining, in this little transgression is the presence of who else than the Federal Reserve:
The research business is considered a loss leader at most firms, despite persistent attempts by Goldman and other securities giants to squeeze more revenue from it. Goldman was looking for a leg up on rivals when it started the trading huddles in 2007. That year, Goldman ranked ninth in Institutional Investor magazine's annual list of the best equity analysts, as determined by a survey of big institutional investors. Goldman was rated eighth in last year's competition.
The huddles began in earnest around the time Goldman's research department got a new boss, Mr. Strongin. He came to the firm in 1994 from the Federal Reserve Bank of Chicago, where he had been director of monetary-policy research.
The great confluence of the two greatest things in the world, the Fed, and Chicago-style goal pursuit, sure got the job done:
Mr. Strongin, 51 years old, set out to improve Goldman's research operations. The firm asked important clients for suggestions. One idea that took hold was giving certain customers and traders more access to stock tips.
The idea was controversial with some Goldman research staffers. "I am not sure we should be giving recommendations that go against our research," said one Goldman employee at a meeting where the trading huddles were discussed, according to one attendee.
Institutional memory truly is short - certain customers getting privileged information a mere 4 years after the settlement: have we gotten your attention now Mr. Cuomo?
So just who are the proud nominees of Goldman's insider club:
Documents reviewed by the Journal indicate that anywhere from six to 60 clients are contacted, depending on the investment. For example, clients specializing in financial stocks are given recommendations about that sector. Each call typically includes comments about the overall market and the kinds of investors Goldman believes are propelling it, and ends with a stock tip.
And lest someone think that Goldman's ubiquitous prop trading group is somehow exempt from benefiting in this backdoor arrangement, read on:
The meeting where Mr. Irizarry suggested that Janus shares were worth buying, held on April 2, 2008, was attended by Goldman's financial-research analysts and traders who handle customer orders. It also included another class of traders called "franchise risk managers," who sit with and advise the traders handling customer orders -- and make bets with Goldman's money.
Typically, traders who wager firm capital are walled off from those handling customer orders so that they don't take advantage of information about client trading, which securities regulations forbid. Goldman says its franchise risk managers don't trade on client information and must first share trading-huddle tips with clients before acting on the tips themselves.
"Typically", just like "rare", are two of legal counsel's favorite expressions. But at least we have Goldman's affirmations that everything at the big firms runs according to regulations. After all, in numerous prior transgressions that company has "neither admitted nor denied guilt" - why should this change now?
And as for the regulators: it is good to know that at least they are on top of this scheme.
Last year, the Financial Industry Regulatory Authority, the industry's self-regulatory body, proposed new rules meant to clarify existing disclosure obligations under the rule requiring "fair dealing" with all clients. Firms could issue contradictory ratings as long as clients were told that such inconsistencies were possible.
A Finra spokesman said the agency still is reviewing comment letters filed in response to the proposal. Goldman hasn't commented on the proposed rules.
Surely, upon reviewing the numerous comment letters, Finra will have something relevant to say on this practice...at about the time the recently issued 30 Year Bond matures.
59 comments (http://www.zerohedge.com/article/goldmans-selective-trading-disclosure-legal-way-preferred-clients-front-run-market#comments)
on Sun, 08/23/2009 - 20:51
I can attest that the SEC is doing their job - I myself just got a notice from them about a week ago for making one too many round-trips in and out of a particular stock. I was (gasp) day-trading. I use several accounts to try and get away with this. And 2 of them are in my wife's name. I usually have no problem doing it. But, evidently, they've stepped up their game a bit these days. I was given a warning. But God forbid I get a free-ride restriction; they're ALL OVER MY ASS with that these days. If I get one more in the next 3 months, I'm fooked. And, I swear to God, they are NOT fooking around when it comes to that. Try it - buy a stock, sell it, buy another with the same money, and - if you don't hold it for 3 days - see what happens. THIS is what they spend their days doing. Going after you're average retail trader looking for any lapses they can find. And, yet, all this other stuff ZH talks about on a daily basis seems to be escaping their notice. Go figure.
Boston Fed On The Panic Of 1907 ( Or Is That 2008?) (http://www.zerohedge.com/article/boston-fed-panic-1907-or-2008)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 08/23/2009 17:44 -0500
Spot the 20 differences between this text and the one historians (hopefully not Fed bankers) will write about our time period in 2109.
50 comments (http://www.zerohedge.com/article/boston-fed-panic-1907-or-2008#comments)
comments zu dem vorherigen Posting - ist interessant aus der damaligen Sicht :cool
by Cheeky Bastard
on Sun, 08/23/2009 - 17:51
Hey Tyler; a question; have you heard about the depression of 1920 ? Check that out; and check the measures ( or lack of them ) that were enacted then. You'll find the outcome surprising.
on Sun, 08/23/2009 - 18:37
Cheeky, do you have any sources,
by Cheeky Bastard
on Sun, 08/23/2009 - 18:54
Here ya go
Waldbrände in Griechenland
Meteorologen warnen vor meterhohen Flammenwänden (http://www.spiegel.de/panorama/0,1518,644552,00.html)
Eine riesige Rauchwolke über Athen, es regnet Asche und glühende Holzstücke, Tausende Menschen sind auf der Flucht: Mit aller Macht kämpft die Feuerwehr gegen die Waldbrände in Griechenland an. Meteorologen warnen, die Lage könne sich weiter zuspitzen. mehr... (http://www.spiegel.de/panorama/0,1518,644552,00.html) [ Video (http://www.spiegel.de/video/video-1017973.html) ]
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifSchwere Waldbrände: Vorort Athens muss evakuiert werden (http://www.spiegel.de/panorama/0,1518,644535,00.html)
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifVideo: Waldbrände erreichen Athen (http://www.spiegel.de/video/video-1017973.html)
Kommentare: Griechenlands Brände und die Politik
Von Boris Kalnoky 24. August 2009, 04:00 Uhr
Aus Schaden wird man klug, sagt der Volksmund. Für Griechenland aber scheint das nicht zu stimmen. Vor zwei Jahren kamen rund 70 Menschen bei verheerenden Waldbränden ums Leben. Von einer nationalen Katastrophe war die Rede, der Notstand wurde verhängt, und jeder wusste, warum es brannte: weil die Politik es brennen ließ. Umwelt- und Baubehörden sind so eng miteinander verzahnt und mit der Bauindustrie verflochten, dass Bodenspekulanten freie Hand haben und auch vor Brandstiftung nicht zurückschrecken. Praktisch müssen die Brandstifter keine Strafe fürchten. Todesopfer können da immer vorkommen, werden hingenommen, sie sind schließlich nicht profitmindernd..... :gomad:gomad:gomad
ganzer Artikel: http://www.welt.de/die-welt/debatte/article4383858/Systemrelevante-Brandstiftung.html
...einfach unglaublich sie sind schließlich nicht profitmindernd
von meinen griechischen Bekannten höre ich - bis in die höchsten Regierungsstellen korrupt bis zum geht nicht mehr :gomad:gomad:gomad
EU-Todesstrafe: Hinrichtung bei Aufstand
Sonntag, 23. August 2009
Die Grundrechte-Charta der Europäischen Union erlaubt die Todesstrafe und das Töten von Menschen bei Aufruhr und Aufstand. Reaktionen auf diese unfassbare Politik-Willkür gibt es kaum. Interview mit Prof. (em) Schachtschneider.
Zum Original-Beitrag (http://showthread.php3?p=1256182#post1256182)
Hinrichtung von Aufständischen im Iran: Vorbild für EU?
.......Wieder ein typisches Beispiel dafür, wie Grundrechte per EU-Beschluss grundlegend eingeschränkt werden - und niemand protestiert :gomad Dass der "Schießbefehl" auf Demonstranten ausgerechnet in der EU-Grundrechte-Charta steht, entbehrt nicht der Ironie. Eine größere Einschränkung von Freiheit, als Demonstranten ohne Gerichtsbeschluss zu töten, ist wohl kaum vorstellbar.....
......Frage: Hat das Bundesverfassungsgericht ihrer Interpretation mit der Anerkennung des Lissabon-Vertrages nicht eine Absage erteilt?
Schachtschneider: Überhaupt nicht. Es hat sich zu der Frage gar nicht geäußert.
Frage: Ist das üblich?
Schachtschneider: Das ist sogar der Normallfall. Wenn sich das Bundesverfassungsgericht eines Problems nicht annehmen will, äußert es sich einfach nicht dazu.
Frage: Ist das rechtlich möglich?
Schachtschneider: Das ist rechtlich mehr als bedenklich, aber Praxis......
....beschissener geht's wohl nicht mehr :gomad:gomad:gomad :kotzDoppelmoral :Prost lässt grüssen :bad
....es hört nicht auf :rolleyes
Die 500-Dollar-Affäre der Raiffeisen-Bank (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Die-500DollarAffaere-der-RaiffeisenBank/story/10360626)
http://files.newsnetz.ch/story/1/0/3/10360626/7/teasermedium.jpg (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Die-500DollarAffaere-der-RaiffeisenBank/story/10360626) Die Folgen einer Überweisung von 500 Dollar: Alarm in den USA, Panik in einer Schweizer Bank und ein Mann in Burma, der um sein Leben fürchtet. Mehr... (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Die-500DollarAffaere-der-RaiffeisenBank/story/10360626)
....Zurück in der Schweiz, blieb sie mit ihm per Mail in Kontakt. Und las so von seinen Sorgen: Ein Taifun hatte das Dach seines Hauses abgedeckt, und durch die Finanzkrise kamen kaum Touristen mehr. Er fragte, ob sie und ihre Gruppe wieder Lust hätten, nach Burma zu fliegen.Simone Zumsteg hatte keine Zeit. Aber sie beschloss, mit etwas Geld zu helfen: 500 Dollar. Doch das erwies sich als schwierig. Wegen der Militärdiktatur ist Burma weitgehend vom internationalen Zahlungsverkehr ausgeschlossen.
Der Reiseleiter schlug vor, die 500 Dollar seinem Schwager in Singapur zu überweisen. Simone Zumsteg wandte sich an die örtliche Filiale ihrer Raiffeisenkasse, die sie immer zuverlässig beraten hatte. Die Sachbearbeiterin riet ihr, den Namen des Reiseleiters in das Feld «Begünstigter» zu schreiben, damit der Schwager das Geld nicht einstecke. Sie schrieb den Namen in das Feld: Han Soe Win.
Das war am Mittwoch vorletzter Woche. Dann überschlugen sich die Ereignisse.
Panik in der Raiffeisen-Filiale
Zwei Tage später, am Freitagmorgen, klingelte das Telefon an Zumstegs Arbeitsplatz. Am Apparat war eine Angestellte der Bank. Sie war in Panik. «Es ist etwas ganz, ganz Schreckliches passiert», sagte sie laut Zumsteg. Und fuhr fort: Wegen ihr stehe jetzt das Schicksal der gesamten Raiffeisen-Gruppe auf dem Spiel. Mit ihrer Überweisung habe sie einen internationalen Terroristen unterstützt. Sie müsse nun Passnummer und Foto von Han Soe Win bis spätestens 16 Uhr an die Bank schicken. Ansonsten drohe der Raiffeisenbank «der Lizenzentzug durch die USA».
Simone Zumsteg lief es kalt den Rücken hinunter. Sie wollte nicht an der Ächtung einer ganzen Bankengruppe schuld sein. Überdies hatte ihr die Bankerin klargemacht, sie könnte für sämtliche Folgen ihrer Überweisung haftbar gemacht werden.......
Von Constantin Seibt. Aktualisiert am 23.08.2009 3 Kommentare (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Die-500DollarAffaere-der-RaiffeisenBank/story/10360626#kommentar)
Die USA schnüffeln weiter, die Schweiz schaut weg
Von Bruno Schletti Die USA überwachen seit Jahren den internationalen Zahlungsverkehr. Und dabei bleibt es auch – trotz gegenteiliger Behauptungen.
Wer aus der Schweiz Geld nach irgendwo überweisen will, muss damit rechnen, dass es Probleme gibt (siehe Hauptartikel). Absender, Empfänger und Zweck der Geldüberweisung können noch so harmlos sein – bleibt man im Datenüberwachungssystem der USA hängen, geht erst einmal gar nichts mehr. Und das nicht etwa nur im Transaktionsverkehr mit den USA oder wie im Fallbeispiel Burma beziehungsweise Singapur. Auch wenn Schweizer Geld innerhalb Europas oder sogar in der Schweiz verschieben, können sie sich plötzlich im Fangnetz der USA wiederfinden.
Begonnen hat die heimliche Überwachung der internationalen Zahlungsströme durch die Amerikaner nach den Terroranschlägen vom 11. September 2001. Mit dem Terrorist Finance Tracking Programme wollten sie den Finanzierungswegen des Terrorismus auf die Spur kommen. 2006 flog die Sache auf. Swift, die internationale Drehscheibe für Geldüberweisungen mit Sitz in Brüssel, und die Europäische Union kamen aber zum Schluss, dass das Vorgehen der USA rechtens sei, weil eines der beiden Rechenzentren der Swift in den Vereinigten Staaten stehe. Aus diesem Grund haben die Amerikaner Zugang zu den Swift-Daten. 2007 sicherten die USA der EU immerhin zu, die Daten ausschliesslich für die Terrorismusbekämpfung zu verwenden.
EU möchte USA aussperren
Dennoch beschloss die Swift, zusätzlich zu den zwei Rechenzentren in den USA und den Niederlanden ein drittes zu bauen – in der Schweiz. Der Standort bleibt aus Sicherheitsgründen geheim, liegt aber in der Nähe von Zürich, wie eine Swift-Sprecherin bestätigt. Das Zentrum wird noch dieses Jahr in Betrieb genommen. Damit will die Swift ihre Datenströme neu kanalisieren. Daten innereuropäischer Transaktionen werden nur noch in der Schweiz und den Niederlanden gespeichert. Die USA haben darauf keinen Zugriff mehr.
Aus Sicherheitsüberlegungen :bad schlägt die :kotzEU-Kommission nun aber vor, den USA den Datenzugang zeitlich befristet weiterhin zu gewähren. Thomas Ramadan von Swift Schweiz sagt: «Die Daten verbleiben physisch in Europa.» Die USA hätten direkt keinen Zugriff mehr. Eine europäische Behörde müsse eine allfällige Datenweitergabe bewilligen.
Was die Schweiz, auf deren Boden das neue Rechenzentrum steht, über die Sache denkt, bleibt rätselhaft. Man habe «davon Kenntnis, dass die EU und die USA den Abschluss eines Abkommens planen», heisst es im Eidgenössischen Finanzdepartement. Es liege aber keine Anfrage der US-Behörden für ein ähnliches Abkommen vor. Und: «Der Bundesrat wird die Entwicklung in dieser Angelegenheit weiterverfolgen.» Das tut er schon längere Zeit. Im November 2008 verlangte die Geschäftsprüfungskommission des Nationalrates Auskunft, wie es zur Weitergabe von Daten innerschweizerischer Banktransaktionen an die USA kommen konnte. Die Antwort des Bundesrates steht noch immer aus.
....nach so viel Scheissnachrichten verzieh ich mich etwas an die Sonne :winke
Schweiz bei Einkommenssteuern auf Rang 12 (http://www.cash.ch/news/front/schweiz_bei_einkommenssteuern_auf_rang_12-826189-449)
Das Ausland schröpft reiche Steuerzahler in Zeiten der Krise stärker und beschert der Schweiz unverhofft Vorteile. mehr » (http://www.cash.ch/news/front/schweiz_bei_einkommenssteuern_auf_rang_12-826189-449)
Blackwater-Söldner wollen über Gräueltaten auspacken (http://www.spiegel.de/spiegel/0,1518,644619,00.html)
zur Fotostrecke (http://www.spiegel.de/fotostrecke/fotostrecke-45706.html)
Verprügelte Zivilisten, erschossene Frauen und Kinder: Die Gewaltakte der Blackwater-Söldner im Irak gehören zu den düstersten Kapiteln der Bush-Ära. In dieser Woche entscheidet ein US-Gericht über eine mögliche Klage gegen die Privatarmee. Mehrere Ex-Mitarbeiter wollen aussagen - trotz Angst vor Rache. Von Gabor Steingart mehr... (http://www.spiegel.de/spiegel/0,1518,644619,00.html) [ Video (http://www.spiegel.de/video/video-28765.html) ]
24 August 2009
Why Is the Fed Creating Excess Reserves in the Banking System and Paying Interest on Them? (http://jessescrossroadscafe.blogspot.com/2009/08/why-is-fed-creating-excess-reserves-in.html)
There have been some interesting side discussions at various venues including Naked Capitalism about the recent essay which I had posted titled When At First You Don't Succeed, Bring in the Reserves. (http://jessescrossroadscafe.blogspot.com/2009/08/when-at-first-you-dont-succeed-bring-in.html)
Let me clarify some points.
Yes, banking reserves in the US are a function of the Fed's Balance Sheet, by definition, because they are in the narrowest sense merely an accounting function, an entry on the books of the Fed reflecting actions undertaken by the Fed.
With purpose, I put the formal definitions of Reserve Bank Credit and Reserve Balances at the bottom of each chart. I had hoped this would make that point clear.
The essence of the essay was to point out the enormous increase in bank reserves which the Fed has created through their "New Deal" style banking programs. Because of this, the Fed has created a new function by which it pays interest on banking reserves, which to my knowledge it has never done before.
It is a new function at the Fed, and it does serve a important purpose. The purpose is to place a 'floor' under interest rates, in the face of a surfeit of liquidity which the Fed has created, and which shows up in the Adjusted Monetary Base, the Reserve Bank Credit figures, and so forth.
Now, some people have taken issue with my bringing the notion of excess Reserves to your attention for a variety of reasons. Even the mighty NY Fed has written a paper which attempts to defuse the notion that the excess reserves are indicative of anything that might be impeding lending.
Let me be clear about this.
The excess reserves are absolutely indicative of the Fed's having added substantial amounts of liquidity to the financial system. If the Fed were not paying interest on reserves, this liquidity would crush their target interest rates, since the banks are loath to hold reserves that are not generating some return. This is what they do, generate a return on capital. Capital has a price, even if it is an opportunity cost.
By establishing a floor, the Fed is setting a more blatant artificial level for interest rates, moreso than merely tinkering with drains and adds to the system.
What would happen if the Fed raised the interest rate it pays on reserves to let's say, twenty percent?
Economic activity in the US would grind to a halt, as banks placed every available dollar idly with the Fed's program, eschewing all other deals, liquidating assets if necessary, to place capital where it would receive the highest risk adjusted return. In essence, the Fed would 'crowd out' all other transactions that offered a lower risk adjusted return.
What if the Fed subsequently lowered the interest rate from twenty percent to zero? It would then enable more lending from the banks, as they sought to deploy their capital at higher risk adjusted rates.
There are some by the way that claim the excess reserves are so high because there is no demand for loans. This is a point of view only supported by those who a) have no understanding of finance and b) are seeking to support an extremely odd and mistaken view of the economy which seeks to justify their bets on a serious deflation.
There is always a demand for loans as long as their is economic activity; what varies is the price!
I hereby assert that I will borrow ALL funds the Fed might loan to me with no collateral at zero interest, and gladly so, as long as the US Treasury bills are paying more than 25 basis points interest.
I hate to make points like this in the extreme with distorted examples, but sometimes it is what it requires to pierce through obfuscation to common sense.
So to summarize, what is the Fed likely to do if economic activity falters?
They are likely to lower interest rates paid on excess reserves closer to zero. They could even charge a 'haircut' on excess reserves which would highly motivate the banks.
These are all things which have been discussed before, often in the context of consumers! In fact, it is well known among bankers that as the Fed lowers interest rates money flows out of lower paying instruments like bank deposits and money markets, and into higher paying instruments that might be deemed too risky at high rates of riskless return. Such higher paying instruments are known as "stocks" and "corporate bonds."
Does the Fed always 'create' excess reserves? It may be more correct to ask, does the Fed always create money, since excess reserves are an accounting function.
No. Banking reserves normally lag the creation of money, which is accomplished by lending, either from banks or more recently by neo-banks like Fannie, Freddie, GMAC, GE and so forth.
But at a time when economic activity is contracting, and the credit markets were seizing, the Fed took the lead in money creation by "monetizing" various types of debt.
There are other ways in which the Fed might address the failure of the productive economy to 'pick up the ball and run with it.' But most, if not all, of them involve the monetization of something, which is what happens when the Fed (and US Treasury) are taking the lead in money creation.
Deflationist do not want to hear this, and bankers do not wish you to know this, but it is the major factor in a fiat currency that it can be created literally 'out of nothing.'
Posted by Jesse at 11:23 AM (http://jessescrossroadscafe.blogspot.com/2009/08/why-is-fed-creating-excess-reserves-in.html) http://www.blogger.com/img/icon18_email.gif :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3755025408108217494)
August 24, 2009
By the way, due to some people here who seem to be very frightened of various things in the sky, here is today’s NASA picture which should cause you all to scream with fear and run in circles:
Astronomy Picture of the Day (http://apod.nasa.gov/apod/)
http://emsnews.files.wordpress.com/2009/08/picture-23.png?w=300&h=228 Explanation: What causes these long, strange clouds? No one is sure. A rare type of cloud known as a Morning Glory cloud (http://en.wikipedia.org/wiki/Morning_Glory_cloud) can stretch 1,000 kilometers long and occur at altitudes up to two kilometers high. Although similar roll cloud (http://apod.nasa.gov/apod/ap060117.html)s have been seen at specific places across the world, the ones over Burketown (http://en.wikipedia.org/wiki/Burketown), Queensland (http://en.wikipedia.org/wiki/Queensland) Australia (http://en.wikipedia.org/wiki/Australia) occur predictably every spring. Long, horizontal, circulating tubes of air might form when flowing, moist, cooling air encounters an inversion layer (http://inversion%20layer), an atmospheric layer where air temperature atypically increases with height. These tubes (http://cloudappreciationsociety.org/mg1/) and surrounding air could cause dangerous turbulence for airplanes when clear. Morning Glory clouds (http://youtube.com/watch?v=e0kkIUozMEE) can reportedly achieve an airspeed (http://www.youtube.com/watch?v=2Wu9-O8UaR0) of 60 kilometers per hour over a surface with little discernible wind. Pictured above, photographer Mick Petroff photographed some Morning Glory clouds (http://www.dropbears.com/brough/index.html) from his airplane near the Gulf of Carpentaria (http://en.wikipedia.org/wiki/Gulf_of_Carpentaria), Australia.
After storms, we get these clouds that line up very neatly. The dynamics of weather systems are being studied by many scientists and are endlessly fascinating. My grandfather, Edison Pettit (http://en.wikipedia.org/wiki/Edison_Pettit), studied cloud formation systems 100 years ago because he needed to know where to put observatories that would not be troubled by being occluded by the weather. He was probably the first person to use the newfangled movie camera to film clouds via one click at a time so he could have a sped-up view of cloud formation and movement.
[font=Georgia,'Times New Roman','Bitstream Charter',Times,fantasy].[/font
The nature of clouds is extremely varied and as we observe and record cloud systems, we learn more and more about the wide variety they come in. During my own lifetime, I have observed how human activities has increased the types and styles of cloud formations. The main thing here is, this is a business that can be studied and examined using traditional scientific methods. Humans are having an increasing impact on all systems on this planet. Teasing out what is caused by human agency and what is ‘natural’ is quite possible, so long as scientific principals are observed.
Dow Jones puts index business on sale _English_Xinhua (http://news.xinhuanet.com/english/2009-08/22/content_11927867.htm)Wall
Street Journal reported in its website that Dow Jones has been talking
to potential buyers about the sale of its stock-market indexing
business, which includes the Dow Jones Industrial Average.
The process is being run by :kotzGoldman Sachs (:rolleyes:mad) and could result in a sale,
joint venture or some other type of arrangement, the report said,
without giving reason for the sale. The indexes business creates and
licenses indexes for use on mutual funds, exchanged-traded funds and
The Dow Jones industrial average was first introduced in 1884 by
Charles Dow, Edward Jones. It was set up to give investors a quick look
at overall market activity. In late 2007, News Corp purchased Dow
Jones, which owns the Wall Street Journal, Barron, MarketWatch, for 5.7
billion U.S. dollars.
Um, this is in the Chinese news! I think the money bags who run China are eyeing this item as something to purchase. Murdoch is going bankrupt. Like Donald Trump, he is a guy who makes most of his deals using debts, not profits. Indeed, the reason our entire economic complex has collapsed is due to a severe lack of capital and a flood of debts. Murdoch loves using his media empire (built on debts) as a tool to control people’s minds. He is a propagandist with his own agenda and philosophy.
It is easy to detect. He is anti-socialist and anti-taxes because he is ‘rich’. He wants to live high off of many hogs while protecting his own empire. Well, this guy is now going down in flames and I hope no one puts out the fire. And I bet the US will begin howling with rage if the Chinese buy the Dow Jones. Well, this is another warning shot across our prow, isn’t it?
But then, we are trapped in an ideological system whereby people are tricked into thinking ’socialism is evil’ so the communists will end up in control and this doesn’t surprise me one bit. One thing the commies understand is capital and labor. They studied Marx.
Full Kaufman Letter To Mary Schapiro, Or Is The HFT Party About To End? (http://www.zerohedge.com/article/full-kaufman-letter-mary-schapiro)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 08/24/2009 11:29 -0500
Issues under attack include everything that currently lays the groundwork for a multiple-tiered market, including:
High-Frequency Trading (with a juicy tangent regarding Renaissance Technologies)
Co-location of Servers at the Exchanges and Other Venues
Direct Market or Sponsored Access
Retail Order Flow
13 comments (http://www.zerohedge.com/article/full-kaufman-letter-mary-schapiro#comments)
Waldbrände in Griechenland
"Sie lassen uns mit dem Feuer allein" (http://www.spiegel.de/panorama/0,1518,644701,00.html)
Kurz vor Athen lodern die Feuer: 15.000 Hektar Land stehen in Griechenland in Flammen. Bei den Anwohnern wächst das Gefühl der Ohnmacht - und die Wut auf die Behörden. mehr... (http://www.spiegel.de/panorama/0,1518,644701,00.html) [ Video (http://www.spiegel.de/video/video-1018059.html) ]
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifWaldbrände in Griechenland: Satellitenfotos zeigen gigantische Rauchfahnen (http://www.spiegel.de/wissenschaft/natur/0,1518,644581,00.html)
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifWaldbrände in Griechenland: Was Urlauber beachten müssen (http://www.spiegel.de/reise/aktuell/0,1518,644621,00.html)
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifVideo: Waldbrände noch immer außer Kontrolle (http://www.spiegel.de/video/video-1018059.html)
.....Finanzminister Ioannis Papathanassiou wies unterdessen Vorwürfe von Kommunalpolitikern zurück, die Regierung reagiere ohne Plan auf die Katastrophe. "Das ist unter diesen tragischen Bedingungen nicht der Zeitpunkt für Kritik" :gomad sagte er. "Wir kämpfen einen schweren Kampf."
....ergänzend zu #4054
24 August 2009
Henry Kaufman: The Road to Financial Reformation (http://jessescrossroadscafe.blogspot.com/2009/08/henry-kaufman-road-to-financial.html)
Henry Kaufman is giving a very interesting interview with Kathleen Hays regarding his new book, "The Road to Financial Reformation."
Henry Kaufman Interview Regarding Financial Reform - Bloomberg Television 24 August (http://www.bloomberg.com/avp/avp.htm?N=video&T=Henry%20Kaufman%20Interview%20on%20U.S.%20Economy,%20Fed,%20Bank%20Rules%20&clipSRC=mms://media2.bloomberg.com/cache/vHRJE1UdIpQk.asf)
Or here on YoutubeHenry Kaufman Interview Aug 24 (http://www.youtube.com/watch?v=ZPvoPCOoezE)
Henry will also be presenting his ideas at a public lecture at the Museum of American Finance in NYC on September 22.
Sept. 22 Kaufman Lecture (http://www.moaf.org/events/general/evt_20090922)
Our financial crisis: What happened? How did we get here? What needs to be done?
Dr. Henry Kaufman — an esteemed economist and statesman — is one of the most preeminent financial figures of the day, with a history of success from the 1980s, when his firm, Salomon Brothers, ruled the bond markets.
In The Road to Financial Reformation, Dr. Kaufman, who has spent a lifetime entrenched in the world of finance, provides an insightful account of the history and impact of post-World War II financial markets on the economy-what happened, how we got to where we are today, and what needs to be done. Drawing on his vast breadth of knowledge and experience, Kaufman reveals the mistakes that got us into this debacle, the consequences — as they have not been fully realized — and how to put our derailed economy back on track. This book details Dr. Kaufman’s warnings and concerns expressed repeatedly throughout the last quarter century, and shows that what he predicted came to pass.
With his breadth of knowledge and experience, Kaufman details that this crisis was foreseeable (he saw it coming), and how we created this history-making financial crisis. He also explains the consequences still to come, and presents solutions on how we can recover and reform the markets.
Posted by Jesse at 2:43 PM (http://jessescrossroadscafe.blogspot.com/2009/08/henry-kaufman-road-to-financial.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3839129476934276931) :verbeug
Fleischer: Torture Investigation "Disgusting;" Nadler: It's Too Limited (http://www.huffingtonpost.com/2009/08/24/fleischer-torture-investi_n_267437.html)
First Posted: 08-24-09 04:50 PM | Updated: 08-24-09 04:56 PM
Attorney General Eric Holder's decision to launch a limited investigation of Bush-era interrogations (http://www.huffingtonpost.com/2009/08/24/holder-to-appoint-special_n_267385.html) of terror suspects has sparked intense criticism from Republicans who say it's going too far -- and from progressives, who say it's not going nearly far enough.
"I think the decision is disgusting," :dumm Ari Fleischer, President George W. Bush's first press secretary, told the Huffington Post. "It's amazing to me that the people who kept us safe may now become the people our government prosecutes. There are plenty of real criminals out there -- it would be nice if the Justice Department went after them."....
Ari will have lots of friends in prison. (...schön wär's :rolleyes)
Ari Flusher, like all other Bushies, is a liar. His reaction makes you wonder what his role was in these war crimes.
No, Ari Flescher, what is "disgusting" is the fact that you and your comrades did the torture and did it to try to find justification for the war you perpetrated based on lies and then corrupted the Dept of Justice to justify the torture, and then, used fear to justify why it should not be investigated. That is what is disgusting, to put it mildly. It is also disgusting the way you and your comrades got into that White House in the first place, smearing and slandering your opponent the first time and using fear again the second time, playing with the terror alert, to justify your credentials to continue torture, the war, and the bastardization of the Dept of Justice, wiretapping American citizens, outing
CIA agents, and playing politics while the economy tanked from billions going out the door and none coming in from those tax cuts to the wealthy, justified because the economy was strong, with none of expenses even showing up on the books. All of that is pretty disgusting and the disgust continues with the sabotaging of the current government and the continued lies and ugliness to justify re electing another Republican failure. It's enough to make a person puke. Go away.
Regulatory Crackdown On Goldman Begins (http://www.zerohedge.com/article/regulatory-crackdown-goldman-begins)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 08/24/2009 19:55 -0500
"Examiners at the Financial Regulatory Authority, the industry self-regulatory body known as Finra, and the Securities and Exchange Commission intend to ask Goldman for more information on the firm's weekly [huddles], people familiar with the matter said." - WSJ
228 comments (http://www.zerohedge.com/article/regulatory-crackdown-goldman-begins#comments)
.....ob man da gespannt sein darf :confused:rolleyes
"Wir werden deine Kinder umbringen" (http://www.spiegel.de/politik/ausland/0,1518,644777,00.html)
Die CIA wehrte sich mit Klauen und Zähnen. Trotzdem wurde jetzt ein interner Bericht veröffentlicht, der die Foltermethoden des Geheimdienstes kritisch dokumentiert. Er enthüllt neue schreckliche Einzelheiten - und dürfte den Streit um Bushs Erbe in der Regierung Obama vertiefen. Von Marc Pitzke mehr... (http://www.spiegel.de/politik/ausland/0,1518,644777,00.html) [ Video (http://www.spiegel.de/video/video-1018277.html) | Forum (http://forum.spiegel.de/showthread.php?t=7874) ]
...Obama ist einfach unglaubwürdig, wenn er die Vegangenheit unter den Teppich kehren will :mad
Absturz nach dem Boom
Der Glücksrausch kommt wieder (http://www.spiegel.de/spiegelgeschichte/0,1518,640427,00.html)http://www.stock-channel.net/stock-board/attachment.php3?attachmentid=25725&stc=1
Leichtsinn und Herdentrieb statt Sorgfalt und Diskussionskultur: Seit Jahrhunderten folgen alle Finanzkrisen dem gleichen Schema. Dabei ist eine vernünftige Regulierung der Märkte möglich - man muss sie nur durchsetzen. Von Michael C. Burda mehr... (http://www.spiegel.de/spiegelgeschichte/0,1518,640427,00.html)
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifKriselnde Mittelstandsbank: IKB verbucht Minigewinn (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,644596,00.html)
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifJahreshoch: Dax steigt auf mehr als 5500 Punkte (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,644579,00.html)
...und nach dem Rausch wird wohl wieder der Kater kommen :rolleyes
....etwas off topic ;)
East Germany's Helmut Newton
Sexual Anarchy in the GDR
Photographer Olaf Martens was described as East Germany's answer to Helmut Newton, the West German internationally renowned for his fashion and nude photography. Martens talks about how he shot his nudes, how East Germans were more sexually adventurous and why he doesn't like being compared to Newton.
Seen.by: Why do you think it is that your photographs of East Germany (German Democratic Republic) are still so successful?
Martens: It's pretty crazy. I get a lot of enquiries from younger people, from what you might call the "Nintendo generation." They find my pictures -- and the realism in them -- cool. Photography as a whole is heading toward realism again and there's a lot of that in my pictures. Most major forms of communication today involve the computer -- but that doesn't leave much room for real life. I always tell my (photography) students to be authentic. Don't make pictures on your computer. Seek out reality!
Photo Gallery: Love In A Time Of Socialism (http://www.spiegel.de/fotostrecke/fotostrecke-45728.html)
Obama Reappoints Bernanke As Fed Chief:rolleyes (http://www.huffingtonpost.com/2009/08/24/obama-to-reappoint-bernan_n_267742.html)
Quick Read (http://www.huffingtonpost.com/2009/08/24/obama-to-reappoint-bernan_n_267742.html) |
Comments (588) (http://www.huffingtonpost.com/2009/08/24/obama-to-reappoint-bernan_n_267742.html)
TheBaffler (http://www.huffingtonpost.com/users/profile/TheBaffler) http://images.huffingtonpost.com/profiles/445132-2.png?20090122214107 (http://www.huffingtonpost.com/users/profile/TheBaffler)
Keep sending money to the banks!
Thanks for the "change" ...
Bernanke's term isn't finished till this winter. And President Obama is on vacation. Isn't the timing strange?
Sen. Edward Kaufman, D-Del., is asking the SEC for a sweeping review of U.S. market regulation, arguing the current structure is unfair to many investors
Wirtschaft: 25. August 2009, 16:22
Privatbank Wegelin plant Ausstieg aus US-Kapitalmarkt (http://www.nzz.ch/nachrichten/wirtschaft/aktuell/privatbank_wegelin_plant_ausstieg_aus_us-kapitalmarkt_1.3414185.html)
Rückzug wegen zunehmender Rechtsunsicherheit (http://www.nzz.ch/nachrichten/wirtschaft/aktuell/privatbank_wegelin_plant_ausstieg_aus_us-kapitalmarkt_1.3414185.html)
Die St. Galler Privatbank Wegelin & Co. plant den Rückzug aus dem amerikanischen Kapitalmarkt. Die beabsichtigte Verschärfung des QI-Regimes (US-Quellensteuer) durch die US- Regierung und die Ausdehnung der Erbschaftsteuerpflicht bedeuteten eine erhebliche Rechtsunsicherheit, teilte die Bank am Dienstag mit. (http://www.nzz.ch/nachrichten/wirtschaft/aktuell/privatbank_wegelin_plant_ausstieg_aus_us-kapitalmarkt_1.3414185.html) ...http://www.nzz.ch/static-images/headline_topic_more.gif (http://www.nzz.ch/nachrichten/wirtschaft/aktuell/privatbank_wegelin_plant_ausstieg_aus_us-kapitalmarkt_1.3414185.html)
http://www.nzz.ch/static-images/pixel.gif http://www.nzz.ch/static-images/news_readmore.gif Dossier: Steuerstreit mit den USA (http://www.nzz.ch/hintergrund/dossiers/schwierigkeiten_der_ubs_in_den_usa_2.45955)
In Zukunft würden nicht nur amerikanische Bürger, sondern auch Ausländer über die US-Erbschaftssteuer zur Kasse gebeten, schreibt Wegelin & Co. Einzige Bedingung sei eine amerikanische Wertschrift im Depot. Die Gefahr einer schuldlosen Fehldeklaration seitens der Banken gegenüber der Steuerbehörde IRS werde zu gross.....
:gruebel sollte das wirklich so sein - dann eben keine Ami-Aktien mehr :rolleyes
25 August 2009
Next Head of the European Central Bank a Goldman Sachs Alumnus or Buba's Head Boy? (http://jessescrossroadscafe.blogspot.com/2009/08/next-head-of-european-central-bank.html)
The German patience with the EU is admirable.
And in the States, the patience with the rule of Wall Street and the hagiographic praise of Chairman Ben is ... remarkable.
One might even be tempted to call him 'maestro,' at least until the next bubble collapses.
Central Banking Publications
(http://www.centralbanking.com/)Weber Aims High
25 August 2009
So far, the front runner to succeed Jean-Claude Trichet as head of the European Central Bank, when his term ends in 2011, has beenMario Draghi, the shrewd current governor of the Banca d'Italia and Goldman Sachs alumnus (don't all boo at once :rolleyes).
But insiders are keeping a close eye on Axel Weber, president of the Bundesbank. If Draghi were to fall under a bus on the Via Nazionale (easily done, by the way ;)), or if he were to give in to the blandishments of those who are urging him to dive into the treacherous waters of Italian politics, then Weber is positioning himself as the clear fall-back choice.
This would not go down well at the Elysée, where the thought of a German running the ECB makes President Sarkozy see red. Yet why not? Isn't it their turn, at last?
The efforts of French diplomats, allied to their enviable higher education and elite training, have ensured that Frenchmen have sat at the top of many of the great official international institutions for far longer than Germans (or indeed Brits). A Frenchman has occupied the post of IMF managing director for a total of 34 years since the founding of the Fund 65 years ago, while a German has been in the job for only four years. A Frenchman has been president of the European Commission for 14 years, while no German has held the post since Walter Hallstein, who retired in 1967. No German has headed up the EBRD in London, while Frenchmen have run it for 15 years. No German has led the OECD, and so on.
It would be understandable if Germans felt it was time to have their own man at the ECB. After all, it is German public opinion that in the end is critical for the long-term success of the euro. If German taxpayers are called on to bailout backsliding countries unable to discipline their economies (like Italy), they would be much more likely to do so with good grace if their own man or woman was seen to be minding the shop. So anybody committed to the success of the euro should be rooting for a German candidate, n'est-ce pas?
Enter politics. To reach the top job at the ECB, Weber needs to be nominated by the chancellor. Angela Merkel is fully expected to win the general election next month, possibly with a greatly increased personal mandate.
Now, observe a curious fact. For an institution known in the past for lambasting governments' deficit spending, the Bundesbank has been remarkably quiescent recently. Its big guns have fallen silent. Indeed, Weber has praised German economic policy. In a recent interview with Die Zeit online, Weber noted that the GDP recovery in the second quarter owed much to the support measures deployed by the government, the support of the state banking sector and the ECB's monetary easing. Meanwhile, Merkel has roundly criticised other central banks, such as the Federal Reserve and the Bank of England, while supporting the Bundesbank. They are both singing from the same hymn sheet.
Meanwhile, Weber has been quietly appointing his own people to several key positions while some Bundesbank board directors of an independent cast of mind appear to be heading for the exit.
The odds are still on Draghi. He is what the Italians call "furbo" – variously translated as smart, cunning or foxy. The French will be cheering him on. But the Italian fox will be on the outlook for a German greyhound coming up on the inside lane.
Posted by Jesse at 3:07 PM (http://jessescrossroadscafe.blogspot.com/2009/08/next-head-of-european-central-bank.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8010035880188259920) :verbeug
Privatbank Wegelin plant Ausstieg aus US-Kapitalmarkt (http://www.nzz.ch/nachrichten/wirtschaft/aktuell/privatbank_wegelin_plant_ausstieg_aus_us-kapitalmarkt_1.3414185.html)
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1256547#post1256547)
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1256560#post1256560)
merci Hoka :) wenn das Schule macht :rolleyes was verkloppen dann GS & Co. an die "doofen" Ausländer :o
merci Hoka :) wenn das Schule macht :rolleyes was verkloppen dann GS & Co. an die "doofen" Ausländer :o
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1256565#post1256565)
Hoka ....und wenn alle http://www.blogg.ch/uploads/dagobert_duck.jpg dann shorten sie das Gold :rolleyes:o:mad;)
aber ernsthaft dieses Wegelin Dokument sollten wirklich alle lesen :supi es ist ja eigentlich unglaublich wie die Amis mit der Welt umgehen - einmal wird das Fass überlaufen :o
US-Senator Edward Kennedy ist tot (http://www.spiegel.de/politik/ausland/0,1518,644966,00.html):(
(http://www.spiegel.de/politik/ausland/0,1518,644966,00.html) zur Fotostrecke (http://www.spiegel.de/fotostrecke/fotostrecke-45781.html)
Er war eine prägende Figur der US-Demokraten und einer der einflussreichsten Senatoren: Edward Kennedy ist im Alter von 77 Jahren gestorben. Der Bruder des ermordeten früheren US-Präsidenten John F. Kennedy erlag einem Krebsleiden. mehr... (http://www.spiegel.de/politik/ausland/0,1518,644966,00.html)
....immer die Falschen erwischt es :rolleyes
25 August 2009
The Man Who Exposed Madoff Cites Government Complicity in Fraud (http://jessescrossroadscafe.blogspot.com/2009/08/man-who-exposed-madoff-cites-government.html)
http://2.bp.blogspot.com/_H2DePAZe2gA/SpSoG9dsPKI/AAAAAAAAJo4/ZewRQiBc6uQ/s320/20090204_harry_560x375.jpg (http://2.bp.blogspot.com/_H2DePAZe2gA/SpSoG9dsPKI/AAAAAAAAJo4/ZewRQiBc6uQ/s1600-h/20090204_harry_560x375.jpg) This is only the tip of the iceberg, but even it may never be seen.
We ask now why the economists and regulators and media said little or nothing while the frauds and bubbles were developing, then.
But what are they saying now, about the new frauds, and injustices, and the blatant manipulation of the markets wherein some traders turn in financial results that are improbable to produce without inside information and breaking the rules?
A few heroes speak out, but most of the intellectual leadership cower in the shadows, asking 'Where is the outrage?' And the media baits the crowd with this or that distraction, and inflames them to think whichever way it pleases.
Here is an audio interview with Harry Markopolos in which he gives his views on the Federal Reserve as a regulator, financial reform, and the 'recovery.' Harry Markopolos Interview with King World News (http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2009/5/29_Harry_Markopolos.html):supi:supi:supi
Let us start here, and now, to demand the change required. Let us begin by auditing the Fed, and refusing to tolerate the granting of more regulatory power to an institution spawned in a deception in 1913, and at the heart of so many of our financial crises ever since. The Creature from Jekyll Island: A Second Look - G. Edward Griffin (2007) (http://video.google.com/videoplay?docid=6507136891691870450)
As of yet, nothing has changed. The silence is deafening.
AFP Interviews Harry Markopolos (http://www.americanfreepress.net/html/man_who_exposed_madoff_190.html)
...In May of 2000, he submitted an 8-page report to the Boston Regional Office of the Securities Exchange Commission (SEC) listing red flags and mathematical proof of a major fraud but got no reply. He re-submitted his evidence to the Boston and other SEC offices in 2001, 2005, 2007 and 2008, to no avail. By this time, Markopolos was realizing that Madoff had been operating with protection from the inside.
In late 2008, when the stock market crumbled and investors rushed in to redeem their investments, Madoff ran out of cash, turned himself in to authorities, and pleaded guilty in federal court last March 12th.
Markopolos said that all the members of his team feared for their lives during the long investigation and he for more reason than any of the others because of his visibility. He was the one who was submitting all the complaints each year, and he knew that any leak from the SEC could make him a marked man.
He explained that the “offshore feeder funds” were only one step removed from organized crime. “If organized crime knew that Madoff was stealing their money, he would have been killed. Therefore, if Madoff had ever found out that we had a team tracking him through Europe and North America and that he risked getting exposed, it was a good bet that he would have had several billion reasons to want us silenced first. To compartmentalize the damage, I was the only one who went to the SEC.”
No one there knew Markopolos had an assisting team in the field. But Markopolos has proof that the SEC was culpable, too, and says publicly that he has tremendous anger at the agency and sadness for the victims. He says that there were SEC lawyers who were “in bed with Madoff ” and helped destroy lives.
“Madoff paid people to look the other way,” says Markopolos and reminds us that there is a federal report scheduled to come out by the end of the year. He emphasizes that unless there is a cover-up, “the SEC will cease to exist...”
Posted by Jesse at 11:01 PM (http://jessescrossroadscafe.blogspot.com/2009/08/man-who-exposed-madoff-cites-government.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5798862959546070981) :verbeug
26 August 2009
A Plunge in Foreign Capital Inflows Preceded the Break in US Financial Markets (http://jessescrossroadscafe.blogspot.com/2009/08/plunge-in-foreign-capital-inflows.html)
The peak of foreign capital inflows into the US was clearly seen in the second quarter of 2007, just before the crisis in the US that has rocked its banking system and driven it deeply into recession.
Are the two events connected? Had the US become a Ponzi scheme that began to collapse when new investment began to wane, and the growth of returns could not be maintained?
Watch the dollar and the Treasury and Agency Debt auctions.
The sad truth is that US collateralized debt packages and their derivatives have become toxic in the minds of the rest of the world, and there is little being done to change that, except an orderly winding down of the bubble, with the remaining assets being divided largely by insiders.
Unfortunately the Net Inflow Data is quarterly, and subject to revisions. But we have to note that the spectacularly rally off the bottom in the SP 500, not fully depicted above, is not being matched by a return of foreign capital inflows.
If that inflow does not return, if the median wage of Americans does not increase, if the financial system is not reformed, if the economy is not brought back into balance between the service and manufacturing sectors, exports and imports, then there can be no sustained recovery in the real, productive economy.
The rally in the US markets is based on an extreme series of New Deal for Wall Street programs from the Fed and the Treasury, monetization, and the devaluation of the dollar.
Posted by Jesse at 12:40 AM (http://jessescrossroadscafe.blogspot.com/2009/08/plunge-in-foreign-capital-inflows.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7152783630019673636) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7152783630019673636)
TED KENNEDY DEAD AT 77 (http://www.huffingtonpost.com/2009/08/26/ted-kennedy-dead-legendar_n_268978.html)
"We Know The Future Will Outlast All Of Us, But I Believe That All Of Us Will Live On In The Future We Make. I Have Lived A Blessed Time." (http://www.huffingtonpost.com/2009/08/26/ted-kennedy-dead-legendar_n_268978.html)
(http://www.huffingtonpost.com/2009/08/26/ted-kennedy-dead-legendar_n_268978.html)Reactions From The Family, President George H.W. Bush, Nancy Pelosi, Nancy Reagan, Orrin Hatch (http://www.huffingtonpost.com/2009/08/26/ted-kennedy-reactions_n_268989.html)
Quick Read (http://www.huffingtonpost.com/2009/08/26/ted-kennedy-dead-legendar_n_268978.html) |
Comments (1057) (http://www.huffingtonpost.com/2009/08/26/ted-kennedy-dead-legendar_n_268978.html)
| Ted Kennedy (http://www.huffingtonpost.com/news/ted-kennedy)
LOBBYBLOG Who's Paying To Kill Health Care Reform? (http://www.huffingtonpost.com/2009/07/09/lobbyblog_n_228657.html)
Quick Read (http://www.huffingtonpost.com/2009/07/09/lobbyblog_n_228657.html) |
Comments (2035) (http://www.huffingtonpost.com/2009/07/09/lobbyblog_n_228657.html)
| Transparency (http://www.huffingtonpost.com/news/transparency)
"They're playing a sophisticated game at the front of the pack," said Campaign for America's Future's Roger Hickey in an interview with the Huffington Post. "They're trying to pretend that they're in favor of reform and they're spending some money on advertising that looks like
it's pro-reform. And at the same time they're working pretty hard to make sure the public plan is not in the final version. They're primarily using their political contributions and their lobbying
efforts to do that."
.....bei Cash for http://imagecache2.allposters.com/images/ING/IG1944.jpg stehe ich auch an - ich besitze noch etliche alte Latschen :o
Jim Sinclair’s Commentary
Trader Dan: It looks like you might be right.
This article is unbelievable but it was carried by Reuters.
This is totally nuts!
Cash for Refrigerators’ Debuts in Fall. Really. :dumm
Tue Aug 25, 2009 10:03am EDT
By Joe Walsh
Before heading home to face the anger at the now infamous health care "town halls," Congress rushed through an extension to what was then considered a popular program: Cash for Clunkers. Then, like much of the August break, Cash for Clunkers went sideways as critics picked apart the program’s weaknesses, consumers stopped showing up with so many clunkers, and dealers started making noise about something as simple as when they might actually get the rebate money that the government promised.
So, what do you do when you have a poorly-conceived and ill-managed project winding down (Clunkers expires at 8 p.m. eastern on August 24)? Kick off another one, even more poorly thought out, and gloss it with an equally catchy name: Cash for Refrigerators. Beginning in the fall, consumers will have access – through existing state-level energy efficiency incentive programs – $300 million in stimulus funds made available as rebates for energy efficient appliances.
So far, so good. If a consumer is out buying an appliance to replace an existing or broken-down one, it is better that they choose an energy efficient model. But, what about special incentive program purchases? Who is the buyer and why are they buying?
The answer is that the most well-educated and most discerning consumers become aware of and make use of special rebate programs for energy efficient appliances. These are not impulse buyers. Some may actually be committed to greening their kitchen and just waiting for the right incentive push, but I doubt it. In other words, my perception is that most of the $300 million will go to middle-class households that already may have a relatively efficient refrigerator, like Clunkers, it won’t get at the really dreadful stuff in use in the lowest income households.
Hamas rüstet gegen die Lust (http://www.spiegel.de/politik/ausland/0,1518,644985,00.html)
Der militärische Erfolg bleibt aus, so besinnt sich die Hamas auf ihre islamistische Agenda: Badehosenverbot für Männer, Massenhochzeiten für alle - und Propaganda gegen Verführungen. Wie angebliche Lust-Kaugummis aus Israel. Von Juliane von Mittelstaedt, Jerusalem mehr... (http://www.spiegel.de/politik/ausland/0,1518,644985,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=8143) ]
...woher nur die vielen Kinderlein kommen :confused
....bin jetzt dann für einige Tage unterwegs http://www.stock-channel.net/stock-board/attachment.php3?attachmentid=53321&stc=1
...momentan zurück ;) und da ich Jesse einfach :supi finde hier ein paar "Nachholer"
(http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5462813260570489750) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=5462813260570489750)
27 August 2009
Where Are the World's Safest Banks? (http://jessescrossroadscafe.blogspot.com/2009/08/where-are-worlds-safest-banks.html)
The primary functions of the Federal Reserve Bank as a regulator is to maintain the integrity of the US banking system. It is also the responsibility of the Federal Open Market Committee to oversee the management of the United States Money Supply.
In this annual list by Global Finance, not one US bank is in the top 30 of the Safest Fifty Banks in the world.
It was the poor regulation of the banking system, and the reckless management of the money supply, that has brought the US, and by extension of the dollar contagion, a greater part of the world, to the financial crisis which threatens the global economy today.
Would this imply that we should give the Fed the latitude to regulate more elements of the US financial sector, elements with which it has little or no experience and certainly no successful track record?
The US must reform its financial system and restore a balance to its economy. The rest of the world must take strong measures to guard against a potentially disastrous currency crisis should the US fail to successfully reform.
Global Finance (http://www.gfmag.com/tools/bank-rankings/2341-words-50-safest-banks-2009.htm)
The World's 50 Safest Banks
New York, August 25, 2009 — With bank stability still high on corporate and investor agendas,Global Finance publishes its 18th annual list of the world’s safest banks. After two tumultuous years that saw many of the world’s most respected banks drop out of the top-50 safest banks list, the dust appears to be settling. Those banks that kept an iron grip on their risk exposure before the financial crisis blew up have consistently topped the table and maintain their standing among the top echelon in this year’s ranking.
The Top Banks (until you find a US bank) Are:
1. KFW (Germany)
2. Caisse des Depots et Consignations (CDC) (France)
3. Bank Nederlands Gemeenten (BNG) (Netherlands)
4. Landwirtschaftliche Rentenbank (Germany
5. Zuercher Kantonalbank (Switzerland) :)
6. Rabobank Group (Netherlands)
7. Landeskreditbank Baden-Wuerttemberg-Foerderbank (Germany)
8. NRW. Bank (Germany)
9. BNP Paribas (France)
10. Royal Bank of Canada (Canada)
11. National Australia Bank (Australia)
12. Commonwealth Bank of Australia (Australia)
13. Banco Santander (Spain)
14. Toronto-Dominion Bank (Canada)
15. Australia & New Zealand Banking Group (Australia)
16. Westpac Banking Corporation (Australia)
17. ASB Bank Limited (New Zealand)
18. HSBC Holdings plc (United Kingdom)
19. Credit Agricole S.A. (France)
20. Banco Bilbao Vizcaya Argentaria (BBVA) (Spain)
21. Nordea Bank AB (publ) (Sweden)
22. Scotiabank (Canada)
23. Svenska Handelsbanken (Sweden)
24. DBS Bank (Singapore)
25. Banco Espanol de Credito S.A. (Banesto) (Spain)
26. Caisse centrale Desjardins (Canada)
27. Pohjola Bank (Finland)
28. Deutsche Bank AG (Germany)
29. Intesa Sanpaolo (Italy)
30. Caja de Ahorros y Pensiones de Barcelona (la Caixa) (Spain)
31. Bank of Montreal (Canada)
32. The Bank of New York Mellon Corporation (United States)
You may read the rest of the list, and the method by which safe banks were selected, here. (http://www.gfmag.com/tools/bank-rankings/2341-words-50-safest-banks-2009.htm)
Posted by Jesse at 12:13 PM (http://jessescrossroadscafe.blogspot.com/2009/08/where-are-worlds-safest-banks.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6388007425042940149) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6388007425042940149)
29 August 2009
US Equity Markets Look Dangerously Wobbly As Insiders Sell In Record Numbers (http://jessescrossroadscafe.blogspot.com/2009/08/us-equity-markets-look-dangerously.html)
http://1.bp.blogspot.com/_H2DePAZe2gA/Spl4nSU4pkI/AAAAAAAAJss/k77-aJZ4vZY/s400/elmer-gantry-le-charlatan.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/Spl4nSU4pkI/AAAAAAAAJss/k77-aJZ4vZY/s1600-h/elmer-gantry-le-charlatan.jpg) "Investors Intelligence's latest survey of advisory services showed an impressive 51% bullish and a meager 19% bearish...the spread hasn't been that wide since November 2007." Alan Abelson, Barrons, Aug. 29, 2009Next week we move into September, the riskiest month of the year for financial markets, with the federals escalating preparations for a flu pandemic, while Congress considers legislation providing a 'kill switch' on the Internet (http://www.foxnews.com/politics/2009/08/28/senate-president-emergency-control-internet/) for President Obama to use in the event of 'an emergency.' There are widespread rumours of a bank holiday lasting one week after a market meltdown begins in the US, during which the banks would be restructured.
Risky times indeed, and those in the best position to know what is happening behind the scenes are hitting the exits in record numbers right now, running to cash, and hard assets and currencies.
As TrimTabs reports in the attached news release, insider selling is reaching record levels, even as more speculators borrow to go long stocks. There are some obvious bubbles already formed in certain insolvent financial stocks like AIG, with disinformation rampant in the Wall Street demimonde.
The Obama Economics and Regulatory Team, in conjunction with the Federal Reserve, have accomplished no serious reform of the fiancial system. They have enabled the type of market inefficiency, soft fraud and price manipulation that is undermining global confidence in the integrity of US markets and financial products. And they have advanced a proposal to consolidate a huge amount of regulatory power under the Federal Reserve, a private banking agency that was at the root of our unfolding financial crisis.
The time has passed when Obama could have pointed to the past mistakes of his predecessors as the fault for our problems. Thanks to Tim Geithner, Barney Frank, and Larry Summers he now owns the financial crisis, and the coverups, policy errors, scandals, conflicts of interest and bailouts that have occurred since he has taken office. His reappointment of Ben Bernanke as Federal Reserve chairman most surely tied a bow on his ownership package for the crisis, which is in danger of becoming his 'financial New Orleans.'
Wall Street insiders and their enablers pig out on public money while the nation suffers. This is not change, this is business as usual.
Insider Trading and Investor Sentiment Signaling U.S. Stock Market Top
Insider Selling in August Soars to 30.6 Times Insider Buying, Highest Level Since TrimTabs Began Tracking in 2004. NYSE Short Interest Plunges 10.3%, While Margin Debt Spikes 5.9%
SAUSALITO, Calif., Aug. 28 /PRNewswire/ -- TrimTabs Investment Research reported that selling by corporate insiders in August has surged to $6.1 billion, the highest amount since May 2008. The ratio of insider selling to insider buying hit 30.6, the highest level since TrimTabs began tracking the data in 2004.
"The best-informed market participants are sending a clear signal that the party on Wall Street is going to end soon," said Charles Biderman, CEO of TrimTabs.
TrimTabs' data on insider transactions is based on daily filings of Form 4, which corporate officers, directors, and major holders are required to file with the Securities and Exchange Commission.
In a research note, TrimTabs explained that insider activity is not the only sign the rally is about to end. The TrimTabs Demand Index, which tracks 18 fund flow and sentiment indicators, has turned very bearish for the first time since March.
For example, short interest on NYSE stocks plummeted by 10.3% in the second half of July and margin debt on all US listed stocks spiked 5.9% in July, while 51.6% of advisors surveyed by Investors Intelligence are bullish, the highest level since December 2007.
"When corporate insiders are bailing, the shorts are covering and investors are borrowing to buy, it generally pays to be a seller rather than a buyer of stock," said Biderman.
TrimTabs also reports that the actions of U.S. public companies have been bearish. In the past four months, companies have been net sellers of a record $105.2 billion in shares.
"Investors who think the U.S. economy is recovering are going to get a big shock this fall," said Biderman. "Companies and corporate insiders are signaling that the economy is in much worse shape than conventional wisdom believes."
TrimTabs Investment Research is the only independent research service that publishes detailed daily coverage of U.S. stock market liquidity--including mutual fund flows and exchange-traded fund flows--as well as weekly withheld income and employment tax collections. Founded by Charles Biderman, TrimTabs has provided institutional investors with trading strategies since 1990. For more information, please visit www.TrimTabs.com (http://www.TrimTabs.com).
Posted by Jesse at 1:49 PM (http://jessescrossroadscafe.blogspot.com/2009/08/us-equity-markets-look-dangerously.html) http://www.blogger.com/img/icon18_email.gif :verbeug
(http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3053596534879868862) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=3053596534879868862)
A Run On the Funds: Majority of Cerberus Investors Want Out -- Now (http://jessescrossroadscafe.blogspot.com/2009/08/run-on-fund-majority-of-cerberus.html)
http://4.bp.blogspot.com/_H2DePAZe2gA/SpoDtaAqMLI/AAAAAAAAJs8/eMPITZgqsHY/s400/610x.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/SpoDtaAqMLI/AAAAAAAAJs8/eMPITZgqsHY/s1600-h/610x.jpg)When investors or depositors ask for the immediate withdrawal of 71% of their money there is only one thing to call it: a run on the bank.
The selling in the markets is still quiet, and overshadowed by some of the visible bubbles in financial assets and rosy headlines. The bank bailouts are working, but only to produce a false Spring to lure in the last of the greater fools.
The economy is not improving fundamentally, the recovery is not sustainable, and the wealthy insiders are increasingly trying to liquidate investment positions to raise cash and diversify their holdings into cash and hard assets.
Risk is once again being spread from the financial sector to the public, which is what Fed Chairman Greenspan had said was one of the objectives of the Fed in their positions on the regulation of complex financial products. We were assured that the markets were sound, no additional regulation was required, the pensions were adequately funded. And finally when disaster struck and the facade fell away, that a generation's ransom was required by the banks, in order to heal themselves and avert disaster.
And then they took the money for themselves.
"He's mad, that trusts in the tameness of a wolf, a horse's health, a boy's love, or a whore's oath." The Fool, King Lear And so they have made fools of us all.
Cerberus clients overwhelmingly want out
Fri Aug 28, 2009 4:21pm
BOSTON (Reuters) - Cerberus Capital Management has been swamped with redemption requests with the Wall Street Journal reporting that investors are asking to pull out $5.5 billion or 71 percent of assets from its hedge funds.
Cerberus last month tried to entice investors into staying with the firm, but found that its clients overwhelmingly wanted to leave, the newspaper reported.
"We have been surprised by this response," Cerberus chief Stephen Feinberg and co-founder William Richter wrote in a letter delivered to clients late on Thursday, according to the newspaper.
A spokesman for the firm was not immediately available for comment.
The bulk of investors elected to put their money into a fund that will liquidate hard-to-sell assets over time.
The news comes as several prominent hedge fund managers have closed their funds and as investors are less willing to leave their money locked up in potentially risky hedge funds.
Last year, when the average hedge fund lost 19 percent, Partners lost 24.5 percent on investments.
Posted by Jesse at 12:10 AM (http://jessescrossroadscafe.blogspot.com/2009/08/run-on-fund-majority-of-cerberus.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2408602068971133778) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2408602068971133778)
(http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=750005349320943324) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=750005349320943324)
30 August 2009
Change Comes to Japan (http://jessescrossroadscafe.blogspot.com/2009/08/change-comes-to-japan.html)
Most Westerners have not understood the tight grip that the alliance of business and politics has exercised in Japan.
This change in political control in Japan, for the first time in 54 years, has potentially significant implications for the US dollar as a reserve currency.
Change will be slow and deliberate. The new ruling party will not wish to upset the balance of things. But change will occur, and what has been will not, and will no longer be.
Associated Press (http://news.yahoo.com/s/ap/20090830/ap_on_re_as/as_japan_politics_36)
Japanese election upends long-ruling party
By Eric Talmadge
Associated Press Writer
August 30, 2009
TOKYO – Japan's ruling party conceded a crushing defeat Sunday after 54 years of nearly unbroken rule as voters were poised to hand the opposition a landslide victory in nationwide elections, driven by economic anxiety and a powerful desire for change.
The left-of-center Democratic Party of Japan was set to win 300 or more of the 480 seats in the lower house of parliament, ousting the Liberal Democrats, who have governed Japan for all but 11 months since 1955, according to exit polls by all major Japanese TV networks.
"These results are very severe," Prime Minister Taro Aso said in a news conference at party headquarters, conceding his party was headed for a big loss. "There has been a deep dissatisfaction with our party."
Aso said he would have to accept responsibility for the results, suggesting that he would resign as party president. Other LDP leaders also said they would step down, though official results were not to be released until early Monday morning.
The loss by the Liberal Democrats — traditionally a pro-business, conservative party — would open the way for the Democratic Party, headed by Yukio Hatoyama, to replace Aso and establish a new Cabinet, possibly within the next few weeks.
The vote was seen as a barometer of frustrations over Japan's worst economic slump since World War II and a loss of confidence in the ruling Liberal Democrats' ability to tackle tough problems such as the rising national debt and rapidly aging population.
The Democrats have embraced a more populist platform, promising handouts for families with children and farmers, a higher minimum wage, and to rebuild the economy.
"The nation is very angry with the ruling party, and we are grateful for their deep support," Hatoyama said after the polls closed. "We will not be arrogant and we will listen to the people."
The Democrats have also said they will seek a more independent relationship with Washington, while forging closer ties with Japan's Asian neighbors, including China. But Hatoyama, who holds a doctorate in engineering from Stanford University, insists he will not seek dramatic change in Japan's foreign policy, saying the U.S.-Japan alliance would "continue to be the cornerstone of Japanese diplomatic policy."
National broadcaster NHK, using projections based on exit polls of roughly 400,000 voters, said the Democratic Party was set to win 300 seats and the Liberal Democrats only about 100 — a third of its strength before the vote.
Posted by Jesse at 1:06 PM (http://jessescrossroadscafe.blogspot.com/2009/08/change-comes-to-japan.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3053596534879868862) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3053596534879868862)
(http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=954076620885351413) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=954076620885351413)
31 August 2009
Five Wall Street Banks Seek to Protect Lucrative OTC Derivatives Market (http://jessescrossroadscafe.blogspot.com/2009/08/five-wall-street-banks-seek-to-protect.html)
Gottes Mühlen mahlen langsam, mahlen aber trefflich klein
Ob aus Langmut er sich säumet, bringt mit Schärf' er alles ein*.
Friedrich von Logau This story about the Wall Street lobby was interesting, particularly since this morning Bill Dudley, friend of Wall Street, Goldman alumnus, and President of the NY Fed, called for the continuing purchase of over a trillion dollars in bad mortgage debt from these banks at above market prices here (http://blogs.reuters.com/commentaries/2009/08/31/to-buy-or-not-to-buy-mbs/).
And here (http://money.cnn.com/2009/08/31/news/economy/NABE_survey_monetary_fiscal/index.htm) the Natinoal Association of Business Economists NABE (http://www.nabe.com/exec-director09.html) (the Finanz Freikorps) has recommended that there be no new stimulus packages aimed at the public and consumers, who have had enough. In fact, the government should begin to cut spending on public programs.
But not a word about the subsidy to these money addicts, the banks, who use the opaque derivatives markets to widen the spreads on products, to hoodwink the naive and less sophisticated individuals and small towns.
And so Wall Street once again gathers its forces to persuade (provide many millions in donations and soft bribes) to Congress and the Administration.
Do you get the picture yet?
Wall Street Stealth Lobby Defends $35 Billion Derivatives Haul
By Christine Harper, Matthew Leising and Shannon Harrington
Aug. 31 (Bloomberg) -- Wall Street is suiting up for a battle to protect one of its richest fiefdoms, the $592 trillion over-the-counter derivatives market that is facing the biggest overhaul since its creation 30 years ago.
Five U.S. commercial banks, including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp., are on track to earn more than $35 billion this year trading unregulated derivatives contracts. At stake is how much of that business they and other dealers will be able to keep.
“Business models of the larger dealers have such a paucity of opportunities for profit that they have to defend the last great frontier for double-digit, even triple-digit returns,” said Christopher Whalen, managing director of Torrance, California-based Institutional Risk Analytics, which analyzes banks for investors.
The Washington fight, conducted mostly behind closed doors, has been overshadowed by the noisy debate over health care. That’s fine with investment bankers, who for years quietly wielded their financial and lobbying clout on Capitol Hill to kill efforts to regulate derivatives. This time could be different. The reason: widespread public and Congressional anger over the role derivatives such as credit-default swaps played in the worst financial crisis since the Great Depression...
The five biggest derivatives dealers in the U.S. -- JPMorgan, Goldman Sachs, Bank of America, Morgan Stanley and Citigroup Inc. -- held 95 percent of the $291 trillion in notional derivatives value of the country’s 25 largest bank holding companies at the end of the first quarter, according to a report by the Office of the Comptroller of the Currency. More than 90 percent of those derivatives were traded over the counter, the OCC data show...
Obama’s plan deals another blow to banks. It aims to discourage them and their customers from using non-standard, or customized, derivatives that can’t be processed by a clearinghouse or traded on an exchange by requiring that parties to such trades hold more capital to protect themselves against losses. The plan would also require they put up more money, known as margin, to insure they make good on the trades. Both changes would impose added costs on banks and some customers...
The Obama proposals don’t go as far as some people have urged. Hedge fund billionaire George Soros and Berkshire Hathaway Inc. Vice Chairman Charles Munger are among investors who have called for limits on the use of credit-default swaps. Soros wrote in a March 24 Wall Street Journal column that regulators should ban so-called naked swaps, in which the buyer isn’t protecting an existing investment.
Two days later Treasury Secretary Timothy Geithner dismissed such an idea before the House Financial Services Committee, telling members that “my own sense is that banning naked swaps is not necessary and wouldn’t help fundamentally.”
Janet Tavakoli, founder and president of Tavakoli Structured Finance Inc. in Chicago, said in an interview that derivatives have allowed banks to camouflage risk.
“There has been massive widespread abuse of over-the- counter derivatives, which have contributed to transactions that people knew or should have known were overrated and overpriced at the time they came to market,” said Tavakoli, who traded, structured and sold derivatives over more than two decades in the financial industry.
Wall Street is accustomed to getting its way with derivatives legislation. The last major congressional action, in 2000, was designed to exempt over-the-counter derivatives from government oversight...
For Wall Street, the longer it takes to get legislation passed the better. As stock market values and the economy improve, anger at banks is likely to subside...
* "Though the mills of God grind slowly, they grind exceeding fine;
With patience He grinds slowly, with exactness all He finds."
Posted by Jesse at 1:26 PM (http://jessescrossroadscafe.blogspot.com/2009/08/five-wall-street-banks-seek-to-protect.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=750005349320943324) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=750005349320943324)
(http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5907002723680457748) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=5907002723680457748)
Chinese State-Owned Companies Object to Face-Rippings, Wall Street Indignant (http://jessescrossroadscafe.blogspot.com/2009/09/gee-couple-vigorous-face-rippings-by.html)
http://4.bp.blogspot.com/_H2DePAZe2gA/Spy4oOH5XgI/AAAAAAAAJuE/y9SpC_iO6Tk/s320/fortunecookie.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/Spy4oOH5XgI/AAAAAAAAJuE/y9SpC_iO6Tk/s1600-h/fortunecookie.jpg)After one too many face-rippings by the merry Pranksters of Wall Street, China's state-owned companies have run to their government to complain about the fraudulent nature of their derivatives contracts.
The hearty capitalists of Wall Street wouldn't run to their government and whine and complain if the market went against them.
Except of course if they needed several trillion dollars because they lost all their money gambling. Then they would just threaten to hold their breath and wreck the economy until the Great Reformer gave them all the change the country could spare, and then some.
If the US will not put its house in order, the rest of the world will increasingly start to rein in the the US financial institutions.
Beijing's derivative default stance rattles banks
Mon Aug 31, 2009 7:42am EDT
For banks that are hoping to sell more derivatives hedges in China, the world's fastest-expanding major economy and top commodities consumer, the danger goes beyond the immediate risk to existing contracts to the longer-term precedent that suggests Chinese companies can simply renege on deals when they like.
The report follows an order from SASAC in July that required all central government-controlled state companies engaged in trading derivatives to make quarterly reports about their investments, including details of holdings and performance.
But the reported letter opened several important questions that could not immediately be answered.
"If we were among the banks receiving that letter, we would be very angry. But now the key is to find out more details on the letter: In whose name the letter was issued, the government or the corporate's? And under what was the reason for defaulting?" said a Singapore-based marketing executive with a foreign bank.
The source, whose bank did not receive a letter, said that Air China, China Eastern and shipping giant COSCO -- among the Chinese companies that have reported huge derivatives losses since last year -- had issued almost identical notices to banks.
"If it's in the name of the government, the impact will be very negative," said the source, who declined to be named.
Beijing-based derivatives lawyers said the so-called "legal letter" has no legal standing -- SASAC as a shareholder has no business relationship with international banks.
"It's like the father suddenly told the creditors of his debt-ridden son that his son won't pay any of his debt," said a lawyer from the derivatives risks committee of the Beijing Lawyers Association. (or perhaps its more like a son who has been cheated by unscrupulous businessmen going to his father who is a Mafia don with big guns, instead of complaining to the Better Business Bureau - Jesse)
It's also unclear why Chinese state firms, which have complained that their foreign banks sometimes did not disclose full information of potential risks when selling them complicated products, did not seek redress through the courts. (or binding arbitration lol. - Jesse
"If that is the case, these firms should seek through legal measures to safeguard their rights, instead of turning to the authorities for political interference," said a different lawyer. (LOL - Jesse)
SASAC took over the job of overseeing SOEs' derivatives trading from the securities regulator in February after several Chinese firms reported huge losses from derivatives....
Posted by Jesse at 1:24 AM (http://jessescrossroadscafe.blogspot.com/2009/09/gee-couple-vigorous-face-rippings-by.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=954076620885351413) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=954076620885351413)
01 September 2009
Hedge Funds Betting on a Deflationary Market Collapse (http://jessescrossroadscafe.blogspot.com/2009/09/hedge-funds-betting-on-deflationary.html)
The observations herein regarding the nature of this stock market rally are quite in parallel with our own.
Buying the dollar to play the debt deflation trade may also be a good one in the short run, especially if leveraged foreign punters have to quickly raise cash to cover bad bets made in the US markets.
However we would have to add that this scenario assumes no black swans with regards to the heavy overhang of US dollars being held by overseas central banks.
If we were in such a position, we would be selling the rallies, given the huge amount dollars on the books.
Goldman Sachs Wrong on Economic Recovery, Macro Hedge Funds Say
By Cristina Alesci
Sept. 1 (Bloomberg) -- Paul Tudor Jones, the billionaire hedge-fund manager who outperformed peers last year, is wagering that Goldman Sachs Group Inc. and Morgan Stanley got it wrong in declaring the start of an economic recovery.
Jones’s Tudor Investment Corp., Clarium Capital Management LLC and Horseman Capital Management Ltd. are taking a bearish stand as U.S. stock and bond prices rise, saying that record government spending may be forestalling another slowdown and market selloff. The firms oversee a combined $15 billion in so- called macro funds, which seek to profit from economic trends by trading stocks, bonds, currencies and commodities.
“If we have a recovery at all, it isn’t sustainable,” Kevin Harrington, managing director at Clarium, said in an interview at the firm’s New York offices. “This is more likely a ski-jump recession, with short-term stimulus creating a bump that will ultimately lead to a more precipitous decline later.”
Equity and credit markets have rallied on hopes that government intervention is pulling the U.S. out of the deepest economic slump since the Great Depression. The Standard & Poor’s 500 Index jumped 51 percent from its 12-year low in March through yesterday.
The economy will expand at an annualized rate of 2 percent or more in four straight quarters through June 2010, the first such streak in more than four years, according to the median estimate of at least 53 forecasters in a Bloomberg survey.
Tudor, the Greenwich, Connecticut-based firm started by Jones in the early 1980s, told clients in an Aug. 3 letter that the stock market’s climb was a “bear-market rally.” Weak growth in household income was among the reasons to be dubious about the rebound’s chances of survival, Tudor said.... (aka the growth in the median wage that we have been harping about - Jesse)
A focus on misleading indicators is driving markets, macro managers say. (Are there any other kind coming out of Washigton or Wall Street these days? - Jesse)
Clarium watches the unemployment rate that accounts for discouraged job applicants and those working part-time because they can’t find full-time positions, Harrington said. July joblessness with those adjustments was 16 percent, according to the Department of Labor, rather than the more widely reported 9.4 percent.
The housing data isn’t as rosy as some see it, Harrington said. As existing U.S. home sales rose 7.2 percent in July from the previous month, distressed deals including foreclosures accounted for 31 percent of transactions, according to the National Association of Realtors, a Chicago-based trade group.
A report by the Mortgage Bankers Association, based in Washington, showed the share of home loans with one or more payments overdue rose to a seasonally adjusted 9.24 percent in the second quarter, an all-time high.
Clarium, which oversees about $2 billion, is positioned for an equity bear market through investments in the U.S. dollar, Harrington said. Falling stock prices will strengthen the currency by forcing leveraged investors to sell equities to pay down the dollar-denominated debt they used to finance those trades, he said.... (That's one way to play it, conventionally, if the swans stay white - Jesse)
The Financial Accounting Standards Board voted in April to relax fair-value accounting rules. The change to mark-to-market accounting allowed companies to use “significant” judgment in gauging prices of some investments on their books, including mortgage-backed securities that plunged with the housing market.
Banks are reporting better earnings because they haven’t been forced to account for their losses yet, Clarium’s Harrington said.
“We haven’t fixed the problem,” he said. “We’ve just slowed down the official recognition of it...”
“Despite every effort by government in North America and Europe to avoid deflation,” Horseman wrote, “the current numbers suggest they are losing the battle.”
Posted by Jesse at 2:20 AM (http://jessescrossroadscafe.blogspot.com/2009/09/hedge-funds-betting-on-deflationary.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5907002723680457748) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=5907002723680457748)
Banken als Gehilfen der US-Steuerbehörden
Konrad Hummler von Bank Wegelin begründet den Abschied von den USA
Die Bank Wegelin verabschiedet sich von den USA. Sie empfiehlt ihren Kunden per sofort aus allen Direktanlagen mit Amerika auszusteigen. Konrad Hummler befürchtet, dass Banken weltweit zu Gehilfen der US-Steuerbehörden instrumentalisiert werden.
Zum Original-Beitrag (showthread.php3?p=1257070#post1257070)
Frankreich erhält 3000 Bankkunden-Daten 30.8.2009 15:14
Die Schweiz hat Frankreich offenbar Namen von 3000 Inhabern von Bankkonten geliefert. Auf diesen liegt eine Gesamtsumme von 4,5 Milliarden Fr. Dies sagte der französische Haushaltsminister Eric Woerth der Zeitung "Le Journal du Dimanche". Ein Teil der Konten stehe "höchstwahrscheinlich" im Zusammenhang mit Steuerflucht. Die Betroffenen sollten sich bis Ende Jahr stellen. Sonst würde die Steuerbehörde "in ihrer ganzen Härte" aktiv. Das Eidg. Finanzdepartement äusserte sich zurückhaltend. Von den Transaktionen habe man keine Kenntnis, sagte ein Sprecher gegenüber der "Tagesschau".
...inwieweit das stimmt oder "nur" ein Bluff ist sei dahingestellt :rolleyes
Only 6 Percent Of Eligible Homeowners Have Gotten Help Through Obama's Housing Program:mad (http://www.cnn.com/2009/POLITICS/08/31/treasury.mortgages/index.html)
September 1, 2009
West faces losing battle over Afghan poll fraud
Hamid Karzai, the Afghan President, casts his vote: the West fears that huge fraud has seriously tarnished the election
James Hider in Kabul and Tim Reid in Washington
35 Comments (http://www.timesonline.co.uk/tol/news/world/Afghanistan/article6816479.ece#comment-have-your-say)
Widespread and systematic fraud during the Afghan presidential elections has tarnished the legitimacy of any future government and undermined the Nato campaign there, Western and Afghan officials have admitted.
Two more British soldiers were killed yesterday (http://www.timesonline.co.uk/tol/news/world/Afghanistan/article6816235.ece) and the commander of the Nato forces in Afghanistan warned President Obama that the eight-year war was in a “serious” state and that big changes were needed if victory was to be achieved......
full story: http://www.timesonline.co.uk/tol/news/world/Afghanistan/article6816479.ece
....na ja - was kann man von so einem Knülch schon erwarten :bad
Who is Hamid Karzai?
Hamid Karzai, the Prime Minister of Afghanistan, was a top adviser to the El Segundo, California-based UNOCAL Corporation which was negotiating with the Taliban to construct a Central Asia Gas (CentGas) pipeline from Turkmenistan through western Afghanistan to Pakistan.
When one peers beyond all of the rhetoric of the White House and Pentagon concerning the Taliban, a clear pattern emerges showing that construction of the trans-Afghan pipeline was a top priority of the Bush administration from the outset. Although UNOCAL claims it abandoned the pipeline project in December 1998, the series of meetings held between U.S., Pakistani, and Taliban officials after 1998, indicates the project was never off the table.
Quite to the contrary, recent meetings between U.S. Ambassador to Pakistan Wendy Chamberlain and that country's oil minister Usman Aminuddin indicate the pipeline project is international Project Number One for the Bush administration. Chamberlain, who maintains close ties to the Saudi ambassador to Pakistan (a one-time chief money conduit for the Taliban), has been pushing Pakistan to begin work on its Arabian Sea oil terminus for the pipeline.
Meanwhile, President Bush says that U.S. troops will remain in Afghanistan for the long haul. Far from being engaged in Afghan peacekeeping -- the Europeans are doing much of that - our troops are effectively guarding pipeline construction personnel.
Karzai's ties with UNOCAL and the Bush administration are the main reason why the CIA pushed him for Afghan leader over rival Abdul Haq, the assassinated former mujaheddin leader from Jalalabad, and the leadership of the Northern Alliance, seen by Langley as being too close to the Russians and Iranians. Haq had no apparent close ties to the U.S. oil industry and, as both a Pushtun and a northern Afghani, was popular with a wide cross-section of the Afghan people, including the Northern Alliance. Those credentials likely sealed his fate.
When Haq entered Afghanistan from Pakistan last October, his position was immediately known to Taliban forces, which subsequently pinned him and his small party down, captured, and executed them. Former Reagan National Security Adviser Robert McFarlane, who worked with Haq, vainly attempted to get the CIA to help rescue Haq. The agency claimed it sent a remotely-piloted armed drone to attack the Taliban but its actions were too little and too late. Some observers in Pakistan claim the CIA tipped off the ISI about Haq's journey and the Pakistanis, in turn, informed the Taliban. McFarlane, who runs a K Street oil consulting firm, did not comment on further questions about the circumstances leading to the death of Haq.
While Haq was not part of the Bush administration's GOP (Grand Oil Plan) for South Asia, Karzai was a key player on the Bush Oil team. During the late 1990s, Karzai worked with an Afghani-American, Zalmay Khalilzad, on the CentGas project.
Khalilzad has worked on Afghan issues under Condoleezza Rice, a former member of the board of Chevron, itself no innocent bystander in the future CentGas deal. Rice made an impression on her old colleagues at Chevron. The company has named one of their supertankers the SS Condoleezza Rice.
Khalilzad, a fellow Pashtun and the son of a former government official under King Mohammed Zahir Shah, was, in addition to being a consultant to the RAND Corporation, a special liaison between UNOCAL and the Taliban government. Khalilzad also worked on various risk analyses for the project.
Khalilzad's efforts complemented those of the Enron Corporation, a major political contributor to the Bush campaign. Enron, which recently filed for bankruptcy in the single biggest corporate collapse in the nation's history, conducted the feasibility study for the CentGas deal. Vice President Cheney held several secret meetings with top Enron officials, including its Chairman Kenneth Lay, earlier in 2001. These meetings were presumably part of Cheney's non-public Energy Task Force sessions. A number of Enron stockholders, including Defense Secretary Donald Rumsfeld and Trade Representative Robert Zoellick, became officials in the Bush administration. In addition, Thomas White, a former Vice Chairman of Enron and a multimillionaire in Enron stock, currently serves as the Secretary of the Army.
A chief benefactor in the CentGas deal would have been Halliburton, the huge oil pipeline construction firm that also had its eye on the Central Asian oil reserves. At the time, Halliburton was headed by Dick Cheney.
Wednesday, December 26, 2007
:kotz http://cdnll-3.liveleak.com/s/18/media18/2008/Nov/4/LiveLeak-dot-com-246385-bush_karzai.jpg.thumb.jpg?rs=150&e=1252400982&h=0f4db3621bd5bcbec0cde15b47f69a05 (http://cdnll-3.liveleak.com/s/18/media18/2008/Nov/4/LiveLeak-dot-com-246385-bush_karzai.jpg?rs=150&e=1252400982&h=5f6d8b504a0c05a99e484582efb3ef30)
Fallen servicemen (http://extras.timesonline.co.uk/flash/soldiers/tol_soldiers_flash_gallery.html)
Interactive record of British casualties in Afghanistan
Cheney In 2012? Some Key GOPers Aren't Kidding:bad:schreck:kopf (http://www.huffingtonpost.com/2009/09/01/cheney-in-2012-some-key-g_n_273470.html):dumm
01 September 2009
Rumour du Jour - a Large US Bank Is In Trouble (http://jessescrossroadscafe.blogspot.com/2009/09/rumours-du-jour.html)
As they say on the financial infomercial channels, "US equities appear to be out of favor today."
There are rumours swirling the trading desks that a large US bank is in trouble, and will need some help getting itself re-organized.
The name Wells Fargo has been mentioned, and there is an associated six percent drop in the stock, with a groundswell of put option activity. It does seem like a 'setup' to us. There are also rumours that Cerberus is in trouble (and there is plenty of smoke on that one.)
There is a contrary view that this is a 'setup' to suck in the shorts and help to trigger a massive rally when the Jobs numbers are reported on Friday.
There is a flight to safety into the dollar and treasuries, but interestingly enough also gold and silver, as 'investors' exit US stocks.
So far we are holding a key support level around 995 on the SP futures, and we tend to discount most rumours that make it to bubblevision rather heavily. If there is any real news it should come out in the evening.
Let's see what happens. We're hedged to the short side which is where we have been coming into the day, anticipating a pullback to key support. We're there now.
There was 'good news' today, and the market ignored it and went sharply lower. That may be significant but it is too soon to tell for sure. A breakdown in equities from here would be more significant to our minds.
In sum, this is a highly manipulated market, full of speculation and hot money. The Obama Administration is failing badly to reform the US financial system, and so here we are, trading on hot money and rumours.
Posted by Jesse at 3:47 PM (http://jessescrossroadscafe.blogspot.com/2009/09/rumours-du-jour.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6796788783353878962) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6796788783353878962)
...wenn man hört was :kotz Cheney auf dem Video von sich gibt dann muss man feststellen, dass es in den USA kein Gesetz gibt welches nicht von Regierung, CIA usw. gebrochen werden darf - also fühlen sich gewisse Kreaturen wohl gottesähnlich :confused:rolleyes:dumm und man will diesen fürchterlichen Mann auch noch als nächsten Präsidentschafts Kandidaten aufstellen :gomad es ist einfach nicht zu fassen :dumm
Bruce Fein On CIA Torture Investigation: "My Objection Is It's Much Too Narrow," Needs To Include Cheney (VIDEO) (http://www.huffingtonpost.com/2009/09/01/bruce-fein-on-cia-torture_n_274586.html)
Huffington Post | Nicholas Graham
First Posted: 09- 1-09 08:18 PM | Updated: 09- 1-09 09:54 PM
Comments (24) (http://www.huffingtonpost.com/2009/09/01/bruce-fein-on-cia-torture_n_274586.html)
SirRealDeal (http://www.huffingtonpost.com/users/profile/SirRealDeal) I'm (http://www.huffingtonpost.com/users/becomeFan.php?of=SirRealDeal) I grew up on military bases during the 50s and 60s. I was taught and took it as an article of faith that America was better than other countries because we did not torture as government policy. I remember learning of the concentration camps of Germany, the gulags of the U.S.S.R. , the reeducation camps of China, etc. and told how we were different and didn't do these type of activities. Sure there were reports of rogue operatives and soldiers but, again, that wasn't official government policy.
But now we not only have had an administration that used torture as an official policy but that Cheney et al actively defends this policy. It sickens me.
Cheney et al must face justice for these policies.
US-Banker können trotz Staatshilfe Millionen kassieren
Weit mehr als nur ein Zustupf: Der Wert der Aktienoptionen allein für die Führungsriegen von zehn staatlich gestützten US-Grossbanken zusammen stieg um fast 90 Millionen Dollar, sagen die Autoren der Studie «America's Bailout Barons».
Spitzenbanker in den USA können sich einer Studie zufolge trotz Milliarden-Staatshilfen auf satte Zusatzeinkommen freuen. Grund sind Aktienoptionen, die den Vorständen Anfang des Jahres zu Börsen-Tiefstkursen gewährt wurden. Wegen der Markterholung versprechen diese Pakete bei Ausübung nun zweistellige Millionengewinne, wie eine am Mittwoch veröffentlichte Untersuchung des US-amerikanischen Institute for Policy Studies ergab. Demnach stieg der Wert der Optionen allein für die Führungsriegen von zehn staatlich gestützten US-Grossbanken zusammen um fast 90 Millionen Dollar.
Die «Bailout-Barone» machen Kasse
«Diese Bankchefs haben die Krise nicht nur einigermassen unbeschadet überstanden, sie können sich auch noch auf unverhoffte Zusatzgewinne freuen», so die Autorin der Studie «America's Bailout Barons», Sarah Anderson. Im gleichen Atemzug wurden bei den 20 grössten staatlich gestützten US-Banken 160'000 Mitarbeiter entlassen.
Im vergangenen Jahr war demnach :bad Goldman-Sachs-Chef Lloyd Blankfein :bad mit rund 43 Millionen Dollar Spitzenverdiener unter den US-Bankchefs. Das Institut hat sich in der Krise vergleichsweise gut geschlagen und die Staatshilfen mittlerweile zurückgezahlt. Doch auch der Chef der Krisenbank Citigroup verdiente immerhin gut 38 Millionen Dollar. Die US-Regierung hat alle Institute unabhängig von ihrem konkreten Bedarf gestützte.......
ganzer Artikel: http://www.cash.ch/news/front/usbanker_koennen_trotz_staatshilfe_millionen_kassieren-827670-449
....schlimmer denn je und no we can't :dumm
02 September 2009
Russian Professor Panarin Sees US Following the Russian Collapse Model (http://jessescrossroadscafe.blogspot.com/2009/09/russian-professor-panarin-sees-us.html)
Forecasts based on social outcomes are an 'iffy' thing because of the enormous amount of exogenous variables.
This particular forecast made some time ago is important, not because this professor may be more right or wrong than any other 'soft forecaster,' but because a signficant portion of America's major creditors, those outside the US, hear this and find it to be credible.
Professor Igor Panarin, whose book The Crash of America is just out, now claims that by November the book will be yesterdays news because the events described in it will have alrady come to pass.
We are not so gloomy or certain in our own outlook, and tend to discount the statements made by authors on book tours. But we do find ourselves drawn to the example of the financial decline of the Soviet Union as more probable for the US than other possible outcomes, such as the lingering malaise of Japan. It would be ironic and instructive if both Cold War behemoths eventually foundered after their many years of epic effort and wasted spending on their military complexes and regional wars.
It has never been more apparent that Obama must show leadership, or like his predecessor Mr. Bush, must find a galvanizing event to bring a badly needed focus to his presidency. One can see his Administration reaching for that one issue to distract from the awful financial problems: health care reform, swine flu preparations, whatever might bring some focus on action to a majority party in disarray with a rookie at the helm.
They had their opportunity with the financial crisis, but were hopelessly put off track by hidden scandal, conflicts of interest, a corrupt campaign contributions process, and of course, too many chiefs of inadequate stature who tended to pull down and smother the potential leaders such as Paul Volcker.
Perhaps when the autumn television shows begin their debuts, the chief American idol may find his task a little less onerous as distraction and forgetfulness sets in once again at the United States of Amnesia. Wall Street is counting on it, and as only Benmosche has dared to articulate, yearns to tell the Congress and the public to 'shove it.'
Posted by Jesse at 9:59 AM (http://jessescrossroadscafe.blogspot.com/2009/09/russian-professor-panarin-sees-us.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=4796458545065527830) :verbeug
Lies, damned lies and health care (http://blogs.abc.net.au/offair/2009/09/lies-damned-lies-and-health-care.html) ABC (the Australian one, hat tip reader Skippy)
Sep 02, 2009
Faced with the debate over US President Barack Obama’s project to overhaul American health care, I’m finding it difficult to maintain the impartiality required of an ABC current affairs presenter.
I’ve had rather a lot of care from what the Americans call “socialised medicine”, here and in the UK – in fact without it, I’d be dead several times over – and some of the things that have been said against it strike me as plain ridiculous......
....And small wonder, as Nick Kristof of the New York Times wrote this week (http://www.nytimes.com/2009/08/30/opinion/30kristof.html?em), that the American system is wreaking heartbreak on families faced with the choice of health care or poverty.......
:bad die Multis in USA :bad
02 September 2009
Martin Hennecke: Protecting Your Wealth in Volatile Markets (http://jessescrossroadscafe.blogspot.com/2009/09/martin-hennecke-protecting-your-wealth.html)
Zum Original-Beitrag (http://showthread.php3?p=1257850#post1257850)
"Hennecke stressed that investors should go for physical forms of gold and other
precious metals rather than "paper gold investment scheme where there isn't full
backing, where the metal might be leased out or used for derivatives. That's
crucial because there is 80 times more paper gold in the market than actual
physical metal in existence in the planet."For the most part alternative currency trades remain 'highly specialized' investments, not often seen in the 401k, IRA, or the average brokerage account.
If gold and silver go mainstream, which they often will do in times of crisis of confidence, the rally may be rather impressive on short covering alone. Expect the exchanges to invoke special rules to allow for settlement of delivery obligation in cash or kind rather than bullion, and at artificially low, albeit significantly higher, prices.
Go for Gold and Silver: Strategist
By CNBC (http://www.cnbc.com/id/32638139)
Wednesday, 2 Sep 2009 2:44 AM ET
China's key stock index recovered its poise on Tuesday, rising nearly 0.5 percent after diving 6.7 percent the day amid liquidity concerns and worries that lending growth may slow in the country. In August alone, the Shanghai Composite lost nearly 22 percent, snapping a seven-month winning streak.
If those stock gyrations are hard to stomach, there are other investment options to help ride out the wild swings in China, according to Martin Hennecke, associate director at Tyche.
For one, Hennecke liked convertible bonds in China, saying he is bullish on the Chinese economy given its fundamental strength, compared to Europe and the U.S. (No thank you for now, its a bubble and a bit less than free market environment, even given its bawdy good time with capitalism over the past ten years. - Jesse)
"Valuation is not as cheap anymore compared to the beginning of the year. Hong Kong-listed China companies are slightly cheaper than (those in) Shanghai," Hennecke said on CNBC Asia's "Protect Your Wealth". " One who plays more cautiously -- convertible bonds in China are an option."
Gold and silver ranked among Hennecke's top recommendations, as China, the world's largest gold buyer this year, is likely to buy more of the yellow metal going forward.
"Whether we see a further crisis or a recovery globally, with inflation coming back up again...gold should do quite well and it hasn't risen much this year yet," said Hennecke.
Hennecke stressed that investors should go for physical forms of gold and other precious metals rather than "paper gold investment scheme where there isn't full backing, where the metal might be leased out or used for derivatives. That's crucial because there is 80 times more paper gold in the market than actual physical metal in existence in the planet."
Hennecke also preferred exposure to direct agricultural commodities, as opposed to investing in commodities through equities, where markets have already rallied sharply.
"Agricultural commodity prices are similar to precious metals. (Prices) across board are mostly dropping, apart from sugar and a few items. So direct commodities are quite undervalued and quite cheap now," he explained. "Agricultural prices are likely to rise quite substantially."
Hennecke expected the investment environment to be volatile, as the U.S. will be saddled with a massive debt load over the next ten years.
"It's tricky to see where stock markets are heading, it depends on how fast inflation feeds through as a result of the debt problems." (Precisely correct, except for those who prefer to see what they have already decided *should* happen. They are often wrong, but rarely uncertain. - Jesse)
Posted by Jesse at 10:50 AM (http://jessescrossroadscafe.blogspot.com/2009/09/martin-hennecke-protecting-your-wealth.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8598243878222882840) :verbeug
02 September 2009
CFTC to Begin Releasing New Commitments of Traders Reports on US Futures Markets (http://jessescrossroadscafe.blogspot.com/2009/09/cftc-to-begin-releasing-new-commitments.html)
A step in the right direction for sure.
A much needed enhancement would be to report the five largest position holders in key markets, on the long and short side over a certain size limit on a weekly basis.
For Release: September 2, 2009
CFTC Implements New Transparency Efforts to Promote Market Integrity
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it will begin implementing new transparency efforts outlined in a July 7, 2009, statement by CFTC Chairman Gary Gensler. Starting Friday, September 4, 2009, the CFTC will begin disaggregating the data in its weekly Commitments of Traders (COT) reports and begin releasing, on a quarterly basis, data collected from an ongoing special call on swap dealers and index traders in the futures markets.
“A core mission of the CFTC is to promote market transparency,” CFTC Chairman Gary Gensler said. “Last September, the CFTC recommended disaggregating our weekly Commitments of Traders reports. In July, I announced that we would also periodically release data on index investors’ participation in the commodity futures markets. I am pleased that as of Friday, September 4, we will be able to take these steps toward increased transparency. For the first time, we will break out managed money and swaps in our COT reports and release information on index investment to give the public a better of view of trading activity in the futures markets.”
Commitments of Traders (COT) Reports
For decades, the CFTC has provided the futures industry with COT reports consisting of aggregated large-trader position data to shed light on the changing composition of the markets. The reports are based on a request by Congress for an annual report, upon passage of original enabling legislation in the 1920’s, and have been intensified over time into weekly reports in several formats and a weekly Commodity Index Supplement for 12 agricultural markets, begun in January 2007.
Beginning Friday, September 4, 2009 (for data as of September 1, the CFTC will publish additional COT data for 22 contract markets, including major agriculture, energy and metals markets. The COT reports currently break traders into two broad categories: commercial and noncommercial. The new reports will improve upon the existing reports by breaking the data into four categories of traders: Producer/Merchant/Processor/User; Swap Dealers; Managed Money; and Other Reportables.
The CFTC intends to produce the same disaggregated data on all of the remaining physical commodity markets for which we currently publish COT data. The agency will continue to also release the traditional COT reports for a transition period until at least the end of 2009. This will allow the public to become familiar with the new reports as well as comment to the CFTC as to any further possible enhancements (Comments should be submitted via email to firstname.lastname@example.org by October 1, 2009). The CFTC also plans to soon release three years of historical data for the new report.
The CFTC also is working to create a new COT for all of the financial markets in a form that will improve the transparency of those markets. The categories of this new financial COT may be different from those being applied to the physical markets, described above.
The CFTC is concurrently working on improvements to the agency’s Form 40 and other methodologies to improve the accuracy of trader classifications.
See Disaggregated COT Explanatory Notes under Related Documents for additional information.
Index Investment Data
In addition to disaggregating the CFTC’s COT reports, the agency will begin periodically releasing data on index investment in the commodity futures markets. In September, 2008, the CFTC published a Report on Swap Dealers and Index Traders that was based on data received from our special call authority. The CFTC continued this special call and enhanced the information disseminated in the September report. Starting Friday, September 4, the agency will begin releasing the data on a quarterly basis with a goal of eventually releasing this data monthly.
The new data will include both gross long and gross short positions and will update data in the previously released report to include some additional data.
Posted by Jesse at 2:50 PM (http://jessescrossroadscafe.blogspot.com/2009/09/cftc-to-begin-releasing-new-commitments.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2721306125885170561) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2721306125885170561)
From Switzerland With No Love - Wegelin Bank Says Goodbye (http://www.zerohedge.com/article/farewell-america-switzerland)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/02/2009 08:58 -0500
Gonzalo Lira (http://www.zerohedge.com/taxonomy_vtn/term/9627)
Monroe Doctrine Redux (http://www.zerohedge.com/taxonomy_vtn/term/10096)
Swiss private bank Wegelin says goodbye and good riddance to America. An absolute must read.
87 comments :eek:rolleyes:gruebel (http://www.zerohedge.com/article/farewell-america-switzerland#comments)
Read more (http://www.zerohedge.com/article/farewell-america-switzerland)
1 attachment (http://www.zerohedge.com/article/farewell-america-switzerland#attachments)
Guest Post: Yves On Gold Panic
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/02/2009 15:45 -0500
Submitted by Planet Yelnick (http://yelnick.typepad.com/yelnick/2009/09/yves-on-gold-panic.html)
I don't follow gold much, not being a goldbug and finding a lot of the gold commentary at the fringe of financial sensibility. And the ads for buying gold on talk radio are almost as annoying as the Technorati 'teeth' ads you see on a lot of low-traffic web/blog sites.
Sure, a return to a gold-back currency would right a lot of what is wrong with the economic ship of state, but it is not in the cards right now, despite a push by China and the BRIC nations for it, and the rumors of a November deadline looming for China to continue to buy Treasuries. (If I were Bernanke, I would call their bluff on that.)
But sometimes gold as a trade gets interesting, and we may be at such a moment. Yves sent me the attached chart with a few comments. His fundamental view is gold should drop due to deflation. If you doubt deflation is with us, check out the second chart in this recent post (http://yelnick.typepad.com/yelnick/2009/08/are-we-repeating-the-1930-rally.html).
Yves' chart suggests a wave 3 UP is upon us, gold having run up a bit already today. Similarly, the Prechter view is a serious drop in gold as deflation picks up, but their wave count also suggest an UP wave right now. The STU on Monday (http://www.elliottwave.com/a.asp?url=More_Info/stu1.htm&cn=yel) showed a chart of an ABC correction in gold with an alt count of ending a triangle B wave, and now starting a sharp spike up in wave C. A break of $972 confirms that gold will run fast towards $1050-1100/oz. We got to $955 spot today, but over $978 in Dec gold futures. Neely has had his aggressive traders in gold (http://neowave.com/), and is now lightening up a bit, but also expects the run to continue in a gold panic, a "feeding frenzy" as the goldbugs rush in to avoid missing the big move.
(Note: in markets, there is not fear and greed, only fear; greed is fear of falling behind. A buying panic is a moment of fear.)
Now, normally the USD and Gold are inversely related, and the USD has been in a bottoming process rather than a fall, with an upwards bias; yet gold is spiking. Question is where is it coming from? Sentiment for gold remains essentially neutral.
Let me speculate that it is coming out of Asia. The China Bubble has burst and the SSEE is down around 25% in a month, with apparently more to go (http://yelnick.typepad.com/yelnick/2009/08/chinese-curse-day.html)(at least below 2000 if not down to 1000, where the parabolic rise began). The Chinese government has been buying gold (http://seekingalpha.com/article/157409-pessimistic-sentiment-gives-a-buy-signal-for-gold)for the past six months (at least), and I suspect the middle class in China is rushing in for a safe haven against the equities collapse and likely real estate crash to follow. The recent rise in Copper may also have the same roots (http://seekingalpha.com/article/151945-frank-holmes-china-is-the-800-pound-gorilla-of-commodities-demand), of China rolling its long-term Treasuries into shorter terms, and then stockpiling commodities (http://yelnick.typepad.com/yelnick/2009/06/china-stockpiling-explains-the-rise-of-the-aud-.html), including gold.
Whatever the cause, the wave structure is predicting a gold buying panic that will drive gold over $1000. Watch and see if it is correctly gauging the psychology of a buying panic.
131 comments (http://www.zerohedge.com/article/guest-post-gold-panic#comments)
SEC Never Did ‘Competent’ Madoff Probe, Report Finds (Update2)
By David Scheer
Sept. 2 (Bloomberg) -- The U.S. Securities and Exchange Commission repeatedly missed chances to catch Bernard Madoff’s $65 billion fraud over 16 years by assigning inexperienced investigators and accepting “implausible” explanations after catching him in lies, the agency’s internal watchdog said.
At least six warnings from sources including a money manager, a “respected hedge-fund manager” and a firm that studied Madoff’s business failed to spur a “thorough and competent” probe, Inspector General H. David Kotz (http://search.bloomberg.com/search?q=H.+David+Kotz&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date%3Cimg%20src=%22images/smilies/biggrin.gif%22%20border=%220%22%20alt=%22%22%20title=%22Breit%20grinsen%22%20smilieid=%22113%22%20class=%22inlineimg%22%20/%3E:S:d1) wrote in a summary of a report (http://www.sec.gov/spotlight/secpostmadoffreforms/oig-509-exec-summary.pdf) released today. Madoff, in an interview with Kotz, said even he “was astonished” when investigators failed to check trading records that would have exposed his scam.
“Despite numerous credible and detailed complaints, the SEC never properly examined or investigated Madoff’s trading and never took the necessary, but basic, steps to determine if Madoff was operating a Ponzi scheme,” Kotz wrote.
The report is the most exhaustive look yet into the SEC’s failure to detect a fraud that spanned decades and burned thousands of investors, including universities, charities and affluent clients. Lawmakers crafting a regulatory overhaul have awaited Kotz’s findings since agency officials rebuffed questions at hearings in January and February, citing the continuing Madoff inquiry.
Kotz, in the 22-page summary, said he didn’t find that senior SEC officials tried to improperly influence or interfere with inquiries. Nor did he find that an SEC employee’s romantic relationship with Madoff’s niece had any affect on the agency’s examinations. The full 451-page investigative report includes more than 500 exhibits, according to his office......
full story: http://www.bloomberg.com/apps/news?pid=20601087&sid=agBw9n2hZi5U
....für was werden diese Leute eigentlich bezahlt :confused:rolleyes:bad
HuffPost Readers' Incredible Wildfire Photos (http://www.huffingtonpost.com/2009/09/03/huffpost-readers-incredib_n_276165.html)
Insider Selling/Buying Ratio Doubles to 61.8x (http://www.zerohedge.com/article/insider-sellingbuying-ratio-doubles-618x)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/03/2009 09:38 -0500
Insider Selling (http://www.zerohedge.com/taxonomy_vtn/term/9826)
Insider Transactions (http://www.zerohedge.com/taxonomy_vtn/term/9778)
TrimTabs TrimTabs earlier disclosed that the ratio of insider selling to buying had averaged about 31x for August, with $6.3 billion of insider sales matched by only $210 million on insider buys. Insiders apparently decided to exit August with a bang, with the last week of insider transactions doubling the sell-to-buy ratio to 61.8x! Over half a billion in stock was sold, while a whopping $8 million was purchased.
If there is any doubt as to which way insiders were leaning during this "market rally," this data should seal that particular coffin.
18 comments (http://www.zerohedge.com/article/insider-sellingbuying-ratio-doubles-618x#comments)
Congressman Pete Stark Explains Leverage, Tells Reporter To "Get The Fuck Out" (http://www.zerohedge.com/article/congressman-pete-stark-explains-leverage-tells-reporter-get-fuck-out)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/03/2009 08:19 -0500
In a clip that has to be seen to be believed, California Congressman Pete Stark displays the most unbelievable combination of economic incomprehension, stupidity, hubris, and to top it off tells interviewer Jan Helfeld to "get to fuck out" or he will be thrown out of the window for daring to expose just what a sack of... hot air Stark is.
A line that will now live forever, thanks to Congressman Stark: "The more debt we owe, the wealthier we are".
That pretty much sums up political "thought"
88 comments (http://www.zerohedge.com/article/congressman-pete-stark-explains-leverage-tells-reporter-get-fuck-out#comments)
..nichts was es nicht gibt :rolleyes:mad:dumm
Lebenslanges Autofahren kostet 665'000 Franken
Für 60 Jahre Auto fahren zahlen Schweizer fast doppelt so viel wie die Deutschen. Noch günstiger ist es für die Österreicher.
11'300 Franken: So viel muss ein Schweizer im Durchschnitt für seine individuelle Mobilität ausgeben. Auf 59 Jahre gerechnet, also die Lebensspanne von 18 bis 77 Jahren, macht das 665'000 Franken. Das rechnet die «Automobilrevue» in ihrer aktuellen Ausgabe vor. Sie stützt sich dabei auf die Studie «Customer Lifetime» des Instituts für Automobilwirtschaft in Geislingen.
Der grösste Budgetposten macht der Fahrzeugkauf aus. Rund 294'000 Franken zahlen die Schweizerinnen und Schweizer für den Kauf von Neuwagen und Occasionen. Zweitgrösster Budgetposten ist der Service mit knapp 120'000 Franken. Die lebenslangen Treibstoffkosten belaufen sich auf über 107'000 Franken. Das Zubehör kostet 25'000 Franken (siehe Tabelle).....
.....Auch die Steuern und Versicherungsprämien sind in der Schweiz deutlich teurer - und zwar um das Doppelte beziehungsweise Dreifache.....
ganzer Artikel: http://www.cash.ch//news/newsletter/lebenslanges_autofahren_kostet_665000_franken-827961-440
03 September 2009
"Let's Just Whack the Oil" (http://jessescrossroadscafe.blogspot.com/2009/09/cftc-exposes-small-dutch-firms-use-of.html)
http://4.bp.blogspot.com/_H2DePAZe2gA/SqCBEvP_zgI/AAAAAAAAJuU/o8dnJ88CxIs/s320/OPTIVER_600.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/SqCBEvP_zgI/AAAAAAAAJuU/o8dnJ88CxIs/s1600-h/OPTIVER_600.jpg)“The markets used to be about capital formation,” said Mr. Quast, the consultant. “Now 80 percent of trading is driven by some form of statistical arbitrage. We are buying into a statistical house of cards that could unravel very quickly.”Reading the NY Times article excerpted below, one finds that Optiver is a rather small time operation with a wonkish bent operating out of the Netherlands, with total profits that barely match a decent individual US trader's annual bonus.
But the method which they are using is similar to the techniques being used by many of the large 'market makers' who are 'providing liquidity' while reaping large and improbably consistent profits by manipulating markets.
The manipulation itself is nothing new. Large Wall Street banks have been using their size to push the markets around for many years, as in the case of Citigroup which was caught manipulating prices in European bond trading. Citigroup Fined Over 'Dr. Evil Bond Strategy (http://www.independent.co.uk/news/business/news/citigroup-pays-acircpound139m-to-settle-with-fsa-over-dr-evil-bond-strategy-496938.html)
Then of course there was the manipulation of the energy markets by Enron, which held the state of California hostage.
The difference is that in the past the manipulation was implemented using the size of the trades and the deep pockets backing them. Size mattered, and the techiques were not elegant, more like an old-fashioned smash and grab.
Today the bias is towards stealth and speed, and colocation of your trading daemons with the Exchange to obtain an edge on information and execution. Having key regulators and politicians on your payroll is always a plus in any organized criminal activity.
No wonder China is so angry about the derivatives losses being realized by their State Owned Enterpises. The manipulation around key prices and dates in many US markets has been apparent for some time, with a wink and a nod around option expirations for example.
But now this manipulation is getting so blatant and widespread and regular that it is crippling daily market operation, not to mention robbing the general public of millions of dollars every day in their 401K's, pensions, and investment accounts. It has more of the appearance of organized crime than it does of a financial system.
Optiver was guilty of manipulation it appears, but also of being small and Dutch, and a competitor to the larger gangs of New York and London.
It will be more impressive when the CFTC and the SEC finally does something to clean up the markets by taking on the too big to fail banks that are sucking the life out of the US national economy and destroying the integrity of price discovery and the markets around the world.
To accomplish this, the US must dismantle the partnership in profits between Wall Street and the national government, which is morphing into a kind of velvet coup d'etat.
Yes, the markets used to be about capital formation. And capitalism used to involve risk management, with the consequence of profit and loss. But when Robert Rubin, then Treasury Secretary for Bill Clinton decided it was less expensive and more convenient to artificially buy the SP futures market through the Working Group on Markets, and manipulate prices rather than to suffer a messy stock market decline and clean up afterwards, moral hazard was unleashed. And so here we are today
We hope but do not believe that the impetus for reform will come from the US government, or financial industry, or even the voting public which the elites are now ignoring. After all, they don't pay the bills. It will come from the other governments and regulators of the world, who it appears have finally had enough interference and disruption of their economies and markets from US dollar colonialism.
NY Times (http://www.nytimes.com/2009/09/04/business/global/04optiver.html?partner=rss&emc=rss)
Inquiry Stokes Unease Over Trading Firms That Shape Markets
By Landon Thomas Jr.
Published: September 3, 2009
LONDON — Its superfast, supersecret oil trading software was called the Hammer.
And if the Commodity Futures Trading Commission is right, the name fit well with an intricate scheme that allowed commodity traders in Chicago working for Optiver, a little-known company based in Amsterdam, to put their orders first in line and subtly manipulate the price of oil to the company’s advantage.
Transcripts and taped conversations of actions that took place in 2007, included in the commission’s case, reveal the secretive workings of high-frequency trading, a fast-growing Wall Street business that is suddenly drawing scrutiny in Washington. Critics say this high-speed form of computerized trading, which is used in a wide range of financial markets, enables its practitioners to profit at other investors’ expense.
Traders in the Chicago office of Optiver openly talked among themselves of “whacking” and “bullying up” the price of oil. But when called to account by officials of the New York Mercantile Exchange, they described their actions as just “providing liquidity....”
Optiver describes itself as one of the world’s leading liquidity providers, a trading firm that uses its own capital to make markets. It seeks to profit on razor-thin price differences — which can be as small as half a penny — by buying and selling stocks, bonds, futures, options and derivatives. (Derivatives represent about 65 percent of its business, equities 25 percent, and commodities and others make up the remaining 10 percent.)
But the extent to which market making (providing liquidity to markets that need it) and proprietary trading (the pursuit of pure profit with a firm’s own money) can properly coexist has become a thorny question for regulators. They are grappling with an exploding business that makes up as much as half the overall trading in the United States and a growing share in Europe as well...
“These are proprietary trading shops that are masquerading as market makers,” said Tim Quast of Modern IR, a consulting firm that advises corporations on market structure issues.
The Securities and Exchange Commission has opened up an investigation into high-speed-trading practices, in particular the ability of some of the most powerful computers to jump to the head of the trading queue and — in a fraction of a millisecond — capture the evanescent trading spread before the rest of the market does...
Called low-latency trading, this blend of speed and opportunism is the essence of Optiver’s business model.
It deploys a sophisticated software system called F1 that can process information and make a trade in 0.5 milliseconds — using complex algorithms that let its computers think like a trader. And the company is so careful about preserving its secrets that when some traders and engineers left for a rival operation recently, Optiver hired private investigators and subsequently sued the former employees on charges of making off with intellectual property...
Mr. Dowson acknowledges that Optiver was so aggressive in conducting its proprietary trades in some smaller stocks that their activities “were as big as the volume traded on the day.”
It is precisely this — high-powered computers and the swagger of those who operate them — that is causing worries over high-frequency trading’s increasing sway. (No one can touch 'the-bank-that-must-not-be-named' for swagger - Jesse)
“The markets used to be about capital formation,” said Mr. Quast, the consultant. “Now 80 percent of trading is driven by some form of statistical arbitrage. We are buying into a statistical house of cards that could unravel very quickly.”
Posted by Jesse at 10:07 PM (http://jessescrossroadscafe.blogspot.com/2009/09/cftc-exposes-small-dutch-firms-use-of.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6437909434624132093) :verbeug
Five Reasons for the Recent Surge in Gold (http://jessescrossroadscafe.blogspot.com/2009/09/three-reasons-for-bull-market-and.html)
2. Continuing Risks in the Financial System
3. Moral Hazard: Tipping Point In Confidence From Over a Decade of Monetary and Regulatory Policy Errors
4. Blowback from Banking Frauds on the Rest of World
5. A Failure in Political Leadership to Deliver Essential Reforms
Posted by Jesse at 12:51 AM (http://jessescrossroadscafe.blogspot.com/2009/09/three-reasons-for-bull-market-and.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=286768887773158206) :verbeug
04 September 2009
Stiglitz on the Financial Crisis (http://jessescrossroadscafe.blogspot.com/2009/09/stiglitz-on-financial-crisis.html)
http://4.bp.blogspot.com/_H2DePAZe2gA/SqC-uam04LI/AAAAAAAAJwM/lbuj1lV6eNE/s200/data.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/SqC-uam04LI/AAAAAAAAJwM/lbuj1lV6eNE/s1600-h/data.jpg) Joe Stiglitz describes the current financial crisis and prospective recovery quite well, and the conclusions he draws are remarkably similar to our own which is gratifying.
It's good to hear these things from a distinguished Nobel laureate, and not just from your humble Propriétaire, while puttering over his daily bread.
Stiglitz Says U.S. Economic Recovery May Not Be ‘Sustainable’
By Michael McKee
Sept. 4 (Bloomberg) -- The U.S. economy faces a “significant chance” of contracting again after emerging from its worst recession since the 1930s, Nobel Prize-winning economist Joseph Stiglitz said.
“It’s not clear that the U.S. is recovering in a sustainable way,” Stiglitz, a Columbia University professor, told reporters yesterday in New York.
Economists and policy makers are expressing concern about the strength of a projected economic recovery, with Treasury Secretary Timothy Geithner saying two days ago that it’s too soon to remove government measures aimed at boosting growth.
Stiglitz said he sees two scenarios for the world’s largest economy in coming months. One is a period of “malaise,” in which consumption lags and private investment is slow to accelerate. The other is a rebound fueled by government stimulus that’s followed by an abrupt downturn -- an occurrence that economists call a “W-shaped’ recovery.
“There’s a significant chance of a W, but I don’t think it’s inevitable,” he said. The economy “could just bounce along the bottom.”
Stiglitz said it’s difficult to predict the economy’s trajectory because “we really are in a different world.” He said the crisis of the past year was made worse by lax regulation that allowed some financial firms to grow so large that the system couldn’t handle a failure of any of them.
“These institutions are not only too big to fail, they are too big to be managed,” he said.
Finance ministers and central bankers from the Group of 20 nations meet in London Sept. 4-5 to lay the groundwork for a summit in Pittsburgh later this month, where leaders will consider measures to overhaul supervision of the financial system...
With so much excess capacity, the American economy faces a short-term threat of disinflation and possibly deflation, Stiglitz said. Wages may even decline, given recent high productivity and the likelihood of an extended period of high unemployment, he said.
Longer term, he said the Fed’s aggressive monetary policy will mean inflation becomes the greater threat. “With the magnitude of the deficits and the balance sheet of the Fed having been blown up, it’s understandable why there are anxieties about inflation,” he said.
While the Fed says it has the tools to deal with it, there are still concerns, Stiglitz said. Because monetary policy takes six to 18 months to have its full effect, the central bank will have to begin withdrawing monetary stimulus on the basis of forecasts.
The Fed’s record on its economic forecasts isn’t enough to reassure investors and, as a result, the U.S. currency may suffer, he said.
“Whether or not they’re able to do it, the uncertainty today about whether they can do it can contribute to the weakness of the dollar,” Stiglitz said. “That’s one of the reasons there is increasing interest around the world in discussing alternatives to the dollar system.”
Stiglitz, who is a member of a United Nations commission that will study the global financial system and currency regimes, said “the logic is compelling” for a new global currency.
The current system creates instability, weakens global confidence, and is fundamentally unfair to developing countries that are in essence lending the U.S. trillions of dollars and bearing the risk, he said.
“In most quarters, there is a feeling we should move away from the dollar system. The question is do we do it in an orderly way, or a chaotic way,” Stiglitz said. “The size of the deficit and the size of the balance sheet of the Fed have just increased the anxiety and the desire that something be done.”
While some think it would hurt the U.S. to no longer be able to borrow cheaply in dollars, “that era is over,” he said. “We’re moving to a more multi-polar world.”
Between the fall of the Berlin Wall and the collapse of Lehman Brothers was “the short period of American triumphalism, where we dominated the global scene. That period is over,” Stiglitz said.
Posted by Jesse at 2:59 AM (http://jessescrossroadscafe.blogspot.com/2009/09/stiglitz-on-financial-crisis.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=314990095823981863) :verbeug
Konten mithilfe von SMS geplündert
Aktualisiert am 03.09.2009 2 Kommentare (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Konten-mithilfe-von-SMS-gepluendert/story/14850511#kommentar)
Schweizer Banken haben erst vor kurzem eine neue Sicherheitsstufe beim E-Banking eingeführt: ein Passwort via SMS. In Südafrika wurde das System nun geknackt.
Es ist ein Rennen gegen die Zeit: Kaum haben die Banken die Sicherheit ihrer E-Banking-Zugänge verbessert, finden Internetkriminelle einen Weg, die Hürde zu umgehen. Eine der jüngsten Massnahmen – ein Passwort per SMS – wurde soeben zum ersten Mal geknackt: in Südafrika.
Dort soll ein Verbrechersyndikat so mehrere Millionen Südafrikanische Rand (einige Hunderttausend Franken) erbeutet haben. Im Zentrum der Affäre steht der Mobilfunkkonzern Vodacom. Einem Mitarbeiter des Konzerns ist es gelungen, die SMS-Codes fürs E-Banking abzufangen. Zusammen mit Benutzername und Passwort, welche die Hacker anderweitig erbeuteten, verschafften sie sich so Zugriff auf die Konten. Der beschuldigte Mitarbeiter und ein vermeintlicher Komplize stehen derzeit in Johannesburg vor Gericht.....
ganzer Artikel: http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Konten-mithilfe-von-SMS-gepluendert/story/14850511
Streit über Banker-Boni
Brown will Deutsche und Franzosen ausbremsen
Von Carsten Volkery, London
Die Europäer machen Druck auf die G20: Beim Finanzministertreffen in London an diesem Freitag sollen exorbitante Banker-Boni begrenzt werden. Doch die Briten tragen den Plan höchstens halbherzig mit - und der Widerstand aus den USA dürfte noch schärfer ausfallen.
....Doch dass es sich dabei nur um eine Fassade der Harmonie handelt, machen zahlreiche Äußerungen der vergangenen Tage deutlich. Während Sarkozy und der deutsche Finanzminister Peer Steinbrück lautstark für eine gesetzliche Boni-Obergrenze trommelten, machten Brown und sein Finanzminister Alistair Darling keinen Hehl daraus, dass sie diese Forderung für realitätsfern hielten. Darling sagte dem "Independent", eine "globale Gehaltspolitik" sei nicht umsetzbar. Allenfalls die Koppelung von Boni an langfristigen Geschäftserfolg will London mittragen. Umgekehrt war in Berlin zu hören, dass die Briten wieder mal bei der Finanzmarktregulierung bremsten.....
...ist das eine Flasche :o
Men lose their minds speaking to pretty women
Talking to an attractive woman really can make a man lose his mind, according to a new study.
Published: 10:28AM BST 03 Sep 2009
Comments 40 (http://www.telegraph.co.uk/health/healthnews/6132718/Men-lose-their-minds-speaking-to-pretty-women.html#comments) | Comment on this article (http://www.telegraph.co.uk/health/healthnews/6132718/Men-lose-their-minds-speaking-to-pretty-women.html#postComment)
The research shows men who spend even a few minutes in the company of an attractive woman perform less well in tests designed to measure brain function than those who chat to someone they do not find attractive......
.....Women, however, were not affected by chatting to a handsome man....
full story: http://www.telegraph.co.uk/health/healthnews/6132718/Men-lose-their-minds-speaking-to-pretty-women.html
Finanzministerium hält brisante Studie über Sonntagszuschläge zurück (http://www.spiegel.de/politik/deutschland/0,1518,647131,00.html)
Das Finanzministerium will im Wahlkampf eine unangenehme Debatte verhindern: Eine Studie über Steuervorteile soll nach SPIEGEL-Informationen bis nach der Bundestagswahl unter Verschluss gehalten werden. Top-Steuerforscher fordern darin, Sonntags- und Nachtzuschläge voll zu besteuern. mehr... (http://www.spiegel.de/politik/deutschland/0,1518,647131,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=8489&goto=newpost) ]
....Das Finanzministerium hält die Studie bislang unter Verschluss. Minister Peer Steinbrück (SPD) will Schichtarbeiter und Konsumenten vor der Wahl nicht irritieren (:eek doch nicht etwa Doppelmoral :Prost :bad) deshalb wurde die Veröffentlichung bis auf weiteres verschoben.....
International: 4. September 2009, 21:46
Scharfe Kritik an Netanyahus Siedlungsplänen (http://www.nzz.ch/nachrichten/international/israel_netanyahu_siedlungen_baustopp_1.3494608.html)
EU und die USA reagieren unmissverständlich und fordern Baustopp (http://www.nzz.ch/nachrichten/international/israel_netanyahu_siedlungen_baustopp_1.3494608.html)
Israels Ministerpräsident Netanyahu denkt an einen Baustopp von jüdischen Siedlungen. Zuvor will er jedoch noch Hunderte von Häusern bewilligen :gomad Die EU und die USA haben unmissverständlich auf diese Aussagen reagiert: Sie fordern einen sofortigen Baustopp als Bedingung für Friedensverhandlungen. (http://www.nzz.ch/nachrichten/international/israel_netanyahu_siedlungen_baustopp_1.3494608.html) ...http://www.nzz.ch/static-images/headline_topic_more.gif (http://www.nzz.ch/nachrichten/international/israel_netanyahu_siedlungen_baustopp_1.3494608.html)
http://www.nzz.ch/static-images/pixel.gif http://www.nzz.ch/static-images/news_readmore.gif Dossier: Konflikt im Nahen Osten (http://www.nzz.ch/magazin/dossiers/konflikt_im_nahen_osten_2.17363)
AP picture of wounded Marine sparks debate
http://d.yimg.com/a/p/ap/20090904/capt.513c2b7e16134bb29d959b2478e89507.afghanistan_death_of_a_marine_ny204.jpg?x=213&y=122&xc=1&yc=1&wc=409&hc=234&q=85&sig=EZVBtWwwq1RpBOMsoT5z2g-- (http://news.yahoo.com/nphotos/Helmand-Province-Afghanistan/photo//090904/481/513c2b7e16134bb29d959b2478e89507//s:/ap/20090904/ap_on_re_us/afghan_death_ap_photo) AP – FILE- In this Thursday, Aug. 27, 2009 file photo, U.S. Marine Lt. Jake Godby pays his respects to Lance …
By DAVID BAUDER, Associated Press Writer David Bauder, Associated Press Writer – Fri Sep 4, 7:52 pm ET
NEW YORK – Defense Secretary Robert Gates expressed disappointment Friday at news outlets that used a picture taken and distributed by The Associated Press depicting a U.S. Marine mortally wounded in combat in Afghanistan.
The AP distributed the picture despite personal pleas from Gates and the dead Marine's family in a case that illustrated the difficult decisions in reporting on a conflict where Americans have seen relatively few images of fallen U.S. troops over eight years.....
......"Death and the ugliness of war is not something we look forward to but a necessity to put the war in its proper context," said Ruiz, who also wrote the AP. "A picture is worth a thousand words. I applaud your courage to distribute the photo and the story of the death of Lance Cpl. Bernard."
full story: http://news.yahoo.com/s/ap/20090904/ap_on_re_us/afghan_death_ap_photo
....ich verstehe die Eltern einerseits - andererseit könnten sie doch mit diesem Bild ein Zeichen setzen für diese absolute Sinnlosigkeit und Grausamkeit des Krieges
The Breast Deals Are In Appleton, Wisconsin (http://lolfed.com/2009/09/05/the-breast-deals-are-in-appleton-wisconsin/)
September 5th, 2009 by alyx · breaking news (http://lolfed.com/category/breaking-news/)
It’s a recession, so you have to get a little bit creative with your marketing. I won’t give you platitudes about Blue Ocean or Marketing Outrageously or any of that business-book nonsense, but still, you know you’re chasing fewer dollars and that it’s harder to get a consumer’s attention.
It must be even harder to sell nonessential services these days, like, for example, elective surgery. So this plastic surgeon got a billboard (http://www.fox11online.com/dpp/news/local/local_wluk_appleton_buy_one_get_one_surgery_200909030613_rev1):
“In today’s economy we’re trying to come up with creative ads that’ll get people in the door,” Christine Martens said.
Martens works for Jones Sign and came up with a billboard for Hotchandani Laser and Vein Center in Appleton promoting its buy one breast implant and get one free offer.
“It’s an edgy line we’re working on here,” Martens said.
The buy one get one ad has been up just a couple of weeks and will stay up for a month. Jones Sign says it has done its job by attracting clients.
“He’s already paid for the ad,” Martens said.
Bonus credit: Google “Hotchandani” and find a guilty plea copped (http://www.ironmountaindailynews.com/page/content.detail/id/503699.html?nav=5002) to health care billing fraud. Guess that’s why they’re in the elective business these days, but seriously, check your bill to make sure you really got that free implant.
....geschmackloser geht's wohl nicht mehr :bad :dumm :gomad
Barry Ritholtz And The Case Of The Mysterious Bailout Profits (http://lolfed.com/2009/09/04/barry-ritholz-and-the-case-of-the-mysterious-bailout-profits/)
September 4th, 2009 by alyx · bailout (http://lolfed.com/category/bailout/)
So, there’s three types of lies: lies, damn lies, and creative accounting. Barry Ritholtz thinks the recent claims of profit on the government’s bailout packages (http://lolfed.com/2009/08/31/hes-as-surprised-as-anyone/) are the latter (http://www.rgemonitor.com/financemarkets-monitor/257596/bailout_profits_dont_make_me_laugh):
My definition of an investment profit is simple: You take the money you have invested, and if adds up to more that what you began with, well, then, you have a profit.
Let’s say on the other hand, you own 20+30 positions; 5 of them are higher than where you purchased them, and all the rest deeply in the red. Net net, your portfolio is down immensely. Most rational investors would hardly call that investment a “profit.”
Looking just at early TARP repayments means that we are ignoring a) the rest of the TARP; and b) the majority of other expenses, guarantees, loans capital injections, and outright spending that has taken place.
True, the government made some decent scratch from AmEx, Goldman Sachs, Morgan Stanley… but that is not their entire portfolio by a long shot. As Jason discussed earlier this week, we still hold warrants on JPM and Capital One (didn’t anyone ever tell you that gains on paper don’t count?); and Citigroup, Bank of America, Wells and a few others haven’t even bothered to pay us back yet.
You could make a few other arguments as to why the headlines have been full of fail, including the fact that a $4bn return on $700 bn is, indeed, something to sneeze at, considering that the government’s cost of capital is more than that. And then, you could just look past the big TARP banks to AIG, Fannie, Freddie, FDIC guarantees….
EMPLOYED... BUT ON FOOD STAMPS
Number Of Workers On Food Stamps Surges... "A Dire Warning" (http://www.ft.com/cms/s/0/c1e698a2-9984-11de-ab8c-00144feabdc0.html)
Quick Read (http://www.huffingtonpost.com/2009/09/05/number-of-working-america_n_278091.html) |
Comments (1157) (http://www.huffingtonpost.com/2009/09/05/number-of-working-america_n_278091.html)
US-Talibanjäger rücken in Bundeswehr-Sektor ein (http://www.spiegel.de/politik/ausland/0,1518,647192,00.html)
Verteidigungsminister Jung wurde spät informiert und ist nun verärgert: Die "US Special Forces", für ihr ruppiges Vorgehen bekannt, haben Quartier im deutschen Afghanistan-Stützpunkt Masar-i-Scharif bezogen. Die Bundeswehr selbst steht nach dem Nato-Angriff auf Tankwagen international in der Kritik. mehr... (http://www.spiegel.de/politik/ausland/0,1518,647192,00.html) [ Video (http://www.spiegel.de/video/video-1020024.html) | Forum (http://forum.spiegel.de/showthread.php?t=8098) ]
:demut USA :bad
Back to Business
Wall Street Pursues Profit in Bundles of Life Insurance
By JENNY ANDERSON (http://topics.nytimes.com/top/reference/timestopics/people/a/jenny_anderson/index.html?inline=nyt-per)
Published: September 5, 2009
:kotz After the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one :gomad:gomad:gomad
Rating the New Products: Jan Buckler and Kathleen Tillwitz of DBRS, which is reviewing proposals for life- insurance securitizations.
The bankers plan to buy “life settlements,” life insurance policies that ill and elderly people sell for cash — $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to “securitize” these policies, in Wall Street jargon, by packaging hundreds or thousands together into bonds. They will then resell those bonds to investors, like big pension funds, who will receive the payouts when people with the insurance die.
The earlier the policyholder dies, the bigger the return — though if people live longer than expected, investors could get poor returns or even lose money.......
full story: http://www.nytimes.com/2009/09/06/business/06insurance.html?_r=1&hp
.....es ist einfach nicht zu fassen - sie gehören dahin http://etc.usf.edu/clipart/15200/15229/guillotine_15229_md.gif
05 September 2009
A Reading for the Weekend of 5 September 2009 (http://jessescrossroadscafe.blogspot.com/2009/09/reading-for-weekend.html)
"We are slow to master the great truth that Christ is, as it were, still walking among us, and by His hand, or eye, or voice, bidding us to follow Him.
We do not understand that His call is a thing that takes place now. We think it took place in the Apostles' days; but we do not believe in it; we do not look for it in our own case.
God's presence is not discerned at the time when it is upon us, but afterwards, when we look back upon what is gone and over. The world seems to go on as usual. There is nothing of heaven in the face of society, in the news of the day. And yet the ever-blessed Spirit of God is there, ten times more glorious, more powerful than when He trod the earth in our flesh.
There is an inward world, which none see but those who belong to it. There is an inward world into which they enter who come to Christ, though to men in general they seem as before. If they have drunk of Christ's cup it is not with them as in time past.
They came for a blessing, and they have found a work.
Let us feel what we really are--sinners attempting great things. Let us simply obey God's will, whatever may come. He can turn all things to our eternal good. Easter day is preceded by the forty days of Lent, to show us that they only who sow in tears shall reap in joy.
http://4.bp.blogspot.com/_H2DePAZe2gA/SqK15mdpVOI/AAAAAAAAJxA/O-as4EIhsdQ/s320/jesus-calms-the-storm_1_.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/SqK15mdpVOI/AAAAAAAAJxA/O-as4EIhsdQ/s1600-h/jesus-calms-the-storm_1_.jpg)God has created me to do Him some definite service; He has committed some work to me which He has not committed to another. I have my mission—I never may know it in this life, but I shall be told it in the next.
I am a link in a chain, a bond of connexion between persons. He has not created me for naught. I shall do good, I shall do His work; I shall be an angel of peace, a preacher of truth in my own place, while not intending it, if I do but keep His commandments and serve Him in my calling.
Therefore I will trust Him. Whatever, wherever I am, I can never be thrown away. If I am in sickness, my sickness may serve Him; in perplexity, my perplexity may serve Him; if I am in sorrow, my sorrow may serve Him. My sickness, or perplexity, or sorrow may be necessary causes of some great end, which is quite beyond us.
He does nothing in vain; He may prolong my life, He may shorten it; He knows what He is about. He may take away my friends, He may throw me among strangers, He may make me feel desolate, make my spirits sink, hide the future from me—still He knows what He is about.
The more we do, the more shall we trust in Christ; and that surely is no morose doctrine, that leads us to soothe our selfish restlessness, and forget our fears, in the vision of the Incarnate Son of God.
May the Lord support us all the day long, till the shades lengthen, and the evening comes, and the busy world is hushed, and the fever of life is over, and our work is done. Then in His mercy may He give us safe lodging, and a holy rest, and peace at last."
From a collection of quotations from John Henry Cardinal Newman put together by le Propriétaire as a younger man, recently recovered from a bundle of old papers. It was part of a series of essays for the invisible community of those who care for the things of the mind and Spirit, a circle of friends around the world.
Posted by Jesse at 2:27 PM (http://jessescrossroadscafe.blogspot.com/2009/09/reading-for-weekend.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=321932207344028138) :verbeug
Sep 6, 2009, 3:26 a.m. EST
Obama `green-jobs' adviser Jones quits over statements
TEL AVIV (MarketWatch) -- Van Jones, the Obama administration environmental-policy adviser whose inflammatory statements on a number of matters created public controversy, resigned on Sunday, media reports said.
Jones had advised the administration on environmentally friendly jobs at the White House Council on Environmental Quality.
A video had showed Jones referring to Republicans in a crude manner. In addition, media reports said, he had signed a petition tied to allegations that the U.S. government had played a role in the 9/11 attacks on the World Trade Center and the Pentagon.....
full story: http://www.marketwatch.com/story/obama-green-jobs-adviser-resigns-over-statements-2009-09-06
....ob das jemals aufgearbeitet wird :rolleyes:confused
a taoist parable from ancient china (http://goldtent.net/wp_gold/2009/09/06/a-taoist-parable-from-ancient-china/)
-> Posted by treefrog @ 0:58 am on September 6, 2009
the chinese are an old and in many ways, wise culture. manyof their attitudes are different from ours. this does not mean they are wrong, just different. the chinese are many things, but stupid isn’t one of them. i believe now would be a good time to relate the parable of the farmer and the horse.
once upon a time there was a farmer who had a very beautiful horse. his neighbors would gather at the fenceline to watch the farmer and his horse. “your horse is very beautiful. he is the best horse in the world!”
the farmer would smile and say, “yes, he is a good horse.”
one day, the horse jumped the fence and ran away. the neighbors came over, weeping and wailing, “your horse is gone! this is a disaster! this is the worst thing that has ever happened!”
“yes,” said the farmer, “the horse is gone.”
three days later the horse came back with four wild mares he had found, and they all jumped the fence into the farmer’s field.
the neighbors came by, whooping and hollering, “your horse is back! he has brought back more horses with him! it’s wonderful! it’s a miracle!”
“yes,” said the farmer, “the horse is back.”
a few days later the farmer’s son was breaking one of the new mares to saddle, and the horse threw him, breaking his leg.
again, the neighbors came by, weeping and screeching, “your son has broken his leg! he’s crippled! this is a tragedy! it’s the worst thing that has ever happened!”
“yes,” said the farmer, “the kid’s got a broken leg all right.”
two weeks later the emperor’s army came through the village and took all the able bodied young men away to be soldiers.
Natural Gas Hits A Roadblock In Energy Bill: Coal Lobby (http://www.nytimes.com/2009/09/07/business/07gas.html)
...also wichtiger als die Umwelt ist die Stärke der Lobby :bad:gomad
Charity: US Troops Stormed Through Afghan Hospital, Tied Up Staff :gomad
Quick Read (http://www.huffingtonpost.com/2009/09/07/us-troops-stormed-through_0_n_278627.html) |
Comments (16) (http://www.huffingtonpost.com/2009/09/07/us-troops-stormed-through_0_n_278627.html)
Tom Canavan (http://www.huffingtonpost.com/users/profile/Tom_Canavan) http://external.ak.fbcdn.net/safe_image.php?logo&d=3d9fd048c32f44e6450f85638c35624a&url=http%3A%2F%2Fprofile.ak.fbcdn.net%2Fv226%2F1234%2F25%2Fs541993855_1117.jpg&v=5 (http://www.huffingtonpost.com/users/profile/Tom_Canavan)
The more we find out about these disgusting events,it seems the only difference between the Taliban and US forces are the clothes they wear.
07 September 2009
The Extreme of the Will to Power and Their Followers the Socially Immature (http://jessescrossroadscafe.blogspot.com/2009/09/fascism-is-extreme-of-socially-immature.html)
"I am afraid we may have, in the near future, friendly fascism. And I do not use the term lightly. I grew up under fascism, in Franco’s Spain, and if nothing else, I recognize fascism when I see it. And we are seeing a growing fascism with a working-class base in the U.S. This is why we cannot afford to see Obama fail. But his staff and advisors are doing a remarkable job to achieve this. Ideologues such as chief-of-staff Rahm Emanuel (who, when a congressman, was the most highly funded by Wall Street) and his brother, Ezekiel Emanuel (who did indeed write that old people should have a lower priority for health care spending) are leading the country along a wrong path." Vincente Navarro
"Communism and fascism or nazism, although poles apart in their intellectual content, are similar in this, that both have emotional appeal to the type of personality that takes pleasure in being submerged in a mass movement and submitting to superior authority." James A. C. Brown<
Vincent Navarro writes an amazingly insightful political analysis of health care reform and the Obama Adminstration. This is as we would expect, since Navarro, is an M.D., Ph.D., and professor of Health Policy at The Johns Hopkins University and editor-in-chief of the International Journal of Health Services.
But then he goes on to end his essay with this remarkably bad prescription.
"Given this reality, it seems to me that the role of the left is to initiate a program of social political agitation and rebellion (I applaud the health professionals who disrupted the meetings of the Senate Finance Committee), following the tactics of the Civil Rights and anti-Vietnam War movements of the 1960s and 1970s. It is wrong to expect and hope that the Obama administration will change. Without pressure and agitation, not much will be done."
The Will to Power has a bewitching siren call. It offers simple solutions to complex problems. It provokes the problem - reaction - solution cycles, and the eye for an eye approach that makes the whole world blind.
And yet, like most dark powers, it decimates and destroys who pick up the sword, and lays waste to them, their country, and their children.
This is the lesson of history, that a people in their passion forget.
Posted by Jesse at 12:24 PM (http://jessescrossroadscafe.blogspot.com/2009/09/fascism-is-extreme-of-socially-immature.html) http://www.blogger.com/img/icon18_email.gif :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1865462167350021549) (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1865462167350021549)
-> Posted by goldielocks @ 0:42 am on September 8, 2009
I got this email this morning.
Folks, it’s about to hit, and hit hard. Better get your curds and whey up, or you may find yourself sitting home with nothing to eat.
Also, in speaking to Mr. “B,” he reports to get a Pressure Cooker, if you do not have one. He listed so many reasons, I’ll have to tell you about them later.
But, for now, he states adamantly: ” Get a Presto Stainless Steel Pressure cooker for 6 quarts (http://gopresto.com/products/products.php?stock=0136210) for now; later get another with 8 quarts stainless steel (http://gopresto.com/products/products.php?stock=0137003) pressure cooker. Do not get an aluminum cooker! Order with it, a stainless steel steamer with trivet, extra gasket, overpressure plug, air vent/cover lock with rubber gasket.
He literally scared the living fire out of me! I ordered the 6 and 8 quart with the extra parts and have begun practicing with the 6 quart for all the emergencies he said that would be coming…especially for the rotten food and contaminated water. “Don’t,” Mr. “B” said, “feel secure in your freeze–dried foods and home canning when you have to start eating them to just stay alive. There are problems out there you’re not aware of.”
Unknown to the general public, China has decided it is tired of losing money on derivatives trades that are likely being manipulated by the big banks (the usual suspects), so it has decided to default rather than take the losses. What does this mean? It means that the bankrupt big banks, which have already been rescued once by huge amounts of taxpayer money, are about to take some really huge losses. And all for making bets on the price of oil.
Remember what happened last year about this time, when the credit markets all over the world seized up? Look for more of the same, and maybe worse.
Let’s take a look at what Dr. Gary North has to say about the subject on his members-only website. Click on his links to read more about the subject
What Will Happen When (Not If) China Defaults on Its Derivative Contracts?
Sept. 7, 2009
China has announced that it may default on derivatives held by several government enterprises. I don’t think there is any “may” about it. I strongly believe that China will default. The banks on the other side of the contracts can scream bloody murder. So what? Where can they sue China? Whose court? Who will enforce a judge’s ruling on China? The day China defaults is the day that some big banks will experience some enormous losses. Which banks? Click here for the original Reuters story. The story says that no banks have been named. I’ll bet not! It did report this:Spokespersons at Goldman Sachs (GS.N) and UBS (UBSN.VX) declined comment, and media officials at Morgan Stanley (MS.N) and JPMorgan (JPM.N) were not immediately available for comment. All are major global providers of commodity risk management.
I will say this much: if any of these goes bust, the FDIC will have to go to Congress for more money. Click here (http://thefundamentalview.blogspot.com/2009/09/china-and-buzz-of-pending-bank-default_03.html) for a detailed discussion of the coming default. The article speculates, intellectually speaking, on the commodity at risk. It’s oil. If China bows out, leaving these banks holding the bag — long contracts — then they will have to sell, and sell fast. They will all sell at once. Oil’s price will fall like a stone. The markets are ignoring this. That’s because the thought of a default by China is unthinkable. It could create another October 2008 scenario in the capital markets. The traders want to believe that China is bluffing. The Chinese government must be after something from Washington. It would have to be Washington. No one else has enough leverage, politically speaking. That is because banks have way too much leverage, economically speaking. China will get away with a default. There are no sanctions available to penalize China enough to keep the country from defaulting. It’s too big. Why should China continue to pay American banks for the privilege of being in a rigged market? China thinks it’s rigged. These are not stupid people. They are self-confident people. And they are bureaucrats. They don’t want to be exposed as the idiots they were, entering into loss-producing contracts with wily capitalist bankers. They will not take the hit, eat the loss, whatever you want to call it. When China defaults, the derivatives market could easily go into gridlock. Yet it’s a huge market. How large? In mid-2008, the estimate of the Bank for International Settlements was over a quadrillion dollars. That is not net, after all contracts are offset. Offset, maybe $14 trillion. No one knows. In short, this is larger than what any government or central bank can cover. After China defaults and gets away with it, no one will know what the $1,100-trillion nominal value contracts are really worth. Mark to market? What market? You get the idea. China has warned Western banks that this is coming. The investing public does not believe China. I do. If the disputed contracts are oil-related, oil will fall and gold will rise as a crisis hedge. Anyone dumb enough to enter a leveraged contract with a sovereign nation on the other side is really, truly stupid. Yet our best & brightest did this. Now they (and we) must pay the consequences. Gasoline prices will be lower. Heating oil will be lower. Unemployment will be higher. If I were a Chinese bureaucrat holding the bag on bad derivatives, I would recommend default. What if this locked China out of the oil markets? “Some other bureaucrat’s problem.” But would this lock out China? Not if China agreed to pay cash in the commodities market. Oil sellers will be desperate to sell at any price. China imports oil. What better way to buy oil at a bargain? I can’t think of any. If China is bluffing, what is it bluffing for? A concession from the U.S. government? On what? A bluff that does not rattle the targeted market is not taken seriously. Why go public with this story in advance if it’s a bluff? In any case, what if Washington calls the bluff, thinking it’s a bluff, and it isn’t? This is a high-states bluff.
07 September 2009
China Admonishes US Monetization, Sees a Hard Fall for the Dollar Over Time (http://jessescrossroadscafe.blogspot.com/2009/09/china-admonishes-us-monetization-see.html)
China is saying many things which are true.
They are also omitting many things that are key to the cause of our financial problems. They bought the silence of a succession of US political administrations over their blatant currency manipulation in support of trade subsidies, including the outright contributions to Clinton and Gore, and the cronyism with Bush.
China is a significant part of the problem, and like so many dogs that Wall Street helps to set up to further their gains, this one refuses to wag its tail on command.
The blowback on the US dollar will be significant.
Telegraph UK (http://www.telegraph.co.uk/finance/economics/6146957/China-alarmed-by-US-money-printing.html)
China alarmed by US money printing
By Ambrose Evans-Pritchard
9:06PM BST 06 Sep 2009
The US Federal Reserve's policy of printing money to buy Treasury debt threatens to set off a serious decline of the dollar and compel China to redesign its foreign reserve policy, according to a top member of the Communist hierarchy.
Cheng Siwei, former vice-chairman of the Standing Committee and now head of China's green energy drive, said Beijing was dismayed by the Fed's recourse to "credit easing".
"We hope there will be a change in monetary policy as soon as they have positive growth again," he said at the Ambrosetti Workshop, a policy gathering on Lake Como.
"If they keep printing money to buy bonds it will lead to inflation, and after a year or two the dollar will fall hard. Most of our foreign reserves are in US bonds and this is very difficult to change, so we will diversify incremental reserves into euros, yen, and other currencies," he said. (China is already a strong buyer in the precious metals markets, and is encouraging its citizens to buy gold and silver as well - Jesse)
China's reserves are more than – $2 trillion, the world's largest.
"Gold is definitely an alternative, but when we buy, the price goes up. We have to do it carefully so as not to stimulate the markets," he added. (The short interest being held by three or four US banks is grown remarkably large. As Barrick gold claimed in their lawsuit with JP Morgan by Blanchard, they are being backstopped by the US government. Larry Summers has been a long time proponent of controlling the price of gold to influence longer term interest rates. See his paper on Gibson's Paradox. Greenspan understood the same relationship all too well, as does Bernanke. - Jesse)
The comments suggest that China has become the driving force in the gold market and can be counted on to buy whenever there is a price dip, putting a floor under any correction. (The other central banks of the world have put a significant halt to their own selling, now realizing that the US Federal Reserve and Treasury are fighting a losing battle. - Jesse)
Mr Cheng said the Fed's loose monetary policy was stoking an unstable asset boom in China. "If we raise interest rates, we will be flooded with hot money. We have to wait for them. If they raise, we raise. (How about releasing the peg to the US dollar and allowing the yuan to appreciate, dampening your exports, Uncle Cheng? Along with encouraging domestic consumption and higher wages. - Jesse)
"Credit in China is too loose. We have a bubble in the housing market and in stocks so we have to be very careful, because this could fall down." (Apparently the Chinese do not lie to their people yet about the true state of their economy. Greenspan and Geithner have much to teach them. - Jesse)
Mr Cheng said China had learned from the West that it is a mistake for central banks to target retail price inflation and take their eye off assets.
"This is where Greenspan went wrong from 2000 to 2004," he said. "He thought everything was alright because inflation was low, but assets absorbed the liquidity." (He didn't go wrong. He did not care. He was willfully blind. He was brought in to the banking ponzi scheme in 1996 - Jesse)
Mr Cheng said China had lost 20m jobs as a result of the crisis and advised the West not to over-estimate the role that his country can play in global recovery. (We should have NO illusion about China doing anything to promote imports and growth for anyone but themselves, ever. It is not a free market, it is a command economy with a strong mercantilist bent. - Jesse)
China's task is to switch from export dependency to internal consumption, but that requires a "change in the ideology of the Chinese people" to discourage excess saving. "This is very difficult". (No it is not. It is hard because the Chinese elites are afraid to lose control of the country to a growing merchant and middle class. - Jesse)
Mr Cheng said the root cause of global imbalances is spending patterns in US (and UK) and China. (One of the root causes was the devaluation of the Chinese yuan in the mid-1990's, and the allowance thereafter of China into most favored nation trading status with the US after making considerable contributions to Bill Clinton and Al Gore, through the Chinese military. Remember that scandal? - Jesse)
"The US spends tomorrow's money today," he said. "We Chinese spend today's money tomorrow. That's why we have this financial crisis...."
(Perhaps it is more correct to say that we have this crisis because statist governments and crony capitalists continually interfere with market mechanisms, creating unintended consequences and downtream crises that are growing increasingly severe and systemically threatening. - Jesse)
Posted by Jesse at 1:38 PM (http://jessescrossroadscafe.blogspot.com/2009/09/china-admonishes-us-monetization-see.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6508610864151890038) :verbeug
:gruebel :confused :rolleyes :nw
Uni-Spital Zürich behandelt keine US-Patienten mehr
Ausländische Patienten sind nicht bei allen Schweizer Krankenhäuser willkommen. Das Zürcher Uni-Spital will keine US-Patienten mehr aufnehmen.
Weil es sich vor möglichen Schadensersatzklagen in Millionenhöhe schützen will, behandelt das Universitätsspital Zürich (USZ) keine US-Amerikaner mehr. Nur Notfälle werden noch verarztet. Darauf hat das USZ sein Personal kürzlich hingewiesen, berichtet die Zürcher „Sonntags-Zeitung“.
Von dem Behandlungsverbot seien nur sogenannte „Gesundheitstouristen“ betroffen, die keinen Wohnsitz in der Schweiz haben. Kunstfehler an US-Patienten können die Krankenhäuser laut USZ bis zu 30 Millionen Dollar kosten. Dazu sei es aber am Universitätsspital Zürich bisher noch nicht gekommen. (mhe)
...uiuiuiui - das wird wieder mal für Aufregung sorgen, oder nicht :confused es ist natürlich schon an der Grenze des Schwachsinns, wenn jemand eine Million bekommt weil er den Kaffee zu heiss getrunken hat oder seinen Fifi in den MicroOfen gesteckt hat :rolleyesbei den Amis möglich - allerdings die Kunstfehler gewisser Ärzte :rolleyes andererseits warum will sich ein Ami hier behandeln lassen wenn doch die USA das Land der unbegrenzten Möglichkeiten ist :rolleyes
möchte nürlich als Schweizer daraufhin nicht unbedingt in USA ein Krankenhaus aufsuchen müssen :mad und dazu: die Frau eines Schweizer Geschäftsmannes bricht sich beim Skifahren in Aspen (ehrlich gesagt ich weiss nicht mehr ganz genau was, aber es war aber sehr viel komplizierter als Arm oder Bein) etwas am Becken, ins Spital - dort wollte man einen 5-stelligen Betrag als Vorkasse plus Garantien der Versicherung, es war Samstag und niemand von den Versicherungen in der Schweiz zu erreichen, sie wird wieder ins Hotel zurück verfrachtet, halb bewusstlos vor Schmerzen und am übernächsten Tag mit dem Flugzeug in die Schweiz gebracht, dort lag sie noch Wochen. Ich weiss nicht ob sie ganz geheilt ist jetzt. Der Mann war am verzweifeln, hatte top Versicherungen, war finanziell gut gestellt und die Amis haben ihm die Arschkarte gezeigt - und das Ganze spielte sich vor einigen Monaten ab......
Swiss topple U.S. as most competitive economy: WEF
By Sven Egenter Sven Egenter – Tue Sep 8, 3:10 am ET
GENEVA (Reuters) – Switzerland knocked the United States off the position as the world's most competitive economy as the crash of the U.S. banking system left it more exposed to some long-standing weaknesses, a report said on Tuesday......
........"There are problems on the financial market that we were not aware of before. These countries (like the U.S. and Britain) are getting penalized now," she said.
Trust in Swiss banks also declined. But in the assessment of banks' soundness, the Alpine country still ranked 44th. U.S. banks fell to 108 -- right behind Tanzania :respekt -- and British banks to 126 in the ranking, now topped by Canada's banks.......
........Leading emerging markets Brazil, India and China improved their competitiveness despite the crisis, the report showed......
......After years of rapid improvement, which took it to place 29, China now had to tackle shortcomings in areas such as financial markets, technological readiness and education as it could no longer rely on cheap labor alone to generate growth.
India, ranked 49th.........
For the full report click on: www.weforum.org/gcr (http://us.rd.yahoo.com/dailynews/nm/bs_nm/storytext/us_competitiveness_report/33305274/SIG=10sbbo5ub/*http://www.weforum.org/gcr)
(Reporting by Sven Egenter; Editing by Andy Bruce)
full story: http://news.yahoo.com/s/nm/20090908/bs_nm/us_competitiveness_report;_ylt=AtGzKFLxBAsmwOknuu7IMxWs0NUE;_ylu=X3oDMTNic3VpYnQ5BGFzc2V0A25tLzIwMDkwOTA4L3VzX2NvbXBldGl0aXZlbmVzc19yZXBvcnQEY3BvcwM1BHBvcwMyBHB0A2hvbWVfY29rZQRzZWMDeW5faGVhZGxpbmVfbGlzdARzbGsDc3dpdHplcmxhbmR0
TMI There, Dick. T. M. I. (http://lolfed.com/2009/09/08/tmi-there-dick-t-m-i/)
September 8th, 2009 by Jason · lehman brothers (http://lolfed.com/category/lehman-brothers/)
It’s September in America, which means a solemn anniversary is upon us, a day that irreversibly changed everything not only in this country, but around the world. I’m talking, of course, about the September 15th anniversary of Lehman’s collapse (http://lolfed.com/2008/09/15/pwned-heres-a-copy-of-lehmans-bankruptcy-petition/). Has it been a year? Why, the time just seems to fly, at least if you’re not former Lehman chief Dick Fuld (http://www.reuters.com/article/ousiv/idUSTRE5864CH20090907?pageNumber=1&virtualBrandChannel=0) who reveals all in a recent interview with Reuters.
“You don’t have a gun; that’s good.”
That was how Richard Fuld greeted a Reuters reporter who had tracked him down to his country house in a bucolic setting beside a river and amid tree-covered slopes in Ketchum, Idaho last Friday.
Really? Meeting with Dick Fuld and you didn’t bring a gun, even an unloaded one, just to see him squirm? Come on, Reuters! So Dick’s a-talking, and he’s a-saying things that…well, they make me squirm. Taking him at his literal word, not only did he actually get punched in the face (http://lolfed.com/2008/10/07/ok-dick-fuld-really-did-get-punched-in-the-face/), he starred in a German fetish porno: “You know what? The anniversary’s coming up,” he said. “I’ve been pummeled, I’ve been dumped on, and it’s all going to happen again. I can handle it. You know what, let them line up.”
Ewwwww. Look, people. Punch him if you can (don’t actually punch him – Ed.). Threaten him with a toy gun if you must. But don’t poop on him. That’s just not sanitary. “They’re looking for someone to dump on right now, and that’s me,” Fuld lamented and later added: “You know what they say? ‘This too shall pass.’”
No, Dick, I really don’t think this one is going to pass. Heck, it’s been nearly 2,000 years and still the image of Nero fiddling while Rome burned has endured. I’m pretty sure you’re still going to be the posterboy of fail for at least the rest of your years. But look on the bright side, you can afford to rock out in Ketchum, which is more than many of your former employees can claim, so life ain’t too bad, is it? Well, maybe. “He got such negative press — they made him out to be this devil,” said one past associate. “So I think he’s embarrassed to be seen in public, afraid someone is going to throw a pie in his face.”
This sort of works two ways. I mean, I cannot even imagine what it would feel like to live in constant fear of someone literally throwing a pie in my face at any moment. How do you prepare for that, besides having all your suits Scotchguarded? But on the other hand, a pie in the face really isn’t all THAT bad, if that’s your worst concern. Being shoved in front of a bus sounds a lot worse than a pie in the face, unless you’re allergic to coconuts. Does Dick have any allergies? Someone get on that.
And at least he has things going on in life that warrant his walking down the street. Being sued all the time, by everyone, is no way to spend your forced retirement. While he has his legacy to worry about, there’s ultimately not much he can do on that front. While Fuld has his defenders, Lawrence McDonald, a former Lehman vice president of distressed debt and convertible securities trading, who wrote a book about the Lehman collapse — “A Colossal Failure of Common Sense” — called him arrogant and irresponsible.
Speaking with the Reuters reporter the next day at the Salt Lake City airport, Fuld called McDonald’s book “absolutely slanderous,” adding: “You know, ‘Dick never left his office.’ Well, I left my office, I left my office plenty.”
Dick, it’s libel if it’s in print, unless maybe you had the audiobook version. “I’m not a defeatist,” he said. “I do believe at the end of the day that the good guys do win. I do believe that.”
Well, you’re right about that last part. Welcome to the end of the day. I notice that you’re not winning.
Cuomo: Bank of America Officials May Be Charged (http://jessescrossroadscafe.blogspot.com/2009/09/cuomo-bank-of-america-officials-may-be.html)
The charges center around the acquisition of Merrill Lynch, and the lack of disclosure regarding losses, and the accelerated bonuses paid to Merrill.
Cuomo also cites their indiscriminate use of attorney - client privilege to mask wrongdoing.
Cuomo's action is a slap at the SEC which has crafted a settlement with the Bank, which has been challenged repeatedly by the Judge as a wristslap, defying commen sense and basic justice.
This comes as the SEC faces further charges of a whitewash of their involvement with the Madoff Ponzi scheme scandal, and the lack of discovery of the fate of the billions which Madoff took from investors.
Reminds one of the Spitzer actions as the New York Attorney General in which he brought Wall Street to judgement and a settlement on its scandals regarding analysts improper rating of stocks from the tech bubble. There had been repeated attempts by the federal regulators to short circuit Spitzer.
UPDATE 1-NY's Cuomo may charge BofA execs over Merrill
Tue Sep 8, 2009 3:05pm EDT
NEW YORK, Sept 8 (Reuters) - New York's attorney general threatened on Tuesday to file charges against top executives of Bank of America Corp over the disclosure of details regarding bonuses it authorized to Merrill Lynch & Co employees before the company's merger.
Andrew Cuomo, the attorney general, made the threat as U.S. District Judge Jed Rakoff considers whether to approve the bank's $33 million civil settlement with the U.S. Securities and Exchange Commission about the disclosures.
The judge has rejected the settlement twice, and Bank of America and the SEC are expected to made new submissions in the matter by Wednesday.
Cuomo accused Bank of America of using a defense of attorney-client privilege to explain why it should not release more information about who authorized the payment of billions of dollars of bonuses.
"We cannot simply accept Bank of America's officers' naked assertions that they sought and relief on advice of counsel in good faith, and that, therefore, they should not be charged," Cuomo wrote in a letter to the bank's lawyer.
He gave the bank until Sept 14 to provide more information.
Bank of America did not immediately return a call seeking comment. (Reporting by Jonathan Stempel; Additional reporting by Elinor Comlay and Grant McCool; Editing by Ted Kerr)
Posted by Jesse at 2:51 PM (http://jessescrossroadscafe.blogspot.com/2009/09/cuomo-bank-of-america-officials-may-be.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3792164597572620146) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3792164597572620146)
NBC's Meet The Press Concerned About Spread Of Disinformation On Internet (http://www.zerohedge.com/article/nbcs-meet-press-concerned-about-spread-disinformation-internet)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/08/2009 10:29 -0500
The Internet retorts that it is even more concerned by spread of disinformation by NBC/GE subsidiaries.
80 comments (http://www.zerohedge.com/article/nbcs-meet-press-concerned-about-spread-disinformation-internet#comments)
on Tue, 09/08/2009 - 10:38
Hey They are RIGHT!!!!
Look what I found out there on the world wide interweb!
US Dollar Seasonality (http://jessescrossroadscafe.blogspot.com/2009/09/us-dollar-seasonality.html)
Rough seas ahead for Uncle Buck.
Chart Courtesy of ContraryInvestor.com
Posted by Jesse at 6:16 PM (http://jessescrossroadscafe.blogspot.com/2009/09/us-dollar-seasonality.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6885727292174401177) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6885727292174401177)
08 September 2009
Barrick Capitulates (http://jessescrossroadscafe.blogspot.com/2009/09/barrick-capitulates.html)
http://3.bp.blogspot.com/_H2DePAZe2gA/SqcYKeW0FII/AAAAAAAAJxY/HtKNK5W6oVc/s320/goldstreet.jpg (http://3.bp.blogspot.com/_H2DePAZe2gA/SqcYKeW0FII/AAAAAAAAJxY/HtKNK5W6oVc/s1600-h/goldstreet.jpg) Barrick Gold and their bullion bank partner J.P. Morgan were the target of lawsuits by the gold bulls, most recently Blanchard and Company, for price manipulation through the use of forward sales in their hedge book. The contention was that the selling was being used to manipulate the price of gold.
Barrick's initial defense was that if they were acting in conjunction with the central banks, they were therefore immune from prosecution since the central banks are immune from prosecution. Details of that story are here (http://www.hartford-hwp.com/archives/25/065.html). The public document that Blanchard had put forward was shocking in its implications indeed, and can be seen here (http://www.lemetropolecafe.com/img2003/memoformotiontodis.pdf).
Almost as shocking as the complete lack of interest and follow up in such a potential scandal by the financial community, market regulators, and the media.
One has to wonder what Barrick's management now sees in the precious metal markets, in order to accept this significant shareholder dilution to take down those fixed price contracts now.
On a related note, one of the current largest holders of the gold ETF (GLD) is now reported to be J.P Morgan, which is also a holder of one of the largest short gold positions on the COMEX. There was a bit of a row last year when it was revealed that the rules of the exchange would allow holders of short gold positions to make delivery good in, wait for it, the GLD ETF rather than in physical bullion.
In an ideal, efficient market there would have been transparency and symmetric disclosure of information under the auspices of the CFTC and the SEC, rather than cross accusations and lawsuits. The exact details of what had transpired are not known as the Blanchard lawsuit was settled.
The CFTC seems to be finally willing to act to place position limits on some of the commodity markets, such as oil, that have been the subject of speculative manipulation in recent years. Perhaps some day this will also include other reforms, and will include all the commodity markets.
How sweet it must be for the 'gold bugs' who had repeatedly cautioned Barrick's management on their use of hedges and fixed priced arrangement with the bullion banks.
Although for a large shareholder or group of shareholders in Barrick, one would think that a much more complete disclosure of the nature of this loss and the counter parties would be expected. How involved was J. P. Morgan? Was the Federal Reserve or any other central bank an actual counterparty or collaborator as Barrick apparently claimed in court in 2003? Does this have anything to do with China's recent position on derivatives obligations held by its State Owned Enterprises?
It does sound like there is now a Barrick put under the price of gold, in addition to the China put, that is, a floor under the price of the metal in the front month or spot markets.
In these opaque markets one can still only wonder what is really going on behind the scenes, in a number of financial arrangements. Yes we can.
Barrick to Sell $3 Billion in Stock to Buy Back Hedges
By Cameron French
Tuesday, September 8, 2009
TORONTO -- Barrick Gold, the world's biggest gold producer, said on Tuesday it will issue $3 billion in stock and use the proceeds to buy back all of its fixed-price gold hedges and a portion of its floating hedges.
Barrick will take a $5.6 billion charge on its third-quarter earnings as a result of the move.
During times of weak prices, gold miners often sell a portion of their future production to protect, or hedge, against the possibility that prices will fall.
When prices rise, as they have done since 2001, the company suffers because value of the future production they've sold does not increase with the gold price. (The central banks of the world have turned from net sellers to buyers of gold this year, led by the BRIC countries who wish to hedge their reserves against a declining dollar - Jesse)
"The gold hedge book has been a particular concern among our shareholders and the broader market, which we believe has obscured the many positive developments within the company," Barrick Chief Executive Aaron Regent said in a statement. (The new CEO did the right thing, and finally removed this albatross around Barrick's neck, taken on during the tenure of its former chairman, Peter Munk, who recently retired. - Jesse)
Barrick stopped hedging, or forward-selling, its gold in 2003.
It exited its production hedge book two years ago, and the company has faced repeated questions from analysts and shareholders since then about its plans for the remaining 9.5 million ounces it had hedged to finance projects.
The equity deal comes as a resurgent gold price and healing credit markets have prompted investors to snap up gold stocks, bullion and equity.
The metal's price hovered just below $1,000 an ounce on Tuesday.
Barrick will issue 81.2 million shares at $36.95 a share, a 6 percent discount to the stock's New York closing price of $39.30 on Tuesday.
The company will use $1.9 billion of the proceeds to eliminate all of its fixed-price gold contracts -- on which the company effectively lost money every time the gold price rose -- by purchasing gold on the open market and delivering it into the contracts.
It will use about $1 billion to eliminate some of its floating spot price contracts. (Are they buying them out from the counterparties? Is J. P. Morgan one of them? - Jesse)
After the deal, Barrick will still hold floating hedges with a negative mark-to-market value of $2.7 billion, but the $5.6 billion charge will remove it from the balance sheet. (It sound as if they are writing them off as a loss - Jesse)
Bill O'Neill, a partner at LOGIC Advisors in Upper Saddle River, New Jersey, said the deal would not likely have a material impact on the gold market. (Off the cuff, the Barrick statement implies that they will be purchasing 4% of total world production in the open market for bullion which is already tight at these prices in addition to taking an enormous amount of forward selling off the market. Unless, of course, they can take delivery directly from existing reserves, such as from the Fed via the IMF. - Jesse)
Posted by Jesse at 8:55 PM (http://jessescrossroadscafe.blogspot.com/2009/09/barrick-capitulates.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=2201360657715607348) :verbeug
:kotz Jamie der smarte Jamie lässt grüssen :mad
US Citizens Starting To Rebel Against Wall Street (http://www.zerohedge.com/article/us-citizens-starting-rebel-against-wall-street)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/09/2009 11:15 -0500
"You are evil thieving bastards, you have reaped ungodly profits in your behemoth casino scams, then lost, only to turn around and usurp the wealth of this great nation by the outright rape and pillage of middle class Americans' whose sweat and toil built it. The biggest ripoff in the history of the world is padding your bonus checks with the Federal Government as your co-conspirators. Every last one of you should be rotting in prison." - American Middle Class Representative
79 comments (http://www.zerohedge.com/article/us-citizens-starting-rebel-against-wall-street#comments)
...immerhin etwas - wenn es auch diesem miesen Pack scheissegal ist, es sei denn es stehen wirklich mal einige mehr auf den Barrikaden :o
Katastrophe | 09.09.2009
Flutkatastrophe in Istanbul
Großansicht des Bildes mit der Bildunterschrift: Böse Überraschung: Die Fluten kamen, während die Fahrer schliefen (http://www.dw-world.de/popups/popup_lupe/0,,4662533,00.html)
In der Türkei sind bei den heftigsten Regenfällen seit achtzig Jahren mindestens 28 Menschen ums Leben gekommen. Allein in Istanbul starben zwanzig Menschen. Sie wurden von einer gewaltigen Flutwelle in den Tod gerissen. :(
ganzer Artikel: http://www.dw-world.de/dw/article/0,,4662533,00.html
Priceless: How The Federal Reserve Bought The Economics Profession (http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html)
Anna Burger: US Chamber of Commerce at the Root of Financial Crisis (http://www.huffingtonpost.com/anna-burger/us-chamber-of-commerce-at_b_280219.html)
Quick Read (http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html) |
Comments (3,651) (http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html)
sirale (http://www.huffingtonpost.com/users/profile/sirale) Greedy and smart people want others to be stupid!
For that they use religion, political fraternities (GOP) and false prophets (Reagan).
Amazing New NASA Images From Hubble Telescope (PHOTOS) (http://www.huffingtonpost.com/2009/09/09/amazing-new-nasa-images-f_n_280566.html)
Posted: 09- 9-09 11:46 AM
Check out these newly released photos from the refurbished Hubble Telescope. They are not to be believed! Be sure to pick your favorite space shot.
The Butterfly :eek
1 of 5
Jobs in Fighting Form After Liver Transplant
By BRAD STONE (http://topics.nytimes.com/top/reference/timestopics/people/s/brad_stone/index.html?inline=nyt-per) and DAVID POGUE (http://topics.nytimes.com/top/reference/timestopics/people/p/david_pogue/index.html?inline=nyt-per)
Published: September 9, 2009
SAN FRANCISCO — After a prolonged absence from the public eye, a thin but energetic Steven P. Jobs (http://topics.nytimes.com/top/reference/timestopics/people/j/steven_p_jobs/index.html?inline=nyt-per) reappeared Wednesday at an Apple (http://topics.nytimes.com/top/news/business/companies/apple_computer_inc/index.html?inline=nyt-org) news conference and addressed his illness in personal terms for the first time......
..ich hoffe er kommt wieder richtig auf die Beine :)
A MUZZLE FOR OLD YELLER (http://www.huffingtonpost.com/2009/09/10/joe-wilsons-apology-to-ob_n_281772.html)
Watch: "You Lie!"... (http://www.huffingtonpost.com/2009/09/09/gop-rep-wilson-yells-out_n_281480.html) Rep. Joe Wilson Widely Denounced... Joe Biden: I Was Embarrassed For The Congress... (http://www.huffingtonpost.com/2009/09/10/joe-wilsons-apology-to-ob_n_281772.html) Rep. James Clyburn: Wilson's Apology "Cowardly"... Sen. Arlen Specter: He Needs To Do More (http://www.huffingtonpost.com/rob-miller/why-im-running-for-congre_b_139582.html)
Wilson's Congressional Opponent Raises $100,000 From Outburst (http://www.huffingtonpost.com/2009/09/10/rob-miller-wilsons-oppone_n_281931.html)
Quick Read (http://www.huffingtonpost.com/2009/09/10/joe-wilsons-apology-to-ob_n_281772.html) |
Comments (486) (http://www.huffingtonpost.com/2009/09/10/joe-wilsons-apology-to-ob_n_281772.html)
Joethepauper (http://www.huffingtonpost.com/users/profile/Joethepauper) That's just wrong! For 8 years we had a President who did lie to the American people and Congress (about WMD, ties to AQ, greeted as liberators, mushroom cloud, etc.), and the Dems never ruined the decorum of Bush's speeches. People died and were maimed for life over those lies. Our country lost it's credibility because of those lies. We wasted all that money (that could have gone toward true universal healthcare), because of those lies and the Dems never interrupted any of Bush's speeches. Stay classy, Republicans!
Poll: Obama Speech Shifted Public Opinion In His Favor (http://www.huffingtonpost.com/2009/09/10/obama-speech-shifted-publ_n_281985.html)
Jane Hamsher: Obama's Speech: Trapped In the Gap Between Action and Rhetoric (http://www.huffingtonpost.com/jane-hamsher/obamas-speech-trapped-in_b_282377.html)
Rep. Maxine Waters: Moving Forward with Meaningful Health Care Reform (http://www.huffingtonpost.com/rep-maxine-waters/moving-forward-with-meani_b_282374.html)
Quick Read (http://www.huffingtonpost.com/2009/09/10/obama-speech-shifted-publ_n_281985.html) |
Comments (661) (http://www.huffingtonpost.com/2009/09/10/obama-speech-shifted-publ_n_281985.html)
...bin etwas unterwegs :) http://www.monikastellmach.de/Monisinternetbilder/filmgifs/vogelwurmfilmgif.gif :winke
... reise gut, LUNAR !
...danke Silverbay :) ist momentan ein ziemliches hin und her - und Ferien sind auch bald auf dem Plan :cool:)
...da ich Jesse so sehr schätze :) und der Faden nicht ganz verloren gehen soll ;)
13 September 2009
Moral Hazard and Economic Donkeys (http://jessescrossroadscafe.blogspot.com/2009/09/moral-hazard-and-economic-donkeys.html)
"It's almost as if the biggest credit bubble in history never occurred. Investors are increasingly convinced that a sustainable global recovery is emerging out of the wreckage. All praise to the central bankers for saving the world! I'm waiting till someone writes about the return of the Great Moderation and suggests Ben Bernanke is the new Maestro. Then I'll know the lunatics have taken over the madhouse...yet again." Albert Edwards, Société GénéraleWhat Simon Johnson is describing in this essay attached below is moral hazard, the corruption of the capitalist system introduced by a Fed (the Economic Donkeys) that recklessly exercises a function as 'lender of last resort,' in conjunction with a political environment (less sophisticated Economic Donkeys) that can be politely described as being driven by 'regulatory capture' rather than the less euphemistic 'rampant corruption.'
Moral hazard is not a popular topic, on the left or on the right. When moral hazard was mentioned as a consideration in the bank bailouts proposed by then Treasury Secretary Hank Paulson, a popular liberal economist bombastically expounding with a blog (PLEBEWAG) went into a hissy fit of self-righteous indignation, condemning those who even think about things like 'moral hazard' as fundamentalist ethical Luddites.
The problem is that moral hazard is an ethical consideration, a restraint on the tools available for centralized financial engineering. This aversion to restraint is characteristic of neither the moderate right nor the left per se, but it does distinguish the statists from those who favor the individuals and 'market-based capitalism.'
What can one think about these things, when so many economists can get it so wrong, for so long, with such passionate intensity, and remain largely unapologetic and unchanged themselves, swearing allegiance to the power of financial engineering with just a little more power and purview? Hence the proposal to centralize regulation in the Fed, surely one of the most bizarre suggestions after a crisis caused by the Fed that one can imagine.
It is all part of the momentum of the status quo, those who enable a system at least in part because they believe it in as a first principle, benefit from it, even if they are not direct participants, or may only wish to be beneficiaries of the greater power and prestige of the State.
It is an essay worth reading. Here is a relevant excerpt.
Until the Banks are restrained, and the financial system reformed, and balance restored to the economy, there can be no sustained economic recovery.
Or anything resembling a return to the moral high ground or social justice.
"The real problem with our financial system is that our economic and political system work together to encourage excessive risk, and this risk in turn leads to cycles of prosperity and collapse. In 1998, a much smaller Lehman Brothers was placed in financial peril by the aftermath of the Asian financial crisis and failure of Long Term Capital Management, a major hedge fund. The Federal Reserve responded by lowering interest rates and other central banks followed suit. This reduced the cost of obtaining funds, effectively bailing out Lehman and other institutions in trouble.
As markets have grown to recognize how quick the Federal Reserve is to bail out institutions (and executives) in trouble, they naturally respond. In the 1990s, people talked about the “Greenspan Put” a term which derisively suggests that it is always safe to invest in risky assets, because the Federal Reserve is ready to bail out investors (a put is effectively a promise to buy an asset at a fixed price if you are unable to sell it to someone else at a higher price – this is a way to lock-in profits or limit losses on investments). However, in months following the collapse of Lehman, we learned that the “Bernanke Put” is even more valuable since Chairman Bernanke, alongside the Bank of England, the European Central Bank, and central banks in much of the rest of the world, is prepared to take drastic measures to prevent asset prices from falling when there are risks of global collapse.
This policy of responding to the aftermath of bubbles, rather than addressing them before they get going, through tighter regulation, has become the mantra of most central banks. It is usually combined with fiscal policy stimulus and other measures to support the economy. Each time banks fail, by bailing the system out again, we teach our finance sector a lesson: you can safely take too much risk because, when you lose, the taxpayer will pick up the bill. We also send a simple message to creditors: it is safe to lend to Goldman Sachs, or Barclays Bank, because taxpayers and our nations’ savers are standing by to cover your losses. Rational bank executives and creditors respond as any person would: creditors lend to banks at low interest rates, and our banks gamble heavily hoping to make large profits. Such a system is destined to fail, but the party can run for a long time."Economic Donkeys (http://baselinescenario.com/2009/09/13/economic-donkeys/) by Simon Johnson and Peter Boone
Posted by Jesse at 2:10 PM (http://jessescrossroadscafe.blogspot.com/2009/09/moral-hazard-and-economic-donkeys.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6176903169597832675) :verbeug
"It has now become clear that this was no ordinary crash." (http://jessescrossroadscafe.blogspot.com/2009/09/it-has-now-become-clear-that-this-was.html)
Here is an informative piece on the banking crisis in Iceland. The commentary was so well done that we are using it in lieu of our own commentary based on the article in the Daily Telegraph.
What we would like to point out is that in all banking collapses of this sort, fraud and duplicity are always at the heart of it, as larceny is in most great fortunes through history.
The Community Organizer-in-Chief is speaking to New York's Wall Street today, urging them to do the right thing for the country. He still sees himself as precipitating action in others, as a change agent, rather than organizing and leading the action at the forefront. Old habits die hard. He is not an outsider visiting this community. He leads the community. He's the man, now.
Actions speak louder than words. The words are that Wall Street is paying back the taxpayer money with a nice gain. No one seems to be talking about AIG, which is an enormous loss for the taxpayers at the moment well north of 170 billions, and the almost scandalous payments of 100 cents on the dollar that were made on dodgy contracts to the likes of Goldman Sachs that should have been put into default, or at best paid off at pennies on the dollar.
We still hear rumours of ugliness on the 'off balance sheet' portions of some of these big banks, even the ones held up as models of recovery.
So, when Obama chides the Wall Street wiseguys in stern terms to 'do the right thing,' one can forgive us if we hear, in echoes from the back of the room, "do this" and "get bent."
He may as well walk into the aftermath of a vicious bank robbery and say to the perps with cash still in hand, "Now you boys stop doing that this minute. This is the fifth time you have stolen money and endangered the lives of innocent people. You can keep the money, but you had better not do it again.
Sheriff Summers and Deputy Tim, who you know so well from drinking with them after hours at your clubs, will stop you if you do. And remember, Bennie the Bookie has his eye on you. By the way, Rahm says thanks for the gifts and remembrances, as always."
Action, Mr. Obama. Not words. One does not scold even white collar criminals into confessing, much less changing their ways, and warnings do not work when the perps feel that they most surely own you and the advisors around you, given the toothless gestures you are making towards reform.
The Daily Bell (http://www.thedailybell.com/521/Iceland-what-ugly-secrets-are-waiting-to-be-exposed-in-the-meltdown.html)
Iceland: what ugly secrets are waiting to be exposed in the meltdown?
September 14, 2009
"Almost a year since the collapse of the Icelandic banks, the rotten nature of these financial corpses is slowly beginning to emerge. Iceland: what ugly secrets are waiting to be exposed in the meltdown? For months rumours of share-ramping, market manipulation, excessive loans to their owners and unusual transfers off-shore have been circling Kaupthing, Glitnir and Landsbanki, whose failure last October left 300,000 British customers unable to access their money. It has now become clear that this was no ordinary crash. Iceland's special investigation into "suspicions of criminal activity" at the three banks is likely to stretch from Reykjavik to London, Luxembourg and the British Virgin Islands. Eva Joly, the French-Norwegian MEP and fraud expert hired by Iceland and now working with the Serious Fraud Office, now believes it will be "the largest investigation in history of an economic and banking bank collapse". - TelegraphOne has to keep in mind that Iceland is a country of about 300,000 people. And yet the "suspicions of criminal activity" stemming from the collapse of one of the world's smallest central banks are likely to spread around the Western world. Here's some more from the article about such "suspicions" ...
When the banks were put into administration last October, experts believed that Iceland's banks had simply fallen prey to the global credit crisis. But Dr. Jon Danielsson, an Icelander who teaches economics at the London School of Economics, believes that while the timing of the crash was dictated by the global banking crisis, the scandal is unique among European financial institutions.
He believes the root of Iceland's problems that have now decimated its economy appear to have started when the government decided to privatize the banks in the early 1990s. "Iceland got its regulations from the EU, which was basically sound," he says. "But the government had no understanding of the dangers of banks or how to supervise them. They got into the hands of people who took risks to the highest possible degree."
Kaupthing fell into the clutches of the Gudmundsson brothers, Ágúst and Lydur, who made their fortunes building up the Bakkavor food manufacturing empire, which supplies hundreds of supermarkets in the UK. Their investment vehicle, Exista, owned 23% of the bank, counting Robert Tchenguiz, the London property entrepreneur as a board member.
Kaupthing's loan book, which was leaked on to the internet last week, shows that around one third, or €6bn (£5.1bn), of its €16bn corporate loan book was going to a small elite group of men connected to the bank's owners and management.
Several investigations into Kaupthing centre on share ramping, where the bank would allegedly give loans with no interest or security in order to buy shares in that same bank - boosting the share price.
Yes, much to be concerned about. But is Danielsson serious about these accusations? He believes that privatization is at the heart of the difficulties? We've heard exactly the opposite of course when it comes to American and British central banks. The Federal Reserve is said to function well (it doesn't) because it is in private hands and immune to political influence (it's not). It's a good sound bite, of course, to say a central bank functions well because it is private, or is well regulated because it is public. But it likely doesn't make any difference.
That's because the institution itself is fatally flawed. If the American or European central bank broke down, and investigations were held into the relationships, all holy hell would likely break loose. How can it be otherwise? These central banks are run by small groups of (mostly) men, who grow up with each other and go to the same clubs and run in the same social circles and have the same interests.
In the case of the Federal Reserve, the best of Goldman Sachs tend to matriculate to government work, and to believe that Goldman Sachs has not benefited from its relationships at the highest levels of Western government is likely naïve in the extreme.
According to Danielsson, the Iceland crisis is "unique among European financial institutions." In fact, we believe it is no such thing. If any one of these other institutions crashed, the "uniqueness" would turn out to be commonplace. The interwoven old boys network does not stop at the doors of central banks. Central banking IS an old boy's network. It is the best and biggest network of all. In this one, you actually get to print money, and if anyone asks you for an accounting, you simply claim that if you release too much information, you will destabilize this or that financial institution.
We think there is a reason that the Federal Reserve, for instance, is resisting the Congressional move for a thorough audit, and it has little to do with a professed concern for the destabilization of banking institutions. We believe, as with Iceland, that central banking is infested with private dealings in millions and even billions of dollars. How could it be otherwise?
Conclusion: Central banking is a franchise of the utmost power and authority, but the men who run it are neither priests nor eunuchs. They are merely human beings, and, after all, while power corrupts, infinite power corrupts infinitely. Only the market itself can guarantee a level playing field. A market-based gold and silver standard would do away with the suspicions that are rife when it comes central banking. The smallest central bank in the world is central to a financial scandal that threatens to engulf much of the West. What secrets must the larger banks hold?
Posted by Jesse at 12:23 PM (http://jessescrossroadscafe.blogspot.com/2009/09/it-has-now-become-clear-that-this-was.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1008052577001190743) :verbeug
14 September 2009
Robert Reich on Moral Hazard and Obama's Failure (http://jessescrossroadscafe.blogspot.com/2009/09/robert-reich-on-moral-hazard-and-obamas.html)
Robert Reich is a top Democrat, former Secretary of Labor under Bill Clinton, and a member of the Obama transition team.
In his recent blog he excoriates the Obama financial team's actions. And in doing so he echoes the things that have been said here, which we will take as some measure of validation from an intelligent public figure and top representative of the party in power.
Surely Obama must see that his Administration is a failure, beginning with his failure to maintain the promise of change, and address the need to reform the financial system.
Do something, Barack. Get a backbone, and do something for the country, and let the special interests, and the cronies of your cronies, be damned.
Start telling it like it is. Make this historic moment memorable, and not a shame.
The Continuing Disaster of Wall Street, One Year Later
Robert Reich (http://robertreich.blogspot.com/)September 13, 2009
As he attempted to do with health care reform last week, the President is trying to breathe new life into financial reform. He's using the anniversary of the death of Lehman Brothers and the near-death experience of the rest of the Street, culminating with a $600 billion taxpayer financed bailout, to summon the political will for change. Yet the prospects seem dubious. As with health care reform, he has stood on the sidelines for months and allowed vested interests to frame the debate. Nor has he come up with a sufficiently bold or coherent set of reforms likely to change the way the Street does business, even if enacted.
Let's be clear: The Street today is up to the same tricks it was playing before its near-death experience. Derivatives, derivatives of derivatives, fancy-dance trading schemes, high-risk bets. “Our model really never changed, we’ve said very consistently that our business model remained the same,” says Goldman Sach's chief financial officer.
The only difference now is that the Street's biggest banks know for sure they'll be bailed out by the federal government if their bets turn sour -- which means even bigger bets and bigger bucks.
Meanwhile, the banks' gigantic pile of non-performing loans is also growing bigger, as more and more jobless Americans can't pay their mortgages, credit card bills, and car loans. So forget any new lending to Main Street. Small businesses still can't get loans. Even credit-worthy borrowers are having a hard time getting new mortgages.
The mega-bailout of Wall Street accomplished little. The only big winners have been top bank executives and traders, whose pay packages are once again in the stratosphere. Banks have been so eager to lure and keep top deal makers and traders they've even revived the practice of offering ironclad, multimillion-dollar payments – guaranteed no matter how the employee performs. Goldman Sachs is on course to hand out bonuses that could rival its record pre-meltdown paydays. In the second quarter this year it posted its fattest quarterly profit in its 140-year history, and earmarked $11.4 billion to compensate its happy campers. Which translates into about $770,000 per Goldman employee on average, just about what they earned at height of boom. Of course, top executives and traders will pocket much more.
Every other big bank feels it has to match Goldman's pay packages if it wants to hold on to its "talent." Citigroup, still on life-support courtesy of $45 billion from American taxpayers, has told the White House it needs to pay its twenty-five top executives an average of $10 million each this year, and award its best trader $100 million.
A few banks like Goldman have officially repaid their TARP money but look more closely and you'll find that every one of them is still on the public dole. Goldman won't repay taxpayers the $13 billion it never would have collected from AIG had we not kept AIG alive. (In one of the most blatant conflicts of interest in all of American history, Goldman CEO Lloyd Blankfein attended the closed-door meeting last fall where then Treasury Secretary Hank Paulson, who was formerly Goldman's CEO, and Tim Geithner, then at the New York Fed, made the decision to bail out AIG.) Meanwhile, Goldman is still depending on $28 billion in outstanding debt issued cheaply with the backing of the Federal Deposit Insurance Corporation. Which means you and I are still indirectly funding Goldman's high-risk operations.
So will the President succeed on financial reform? I wish I could be optimistic. His milktoast list of proposed reforms is inadequate to the task, even if adopted. The Street's behavior since its bailout should be proof enough that halfway measures won't do. The basic function of commercial banking in our economic system -- linking savers to borrowers -- should never have been confused with the casino-like function of investment banking. Securitization, whereby loans are turned into securities traded around the world, has made lenders unaccountable for the risks they take on. The Glass-Steagall Act should be resurrected. Pension and 401 (k) plans, meanwhile, should never have been allowed to subject their beneficiaries to the risks that Wall Street gamblers routinely run. Put simply, the Street has been given too many opportunities to play too many games with other peoples' money.
But, like the health care industry, Wall Street has platoons of lobbyists and an almost unlimited war chest to protect its interests and prevent change. And with the Dow Jones Industrial Average trending upward again -- and the public's and the media's attention focused elsewhere, especially on health care -- it will be difficult to summon the same sense of urgency financial reform commanded six months ago.
Yet without substantial reform, the nation and the world will almost certainly be plunged into the same crisis or worse at some point in the not-too-distant future. Wall Street's major banks are already en route to their old, dangerous ways -- now made more dangerous by their sure knowledge that they are too big to fail.
Posted by Jesse at 11:13 PM (http://jessescrossroadscafe.blogspot.com/2009/09/robert-reich-on-moral-hazard-and-obamas.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7116800056315088451) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=7116800056315088451)
Neunjährige verprügelt und in Kanalschacht geworfen (http://www.spiegel.de/panorama/justiz/0,1518,649132,00.html)
Gewalttat im nordrhein-westfälischen Velbert: Ein Unbekannter hat eine Neunjährige fast zu Tode geprügelt - und dann in einen Kanalschacht geworfen. Die Polizei konnte das Mädchen im letzten Moment retten. mehr... (http://www.spiegel.de/panorama/justiz/0,1518,649132,00.html)
:cry...den sollte man auch in einen Kanalschacht schmeissen und dort verrotten lassen :gomad:gomad:gomad
....es ist einfach unglaublich was die Amis so von sich geben :dumm
zum Glück gib's auch solche:
Jon Stewart Returns, Slams Glenn Beck And Tea Party Protesters (VIDEO) (http://www.huffingtonpost.com/2009/09/15/jon-stewart-returns-slams_n_286906.html)
Huffington Post | Alex Leo
First Posted: 09-15-09 08:57 AM | Updated: 09-15-09 09:27 AM
The "Daily Show" returned last night after a three-week hiatus, the longest in the show's history. While August was a surprisingly eventful month, Stewart focused on the events of the past week, taking on Joe Wilson for his outburst at the president and Fox News for its coverage of the most recent tea party protest in DC.
He began that segment by showing clips of Sean Hannity and Michelle Malkin criticizing Bush's protesters, calling them "extremists" throwing a "temper tantrum." He juxtaposed these words with their laudatory coverage of the protest this weekend noting, "In Fox's defense you can't really sh*t on a party you've thrown."
Stewart went on to criticize Glenn Beck for his 9/12 project (http://www.huffingtonpost.com/2009/04/01/stephen-colbert-rips-apar_n_181673.html)saying it's nothing more than "impotent rage."
Video ansehen :cool
Lehman: 1 year later
Last Updated: Monday, September 14, 2009 | 9:45 AM ET Comments21 (http://www.cbc.ca/money/story/2009/09/11/f-lehman-collapse-anniversary.html?ref=rss#socialcomments)Recommend27 (http://www.cbc.ca/money/story/2009/09/11/f-lehman-collapse-anniversary.html?ref=rss#)
CBC News (http://www.cbc.ca/news/credit.html)
If the Great Recession has a start date, it might just be Monday, Sept. 15, 2008.
That's the day Wall Street woke up from a quiet weekend to discover that Lehman Brothers, a venerable pillar of corporate America for more than 150 years, had fallen.
http://www.cbc.ca/gfx/images/news/topstories/2008/09/15/tp-lehman-scrum-cp-5517873.jpg A man is surrounded by reporters as he arrives at the Lehman Brothers headquarters in New York on Sept. 15, 2008, when Wall Street woke up to discover one of its most storied firms had fallen. (Mary Altaffer/Associated Press)
The impact was obvious. The Dow shed 504 points, or 4.42 per cent, as Wall Street reacted to the news. At the time, it was the Dow's worst day since 9/11, but there were many more to come.
It was a shock, to be sure, but not a complete surprise. Days earlier, amid whispers of a liquidity crisis, Lehman Brothers had posted a $3.8-billion US quarterly loss.
CEO Richard Fuld Jr. outlined a restructuring plan that included putting numerous Lehman assets on the block to raise cash. But by the end of the week, banks in Asia, Europe and North America had all balked at buying up Lehman, and investors had already begun to flee the company's shares in droves......
......Little has changed :rolleyes
Broadly, two main factors were blamed for the Wall Street collapse brought about by Lehman's demise. Banks were taking riskier bets, and the financial products they packaged together became more and more obtuse, to the point that there was a complete lack of transparency about what was being sold.
On both counts, it's not clear anything has changed.
"Absolutely, we have not fixed a thing," Joseph Stiglitz, the 2001 winner of the Nobel Prize in Economics, tells CBC News. The banks that were deemed "too big to fail" have become bigger by buying up distressed rivals and the rules that govern them remain largely the same......:dumm
no we can't :gomad
Riesiger Ölteppich bedroht Australiens Küste
Seit Wochen strömt aus einem Bohrloch vor Australiens Küste unkontrolliert Öl aus und hat mittlerweile einen riesigen Ölteppich gebildet. Während Umweltschützer das Schlimmste für Wale und Schildkröten befürchten, versuchen australische Behörden das Öl chemisch aufzulösen.....
:dumm :cry :dumm
Dienstag, 15. September 2009 um 21.00 Uhr
17.09.2009 um 14:45
18.09.2009 um 01:30
24.09.2009 um 09:55
06.10.2009 um 01:30
Die Yes Men regeln die Welt
(Frankreich, 2009, 84mn)
Regie: Andy Bichlbaum (http://www.arte.tv/de/suche/1383954,templateId=noncache.html?doSearch=true&name=Andy%20Bichlbaum), Mike Bonanno (http://www.arte.tv/de/suche/1383954,templateId=noncache.html?doSearch=true&name=Mike%20Bonanno)
http://www.arte.tv/i18n/CoreMedia/com.arte-tv/admin/EpgConfig/Technical__Info/stereo/268,property=imageData,v=9.png http://www.arte.tv/i18n/CoreMedia/com.arte-tv/admin/EpgConfig/Technical__Info/ratio16__9/270,property=imageData,v=10.png http://www.arte.tv/i18n/CoreMedia/com.arte-tv/admin/EpgConfig/Technical__Info/HD/2145990,property=imageData,v=4.png
Politaktivisten undercover unterwegs: Durch ihre investigative Recherche entlarven die Yes Men von der Industrie verursachte Umweltsünden und decken mit provokanten Parodien die negativen Folgen von Globalisierung und freiem Markt auf. Als Vertreter von Wirtschaftsunternehmen und Regierungen lassen sich Andy Bichlbaum und Mike Bonanno auf internationale Kongresse einladen und konfrontieren die Teilnehmer mit absurden Szenarien. Doch das Lachen bleibt einem so manches Mal im Halse stecken, wenn man realisiert, dass die zum Teil makaberen Projektvorschläge von vielen Kongressteilnehmern für bare Münze genommen werden. Der Kampf einer Spaßguerilla gegen Kumpanei, Lobbyismus und Korruption.
Andy Bichlbaum und Mike Bonanno sind zwei besonders einfallsreiche globalisierungskritische Politaktivisten. Sie geben sich mit unglaublicher Chuzpe für Vertreter offizieller Organisationen, internationaler Konzerne und Regierungen aus und lassen sich zu Statements und Reden in Fernsehsendungen beziehungsweise auf internationalen Konferenzen einladen. Stets seriös in Anzug mit Krawatte gekleidet, wollen sie durch bewusst satirische und schockierende Reden über die Auswüchse der globalisierten Wirtschaft ihr Publikum - Konzernmanager, Lobbyisten und Regierungsvertreter - aufrütteln.
Trotz ihrer abstrusen Theorien und PowerPoint-Präsentationen, die offensichtlich die Grenzen der Ethik überschreiten, gehen ihnen ihre Opfer oftmals auf den Leim. Im Namen von Marktgesetzen und ökonomischen Grundsätzen werden offenbar die verrücktesten und unmenschlichsten Ideen akzeptiert. Fast könnte man die Wirtschaftskrise 2008 als Glücksfall bezeichnen - immerhin führte sie jene ad absurdum, die gestern noch das wirtschaftliche Denkmonopol hatten. Allein schon das macht die "Yes Men" heute zu Propheten.
Mockumentary oder bitterer Ernst? "Die Yes Men reparieren die Welt" stellt sich als burlesker, satirischer Dokumentarfilm dar, in dem Filmemacher Mike Bonanno und Andy Bichlbaum und ihr Team mit absurden Mitteln einige erschreckende Wahrheiten aufdecken. Ihr Dokumentarfilm gehörte zur offiziellen Auswahl beim Sundance Film Festival 2009. Er erhielt den Publikumspreis der Sektion "Panorama" auf der Berlinale 2009 und den Publikumspreis beim Warschauer Festival Planet Doc Review 2009.
Scharfe Vorwürfe gegen die US-Börsenaufseher
Zum Original-Beitrag (http://showthread.php3?p=1260306#post1260306)
Scharfe Vorwürfe gegen die US-Börsenaufseher
Von Walter Niederberger, San Francisco. Aktualisiert um 06:57 Uhr 1 Kommentar (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Scharfe-Vorwuerfe-gegen-die-USBoersenaufseher/story/21815763#kommentar)
Die US-Börsenaufsicht SEC steht im Verdacht, mit den Spitzen der Bank of America gemeinsame Sache gemacht und Aktionäre hintergangen zu haben.
Der Vorwurf an die SEC ist gravierend und lässt daran zweifeln, dass die Börsenaufsicht aus früheren Fehlern gelernt hat und nun die Rolle eines hartnäckigen, unbestechlichen Polizisten auf dem Finanzplatz übernehmen will. In Misskredit geraten ist auch die Megafusion der Investmentbank Merrill Lynch mit der Bank of America, die Ende 2008 für 50 Milliarden Dollar durchgedrückt wurde.
3,6 Milliarden Dollar Bonuspakete
Konkret geht es um die hastige Auszahlung von Bonuspaketen von 3,6 Milliarden Dollar an die Topverdiener bei Merrill Lynch, kurz bevor die Bank of America das angeschlagene Investmenthaus übernahm. Die Boni wurden von den Konzernspitzen den Aktionären verschwiegen, ebenso unterschlagen wurde, dass der Quartalsverlust von 9 auf 14 Milliarden Dollar gestiegen war, obwohl dies den Chefs von Merrill Lynch bekannt war. Die Börsenaufsicht untersuchte nur summarisch, verzichtete auf Strafverfolgung der Kaderleute, vor allem von Ken Lewis, dem umstrittenen Chef der Bank of America, und verhängte eine Busse von nur 33 Millionen Dollar.....
So geht das, wenn der Shareholder Value zum Götzen wird. Und alle Zeichen deuten darauf hin, dass auch in der Schweiz die Bürgerlichen möglichst rasch wieder zum "courant normal" zurückkehren wollen. Es teht zu befürchten, dass auch die heutige Bundesrats-Ersatzwahl dies beweisen wird. Wenn es nicht noch anderes als Politik gäbe, könnte man daran verzweifeln.
Pack bleibt Pack :bad
Burkhalter ist neuer Bundesrat – «ich schwöre vor Gott» (http://www.tagesanzeiger.ch/schweiz/standard/Burkhalter-ist-neuer-Bundesrat--ich-schwoere-vor-Gott/story/15159109)
http://files.newsnetz.ch/story/1/5/1/15159109/167/teaserbreit.jpg (http://www.tagesanzeiger.ch/schweiz/standard/Burkhalter-ist-neuer-Bundesrat--ich-schwoere-vor-Gott/story/15159109) Im Bundeshaus wurde das Rennen um die Nachfolge von Bundesrat Pascal Couchepin entschieden......
Didier Burkhalter: Konsensfähiger Sachpolitiker :rolleyes
http://files.newsnetz.ch/story/1/4/3/14349305/12/teasermedium.jpg (http://www.tagesanzeiger.ch/schweiz/dossier/der-wahlkrimi/Didier-Burkhalter-Konsensfaehiger-Sachpolitiker/story/14349305) Gäbe es eine präzise ausgelotete politische Mitte, so würde Ständerat Didier Burkhalter wohl dort stehen. Er hat kaum Gegner :rolleyes Mehr... (http://www.tagesanzeiger.ch/schweiz/dossier/der-wahlkrimi/Didier-Burkhalter-Konsensfaehiger-Sachpolitiker/story/14349305)
Mehrere Menschen beobachteten Münchner S-Bahn-Attacke (http://www.spiegel.de/panorama/justiz/0,1518,649288,00.html)
Die Diskussion um mangelnde Zivilcourage wird durch neu bekannt gewordene Details des Angriffs auf einem Münchner S-Bahnhof angeheizt. Etwa 15 Menschen sollen Zeugen des tödlichen Überfalls geworden sein - griffen aber nicht ein. mehr... (http://www.spiegel.de/panorama/justiz/0,1518,649288,00.html) [ Video (http://www.spiegel.de/video/video-1021587.html) | Forum (http://forum.spiegel.de/showthread.php?t=8574) ]
...die Angst primitive Gewalt könnte einen selber treffen - da ist es wirklich einfacher Steuersünder anzuzeigen :bad
James McDonald Dead: Rockefeller & Co. CEO Found Dead Of Self-Inflicted Gunshot Wound (http://www.huffingtonpost.com/2009/09/15/james-mcdonald-dead-rocke_n_287527.html)
BOSTON — James S. McDonald, president and chief executive of investment management firm Rockefeller & Co., has died of an apparently self-inflicted gunshot wound, Massachusetts authorities said Tuesday.
McDonald, 56, was found in his vehicle at about 3 p.m. Sunday behind a car dealership in Dartmouth, about 50 miles south of Boston, said Gregg Miliote, a spokesman for the Bristol district attorney's office.
There was no note, but McDonald "made a phone call to his wife earlier in the day," Miliote said Tuesday, without getting into specifics of the call. The death is still under investigation......
16 September 2009
US Dollar Long Term Chart and a Scenario for Dollar Devaluation (http://jessescrossroadscafe.blogspot.com/2009/09/us-dollar-long-term-chart.html)
Here is a long term chart of the US Dollar Index.
The recent rally in the US dollar completed at an almost perfect 38.2% fibonacci retracement from the 70.70 bottom. In part this rally was part of the short squeeze in eurodollars created by the collapse of US dollar financial CDO deposits held by customers at European banks.
The Dollar Rally and the Deflationary Imbalances in the US Dollar Holdings of Overseas Banks (http://jessescrossroadscafe.blogspot.com/2008/10/short-term-imbalance-in-dollar-assets.html)
The target for the active H&S top from 121 is still 65. The Key Pivot remains 81, the high end of band which had been the support level held by the dollar for almost 20 years. While the dollar is below 81 the H&S top is active and working.
We have been trying to calculate a new lower bound for the dollar decline from the charts. Reason tells us that at some point the dollar decline and economic imbalances may lead to a devaluation of the dollar.
People have asked, "How can the dollar be devalued? After all, there is no fixed standard."
Well, the dollar can decline considerably in purchasing power of real goods, as it has been doing for many years. However, the dollar can be devalued against its only true measure as a fiat currency: itself.
A formal devaluation of the dollar would be the discontinuance and reissue of the US dollar as a 'new dollar' with some preset exchange rate.
A likely figure would be 100:1, that is, 100 old dollars for 1 new dollar, possibly to be called 'the amero' as some have suggested or simply the 'dollar' as the US dollars currently in use will be withdrawn from circulation. If this does not provide sufficient relief it might have to be repeated.
This is what happened to the Russian rouble on January 1, 1998 after a debt default. Since it is unlikely that the US default will be preceded by a hyperinflation and protracted period of instability, we think the 1000:1 ratio of reissuance used by Russia might be too severe for the dollar, most especially because of its position as the reserve currency.
However, if the new dollar is to be at least partially backed by gold at the insistence of its international trading partners, then 1000:1 seems to 'work' more effectively given the US gold reserves and projected new money supply. This might be accomplished in phases, or with a dual currency regime.
It should also be noted that devaluation alone does not fix economic problems. It is a form of debt default, more severe than mere inflation. After its reissuance in 1998, for example, the new Russian rouble quickly lost approximately 70% of its value against the dollar because the devaluation had not been accompanied by significant economic reform. It has since recovered through painful adjustment.
You should not believe that this scenario is possible for the US dollar, yet. After all, if it was generally accepted and believed that it would happen, a severe value decline would already be underway.
Fiat currencies traffic in confidence. This things tend to play out over months and years, not days, unless there is a precipitating event usually caused by exterior events. Even though there had been a Russian debt default in the 1990's, the rouble had been troubled by serious inflation for many years before that.
But the warning signs are here if you have the eyes to see them, as unlikely as it might seem. It will appear to be a 'no-brainer' to a future generation. "What were they thinking? How could they have been so blind? What made them think that it could go on like that forever?"
However, we are approaching levels of economic imbalance and unserviceable debt levels that should bring at least a bit of a chill in the dollar bulls, as a warning that all things of the earth pass away, as they have done, and will always do. Some things, however, endure longer than others because they are universal, and not particular to a time or place.
In an upcoming blog, we will attempt to explain why the debt destruction in the US, with a moderating of the growth of some of the money supply measures, is not and will not result in a strengthening dollar. We do not expect any one who 'believes' in deflation as espoused by some of the dollar bulls to accept this. After all, they ignore the dollar devaluation that occurred in the depths of the Great Depression, when a devaluation really meant something radical as it was done against a gold standard.
Posted by Jesse at 1:24 AM (http://jessescrossroadscafe.blogspot.com/2009/09/us-dollar-long-term-chart.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8805870091134482572) :verbeug (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8805870091134482572)
Robbien http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg_journal.gif (http://journals.democraticunderground.com/Robbien) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=126092) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=126092) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=126092) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=126092&level=three) Wed Sep-16-09 12:34 PM
Response to Original message (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4061901&mesg_id=4061901) 51. Four rich guys, Four Apparent Suicides/Deaths in 48 Hours http://www.democraticunderground.com/discuss/images/transparent.gif Rockefeller & Co’s CEO committed suicide: report
(Reuters) – James McDonald, chief executive officer of investment management firm Rockefeller & Co, committed suicide on Sunday in Massachusetts, the Wall Street Journal said, citing people familiar with the matter.
Newport Beach financier Danny Pang dies at 42
(LATimes) – Newport Beach financier Danny Pang died early Saturday at a local hospital, according to the Orange County coroner’s office. The cause of death has not been determined and an autopsy is planned for Sunday, said Larry Esslinger, supervising deputy coroner.
Financier Finn Casperson dead in apparent suicide
(Inquisitr) – Ex-CEO of Beneficial Corp. Finn H.W. Casperson was found dead in an apparent suicide behind an office building in Westerly, Rhode Island.
(CNN) – Financier Christopher Kelly told police shortly before he died Saturday that he took an “overdose of drugs”. Police are investigating the death of the former chief fundraiser for ex-Illinois Gov. Rod Blagojevich as a “death-suicide”.
Casperson was a UBS tax dodger, wonder if any of the others were in the same boat? Kelly was heading towards a jail cell which was probably led to his action. But what about the two others?
Corot-7b: New Planet Discovered; Astronomers Say There's Solid Ground (http://www.huffingtonpost.com/2009/09/16/corot7b-new-planet-discov_n_288543.html)
Huffpost - Corot-7b: New Planet Discovered; Astronomers Say There's Solid Gro (http://www.huffingtonpost.com/send/twitter_window.php?encoded_permalink=http%3A%2F%2Fwww.huffingtonpost.com%2F2009%2F09%2F16%2Fcorot7b-new-planet-discov_n_288543.html&encoded_msg=Huffpost+-+Corot-7b%3A+New+Planet+Discovered%3B+Astronomers+Say+There%27s+Solid+Ground)huffington_post:http://www.huffingtonpost.com/2009/09/16/corot7b-new-planet-discov_n_288543.html
SETH BORENSTEIN (http://www.huffingtonpost.com/2009/09/16/corot7b-new-planet-discov_n_288543.html#) | 09/16/09 10:08 AM | http://www.huffingtonpost.com/images/v/ap_wire.png
This image provided by the European Southern Observatory Wednesday Sept. 16, 2009 shows an artist rendition of the first rocky extrasolar planet called Corot-7b. European astronomers confirmed the first rocky extrasolar planet Wednesday. According to scientists the planet is so close to it's sun that its surface temperature is more than 3,600 degrees Fahrenheit, too toasty to sustain life. It circles its star in just 20 hours, zipping around at 466,000 mph. By comparison, Mercury, the planet nearest our sun, completes its solar orbit in 88 days. (AP Photo/ESO) -- MANDATORY CREDIT --
Read more at: http://www.huffingtonpost.com/2009/09/16/corot7b-new-planet-discov_n_288543.html
In pictures: Belgian farmers' cry over spilt milk
Belgian farmers have dumped three million litres (660,000 gallons) of fresh milk back onto their fields to try to demonstrate that they cannot make a profit as milk prices collapse.
Next Image (http://Next%20Image) |
Previous Image (http://Previous%20Image) |
Akt. 16.09.09; 21:09 Pub. 16.09.09; 21:08
Millionen Liter Milch verschüttet
Aus Protest gegen die EU-Agrarpolitik haben belgische Bauern am Mittwoch drei Millionen Liter Milch auf ihren Weiden ausgekippt.
Da sie für ihre Milch sowieso fast kein Geld mehr bekämen, könnten sie sie auch verschütten, erklärte Bauernvertreter Erwin Schöpges: «Es ist die Skandal, das zu tun, aber man muss deutlich machen, wie die Lage ist. Wir brauchen eine Revolution auf den Bauernhöfen.» Für die Protestaktion in Südbelgien rückten rund 300 Traktorfahrer mit Milchwagen an......
16 September 2009
Stock Market Rally: Shenanigans Abounding (http://jessescrossroadscafe.blogspot.com/2009/09/stock-market-rally-shenanigans.html)
http://4.bp.blogspot.com/_H2DePAZe2gA/SrFCsLwA5II/AAAAAAAAJyg/K0pd9IqiSdg/s320/Watch%2520With%2520Brother.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/SrFCsLwA5II/AAAAAAAAJyg/K0pd9IqiSdg/s1600-h/Watch%2520With%2520Brother.jpg) This is just an opinion, and it could be wrong, as all opinions may be.
To be long US equities at this point seems risky, bordering on reckless, for anything but a daytrade. And there is plenty of that going on.
The US markets in general have every mark of a maturing Ponzi scheme in the steady run ups on weakness, and the ramps into the close with the selling after hours on weak volumes.
Thursday is option expiration, a quadruple witch as we recall. September is one of the big ones, often setting up declines in the month of October. Further, we have Rosh Hoshanah beginning at sundown on Friday September 18. As the saying goes, Sell Rosh HaShana and Buy Yom Kippur.
The government is anxious to encourage 'confidence' to the extent of skewing the statistics to create hope in the public, the consumers. The banks are flush with liquidity, but really have no place to put it but for a minimal return at Treasury, or in some hot money trades. They certainly are not interested in making new loans, but the credit card business is reaping some nicely usurious returns between fees and 26% interest at the drop of a hat.
Where is Goldman Sachs business revenue and profit coming from now? How much real investment banking is being done? How much M&A activity and IPOs are there to sustain it at this size, unscathed by the recent market downturns?
Obama and his team have NO credibility for reform on Wall Street after their handling of Goldman Sachs and the AIG payouts. We hear that Goldman had shopped the idea of those derivatives to the London office of AIG which was up for a quick quid, became their biggest customer, and then when the music stopped they managed to obtain the 100 cents on the dollar payouts from the government even as AIG became hopelessly insolvent.
http://4.bp.blogspot.com/_H2DePAZe2gA/SrFC1WjndEI/AAAAAAAAJyo/uAV1WRs92-U/s320/benlaw.JPG (http://4.bp.blogspot.com/_H2DePAZe2gA/SrFC1WjndEI/AAAAAAAAJyo/uAV1WRs92-U/s1600-h/benlaw.JPG) Bonds, stocks, metals, sugar, cocoa, and oil are all moving higher, while the dollar sinks. Is the dollar funding a new carry trade?
The markets are increasingly the flavor of choice, and if the markets do not show a way, they will make one. Volatility is a screaming buy. Put vertical spreads are remarkably cheap.
Be careful. October looks to be the stormiest of months, if we hold out until then. The market is overdue for a correction, which can be up to 20%. Given the distance we have come on thin volume, what may make this correction shocking is the speed with which it will come.
Watch the VIX.
We remain guardedly 'optimistic' on the markets for next year ONLY because of the Fed's and Treasury's willingness to continue to debase the dollar to cover the massive unrealized losses in the banks' portfolios, even as they return to manipulating markets in business as usual.
Inflation is good for financial assets, and we think another bubble is in the cards, at least for now given Obama's unwillingness to reform, unless some exogenous event or actor intervenes. The other troubling thing is the lack of vigor in the real economy. The stagnation in median real wages is strangling the middle class. There can be no resurgent economy without them.
As much of an outlier it might seem, it is possible that Bernanke and the Treasury might lead the US into a stagnation similar to Japan, but with stagflation, because of their policy errors driven by the distorting demands of an outsized and corrupting financial sector.
Wall Street is throwing buckets of money at Washington to fight even a moderate reform such as a financial 'consumer protection agency.' These fellows will never quit, until they are stopped. And it does not appear that Obama and his cronies have the traction or the fortitude to get the job done.
Until the banks are restrained, and the financial system is reformed, and balance is restored to the economy, there will be no sustained recovery.
Posted by Jesse at 2:45 PM (http://jessescrossroadscafe.blogspot.com/2009/09/stock-market-rally-shenanigans.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1470299485250827773) :verbeug
17. September 2009, 11:32, NZZ Online
Obama gegen Obergrenze für Manager-Boni
EU fordert dagegen Sanktionen – Thema auf dem bevorstehenden G-20-Gipfel
Beim G-20-Gipfel in Pittsburgh dürften die unterschiedlichen Ansichten der USA und der Europäer in der Frage der Managerlöhne aufeinandertreffen. Der amerikansiche Präsident Obama ist gegen deren Deckelung, die europäischen Ländern sind dagegen für «Sanktionen» bei zu hohen Boni.
(sda/afp/dpa) Beim bevorstehenden G-20-Gipfel in Pittsburgh kommt es in der Frage der Managerlöhne voraussichtlich zu Differenzen zwischen den USA und europäischen Ländern. Der amerikanische Präsident Barack Obama wird sich gegen die Deckelung von Manager-Gehältern aussprechen.
Obama sei gegen die Idee, «individuelle Höchstgrenzen der Bezahlung vorzuschreiben», sagte sein Berater für internationale Wirtschaftsfragen, Mike Froman, vor Journalisten in Washington.....
...no we can't :dumm
PR-Offensive der UBS und CS: Bankenexperte findet sie «peinlich»
Von David Vonplon. Aktualisiert um 11:49 Uhr 6 Kommentare (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/PROffensive-der-UBS-und-CS-Bankenexperte-findet-sie-peinlich/story/23915922#kommentar)
Bei der Credit Suisse und der UBS greifen nun die Chefs in die Tasten, um radikale Sonderregeln gegen die Grossbanken zu verhindern. Doch die schönfärberische PR-Initiative in der Wirtschaftspresse kommt nicht gut an.
Artikel zum Thema
Nobelpreisträger Stiglitz stärkt Trio Infernale den Rücken (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Nobelpreistraeger-Stiglitz-staerkt-Trio-Infernale-den-Ruecken/story/15618795)
Illustres Trio rückt den Banken zu Leibe (http://www.tagesanzeiger.ch/schweiz/standard/Illustres-Trio-rueckt-den-Banken-zu-Leibe/story/22778156)
«Die Finma verteidigt ihr Gärtchen – auch wenn sie überfordert ist» (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Die-Finma-verteidigt-ihr-Gaertchen--auch-wenn-sie-ueberfordert-ist/story/10995279)
Während die Indizes an den globalen Finanzmärkten wieder noch oben zeigen, liegt das Image der beiden Schweizer Grossbanken weiterhin in Trümmern. Derweil wächst der innenpolitische Druck auf sie; selbst politische Antipoden wie Christian Levrat und Christoph Blocher setzen sich an einen Tisch, um gegen UBS und CS mobil zu machen. Sie wollen die Schweiz vom Klumpenrisiko befreien, das von den Grossbanken ausgeht.
Doch nun holen die Chefs der beiden Grossbanken in der Wirtschaftspresse zum Gegenschlag aus. Am Freitag pries der Verwaltungsratspräsident der Credit Suisse, Hans-Ulrich Doerig, auf einer ganzen NZZ-Seite die Bedeutung der Grossbanken für den Finanzplatz Schweiz und den hiesigen Wirtschaftssstandort. Das CS-Urgestein warnte vor den «fatalen Folgen», falls die Schweiz radikale Sonderregeln gegen die Grossbanken einführe.
Gestern nun doppelte UBS-Präsident Kaspar Villiger mit einem Artikel in der «Handelszeitung» nach. Er verkehrt das viel beschworenen Klumpenrisiko in eine Klumpenchance; und flächendeckende Vorschriften bringen seiner Auffassung nach nichts, weil sie zukünftige Finanzkrisen ohnehin nicht verhindern können. Villiger vertraut vielmehr darauf, dass der Bankensektor selber die richtigen Konsequenzen zieht. In Zusammenarbeit mit ihm sollen Politik und Regulatoren sinnvolle Korrekturmassnahmen erarbeiten, um den Schwezer Finanzplatz im Wettbewerb mit anderen internationalen Finanzzentren zu stärken......
ganzer Artikel: http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/PROffensive-der-UBS-und-CS-Bankenexperte-findet-sie-peinlich/story/23915922
Barclays accused of trickery in $12.3bn toxic asset sale
Barclays has been accused of "banking by sleight of hand" after creating a new company to take over its most toxic assets and ringfence future losses.
By Philip Aldrick, Banking Editor
Published: 8:19PM BST 16 Sep 2009
Britain's second largest bank has sold $12.3bn (£7.5bn) of its riskiest assets to a new company called Protium Finance, registered in the Cayman Islands and run by two Barclays bankers who resigned on completion of the deal on Wednesday. Barclays (http://shares.telegraph.co.uk/quote/?epic=BARC) has provided Protium with a 10-year, $12.6bn loan to buy the assets.
The sale will allow the bank to "derecognise the assets", shielding it from any further fall in their "mark-to-market" value. Instead, Barclays will use a different accounting treatment to take "a longer term view" that will provide "a boost to its capital strength by punting the issue into the long grass", Ian Gordon, banks analyst at Exane BNP Paribas, said.....
.....The deal also promises to make 45 former investment bankers at Barclays Capital very rich.......:bad:gomad
full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6199483/Barclays-accused-of-trickery-in-12.3bn-toxic-asset-sale.html
Rupert Murdoch verklagt Silvio Berlusconi
Aktualisiert um 10:45 Uhr
Der australische Mediengigant hat genug von Berlusconis Spielchen: Seine Mediengruppe News klagt gegen den Konzern Mediaset des italienischen Ministerpräsidenten.
Rupert Murdoch wirft Silvio Berlusconi Wettbewerbsverzerrungen vor. Drei zu Mediaset gehörende Fernsehkanäle hätten Murdochs Bezahlsender Sky Italia keine Werbeplätze verkauft, begründete das Unternehmen den Schritt am Mittwoch. Damit geht der Kampf zwischen dem Medientycoon und dem Ministerpräsidenten, der den Grossteil der frei empfangbaren Fernsehsender Italiens kontrolliert, in eine neue Runde.
Mit einem kostenlosen Satellitenprogramm hatte Berlusconis Unternehmen Murdoch bereits im Juli auf dem Pay-TV-Markt des Landes Konkurrenz gemacht, den die News Corp bisher dominiert. Auch eine im vergangenen Jahr beschlossene Verdopplung der Steuern auf Pay-TV-Abos war als Angriff des Ministerpräsidenten auf seinen Konkurrenten gewertet worden. (oku/sda)
Erstellt: 17.09.2009, 10:20 Uhr
...beide gleich widerlich :bad
Eine Geldschwemme wie nie in der Geschichte
Von Markus Diem Meier. Aktualisiert um 12:00 Uhr 18 Kommentare (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Eine-Geldschwemme-wie-nie-in-der-Geschichte/story/28487930#kommentar)
Die Notenbankgeldmenge nahm in den letzten Monaten dramatisch zu. Die Gründe, warum der Schweiz dennoch keine Inflation droht......
....Der Grund: Das viele neu geschaffene Geld kommt nicht in der realen Wirtschaft an. Die Banken parken es postwendend wieder bei der Nationalbank, von der sie es beziehen. Die auf den Konten bei der SNB gehaltenen Gelder (den «Girokonten inländischer Banken») haben im Juli bezogen zum Vorjahresmonat um sage und schreibe um das Zwölffache zugenommen. Die bei der Zentralbank gelagerte Summe belief sich im Juli auf 64,3 Milliarden Franken. Im monatlichen Durchschnitt hielten die Finanzinstitute seit 1950 dagegen bloss einen Betrag von 4,2 Milliarden auf ihren Konten bei der Nationalbank......
ganzer Artikel: http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Eine-Geldschwemme-wie-nie-in-der-Geschichte/story/28487930
....etwas Sinnvolles bringt wohl gar niemand mehr zustande :dumm :mad
2 New Marty Armstrong Articles 9/16/09 (http://goldtent.net/wp_gold/2009/09/17/2-new-marty-armstrong-articles-91609/)
-> Posted by budfoxx @ 1:49 am on September 17, 2009
http://d.yimg.com/a/p/uc/20090916/largeimagebs090915.gif ....wäre es doch ein Witz :mad
Bob Toll Once Again Joins Insiders In Unprecedented Stock Selling Spree (http://www.zerohedge.com/article/bob-toll-once-again-joins-insiders-unprecedented-stock-selling-spree)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/17/2009 12:08 -0500
Bob Toll (http://www.zerohedge.com/taxonomy_vtn/term/7890)
Insider Selling (http://www.zerohedge.com/taxonomy_vtn/term/9826)
Insider Transactions (http://www.zerohedge.com/taxonomy_vtn/term/9778)
At least the Bloomberg auto headline generator demonstrates humor:
( DJ ) 09/17 12:39PM *WSJ: Toll Brothers Chmn Robert Toll Continuing To Sell Stk In Co
( DJ ) 09/17 12:40PM *WSJ: Toll Brothers Chmn Sold 1.58M Shrs In Co Sept. 16
In other news, insider selling ($182 million) outpaces insider buying ($2 million) by 80-to-1 in the last week (data courtesy of FinViz (http://www.finviz.com/insidertrading.ashx)). Once again, this provides all the data you need to determine just where all that $2 trillion in household net worth increase has gone.
5 comments (http://www.zerohedge.com/article/bob-toll-once-again-joins-insiders-unprecedented-stock-selling-spree#comments)
The Financial Frontier of Ignorance – Kiss Your ASS-et Classes Goodbye
by Greg Simmons on September 16, 2009
http://realityarbiter.com/wp-content/uploads/2009/09/securedownload-300x225.jpg (http://realityarbiter.com/wp-content/uploads/2009/09/securedownload.jpeg) How did that get there?
In 1987 when I started as a “retail stock broker” there were hundreds of high quality “investment ideas” to show customers on a daily basis – literally hundreds. There were dozens of AAA rated fixed income products, many quality high yielding stocks, and pages of conservative, safe, AAA rated insured municipal bonds. Oh how things have changed.....
....BELOW is a list of the most common vehicles from safest to riskiest. None are even remotely attractive at this time:
1. US Treasury Bills, Notes, and Bonds........
13. Guns, Ammunition, and Canned Goods -
Probably the one investment I’d tell anyone to make. The value of protection will climb and guns and ammunition will trade at a huge premium as will canned goods, tampons, and toilet paper. It might be difficult to store massive quantities of dry and canned goods, or to deal with gun regulation, however, these seemingly conspiratorial commodities are probably a great place to have your money “invested”. ASS-et class – Alive and kicking.
It used to be that an average person could take a good chunk of money down the corner bank, place it in a CD, and go home to sleep that night feeling their money was secure. You can’t even do that these days. The FDIC is broke. Fort Knox is empty. Wall Street’s a scam. And the whole train wreck was run into a brick wall by our own government. So what the hell is the average person supposed to do? Stay tuned for the launch of Trust and Advice – my latest project to deliver sound trading (not investing) ideas to grow your wealth.
full story: http://realityarbiter.com/2009/09/the-financial-frontier-of-ignorance-kiss-your-asset-classes-goodbye/
Bundestag peitscht Todesstrafe durch Von Andreas Popp Donnerstag, 17. September 2009 Lissabon-Vertrag wurde „unbemerkt“ während des Wahlkampfes durchgepeitscht. Der Vorgang fand am 26.08.09 und am 08.09.09 in drei Lesungen und Abstimmungen statt. Mit dem Schnellschuss der soll offensichtlich Druck auf die Irrländer ausgeübt werden.
Zum Original-Beitrag (http://showthread.php3?p=1260815#post1260815)
....das muss im Ganzen festgehalten werden :mad
Bundestag peitscht Todesstrafe durch
(http://www.mmnews.de/index2.php?option=com_content&task=emailform&id=3776&itemid=70) Von Andreas Popp Donnerstag, 17. September 2009 Lissabon-Vertrag wurde „unbemerkt“ während des Wahlkampfes durchgepeitscht. Der Vorgang fand am 26.08.09 und am 08.09.09 in drei Lesungen und Abstimmungen statt. Mit dem Schnellschuss der soll offensichtlich Druck auf die Irrländer ausgeübt werden. Eine unglaubliche Bundestagslesung ist gegen die Bürger unserer Heimat hinter den Kulissen des Wahlkampfes abgehakt worden. Der Vorgang fand am 26.08.09 und am 08.09.09 in drei Lesungen und Abstimmungen statt.
Die eindeutige Schlechterstellung der Deutschen auf vielen Ebenen war den Mainstream-Medien nur ein paar Nebenzeilen wert, die der „Normal-bürger“ kaum realisierte.
Soweit zur „freien Presse“…!
Einzig „die Linken“ haben sich gegen diese perfide Abgabe der Landes-Souveränität gestellt. Oscar Lafontaine und seine Partei erfahren zurzeit einen hohen Aufschwung bei den Umfragewerten. Die billige Propaganda der Standard-Parteien, mit denen man die Linken abzuqualifizieren versucht, nach dem Motto: „Spiel nicht mit den Schmuddelkindern“ läuft ins Leere.
Im Juni erst erklärte das Bundesverfassungsgericht das Deutsche Begleitgesetz zum Vertrag von Lissabon für verfassungswidrig und forderte somit einen Volksentscheid aller Bürger, bevor man sich dieser EU-Unterwerfung anschließen dürfe. Die Folge dieser klaren „Ansage“ hätte eine großflächige Diskussion sein müssen - aber nichts dergleichen geschah. Man weiß als Volksvertreter längst, dass sich die „Untertanen“ (also wir) gegen diese vom Geldmonopol geplanten Rahmengesetze entscheiden würden, weshalb man die Verhandlungen über ein paar „Semi-Veränderungen“ geheim abhielt, um dann eine neue Version an den betroffenen Menschen vorbei zu schleusen. Vom CSU-Rebellen Peter Gauweiler hört man spannenderweise wenig, wo er sich doch mit soviel Rückgrat gegen diese EU-Verfassung stellte. Einzig Prof. Schachtschneider bringt noch den Mut und die Kraft auf, für seine Heimat Deutschland weiter zu kämpfen.
Warum echauffiere ich mich so über diesen Lissabonner Vertrag?
Ich mache es in diesem Text nur an einem Punkt fest und lasse schweren Herzens die neue noch härtere „Qual-Haltung der Nutztiere“ außen vor, die sich aus diesem Vertrag ergibt. Auch möchte ich die weitere Aufweichung des Verbraucherschutzes nur erwähnen, vor allem soweit es sich um den täglichen „Füllstoff“ handelt, den wir auch noch als „Lebensmittel“ bezeichnen.
Nein, ich möchte auf das Thema Todesstrafe in Deutschland eingehen, der wir einen großen Schritt näher gerückt sind.
Aus dem Lissabonner Vertrag ergibt sich, dass die Grundrechtecharta verbindlich ist, aus der sich ergibt: Niemand darf zur Todesstrafe verurteilt und hingerichtet werden! Aber…
Nun gibt es kaum einen Vertrag ohne „Kleingedrucktes“:
„Eine Tötung wird nicht als Verletzung des Artikels betrachtet, wenn es erforderlich ist, einen Aufruhr oder Aufstand rechtmäßig niederzuschlagen.“
Eine weitere „Ausnahme“ zur Todesstrafe von EU-Bürgern gilt:
„Für Taten in Kriegszeiten oder bei unmittelbarer Kriegsgefahr“.
Was ist eigentlich ein Aufruhr oder Aufstand und befinden wir uns nicht jetzt schon im Krieg gegen den „Terror“?
Mit dem Lissabonner Vertrag ist natürlich (noch) nicht die Todesstrafe de facto eingeführt worden, worauf sich die Politiker gern berufen - aber durch dieses Vertragswerk lässt sich später ohne größere Probleme genau diese legalisierte Tötung von Bürgern verfassungsrechtlich manifestieren.
Dieser Verrat von Grundrechten auch an den Deutschen Bürgern durch Ihre Volksvertreter ist ein klarer Beweis dafür, dass wir uns eher nicht in einem Rechtstaat befinden und genauso wenig in einer sogenannten Demokratie, wie sie vom Volk verstanden wird.
Mit diesem Schnellschuss der Bundestagslesungen soll offensichtlich nur Druck auf die Irländer ausgeübt werden, die Anfang Oktober ein zweites Mal über die neue EU-Diktatur (sprich Vertrag von Lissabon) abstimmen sollen, nachdem sie beim ersten Mal für ein klares Nein votiert haben. So etwas nennt man dann Demokratie, indem man solange wählen muss, bis das von den Lobbyisten geforderte Ergebnis vorliegt… Unglaublich!
Die „Schweinegrippe“ dient dazu, dass man neben den Impfstoffverkäufen auf Steuerzahlerkosten, die man in vielen Kreisen als Placebo mit hohen Nebenwirkungen bezeichnet, auch „bei Bedarf“ die Versammlungsfreiheit einschränken kann, natürlich um das Volk vor den „Ansteckungen“ zu bewahren.
Verstoßen die Menschen gegen diese Auflagen, kann man relativ schnell einen Aufstand interpretieren und die „Täter“ schlicht abknallen.
Ich glaube nicht, dass wir im Augenblick diese Themen überhaupt zu hoch ziehen können, wenn man sich den Wahlkampf der Standardparteien ansieht, den man nur noch als Beleidigung mittlerer Intelligenz bezeichnen kann.
Neben den „Normalos“, die sich vor allem Gedanken um die „Pendlerpauschale“ und ähnliche Ablenkungsmanöver machen, gibt es eine sichtbare Gruppe von Menschen, die sich tatsächlich auf hohemNiveau Gedanken machen.
Die führenden Politiker sind hoffnungslos überfordert mit der Lösung der wirklichen System-Probleme, die wir anzugehen haben, um einen Aufstand der Menschen auf unseren Straßen zu verhindern. Aber vorsichtshalber hat man ja schon einmal abgestimmt, solche Veranstaltungen bei Bedarf mit gezielten Todesschüssen zu zerschlagen…
Dieser folgende Bericht (der unter ferner liefen im Handelsblatt online stand), suggeriert eine verbesserte Deutsche Autarkie des Parlaments gegenüber der Europäischen Administration. Zu solch einer Verdrehung der Tatsachen fällt selbst mir nichts mehr ein…
Handelsblatt online: Bundestag verabschiedet EU-Begleitgesetze
Study Links 45,000 Deaths Per Year To Lack Of Health Insurance (http://www.reuters.com/article/healthNews/idUSTRE58G6W520090917)
First Posted: 09-17-09 09:49 PM | Updated: 09-18-09 01:25 AM
Nearly 45,000 people die in the United States each year -- one every 12 minutes -- in large part because they lack health insurance and can not get good care, Harvard Medical School researchers found in an analysis released on Thursday.
Read the whole story: Reuters (http://www.reuters.com/article/healthNews/idUSTRE58G6W520090917)
Read more at: http://www.huffingtonpost.com/2009/09/17/study-links-45000-deaths_n_290852.html
Goldman Issues Favorable Report Within 20 Minutes Of Palm's Earnings Release... And Goldman's Follow On Offering (http://www.zerohedge.com/article/goldman-issues-favorable-report-within-20-minutes-palms-earnings-release-and-goldmans-follow)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/17/2009 16:47 -0500
And so the pump and dump continues. Within 20 minutes of Palm's earnings release (one wonders just how much of a promptly completed "fill in the blanks" report this was) and disclosure that it is issuing a 16 million share follow on offering, joint-managed by none other than Goldman Sachs, the 85 Broad firm send out an email praising the company's glowing results...and its glowing new liquidity picture compliments of a follow-on offering joint lead-managed by... :kotzGoldman Sachs.
29 comments (http://www.zerohedge.com/article/goldman-issues-favorable-report-within-20-minutes-palms-earnings-release-and-goldmans-follow#comments)
Obama helps strengthen General Electric-Putin ties
By: Timothy P. Carney (http://www.washingtonexaminer.com/bios/timothy-p-carney.html)
09/17/09 2:06 PM EDT
Reuters reports (http://www.reuters.com/article/asiaCrisis/idUSB688381) an interesting nugget in the wake of President Barack Obama's decision to grant Vladimir Putin his wish and kill the Eastern European missile shield:
Shortly after the pullback on the shield programme was announced, Russia's government said Prime Minister Vladimir Putin would meet several U.S. executives on Friday from firms including General Electric, Morgan Stanley as well as TPG, one of the world's largest private equity firms
General Electric may be the company with the closest ties to the Obama administration (if not, GE is second only to Goldman Sachs), and here we see the company benefiting from an abrupt foreign policy change made by President Obama. But GE isn't the only company benefiting. Reuters paints the broader picture:
"U.S. companies have arguably lost out to some European companies in joint ventures, and better diplomacy will likely improve the chances for investors in the strategic sectors of the Russian economy," said Carlo Gallo, senior Russia analyst at London-based consultancy Control Risks.
GE CEO Jeff Immelt sits on Obama's Economic Recovery Advisory Board, and GE owns MSNBC, the network famously friendly to Obama.
Roland99 http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg_journal.gif (http://journals.democraticunderground.com/Roland99) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=150991) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=150991) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=150991) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=150991&level=three) Fri Sep-18-09 06:28 AM
Response to Reply #9 (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4066239&mesg_id=4066271) 10. Oh, and a personal aside... http://upload.democraticunderground.com/discuss/images/avatars/kentucky.gif I start a FULL-TIME job after next week! Saying goodbye to this contract position that got me down to FL but has been delayed twice in going full-time which hasn't left the best taste in my mouth.
I'll have to commute downtown every day now but I'll get in rather early and at least beat morning traffic. Going home is another story. lol
Been checking into houses here, too, and HOLY CRAP! Housing price crash? Doesn't feel like it! Houses here are still a good 1/4 - 1/3 higher than back in Louisville. And property taxes? Yikes...and going up more. Kissimmee just announced a huge increase in property taxes and Volusia County (Daytona Beach area) is hiking theirs by Oct. 1.
There are a LOT of foreclosure and short sales going on, though. Some incredible bargains can be had with a bit of patience and time is on my side soooo...
Anyway, off to get my little one to the bus stop and get myself ready for work.
Y'all be havnfn!
AnneD (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg_journal.gif (http://journals.democraticunderground.com/AnneD) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=154109) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=154109) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=154109) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=154109&level=three) Fri Sep-18-09 10:35 AM
Response to Reply #12 (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4066239&mesg_id=4066279) 42. Roland-three words for you..... http://upload.democraticunderground.com/discuss/images/avatars/richards1.gif books on tape. That will make the drive home tolerable. Pod casts of shows like the Prairie Home Companion helps too.
Ozy, your perception of the housing market is what I get too. I subscribe to a bank home foreclosure site and hubby and I have started going to auctions. The "foreclosure" houses (95%) are still beyond our price range and they really aren't much of a bargain. The ones that are reasonable are boarded up and in such bad repair. I would say they have been reduced to 2006-2007 levels because we have been pricing them that long and longer.
I remember hearing recently that homes in the homes under 95K were selling like hot cakes, all the others weren't selling. FUNNY THING, THAT IS EXACTLY THE PRICE RANGE WE HAD SET, SO THAT MUST BE THE TRUE MARKET RANGE FOR THE MIDDLE CLASS NOW. Every thing else they set is not real and true market value.
....aus erster Hand :)
UpInArms http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg_journal.gif (http://journals.democraticunderground.com/UpInArms) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=102294) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=102294) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=102294) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=102294&level=three) Fri Sep-18-09 08:07 AM
Response to Original message (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4066239&mesg_id=4066239) 21. Ex-Morgan Stanley Hong Kong banker gets 7 years for insider trading http://upload.democraticunderground.com/discuss/images/avatars/warracket1.jpg http://www.reuters.com/article/businessNews/idUSTRE58H1... (http://www.reuters.com/article/businessNews/idUSTRE58H1PI20090918?feedType=RSS&feedName=businessNews)
HONG KONG (Reuters) - Former Morgan Stanley managing director Du Jun was sentenced to a maximum seven years in jail on Friday after a district court found him guilty of insider trading in the city's highest-profile case of its kind.
A judiciary spokeswoman said Du was also fined HK$23.3 million ($3.01 million).
The stiff jail term underscores the determination of the Securities and Futures Commission (SFC), the financial industry watchdog, to crack down on financial crime and follows a series of convictions secured by the Commission.
"This sentencing sends the strongest possible message to anyone tempted to commit an insider dealing offence in the future," Mark Steward, the Commission's Executive Director of enforcement told reporters outside the court.
Du was charged with acquiring shares worth HK$86 million in CITIC Resources between February and April 2007 while he had material and price-sensitive information not known to the market on the firm's plans to acquire oil field assets in China.
He was also charged with advising his wife to deal in CITIC Resources shares in that period.
The verdict comes 14 months after Du was arrested at the Hong Kong airport.
....und wann komen die wirklichen Drahtzieher dran :gomad too big to jail :confused:bad
19 September 2009
Shanghai Exhange to List Foreign Shares in the Yuan (http://jessescrossroadscafe.blogspot.com/2009/09/shanghai-exhange-to-list-foreign-shares.html)
This article highlights the growing move internationally away from the dollar dominance in finance.
But it does also illustrate the 'closed capital account" which restricts the exchange of domestic and foreign currency even today in China.
No country should be allowed full WTO status with a managed and closed currency. There is no way to conduct 'fair trade' in such a regime. And certainly the actions by both Clinton and Bush to advance China as a trading partner while pegging the dollar at a steep devaluation remains a scandal of major proportion.
What would the world say if the US decided to move to a two tier currency system, devaluing the iternational dollar by 40% and then pegging it to a basket of currencies including the Euro, AUS$, Pound and Yen?
Shares at Shanghai's International Board to be Denominated in Renminbi
By Fan Junli
(Caijing) Shares on Shanghai's too-be-launched international board will be denominated in renminbi rather than U.S. dollars, sources close to regulators told Caijing.
But critics say the decision could doom the board to the same fate of Japan's yen-deonomiated international board, which closed in 2004.
China has been preparing for months to launch an international board on the Shanghai Stock Exchange. Fan Xinghai, director-general of Shanghai' Financial Services Office, said September 14 that one or two foreign companies will be listed on the board in early 2010.
One of the key difficulties in preparing the board has been the question of whether the shares listed there should be denominated in renminbi or U.S. dollar, a source said.
U.S. dollar denominated listings would pose several problems. Overseas' companies' listings would be subject to the approval of more than one government department if their shares were denominated in U.S. dollars. Also, China's closed capital account, which restricts the exchange of local and foreign currency, would pose an obstacle to U.S. dollar listings, the source said.
"Now a consensus has been reached that it is not necessary to denominate foreign companies' shares listed on the domestic market in U.S. dollars," the source said.
His comments were confirmed by a several other sources close to regulators.
Critics argue that denominating shares in renminbi will make it difficult for international investors to trade on the international board.
"We may risk repeating the failure of Japan's international board," one securities industry source said.
Japan's international board, where shares were denominated in yen, had 131 listed overseas companies in 1991. But Japanese investors' enthusiasm towards shares on the international board withered and foreign companies began to delist their shares. Only 32 companies remained listed on Tokyo's international board by 2003 and the board eventually closed in 2004.
Nevertheless, supporters of the renminbi denomination arrangement for Shanghai's international board said the failure of Tokyo's international board could not be attributed to yen denomination. They claim it was caused by the slump in the Japanese economy, the yen's appreciation and the high cost of trading cost on the board.
Posted by Jesse at 12:36 AM (http://jessescrossroadscafe.blogspot.com/2009/09/shanghai-exhange-to-list-foreign-shares.html) http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=611122126074864683) :verbeug
You Have Until September 22 (http://lolfed.com/2009/09/17/you-have-until-september-22/)
September 17th, 2009 by Jason · lehman brothers (http://lolfed.com/category/lehman-brothers/)
Wow, people really want to get their money back from Lehman! 9,763 claims as of September 11 (http://dealbook.blogs.nytimes.com/2009/09/17/tiny-to-huge-seeking-pay-from-lehman/?src=twr), per the NY Times. What kind of wacky people are trying to wring every last dime out of history’s greatest failure?
New York City’s Department of Finance wants $626,999,222. And seventeen cents. Seems as if the company had been really shortchanging the city on its general corporate taxes since, oh, 1996. Who woulda thunk it?
Giants Stadium filed a claim for $301,828,087.35 for derivatives contracts related to the construction of the House of Eli.
Former company COO Joseph Gregory says he needs $232,999,548.71 for deferred compensation, because why not. When he left the company last June, his golden parachute included a metric boatload of stock, so now that the stock is worthless it makes perfect sense that he should get paid nine figures for getting fired from a company that effectively no longer exists.
The Red Cross is going all corner grocery on them, wanting $160 to cover a bounced check for a match gift. The staggering sum includes a $10 bounced check fee.
Most heartbreaking is Zee Medical Service, who has taken the time to file a claim for a desperately-needed $13.73, which includes $9.65 for a box of aspirin. Not sure who the aspirin is for; surely by those last days top management had moved onto mescaline to dull the pain.
So there you have it. Back taxes, a group who wants their gambling losses covered, a massive sense of entitlement, NSF fees, and a pill van. This is all that remains of a once-great firm. If you can prove you deserve to get paid as well, you still have until next Tuesday to submit a 200-word essay to federal bankruptcy court in Manhattan on what you would do with the money. Winners will be chosen by random drawing.
http://www.thetradinggang.com/index.php?action=dlattach;attach=1427;type=avatar Eat Beef (http://www.thetradinggang.com/index.php?action=profile;u=8)
Super Galactic Guru Status
http://thetradinggang.com/themes/dilbermc/images/common/post/xx.gif (http://www.thetradinggang.com/index.php?topic=1186.msg15069#msg15069) Lance Roberts, "Who's Behind the Rally" (http://www.thetradinggang.com/index.php?topic=1186.msg15069#msg15069)
« on: Yesterday at 08:20:04 PM »
A lot of it is old hat for anyone who's been paying attention, but the graphs comparing the Fed's purchases to the current S&P rally are priceless.
Sorry, it's a PDF, but the charts are worth the click....
The 8.6 Year Cycle and the Forces of Mother Nature -New Armstrong Article (http://goldtent.net/wp_gold/2009/09/21/the-86-year-cycle-and-the-forces-of-mother-nature-new-armstrong-article/)
by budfoxx @ 1:50 am.
Recession results in steep fall in emissions
By Fiona Harvey, Environment Correspondent
Published: September 20 2009 23:30 | Last updated: September 20 2009 23:30
The recession has resulted in an unparalleled fall in greenhouse gas emissions, providing a “unique opportunity” to move the world away from high-carbon growth, an International Energy Agency study has found.
In the first big study of the impact of the recession on climate change, the IEA found that CO2 emissions from burning fossil fuels had undergone “a significant decline” this year – further than in any year in the last 40. The fall will exceed the drop in the 1981 recession that followed the oil crisis.
Falling industrial output is largely responsible for the plunge in CO2, but other factors have played a role, including the shelving of many plans for new coal-fired power stations owing to falling demand and lack of financing. :supi
For the first time, government policies to cut emissions have also had a significant impact. The IEA estimates that about a quarter of the reduction is the result of regulation, an “unprecedented” proportion. Three initiatives had a particular effect: Europe’s target to cut emissions by 20 per cent by 2020; US car emission standards; and China’s energy efficiency policies.....
full story: http://www.ft.com/cms/s/0/a0f0331c-a611-11de-8c92-00144feabdc0.html
....hat eben alles zwei Seiten :cool
...so oder so Mission Failure :mad
Top General's Confidential Assessment: More Forces In Afghanistan Or "Mission Failure" (http://www.washingtonpost.com/wp-dyn/content/article/2009/09/20/AR2009092002920.html?hpid=topnews)
Quick Read (http://www.huffingtonpost.com/2009/09/21/mcchrystal-afghanistan-as_n_292941.html) |
Comments (64) (http://www.huffingtonpost.com/2009/09/21/mcchrystal-afghanistan-as_n_292941.html)
Read more at: http://www.huffingtonpost.com/
21 September 2009
Obama to Tell the G20 to Fix the US By Changing the World (http://jessescrossroadscafe.blogspot.com/2009/09/obama-to-ask-g20-to-change-world.html)
http://2.bp.blogspot.com/_H2DePAZe2gA/SrcZ9g0eRPI/AAAAAAAAJz0/tY-3NCKwHOE/s320/obama_profound.jpg (http://2.bp.blogspot.com/_H2DePAZe2gA/SrcZ9g0eRPI/AAAAAAAAJz0/tY-3NCKwHOE/s1600-h/obama_profound.jpg) When you can't run a state, run for President. When you can't run your country, attempt to run the world.
This directive to the G20 is probably going to make the Organizer-in-Chief's recent pathetic sermonette on altruism and self-denial to Wall Street seem effective by comparison.
Unless he is as prime an example of boobus Americanus as he appears to be by his actions, we suspect that this proposal is intended merely to be an unachievable blue sky diversion from a genuine agenda for reform and action, which might be an annoying hindrance to Obama's constituents on Wall Street. It has been estimated that the reforms on the table from Europe, for example, might cut the trading revenues at Goldman Sachs by a third.
What Obama does not say, and perhaps does not realize, is that the majority of the problems that exist in the US's imbalanced trade relationships is the position of the US dollar as the world's reserve currency.
Owning the reserve currency is a significant benefit for your government and financial sectors, but it makes your manufacturing and productive economy the target of every mercantilist command economy around the globe that is by definition hungry for dollars.
Obama wants G20 to rethink global economy
By Jeff Mason and Dave Graham
Mon Sep 21, 2009 12:29am EDT
WASHINGTON/BERLIN (Reuters) - U.S. President Barack Obama said on Sunday he would push world leaders this week for a reshaping of the global economy in response to the deepest financial crisis in decades.
In Europe, officials kept up pressure for a deal to curb bankers' pay and bonuses at a two-day summit of leaders from the Group of 20 countries, which begins on Thursday.
The summit will be held in the former steelmaking center of Pittsburgh, Pennsylvania, marking the third time in less than a year that leaders of countries accounting for about 85 percent of the world economy will have met to coordinate their responses to the crisis.
The United States is proposing a broad new economic framework that it hopes the G20 will adopt, according to a letter by a top White House adviser.
Obama said the U.S. economy was recovering, even if unemployment remained high, and now was the time to rebalance the global economy after decades of U.S. over-consumption. (The recovery is as tenuous as Mr. Obama's prospects for a second term - Jesse)
"We can't go back to the era where the Chinese or the Germans or other countries just are selling everything to us, we're taking out a bunch of credit card debt or home equity loans, but we're not selling anything to them," Obama said in an interview with CNN television. (How about a system where Wall Street thinks it can defraud the world, and take usurious rents on every financial transaction in every market? - Jesse)
For years before the financial crisis erupted in 2007, economists had warned of the dangers of imbalances in the global economy -- namely huge trade surpluses and currency reserves built up by exporters like China, and similarly big deficits in the United States and other economies. (Greenspan dismissed every growing problem with an unswerving prevarication, and the corportocracy provided air support. - Jesse)
With U.S. consumers now holding back on spending after house prices plunged and as unemployment climbs, Washington wants other countries to become engines of growth. (Most of the world would like to cure its problems by net exporting to other countries in unbalanced trade relationships. The Asian preoccupation with mercantilism is in some ways the natural outcome of the US dollar reserve hegemony. There is a bit of a standoff here. - Jesse)
"That's part of what the G20 meeting in Pittsburgh is going to be about, making sure that there's a more balanced economy," Obama told CNN.
China has long been the target of calls from the West to get its massive population to spend more. It may be reluctant to offer a significant change in economic policy when Chinese President Hu Jintao meets Obama this week. (The only way they can spend more is if they get higher real wages, a neat trick when your national policy is based on exploiting the exploitation of your laboring class - Jesse)
The U.S. proposal, sketched out in a letter by Obama's top G20 adviser, Michael Froman, calls for a new "framework" to reflect the balancing process that the White House wants.
"The Framework would be a pledge on the part of G-20 leaders to individually and collectively pursue a set of policies which would lead to stronger, better-balanced growth," said the letter, which was obtained by Reuters. (Kumbaya, my lord, kumbaya... Jesse *)
Without naming specific countries, the proposal indicates the United States should save more and cut its budget deficit, China should rely less on exports and Europe should make structural changes -- possibly in areas such as labor law -- to make itself more attractive to investment.
To head off reluctance from China, Froman's letter also supported Beijing's call for developing countries to have more say at the International Monetary Fund. (Say = talk, but it does not imply that anyone will listen and take any action. The US owns the IMF. - Jesse)
The IMF would be at the center of a peer review process that would assess member nations' policies and how they affect economic growth...(Most statists are by nature Ponzi politicians who really cannot run anything complex, and have to keep expanding their power and span of control or collapse and be exposed as frauds. Its been a perennial source of mischief throughout history. - Jesse)
Posted by Jesse at 1:22 AM :verbeug (http://jessescrossroadscafe.blogspot.com/2009/09/obama-to-ask-g20-to-change-world.html)
http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=6793718853750779554) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=6793718853750779554)
Category: blame for financial crisis (http://jessescrossroadscafe.blogspot.com/search/label/blame%20for%20financial%20crisis), dollar hegemony (http://jessescrossroadscafe.blogspot.com/search/label/dollar%20hegemony), financial reform (http://jessescrossroadscafe.blogspot.com/search/label/financial%20reform), IMF (http://jessescrossroadscafe.blogspot.com/search/label/IMF), new world order (http://jessescrossroadscafe.blogspot.com/search/label/new%20world%20order)
....so langsam geht einem Obama mit dem ewig erhobenen Zeigefinger wirklich auf den Keks :rolleyes:mad
:rolleyes http://image2.linkinn.com/toppic/photo_0909/Eat_the_head.gif :rolleyes http://image.linkinn.com/toppic/photo_0909/Hey_My_Bike.jpg :rolleyes http://smilepanic.com/images/stories/FUN/t_shirts/t_shirts_29.jpg :o
President Barack Obama is beginning to look out of his depth :confused:rolleyes
It is lovely to feature in other people's dreams. The problem comes when they wake up. Barack Obama is an eloquent, brainy and likeable man with a fascinating biography. He is not George Bush. Those are great qualities. But they are not enough to lead America, let alone the world.
By Edward Lucas
Published: 8:30AM BST 20 Sep 2009
Comments 238 (http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/6210152/President-Barack-Obama-is-beginning-to-look-out-of-his-depth.html#comments) | Comment on this article (http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/6210152/President-Barack-Obama-is-beginning-to-look-out-of-his-depth.html#postComment)
Admittedly, the presidential to-do list is terrifying. The economy requires his full-time attention. So does health-care reform. And climate change. Indeed, he deserves praise for spending so much time on thankless foreign policy issues. He is tackling all the big problems: restarting Middle East peace talks, defanging Iran and North Korea and a "reset" of relations with Russia. But none of them are working.........
Merz' Schmusekurs gegenüber den Banken
Tatsächlich gab sich Hans-Rudolf Merz vor allem Mühe, die Vertreter der Finanzbranche nicht zu erschrecken. «Als Bankiers ist es nun Ihre Verantwortung, mit innovativen und gleichzeitig traditionsbewussten Ideen zur Erholung beizutragen und Mechanismen zur Krisenprävention zu entwickeln,» erklärte Merz der versammelten Finanzgemeinde – ganz so, wie wenn die Innovationen der Branche nicht eine der Ursachen der Katastrophe gewesen wären.
Ob ihm Medwedew zum Staatsbesuch einen Hund mitbringt?
21 September 2009
Ding, Ding, Ding, Ding.... For the Market and the Democrats (http://jessescrossroadscafe.blogspot.com/2009/09/ding-ding-ding-ding-for-market-and.html)
Sometimes they do ring a bell.
Hard to believe that after one of the greatest credit crises in history, Wall Street and the punters went back to their old ways of chasing beta with hot (taxpayer) money.
As ZeroHedge (http://www.zerohedge.com/article/speculative-bullish-option-activity-hits-decade-high) so insightfully observed:"Sentiment Trader demonstrates how bullish speculative mania as measured by option activity is now at a decade, if not all time, high. With moral hazard having become the only game in town, everyone believes their investments are implicitly guaranteed by the government..."
Paul Krugman, stalwart Democratic liberal economist, took Obama to task recently for his lack of stomach to change and reform the financial system in his column Reform or Bust (http://www.nytimes.com/2009/09/21/opinion/21krugman.html?_r=2&ref=opinion)"What’s wrong with financial-industry compensation? In a nutshell, bank executives are lavishly rewarded if they deliver big short-term profits — but aren’t correspondingly punished if they later suffer even bigger losses. This encourages excessive risk-taking: some of the men most responsible for the current crisis walked away immensely rich from the bonuses they earned in the good years, even though the high-risk strategies that led to those bonuses eventually decimated their companies, taking down a large part of the financial system in the process...
I was startled last week when Mr. Obama, in an interview with Bloomberg News, questioned the case for limiting financial-sector pay: “Why is it,” he asked, “that we’re going to cap executive compensation for Wall Street bankers but not Silicon Valley entrepreneurs or N.F.L. football players?”
That’s an astonishing remark — and not just because the National Football League does, in fact, have pay caps. Tech firms don’t crash the whole world’s operating system when they go bankrupt; quarterbacks who make too many risky passes don’t have to be rescued with hundred-billion-dollar bailouts. Banking is a special case — and the president is surely smart enough to know that."
Paul has not yet been able to express the growing concern that many of Obama's top advisors and key staff managers are hopelessly conflicted, if not corrupted, in dealing with Wall Street. The question should be asked, "if Obama is that smart, why is he acting so slowly, clumsily, ineffectively?"
The answer gets to the heart of the proposition put forward by Richard Nixon, "People have got to know whether or not their president is a crook."
So which is it to be: ineffective blowhard or corrupt politician? History may not be kind to the first African-American president, as it may not be to the first president to lay a false claim to that title (Slick Willy), and that is a dreadful, regrettable shame.
Posted by Jesse at 12:13 PM:verbeug (http://jessescrossroadscafe.blogspot.com/2009/09/ding-ding-ding-ding-for-market-and.html)
http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1390569917312201475) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=1390569917312201475)
Category: deep capture (http://jessescrossroadscafe.blogspot.com/search/label/deep%20capture), financial corruption (http://jessescrossroadscafe.blogspot.com/search/label/financial%20corruption), financial engineering (http://jessescrossroadscafe.blogspot.com/search/label/financial%20engineering), financial reform (http://jessescrossroadscafe.blogspot.com/search/label/financial%20reform), regulatory capture (http://jessescrossroadscafe.blogspot.com/search/label/regulatory%20capture), speculative bubble (http://jessescrossroadscafe.blogspot.com/search/label/speculative%20bubble)
....ist ja wirklich traurig - so viel Hoffnung scheint sich in einen Sumpf von Korrupteit und/oder Inkompetenz aufzulösen :(
Ob ihm Medwedew zum Staatsbesuch einen Hund mitbringt?
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1261272#post1261272)
...sofern der Kopf von Medwedew noch dran ist :rolleyes:o http://www.molgvardia.ru/files/news/putin-bear2.jpg vielleicht ;)
ETH-Fälschungsskandal: Nur einer kann verantwortlich sein (http://www.tagesanzeiger.ch/zuerich/region/ETHFaelschungsskandal-Nur-einer-kann-verantwortlich-sein/story/13072434)
http://files.newsnetz.ch/story/1/3/0/13072434/11/teasermedium.jpg (http://www.tagesanzeiger.ch/zuerich/region/ETHFaelschungsskandal-Nur-einer-kann-verantwortlich-sein/story/13072434) Experten haben den Fälschungsskandal an der ETH Zürich, der bereits zu einem Rücktritt führte, ein halbes Jahr lang untersucht. Sie kamen zu einem klaren Ergebnis. Mehr... (http://www.tagesanzeiger.ch/zuerich/region/ETHFaelschungsskandal-Nur-einer-kann-verantwortlich-sein/story/13072434)
Von Matthias Meili. Aktualisiert um 07:44 Uhr 2 Kommentare (http://www.tagesanzeiger.ch/zuerich/region/ETHFaelschungsskandal-Nur-einer-kann-verantwortlich-sein/story/13072434#kommentar)
Betrugsexpertin: «Das ist ein happiger Fall» (http://www.tagesanzeiger.ch/schweiz/standard/Betrugsexpertin-Das-ist-ein-happiger-Fall/story/12723319)
«Aber jetzt ist das Beweismaterial unauffindbar» (http://www.tagesanzeiger.ch/zuerich/region/Aber-jetzt-ist-das-Beweismaterial-unauffindbar/story/21040715)
Gefälschte Daten: «Wir haben uns bemüht, eine andere Erklärung zu finden» (http://www.tagesanzeiger.ch/zuerich/region/Gefaelschte-Daten-Wir-haben-uns-bemueht-eine-andere-Erklaerung-zu-finden/story/17196125)
sepp berger - 07:27 Uhr
zufall, dass der doktorand heute als finanzanalyst bei der UBS arbeitet? ein schelm, wer böses denkt ;-)
.....bei den Banken und Co. scheint jeder Gauner unterzukommen :bad
Fahrerflucht nach schwerem Unfall auf Fussgängerstreifen (http://www.tagesanzeiger.ch/zuerich/stadt/Fahrerflucht-nach-schwerem-Unfall-auf-Fussgaengerstreifen/story/13387585)
http://files.newsnetz.ch/story/1/3/3/13387585/9/teasermedium.jpg (http://www.tagesanzeiger.ch/zuerich/stadt/Fahrerflucht-nach-schwerem-Unfall-auf-Fussgaengerstreifen/story/13387585) Ein Autofahrer verletzt bei einer Kollision an der Forchstrasse eine Fussgängerin und macht sich auf und davon. Die Polizei sucht Zeugen. Mehr... (http://www.tagesanzeiger.ch/zuerich/stadt/Fahrerflucht-nach-schwerem-Unfall-auf-Fussgaengerstreifen/story/13387585)
Aktualisiert vor 24 Minuten
21 September 2009
Confessions of a 'Flationary Agnostic (http://jessescrossroadscafe.blogspot.com/2009/09/confessions-of-flationary-agnostic.html)
I have no particular allegiance to either the hyperinflation or the deflationary camps. Both outcomes are possible, but not yet probable. Rather than being a benefit, occupying the middle ground too often just puts one in the middle, being able to see the merits in both arguments and possibilities, and being unwilling to ignore the flaws in each argument. But this is where reason takes me........
Posted by Jesse at 1:27 PM (http://jessescrossroadscafe.blogspot.com/2009/09/confessions-of-flationary-agnostic.html) :verbeug
Michael Pettis Extended Interview (http://www.zerohedge.com/article/michael-pettis-extended-interview)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/22/2009 08:46 -0500
Michael Pettis provides an exhaustive overview of his in-depth China views in a three part interview series with FT's Beijing Bureau Chief, Geoff Dyer. Must watch.
2 comments (http://www.zerohedge.com/article/michael-pettis-extended-interview#comments)
...da sehr viel kurz berockt müsste die Börse eigentlich steigen im Frühling ;)
http://graphics8.nytimes.com/ads/marketing/mm09/style_090809_g.jpg (http://www.nytimes.com/adx/bin/adx_click.html?type=goto&opzn&page=global.nytimes.com/yr/mo/day/business&pos=Box1&sn2=154f08e9/e1920018&snx=1253636138&sn1=ef5c9ab2/93ec090c&camp=IHT2009-Mktg-336x280-GE_HP-Intl-Mktg_module&ad=336x280_Mktg_Module_Style__Sept_21&goto=http://www.nytimes.com/adx/bin/adx_click.html?type=goto&opzn&page=global.nytimes.com/yr/mo/day/business&pos=Box1&sn2=154f08e9/e1920018&sn1=225a92e/d4b5f87&camp=IHT2009-Mktg-336x280-GE_HP-Intl-Mktg_module&ad=336x280_Mktg_Module_Style__Sept_21&goto=http://www.nytimes.com/pages/fashion/index.html) Suzy Menkes on London Fashion Week (http://www.nytimes.com/pages/fashion/index.html)
The International Herald Tribune's renowned Fashion Editor gives her verdict direct from the front row. (http://www.nytimes.com/adx/bin/adx_click.html?type=goto&opzn&page=global.nytimes.com/yr/mo/day/business&pos=Box1&sn2=154f08e9/e1920018&sn1=d91e3fc6/6550d4bc&camp=IHT2009-Mktg-336x280-GE_HP-Intl-Mktg_module&ad=336x280_Mktg_Module_Style__Sept_21&goto=http://global.nytimes.com/style/?)
Was ist guter Sex?
Von Barbara Lukesch.
Für den Paartherapeuten Klaus Heer steht nicht der Drang zum Orgasmus im Vordergrund. Richtig guter Sex sei wie... Windstille.
«Was für Sie erotisch befriedigend ist, können nur Sie selbst wissen oder herausfinden», sagt Klaus Heer.
http://files.newsnetz.ch/story/2/2/6/22659123/11/1.jpg «Hightech-Sex existiert praktisch nur in den Medien und in unseren Köpfen»: Klaus Heer.
Lesen Sie auch: «Strategien gegen die Sex-Flaute» (http://blog.tagesanzeiger.ch/mamablog/index.php/1529/strategien-gegen-die-sex-flaute-im-elternschlafzimmer/)
Während dreier Jahre haben der Berner Paartherapeut Klaus Heer und die Journalistin Barbara Lukesch am Telefon Gespräche geführt. Entstanden ist das Buch in Interviewform «Klaus Heer, was ist guter Sex?», herausgegeben vom Wörterseh-Verlag. Wir drucken einen Ausschnitt ab. Die Vernissage ist am 7. Oktober im Kramhof in Zürich. (TA)
Ist guter Sex vergleichbar mit gutem Essen?
Sex ist ein Luxus, genauso wie ein gutes Essen. Und guter Sex ist vermutlich mindestens so aufwendig und anspruchsvoll in der Herstellung wie ein Fünfsternegericht. Man darf aber Sex nicht mit lebensnotwendiger Nahrung gleichsetzen. Niemand muss sich beeindrucken lassen vom Stossseufzer seines Partners, er leide an «chronischer Unterernährung», wenn er nicht an seine Minimalration Sex herankomme. Sex ist keine existenzielle und unentbehrliche Nahrung. Kein Mensch muss verhungern, wenn er keinen Sex hat.
Dabei geistert ja genau die Vorstellung in unseren Köpfen herum, ohne Sex gehe es nicht.
Das ist eine Zwangsvorstellung, eine Endmoräne der Steinzeit-These, dass der Mann das Recht auf eine Frau habe, die er drannehmen und ficken kann, wenn er es braucht.
Solche Ideen halten sich bis heute?
Aber sicher, bei Juristen, Disponenten, Dachdeckern. Überall.
Was macht guten Sex aus?
Reibungslos funktionierender Sex ist zweifellos etwas vom Allerfeinsten, was einem hienieden widerfahren kann...
...wenn alles fliesst und flutscht...
Genau. Hier gibts indessen einen kleinen Haken. Solcher Hightech-Sex existiert praktisch nur in den Medien und in unseren Köpfen. In unseren realen Doppelbetten ist er kaum erreichbar.
Was muss stattdessen im Vordergrund stehen?
Die Begegnung, die unmittelbare körperliche Begegnung zweier Menschen. Vielleicht ist das alles ein bisschen paradox. Wer guten Sex erreichen möchte, sollte nicht auf guten Sex aus sein, sondern darauf, dass er den intimen Kontakt zum anderen herstellen und halten kann. Dann geht eine neue Welt auf. Wenn ich hingegen auf guten Sex aus bin...
...zielstrebig und ergebnisorientiert...
...verengt sich alles und wird anstrengend.
Wie könnte die Reise zum guten Sex aussehen?
Vielleicht ist es gar nicht ein Weg, der dorthin führt. Vielleicht fängt alles mit einem grossen Vergessen an. Nämlich mit dem Vergessen von allem, was wir je über Sexuelles gelesen, gehört und vor allem gesehen haben (lacht). Ich weiss natürlich, dass das nicht geht, aber ich sags trotzdem: Steigen Sie möglichst nackt ins Bett, machen Sie Ihren Kopf frei, schliessen Sie Ihr Herz auf, seien Sie ganz Ihr Körper, von oben bis unten, mit Haut und Haaren, mit Leib und Seele. Lieben Sie mit Ihrem ganzen Körper und lassen Sie sich lieben, überall, ganz. Gehen Sie zurück auf Feld eins und starten Sie neu.
Viele Frauen sagen, guter Sex sei eigentlich nur mit dem Mann möglich, den man liebt.
Das ist vielleicht eine ziemlich romantische Vorstellung. Je nachdem, was man mit Liebe meint. Ich glaube schon, dass Sexualität und Liebe zusammengehören. Dass Sex in den meisten Beziehungsbiografien verdorrt ist, hat wohl damit zu tun, dass sich viele Menschen gegenseitig sexuell ausnützen. Oder einer den anderen. Und der andere lässt es zu, dass der eine ihn ausnützt.
Wie soll ich mir Sex vorstellen, der dank der Liebe richtig gut geworden ist?
Vielleicht sind da weniger Liebesgefühle und innige Emotionen im Spiel, als man denkt. Eher Grosszügigkeit und Grossherzigkeit. Immer diese kleinliche Angst, zu kurz zu kommen: Was soll das? Ich könnte es doch mit verschwenderischer Zuwendung versuchen, könnte einfach geben und schenken. Ohne engherzig darauf zu schielen, was zurückkommt und ob es genug ist.
Dann ist Geiz also gar nicht so geil, wie es immer heisst?
Weitherzige Liebe kalkuliert eben möglichst wenig oder gar nicht. Sicher nicht kurzfristig. Sie ist emotional intelligent und weiss, dass mir die passiven Versorgungserwartungen alle Freude rauben. Sie machen mich miesepetrig, immer unterschwellig enttäuschungsbereit und verkrampft. Wer wollte da freiwillig und mit Freuden Sex mit mir haben? Sex mit einem Menschen, an dem man keine Freude hat, kann wohl niemals guter Sex sein. Vermutlich müsste ich es noch etwas breiter sagen: Gut wird eine sexuelle Begegnung wahrscheinlich dann, wenn das Vergnügen am Partner so süss ist, dass man es überhaupt nicht mehr eilig hat. Schon gar nicht mit dem Orgasmus.
Wo bleibt da der sexuelle Kontrollverlust – unabdingbare Zutat aller ekstatischen Paarungen?
Niemand ist auf den sexuellen Kontrollverlust angewiesen, um leidenschaftlich lieben zu können. Im Gegenteil. Einzige Voraussetzung für sexuelle Süsse: Man muss aus den naiven Rauschträumen erwachen. Guter Sex ist vielleicht eher wie Windstille, die Zeit bleibt stehen – das ist leise Leidenschaft, kühl-sanfte Ekstase. Ich bin da. Da und hier. Bei mir und bei dir.
Welchen Aufwand muss man betreiben, wenn man wirklich guten Sex erleben will? Welche Investitionen sind erforderlich?
Mit der Liebeskunst ist es wahrscheinlich wie mit allen anderen Künsten. Einmal im Jahr, an Weihnachten, Blockflöte spielen, kann das Herz erfreuen. Aber sich als Oboensolist jeden Tag Stunden auf ein Mozartkonzert vorbereiten – das ist etwas ganz anderes.
Übung führt zu Meisterschaft?
Könnte gut sein, ja. Man muss damit rechnen, dass die Qualität des Sex davon abhängt, was man aufzuwenden bereit ist. Viele, wenn nicht die meisten Paare geben sich mit einem minimalistischen Sex-Stil zufrieden. Hauptsache Orgasmus. Zu mehr reicht es nicht, weil man eben gar nicht mehr anstrebt. Oder weil man hilflos ist gegenüber der Frage, was man investieren könnte.
Was kann man denn konkret investieren?
Wenn mir etwas wirklich am Herzen liegt, muss mir niemand sagen, was ich dafür tun soll. Ich tue es von selbst, weil es mich zieht. Ich denke viel darüber nach, ich besorge mir Anregung, wo immer ich kann, zum Beispiel in Büchern, im Gespräch mit Freunden oder in Kursen. Ich wende Zeit auf mit meinem Partner: zum Reden, zum Austauschen, zum Zuhören, zum gemeinsamen Lesen, zum Lieben, zum Sein.
Was verstehen Sie unter Befriedigung, Erfüllung beim Sex?
Was für Sie erotisch befriedigend ist, können nur Sie selbst wissen oder herausfinden. Vielleicht unterstützen Sie ein paar Stichwort-Fragen, die Sie anregen, zusammen mit Ihrem Partner danach zu suchen, was Sie und Sie beide wirklich befriedigen könnte: Was brauchen Sie, um sich beim Sex voll zu entspannen? Welche Sorgen, Bedenken, Ansprüche müssten Sie loswerden können? Geben Sie sich Ihren fünf Sinnen wirklich hin? Sind Sie ganz da? Haben Sie neben Ihrem Partner den Platz, den Sie brauchen, um aufzublühen in der sexuellen Begegnung? Und die Wärme, das Vertrauen? Wie wichtig ist Ihnen der Orgasmus wirklich? Und der Orgasmus des Partners? Weiss er das und glaubt ers Ihnen? Wie gehts Ihnen jeweils nach dem Sex? Fühlen Sie sich befriedigt? Woran merken Sie das? Weiss er das von Ihnen genau? Und Sie von ihm? Wissen Sie voneinander, was vielleicht stört oder fehlt?
Sie sagten einmal, guter Sex entstehe vielleicht dann, wenn sich ein Mann selber aus dem Weg räumt, um der Frau begegnen zu können.
(Lacht.) Dieser vielleicht ungewohnte, zugespitzte Gedanke hat mit unserer allgegenwärtigen Sexkultur zu tun. Ich bekomme doch jeden Tag mit, dass sich Frauen im Bett nicht den Platz nehmen, der ihnen zusteht. Sie merken es selber nicht einmal, wie sollten es dann die Männer realisieren? Unübersehbar ist allerdings, dass viele Frauen sexuell unglücklich, unbefriedigt, stumpf und stillgelegt sind. Sich selber aus dem Weg räumen – das muss der Mann natürlich nicht. Aber er wird mit grossem Vorteil damit rechnen, dass die Sexualität, die er mit seiner Frau hat oder hatte, genau genommen eine männlich geprägte Sexualität ist.
Männer und Frauen wollen also nicht dasselbe beim Sex?
Ich zögere, diese Frage zu beantworten, weil dann irgendwer mich zitieren und neue Dogmen bauen oder festigen kann. Jedes Paar ist so einzigartig wie diese einzigartige Frau und dieser einzigartige Mann. Keine Frau will dasselbe wie ihr Mann. Keine Frau und kein Mann darf aber die Tatsache ausser Acht lassen, dass die Frau und ihre körperlichen Liebesbedürfnisse seit Jahrhunderten missachtet worden sind und dass diese Missachtung auch in unseren aufgeklärten Betten subtil weiterwirkt. Selbst wenn kaum jemand davon spricht. Oder besser: weil niemand darüber redet.
(Tages-Anzeiger) merci Tagi :verbeug
Erstellt: 23.09.2009, 04:00 Uhr - http://www.tagesanzeiger.ch/leben/gesellschaft/Was-ist-guter-Sex/story/22659123
23 September 2009
Brit Bashes Bozos (http://jessescrossroadscafe.blogspot.com/2009/09/brit-bashes-bozos.html)
Blatant. And funny. And he is spot on, and obviously hasn't read his talking points from corporate.
Posted by Jesse at 1:10 AM :verbeug (http://jessescrossroadscafe.blogspot.com/2009/09/brit-bashes-bozos.html)
Staubsturm stürzt Sydney ins Chaos (http://www.spiegel.de/panorama/0,1518,650702,00.html) :rolleyes
Eine riesige rote Staubwolke hat sich über Sydney gelegt und die australische Metropole lahmgelegt. Flüge wurden umgeleitet, der Fährverkehr eingestellt und bei den Rettungskräften meldeten sich Hunderte Menschen mit Atembeschwerden. Anwohner befürchteten "den Untergang". mehr... (http://www.spiegel.de/panorama/0,1518,650702,00.html)
Oil Plunges As Inventory Build Does Not Confirm Rosy Economic Forecasts (http://www.zerohedge.com/article/oil-plunges-inventory-build-does-not-confirm-rosy-economic-forecasts)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/23/2009 10:43 -0500
A presumably growing economy, one that has now emerged from a recession (if one listens to the Chairman) needs fuel. Or, as the case may be, oil. So today's oil inventory report did two things: it flatly refuted the Chairman's ongoing propaganda that all is finally well with the US economy, but also played a nasty trick on oil speculators who got majorly burned after oil tumbled as a result of ongoing lack of demand for the black gold. At least all those parked tankers overflowing with oil and betting that sooner or later the stored oil will be put to some use will get a few more chances to finally be proven right.
6 comments (http://www.zerohedge.com/article/oil-plunges-inventory-build-does-not-confirm-rosy-economic-forecasts#comments)
Eklat in New York
Gaddafi-Wutrede vor Uno löst Tumult aus (http://www.spiegel.de/politik/ausland/0,1518,650897,00.html)
Bei seinem ersten Auftritt vor der Uno-Vollversammlung hat Libyens Staatschef Gaddafi den Sicherheitsrat der Staatengemeinschaft wütend beschimpft. Er nannte die Politik der Vetomächte inakzeptabel, sprach von einem "Terror-Rat" und zerriss die Uno-Charta. Etliche Delegierte verließen den Saal. mehr... (http://www.spiegel.de/politik/ausland/0,1518,650897,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=8694&goto=newpost) ]
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifNew York: Gaddafi verewigt sich mit Graffiti im Uno-Gebäude (http://www.spiegel.de/politik/ausland/0,1518,650853,00.html)
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifObamas Uno-Rede: "Amerika kann nicht alle Probleme allein lösen" (http://www.spiegel.de/politik/ausland/0,1518,650871,00.html)
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifKampf gegen Klimawandel: Ban Ki Moon beschwört Staaten zu handeln (http://www.spiegel.de/politik/ausland/0,1518,650725,00.html)
Obama gibt Führungsanspruch der USA auf (http://www.tagesanzeiger.ch/ausland/amerika/Obama-gibt-Fuehrungsanspruch-der-USA-auf/story/15838199) :rolleyes
http://files.newsnetz.ch/story/1/5/8/15838199/2/teaserbreit.jpg (http://www.tagesanzeiger.ch/ausland/amerika/Obama-gibt-Fuehrungsanspruch-der-USA-auf/story/15838199) US-Präsident Barack Obama hat an die internationale Gemeinschaft appelliert, die globalen Probleme gemeinsam zu schultern. Mehr... (http://www.tagesanzeiger.ch/ausland/amerika/Obama-gibt-Fuehrungsanspruch-der-USA-auf/story/15838199)
....mit erhobenem Zeigefinger die andern mahnen - aber Konzessionen zur Klimaverbesserungen, no we can't :mad
Reaction To The FOMC Statement (http://www.zerohedge.com/article/reaction-fomc-statement)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/23/2009 13:33 -0500
http://www.zerohedge.com/sites/default/files/images/DXY%209.23.09_2.jpg Predictable move in the dollar, unpredictable whiplash in Treasuries. As for the equity bubble, it will do what it does, until it pops. In other news, the cremation of the formerly reserve currency known as the dollar will be held in the Federal Reserve's back yard at a convenient date. Chairman Ben will deliver the eulogy.
15 comments (http://www.zerohedge.com/article/reaction-fomc-statement#comments)
23 September 2009
More Smoke from the Federal Reserve On Their Opaque Operations in the Markets (http://jessescrossroadscafe.blogspot.com/2009/09/more-smoke-from-federal-reserve-on.html)
Lots of smoke, but not quite a smoking gun, since the Fed representatives can always come back and claim that they were speaking hypothetically, and that the information was being withheld IF it indeed exist.
This highlights the problem of proving something wherein another party has the ability to stonewall and hide their operations. If the Fed was more transparent, then this would not be an issue.
I have been looking into this issue for some time, and have concluded that there is indeed plenty of smokescreens coming out of the Fed on a number of fronts. Some seem legitimate, but many do not. The Fed seems to want its independence, but also a position of power that is integration to the political and administrative policies of the US, more properly the domain of the public representatives.
Perhaps it is more or less innocent, but it does highlight how utterly inappropriate the Fed will be as a choice for a 'super regulator' of the financial system, seeming accountable and forthcoming only when they feel like it.
http://2.bp.blogspot.com/_H2DePAZe2gA/Srr3PcsQY7I/AAAAAAAAJ0k/aN5766VsEm0/s400/baghdadben.JPG (http://2.bp.blogspot.com/_H2DePAZe2gA/Srr3PcsQY7I/AAAAAAAAJ0k/aN5766VsEm0/s1600-h/baghdadben.JPG)If this proves to be true, Greenspan is guilty of lying in his testimony to Congress, and most likely Bernanke as well. The Fed would also be implicated in expropriating US assets for its own purposes of rigging public markets far beyond their charter, since gold is hardly a foreign currency these days. They may as well be manipulating the price of oil or corn or wheat to suit their financial engineering. The permission to swap gold which belongs, not to the Fed, but to the American people via the Treasury, can only be granted by Congress.
I have also concluded that the Obama team wishes to broaden the powers of the Fed because this provides additional centralized and opaque power to the federal government. Both the Democrats and Republicans in the US seem to favor this.
As a semi-private organization, owing its allegiance both to the government, but even moreso to its private owners, the Fed should not and cannot be seriously considered for broader powers over more markets. They are hopelessly conflicted in their various agendas and loyalties already.
Business Wire (http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20090923005709&newsLang=en)
Federal Reserve Admits Hiding Gold Swap Arrangements, GATA Says
September 23, 2009
09:30 AM EDT
MANCHESTER, Conn.--(BUSINESS WIRE)-- The Federal Reserve System has disclosed to the Gold Anti-Trust Action Committee Inc. that it has gold swap arrangements with foreign banks that it does not want the public to know about.
The disclosure, GATA says, contradicts denials provided by the Fed to GATA in 2001 and suggests that the Fed is indeed very much involved in the surreptitious international central bank manipulation of the gold price particularly and the currency markets generally.
The Fed's disclosure came this week in a letter to GATA's Washington-area lawyer, William J. Olson of Vienna, Virginia denying GATA's administrative appeal of a freedom-of-information request to the Fed for information about gold swaps, transactions in which monetary gold is temporarily exchanged between central banks or between central banks and bullion banks. (See the International Monetary Fund's treatise on gold swaps here. (http://www.imf.org/external/bopage/pdf/99-10.pdf)
The letter, dated September 17 and written by Federal Reserve Board member Kevin M. Warsh (here (http://www.federalreserve.gov/aboutthefed/bios/board/warsh.htm)), formerly a member of the President's Working Group on Financial Markets, detailed the Fed's position that the gold swap records sought by GATA are exempt from disclosure under the U.S. Freedom of Information Act.
Warsh wrote in part: "In connection with your appeal, I have confirmed that the information withheld under Exemption 4 consists of confidential commercial or financial information relating to the operations of the Federal Reserve Banks that was obtained within the meaning of Exemption 4. This includes information relating to swap arrangements with foreign banks on behalf of the Federal Reserve System and is not the type of information that is customarily disclosed to the public. This information was properly withheld from you."
When, in 2001, GATA discovered a reference to gold swaps in the minutes of the January 31-February 1, 1995, meeting of the Federal Reserve's Federal Open Market Committee and pressed the Fed, through two U.S. senators, for an explanation, Fed Chairman Alan Greenspan denied that the Fed was involved in gold swaps in any way. Greenspan also produced a memorandum written by the Fed official who had been quoted about gold swaps in the FOMC minutes, FOMC General Counsel J. Virgil Mattingly, in which Mattingly denied making any such comments. (See here (http://www.gata.org/node/1181).)
The Fed's September 17 letter to GATA confirming that the Fed has gold swap arrangements can be found here. (http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf)
While the letter, GATA says, is far from the first official admission of central bank scheming to suppress the price of gold (for documentation of some of these admissions, see here (http://www.gata.org/node/6242) and here (http://www.gata.org/node/7096)), it comes at a sensitive time in the currency and gold markets. The U.S. dollar is showing unprecedented weakness, the gold price is showing unprecedented strength, Western European central banks appear to be withdrawing from gold sales and leasing, and the International Monetary Fund is being pressed to take the lead in the gold price suppression scheme by selling gold from its own supposed reserves in the guise of providing financial support for poor nations.
GATA will seek to bring a lawsuit in federal court to appeal the Fed's denial of our freedom-of-information request. While this will require many thousands of dollars, the Fed's admission that it aims to conceal documentation of its gold swap arrangements establishes that such a lawsuit would have a distinct target and not be just a fishing expedition.
In pursuit of such a lawsuit and its general objective of liberating the precious metals markets and making them fair and transparent, GATA again asks for financial support from the public and from all gold and silver mining companies that are not at the mercy of market-manipulating governments and banks. GATA is recognized by the U.S. Internal Revenue Service as a non-profit educational and civil rights organization and contributions to it are federally tax-exempt in the United States....
Posted by Jesse at 5:47 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2009/09/more-smoke-from-federal-reserve-on.html)
http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=4854809783314397906) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=4854809783314397906)
Category: Federal Reserve secrecy (http://jessescrossroadscafe.blogspot.com/search/label/Federal%20Reserve%20secrecy), gold manipulation (http://jessescrossroadscafe.blogspot.com/search/label/gold%20manipulation)
<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/UfuiNjvH9_c&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/UfuiNjvH9_c&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
Zum Original-Beitrag (http://showthread.php3?p=1262126#post1262126)
merci :) auch die andern sind :supi
Inside Look - Gloom, Boom & Doom (Part 2) (http://www.youtube.com/watch?v=gdBIRD87-Ao&feature=related)
Inside Look - Gloom, Boom & Doom (Part 3) (http://www.youtube.com/watch?v=kA5dfcMNtCo&feature=related)
Part 3 er meint :kotzGS very smart people - leider hat er wohl recht :rolleyes wobei ich meine trotzdem, dass die GS-"Beziehungen" sehr wohl dazu beitragen :o
24 September 2009
Federal Reserve Eyes the US Money Market Funds (http://jessescrossroadscafe.blogspot.com/2009/09/federal-reserve-considers-tapping-money.html)
The Fed is holding a significant amount of assets on its books in the form of Treasuries. For example, the Fed has purchased an enormous amount of US Treasury issuance in the past six months as part of its quantitative easing program, aka monetization. It has also taken on tranches of mortgage debt obligations from the banks, purportedly to improve the banks capitalization profile because of the dodgy nature of the assets.
This has added significant short term liquidity to the system, much of it held by the banks for interest at the Federal Reserve itself.
At some point the Fed will wish to reduce the levels of liquidity in the system. One way to do this is by increasing interest rate targets. It can achieve this, for example, by increasing the amount it pays for reserves.
The traditional way for the Fed to drain liquidity is to conduct what is known as a reverse repurchase agreement, or reverse repo.
In a normal repurchase agreement or repo, the Fed purchases assets held by the banks, normally Treasuries, which obviously increases the 'cash' being held by the bank. A repurchase agreement is by definition for a specific amount of time. At the end of the period the Fed sells the asset back to the bank. The difference in amounts is the 'interest' which changes hands for the transaction.
There is also a type of purchase agreement with no buyback. It is known as a PMO, or Permanent Market Operation. These are used to add liquidity as the name implies, permanently.
A reverse repo is just the opposite. In this case, the Fed sells an asset from its balance sheet to an institution for 'cash' and thereby drains or takes cash liquidity out of the system.
Aren't Treasuries as good as 'cash?' Why does it matter whether a bank is holding Treasuries or cash on its books? Apparently not the case, at least for accounting and regulatory purposes. Remember that the next time someone tells you that banks do not need depositors. Sometimes they do.
Typically the Fed has only done this type of operation with a group of about twenty or so financial institutions known as the Primary Dealers (http://www.newyorkfed.org/markets/pridealers_current.html).
According to this news piece, the reason the Fed is looking to the Money Markets is that, just like Willie Sutton, that's where the money is. There, and in the 401k's, and the IRA's.
The central bank is now considering dealing with money market funds because it does not think the primary dealers have the balance sheet capacity to provide more than about $100 billion...Money market mutual funds have about $2.5 trillion under management..."This is a bit puzzling otherwise, because there had been a longtime animosity between the banks, or at least what used to pass as a bank, and the money market funds. The funds are not covered by FDIC, are not regulated as banks, and typically pay higher rates of interest to depositors than conventional commercial banks. They tend to invest their funds in the commerical paper markets. It was the seizure of the short term paper markets that brought the money market funds to the brink, and a potential run on the funds, as fears grew that they would 'break the buck,' that is, the Net Asset Value of One Dollar for every dollar deposited.
Obviously this entire proposition is a bit puzzling on the surface, and is certain to raise fears of Fed shifting toxic assets from the banking system to the more 'public funds.' It is not a huge concern if these are truly repurchase agreements since the value of the assets will be backed 100 percent by the Fed. We would also assume that the Funds might be able to express some preference for Treasuries, rather than bundles of sludge backed by Joe Subprime Sixpack LLC.
It was also interesting today that in his testimony before the Congress which was widely ignored by the mainstream media, Paul Volcker had some very strong words about what is a bank, and what is not. Money market funds are not banks, and banks have no business using their banking platforms to fund proprietary trading operations that are merely seats at a rather risky virtual casino known as Wall Street.
We admit now as before that we do not fully understand the accounting system of the banking industry, having grown up on the productive side of the economy, but are learning quickly.
One thing we can judge is character, and the character of many of the actors on this stage appear to be less than trustworthy to say the least, especially in the Obama Administration and their cronies on Wall Street. In reviewing the biographies of many of the key players, we were struck by how few of them have ever done anything, built anything, in the productive economy. Its all about FIRE institutions and governments, and revolving doors where one is paid for connections and influence, and following orders.
Increasingly it seems that the Wall Street financial institutions, led by the gang of four, will push their power grip on the nation until something stops them. What that will be, no one can know for sure. The Ponzi scheme they have been running is starting to fall apart. The target bag holders, the Chinese, Japanese, and Europeans seem to be slipping towards the exit. When the music stops, someone may be left with a big pile of worthless paper. It looks to us like the Fed is interviewing candidates.
And this is why we say:The banks must be restrained, and the financial system reformed, and the economy brought back into a balance between the productive and administrative sectors, before there can be any sustained recovery.Reuters (http://news.yahoo.com/s/nm/20090924/bs_nm/us_usa_fed_exit)
Fed's exit strategy may use money market funds
Thu Sep 24, 4:02 am ET
LONDON (Reuters) – The U.S. Federal Reserve is studying the idea of borrowing from money market mutual funds as part of eventual steps to withdraw stimulus, the Financial Times reported on Thursday.
The Fed would borrow from the funds via reverse repurchase agreements involving some of the huge portfolio of mortgage-backed securities and U.S. Treasuries that it acquired as it fought the financial crisis, the newspaper reported, without citing any sources.
This would drain liquidity from the financial system, helping to avoid a burst of inflation as the economy recovered.
The FT said Fed officials had in recent days held discussions with market participants on how it might implement such a scheme.
The Fed is considering whether to conduct a pilot scheme, but worries such a test might be seen as a signal that the central bank was about to drain liquidity on a large scale, the newspaper said. In the near term, a big drain remains unlikely, it added.
The central bank held interest rates at close to zero on Wednesday and upgraded its assessment of the U.S. economy, saying growth had returned after a deep recession. The Fed also said it would slow its purchases of mortgage debt to extend that program's life until the end of March, in a move toward withdrawing the central bank's extraordinary support for the economy and markets during the contraction.
The idea of the Fed using reverse repos to help unwind policy is not new; Fed chairman Ben Bernanke identified them as a potential means of soaking up liquidity in July. But the market had previously expected the repos to be done with primary dealers, including former Wall Street investment banks.
The central bank is now considering dealing with money market funds because it does not think the primary dealers have the balance sheet capacity to provide more than about $100 billion, the Financial Times said.
Money market mutual funds have about $2.5 trillion under management so they could plausibly provide between $400 billion and $500 billion, it said.
The newspaper added that the Fed did not think it would need to drain liquidity all the way to where it was before the crisis, because it was confident it could raise interest rates even with a much larger amount of reserves in the system than existed before the crisis.
Posted by Jesse at 10:42 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2009/09/federal-reserve-considers-tapping-money.html)
http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1508095804544572357) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=1508095804544572357)
Category: financial corruption (http://jessescrossroadscafe.blogspot.com/search/label/financial%20corruption), financial reform (http://jessescrossroadscafe.blogspot.com/search/label/financial%20reform), Wall Street banks (http://jessescrossroadscafe.blogspot.com/search/label/Wall%20Street%20banks)
And The Spirit Aerosystems Bet Winner Is... Zero Hedge (http://www.zerohedge.com/article/and-spirit-aerosystems-bet-winner-zero-hedge)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/24/2009 22:45 -0500
Earlier today we bet against the Goldman Sachs - Fed complex, claiming that either Bank Of America or Goldman Sachs would end up being the underwriter for the Spirit Aerosystems $300 million bond offering. We were right.
14 comments (http://www.zerohedge.com/article/and-spirit-aerosystems-bet-winner-zero-hedge#comments)
by Gubbmint Cheese
on Thu, 09/24/2009 - 23:42
Ironically the issue may be illegal.. but politicians selling inside information isn't illegal - in fact its quite a booming business. (someone else posted this piece this morning.. not sure why this isn't bigger news.. it certainly blew me away.. and I'm a cynic!)
I will admit I laugh at about 4:27 given the Prof's polite "Duh" answer to Erin's question..
"Have The Federal Reserve Or Prime Brokers Ever Tried To Manipulate The Stock Market?" (http://www.zerohedge.com/article/has-federal-reserve-ever-tried-manipulate-stock-market-how-about-prime-brokers)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/25/2009 11:22 -0500
Alan Grayson doing his immaculate Jaws impression here. And the man is definitely smelling a wounded and bleeding Fed. Must watch clip.
Grayson to Fed General Counsel Scott Alvarez: "Do you mind if we have a GAO audit to see if there has been front-running or insider trading by [Fed Primary Dealer JP Morgan]? Do you mind? Is that ok with you?"
8 comments (http://www.zerohedge.com/article/has-federal-reserve-ever-tried-manipulate-stock-market-how-about-prime-brokers#comments)
Rep. Alan Grayson: "Has the Federal Reserve Ever Tried to Manipulate the Stock Market?"
must listen :o peinlich :rolleyes
25 September 2009
Do Ben and Tim = Thelma and Louise? (http://jessescrossroadscafe.blogspot.com/2009/09/just-how-bad-it-really-is.html)
One cannot help but note that Team Obama is trying to derail serious proposals regarding financial reform for Wall Street at the G20 meeting, as we suggested they would.
The concerns raised by US revelations at the G20 today about new intelligence regarding Iran's secret underground nuclear facility have overshadowed financial reform and economic problems, and Gordon Brown's prescription yesterday that the G20 would become the new governing council for the world. It also stepped rather heavily on the House Hearings on HR 1207 "Audit the Fed" bill sponsored by Ron Paul and a good part of the Congress.
Why waste a crisis indeed. Especially when you can cop a two-fer.
http://1.bp.blogspot.com/_H2DePAZe2gA/Sr0E0H2NeWI/AAAAAAAAJ5M/yQyR2CRBob8/s400/benandtim.JPG (http://1.bp.blogspot.com/_H2DePAZe2gA/Sr0E0H2NeWI/AAAAAAAAJ5M/yQyR2CRBob8/s1600-h/benandtim.JPG)Yesterday we put forward a somewhat lengthy piece on the Fed and reverse repos being considered titled Fed Eyes US Money Market Funds (http://jessescrossroadscafe.blogspot.com/2009/09/federal-reserve-considers-tapping-money.html).
There is a key quote in there that we would like to highlight today.
The central bank is now considering dealing with money market funds because it does not think the primary dealers have the balance sheet capacity to provide more than about $100 billion... Money market mutual funds have about $2.5 trillion under management..."Only 100 billion in available capital for a relatively risk free short term investment in the global banking system including the Primary Dealers, does seem a bit tight for a set of such 'well capitalized' banks, especially since they aren't making many commerical loans, preferring to speculate in the commodity and equity markets for daytrading profits.BNP Paribas Securities Corp., Banc of America Securities LLC, Barclays Capital Inc., Cantor Fitzgerald & Co., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Daiwa Securities America Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co., HSBC Securities (USA) Inc. , Jefferies & Company, Inc., J. P. Morgan Securities Inc., Mizuho Securities USA, Morgan Stanley & Co. Incorporated, Nomura Securities International, Inc., RBC Capital Markets Corporation, RBS Securities Inc., UBS SecuritiesLLC.Couple that with the revelation reported some time ago at ZeroHedge (http://www.zerohedge.com/article/federal-reserve-accounts-50-q2-treasury-purchases) and covered here, that the Fed is taking on more than 50 percent of the longer dated Treasuries, and there is only about Ten Billion left on their balance sheet for expansion, and you get the picture of a financial system not cruising into recovery but heading straight at a confrontation with harsh reality.
Here is an update from ZH that is somewhat compelling if one understand the implications. Visualizing the Upcoming Treasury Funding Crisis. (http://www.zerohedge.com/article/visualizing-upcoming-treasury-funding-crisis)
"Summary: foreign purchasers are congregating exclusively around the front end
of the Treasury curve, meaning that the primary net purchaser of dated bonds has
been the Federal Reserve. As everyone knows by now, the Fed only has $10 billion
left out of the $300 billion total allotted for Treasury QE. That should expire
next week. ... The time of unravelling may be upon us sooner than most think." Do Tim and Ben = Thelma and Louise (http://en.wikipedia.org/wiki/Thelma_&_Louise)?
As the Eagles sang (http://www.youtube.com/watch?v=F2oJ_Ps2w7g):
"Take it, to the limit, one more time..."
Posted by Jesse at 12:41 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2009/09/just-how-bad-it-really-is.html)
http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3683332272458770110) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=3683332272458770110)
Category: dollar devaluation (http://jessescrossroadscafe.blogspot.com/search/label/dollar%20devaluation), Fed Balance Sheet (http://jessescrossroadscafe.blogspot.com/search/label/Fed%20Balance%20Sheet), quantitative easing (http://jessescrossroadscafe.blogspot.com/search/label/quantitative%20easing), Selective Default (http://jessescrossroadscafe.blogspot.com/search/label/Selective%20Default), Treasury Bonds (http://jessescrossroadscafe.blogspot.com/search/label/Treasury%20Bonds)
Rep. Alan Grayson: "Has the Federal Reserve Ever Tried to Manipulate the Stock Market?"
must listen :o peinlich :rolleyes
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1262328#post1262328)
Grayson ist ein scharfer Hund.http://www.stock-channel.net/stockselect/stock-board/images/smilies/supi.gif
Banken-Tombstone: Tödlicher Treffer für die 95. Bank
Von Dr.-Ing. Artur P. Schmidt
Samstag, 26. September 2009
Achtgrößte Bankenpleite in den USA. Wie im berühmten Showdown in Tombstone stehen die US-Banken vor einem vollständigen Gemetzel. Institutional Risk Analytics geht sogar von über 1.000 Banken aus, die pleite gehen können: "US-Bankensystem als Zombie-Tanz-Party".
Zum Original-Beitrag (http://showthread.php3?p=1262386#post1262386)
.....Das Problem des systemischen Risikos lässt sich so lange nicht aus der Welt schaffen wie das größte Risiko, die Fed selbst, nicht dass tut, was sie als verantwortungsvolle Notenbank eigentlich tun müsste, nämlich die Ursache der Krise, das zu billige Geld, zu bekämpfen.
Wenn eine Bank wie die Citigroup sich mitten in der Krise verfünffachen kann obwohl diese nach wie vor mit "F" gerated wird, dann zeigt dies, dass das Geld der Fed nur im Eigenhandel bei den Grossbanken ankommt, nicht jedoch bei den unzähligen kleineren Banken und in Folge beim Bürger.
....wie immer wird der WallstreetMafia die Kohle in den A**** gesteckt - yes we can :bad:gomad irgendwann muss der Wind doch mal drehen :rolleyes
Grayson ist ein scharfer Hund.http://www.stock-channel.net/stockselect/stock-board/images/smilies/supi.gif
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1262363#post1262363)
...falls Du bei "scary" hie und da etwas den Puls fühlen kannst ---> :verbeug
http://img3.myimg.de/NeverLookBackbysamuderac4c75.jpg (http://www.myimg.de) ...bis in ca. 3 Wochen :winke
....das muss ich doch noch loswerden :gomad :dumm :kopf
Polanski-Verhaftung: «Wir wussten dieses Mal genau, wann er einreist» (http://www.tagesanzeiger.ch/kultur/kino/PolanskiVerhaftung-Wir-wussten-dieses-Mal-genau-wann-er-einreist/story/26543232)
http://files.newsnetz.ch/story/2/6/5/26543232/58/teasermedium.jpg (http://www.tagesanzeiger.ch/kultur/kino/PolanskiVerhaftung-Wir-wussten-dieses-Mal-genau-wann-er-einreist/story/26543232) Regisseur Roman Polanski sitzt in Zürich in Polizeigewahrsam. Er wurde gestern bei der Einreise in die Schweiz auf Grund eines internationalen Haftbefehls festgenommen, wie die Zürcher Kantonspolizei gegenüber Tagesanzeiger.ch/Newsnetz bestätigte. Mehr... (http://www.tagesanzeiger.ch/kultur/kino/PolanskiVerhaftung-Wir-wussten-dieses-Mal-genau-wann-er-einreist/story/26543232)
......Ein Berufungsgericht entschied zwei Jahre später, dass sich der «Flüchtling» Polanski in einem Zivilprozess durch einen Anwalt verteidigen lassen konnte. Doch im März 1997 meldete die «New Yorker Daily News», dass Samantha Geimer, nun Hausfrau und Mutter von drei Söhnen auf Hawaii, Polanski vergeben hätte........
Stationen von Roman Polanski (http://www.tagesanzeiger.ch/kultur/kino/PolanskiVerhaftung-Wir-wussten-dieses-Mal-genau-wann-er-einreist/story/26543232)
Roman Polanskis Tanz mit den Richtern (http://www.tagesanzeiger.ch/kultur/kino/Roman-Polanskis-Tanz-mit-den-Richtern/story/26764301)
Schlampig und doch meisterhaft (http://www.tagesanzeiger.ch/kultur/kino/Schlampig-und-doch-meisterhaft/story/13621432)
«Verhaftung wird der Schweiz schaden» (http://www.tagesanzeiger.ch/kultur/kino/Verhaftung-wird-der-Schweiz-schaden/story/22021922)
http://files.newsnetz.ch/story/2/2/0/22021922/13/teasermedium.jpg (http://www.tagesanzeiger.ch/kultur/kino/Verhaftung-wird-der-Schweiz-schaden/story/22021922) Der französische Kulturminister Frédéric Mitterrand erklärte, er habe «mit Verblüffung» von der Prozedur gegen den «Filmemacher» erfahren. Auch die Schweizer Filmszene reagiert mit scharfer Kritik. Mehr... (http://www.tagesanzeiger.ch/kultur/kino/Verhaftung-wird-der-Schweiz-schaden/story/22021922)
Stationen von Roman Polanski (http://www.tagesanzeiger.ch/kultur/kino/Verhaftung-wird-der-Schweiz-schaden/story/22021922)
Polanski-Verhaftung: «Wir wussten dieses Mal genau, wann er einreist» (http://www.tagesanzeiger.ch/kultur/kino/PolanskiVerhaftung-Wir-wussten-dieses-Mal-genau-wann-er-einreist/story/26543232)
Roman Polanskis Tanz mit den Richtern (http://www.tagesanzeiger.ch/kultur/kino/Roman-Polanskis-Tanz-mit-den-Richtern/story/26764301)
28 September 2009
The Federal Reserve School of Monetary Witchcraft and Wizardry (http://jessescrossroadscafe.blogspot.com/2009/09/here-are-some-key-excerpts-from-account.html)
http://1.bp.blogspot.com/_H2DePAZe2gA/SsDsVhh4hwI/AAAAAAAAJ5c/f0HzZik1R_g/s400/bendemort2.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/SsDsVhh4hwI/AAAAAAAAJ5c/f0HzZik1R_g/s1600-h/bendemort2.jpg)Here are some key excerpts from the account by The Institutional Risk Analyst of his trip to "The International Financial Crisis" conference in Chicago. You may read it in its entirety here (http://us1.institutionalriskanalytics.com/pub/IRAstory.asp?tag=383). (http://us1.institutionalriskanalytics.com/pub/IRAstory.asp?tag=383)
It matches up with our feel from reading on the web, that most economists are going to be painfully slow to change their thinking, particularly in the US, even after this latest financial crisis of historic proportions. It is hard to change when one cannot even admit one's mistakes, and the green shoots of a false Spring bring out new hopes that old ways might still work once again.
The status quo often has a powerful grip on the levers of thought leadership, and a social science like economics is especially vulnerable to peer pigheadedness, even when it is shown to be flat out wrong. The lack of innovation seems even slower now than in the 1970's when the appearance of a virulent stagflation shook up the assumptions of the economic establishment.
One thing which is almost certain is that change will not come from within, but from without. The great opportunity for reform that Obama was presented is passing quickly, probably form the point at which he surrounded himself with some of the least innovative and highly atrophied economic thinkers, from the atavistic Larry Summers to the clever but highly tailored Ben Bernanke who is like Alan Greenspan with a genuine PhD. The Treasury Secretary is not a thinker, but merely a pair of hands, at best. What T. S. Eliot called 'a willing tool, glad to be of use.'
A new school of economics will rise out of this crisis, and we are more sure now than before that it will not originate in the States, which is seeing an appalling failure in economic thought leadership, in part caused by a dominant Fed, acting in part to stifle innovation as MITI did in Japan.
But the stock market is up, after a brief period of housecleaning last week by the funds and the banks, opening the door to the end of quarter window dressing. So let's ignore our problems once again and keep the printing presses and that wealth transfer mechanism turning. For now.
The US may indeed suffer a lost decade after all.
Institutional Risk Analytics (http://us1.institutionalriskanalytics.com/pub/IRAstory.asp?tag=383)
The Global Carry Trade and the Crimes of Patriots
September 29, 2009
Our trip to Chicago last week to participate in "The International Financial Crisis" conference sponsored by the Federal Reserve Bank of Chicago and the World Bank was instructive in several ways. First and foremost, it confirmed that the US economics profession is still trying to defend the old ways and means in terms of analytical methods for bank safety and soundness.
While there were many calls for "reform" of regulation, we heard nary a suggestion that the mish-mash of quantitative methods that currently comprise the framework for assessing the safety and soundness of banks needs to be set aside and a new approach defined. Indeed, the foreign participants in the two-days of presentations seem to be far more advanced in their thinking about bank safety and soundness than their counterparts from the US.
Andrew Sheng of the China Banking Regulatory Commission, reproached us for thinking that throwing debt at a global problem of insolvency will be successful. We have created the world's largest ever carry trade, Sheng noted, and suggested that the approach of exchanging a bank solvency problem for a sovereign debt problem could effectively replicate the lost decade of Japan on an international scale. He also wondered how any nation will be able to raise interest rates when vast sums of cash (i.e. fiat paper dollars) are ready to immediately pounce on any carry trade opportunities that arise.
Charles Goodhart of the London School of Economics.... reminded the audience that whereas Americans still debate the merits of regulation vs. innovation, in the EU the political class has already decided the robust regulation of banks is a necessary condition for stability. He also dismissed the idea that you can separate the "utility" bank from "the casino," again suggesting that the EU view of regulation of banks is comprehensive and should be emulated by the US....
While the members of our panel suggested various ways to restore balance and even virtue to the regulatory process, we suggested that Washington does not need another oversight agency or more platonic guardians. Rather, we need to address the problem where it truly resides, first with the debt issuance of our profligate government and second with the accommodative monetary policy of our central bank. As one participant noted, there is no longer any distinction between fiscal and monetary policy in the US.
Though there were many insightful and interesting comments made at the two-day conference in the FRB Chicago, the one thing that we heard virtually no one say is that the current financial crisis stems from irresponsible monetary and fiscal policies. Many participants talked about the role of "global capital flows" in fueling the crisis, but none made the basic statement that having printed this money to pay for imports and fund domestic deficit spending, the US was bound to see the dollars eventually come home in the form of a credit bubble.
Since the October 1987 financial crisis, the Federal Reserve System has not denied the Street either liquidity or collateral. The objective goal of policy, it seems, has been to keep the ability of Congress to issue debt intact all the while keeping the casino part of the banking system operating at full steam regardless of the impact on inflation and, more important, investor behavior. Seen in this light, the proliferation of hedge funds and OTC securities is the natural response of investors to inflationary fiscal and monetary policies in Washington, a city where income and the proceeds of borrowing are seen as being equivalent.
Today the amount of debt and fiat money issued by the US government is threatening not only the solvency of private financial institutions and companies, but the stability of the entire global economy. Yet virtually no observers make the connection between the reality of secular inflation in the US and the bad outcomes in the financial markets, and in the global economy, where trade flows continue to shrink. Indeed, if members of Congress ever wanted a reason not to give the Fed more power as a regulator of financial institutions, they should start with an investigation of the Fed's conduct of monetary policy, not bank regulation. Just imagine how the US economy would look several decades from now were the Congress to give the Fed hegemony over bank supervision via the rubric of "systemic risk" even as the central bank continues its reckless policies with respect to monetary policy and its accommodation of US debt issuance.
Systemic risk, it seems, is not the result of bad regulatory policies, but the natural outcome of a system where income from productive economic activities is being increasingly supplemented with debt and inflation. Our political leaders say that such policies are meant to help the American people, but we've heard such empty justifications before. Call the policies of borrow and spend and print the "crimes of patriots," a powerful metaphor used by author Jonathan Kwitny to describe the bad acts of the CIA in the banking world decades ago. Since then, the money game and the role of government in our financial markets has only grown larger.
If the American people want to get the US financial system under control, then the first areas of investigation, we submit, must be fiscal and monetary policies. And if Americans do not soon get control over the habit of borrow and spend practiced by the Congress and facilitated by the Fed, then end result must be a populist backlash against Washington and incumbents in politics and the corporate world. As Congressman Ron Paul (R-TX) writes in his latest book, End the Fed: "Nothing good can come from the Federal Reserve… It's immoral, unconstitutional, impractical, promotes bad economics, and undermines liberty."
Audit us and interest rates will rise, Fed warns Congress
Submitted by cpowell on Mon, 2009-09-28 21:09. Section: Daily Dispatches (http://www.gata.org/taxonomy/term/2) 5:08p ET Monday, September 28, 2009
Dear Friend of GATA and Gold:
The Federal Reserve's general counsel, Scott Alvarez, is being disingenuous in the testimony to Congress reported today by Bloomberg News (see below) in regard to U.S. Rep. Ron Paul's legislation to audit the Fed. That is, the threat to interest rates Alvarez warns about has nothing to do with potential congressional interference with monetary policy. Rather, the threat to interest rates -- and the dollar, U.S. government bonds, the Fed itself, and the entire world financial establishment -- arises instead from the possibility that the Fed's surreptitious intervention in the markets might be exposed and the world might see that, in fact, because of the Fed there really are no markets at all, just systematic robbery by banking interests and certain nations.
What the Fed is really saying with its hysteria is that the world will end if what the Fed is doing becomes known. Of course the world won't end; it will just change dramatically.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Fed's Counsel Says Audits Could Lead to Higher Interest Rates
By Craig Torres and Scott Lanman
Monday, September 28, 2009
Federal Reserve Buys More Than 100% of Mortgages Issued in 2009
This is important information. What I've found and present below is that the Federal Reserve is not just supporting the housing market, it is the housing market.
Pinkeln auf die Finanzjongleure
Die Wut der Isländer auf die Reichen der Insel ist immer noch gross. Die Finanzfürsten drohen Gerichtsprozesse. Zudem werden sie vom Volk heftig verunglimpft.
<object width="560" height="340"><param name="movie" value="http://www.youtube.com/v/OqZUbe9KIMs&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/OqZUbe9KIMs&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="560" height="340"></embed></object>
Cash Cow - High-Frequency Trading
Samantha Bee wants to tell her small investor friends about high-frequency trading before regulators outlaw it.
They Both Deserved Them
LOLFed would like to congratulate two winners in particular of this year’s prizes (http://news.bbc.co.uk/2/hi/science/nature/8285380.stm):Economics: The directors, executives, and auditors of four Icelandic banks for demonstrating that tiny banks can be rapidly transformed into huge banks, and vice versa (and for demonstrating that similar things can be done to an entire national economy).
Mathematics: Gideon Gono, governor of Zimbabwe’s Reserve Bank, for giving people a simple, everyday way to cope with a wide range of numbers by having his bank print notes with denominations ranging from one cent to one hundred trillion dollars.
The peace prize went to a Swiss research team who determined whether it is better to be hit over the head with a full or empty bottle of beer.
The Real Reason the Giant, Insolvent Banks Aren't Being Broken Up (http://www.washingtonsblog.com/2009/10/real-reason-giant-insolvent-banks-arent.html)
Let Freedom Wane: The Fed's Role as Regulator and Obama's Failure to Reform (http://jessescrossroadscafe.blogspot.com/2009/10/feds-failure-as-regulator.html)
http://3.bp.blogspot.com/_H2DePAZe2gA/Ssj9Fzoxo0I/AAAAAAAAJ6E/0mXXhIGgNr0/s320/frenchmancrying.jpg (http://3.bp.blogspot.com/_H2DePAZe2gA/Ssj9Fzoxo0I/AAAAAAAAJ6E/0mXXhIGgNr0/s1600-h/frenchmancrying.jpg)The proposal put forward by the Obama Economic Team to expand the purview of the Federal Reserve as a regulator, perhaps even THE regulator, was always troubling for several reasons.
1. The Fed is in fact not a government institution, but owned by private and corporate banking interests. The failure of self-regulation and regulators who have been 'captured' by the corporations they regulate is one of the great lessons of this crisis.
2. The Fed is notoriously opaque, with the occasional gesture towards transparency, and is often resistant to releasing information to the public in a timely manner, claiming a sort of 'executive privilege.' The Fed is and should remain independent but accountable on review. This precludes them from acting fully and routinely as a government agency responsible to the voters for all of their actions.
3. The Federal Reserve of NY often acts as a member of the 'banking club' with very heavy ties to Wall Street. The objective of financial reform should be to insulate regulators from undue influence by the organizations which they regulate, and more influenced by the law and the public good first and foremost. This is a basic principle of the regulatory process. One cannot successfully regulate their peers when the tough decisions have to be made to uphold justice and expose corruption and conflicts of interest.
This latest incident with Goldman Sachs merely serves to illustrate the too often unilateral decision-making by the Fed in an ad hoc manner, without sufficient explanation.
What the United States needs to reform its financial system is a group of Untouchables who are not on the payroll of Wall Street, or regular participants in the revolving door between government and the industry it regulates. The failure to create this effective reform, and instead gravitate toward ineffective consolidation in one of the key actors in the failure of the system is an error that is as fundamental and basic as one can imagine. It strains credibility that this could merely the result of inexperience.
http://4.bp.blogspot.com/_H2DePAZe2gA/Ssl3dSgvI6I/AAAAAAAAJ6U/kYO0wphrqxA/s320/greenclue.JPG (http://4.bp.blogspot.com/_H2DePAZe2gA/Ssl3dSgvI6I/AAAAAAAAJ6U/kYO0wphrqxA/s1600-h/greenclue.JPG)It was the appointment of Larry Summers that first put us off the Obama 'reform' message. Larry Summers is a holdover from the same team that brought us some of the worst Federal Reserve policy decisions and interference in the regulatory process ever seen.
The Administration needs to convert its vision into action, and stop playing to the Wall Street lobby which created and is still benefiting from this crisis. If that requires replacing the Chief of Staff, Rahm Emmanuel, who is a heavy recipient of Wall Street donations, then so be it.
Whoever is promoting the Fed as uber-regulator within the Obama Administration should be fired, immediately. We hear it is Larry Summers, and this sounds like the politically tone-deaf, impractical, arrogant, and conflicted solution which Larry or Rahm might promote.
Can you imagine what our crisis would have been like if Alan Greenspan had even more power, more control over the markets?
Obama, quite frankly, needs to demonstrate that he is a man of integrity and principled action, vision that is not confined to oratory. He must now demonstrate that he is his own man, and is not owned by powerful special interests that seem to be controlling the American political process in both major parties.
If even a mandate such as Obama received does not energize the Democrats, then the best hope for America is a third party, a Progressive / Libertarian party as was seen at the turn of the 19th century with the rise of Teddy Roosevelt.
Baseline Scenario (http://baselinescenario.com/2009/10/03/a-short-question-for-senior-officials-of-the-new-york-fed/#more-5146)
A Short Question for Senior Officials of the NY Fed
By Simon Johnson
October 3, 2009
At the height of the financial panic last fall Goldman Sachs became a bank holding company, which enabled it to borrow directly from the Federal Reserve. It also became subject to supervision by the Federal Reserve Board (with the NY Fed on point) – hence the brouhaha over Steven Friedman’s shareholdings.
Goldman is also currently engaged in private equity investments in nonfinancial firms around the world, as seen for example in its recent deal with Geely Automotive Holdings in China. US banks or bank holding companies would not generally be allowed to undertake such transactions - in fact, it is annoyed bankers who have asked me to take this up.
http://2.bp.blogspot.com/_H2DePAZe2gA/Ssl6OIPygdI/AAAAAAAAJ6s/gI5b3HCCNcY/s320/geithner-bernanke-pointing_rt_20090114.jpg (http://2.bp.blogspot.com/_H2DePAZe2gA/Ssl6OIPygdI/AAAAAAAAJ6s/gI5b3HCCNcY/s1600-h/geithner-bernanke-pointing_rt_20090114.jpg)Would someone from the NY Fed kindly explain the precise nature of the waiver that has been granted to Goldman so that it can operate in this fashion? If this is temporary, is it envisaged that Goldman will cease being a bank holding company, or that it will divest itself shortly of activities not usually allowed (and with good reason) by banks? Or will all bank holding companies be allowed to expand on the same basis. (The relevant rules appear to be here in general and here specifically; do tell me what I am missing.)
Increasingly, the issue of “too big to regulate” in the public interest is being brought up – an issue that has historically attracted the interest of the Department of Justice’s Antitrust Division in sectors other than finance. Should Goldman Sachs now be placed in this category?
Given that the Fed has slipped up so many times and in so many ways with regard to regulation over the past decade, and given the current debate on Capitol Hill, now might be a good time to get ahead of this issue.
In addition, there is the obvious carry trade (borrow cheaply; lend at higher rates) developing from cheap Fed dollar funding to the growing speculative frenzy in emerging markets, particularly China. Are we heading for another speculative bubble that will end up damaging US bank balance sheets and all American taxpayers?
China May Lead Coalition of Nations to Topple the US Petrodollar (http://jessescrossroadscafe.blogspot.com/2009/10/china-may-lead-coalition-of-nations-to.html)
http://1.bp.blogspot.com/_H2DePAZe2gA/SsqjoKc0rHI/AAAAAAAAJ68/PKfwqUVLp7A/s400/PhaetonRicci.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/SsqjoKc0rHI/AAAAAAAAJ68/PKfwqUVLp7A/s1600-h/PhaetonRicci.jpg)It does make sense that this would happen, and many including ourselves have been forecasting this outcome as a viable trigger for a significant, but orderly, dollar devaluation.
The US has violated the premise under which the Dollar served as the world's reserve currency. As Alan Greenspan himself said, the US Dollar regime worked because it was managed as though it was still under an external monetary standard, mimicking the rigor of a hard currency while maintaining a flexibility for monetary policy adjustment. We questioned the veracity of that claim when he made it, but it was the appearance, if not the reality, of responsibility and discipline that made things work for the monetary wizards.
Ironically enough, the closet goldbug Mr. Greenspan shattered that discipline with a gearing up of financial engineering in response to economic and trading crises starting with 1987 and reaching higher notes with LTCM and the Asian currency crisis.
China devalued the yuan against the dollar, and was able to promote an aggressive program of industrialization through multinationals like Walmart who desired cheap labor. The Chinese were able to persuade Bill Clinton and then George Bush to grant them favored nation trading status, without the condition of a freely traded currency. This allowed China to import manufacturing jobs, and made the US politicians and financiers happy with their personal donations and profits.
The dogs of war were loosed by the Fed in 2002 with a remarkably reckless expansion of debt through over easy interest rates, with an explosion of fraudulently rated US dollar financial assets from an Anglo-American banking system grown utterly corrupt and in full bloom of a credit bubble.
Bernanke has taken the dollar into its endgame, while insiders grab fistfuls of dollars and quietly sell their financial assets behind the scenes during this recent market rally. Obama and his team are either corrupt or incompetent. The same can be said of his two predecessors, at least.
"The capitalists will sell us the rope with which we will hang them."
Vladimir Ilyich Lenin However this plays out over the next nine years, it will be history in the making, and interesting to say the least. It will be neither straightforward, nor easy, nor transparent to the public. But it seems inevitable that the days of Empire based on dollars backed by oil and global military reach are over and gone-- until the next time.
The Independent UK (http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html)
The demise of the dollar
By Robert Fisk
Tuesday, 6 October 2009
In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading
http://3.bp.blogspot.com/_H2DePAZe2gA/SsqnwP1Cx1I/AAAAAAAAJ7U/UkVrgvD62q4/s320/sand-pile.jpg (http://3.bp.blogspot.com/_H2DePAZe2gA/SsqnwP1Cx1I/AAAAAAAAJ7U/UkVrgvD62q4/s1600-h/sand-pile.jpg)In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.
The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China's former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security."
http://1.bp.blogspot.com/_H2DePAZe2gA/SsqoX5fxqPI/AAAAAAAAJ7k/bZXJZWz2df0/s200/rdragon.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/SsqoX5fxqPI/AAAAAAAAJ7k/bZXJZWz2df0/s1600-h/rdragon.jpg)This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil – yet again turning the region's conflicts into a battle for great power supremacy. China uses more oil incrementally than the US because its growth is less energy efficient. The transitional currency in the move away from dollars, according to Chinese banking sources, may well be gold. An indication of the huge amounts involved can be gained from the wealth of Abu Dhabi, Saudi Arabia, Kuwait and Qatar who together hold an estimated $2.1 trillion in dollar reserves.
The decline of American economic power linked to the current global recession was implicitly acknowledged by the World Bank president Robert Zoellick. "One of the legacies of this crisis may be a recognition of changed economic power relations," he said in Istanbul ahead of meetings this week of the IMF and World Bank. But it is China's extraordinary new financial power – along with past anger among oil-producing and oil-consuming nations at America's power to interfere in the international financial system – which has prompted the latest discussions involving the Gulf states.
Brazil has shown interest in collaborating in non-dollar oil payments, along with India. Indeed, China appears to be the most enthusiastic of all the financial powers involved, not least because of its enormous trade with the Middle East.
China imports 60 per cent of its oil, much of it from the Middle East and Russia. The Chinese have oil production concessions in Iraq – blocked by the US until this year – and since 2008 have held an $8bn agreement with Iran to develop refining capacity and gas resources. China has oil deals in Sudan (where it has substituted for US interests) and has been negotiating for oil concessions with Libya, where all such contracts are joint ventures.
Furthermore, Chinese exports to the region now account for no fewer than 10 per cent of the imports of every country in the Middle East, including a huge range of products from cars to weapon systems, food, clothes, even dolls. In a clear sign of China's growing financial muscle, the president of the European Central Bank, Jean-Claude Trichet, yesterday pleaded with Beijing to let the yuan appreciate against a sliding dollar and, by extension, loosen China's reliance on US monetary policy, to help rebalance the world economy and ease upward pressure on the euro.
Ever since the Bretton Woods agreements – the accords after the Second World War which bequeathed the architecture for the modern international financial system – America's trading partners have been left to cope with the impact of Washington's control and, in more recent years, the hegemony of the dollar as the dominant global reserve currency.
The Chinese believe, for example, that the Americans persuaded Britain to stay out of the euro in order to prevent an earlier move away from the dollar. But Chinese banking sources say their discussions have gone too far to be blocked now. "The Russians will eventually bring in the rouble to the basket of currencies," a prominent Hong Kong broker told The Independent. "The Brits are stuck in the middle and will come into the euro. They have no choice because they won't be able to use the US dollar." (Look for the NWO to start making a stronger play to control the EU - Jesse)
http://2.bp.blogspot.com/_H2DePAZe2gA/SsqnV302PxI/AAAAAAAAJ7M/zx1rdqSBfSs/s320/Greenspanmoney_burning.JPG (http://2.bp.blogspot.com/_H2DePAZe2gA/SsqnV302PxI/AAAAAAAAJ7M/zx1rdqSBfSs/s1600-h/Greenspanmoney_burning.JPG)Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years' time. The current deadline for the currency transition is 2018.
The US discussed the trend briefly at the G20 summit in Pittsburgh; the Chinese Central Bank governor and other officials have been worrying aloud about the dollar for years. Their problem is that much of their national wealth is tied up in dollar assets.
"These plans will change the face of international financial transactions," one Chinese banker said. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate."
Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq.
SDRs and the Endgame for the US Dollar Reserve (http://jessescrossroadscafe.blogspot.com/2009/10/sdrs-and-endgame-for-dollar-reserve.html)
Our take on this is that there is NO question that the US dollar will lose its reserve currency, and the Treasury and the Fed are aware of this.
The game being played now on the international stage, largely behind the scenes until recently, is with regard to what will take its place and how it will be implemented.
The talking heads on US financial television are largely talking their books even today, taking the position that nothing can replace the US dollar for the next fifteen years at least (Robert Altman-Bloomberg).
Most of the anchors and house commentators are just shallow, nervous in a giggly sort of way, and astoundingly naive which may be attributed to their relative youth and lack of relevant experience in anything beyond looking good and being often wrong but never in doubt.
The US and UK are pushing for Special Drawing Rights (SDRs (http://www.imf.org/external/np/exr/facts/sdr.htm)) from the IMF as the replacement, with very minor rebalancing. There are those who prefer something that they feel is less neo-colonial, or at least more neutral, and reflective of a changing economic reality.
http://1.bp.blogspot.com/_H2DePAZe2gA/SsuXHIJju0I/AAAAAAAAJ8s/t8zFvYhJvrk/s200/sdr.JPG (http://1.bp.blogspot.com/_H2DePAZe2gA/SsuXHIJju0I/AAAAAAAAJ8s/t8zFvYhJvrk/s1600-h/sdr.JPG)Much of what is hitting the news now is political jawboning ahead of the next realignment of the SDRs in 2010 after the recent summit in Istanbul to discuss this very topic that the news people in the US are denying ever even occurred.
"The basket composition is reviewed every five years by the Executive Board to ensure that it reflects the relative importance of currencies in the world’s trading and financial systems.
In the most recent review (in November 2005), the weights of the currencies in the SDR basket were revised based on the value of the exports of goods and services and the amount of reserves denominated in the respective currencies which were held by other members of the IMF.
These changes became effective on January 1, 2006. The next review will take place in late 2010"The current composition of the SDR, as calculated in 2005, is:"The value of the SDR was initially defined as equivalent to 0.888671 grams of fine gold—which, at the time, was also equivalent to one U.S. dollar. After the collapse of the Bretton Woods system in 1973, however, the SDR was redefined as a basket of currencies, today consisting of the euro, Japanese yen, pound sterling, and U.S. dollar."
"With effect from January 1, 2006, the IMF has determined that the four currencies that meet both selection criteria for inclusion in the SDR valuation basket will be assigned the following weights based on their roles in international trade and finance: U.S. dollar (44 percent), euro (34 percent), Japanese yen (11 percent), and pound sterling (11 percent)".Here is a commentary from Max Keiser, an ex-patriate based in Paris. His analysis will seem harsh at times to American ears, more conditioned to the evening news. But this represents what a significant portion of the world now thinks, and it is worthwhile to at least listen to it.
Why would the US resist this? Because there is a huge overhang of dollars in the world, far beyond what can be sustained at current valuation if the dollar were NOT the reserve currency., artificially incenting countries to hold dollars, and to use them for some essential purchases such as oil.
The strong dollar is a huge benefit to the US financial sector and the government. It is a significant drawback to US industry and the non-military productive economy. This is why the Europeans are opposed to the Euro becoming the world's sole reserve currency. Their financial sector has not obtained a dominant influence over the government, and their predisposition to military adventurism is still tempered by their experiences with war in the 20th century. That could change, but not yet.
People talk about an artificial short in the dollar because of debt. That concept only works if the Fed does not exercise its printing press, which it said it would do, and is now doing. But the dollar overhang exists, and has become precariously unstable, and unsustainable.
Max Keiser is hearing that the target composition will be weighted to 50 percent gold, in a return to a system more in keeping with the original Bretton Woods agreement. This is most likely the position being taken by France, China and Russia. The US and UK are adamantly opposed and will fight a delaying game with 2020 as a target for a phased in approach that continues to favor the dollar.
He starts going 'off the rails' for my taste about four minutes into this interview, but it is a viewpoint that is becoming more widely held in parts of the world that are starting to matter to the US economy, blowback-wise, and Americans need to be more aware of this perhaps for practical considerations.
<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/D7dH4e8HYFA&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/D7dH4e8HYFA&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
China calls time on dollar hegemony
You can date the end of dollar hegemony from China's decision last month to sell its first batch of sovereign bonds in Chinese yuan to foreigners.
Beijing does not need to raise money abroad since it has $2 trillion (£1.26 trillion) in reserves. The sole purpose is to prepare the way for the emergence of the yuan as a full-fledged global currency. "It's the tolling of the bell," said Michael Power from Investec Asset Management. "We are only beginning to grasp the enormity and historical significance of what has happened."
It is this shift in China and other parts of rising Asia and Latin America that threatens dollar domination, not the pricing of oil contracts. The markets were rattled yesterday by reports (http://www.telegraph.co.uk/finance/currency/6263992/Dollars-demise-plotted-by-oil-producers-China-and-France-report-says.html) – since denied – that China, France, Japan, Russia, and Gulf states were plotting to replace the Greenback as the currency for commodity sales, but it makes little difference whether crude is sold in dollars, euros, or Venetian Ducats.
What matters is where OPEC oil producers and rising export powers choose to invest their surpluses. If they cease to rotate this wealth into US Treasuries, mortgage bonds, and other US assets, the dollar must weaken over time.
"Everybody in the world is massively overweight the US dollar (http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/6211858/HSBC-bids-farewell-to-dollar-supremacy.html)," said David Bloom, currency chief at HSBC. "As they invest a little here and little there in other currencies, or gold, it slowly erodes the dollar. It is like sterling after World War One. Everybody can see it's happening."
What's Fueling This Market Rally - Dólares en El Fuego (http://jessescrossroadscafe.blogspot.com/2009/10/whats-driving-this-market.html)
http://1.bp.blogspot.com/_H2DePAZe2gA/Ss4VDfMjrAI/AAAAAAAAJ9k/U1MoCzGyJPs/s320/summersmoneyburning.JPG (http://1.bp.blogspot.com/_H2DePAZe2gA/Ss4VDfMjrAI/AAAAAAAAJ9k/U1MoCzGyJPs/s1600-h/summersmoneyburning.JPG)Ponzi Scheme: a fraudulently artificial investment scheme that pays returns to investors from their own money and that of subsequent investors, rather than from any actual profit earned. The Ponzi scheme usually offers returns that are either abnormally high or unusually consistent. The perpetuation of the returns that a Ponzi scheme advertises and pays requires an ever-increasing flow of money from investors, as well as the necessary 'accounting adjustments,' in order to keep the scheme going. When the flow of money falters, the scheme begins to collapse, until confidence in its sustainability is lost, and the scheme quickly collapses.Why say it myself, when this video featured below says it so well and so reasonably and completely?
A less probable but rather nasty twist on the probable scenario in the video is that after an initial reversal in the dollar that is quite sharp due to a short squeeze and a liquidity crunch, the buck and bond turn lower WITH stocks, in a general revulsion towards the Fed's financial engineering and a loss of confidence in Wall Street.
These are all just probabilities, extrapolated from some very real current indicators and phenomena. Equities are a puffball based on fundamental measures, the insiders are selling in droves, and there is a general movement out of dollars into 'real assets' such as gold despite a huge drop in nominal aggregate demand.
The Fed has had a few tricks up its sleeve, and was able and willing to create a deadly housing bubble through willful policy and regulatory error in response to the tech bubble collapse of 2000.
There is still a genuine possibility that a stubborn adherence to policy errors will lead us into a decade of Japanese style stagnation as the real economy is crushed under the weight of the zombie banks. The Fed is neutral only in the headlines; it is owned by and serves Wall Street when push comes to shove. The limiting factor will be international acceptance of an increasingly debased bond and dollar.
We ought not to underestimate their desperation and ingenuity in the present situation. Much of financial innovation is a subversive response to regulation or the opportunistic arbitrage of asymmetries in leverage and information, often created for the occasion. And the Fed and the Treasury have learned their lessons in the manipulation of markets and information, trading and treachery, from Wall Street and its Sith lord, the-investment-bank-that-must-not-be-named.
In other words, wait for these things to clarify more and unfold. Who can say what will happen with any certainty in times of general greed and deception, when powerful people are making up the rules as they go along?
We have not been shorting this rally except to scalp the occasional corrections, while holding longs in precious metals, bonds, cash, and a few other commodities.
Gold can keep spiking while Obama keeps failing, and for now that seems like a reasonably good bet.
<object width="560" height="340"><param name="movie" value="http://www.youtube.com/v/X5GEU5F_WdA&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/X5GEU5F_WdA&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="560" height="340"></embed></object>
Guest Post: The Sound Of One Hand Clapping - What Deflationists May Be Missing
Suppose, for the sake of argument that a world exists where banks are allowed by their regulators to pretend their default losses simply do not exist. And, even more outlandishly, some of these banks are allowed to sell heavily damaged loans to their central bank at nearly their full original price.
What does "deflation" mean in such a world? Not much, as it turns out. At least from a monetary perspective, because money is not being destroyed at nearly the rate that would be expected or predicted by the size and rate of the defaults.
This is the world in which we currently live. Trillions in probable and provable losses quietly exist out of sight on the balance sheets of the Federal Reserve and other financial institutions. If they ever come out of hiding and onto the books, I think the deflationists will be proven correct in spades.
But let me ask this; what prevents the authorities from simply storing them out of sight in perpetuity? Or at least long enough to allow the wave of liquidity to work its inevitable magic? So far, much to my great surprise, they've managed to do exactly that with hardly a squeak from the mainstream press (although the blogsphere is on the job, as usual). I am now wondering if they cannot keep this up indefinitely.
Alan Grayson And Ron Paul Ask Whether Bernanke Is "Fit To Serve"
Obama Wins the Nobel Peace Prize (http://jessescrossroadscafe.blogspot.com/2009/10/obama-wins-nobel-peace-prize.html)
Is the award taxable?
Not if his Treasury Secretary does his tax returns.
Its not the most undeserved award ever granted. After all, Henry Kissinger also received the Nobel Peace Prize. And Schicklgruber was Time's Man of the Year in 1939.
What has he done? What has Obama actually done?
What has Obama actually done to merit the Nobel Peace Prize this early in his administration? Besides talking.
Well he did pay the US' tab at the UN. But other than that, he has done nothing to merit this award, except for talking a good game. And so, he cheapens it.
Versteh ich jetzt nicht, hab geglaubt, der Friedensnobelpreis sei bereits an dieses Schweizer Forschungsteam vergeben worden?
The peace prize went to a Swiss research team who determined whether it is better to be hit over the head with a full or empty bottle of beer.
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1263753#post1263753)
Mutual Funds Are at Cash Levels Not Seen Since the 2007 Market Top (http://jessescrossroadscafe.blogspot.com/2009/10/mutual-funds-are-at-cash-levels-not.html)
Trend following beta monkeys (TFBM) using Other People's Money (OPM).
They'll never learn.
Because they don't care after they have collected their fees and bonuses.
Herd behaviour does not begin to describe this phenomenon.
The US financial system is designed to maximize financial management returns and encourage the mispricing of risk, and ultimately the distribution of wealth from the many to the few through fraud, fiduciary recklessness, and Ponzi schemes.
The root cause of the US's problems are with the distorted monetary policies of the Federal Reserve, and the regulatory failure of a government corrupted by its financial sector.
Beta Monster: The Most Dangerous Banks In the World (http://jessescrossroadscafe.blogspot.com/2009/10/beta-monsters-goldman-is-levered-for.html)
The most leveraged bank by far is the-investment-bank-which-must-not-be-named. It is followed by J.P. Morgan on a percentage basis, but JPM is far larger nominally than these charts indicate because of its much larger capital base. Its in the nature of the difference between a cardshark (GS) and a pawnshop (JPM). Or perhaps just the capital requirements of the short versus the long con.
Luckily for the US financial system the big banks are incapable of making errors in risk management, and always seem to get by with a little helpful information from their friends, and a lot of money from the public.
We would ask Timmy for an explanation on how this could happen so soon after a crisis in which the Treasury had to ask Congress to stop financial armageddon overnight, but he is taking dictation from Lloyd on line 1, and Jamie is on hold on line 2.
Jesse's Feder ist spitz heute. http://www.stock-channel.net/stockselect/stock-board/images/smilies/berty.gif
End the Fed, Save the Dollar: Ron Paul
The passage from the book that stuck with me the most. "When we unplug the Fed, the dollar will stop its long depreciating trend, international currency values will stop fluctuating wildly, banking will no longer be a dice game, and financial power will cease to gravitate toward a small circle of government-connected insiders." Ron Paul's case for sound money policies and the end of "Fed domination" marches on, this time in hardcover.
So, what do you think - vote now in our poll and if you have more to say - please submit your comments below in the comment section.
Should the Fed be abolished?
http://www.cnbc.com/apps/modules/survey/vote.aspx?res=2&LVname=CNBC_BB_RonPaul_090917&author=93801A&Q1=1&http://media.cnbc.com/i/CNBC/Components/Art/mini_peacock.gifBullish On Books PollShould the Fed be abolished? * 18833 responses
http://msnbcmedia.msn.com/i/msnbc/Components/ColorBoxes/Styles/ColorboxImages%28globalonlyplease%29/dotRed.gifNot a scientific survey.
Why Did U.S. SDR Holdings Increase Five Fold In The Last Week Of August?
By purchasing $40 billion in SDRs virtually overnight, what the Fed has done is to increase the value of the entire basket pro-rata, while in the process reducing the actual value of the dollar (which is a weighted constituent of the SDR basket). This was an operation to reduce the dollar's value: pure and simple. In many ways it explains why the DXY has continued its straight one way decline since the beginning of September, when many pundits assumed the market was finally going to tank on profit taking after Labor day. By performing this dollar adverse transaction, the Fed sent a loud and clear signal what the Fed was going to do going forward vis-a-vis the i) dollar and ii) its derivative, the stock market.
And what is worse, this is not a roundabout or circuitous way of devaluing the dollar: this is head on intervention. It is one thing to print trillions of MBS and Agencies and to monetize Treasuries, where one could say Tim Geithner's claim that the U.S. is for a strong dollar, and the dollar is only weak as a function of supporting housing prices. That could potentially fly as an explanation. However, when the Fed is actively and purposefully destroying the dollar's worth via transactions such as material SDR purchases, then it truly demonstrates Geithner's statement as a bold faced lie to the American public. When will Mr. Geithner be finally taken to task for his repeated fabrications of reality and intent?
The action seems to have been a portion of a global reallocation of SDR's by the IMF which the SDR outstandings increase by a massive amount: "With a general SDR allocation taking effect on August 28 and a special allocation on September 9, 2009, the amount of SDRs will increase from SDR 21.4 billion to SDR 204.1 billion
In essence: the monetary community increased its global liquidity position, by assuming that the U.S. is still the defacto reserve currency, and forcing it to take the majority of the devaluation hit relative to all other IMF constituents.
Stiglitz: The Banks Must Be Restrained, The Financial System Must Be Reformed (http://jessescrossroadscafe.blogspot.com/2009/10/stiglitz-banks-must-be-restrained.html)
"We will have another armed robbery unless we prevent the banks, the banks that are too big to fail. We should say that if you’re too big to fail then you are too big to be. They need more restrictions, such as no derivative trading.” Joe StiglitzIf a Nobel Prize winnter in economics says the obvious, besides a few diligent bloggers, perhaps other economists will obtain 'air cover' in speaking about the economic and regulatory absurdity taking place today in the US and the UK. Winning the Nobel is even better than tenure.
Here is avideo (http://www.bloomberg.com/avp/avp.asxx?clip=mms://media2.bloomberg.com/cache/vBUGItNxN3EM.asf&vCat=/video&RND=242033596&A=) of his speech in Brussels, because this Bloomberg article leaves out some of the more 'pithy' remarks on the Wall Street bank bonuses, the errors efficient market theory, political and ideological capture, lies (his wording) told by central bankers including Alan Greenspan, unproductive "taxes" by banks on the real economy, 'criminal' management of beta, and the social costs of this financial crisis from Joe Stiglitz from the Brussels banking conference.
Stiglitz characterizes the reforms being put forward by the US Congress as completely wrong, and harmful. Watch the video, and compare what Joe Stiglitz is saying with the ponderous mendacity of Larry Summers, and you may better understand why Obama's policies are doomed to failure.
It does not take much imagine to see how things might be quite different if Joltin' Joe was the Chief Economic Advisor or Fed Chairman, rather than 'Last War' Larry or Zimbabwe Ben.
Again, here is a link to this 'must see' video (http://www.bloomberg.com/avp/avp.asxx?clip=mms://media2.bloomberg.com/cache/vBUGItNxN3EM.asf&vCat=/video&RND=242033596&A=) which can be a bit slow to start because of Bloomberg's video platform.
Stiglitz Says Banks Should Be Banned From CDS Trading
By Ben Moshinsky
October 12, 2009 06:28 EDT
Oct. 12 (Bloomberg) -- Large banks should be banned from trading derivatives including credit default swaps, said Joseph Stiglitz, the Nobel prize-winning economist.
The CDS positions held by the five largest banks posed “significant risk” to the financial system, Stiglitz said at a press conference in Brussels. Big banks should have extra restrictions placed on them, including a ban on derivative trading, because of the risk that they would need government money if they fail, he said in a speech today.
“We will have another armed robbery unless we prevent the banks, the banks that are too big to fail,” Stiglitz said. “We should say that if you’re too big to fail then you are too big to be. They need more restrictions, such as no derivative trading.”
Bankers Will Follow Hedge Funds to Switzerland: Matthew Lynn
Geneva? Zurich? Perhaps even Zug, Switzerland? Between deciding whether to be long or short of the dollar, or pondering whether we are in the middle of a bear rally or a new bull market, London’s hedge funds also need to decide which Swiss canton they want to move to. A new top income-tax rate of 50 percent, coupled with heavy-handed regulations planned by the European Union, are prompting the funds to quit the British capital for somewhere more sympathetic to their hypercompetitive brand of capitalism.
That will have a greater impact on the global financial system than anyone yet appreciates. Sure, at the moment, it is just a few funds. But there are two larger forces at work. Hedge funds are a cluster industry: They like to be where all their competitors are. More significantly, while the hedge funds used to go where the investment bankers were, that will go into reverse in the next five years.
Like sheep, which they sometimes resemble in their investment strategies as well, hedge funds like to hang out with their own kind. They thrive on mixing with one another, swapping ideas, strategies, staff, technology, investors and advisers. That is how they grow, how they find new ideas, and how they maintain their competitive edge.
Wall Street Set to Pay a Record $140 Billion In Bonuses Topping 2007 (http://jessescrossroadscafe.blogspot.com/2009/10/wall-street-set-to-pay-record-140.html)
While the world suffers, Wall Street pays itself record bonuses, larger even than the peak year of 2007, by taxing the productive economy to maintain an extravagant lifestyle. These bonuses are being paid with your money, and your children's money, if you hold US dollars.
And while this happens, the US credit card banks are raising interest rates to 20+% even on customers with excellent payment records and jobs which is certainly usury, and with an arrogant impunity. The insider trading scandals and tales of government graft yet to be told are so blatant and shocking that only a captive mainstream press keeps them from being investigated.
The rest of the world looks on in shock and amazement. What has gone wrong with America? What are they thinking? America has not only lost the high ground, it is sliding into a ditch.
While Americans are pacified by bread and circuses, the rest of the world looks at a painful reality show in the States, a country in a death spiral of corrupt leadership and public apathy. If it was Zimbabwe or Iceland there would still be sympathy for the people, but far less concern.
A deflationist friend was railing about the US slide into bankruptcy, and I could not help but ask, "What happens to the paper of a bankrupt company, or country?"
Where indeed will the dollar gain its long anticipated strength, its renaissance of value?
Or yes, from "less dollars" through debt destruction. Mutant monetarism gone mad, an argument worthy of Herr Goebbels. The dollar will rise in value by immersing itself in a pool of corruption, and by destroying its shareholders, those who hold their savings in it, while oligarchs loot the financial system. Unless the US can turn its trade balance positive overnight, while raising interest rates, and maintaining a growing domestic economy based on consumption, it is not going to happen. The US is running out of degrees of freedom.
Wall Street holds the US public and government hostage by threatening financial armageddon if they do not get what they wish. We would anticipate a similar threat to the global economy based on dollar debt at some point, asking for a global monetary regime controlled out of New York and London, with perhaps a few associates.
Nothing goes straight up or down. There will be more sucker rallies and bubbles, but the train is starting to come off the rails a little more with each wrenching turn of this cycle.
The banks must be restrained, and the financial system reformed, and balance restored to the economy before there can be any sustained recovery.
Finfacts Eire (http://www.finfacts.ie/irishfinancenews/article_1018208.shtml)
Wall Street firms set to break new records in 2009 with pay rising to $140bn; Bailed-out insurance giant AIG paid “retention bonuses” to kitchen staff
By Finfacts Reporting Team
Oct 14, 2009 - 6:10:22 AM
Wall Street firms are set to break new records with employee pay set to rise to $140bn this year. Meanwhile, it has been reported that the bailed-out insurance giant AIG paid “retention bonuses” to kitchen staff earlier this year from a $168m pot, that was ostensibly designed to keep staff from leaving the government controlled firm.
Workers at 23 top investment banks, hedge funds, asset managers and stock and commodities exchanges can expect to earn even more than they did in the peak year of 2007, according to an analysis of securities filings for the first half of 2009 and revenue estimates through year-end by The Wall Street Journal.
The Journal reports that total compensation and benefits at the publicly traded firms it analyzed, are on track to increase 20% from last year's $117bn -- and to top 2007's $130bn payout. This year, employees at the companies will earn an estimated $143,400 on average, up almost $2,000 from 2007 levels.
Average compensation per employee at investment bank Goldman Sachs, is set to reach about $743,000 this year, double last year's $364,000 and up 12% from about $622,000 in 2007, according to the Journal analysis...
http://www.stock-channel.net/stockselect/stock-board/images/smilies/Stoned.gif Wo bleibt nur Clint Eastwood, wenn man ihn mal braucht?
Dow 10,000: A Celebration (http://jessescrossroadscafe.blogspot.com/2009/10/dow-10000.html)
Team coverage today on Bloomberg by the Money Honeys as the Dow Jones Industrial Average crossed 10,000 intra-day, led by J.P. Morgan and IBM, two companies that surely epitomize the illusions of wealth compliments of modern accounting practices.
Can you believe the NYSE had the nerve to prepare new Dow 10,000 hats and distribute them for today? The first time the Dow Industrials crossed 10,000 was in late 1999. That last time it closed over 10,000 was in October of 2008 before the last leg of the big plunge of the credit crisis.
That does not speak well of equities for the "buy and hold" crowd, which has surely had a wild ride if they have indeed managed to hold on for the last ten years, and ex-dividends and fees and commissions and inflation and a plunging US dollar and soaring commodities are... even.
And all that was required to create this economic miracle was to repeal the Glass-Steagall safeguards created after the Great Depression, decimating the productive economy, amassing a mountain of debt that can never be repaid, restructuring the Dow Industrials every so often, most recently replacing such inconsequential names as General Motors and Citigroup, and of course the devastation of the US dollar and a general loss of reputation and credibility around the world for justice and liberty.
But look where we have been? But who do you think took us there? Al,Ben, Larry Summers, Robert Rubin, Sandy Weil, craven economists and the croney capitalists in corporate America and their enablers and dependents in Washington.
"At what point shall we expect the approach of danger? By what means shall we fortify against it? Shall we expect some transatlantic military giant, to step the Ocean, and crush us at a blow? Never! All the armies of Europe, Asia and Africa combined, with all the treasure of the earth (our own excepted) in their military chest; with a Buonaparte for a commander, could not by force, take a drink from the Ohio, or make a track on the Blue Ridge, in a trial of a thousand years. At what point, then, is the approach of danger to be expected? I answer, if it ever reach us it must spring up amongst us. It cannot come from abroad. If destruction be our lot, we must ourselves be its author and finisher. As a nation of freemen, we must live through all time, or die by suicide." Abraham Lincoln. And to what benefit? So that a bunch of pathetic sociopaths can try and fill the hole in their hollow beings with trophy wives and trophy houses, empty titles and hair pieces, extravagant lifestyles with ridiculously overpriced cars and jewelry and ugly art, spoiled idiot children who hate and fear them as they hated and feared their own parents, and the illusion of love and power while make asses out of themselves as a few paid sycophants sing their praises while trodding over corpses on the road to hell.
Oh, bravo. Well done. Surely a light for the ages.
Just over a year after economic calamity brought promises of reform from Washington, has Wall Street really changed? Former International Monetary Fund chief economist Simon Johnson and US Rep. Marcy Kaptur (D-OH) report on the state of the economy.
Elizabeth Warren On Too Big To Fail, Paulson's Generous Taxpayer Gift, And The Death Of The Middle Class
Harvard professor Elizabeth Warren provides a much needed sober perspective of Bernanke's Doctrine of Mandatory Global Moral Hazard, by discussing just how broken the banking system continues to be."My view is any institution that is Too Big To Fail is one that distorts the economy and ultimately is very costly to all of us."
Most notably, Warren on the intention by Wall Street and by the administration to eradicate the middle class:"The middle class became a resource to be pulled from - "the turkey at the thanksgiving dinner" - the middle class has gotten shakier and shakier, it has become hollowed out. The middle class makes us who we are. The middle class gives us political stability. It is safe to walk our streets because we have a middle class. And every time we hollow [the middle class] out we take the risk that something of what we know as America begins to die. That's what scares me."
<object width="560" height="340"><param name="movie" value="http://www.youtube.com/v/xyew29DsxRc&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/xyew29DsxRc&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="560" height="340"></embed></object>
Ferguson Discusses U.S. Banking System, Economy: Video
Oct. 16 (Bloomberg) -- Niall Ferguson, a professor at Harvard University, talks with Bloomberg's Erik Schatzker and Deirdre Bolton about the state of the U.S. financial markets.
Ferguson also discusses the impact of government policies on the banking system, global economic outlook and the performance of the equity market.
Life Imitates Art On Bloomberg News (http://jessescrossroadscafe.blogspot.com/2009/10/life-imitates-art-on-bloomberg-news.html)
Just a random thought, but the new reporter on Bloomberg television bears a remarkable resemblance to Louis Winthorpe III from Trading Places. The speech and mannerisms are an even better match than the look. To Adam's credit he actually knows the financial business, which makes him Einstein compared to the anchors Debby and Matt.
http://1.bp.blogspot.com/_H2DePAZe2gA/Sth6JhDgthI/AAAAAAAAKC0/Eku-2DXNdmE/s400/louis.GIF (http://1.bp.blogspot.com/_H2DePAZe2gA/Sth6JhDgthI/AAAAAAAAKC0/Eku-2DXNdmE/s1600-h/louis.GIF)http://4.bp.blogspot.com/_H2DePAZe2gA/Sth6EWtc4pI/AAAAAAAAKCs/CICrTrihdU4/s400/adamjohnson.JPG (http://4.bp.blogspot.com/_H2DePAZe2gA/Sth6EWtc4pI/AAAAAAAAKCs/CICrTrihdU4/s1600-h/adamjohnson.JPG)
Bernanke and Summers can be the Duke Brothers.
And Timmy can be Clarence Beeks.
Life imitates art? If so where is Ophelia? Oh, she is on CNBC. Woof.
SEC Names Goldman’s Storch as Enforcement Unit Operations Chief
Oct. 16 (Bloomberg) -- The U.S. Securities and Exchange Commission named Adam Storch (http://search.bloomberg.com/search?q=Adam+Storch&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), a 29-year-old from Goldman Sachs Group Inc. (http://www.bloomberg.com/apps/quote?ticker=GS%3AUS)’s business intelligence unit, as the enforcement division’s first chief operating officer.
Dylan Ratigan - Goldman Sachs' amazing profits
How Goldman Sachs Leveraged $70 Billion in Government Money For Record Profits (http://jessescrossroadscafe.blogspot.com/2009/10/how-goldman-sachs-leveraged-70-billion.html)
Guess which two Wall Street banks were acting as informal agents of the government in order to support the bond and stock markets and reinflate them?
Two big banks that are showing record trading profits, and a small group of enablers and assistants.
Its a near layup when the US fronts you the money and then works with you to take the markets higher via its Working Group on Financial Markets (http://en.wikipedia.org/wiki/Working_Group_on_Financial_Markets). Especially when it is on thin volumes based on 'news' which you help to create and control via frequent calls to young Tim who is your coordinator, in addition to all your other well-placed backchannel sources. You get a heads up, you use the futures to prop the markets. You need some good news, some can be arranged. Just like the good old days when Timmy was riding herd on the NY Fed desk.
All for the good of the country. And if you happen to make a billion per month in trading profits, well, that is the price of freedom for a job well done. Besides, a lot comes back in lobbying and campaign contributions. And you get to be rather porky and demanding about new banking and derivatives regulations because after all, you have a job to do and if they won't let you do it, well its uh oh.
That's what we hear, rumour-wise. Makes as much sense out of this as anything. How about you? Max Keiser thinks it is a fraud, as he describes here (http://www.youtube.com/watch?v=pFMgwL-Tq4s).
Below is Dylan Ratigan and his guest's take on this rally and the record profits.
Isländer zahlen Milliardenschuld ihrer Banken zurück
Verursacht wurde die für die kleine Inselrepublik gewaltige Schuldenlast durch den Kollaps der isländischen Landsbanki und ihrer Internettochter Icesave vor ziemlich genau einem Jahr. Die Milliardeneinlagen von 340.000 britischen und niederländischen Kunden wurden zunächst von den dortigen Regierungen garantiert. Für insgesamt 320.000 isländische Bürger ist der erst jetzt beendete Streit um die Rückzahlungsmodalitäten zu einem besonders bitteren Symbol für die alles andere als gerechte Verteilung der Krisenlasten geworden: Ausgelöst durch die Grossmannssucht der inzwischen zwangsverstaatlichten Banken Kaupthing, Landsbanki und Glitnir, müssen die Bürger jetzt die Folgen über anderthalb Jahrzehnte tragen. So demonstrierten verbitterte Bürger, viele von ihnen durch die Finanzkrise arbeitslos und hoffnungslos überschuldet, sogar auf der Strasse gegen die kollektive Rückzahlung der Icesave-Schulden.
Just over a year after economic calamity brought promises of reform from Washington, has Wall Street really changed? Former International Monetary Fund chief economist Simon Johnson and US Rep. Marcy Kaptur (D-OH) report on the state of the economy.
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1266109#post1266109)
....so ist es :cool
wenn nicht mal auf diese vernünftigen Menschen gehört wird :rolleyes muss man doch wirklich am Verstand des Volkes zweifeln - an der WallstreetGier (ver)zweifelt komischerweise niemand :gomad
...und :thanx Hoka für das scary Puls fühlen - viel :respekt
That's what we hear, rumour-wise. Makes as much sense out of this as anything. How about you? Max Keiser thinks it is a fraud, as he describes here (http://www.youtube.com/watch?v=pFMgwL-Tq4s).
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1266437#post1266437)
...irgendwann muss es doch die GSler & Co. erwischen :oo:mad
Preparing for the Next Crash and Unexpected Consequences: Now Is the Time (http://jessescrossroadscafe.blogspot.com/2009/10/preparing-for-next-crash-trust-no-one.html)
A friend sent this along, and we thought it was worth publishing an extended excerpt. This is Part 1 of the essay, and we look forward to Part Two – Managing Your Own Money – Take Action Now.
That is really the challenge isn't it. Most people are financial non-specialists. Their lives are full enough as it is, with things that they understand and that are important to them.
Too often the call to 'take control of your own money' is a prelude to 'and buy into my advice, what I wish to sell to you.'
Financial advice is a difficult thing to provide in a blog. It would be like a doctor writing a prescription for the public at large, fitting for some, inappropriate for others, potentially deadly for a few. This is why I do not do it. Ever.
The prescription I use for my personal situation is the most that I will share, in addition to general opinions and analysis of the markets and the economy. I am 58 years old, and have amassed a fair amount of savings over the past twenty years. My general rules for the current period now are:
1. Get liquid. Have little or no debt. Be in cash and diversified. Reduce living expenses to essentials.
2. Get as far away as you can from Wall Street and riskier assets as is practical.
3. Put something you can spare from discretionary retirement savings into long term assets that are not directly contingent on anyone else whom you cannot trust:
a. Personal food production, preservation, and preparation
b. Precious metals as insurance against monetary inflation / breakdown
c. Essentials for daily living and personal health care
d. Investments in practical education
e. Personal infrastructure and efficiency
f. Have a contingency plan for a systemic shock.4. Above all be flexible. If this stagflation we are in becomes a protracted deflationary spiral or an emerging hyperinflation, both possible outcomes, we will see it happening and may need to adjust. This is where being light on debt and long on liquidity is most helpful. There is no one right plan for the unexpected, ever.
If you have 401k plans you cannot cash in, you might consider some very long term 'leap' puts to hedge them. But Cash or short term Treasuries is preferable. I have all my discretionary cash scattered across several very highly rated banks within FDIC limits. I have some money available for investment in foreign currencies although I have cashed in my loon and aussie dollar positions now. I have sold some 'collectible assets' that might have done very well if we get a prolonged period of high inflation similar to the 1970's in order to raise cash levels. I may regret this, but so be it. The cash can be deployed as the situation develops. Cash can otherwise be kept your home currency which you use on a daily basis, as long as it is safe and liquid.
If you wish raise your voice or to peacefully demonstrate, be prepared with a simple set of coherent positions and specific demands, avoiding anger. The mainstream media likes nothing better than to portray demonstrators as cranks or fools. In general they are not sympathetic to the less powerful. They will not lead change, but they will eventually follow.
Try to avoid squabbling amongst yourselves. When the reformers fight over fine points and petty egotistical issues, the status quo rejoices, often formulating and encouraging the bickering. Debate television where no serious discussion occurs, but plenty of sound bites and ad hominem attacks get thrown, is the model for media distraction. But it 'works' for the short term opportunists, and generally adds to the bread and circuses atmosphere masking an historic wealth transfer and the decline of an empire, as it has done in the past.
And as always, the banks must be restrained, and the financial system reformed, and balance restored to the economy before there can be any sustained recovery.
Reality Arbiter (http://realityarbiter.com/)
The Extinction of Ethics in Finance – The Fallout
by Greg Simmons
October 13, 2009
"...To revisit my original intention in writing this article, I cannot stress to you the importance of understanding exactly what is going on in the world. No one is to be trusted with your money. Not Wall Street, not the banks, not the government – nobody is to be trusted! Does the investing public not realize that Wall Street almost lost every penny of American wealth? Now we’re supposed to believe they’ve saved the day? I beg to differ. Those parasitic liars nearly took us to zero. Who knows, they still might.
The grossly deluded public has been at the mercy of brokers, financial advisors, Wall Street, the Fed, congress, and the US Treasury far too long. This moral hazard and subsequent uneven playing-field created by the current financial structure (the trifecta of the Fed, Treasury, and the “Banksters”) wherein the scales of balance tip only upward, hence siphoning this nation’s wealth into the coffers of those that create such hazards. Their current solutions to this crisis, a crisis of their own making, is nothing more than a replication of the same idiotic practices that got us here in the first place; corporate bailouts, homebuyer tax-rebates, foreclosure moratoriums, cash-for-clunkers, all designed to forego the inevitable sanctification of sins past and deliver them on to the US taxpayer.
The difference between the past and present is that now we have a government willing to set up shop and take over entire industries; mortgage lending, auto, banking, and who knows going into the future. Just wait, we’ll be in the airline business in no time. I feel like I’m in a perpetual state of Déjà vu - with a repeat of September 2008 barreling headlong around the next bend.
That we exist in a quasi public-private financial system wherein the government in collusion with the Fed and the “Banksters” take your money essentially by force (specifically through the leverage of ZIRP) or otherwise and shove it into new toxic instruments, bailouts, and ill-conceived stimulus programs that even these so-called best-and-brightest have no concept of the inherent risks, or hazard of unintended consequences, is proof that the entire game is rigged against you.
It is time to take control of your money.
Now, with regard to the subject of managing one’s own money, the rules of the game have officially changed. The EXTINCTION OF ETHICS in today’s financial markets IS the new rule. You must take total responsibility for the management of your own money and you must do it now! I don’t know how to make it any more clear. I could probably write an entire thesis about the utter abandonment of morality by today’s so-called investment community. I mean, does everybody have to cheat each other to make a dollar? The subject literally brings into question the human thread that binds our social fabric together.
Given the dire state of the global economy and the fact our collective economic situation has gotten significantly worse, not better, creates an opportune time to shift any misplaced philosophy of trust in a corrupt system and recognize that we’re in the middle of a COVER-UP, NOT A RECOVERY!
A comment I always appreciated and have tried to take credit for but know I plagiarized from somewhere is this; ANTICIPATING BAD LUCK IS GOOD LUCK; DEPENDING ON GOOD LUCK IS BAD LUCK. This so-called recovery is merely a papered-over facade made possible by trillions of newly created dollars. The time to prevent getting thrown back into the ditch is now. Remember, do not fall victim to the CNBC-induced epidemic of economic amnesia."
Read the entire essay here (http://realityarbiter.com/2009/10/the-extinction-of-ethics-in-finance-the-fallout/).
Posted by Jesse at 3:00 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2009/10/preparing-for-next-crash-trust-no-one.html)
http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=1576718347311607063) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=1576718347311607063)
Category: Preparing for the Crash (http://jessescrossroadscafe.blogspot.com/search/label/Preparing%20for%20the%20Crash)
FROM HOMEOWNER TO HOMELESS (http://www.nytimes.com/2009/10/19/business/economy/19foreclosed.html)
1 In 10 People Seeking Help At Shelters Is Victim Of Foreclosure (http://www.nytimes.com/2009/10/19/business/economy/19foreclosed.html)
Read HuffPost's Housing Crisis BIG NEWS Page (http://www.huffingtonpost.com/news/housing-crisis)
Quick Read (http://www.huffingtonpost.com/2009/10/19/foreclosures-increasingly_n_325582.html) |
Comments (1,648) (http://www.huffingtonpost.com/2009/10/19/foreclosures-increasingly_n_325582.html)
| Homelessness (http://www.huffingtonpost.com/news/homelessness)
Read more at: http://www.huffingtonpost.com/
Moscow’s Mayor Hatches Plot to Stop Snowfall in Capital (http://goldtent.net/wp_gold/2009/10/19/moscows-mayor-hatches-plot-to-stop-snowfall-in-capital/)
by floridagold @ 13:31 pm.
Monday, October 19, 2009
Moscow’s Mayor, Yir Luzhkov, plans to stop the skies over Russia’s capital city from snowing this winter.
Luzhkov plans to use the Russian Air Force to spray liquid nitrogen, silver or cement particles into the sky, forcing snow-filled clouds to lose precipitation before settling over Moscow, according to Time magazine.
The mayor says that the plan will help the city’s suburbs by producing more moisture in the areas surrounding the city, allowing for a bigger harvest.
The plan will also save the metropolis money because, according to Luzhkov, the city will save the $12 million it pays every year on snow removal.
The plan itself would cost about $6 million, Time reported.
This is not the first time that Luzhkov has tried to govern the natural environment.
In 2002, he proposed a project to reverse the flow of Russia’s Ob River through Siberia to help irrigate the country’s drought-ridden Central Asian neighbors,. Scientists ruled that the plan was not possible.
(cement - LOL LOL LOL )
....ich plädiere für Silber :oo;)
How The Federal Reserve Bailed Out The World (http://www.zerohedge.com/article/how-federal-reserve-bailed-out-world)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 10/19/2009 13:44 -0500
Courtesy of the Fed's own disastrous policy of flooding the market with trillions of cheap credit over the past several decades, the resulting massive one-sided trade of buying dollar denominated securities, funded with inappropriately duration matched products, resulted in a funding gap of up to $6.5 trillion dollars by foreign Central Banks. When the wheels came off the financial system last fall, the Fed had to step in and bail out all foreign Central Banks. From the BIS: "In providing US dollars on a global scale, the Federal Reserve effectively engaged in international lending of last resort...What pushed the system to the brink was not cross-currency funding per se, but rather too many large banks employing funding strategies in the same direction, the funding equivalent of a “crowded trade.” The imminent question - How long until the next iteration of the Fiat banking system's most crowded trade (long US-denominated securities, courtesy of a cheap carry trade somewhere in the world) pulls the system back to the bring again?
2 comments (http://www.zerohedge.com/article/how-federal-reserve-bailed-out-world#comments)
Read more (http://www.zerohedge.com/article/how-federal-reserve-bailed-out-world)
Oct 19 --> Wall Street's Naked Swindle Matt Taibbi RollingStone (http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle/1) brilliant piece
Wall Street's Naked Swindle
A scheme to flood the market with counterfeit stocks helped kill Bear Stearns and Lehman Brothers — and the feds have yet to bust the culprits
MATT TAIBBI Posted Oct 14, 2009 9:30 AM
On Tuesday, March 11th, 2008, somebody — nobody knows who — made one of the craziest bets Wall Street has ever seen. The mystery figure spent $1.7 million on a series of options, gambling that shares in the venerable investment bank Bear Stearns would lose more than half their value in nine days or less. It was madness — "like buying 1.7 million lottery tickets," according to one financial analyst.
But what's even crazier is that the bet paid.
At the close of business that afternoon, Bear Stearns was trading at $62.97. At that point, whoever made the gamble owned the right to sell huge bundles of Bear stock, at $30 and $25, on or before March 20th. In order for the bet to pay, Bear would have to fall harder and faster than any Wall Street brokerage in history.......
[From Issue 1089 — October 15, 2009]
Check out Matt Taibbi's blog for more on this and his other investigations. (http://taibbi.rssoundingboard.com/)
19 October 2009
PBS Frontline Presents: The Warning - Roots of the Financial Crisis (http://jessescrossroadscafe.blogspot.com/2009/10/pbs-frontline-presents-warning-roots-of.html)
It will be worth watching if we can see the role that the Fed under Alan Greenpsan played, during the Clinton Administration, to set the US on the road to financial crisis. This was done in concert with Bob Rubin, Larry Summers and Tim Geithner, representing the vested interests of the Wall Street banks.
Many of the same players that were involved in this have been brought back to Washington under the Obama Administration. This is the source of our initial disillusion with Obama as a 'reformer.' He was reforming nothing, just bringing back the crew that started the ball rolling.
Several Republicans played a key role in this sabotage of sound regulation even during the Clinton Administration, including Phil Gramm's crippling of the regulatory process. What was started under Clinton reached its fruition, if not a generalized looting, under the free market ideologues in the Bush Administration and in particular with Treasury Secretary Henry Paulson.
We have not seen it yet, but it is a story that deserves to be told. We hope that Frontline does it justice.
PBS FRONTLINE Presents
Tuesday, October 20, 2009, at 9 P.M. ET on PBS
The Warning (Video Preview) (http://www.pbs.org/wgbh/pages/frontline/warning/)
"We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency -- the Commodity Futures Trading Commission (CFTC) -- who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country's key economic powerbrokers to take actions that could have helped avert the crisis. "They were totally opposed to it," Born says. "That puzzled me. What was it that was in this market that had to be hidden?"
In The Warning, airing Tuesday, Oct. 20, 2009, at 9 P.M. ET on PBS (check local listings), veteran FRONTLINE producer Michael Kirk (Inside the Meltdown, Breaking the Bank) unearths the hidden history of the nation's worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.
"I didn't know Brooksley Born," says former SEC Chairman Arthur Levitt, a member of President Clinton's powerful Working Group on Financial Markets. "I was told that she was irascible, difficult, stubborn, unreasonable." Levitt explains how the other principals of the Working Group -- former Fed Chairman Alan Greenspan and former Treasury Secretary Robert Rubin -- convinced him that Born's attempt to regulate the risky derivatives market could lead to financial turmoil, a conclusion he now believes was "clearly a mistake."
Born's battle behind closed doors was epic, Kirk finds. The members of the President's Working Group vehemently opposed regulation -- especially when proposed by a Washington outsider like Born.
"I walk into Brooksley's office one day; the blood has drained from her face," says Michael Greenberger, a former top official at the CFTC who worked closely with Born. "She's hanging up the telephone; she says to me: 'That was [former Assistant Treasury Secretary] Larry Summers. He says, "You're going to cause the worst financial crisis since the end of World War II."... [He says he has] 13 bankers in his office who informed him of this. Stop, right away. No more.'"
Greenspan, Rubin and Summers ultimately prevailed on Congress to stop Born and limit future regulation of derivatives. "Born faced a formidable struggle pushing for regulation at a time when the stock market was booming," Kirk says. "Alan Greenspan was the maestro, and both parties in Washington were united in a belief that the markets would take care of themselves."
Now, with many of the same men who shut down Born in key positions in the Obama administration, The Warning reveals the complicated politics that led to this crisis and what it may say about current attempts to prevent the next one.
"It'll happen again if we don't take the appropriate steps," Born warns. "There will be significant financial downturns and disasters attributed to this regulatory gap over and over until we learn from experience..."
Posted by Jesse at 3:41 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2009/10/pbs-frontline-presents-warning-roots-of.html)
http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=827112019589552731) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=827112019589552731)
Category: blame for financial crisis (http://jessescrossroadscafe.blogspot.com/search/label/blame%20for%20financial%20crisis), financial reform (http://jessescrossroadscafe.blogspot.com/search/label/financial%20reform)
Oct 19 --> Wall Street's Naked Swindle Matt Taibbi RollingStone (http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle/1) brilliant piece
Wall Street's Naked Swindle
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1266651#post1266651) ...hier noch Jesse dazu :cool
19 October 2009
Matt Taibbi: Wall Street's Naked Swindle (http://jessescrossroadscafe.blogspot.com/2009/10/matt-taibbi-wall-streets-naked-swindle.html)
This is worth reading.
Wall Street's Naked Swindle (http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle/1) by Matt Taibbi.
Closing quote from this story:
"The new president for whom we all had such high hopes went and hired Michael Froman, a Citigroup executive who accepted a $2.2 million bonus after he joined the White House, to serve on his economic transition team — at the same time the government was giving Citigroup a massive bailout. Then, after promising to curb the influence of lobbyists, Obama hired a former Goldman Sachs lobbyist, Mark Patterson, as chief of staff at the Treasury. He hired another Goldmanite, Gary Gensler, to police the commodities markets. He handed control of the Treasury and Federal Reserve over to Geithner and Bernanke, a pair of stooges who spent their whole careers being bellhops for New York bankers. And on the first anniversary of the collapse of Lehman Brothers, when he finally came to Wall Street to promote "serious financial reform," his plan proved to be so completely absent of balls that the share prices of the major banks soared at the news.
The nation's largest financial players are able to write the rules for own their businesses and brazenly steal billions under the noses of regulators, and nothing is done about it. A thing so fundamental to civilized society as the integrity of a stock, or a mortgage note, or even a U.S. Treasury bond, can no longer be protected, not even in a crisis, and a crime as vulgar and conspicuous as counterfeiting can take place on a systematic level for years without being stopped, even after it begins to affect the modern-day equivalents of the Rockefellers and the Carnegies. What 10 years ago was a cheap stock-fraud scheme for second-rate grifters in Brooklyn has become a major profit center for Wall Street. Our burglar class now rules the national economy. And no one is trying to stop them."
Posted by Jesse at 6:40 PM (http://jessescrossroadscafe.blogspot.com/2009/10/matt-taibbi-wall-streets-naked-swindle.html)
http://www.blogger.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=716876487007997127) http://www.blogger.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=716876487007997127)
Category: blame for financial crisis (http://jessescrossroadscafe.blogspot.com/search/label/blame%20for%20financial%20crisis), economic failure (http://jessescrossroadscafe.blogspot.com/search/label/economic%20failure), financial corruption (http://jessescrossroadscafe.blogspot.com/search/label/financial%20corruption)
The 60% Rally In Perspective (http://www.zerohedge.com/article/60-rally-perspective)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 10/19/2009 19:49 -0500
Our stock markets are now well into 60% rally territory. Which begs the question: how does this rally stack up with previous ones based on such arcane concepts as economic fundamentals. We present some of the key criteria of how previous 60% rallies have looked like when analyzed across 10 different key economic dimensions (which are completely irrelevant now).
43 comments (http://www.zerohedge.com/article/60-rally-perspective#comments)
Read more (http://www.zerohedge.com/article/60-rally-perspective)
20.10.2009, 06:01 Uhr
Kreditgeschäft Italienische Banken: Parmesan im Tresor
REGGIO EMILIA. William Bizzari schiebt das hohe Tor zur Seite, und ein strenger Geruch steigt in die Nase. Es ist der Duft von 270 000 Parmesan-Rädern, die hier in Quattro Castella, wenige Kilometer von der zentral-italienischen Stadt Reggio Emilia in riesigen Lagerhallen heranreifen. Mitten im Herzen der Parmesanregion stapeln sich die dunkelgelben Käselaibe in hohen Regalen. Willkommen in den Hallen der MGT (Magazzini Generali delle Tagliate), einer 100-prozentigen Tochter der italienischen Bank Credito Emiliano – kurz Credem.
Ein Banktresor sieht anders aus. Und dennoch handelt es sich bei dieser außergewöhnlichen Tochter MGT nicht etwa um einen Ausflug der Bank in die Landwirtschaft. Die fast 40 Kilo schweren Käseräder, die in Quattro Castella lagern, repräsentieren echte Sicherheiten für die Bank – wie sonst Goldbarren oder Wertpapiere. Rund um die Uhr wachen Videokameras, damit von dem teuren Gut in den mindestens zwei Jahren Reifezeit nichts abhanden kommt. Wie bei einem Tresor.
„In diesen Hallen liegt ein Gegenwert von 80 Millionen Euro“, sagt der Generaldirektor Bizzari, während er die Gänge abschreitet.......
ganzer Artikel: http://www.handelsblatt.com/unternehmen/banken-versicherungen/italienische-banken-parmesan-im-tresor;2470950;0
Apple-Aktie so teuer wie noch nie
Aktualisiert am 20.10.2009
Nach einer kräftigen Gewinnsteigerung im letzten Quartal hat das Apple-Papier den bislang höchsten Kurs der Firmengeschichte erreicht. Der Technologiekonzern strotzt vor Kraft.
Der Apple-Kurs in den letzten drei Jahren http://files.newsnetz.ch/boersencharts/1/6/164.png?nocache=68047.70341087096
Apple hat mit einem kräftigen Umsatz- und Gewinnsprung die Markterwartungen ein weiteres Mal deutlich übertroffen. Der Überschuss des US-Konzerns kletterte im Ende September abgeschlossenen vierten Geschäftsquartal um 47 Prozent auf knapp 1,7 Milliarden Dollar.....
ganzer Artikel: http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/AppleAktie-so-teuer-wie-noch-nie/story/26693156
....ja - die hatte ich auch schon mal für 24$ :cry und immer wieder wurde http://imperium.de/animationen/anims3/apple3.gif als rotten hingestellt :rolleyes:oo:mad
+++ EILMELDUNG +++
Karzai muss in die Stichwahl (http://www.spiegel.de/politik/ausland/0,1518,656239,00.html)
Die USA haben sich durchgesetzt: Zwei Monate nach der umstrittenen Präsidentenwahl in Afghanistan wird es eine Stichwahl geben. Amtsinhaber Hamid Karzai muss am 7. November erneut gegen seinen Rivalen Abdullah antreten. mehr... (http://www.spiegel.de/politik/ausland/0,1518,656239,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=) ]
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifAfghanistan: USA drängen Karzai zur Stichwahl (http://www.spiegel.de/politik/ausland/0,1518,656114,00.html)
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifAfghanistan: Beschwerdekommission tilgt Hunderttausende Karzai-Stimmen (http://www.spiegel.de/politik/ausland/0,1518,656027,00.html)
...warum nicht gleich :rolleyes
Was von Quelle übrig bleibt (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,656282,00.html)
Der Versandhändler Quelle ist am Ende. Aber verschwindet damit auch eine der einst wertvollsten Marken der Republik? Was wird aus den Mitarbeitern? Und ist das Geld aus dem Staatskredit futsch? SPIEGEL ONLINE beantwortet die wichtigsten Fragen zur Pleite des Traditionskonzerns. Von Sven Böll mehr... (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,656282,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7767) ]
.....Für die mehreren tausend Quelle-Mitarbeiter, die am Dienstag erfuhren, dass ihr 1927 gegründetes Unternehmen nach mehr als 80 Jahren vor dem Aus steht...... :(
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifPleitekonzern: Ver.di verlangt Staatshilfe für Quelle-Mitarbeiter (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,656215,00.html)
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifQuelle: Banken und Insolvenzverwalter schieben sich Schuld an Crash zu (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,656213,00.html)
http://www.spiegel.de/static/sys/v9/icons/ic_listbullet.gifVideo: Wut und Verzweiflung bei Quelle (http://www.spiegel.de/video/video-1027706.html)
Amazing Architecture: 11 Incredible Buildings From The Future (PHOTOS, POLL) (http://www.huffingtonpost.com/2009/10/19/amazing-architecture-11-i_n_326249.html)
Read more at: http://www.huffingtonpost.com/2009/10/19/amazing-architecture-11-i_n_326249.html?slidenumber=10#slide_image
Why Was :kotz Paulson's June 2008 Meeting With :kotz Goldman's Board Purposefully Kept Secret By The Treasury?
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 10/20/2009 11:49 -0500
According to Andrew Ross Sorkin's new book, which is out today, the Treasury department, and Hank Paulson in particular, have some new disclosure issues to discuss next time there is a hearing on matters of the financial crisis. Sorkin points out that in June 2008, at a time when Goldman's Board of Directors was in Moscow for a meeting with Mikhail Gorbachev, then Treasury Secretary Paulson decided to invite the entire BOD to his hotel suite in a meeting that would be "off the record" as it was considered a social event. Among the events discussed were: economic forecasts, the prospects of banks blowing up (like Lehman), as well as previews of his upcoming speech. How this occurred in an uncalendarized meeting where there was material disclosure, boggles the mind.
From Sorkin (via Felix Salmon (http://blogs.reuters.com/felix-salmon/2009/10/20/the-secret-paulson-goldman-meeting/)):When Paulson learned that Goldman’s board would be in Moscow at the same time as him, he had [Treasury chief of staff] Jim Wilkinson organize a meeting with them. Nothing formal, purely social — for old times’ sake.
For fuck’s sake! Wilkinson thought. He and Treasury had had enough trouble trying to fend off all the Goldman Sachs conspiracy theories constantly being bandied about in Washington and on Wall Street. A private meeting with its board? In Moscow?
For the nearly two years that Paulson had been Treasury secretary he had not met privately with the board of any company, except for briefly dropping by a cocktail party that Larry Fink’s BlackRock was holding for its directors at the Emirates Palace Hotel in Abu Dhabi in June.
Anxious about the prospect of such a meeting, Wilkinson called to get approval from Treasury’s general counsel. Bob Hoyt, who wasn’t enamored of the “optics” of such a meeting, said that as long as it remained a “social event,” it wouldn’t run afoul of the ethics guidelines.
Still, Wilkinson had told [Goldman chief of staff John] Rogers, “Let’s keep this quiet,” as the two coordinated the details. They agreed that Goldman’s directors would join him in his hotel suite following their dinner with Gorbachev. Paulson would not record the “social event” on his official calendar…
“Come on in,” a buoyant Paulson said as he greeted everyone, shaking hands and giving bear hugs to some.
For the next hour, Paulson regaled his old friends with stories about his time in Treasury and his prognostications about the economy. They questioned him about the possibility of another bank blowing up, like Lehman, and he talked about the need for the government to have the power to wind down troubled firms, offering a preview of his upcoming speech.
A few relevant questions should be addressed: i) how was this meeting considered to be a "social event" if such critical matters as the economy, Dick Fuld's subsequent implosion, and speech drafts were being discussed behind closed doors; ii) what are the guidelines that Wilkinson, or any other Chief of Staff for that matter, use when determining what meeting is considered to be "off the record"; iii) this is merely one example of a "behind closed doors" meeting (it just so happens to have been with Goldman) - how many other times did the Treasury permit such comparable other meetings in the past, and what was discussed on them?
One wonders whether a FOIA request for this information would even garner any relevant information as all the occurrences happened off the US Treasury's record. Yet, in keeping with the administration's professed desire for increased transparency there has to be a way to achieve some disclosure of what Hank Paulson, who is already in hot water with regard to his Bank of America involvement, had been doing, especially if it was unilaterally beneficial to his former employer.
37 comments (http://www.zerohedge.com/article/why-was-paulsons-june-2008-meeting-goldmans-board-purposefully-kept-secret-treasury#comments)
20 October 2009
Green Shoots: Morgan Stanley Resumes Its Donations to Congress (http://jessescrossroadscafe.blogspot.com/2009/10/green-shoots-morgan-stanley-renews-its.html)
http://4.bp.blogspot.com/_H2DePAZe2gA/St3r2345aHI/AAAAAAAAKEk/kqCv1HA3Mds/s320/hypocrisy-barney-frank-liberal-fannie-mae-freddie-mac-hypocr-demotivational-poster-1251846912.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/St3r2345aHI/AAAAAAAAKEk/kqCv1HA3Mds/s1600-h/hypocrisy-barney-frank-liberal-fannie-mae-freddie-mac-hypocr-demotivational-poster-1251846912.jpg) Just business as usual. Nothing to see here.
They all have the feed bag on in Washington these days. Feathering their nests for the long Kondratiev winter which they have created.
Approaching winter perhaps, but there is the smell of graft upon the air. Or is that just the burning of the infrastructure of freedom?
It does take a special kind of greed and arrogance to accept contributions from the very banks which you recently rescued with billions in taxpayer money, and who are still receiving billions in Federal support from the Fed, and dictating the terms upon which they will allow themselves to be 'reformed.' Thank you for watering down the derivatives bill, Barney.
2008 Campaign Contributions to Congressmen:
Finance and Credit (http://www.opensecrets.org/industries/summary.php?ind=F06&recipdetail=M&sortorder=U&cycle=2008)
Hedge Funds (http://www.opensecrets.org/industries/summary.php?ind=F2700&recipdetail=M&sortorder=U&cycle=2008)
Securities and Investment (http://www.opensecrets.org/industries/summary.php?ind=F07&recipdetail=M&sortorder=U&cycle=2008)
Morgan Stanley Resumes PAC Giving After TARP Funding Repayment
By Jonathan D. Salant
Oct. 20 (Bloomberg) -- Morgan Stanley’s political action committee resumed donations in the third quarter of this year after the New York-based investment bank paid back its U.S. taxpayer rescue funds, Federal Election Commission records show.
The PAC had ceased making campaign contributions until Morgan Stanley repaid $10 billion in June under the Troubled Asset Relief Program. After making no donations during the first six months of this year, Morgan Stanley gave $157,500 between July 1 and Sept. 30, including $120,000 in September........
Just business as usual :bad
Interview with Jesse at the Café Américain (http://www.philstockworld.com/2009/10/20/interview-with-jesse-at-the-cafe-americain/)
"The easiest road to corruption is through self-delusion." - Jesse (http://jessescrossroadscafe.blogspot.com/)
Ilene: Jesse, thank you for doing this interview with me. I’ve been visiting your Americain Cafe now for over a year and have greatly enjoyed the experience. Your site makes me feel like I’m in a real Cafe and have just picked up an interesting article to read with my coffee. However, as it is a virtual meeting spot, we haven’t been formally introduced yet. Will you tell me a little bit about yourself and how the Cafe got started?
Jesse: I am pleased that you are enjoying the Cafe as it has been intended. Too much information about the markets and the economy is hurriedly snatched and gulped down, like American ‘takeaway.’ Sometimes it is valuable to sample information from diverse sources, taste it from different methods of preparation that do not hide its true flavor, and digest it properly. Otherwise we tend to move from bite to bite, with a broadly shallow appreciation of current events, driven by those who shape the mainstream menu offerings.
21 October 2009
When the Financial Journalists Were Indeed 'Pimping' for Wall Street (http://jessescrossroadscafe.blogspot.com/2009/10/when-financial-journalists-were-pimping.html)
Here is a interesting moment in US financial journalism on :kotzCNBC. It does not describe the basis of the lawsuit very well, and does become a bit surreal at times. There is priceless moment at the end when the frustrated Attorney General of California Jerry Brown asks Dennis Kneale and Michelle Caruso-Cabrera, "Are you pimping for (State Street Bank) the defendant?"
You can watch the video and assess things for yourselves.
This question of the role of financial journalism brings to mind a little remembered vignette from the 1930's. After the Crash and the slide into Depression, there were many government investigations conducted into the varieties of financial fraud, of which there were many, and became the basis for a number of laws, most of which were overturned just prior to our current series of crises starting in 2000.
There was a particularly colorful character named A. Newton Plummer. He was a culprit, a bagman I think they were called, but also become a whistle blower (after having been apprehended).
And a right effective one he proved to be since he had kept a suitcaseful of cancelled checks that showed that most of the financial journalists in the major eastern media were regularly 'on the take' from Wall Street, in promoting certain ideas, certain stocks, legislation, whatever was required. Apparently in those days of stock operators and pools, prior to the SEC, it was a common practice to deceive the small investor through the manipulation of price action and news. Can you imagine that.
We do not hear much about A. Newton Plummer much. He even wrote a book about what he had done as the bagman, after his testimony was buried, deeply. Probably to help restore public confidence in the troubled financial markets of the Great Depression.
The Great American Swindle Incorporated
Plummer, A. Newton
A. Newton Plummer, 1932. No. 141 of 2,000 copies.
I have a copy of his book. It is an interesting read. Everything he said was documented. And buried and forgotten. But it was a time when the news media was undoubtedly 'pimping for Wall Street.'
While I am sure that CNBC has strict journalistic standards, this does not seem to be their finest moment. Both Dennis and Michelle are seasoned journalists. But Jerry Brown is a consummate politician, and is to be baited carefully, and at your peril.
CNBC Interview with the California Attorney General (http://www.cnbc.com/id/15840232?video=1301828700&play=1)
Things are much more sophisticated these days, and the times of 'yellow journalism' and moguls like W. Randoph Hearst starting wars and promoting causes using the power of their media conglomerates are a thing of the past.
But journalists who specialize in a specific sector all the time, whether it be finance or politicians, must be on their guard not to closely identify with the industry which they are supposed to be objectively covering. An emotional attachment can develop, a mindset can be imprinted, when you spend all day speaking with people who have a particular viewpoint of the world based on their own needs and objectives and biases.
And it still bothered me that I came away from this interview without understanding the nature of the lawsuit, and obtaining no real facts about it. Dennis Kneale seems to imply that the Pension funds were promised a specific price and it was delivered, and California was merely griping about the deal unjustifiably. And then Michelle engaged in what might be charitably called an ad hominem attack.
So here are the facts as reported by The New York Times (http://www.nytimes.com/2009/10/21/business/21street.html):
Still, the lawsuit raises troubling questions about the bank’s practices and controls. It grew out of an inquiry by California state investigators who were looking into claims made against State Street by unidentified whistle-blowers that accused the bank of adding a secret and substantial markup to the price of their currency trades. The whistleblowers alleged that the scheme cost State Street clients about $400 million annually and dated back to 1998.
According to the California Attorney General, State Street executed about $35.2 billion in currency trades for Calpers, the California Public Employees’ Retirement System, and Calstrs, the California State Teachers’ Retirement System, from 2001 to this fall.
State Street tellingly referred to the state pension funds as “dumb” clients since they allowed the bank to handle foreign exchange transactions for them, according to a complaint filed by the whistleblowers. Smart clients, it said, traded directly with the bank and obtained better rates.
The lawsuit contends that State Street concealed fraudulent pricing practices by entering false exchange rates into electronic trading databases and reporting false prices in the account statements that it provided Calpers and Calstrs. The lawsuit also accuses State Street of deliberately failing to include time stamp data in its reports so that the pension funds could not verify the actual cost of the trade.It sounds to me that State is being accused of conducting trades for a fee, but then padding the associated trades to skim a bit extra. This is not an unheard of practice, especially when a trading firm is dealing with what they consider to be a 'dumb client.' There is a mindset among some trading groups that says if you are dumb enough to do business with me, I am justified in ripping your face off, even if it is a little bit at a time. We will have to see how the court case proceeds to find out if the accusations are true.
Now, would it have been so hard for CNBC to find these facts out and ask about them rather than take such a stumbling and ill-prepared stance into the interview, and then insult the interviewee and disparage his motives?
They are capable of doing much better professional work than this.:confused:rolleyes
Posted by Jesse at 2:08 AM :verbeug (http://jessescrossroadscafe.blogspot.com/2009/10/when-financial-journalists-were-pimping.html)
:dumm diese CNBCler sind so was von peinlich und unverschämt :bad
Interview with Jesse at the Café Américain (http://www.philstockworld.com/2009/10/20/interview-with-jesse-at-the-cafe-americain/)
"The easiest road to corruption is through self-delusion." - Jesse (http://jessescrossroadscafe.blogspot.com/)
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1266891#post1266891)
merci Hoka :verbeug ist :supi:supi:supi
Mega-Betrug an der Wall Street
Anleger machen Jagd auf Madoffs Mittäter (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,656371,00.html)
Nachbeben im Fall Bernard Madoff: Von Beginn an glaubte kaum jemand, dass der US-Anlageberater seinen Milliardenbetrug im Alleingang durchgezogen hat. Jetzt wollen einige Betroffene ihre Vermutungen beweisen - im Visier haben sie Wall-Street-Größen wie JPMorgan. mehr... (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,656371,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=9028) ]
.....Der Klageschrift zufolge soll JPMorgan Chase Madoff geholfen haben, fast sechs Milliarden Dollar an Anlegergeldern zu waschen.....
....KPMG und JPMorgan Chase lehnten eine Stellungnahme ab.....
....immer dabei der smarte Jamie Dimon :bad
vBulletin v3.0.3, Copyright ©2000-2018, Jelsoft Enterprises Ltd.