Vollständige Version anzeigen : Now this has to be scary.....not always
....das gleich anschliessenden Video ist eigentlich aufschlussreicher.....
BNN speaks to Felix Salmon (er sieht besser aus als auf dem Foto :cool), blogger, Reuters, about the fraud charges that the SEC filed against Goldman Sachs.
Civil charges filed against Goldman Sachs by the SEC have left many on Wall Street wondering who's next on the hit list. BNN speaks to Ron Geffner, Sadis & Goldberg, who is also a former SEC lawyer.
....und leider scheint rechtlich (wieder mal :gomad) nicht viel von GS & Co.zu holen sein :gomad ausser es finden sich mehr Kläger die auch noch etwas vom ganzen Wallstret-Beschiss ans Tageslicht bringen
.....der Himmel leicht "vulkanisiert" :confused:rolleyes;)
Staubschicht verzieht sich nicht (http://www.tagesanzeiger.ch/schweiz/standard/Staubschicht-verzieht-sich-nicht/story/20792589)
http://files.newsnetz.ch/story/2/0/7/20792589/16/teaserbreit.jpg (http://www.tagesanzeiger.ch/schweiz/standard/Staubschicht-verzieht-sich-nicht/story/20792589) Die Bedingungen, dass die Staubschicht über der Schweiz hängen bleibt, sind ideal – und aus Island melden Geologen, dass der Vulkan aktiver wird. Mehr... (http://www.tagesanzeiger.ch/schweiz/standard/Staubschicht-verzieht-sich-nicht/story/20792589)
Aktualisiert vor 10 Minuten
Wie sich die Asche-Wolke bewegt (http://www.tagesanzeiger.ch/schweiz/standard/Staubschicht-verzieht-sich-nicht/story/20792589)
Flugchaos in Europa – auch Luftraum über Italien betroffen (http://www.tagesanzeiger.ch/ausland/europa/Flugchaos-in-Europa--auch-Luftraum-ueber-Italien-betroffen/story/16110745)
Alle Swiss-Flüge für heute annulliert (http://www.tagesanzeiger.ch/schweiz/standard/Alle-SwissFluege-fuer-heute-annulliert-/story/12114244)
Die Piloten der Formel 1
17 April 2010
Wealth Dispersion and General Thoughts on the Future of Economics on a Saturday Afternoon (http://jessescrossroadscafe.blogspot.com/2010/04/wealth-dispersion-and-general-thought.html)
Here is an interesting graph of wealth distribution, or dispersion, as I call it from Cherchez La Verite (http://impactglassman.blogspot.com/).
I am not sure I agree with his conclusions or even his premise, not because I disagree but because it requires some thinking and leisure to digest it. But the data is most interesting.
I wonder if any of the quant economists have performed simulations on virtual populations, and then examined the results of varying different tax rates, and concentrations of wealth because of fiscal policy and regulatory structure, among other things.
I have an hypothesis that great concentrations of wealth lead to economic stagnation, but I am afraid that I have not the means or the talent anymore to conduct that type of research.
The difficulty in a study like this is that the assumptions are greatly magnified into the results. If you assume certain buying, spending, and savings behaviours, the downstream impact can greatly alter, and even distort, the outcomes.
And when people reason through this verbally, rather than perform a structured simulation based on transactions, the distortions increase by an order of magnitude or more based on their own biases.
I used to create simulations like this all the time, for industrial and commercial purposes, and also did a decent amount of econometric modeling. So I am sure someone is doing it somewhere. But I suspect they are doing it in think tanks and places where the outcome is predetermined by the basis of their grant.
Concentrated wealth magnifies the needs and predispositions of the holder. Since the amount they require for basic necessities can only consume so much, one would think that the amount spend on the aggregate of necessities will eventually be reduced. And what they do with their excess of necessity wealth is going to be greatly influenced by their character. Are they a gambler, who inherited the wealth? Are they productive and beneficent? Are they dissolute and venal?
And what about government? Taxation can concentrate enormous wealth in the government. What sort of government does one have, or does one assume? Are they warlike, productive, redistributive, and how corrupt? What about corporations? They can be like small governments, and levy taxes through monopoly and persistent frauds. How are they managed? Corporations are not rational machines, as the efficient market hypothesis would probably presume. Indeed, corporations are often much worse than governments in terms of sheer blockheadedness, greed, and short-termism.
Hard to say. But there is a related field of study in decision making theory, which looks not at wealth but the distribution of decision making power in organizations. It is concerned with the validity and effectiveness of decisions made across a range of broader consensus to a narrow oligopoly and even a great man dictatorship.
The general observation I came to in this study was that decisions tend to be more valid depending on the quality of the information, the facility of the evaluation of it, or intelligence/learning/experience, less the biases and distortions.
A decision becomes a little better if the information is more widely dispersed and a variety of actors can exchange freely in increasing and refining it. There is a point of decision dispersion where the returns not only diminish, but become counterproductive because of the noise and inability of new actors to add value, and actually detract from the process. But finally what I found interesting is that in the aggregate personal error, bias and distortions tends to diminish quickly as a detractor from the result, assuming a non-homogeneous population with some independence of thought.
So too this same sort of study can be applied to the concentration of wealth, since wealth is power. But it is even more interesting because spending habits will vary since the percentage of spending on essentials changes much more slowly than wealth can increase.
And how one assesses the outcomes is also essential. What is thought to be a 'good outcome?' Not necessarily in a rough measure like aggregate GDP, but perhaps GDP with modifiers like the median wage, and a poverty level of essential spending. This is important because so often economic policy arguments are presented with the goal of optimizing short term GDP.
Alas, I have little hope that this will be done now, for the US has had a leadership role in quantitative economic studies, and their work has been twisted generally into the service of whores, robber barons, and gamblers as the speculative society reaches a crescendo. But some day this too will change.
Posted by Jesse at 10:11 AM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/wealth-dispersion-and-general-thought.html)
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Category: decision making (http://jessescrossroadscafe.blogspot.com/search/label/decision%20making), econometrics (http://jessescrossroadscafe.blogspot.com/search/label/econometrics), Inequality (http://jessescrossroadscafe.blogspot.com/search/label/Inequality), market inefficiency (http://jessescrossroadscafe.blogspot.com/search/label/market%20inefficiency), Wealth Dispersion (http://jessescrossroadscafe.blogspot.com/search/label/Wealth%20Dispersion)
Did Goldman And Tourre Break FINRA Regulations By Not Reporting "Fab Fabrice's" Wells Notice Receipt? (http://www.zerohedge.com/article/did-goldman-and-tourre-break-finra-regulations-not-reporting-fab-fabrices-wells-notice-recei)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/17/2010 11:09 -0500
Yesterday we praised two NYT reporters for having uncovered the mess of the Goldman CDO scandal first, and we concluded, erroneously now it seems, that the SEC merely piggybacked on their disclosure to file charges against Goldman. However, as Reuters' Matt Goldstein reports, Goldman had received a Wells Notice (http://www.seclaw.com/docs/wellsnotice.htm)from the SEC as far back as "six months ago", which predates the Morgenson and Story December 24 story (http://www.nytimes.com/2009/12/24/business/24trading.html). And as the SEC case would likely have taken at least one year to build up, we are confident that the SEC began their investigation into Goldman and Paulson well prior, likely in 2008 if not earlier. For those unfamiliar, a Wells is basically an advance warning that the recipient will be a target of an SEC investigation. We do not anticipate that anyone aside from Tourre (who, being just 27 at the time of the alleged transactions, in no imaginable way acted alone) and Goldman's legal counsel was aware of this development, although with allegations that Goldman was dumping various security holdings in advance of the announcement one can never be certain. One key line of questioning has emerged as a result of this disclosure: why was there no official notice anywhere in the public record of this Wells Notice receipt? The precedent is murky when it comes to corporations responsibility to report Wells Notice receipts: certainly, Goldman had no mention of this even in its March 1 10-K (http://www.sec.gov/Archives/edgar/data/886982/000095012310018464/y81914e10vk.htm). What is however without question, is that Fabrice Tourre, who as we reported yesterday, is a registered broker dealer, has a responsibilty to modify his/her U-4 within 30 days of the Wells Notice receipt (http://www.loeb.com/files/Event/a8660756-ea15-4945-af39-6b89c4281dca/Presentation/EventAttachment/5013519a-ab2b-41d9-b964-219ef7a2f860/NASD%20Enforcement%20Action%20Deadlines.pdf), yet as of yesterday there was still "no disclosure of any event about this broker." Assuming Goldman received the Wells 31 days ago or more, it begs the question did the firm, by allowing Tourre not to report the Wells Notice, break Finra regulations, and just why it believes it has the facility to do this?
1 comment (http://www.zerohedge.com/article/did-goldman-and-tourre-break-finra-regulations-not-reporting-fab-fabrices-wells-notice-recei#comments)
Read more (http://www.zerohedge.com/article/did-goldman-and-tourre-break-finra-regulations-not-reporting-fab-fabrices-wells-notice-recei)
on Sat, 04/17/2010 - 11:36
i want to know how much JPM made yesterday pulling the rug out on PM's just before a breakout?...is it possible this was a coordinated effort between the SEC, the govt, and some PD's to keep the lid on the metals again ? Is it just a political stunt? I really dont think this will amount to anything more than a slap on the wrist for goldman. theres too much goldman alumn that hold gov offices to believe that the SEC is truly going after goldman...i personally dont believe the motive behind the accusations....goldman pulls so much shit on a daily basis and yet suddenly the SEC wants to pretend to stick its nose in it?
by Fish Gone Bad
on Sat, 04/17/2010 - 11:50
Short of anyone working for a bank or brokerage firm, there is not a single person in the United States who does not think that banks and brokerages are not a bunch of thieves with highly connected friends. It would do the Obama administration well to push this prosecution through about as fast as it pushed through GM and Chryslers' bankruptcy.
Can anyone name anything that Goldman does, that it does not make more expensive for everyone? Anyone? Ferris?
:gruebel wenn das nur nicht alles zu undurchsichtig wird :rolleyes:mad
:thanx deckard2k (http://www.eldorado-edelmetalle.de/include.php?path=userinfo&id=58)
...hmmmmm :gruebel etwas unheimlich :rolleyes
Louise Yamada (http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/4/17_Louise_Yamada.html) :supi
Saturday, April 17, 2010
Louise Yamada is legendary for her technical work on Wall Street and has made some amazing calls in her career including as an example; water all the way back in 1995 when no one was looking at water....
Gold and Silver ---> buy on pullback
Bonds ---> long term bonds could be moving up, shorter term bonds still ok
stock market ---> could still go further up
US$ ---> longer term downtrend still intact
commodities ---> trading range
The main office of Goldman Sachs in Lower Manhattan. The company could face a drawn-out, messy and public legal battle.
For Goldman, a Bet’s Stakes Keep Growing
By LOUISE STORY (http://topics.nytimes.com/top/reference/timestopics/people/s/louise_story/index.html?inline=nyt-per) and GRETCHEN MORGENSON (http://topics.nytimes.com/top/reference/timestopics/people/m/gretchen_morgenson/index.html?inline=nyt-per)
Published: April 17, 2010For Goldman Sachs (http://topics.nytimes.com/top/news/business/companies/goldman_sachs_group_inc/index.html?inline=nyt-org), it was a relatively small transaction. But for the bank — and the rest of Wall Street — the stakes couldn’t be higher.
Accusations that Goldman defrauded customers who bought investments tied to risky subprime mortgages have only just begun to reverberate through the financial world. The civil lawsuit filed against Goldman on Friday by the Securities and Exchange Commission (http://topics.nytimes.com/top/reference/timestopics/organizations/s/securities_and_exchange_commission/index.html?inline=nyt-org) seemed to confirm many Americans’ worst suspicions about Wall Street: that the game is rigged, the odds stacked in the banks’ favor. It is the first big case — but probably not the last, legal experts said — to delve into a Wall Street firm’s role in the mortgage fiasco.
The move against Goldman came at a particularly sensitive time for Wall Street. Washington policy makers are hotly debating a sweeping overhaul of the nation’s financial regulations (http://topics.nytimes.com/topics/reference/timestopics/subjects/c/credit_crisis/financial_regulatory_reform/index.html?inline=nyt-classifier), and the news could embolden those seeking to rein in the banks. President Obama (http://topics.nytimes.com/top/reference/timestopics/people/o/barack_obama/index.html?inline=nyt-per) on Saturday stepped up pressure for financial reform by accusing Republicans of “cynical and deceptive” attacks on the measure. The S.E.C.’s action could also hit Wall Street where it really hurts: the wallet. It could prompt dozens of investor claims against Goldman and other Wall Street titans that devised and sold toxic mortgage investments....
.....But securities lawyers say Mr. Tourre appears to be a small fish. Federal investigators may try to gain his cooperation (....das wäre :supi) and extend their investigation to other Goldman employees. On Friday, Mr. Tourre’s lawyer did not provide a comment on the complaint.....
.....A Goldman spokesman said Saturday that the :bad top executives :bad were not involved in the approval process for Abacus, the deal cited by the S.E.C.....
full story: http://www.nytimes.com/2010/04/18/business/18goldman.html
:supi....nicht nur die Blogs..... ;):oo
Janet Tavakoli: Did Goldman Sachs Commit Fraud? (http://jessescrossroadscafe.blogspot.com/2010/04/janet-tavakoli-did-goldman-sachs-commit.html)
Highlights:Yes. The only thing that was surprising how long the SEC took to do it.
The complaint does not go quite far enough. It was a blatant fraud, more than just a failure to disclose information.
And this may be the beginning of a lot of questions about a lot of investment banks. It has massive implications IF the SEC does its job right, which they have not done in the past.<object width="640" height="385"><param name="movie" value="http://www.youtube.com/v/WiwZ2LfOO-c&rel=0&color1=0xb1b1b1&color2=0xcfcfcf&hl=en_US&feature=player_embedded&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowScriptAccess" value="always"></param><embed src="http://www.youtube.com/v/WiwZ2LfOO-c&rel=0&color1=0xb1b1b1&color2=0xcfcfcf&hl=en_US&feature=player_embedded&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="385"></embed></object>
Zum Original-Beitrag (http://showthread.php3?p=1305478#post1305478)
"....this may be..." na hoffentlich bleibt es nicht bei dem may be :rolleyes
....tolle Aussichten :rolleyes:schwitz
Step Aside Roubini - FX Concepts' John Taylor Is The New Dr. Doom: "2011 Will Be Worse Than 2008" (http://www.zerohedge.com/article/step-aside-roubini-fx-concepts-john-taylor-new-dr-doom-2011-will-be-worse-2008)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/17/2010 19:52 -0500
"The cycles and very simple fundamentals are enough to predict that 2011 will be worse than 2008. The medium-term cycles tell us that there is a very high probability of a serious bout of risk aversion beginning in the next five trading days and continuing into the week of May 3. This is likely to be most apparent in Europe, but it should also impact the equity and commodity markets around the world. The stream of strong economic and corporate news, plus continued benign inflation outside of Asia should assure us of a further risk rally, starting in May and running through July and possibly into early August. This decline after the August peak should be far more serious and we believe it will be the start of a major market rout continuing into the middle of 2011, at a minimum. The deflationary recession that will accompany this market collapse, at least in the developed world, will put extreme pressure on the Eurozone and the EMU structure. The second half of this decade will witness a very different world." John Taylor of FX Concepts, biggest currency hedge fund in the world
61 comments (http://www.zerohedge.com/article/step-aside-roubini-fx-concepts-john-taylor-new-dr-doom-2011-will-be-worse-2008#comments)
Read more (http://www.zerohedge.com/article/step-aside-roubini-fx-concepts-john-taylor-new-dr-doom-2011-will-be-worse-2008)
on Sat, 04/17/2010 - 20:31
will be far worse than the one in 2008. Although it seemed that the world was terrified by that collapse, it is now clear that the authorities and the players were not so bothered that they changed their stripes
Boy this guy is good. spot on... and unlike that media whore Roubini, this guys no academic.
on Sat, 04/17/2010 - 21:09
Heh no need to be bothered by something you engineer yourself.
He's right though. We're farther from reality than in 2005-2006. When the next bust comes, 2008 will look like the good old days and 2009 will seem as halcyon as the late 90s.
by junkyard dog
on Sat, 04/17/2010 - 20:31
I think I am ready for this. Not sure though; my kid and her kid have no knowledge of what is coming. They are young. I am loaded up on gold, silver and oil. I am stashing 100's but what good is it if they change the currency? I am filling my gardens up on composted cow manure and bought some chickens and a couple of roosters. Do I really have heirloom seeds? Or am I screwed by Monsanto? I think I am going nuts, it cannot get this bad, can it? Are we as a society looking down at our ipads, cell phones, and belly buttons hoping the whole thing will go by without taking us with it? Am I doomed to driving a 1985 Chevy truck for another 10 years?
Are all my future dates made out of paper and bound in the next Playboy magazine?
If CDS Traders Are Right, France Is Next Up For A Sovereign Shakedown (As Are Spain And Portugal); Greece Long Forgotten (http://www.zerohedge.com/article/if-cds-traders-are-right-france-next-sovereign-shakedown-are-spain-and-portugal-greece-long-)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/17/2010 22:43 -0500
CDS traders were prescient in snapping up Greek and Dubai CDS long before anyone else realized the risk these countries are in (well, more like Goldman selling CDS to some very close clients, wink wink). In exchange for figuring out what it took cash bond holders months to understand, these 'speculators' made a lot of money and in the process got branded as quasi-sovereign terrorists. Well, Greece can sleep well: according to the latest DTCC CDS data (for the week ended April 9), CDS specs have completely deserted Greece, which saw the single biggest amount of Net Notional CDS decrease, to just over $8 billion, a reduction of $367 million in the prior week (which means all the widening in Greek spreads is now, and has been, just cash bond sales, precisely what Zero Hedge has claimed all along). CDS traders are now focusing their attention on the one country which has so far slipped under everyone's radar, yet which we disclosed is more on the hook in terms of Southern European exposure than even Germany: France, with $781 billion in total claims (http://www.zerohedge.com/article/piigs-claims-european-banks-15-trillion-france-most-hook-piigs-implosion). Should Greece topple the PIIGS dominoes, France will implode. And this is precisely what CDS traders are betting on now, taking advantage of absurdly tight France CDS levels. Also, just in case they are wrong on France, Spain and Portugal, not surprisingly, round out the top three names in which Net Notional saw the largest increase. Also not surprisingly, Japan rounds out the top 5 deriskers.
11 comments (http://www.zerohedge.com/article/if-cds-traders-are-right-france-next-sovereign-shakedown-are-spain-and-portugal-greece-long-#comments)
Read more (http://www.zerohedge.com/article/if-cds-traders-are-right-france-next-sovereign-shakedown-are-spain-and-portugal-greece-long-)
....hmmmm :gruebel hoffentlich geht die Welt nicht doch noch unter :rolleyes es könnte ja auch so schön sein :supi
«Die Behörden leiden am Schweinegrippe-Syndrom (http://www.tagesanzeiger.ch/schweiz/standard/Die-Behoerden-leiden-am-SchweinegrippeSyndrom/story/14698326) (.....bezieht sich auf die Schweiz)
http://files.newsnetz.ch/story/1/4/6/14698326/29/teaserbreit.jpg (http://www.tagesanzeiger.ch/schweiz/standard/Die-Behoerden-leiden-am-SchweinegrippeSyndrom/story/14698326) Aviatik-Experte Max Ungricht kritisiert die Verlängerung der Luftraumsperre. Er glaubt, dass auf die Flugsicherheitsbehörden noch so einiges zukommen könnte. Mehr... (http://www.tagesanzeiger.ch/schweiz/standard/Die-Behoerden-leiden-am-SchweinegrippeSyndrom/story/14698326)
Interview: David Vonplon Aktualisiert um 15:06 Uhr
Flugaufsichten wehren sich gegen Kritik der Airlines (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Flugaufsichten-wehren-sich-gegen-Kritik-der-Airlines/story/26056934)
Warum Vulkanasche so gefährlich ist (http://www.tagesanzeiger.ch/panorama/vermischtes/Warum-Vulkanasche-so-gefaehrlich-ist/story/29391244)
Swiss streicht für Montag 380 Flüge (http://www.tagesanzeiger.ch/schweiz/standard/Swiss-streicht-fuer-Montag-380-Fluege/story/23498594)
18 April 2010
Slick Willy Rewrites the History of the Financial Crisis and Regulation, Blames His Advisors (http://jessescrossroadscafe.blogspot.com/2010/04/slick-willy-rewrites-history-of.html)
The hypocrisy of the oligarchs knows no bounds.
Bill Clinton conveniently forgets the hundreds of millions of campaign contributions that he and Hillary so famously raised from Wall Street for the Democrats. They taught their party, always a bit chaotic but left dispirited after the Kennedy assassinations, that 'greed is good.,' and it certainly pays well. You can put up $1000 and obtain a return of $100,000 in a futures market of which you know nothing, and do nothing, if you know the right people.
The price of their perfidy was the overturning of Glass-Steagall and the planting of the seeds of the bubbles and financial crises that the US is still experiencing today.
There is no doubt that George W. Bush hatched the egg, and nurtured it into a ferocious buzzard of fraud and greed. But Bill Clinton laid the egg. And Obama continues to feed the beast, and maintains the very same advisors that Clinton blames in the Rubin proteges Larry Summers and Tim Geithner.
Americans embrace the "CEO defense." Hey, everyone makes mistakes. All you have to do is say, "Oops, I made a mistake" and all is forgiven, from Greenspan to Clinton.
When you make a big enough mistake, or a series of mistakes, and profit by it, and your actions have the stench of corruption, you should be sacked, disgraced, and shunned for a decent period of time.
The elite media is in a panic. I had the opportunity to watch "The Chris Matthews Show" and the comparisons of Tim McVeigh, Ruby Ridge, and Waco to the Tea Party Movement went way over the top, suggesting the possibility of imminent crisis. I can almost see the over-reaction and paranoia coming over the horizon.
There is a tremendous temptation for the old media, and even the bloggers, to go along to get along, to deal only with the 'safe subjects' and reforms, and to play the party line for the status quo. It provides the admittance to the powers, and the venues where they pose for the press. It brings connections and praise from those in power. All you have to do is say thing, or deal with this legitimate problem but in the way we suggest. And ignore these other things.
It does happen. It is not always obvious, but it is there. And if you say 'no' you are attacked or shunned. And being your own person, not taking 'sides' in distorting the facts in one direction or the other, puts one is in the 'grays' always caught between black and white. It sounds noble, but it is a lonely watch.
I am absolutely no follower or even admirer of Sarah Palin. I think she is a shameless opportunist playing to the crowd, saying whatever will deliver money and power. She is the Bill Clinton of the right, or even worse, a Huey Long. And the Tea Party crowd is badly in need of adult supervision. And Fox News is too often blatant propaganda, and pandering to and inflaming extremism for commercial gain. I often suspect that they are part of the Hegelian dialectic, the means of defusing legitimate reform into ineffective noise.
Bear in mind I was a conservative before 'conservatism' was cool, going back to the Goldwater movement and the traditional and principal conservatism embodied by Edmund Burke and James Burnham. These Fox conservatives for the most part are the worst of breed. But such is the quality of discourse and action in the States as it declines.
But having said all that, the grievances are legitimate, the Congress is corrupted by the current campaign contribution laws, the US financial system is rife with fraud, the economy is dysfunctional as a price discovery and capital allocation system, and the inequality of power and wealth is a significant obstacle to progress and domestic tranquility.
Obama is leaving a leadership vacuum by his indolent style of leading by indirection, trying to build a consensus to do the right thing, teaching the Congress to fish. I have great sympathy for the challenge he faces. The problem is that the Congress cannot even find the stream for hitting one another with their poles. There are serious and fundamental flaws in the political and economic structure in the US that become more acute and systemically threatening with each false recovery.
How all this resolves is difficult to see. A new financial crisis will almost certainly bring things to a head, but it remains to be seen how America will react to the realization that they have been badly used, and are expected to suffer, in some cases greatly, for it. But before America the jackals appear to be descending on Europe. And Europe, and especially the UK, may provide us with some insight into the future of the world's greatest but declining superpower.
Clinton Says He Had Bad Advice on Derivatives
By Joshua Zumbrun
April 18 (Bloomberg) -- Former President Bill Clinton said he should have pushed for regulation of financial derivatives when he was president, rejecting the advice of top economic advisers Robert Rubin and Larry Summers.
The argument was that derivatives didn’t need transparency because they were “expensive and sophisticated and only a handful of people would buy them,” Clinton said on ABC’s “This Week” program. “The flaw in this argument was that first of all, sometimes people with a lot of money make stupid decisions and make it without transparency.”
“Even if less than 1 percent of the total investment community is involved in derivative exchanges, so much money was involved that if they went bad, they could affect 100 percent of the investments,” Clinton said. The show was taped yesterday for broadcast today.
Tighter regulation of derivatives trading is part of a package of financial reforms being pushed by the Obama administration against Republican opposition. The Senate is debating a bill introduced by Banking Committee Chairman Christopher Dodd that would also give the federal government the authority to unravel institutions whose failure threatens the financial system.
Clinton also said the Bush administration contributed to the financial crisis with lax regulation.
“I think what happened was the SEC and the whole regulatory apparatus after I left office was just let go,” Clinton said. If Clinton’s head of the Securities and Exchange Commission, Arthur Levitt, had remained in that job, “an enormous percentage of what we’ve been through in the last eight years would not have happened,” Clinton said.
Levitt is a director of Bloomberg LP, parent of Bloomberg News.
Clinton also said that Republicans who controlled Congress would have stopped him from trying to regulate derivatives. “I wish I had been caught trying,” Clinton said. “I mean, that was a mistake I made.”"Do you think he is so unskillful in his craft, as to ask you openly and plainly to join him in his warfare against the Truth?
No; he offers you baits to tempt you. He promises you civil liberty; he promises you equality; he promises you trade and wealth; he promises you a remission of taxes; he promises you reform. He promises you illumination, he offers you knowledge, science, philosophy, enlargement of mind.
He scoffs at times gone by; he scoffs at every institution which reveres them. He prompts you what to say, and then listens to you, and praises you, and encourages you. He bids you mount aloft. He shows you how to become as gods.
Then he laughs and jokes with you, and gets intimate with you; he takes your hand, and gets his fingers between yours, and grasps them, and then you are his."
John Henry Newman, The AntichristPosted by Jesse at 10:46 AM (http://jessescrossroadscafe.blogspot.com/2010/04/slick-willy-rewrites-history-of.html) :verbeug
...ich meine die Kommentare von Jesse sind :supi ich respektiere ihn sehr :cool
...und hier das "Original"
WATCH Bill Clinton: Rubin And Summers Gave Wrong Advice On Derivatives, I Was Wrong To Take It (http://blogs.abcnews.com/politicalpunch/2010/04/clinton-rubin-and-summers-gave-me-wrong-advice-on-derivatives-and-i-was-wrong-to-take-it.html)
| Financial Crisis (http://www.huffingtonpost.com/news/wall-street)
Bobdevo Apr 18, 2010 8:17:42 AM states ....."Did anyone ever ask a simple question: what useful end does derivative trading accomplish? Selling bundled mortgages does NOT make more $$ available for lending, it does NOT capitalize companies and lead to economic growth or the betterment of society. Derivative trading makes $$ for the traders and has no worth societal worth than Texas Hold 'em."
Robson concurs and says. One could say the same thing about financial services and Wall Street in general. Instead of serving a primary function of capitalizing productive companies, it has become a rigged casino club intended to enrich only the house. :supi (leider)
Posted by: Robson | Apr 18, 2010 10:22:37 AM
Now let's get Clinton together with Obama so Obama can get the message too and get rid of Rubin and Summers.:cool
Posted by: skeptonomist | Apr 18, 2010 10:20:58 AM
So what sort of headaches does this create for the sitting president? Summer and Rubin are top Obama advisers, and Clinton just called them incompetent - and complicit - when it comes to the issue that nearly destroyed the economy two years ago. Yikes...:rolleyes
Posted by: matt | Apr 18, 2010 10:11:54 AM
Liveticker zum Flugchaos (http://www.spiegel.de/reise/aktuell/0,1518,689642,00.html)
18.00 Uhr +++ Lufthansa streicht alle Flüge bis Montagvormittag mehr... (http://www.spiegel.de/reise/aktuell/0,1518,689642,00.html)
17.57 Uhr +++ Seit Donnerstag fast 63.000 Flüge in Europa gestrichen mehr... (http://www.spiegel.de/reise/aktuell/0,1518,689642,00.html)
http://newsimg.bbc.co.uk/media/images/47666000/jpg/_47666935_009131648-1.jpg (http://news.bbc.co.uk/2/hi/europe/8628323.stm) http://newsimg.bbc.co.uk/shared/img/o.gif Airlines urge flight ban review (http://news.bbc.co.uk/2/hi/europe/8628323.stm)
Europe's airlines and airports question the extent of flight restrictions imposed because of volcanic ash from Iceland.
Live: Volcano cloud over Europe (http://news.bbc.co.uk/2/hi/uk_news/8628519.stm)
Volcano ash: Your stories (http://news.bbc.co.uk/2/hi/uk_news/8628116.stm)
British PM calls meeting (http://news.bbc.co.uk/2/hi/uk_news/8628605.stm)
Ash cloud in maps (http://news.bbc.co.uk/2/hi/uk_news/8625813.stm)
In pictures: Europe grounded (http://news.bbc.co.uk/2/hi/in_pictures/8628331.stm)
Q&A: Volcanic ash cloud (http://news.bbc.co.uk/2/hi/uk_news/8627253.stm)
http://newsimg.bbc.co.uk/nol/shared/img/v3/icons/video_single.gifDriving into the dust cloud
SMOKE MONSTER (http://www.huffingtonpost.com/2010/04/17/volcano-ash-cloud-flight-_n_541489.html)
Airlines Sending Empty Test Planes Through Ash As Air Travel Crisis Deepens (http://www.huffingtonpost.com/2010/04/17/volcano-ash-cloud-flight-_n_541489.html)
See Incredible Photos, Satellite Images Of Volcanic Cloud... (http://www.huffingtonpost.com/2010/04/18/iceland-volcano-pictures_n_541994.html) Over 80% Of European Flights Canceled Sunday... US Operations In Afghanistan Disrupted (http://www.nytimes.com/2010/04/19/world/europe/19ash.html?hp)
Comments (3829) (http://www.huffingtonpost.com/2010/04/17/volcano-ash-cloud-flight-_n_541489.html)
| Travel (http://www.huffingtonpost.com/news/travel)
18 April 2010
JP Morgan Responds to Calls for Goldman Investigation By Warning Germany on Banking Regulation, Asks for More Influence On European Politicians (http://jessescrossroadscafe.blogspot.com/2010/04/jamie-dimon-warns-germany-on-banking.html)
'"When profits fall too sharply then capital will move somewhere else, where there is more money to be earned, for example non-regulated markets," Chief Executive Jamie Dimon said in the German mass circulation Sunday paper Welt am Sonntag. "The question is, is that what regulators want?"... he also said the banking industry could do with more influence on politicians." ReutersIn response to calls for an investigation of Goldman Sachs and tighter regulations on the Wall Street Banks, the CEO of JP Morgan has delivered fresh promises of financial damage if the Banks are restrained in their derivatives dealings by government regulation, and even more arrogantly, demanded greater access to European politicians.
Germany would do well to send a strong message that the European government will not be intimidated by financial threats and manipulation by foreign banks, no matter how powerful in both size and political connections.
Appeasement does not work against unbridled greed and pervasive fraud. It picks its victims, one by one, but none are safe.
The solution to this is simple. Take away the power of the large Multinational Banks to sway markets with their enormous derivatives positions.
They seek to control you by controlling your currencies and the issuance of debt. This is nothing new, except for the scale and power of a few Banks, most of which are US based.
This interview could be the result of a cultural misunderstanding. The New York Bankers are accustomed to threatening the US politicians and people if they do not get their way. This is what they had done when they received their trillions in public money with much secrecy and little accountability
Break the Banks up, and put them to the traditional task of allocating capital to commercial markets. If the US will not reform the financial system, ban them from any banking activities in your region.
Change the dollar reserve currency system which is firmly in the hands of the Wall Street money center banks, their friends at the Treasury and in the Congress, and their employees at the Fed.
Do it now while you still can.
JPMorgan chief warns of overregulation
By Vera Eckert
April 18, 2010
(Reuters) - The head of JPMorgan Chase & Co (JPM.N) in a German newspaper interview on Sunday turned against the possibility of stricter bank regulation and asked for better access for bankers to politicians.
"When profits fall too sharply then capital will move somewhere else, where there is more money to be earned, for example non-regulated markets," Chief Executive Jamie Dimon said in the German mass circulation Sunday paper Welt am Sonntag.
"The question is, is that what regulators want?," said Dimon who heads the second-largest U.S. bank.
Dimon has been an outspoken critic of the Obama administration's proposed financial regulatory reforms, particularly of a proposed bailout fee on big banks which he has called a "punitive bank tax."
In the German interview, he also said the banking industry could do with more influence on politicians.
Both the industry and government wanted what was best for their country and the economic system but there were areas where the banks lacked possibilities to demonstrate their arguments to politicians and supply them with the right facts, he said.Posted by Jesse at 2:15 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/jamie-dimon-warns-germany-on-banking.html)
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Category: currency wars (http://jessescrossroadscafe.blogspot.com/search/label/currency%20wars), fiat currency (http://jessescrossroadscafe.blogspot.com/search/label/fiat%20currency), financial corruption (http://jessescrossroadscafe.blogspot.com/search/label/financial%20corruption), Wall Street banks (http://jessescrossroadscafe.blogspot.com/search/label/Wall%20Street%20banks)
.....dieser :kotz arrogante Heini :gomad
A Modern Tale of Financial Loss (http://jessescrossroadscafe.blogspot.com/2010/04/modern-tale-of-financial-loss.html)
A developer (Goldman) built houses that looked well built, but were in reality designed to be firetraps, using plans provided by an architect (Paulson). They were sold as conforming to code with certain characteristics represented and endorsed by the building inspectors (Ratings Agencies) and overseen by fire inspectors who did spot checks (the SEC).
After the sale, the developer and the architect bought huge amounts of fire insurance on the homes from a friendly insurance agent (AIG London) who was eager to collect the commissions. The amounts that were insured were sometimes well in excess of what a home might actually be worth. They even took out policies on nearby homes that they had not even built or sold.
The developer had also encouraged the city government to allow the firetrucks and safety equipment to fall into disrepair, and for too few inspectors to be hired to do spot safety checks. So when the houses inevitably burned, the fire department was unable to adequately respond. The fires became so bad that they destroyed entire neighborhoods and threatened whole sections of the city.
The developer and architect were able to submit their insurance claims for sums that were so staggering that the insurance company for which the London agent worked was itself facing bankruptcy. This would have placed at risk the holders of its other policies in completely unrelated areas such as life and auto insurance, and retirement annuities.
So the developer had government people, whom he had helped to elect, provide government backing for the insurance company, for the good of the public. The people who had lost their homes and those who were forced to help to pay the developer were very upset.
But the developer was a large advertiser in the local newspaper, and a old school friend of the owner, so it ignored the complaints, and reported on the story from every perspective except what had really happened. It blamed the people who had lost their homes for being foolish and not inspecting the homes more closely, and taking the developer and the housing inspectors at their word, and trusting the fire departments and its inspectors to do their jobs.
And anyone who complained too loudly was at first ignored, then ridiculed, and finally threatened with arrest. After all, the developer was one of the most important and influential people in the city, and had many powerful friends. Any suggestion that they had done anything wrong was simply unbelievable.
After all, it is inconceivable that an upstanding member of the commuity would ever endanger so many people's lives and homes like that just for personal profit.
The End (for now)
Posted by Jesse at 1:59 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/modern-tale-of-financial-loss.html)
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Category: financial engineering (http://jessescrossroadscafe.blogspot.com/search/label/financial%20engineering), financial fraud (http://jessescrossroadscafe.blogspot.com/search/label/financial%20fraud), Goldman Sachs (http://jessescrossroadscafe.blogspot.com/search/label/Goldman%20Sachs), Paulson (http://jessescrossroadscafe.blogspot.com/search/label/Paulson)
....na dann hoffen wir doch, dass dieses "Märchen" ein gerechtes :rolleyes Ende findet :rolleyes
Blankfein, Cohn And Viniar Were All Closely Supervising Goldman's Mortgage Unit Operations (http://www.zerohedge.com/article/blankfein-cohn-and-viniar-were-all-supervising-goldmans-mortgage-unit-operations)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/18/2010 21:51 -0500
One of the most ludicrous claims over the past few days has been that the shady aspect of Goldman's mortgage unit operations began and ended with Fabrice Tourre, as per the SEC's complaint. The NYT's Louise Story has just disclosed the far too obvious (http://www.nytimes.com/2010/04/19/business/19goldman.html?pagewanted=1&src=twt&twt=nytimesbusiness): "By early 2007, Goldman’s mortgage unit had become a hive of intense activity. By then, the business had captured the attention of senior management. In addition to Mr. Blankfein, Gary D. Cohn, Goldman’s president, and David A. Viniar, the chief financial officer, visited the mortgage unit frequently, often for hours at a time." Louise presents a comprehensive analysis of the chronological shift in mood over US real estate among Goldman's ranks, in which it become obvious that the very heads of Goldman were instrumental in making the critical decision to part ways with Wall Street's optimistic groupthink, driven primarily by the input of Goldman salesmen who listened to hedge funds and advised the firm's executives and analysts (coupled with the input of Tourre and Egol) that some of the "smartest" money was turning bearish on real estate as early as 2006.
26 comments (http://www.zerohedge.com/article/blankfein-cohn-and-viniar-were-all-supervising-goldmans-mortgage-unit-operations#comments)
Read more (http://www.zerohedge.com/article/blankfein-cohn-and-viniar-were-all-supervising-goldmans-mortgage-unit-operations)
on Sun, 04/18/2010 - 21:56
Tourre is just going to be the current scapegoat and its smart strategy by the SEC. Name him individually since he's the easiest single person to tie to everything but simply use him as a stepping stone to the real culprits higher up. I'm sure the SEC has the same information the NYT has in terms of who was at Goldman's MCC meetings :rolleyes The key is going to be tying the Abacus deal directly to particular MCC meetings where the higher ups were involved. That may be hard. However we all know the Abacus deal is one of many that were fradulently marketed. This entire lawsuit is just a stepping stone to a much bigger investigation of their entire CDO business and perhaps much more. (....hoffentlich behält dieser Optimist Recht :rolleyes)
on Sun, 04/18/2010 - 22:09
As My Grandmother used to say: From your mouth to G-d's ear. Let's hope that the SEC is as smart as :rolleyes you give them credit for being. And let's hope that the SEC doesn't stop with just Goldman :rolleyes That would be my definition of real "financial reform."
Thanks for an insightful post.
hier der http://graphics8.nytimes.com/images/misc/nytlogo152x23.gif Artikel:
:kotz Top Goldman Leaders Said to Have Overseen Mortgage Unit :dumm
Gary Cohn, left, and Lloyd Blankfein appeared in a Goldman Sachs 2006 annual report.
Yesterday Germany, Today UK, Tomorrow The World: Goldman's Response To Lawsuits By Everyone - Q1 Stub Bonuses! (http://www.zerohedge.com/article/yesterday-germany-today-uk-tomorrow-world-goldmans-response-lawsuits-everyone-q1-stub-bonuse)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/18/2010 10:18 -0500As expected, the line of people preparing to sue Goldman is now longer than the posers who bought the iPad on launch day. Reuters reports that British Prime Minister Gordon Brown, who himself has been in hot water over his much lamented decision to sell UK's gold despite protests from the BOE (http://www.zerohedge.com/article/uk-treasury-relases-foia-gordon-browns-1998-gold-sale-catches-tony-blair-lying-questions-us-) and likely under the guidance of Goldman and JPM, wants an investigation into the Goldman affair by the FSA, and is saying that impacted UK banks will be considering legal action. Furthermore, GB slammed Goldman after the TimesOnline reported (http://www.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7100961.ece) that Goldman will pay $5.6 billion in bonuses for just three months work, including 600 million pounds for London-based staff. Among other things, the ratings-strapped politician, who as recently as ten years ago was doing the bidding precisely of Goldman and its cronies when dumping the gold stash, accused the bank of "moral bankruptcy." We assume is referring to Chapter 11. Of course, that would imply that Brown's hypocrisy should be sufficient for immediate Chapter 7 liquidation proceedings.
From Reuters (http://www.reuters.com/article/idUSLDE63H0AA20100418%5C):Brown, who is fighting an election campaign, piled pressure on Wall Street's most powerful bank, accusing it of "moral bankruptcy" over reported plans to pay big bonuses.
"I want a special investigation done into the entanglement of Goldman Sachs and the companies there with other banks and what happened," Brown told BBC television.
"There are hundreds of millions of pounds have been traded here and it looks as if people were misled about what happened. I want the Financial Services Authority (FSA) to investigate it immediately," he said.
"I know that the banks themselves will be considering legal action," Brown said, apparently referring to European banks that lost money on the product marketed by Goldman Sachs.
"We will work with the Securities and Exchange Commission in the United States," he said.
A spokeswoman for the FSA declined comment. "We would never confirm or deny we are investigating anybody," she said.
And here is the latest confirmation that Goldman is pursuing nothing less than a first derivative of accelerated wealth transfer before the world ends: the Times of London has discovered that the firm is paying an unprecedented stub bonus of $5.6 billion for the first quarter. Goldman knows its days are numbered so it will pay off as much as it possibly can to its employees before the walls come crashing down. From TimesOnline (http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7100961.ece).GOLDMAN SACHS, the world’s biggest investment bank that is now assailed by accusations of fraud, is poised to reignite controversy over bankers’ bonuses by paying its staff more than £3.5 billion for just three months’ work.
The bumper payouts will equate to about £110,000 a head for the firm’s 32,500 employees worldwide, with a handful of top traders expected to be in line for multi-million-pound bonuses.
Close to £600m is expected to be paid to the group’s 5,500 London-based staff for the first three months of this year. This is on a par with their remuneration in 2007, the last year of the boom.
The revelation of the enormous pay deals comes as Goldman prepares for a legal battle with the US government. The group was sued on Friday by the Securities and Exchange Commission, the Wall Street regulator, over claims it defrauded investors of $1 billion. Goldman denies the charges.
It appears that despite concerns that this is nothing but a staged pr campaign, the end could very well be in sight for Goldman.
47 comments (http://www.zerohedge.com/article/yesterday-germany-today-uk-tomorrow-world-goldmans-response-lawsuits-everyone-q1-stub-bonuse#comments)
by A Man without Q...
on Sun, 04/18/2010 - 11:01
Brown always stick to the line that it was "a crisis that originated in America", and while the mortgages may have been issued in the US, the majority of the securitization and especially the synthetic CDO game was very much based in the UK. The UK regulators were as much asleep at the wheel on this (frankly the FSA lacks people of sufficient intelligence to see the scam going on.) So, what is he going to do? RBS paid cash to buy ABN, and they paid far too much for another badly managed firm .
If he wants to attack the moral bankruptcy in finance, he should be as much concerned about those who bought the shit without understanding it, because they didn't really care if it blew up at a later date.
What the buyers were too dumb to understand, but the likes of Pellegrini did was buying a CDO linked to RMBS was essentially selling a put on the US housing market for a few nickels. JP wanted to take the risk because it was very cheap optionality.
on Sun, 04/18/2010 - 16:31
Sure looks to me like everyone from Bear Stearns to Greece to Bank of England can now elbow each other out of the way to pile onto the GS fraud bandwagon. An avalanche starts with the addition of just 1 snowflake.
I think its a turning point, this crap has gone on way too long already.
on Sun, 04/18/2010 - 18:35
I hope you're right. In a sane world the crooks at the top of GS would be held PERSONALLY liable for any criminal activity perpetrated by the company. Sadly, the best we can hope for is to have enough vermin... I mean attorneys... sue them into oblivion! That will still be better than the status quo...
on Sun, 04/18/2010 - 16:43
Remember this? http://www.businessweek.com/news/2010-01-02/goldman-sachs-helps-yrc-aver... (http://www.businessweek.com/news/2010-01-02/goldman-sachs-helps-yrc-avert-bankruptcy-following-hoffa-s-plea.html)
Maybe Obama's buddies still weren't happy.
on Sun, 04/18/2010 - 17:34
You have to laugh at this ... "The head of JPMorgan Chase in a German newspaper interview on Sunday turned against the possibility of stricter bank regulation and asked for better access for bankers to politicians".
....are you kidding me ! Dimon is tied to the hip with Washington polititans, the FED, the Treasury, etc.....and he wants more ???
on Sun, 04/18/2010 - 18:09
Senior Goldman Exec Is Married to Former Head of ACA (http://www.huffingtonpost.com/vicky-ward/senior-goldman-exec-is-ma_b_542154.html)
....ist das ein riesiger stinkender Misthaufen :gomad
Flughafensperrung bis 20 Uhr verlängert - Lufthansa-Chef attackiert Verkehrsminister (http://www.spiegel.de/reise/aktuell/0,1518,689705,00.html)
Der Streit zwischen den Fluggesellschaften und der Bundesregierung spitzt sich zu: Lufthansa-Chef Mayrhuber wütet gegen Äußerungen von Verkehrsminister Ramsauer und drängt auf eine Öffnung der Lufträume. Doch genau das Gegenteil passiert: Die Flugsicherung verlängerte jetzt die Schließung der Airports bis 20 Uhr. mehr... (http://www.spiegel.de/reise/aktuell/0,1518,689705,00.html) [ Video (http://www.spiegel.de/video/video-1060586.html) ]
Luftmessung: Forscher bereiten Flug in die Aschewolke vor (http://www.spiegel.de/wissenschaft/natur/0,1518,689719,00.html)
Wirrwarr um Flughafen-Schließungen: Auf, zu, auf, zu (http://www.spiegel.de/reise/deutschland/0,1518,689695,00.html)
Streit über Aschegefahr: Lufthansa droht mit Regressforderungen (http://www.spiegel.de/reise/deutschland/0,1518,689663,00.html)
Themenseite: Alles über die Folgen des Vulkanausbruchs (http://www.spiegel.de/thema/vulkane_in_island/)
....diese zwei Interviews sollte man wirklich lesen, vieles kennt man aber es ist auch amüsant, besonders das zweite :supi
April 2010 An exclusive Crux interview with
Marc "Dr. Doom" Faber
...auch auf deutsch
Wie Goldman die IKB um 150 Millionen Dollar prellte (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,689716,00.html)
Das Betrugsverfahren gegen Goldman Sachs erreicht Deutschland: Nach Angaben der US-Börsenaufsicht hat die Mittelstandsbank IKB in der Affäre fast 150 Millionen Dollar verloren. Jetzt schaltet sich die BaFin ein, deutsche Politiker wollen Schadensersatzansprüche gegen das US-Institut prüfen. Von Marc Pitzke, New York mehr... (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,689716,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=9028) ]
Betrugsvorwürfe: Deutsche Finanzaufsicht soll Goldman Sachs durchleuchten (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,689630,00.html)
Dokumentation: Die komplette SEC-Anklage gegen Goldman Sachs (http://www.spiegel.de/media/0,4906,23187,00.pdf)
Themenseite: Investmentbank Goldman Sachs (http://www.spiegel.de/thema/goldman_sachs/)
The One Last Ethical Bank? Bear Stearns Just Said No To The Goldman-Paulson Scheme, Did Not Pass "Ethics Standards" (http://www.zerohedge.com/article/one-last-ethical-bank-bear-stearns-just-said-no-goldman-paulson-scheme-did-not-pass-ethics-s)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/18/2010 23:38 -0500
Surprises these days come from everywhere: one day we find that some of the wealthiest hedge fund managers are only so thanks to clever schemes involving the enabling of investment banks who have the biggest rolodex of "putzes," finding the last remaining "greater fools" available, another day we discover that a deal that Goldman had no qualms about, was passed on by what may well have been the last remaining ethical bank, Bear Stearns. Greg Zuckerman, as pointed out by Wall Street Manna (http://aaronandmoses.blogspot.com/2010/04/bear-sterns-goldmanpaulson-deal-was.html), in his book "The Greatest Trade Ever" describes Paulson's meetings with Goldman, Bear and Deutsche to "ask if they could create CDOs that Paulson & Co. could essentially bet against. Ironically, it was Bear Stearns that rejected the offer: " worried that Paulson would want especially ugly mortgages for the CDOs, like a bettor asking a football owner to bench a star quarterback to improve the odds of his wager against the team ... he felt it would be improper." Eichel told Zuckerman, "[b] 'It didn't pass our ethics standards; it was a reputation issue, and it didn't pass our moral compass." Sure enough, Goldman et al (allegedly) took down Bear shortly thereafter, and gave it away to Jamie Dimon for pennies on the dollar. In the world of Wall Street, where everyone tries to destroy the dumbest, those who play by some ethical historical rulebook all end up seeing a "run" on their liquidity sooner or later.
22 comments (http://www.zerohedge.com/article/one-last-ethical-bank-bear-stearns-just-said-no-goldman-paulson-scheme-did-not-pass-ethics-s#comments)
Read more (http://www.zerohedge.com/article/one-last-ethical-bank-bear-stearns-just-said-no-goldman-paulson-scheme-did-not-pass-ethics-s)
on Mon, 04/19/2010 - 01:14
I still am wondering why the Bear "sale" has never caught anyone's interest.
In a nutshell, on that fateful weekend, the following happened:
Jamie Dimon, Chairman of the Board of Directors of the Federal Reserve, and just coincidentally CEO of JPM, met with NYFedGovGeithner and TreasSecPaulson, arranged to have enough new Bear stock issued so that Dimon could control 50.1% of the company, and then approved the "sale" to JPM, with the taxpayer taking their "partnership" in the deal in the form of the downside. Thus, Maiden Lane I was formed and funded. Bear shareholders on the Friday before had ZERO say in the new share issuance. So much for shareholder rights. And to allow Dimon to work a deal that was to his advantage smacks of at least a little bit of conflict of interest. (Bondholder rights were latter destroyed in the Chrysler deal, when "Car Czar" and junior Chrysler debtholder Steve Rattner changed the rules of seniority in a bankruptcy, completing the Daily Double of Debt-Equity Holder "Rights".)
All that is now coming to light is Reason Number One why TBTF should not exist, and why it is in the greater interest of the country to break up the banks until none is large enough to hold the country hostage or place a finger on the financial nuclear trigger.
After THAT is done, we can then discuss what should or should not be legal.
For the pychopath Dimon :bad to argue, as he did this weekend, that bankers need even greater access to politicians and more control over the system---after they have demonstrated to all of humanity that they can royally fuck up with the best of them---is the height of arrogance and self-absorption. I am peaceful by nature, but I think even saying something like that should be a capital crime.
Maybe we can not legislate morality, but we can immunize the system from exposure to the frailties and weaknesses of the human character, so clearly on display on Wall Street.
Let them all fuck each other nine ways from Sunday, but on their own dime.
.....nicht ganz so mies zu sein wie die andern Wallstreeter macht sich leider nicht bezahlt :gomad
Kampfflugzeuge durch Aschewolke beschädigt (http://www.tagesanzeiger.ch/panorama/vermischtes/Kampfflugzeuge-durch-Aschewolke-beschaedigt/story/15940021)
http://files.newsnetz.ch/story/1/5/9/15940021/9/teasermedium.jpg (http://www.tagesanzeiger.ch/panorama/vermischtes/Kampfflugzeuge-durch-Aschewolke-beschaedigt/story/15940021) Mehrere F-16-Kampfflugzeuge der Nato haben durch die Aschewolke Triebwerkschäden erlitten. Es seien glasartige Rückstände gefunden worden. Mehr... (http://www.tagesanzeiger.ch/panorama/vermischtes/Kampfflugzeuge-durch-Aschewolke-beschaedigt/story/15940021)
Aktualisiert vor 10 Minuten
....das war am Wochenende und letzte Woche
Flugverkehr-Ticker: Rega fliegt schwer verletzte Kinder aus (http://www.tagesanzeiger.ch/news/standard/FlugverkehrTicker-Rega-fliegt-schwer-verletzte-Kinder-aus/story/11593546)
http://files.newsnetz.ch/story/1/1/5/11593546/408/teasermedium.jpg (http://www.tagesanzeiger.ch/news/standard/FlugverkehrTicker-Rega-fliegt-schwer-verletzte-Kinder-aus/story/11593546) Europa unter der Asche-Wolke: Lesen Sie im Live-Ticker der Tagesanzeiger.ch/Newsnetz-Redaktion alles über die neuesten Entwicklungen und Ereignisse. Mehr... (http://www.tagesanzeiger.ch/news/standard/FlugverkehrTicker-Rega-fliegt-schwer-verletzte-Kinder-aus/story/11593546)
Aktualisiert vor 5 Minuten Update folgt...
Bild für Bild: Ein Vulkan legt Europa lahm (http://www.tagesanzeiger.ch/news/standard/FlugverkehrTicker-Rega-fliegt-schwer-verletzte-Kinder-aus/story/11593546)
WHAT DID THEY KNOW? (http://www.nytimes.com/2010/04/19/business/19goldman.html?hp)
Former Employees Say Top Goldman Execs Took Unusual Interest In Mortgage Unit... (http://www.nytimes.com/2010/04/19/business/19goldman.html?hp)
Bank Giving Staff Over $5 Billion In Pay, Bonuses In Midst Of Fraud Charges... (http://www.huffingtonpost.com/2010/04/18/goldman-sachs-bonuses-ban_n_542006.html)
Simon Johnson: Too Big To Obey The Law... (http://www.huffingtonpost.com/simon-johnson/goldman-sachs-too-big-to_b_542460.html) The Man At The Heart Of The Scandal (http://baselinescenario.com/2010/04/18/john-paulson-needs-a-good-lawyer/)
Comments (1,011) (http://www.huffingtonpost.com/2010/04/19/top-goldman-leaders-said_n_542322.html)
| Goldman Sachs (http://www.huffingtonpost.com/news/goldman-sachs)
+++ EILMELDUNG +++
Lufthansa und Air Berlin holen Tausende Deutsche zurück (http://www.spiegel.de/reise/aktuell/0,1518,689875,00.html)
Die Lufthansa fliegt 15.000 Passagiere zurück, die im Asche-Chaos im Ausland gestrandet waren. 50 Langstrecken-Jets sollen in den nächsten Stunden in Nord- und Südamerika, Afrika und Asien starten. Auch Air Berlin hat den ersten Rückholflug gestartet - mit Ausnahmegenehmigung. mehr... (http://www.spiegel.de/reise/aktuell/0,1518,689875,00.html) [ Video (http://www.spiegel.de/video/video-1060896.html) ]
...heute wird der Winter in die Wüste geschickt - GS könnte doch hinterher :rolleyes:oo
Goldman Sachs: A Pattern of Organized Criminal Behaviour? (http://jessescrossroadscafe.blogspot.com/2010/04/goldman-sachs-pattern-of-organized.html)
http://3.bp.blogspot.com/_H2DePAZe2gA/S8xegAYwnvI/AAAAAAAAMdw/wiIhkBM948I/s320/gods-gangster.jpg (http://3.bp.blogspot.com/_H2DePAZe2gA/S8xegAYwnvI/AAAAAAAAMdw/wiIhkBM948I/s1600/gods-gangster.jpg) Chris Whalen provides some excellent commentary on the Goldman Sachs fraud inquiry by the SEC at the beginning of his weekly newsletter, The Institutional Risk Analyst (http://us1.institutionalriskanalytics.com/pub/IRAMain.asp).
In addition to the information he provides about other deals, including those that specifically targeted AIG, he puts an interesting twist on this. He intimates that at times the Hedge Funds were acting in concert with the Big Banks as off-balance-sheet accomplices in crafting these complex frauds. And the Paulson - Goldman scandal may only be one of a type, and not perhaps the best or most flagrant example.
A reaction from many is that this is just the tip of the iceberg, a single point in a much larger picture of calculated fraud involving many more deals and significantly more money up to and including the bailout of AIG.
It is not enough to throw a few token fines on some selective deals, and then dismiss them as outliers, and then suggest we 'move on' to reform the market. The spin will be that what Goldman did was 'legal' but immoral. And for many today, morality is simply a matter of taste. And Paulson will be served up as the fall guy. It will take a serious investigation to uncover all the facts, and make the case stick. And the SEC is not competent to do this, for a variety of reasons.
And the reforms that the Congress will create as a result of this, at the least the ones permitted by Jamie and Lloyd, will quickly be circumvented with new fraudulent devices and it will quickly be business as usual. Its hard to say that the business has never stopped, even now. The Big Banks continue to manipulate markets and abuse derivatives as instruments of financial fraud.
The absolute worst place to conduct a serious investigation will be in front of the Congress is a show trial, designed to give some of the Senators and Representatives an opportunity to create sound bytes of anger, to be played in commercials for their re-election, and then at then end of the day, continue to collect fat campaign contributions, and then do nothing.
It does not require Republican permission for President Obama to direct the FBI and the Justice Department to begin a serious inquiry with an eye to RICO violations in what may be one of the largest financial frauds in history, dwarfing the Madoff Ponzi scheme in terms of value and number of victims.
Oh, and by the way, we hate to say we told you so, but please fire Larry Summers now that Bill Clinton has thrown him under the bus, and have him take Rubin's other protégé, Turbo Timmy, along with him.
My concern is that the American people even now do not understand how serious this crisis is. They are quickly distracted into ridiculous partisan spirit and frivolous diversions. This is the freedom and the welfare of their country that is at risk, and it is time to put aside childish things, and begin the serious work of reforming their financial system, the ownership of their media, and the political campaign process. Institutional Risk Analyst (http://us1.institutionalriskanalytics.com/pub/IRAMain.asp)
Goldman SEC Litigation: The End of OTC?
By Chris Whalen
April 19, 12010
Last Friday's announcement by the SEC of a civil lawsuit against Goldman Sachs (GS) for securities fraud did not surprise us. Nor were we surprised to see the markets
trade off large on the news, evidence to us that there is a certain lack of conviction in the financials.
Q: How can you have "normalized earnings" in an abnormal industry?
No, what surprised us about the SEC action is that it took as long as it did. Maybe surprised isn't precisely the right word, but you know what we mean. The inertia in the system seems to dampen reactions to extreme outlier behavior to a far too great a degree. This week in The IRA Advisory Service we discuss the implications of the SEC action and the likely impact on the OTC dealer community in the months and years ahead.
Readers of The IRA will recall back in 2004 when were started to talk about the regulatory focus on complex structured financial products and the perceived reputational risk to the big firms arising from these unregulated, OTC instruments. Big thank you to Chuck Muckenfuss at Gibson Dunn for the heads up. The "advice" issued by all of the regulators ("Interagency Statement on Sound Practices Concerning Complex Structured Finance Activities") was focused almost entirely on protecting the dealers from reputational risk and not on protecting investors.
The fact of the 2004 notice by the SEC and other regulators illustrates the problem. Regulators clearly knew that a problem existed back then, yet the SEC waited until April of 2010 to actually do something constructive to rebalance the equation, to lean just a bit more in the direction of investors and abit less in favor of the dealers. Keep in mind that it's not like the games played by GS and the Paulson organization were remotely unique. Just about every OTC dealer worthy of the description has at least one deal comp to this thing of beauty.
On March 31, 2010, Bob Ivry and Jody Shenn at Bloomberg published a very important article on American International Group and its losses from insuring collateralized debt obligations structured by, you guessed it, GS. Entitled "How Lou Lucido Let AIG Lose $35 Billion With Goldman Sachs CDOs," the article outlines the process whereby AIG was left on the hook for billions in losses on CDOs sold to TCW Group in Los Angeles.
Whereas in the trades with Paulson GS was helping a client create and then sell short a CDO that was being sold to another client, in the case of TCW the GS firm was helping a client buy toxic loans to be contributed to a CDO in the knowledge that doing so would cause losses to a regulated insurer, AIG. The activities of GS to harm AIG make the subsequent payments by AIG to GS, using money from the US Treasury, seem all the more outrageous.
But the other thing that really bothers us about both the TCW transactions and the more recent revelations about GS and the Paulson firm is the fact that the SEC apparently still does not fully understand the symbiotic relationship between the dealer and the hedge fund. In our view, the funds that were involved with these
transactions and many, many more examples in the OTC marketplace, did not have an arm's length relationship with the dealer. Hedge funds exist at the sufferance of the dealers, who finance and execute and act as custodian for their various strategies and use the funds as short-term storage for inventory.
In the case of Paulson, the information provided by the SEC makes it seem as though Paulson was the party which initiated these transactions and, according to the SEC, paid GS $15 million to arrange and market these CDOs to investors. Paulson was also apparently working as an advisor to GS and collaborating with GS regarding investment strategy. A spokesman for Paulson told The New York Times that all of their dealings with GS and other parties were on "an arm's length basis." We believe that reasonable people can differ on this issue. We also suspect that the nature and the extent of the relationship between GS and Paulson will be the subject of extensive legal and political inquiry in the weeks and months ahead.
But for us, the bottom line is that hedge funds often times are merely extensions of the dealers with which they interact. It is often difficult if not impossible to tell where the dealer's interests end and those of the hedge fund begin, especially when the dealer and the fund seem to be working in concert to create securities that are being sold to third parties. This episode is a terrible mess and, to us at least, illustrates why the OTC markets for securities and derivatives need to be regulated out of existence -- or at least into compliance with norms of disclosure and fair dealing that would render such strategies impossible. If the global financial markets have been reduced to nothing more than beggar thy neighbor, then we all have a big problem.
Posted by Jesse at 8:28 AM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/goldman-sachs-pattern-of-organized.html)
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Category: financial fraud (http://jessescrossroadscafe.blogspot.com/search/label/financial%20fraud), Goldman Sachs (http://jessescrossroadscafe.blogspot.com/search/label/Goldman%20Sachs)
.....also wieder einmal darf man gespannt sein ob denn nun wirklich etwas passiert :rolleyes:oo ich befürchte business as usual wird's wohl werden - solange den Senatoren nicht auch total das Fell über die Ohren gezogen wird :gomad:gomad:gomad
19 April 2010
The US Financial Media Does Not Disappoint, But Obama Probably Will (http://jessescrossroadscafe.blogspot.com/2010/04/us-financial-media-does-not-disappoint.html)
The spin was running hot and heavy this morning.
The scandal was a one off, a rogue trader. The charges against Goldman are weak, nothing illegal, perhaps just immoral. But morality is not an issue with qualified investors, who should have known better. This has never happened before and is unlikely to happen again. No one forces anyone to be victimized by a fraud. They did it to themselves.
The outstanding talking head on Bloomberg TV was guest salesman Tom Brown of Second Curve Capital, who never met a Wall Street pustule he didn't wish to feed upon. And he was supported eagerly by the bobbing heads of Adam Johnson and some unmemorable sycophant, and of course the ineffable news anchor, Betty Liu, who is an understudy for Alicia Silverstone in the Wall Street version of Clueless.
Hey Wall Street is higher, and Goldman is a buying opportunity.
But CNBC's Steve Liesman put out a description of the scandal that was so outrageous that it made Mark Haines cough up a donut. Mark still has a conscience apparently but Steve left his at a pawn shop in Moscow. His economic arguments, along with Cramer and Kudlow, drove me away from CNBC long ago. But there is little refuge at Bloomberg except in the off continent off hours, and Fox, well, it is Fox.
I expected a slime trail to appear early on, and I was not disappointed. And its a shame.
Charley Rose has a special on Goldman tonight and it should be worth watching. Charley is a journalist, and tends to show some integrity, which is an increasingly rare commodity in the American mainstream media.
Most Likely Outcome
Goldman will settle out of court admitting no fault after making a great deal of noise to salvage their reputation and lay out the defense for the civil suits that will follow IF Obama does not call in the FBI and Justice to do a more thorough job of investigating the firm and their variety of dodgy deals.
The penalty will be a disgorgement of 15 million, plus a penalty of maybe 45 million. This is just the cost of doing business.
The Dems will get Chris Dodd's toothless financial reform passed, and within five years at least one Wall Street firms will roll over and be virtually bailed out at great cost to the taxpayers under its provisions. Citizen Obama will say he should not have listened to Larry Summers and he ought to have tried to have done more against determined Republican opposition.
That is the usual outcome. It *could* change, Obama can change it and he doesn't need the Republicans do call in the FBI and Justice. That for me would show me something about him, at least differently from what I think he is now. I don't hold much hope for it. But I'm prepared to be surprised.
Or it could change if the people shake off their cynicism and lethargy, and a "million person march" goes to Washington this summer, and peacefully demonstrates that business as usual is no longer acceptable. And then they put some bite into it and vote out the incumbents in the fall elections, voting heavily for third parties dedicated to real change.
But that is also unlikely but I am prepared to be surprised.
Posted by Jesse at 9:46 AM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/us-financial-media-does-not-disappoint.html)
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Category: fall elections (http://jessescrossroadscafe.blogspot.com/search/label/fall%20elections), financial reform (http://jessescrossroadscafe.blogspot.com/search/label/financial%20reform), peaceful protests (http://jessescrossroadscafe.blogspot.com/search/label/peaceful%20protests), third party (http://jessescrossroadscafe.blogspot.com/search/label/third%20party)
....ich weiss nicht :gruebel es wird einfach so vieles zerredet :rolleyes und einige CNBCler sind einfach ungehobelte/unhöfliche Klötze (Klötzinnen :mad)
Lloyd Blankfein's Sunday Night Peptalk (http://www.zerohedge.com/article/lloyd-blankfeins-sunday-night-peptalk)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/19/2010 09:58 -0500
Politico has released the Voice Mail that Lloyd's blasted to all employees on Sunday night (http://www.politico.com/news/stories/0410/36002.html). In it we read that Lloyd still thinks his firm has a reputation, let along one which must be defended. The most amusing part is where the CEO tells workers to "maintain the level of focus on our clients" - we assume this meansusing Goldman's extensive idiot-rolodex, calling up the dumbest of the dumb money and using GS' "brand and reputation" in selling them whatever the most recent version of toxic crap that the smarter money du jour wants to short via Goldman and its second to none flow and prop desk.
“This is Lloyd on Sunday in New York. Following my message to you on Friday, I wanted to update all of you and let you know that we have been taking all appropriate steps to defend the firm and its reputation. ... The extensive media coverage on the SEC’s complaint is certainly uncomfortable, but given the anger directed at financial services, not completely surprising. Still, it is important to put the SEC’s action in context. The core of the SEC’s case is the allegation that one employee misled two professional investors by failing to disclose the role of another market participant in a transaction. Importantly, we had assumed risk in the deal and we lost money, just like the other two long investors. I will repeat what you have heard me say many times in the past: Goldman Sachs has never condoned and would never condone inappropriate activity by any of our people.
“On the contrary, we would be the first to condemn it and take immediate and appropriate action. Our responsibility as a financial intermediary requires it and our commitment to integrity and the firm’s business principles demand it. ... In the meantime, be assured that our global team, including the Board of Directors and the Management Committee, is working diligently to address the complaint with the facts. To that end, in the next few weeks, Goldman Sachs will have the opportunity to appear before Congress and discuss our role and participation in the mortgage market more broadly. We look forward to discussing our strong record of prudent risk management. As you return to work on Monday morning, I ask that you maintain the level of focus on our clients that is at the heart of Goldman Sachs’ success over the past 140 years. We have faced challenges before and our people have always responded through their skills, talent and focus on our clients. We will do that now, and in the process, re-affirm everything that defines Goldman Sachs. Thank you.”
:bad sorry - aber ich kann mir nicht helfen, es kommt mir einfach hoch :oo
OBAMA TO 'GO BIG' IN WALL STREET SPEECH (http://www.huffingtonpost.com/2010/04/19/obama-wall-street-speech_n_542682.html)
GOLDMAN FALLOUT: SEC Probing Whether Other Big Firms Misled Investors .. (http://online.wsj.com/article/SB10001424052748704508904575192294041013802.html?mod=WSJ_hpp_LEFTTopStories) 'Wave Of Legal Action' Expected .. (http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7101495.ece) Goldman Wrangled With SEC For 20 Months Over Charges .. (http://www.ft.com/cms/s/0/59e8b69e-4b3c-11df-a7ff-00144feab49a.html) Embattled Firm Releases Third, Most Detailed Response .. (http://www.huffingtonpost.com/2010/04/19/goldman-sachs-vs-sec-all_n_542736.html) Democrats Emboldened For Reform Fight (http://www.nytimes.com/2010/04/19/business/19regulate.html)
Comments (648) (http://www.huffingtonpost.com/2010/04/19/obama-wall-street-speech_n_542682.html)
| Barack Obama (http://www.huffingtonpost.com/news/barack-obama)
.....ob es wieder nur Worte werden :rolleyes
Top Al Qaeda Leader Killed In Iraq (http://www.huffingtonpost.com/2010/04/19/two-top-al-qaeda-figures-_n_542653.html)
Must be Monday.
Another week another "top" official killed. Anyone got the tally yet? I think we have killed more "tops" than "bottoms"
Bahgdad Bob? is that you again? and two of the TOP ones? wow you guys are good!
Another taxi driver killed. OK. We get it.
Your One Stop To Tracking The 2012 "EOD"s Countdown (http://www.zerohedge.com/article/your-one-stop-tracking-2012-eods-countdown)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/19/2010 10:56 -0500
One has to be living in a cave not to have noticed the recent surge in various earthquakes, tsunamis, violent riots and, recently, volcanic eruptions. This has lead some to wonder just whether the Mayans invented some time-shifting HFT algo to front run the doomsday block orders of 2012. Luckily there is now a convenient way to chart the daily catastrophic events that are happening with greater frequency than various big banks reducing their Non Performing Assets courtesy of Bernanke's vertical curve monstrosity and beating useless estimates (if everything is a buy on a dip due to temporary "disruptions" shouldn't one be really selling everything on the Fed's temporary (one hopes) insanity in unprecedented experimentation with ZRIP and excess reserves?). Hungarian website AlertMap (http://hisz.rsoe.hu/alertmap/index2.php) has put together an interactive chart to keep track of all the recent catastrophes and calamities across the globe. And while it does a great job with pretty much everything, we can't identify the highlight over the Marriner Eccles building where the single greatest man-made catastrophe is developing.
Full interactive chart can be found here (http://hisz.rsoe.hu/alertmap/index2.php).
Second Volcano, Hekla, Erupting
Joe Weisenthal (http://www.businessinsider.com/author/joe-weisenthal) | Apr. 19, 2010, 12:39 PM | 2,366 | http://static.businessinsider.com/assets/images/icons/icon_comment_12x12.gif (http://www.businessinsider.com/hekla-volcano-erupting-2010-4#comments) 6 (http://www.businessinsider.com/hekla-volcano-erupting-2010-4#comments)
Uh oh, the Icelandic gods are going nuts!
Now it appears that a second volcano, Hekla, is erupting, according to Reuters. (via AshAlerts (http://www.twitter.com/ashalerts))
Click the below image (http://www.ruv.is/hekla) to get taken to a live video feed of Hekla.
Remember, this is about more than just air travel. Read here for the implications on food and energy supply in Europe > (http://www.businessinsider.com/eyjafjallajokull-crops-oil-flights-2010-4)
Tags: Volcano (http://www.businessinsider.com/category/volcano)
Read more: http://www.businessinsider.com/hekla-volcano-erupting-2010-4#ixzz0lZCQgmru
Breaking News: Hekla Erupts (http://www.zerohedge.com/article/breaking-news-hekla-erupts)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/19/2010 11:30 -0500
Breaking news: The Hekla volcano has erupted.
Count Europe's 2010 GDP a scratch. We expect Katla to complete the trifecta any minute. Iceland's (c)ash revenge will be complete.
33 comments (http://www.zerohedge.com/article/breaking-news-hekla-erupts#comments)
Read more (http://www.zerohedge.com/article/breaking-news-hekla-erupts)
by Mae Kadoodie
on Mon, 04/19/2010 - 11:32
Lord Blankfein... please follow me this way to the escape pod.
by Oracle of Kypseli
on Mon, 04/19/2010 - 11:57
Can this be the "Bl-ash Swan?" :rolleyes
...in den Tagesschauen hört man nix davon :confused:rolleyes im Gegenteil - ZDF bringt eben live aus Island, es sei ruhig am Nachbar Vulkan
Der Böögg verspricht einen schönen Sommer (http://www.tagesanzeiger.ch/panorama/vermischtes/Der-Boeoegg-verspricht-einen-schoenen-Sommer/story/21636084)
http://files.newsnetz.ch/story/2/1/6/21636084/22/teasermedium.jpg (http://www.tagesanzeiger.ch/panorama/vermischtes/Der-Boeoegg-verspricht-einen-schoenen-Sommer/story/21636084) 12 Minuten und 54 Sekunden hat der Böögg am Zürcher Sechseläuten den Flammen getrotzt. Dann explodierte der Kopf des Wintersymbols – wunderschön und mit einem lauten Knall. Mehr... (http://www.tagesanzeiger.ch/panorama/vermischtes/Der-Boeoegg-verspricht-einen-schoenen-Sommer/story/21636084)
Aktualisiert vor 12 Minuten
Der Böögg explodiert (http://www.tagesanzeiger.ch/panorama/vermischtes/Der-Boeoegg-verspricht-einen-schoenen-Sommer/story/21636084)
Warum der Böögg keine Frauen mag (http://www.tagesanzeiger.ch/z%C3%BCritipp/b%C3%BChne/Warum-der-Boeoegg-keine-Frauen-mag/story/13882140)
Der kleine Böögg kommt gross raus (http://www.tagesanzeiger.ch/zuerich/stadt/Der-kleine-Boeoegg-kommt-gross-raus/story/20441627)
....ist doch auch was :supi:D
Republicans On SEC Voted AGAINST Charging Goldman Sachs With Fraud (http://www.huffingtonpost.com/2010/04/19/goldman-sachs-vs-sec-all_n_542736.html) :rolleyes
Andy Borowitz: Burning Documents Create Giant Smoke Plume over Goldman Sachs (http://www.huffingtonpost.com/andy-borowitz/burning-documents-create_b_542529.html)
Brian Whetten: Goldman, Wall Street and Financial Terrorism (http://www.huffingtonpost.com/brian-whetten/goldman-wall-street-and-f_b_541883.html)
Comments (82) (http://www.huffingtonpost.com/2010/04/19/goldman-sachs-vs-sec-all_n_542736.html)
| Goldman Sachs (http://www.huffingtonpost.com/news/goldman-sachs)
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I wonder how much money the republicans are receiving in exchange for voting in favor of illegal activities.
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THE REPUBLICAN PARTY ENJOYS SEEING CORPORATIONS STEAL FROM THE AVERAGE AMERICAN.
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So many have lost so much We need to insist on reform and vote out everyone who votes against it. That is the message that we should be sending to that are opposed to financial reform. These politicians take the lobbyist monies so now they are obligated to their big donors an not to the millions that voted for them. Let us see where the vote comes out and then kick them to the curve.
....business as usual :rolleyes
Burning Documents Create Giant Smoke Plume over Goldman Sachs (http://www.huffingtonpost.com/andy-borowitz/burning-documents-create_b_542529.html)
NEW YORK (The Borowitz Report (http://tinyurl.com/pj3476)) - Goldman Sachs officials spent the weekend burning a mountain of documents at their Manhattan headquarters, creating a giant smoke plume that snarled air traffic over much of North America. The giant plume began to appear just minutes after the Securities and Exchange Commission announced on Friday that it had filed a civil lawsuit against the investment bank and grew to a monstrous size as the weekend wore on.
The New York City fire department rushed to the investment bank's headquarters assuming that the building was on fire, only to find Goldman executives feeding reams of documents to a blast furnace in the basement.
While most of the documents were successfully set ablaze, one fireman recovered a memorandum relating to a Goldman investment called The Brooklyn Bridge Fund.
According to the memo, Goldman was actively seeking investors in the Brooklyn Bridge while secretly betting that the 127-year-old bridge would collapse.
Testifying before Congress today, Goldman CEO Lloyd Blankein said he knew nothing about the Brooklyn Bridge Fund, or the burning of sensitive company documents: "This was all masterminded by some dude named Fabrice." ...
How the Goldman Sachs Fraud Case Could Accelerate Wall Street Reform (http://moneymorning.com/2010/04/19/goldman-sachs-fraud-case/)
The initial reaction was interesting: At first, gold sold off rapidly, while the general stock market was slower to react. I've long-suspected that trader communication was pretty limited in intellectual content. And in this case - in an interesting manifestation of the "Chinese-whisper effect (http://en.wikipedia.org/wiki/Chinese_whispers)" - a frantic "Sell Goldman" call obviously got transmuted into "Sell Gold." After an hour or two, as the general market sold off, the slower members of the trading community caught up and gold rebounded somewhat.
If this SEC suit remained isolated, it would be a serious matter to Goldman, but not life-threatening. However, in the process of fighting the case, SEC lawyers will have the right to carry out a "discovery process (http://en.wikipedia.org/wiki/Discovery_%28law%29)," which will enable government lawyers to fish around in Goldman's records to find anything that might solidify the case - quite possibly boosting Goldman's potential culpability and liability.
By definition, the discovery process can't be controlled: An aggressive prosecutor often finds more damning evidence - possibly even enough to transform the case from a civil proceeding into a criminal one. At that point, the stakes escalate exponentially. Indeed, the terms levied against those who are directly involved - and even against the top managers on whose "watch" the transgressions took place - can rival the 25-year sentence imposed on former Enron Corp. President Jeffrey K. Skilling (http://en.wikipedia.org/wiki/Jeff_Skilling) (this is, after all, a billion-dollar case.)
What's more, if prosecutors want to get really aggressive and enough evidence is there, they can invoke the Racketeer Influenced and Corrupt Organizations Act of 1970 (http://ricoact.com/) (RICO), alleging that the crimes formed a "pattern of racketeering activity" committed by an "ongoing criminal organization." At that point, if Goldman lost, it could conceivably be shut down.
The Latest Reincarnation Of Repo 105 - With End Of Quarter "Deleveraging" Over, Primary Dealer Repoable Assets Surge (http://www.zerohedge.com/article/latest-reincarnation-repo-105-end-quarter-deleverging-over-primary-dealer-repoable-assets-su)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/20/2010 00:16 -0500
One of the take home lessons from the Lehman Repo 105 scam is that Primary Dealers will do everything in their power to dispose of assets in any way possible at end of quarter time in order to make their leverage ratios palatable to investors and rating agencies. A week ago, taking a hint from the WSJ, we observed how for the week ended March 31 (http://www.zerohedge.com/article/evidence-primary-dealers-have-collectively-engaged-repo-105-and-qtr-end-book-cooking-type-sc), total Primary Dealer assets plunged by $34 billion in just one week: from March 24 to March 31. For this EOQ asset window dressing hypothesis to be confirmed, we needed to see a corresponding spike in asset in the week immediately following March 31. Sure enough, using Treasury data of Primary Dealer holdings (http://www.newyorkfed.org/markets/gsds/search.cfm), we observe precisely that, and then some. In the week ended April 7, total Primary Dealer assets exploded by $53 billion to the highest level seen in 2010, or $300 billion, a stunning 21% increase in total assets in just one week! This is also the highest total level of PD asset holdings since June 10, 2009. What do primary dealers do with these assets? They either repo them out back to the Fed directly, or via the Tri-Party Repo System, or via some other off balance sheet conduit, using the cash proceeds to go elbow deep in risky assets and purchase every stock imaginable (having given the impression the week before that they are all prudent fiduciaries who don't "gamble" with other people's money). If you were wondering where the surge in buying interest came from in the first few days of April, wonder no more. Furthermore, as PDs would be careful about negative carry on the repo rates, it would be expected that the one security they would buy the most of, would be T-Bills with their next to nothing interest rates... Which is exactly what happened: PD T-Bill holdings surged from a mere $12.6 billion at March 31 to $44.4 billion on April 7. PDs no longer need Repo 105 - they do all their EOQ window dressing directly in the open market.
8 comments (http://www.zerohedge.com/article/latest-reincarnation-repo-105-end-quarter-deleverging-over-primary-dealer-repoable-assets-su#comments)
Read more (http://www.zerohedge.com/article/latest-reincarnation-repo-105-end-quarter-deleverging-over-primary-dealer-repoable-assets-su)
on Tue, 04/20/2010 - 00:33
Well good, because why shouldn't fraud be a standard business practice? Thank God for the Fed huh?
So since it looks like they are doing their own 105 schemes. So is the fraud built into the PD stock prices?
on Tue, 04/20/2010 - 01:09
They are going to pass that bogus finance reform bill so none of these frauds see the light of day. Their survival is reliant on this. They will give the FED more power and of course they will abuse it.
on Tue, 04/20/2010 - 01:27
There are too many layers to this scam for it to sustain itself.
And people who aren't getting their fair share will talk.
In Fact, I would guess that they already have and that more than one group is planning to ambush this administration come November.
on Tue, 04/20/2010 - 01:30
Lol you won't get justice from within the system. There would literally need to be aliens crash-landing on earth instituting their own form of justice in order for anything to get done. Do you really think they will let everything unravel for all the world to see? I mean get real, we all see how hard they dress the shit they cook up to make it look like a nice meal day in and day out.
Arianna Huffington (http://www.huffingtonpost.com/arianna-huffington)
Posted: April 19, 2010 06:46 PM
Shorting The Middle Class: The Real Wall Street Crime (http://www.huffingtonpost.com/arianna-huffington/shorting-the-middle-class_b_543523.html)
The press is all abuzz (http://www.huffingtonpost.com/2010/04/18/goldman-sachs-bonuses-ban_n_542006.html) with news of the SEC suing Goldman Sachs for fraud. While this is certainly big news in itself, even more important is what it says about what the financial elite has been doing to America for the last 30 years: shorting the middle class.
The SEC's action is a perfect moment for us to look at the bigger picture of how the American people were sold on the promise of never-ending prosperity while Wall Street was overseeing a massive transfer of wealth from the middle class to the richest Americans.
The results have been devastating: a disappearing middle class, a precipitous drop in economic and social mobility, and ultimately, the undermining of the foundation of our democracy.
Thirty years ago, top executives at S&P 500 companies made (http://www.post-gazette.com/pg/10038/1033820-109.stm) an average of 30 times what their workers did -- now they make 300 times what their workers make. And between 2000 and 2008, the poverty rate in the suburbs of the largest metro areas in the U.S. grew (http://www.brookings.edu/papers/2010/0120_poverty_kneebone.aspx) by 25 percent -- making these suburbs home to the country's largest and fastest-growing segment of the poor.......
Linda from Deerfield (http://www.huffingtonpost.com/users/profile/Linda_from_Deerfield)
I think the thing that depresses me most is that American corporations have accumulated almost $1 trillion in cash, and they would rather do anything with it than invest in American employees. What a slap in the face to the world's most productive workforce. Serves them right that people are buying less.
I had a problem with my phone bill, and the girl on the other end was in the Phillipines. There must be incentives to encourage business to remain in America, and big disincentives to farm out.
Use the Patriot Act to declare criminal corporations dangers to America, confiscate all their wealth :supi send corporate executives to undisclosed prisons, as our Wall St and K St leaders are clearly a greater danger than any foreign group.
:dumm den produktiven Boden/middle class zu ruinieren :dumm ist ja bei uns leider dasselbe :gomad
April 19, 2010 at 3:36 pm
Goldman Sachs: Too Big To Obey The Law (http://baselinescenario.com/2010/04/19/goldman-sachs-too-big-to-obey-the-law/)
By Simon Johnson, co-author of 13 Bankers (http://13bankers.com/).
On a short-term tactical basis, Goldman Sachs clearly has little to fear. It has relatively deep pockets and will fight the securities “Fab” allegations tooth and nail; resolving that case, through all the appeals stages, will take many years. Friday’s announcement (http://baselinescenario.com/2010/04/16/sec-charges-goldman-with-fraud/) had a significant negative impact on the market perception of Goldman’s franchise value – partly because what they are accused of doing to unsuspecting customers is so disgusting. But, as a Bank of America analyst (Guy Mozkowski) points out this morning, the dollar amount of this specific allegation is small relative to Goldman’s overall business and – frankly – Goldman’s market position is so strong that most customers feel a lack of plausible alternatives.
The main action, obviously, is in the potential widening of the investigation (good articles in the WSJ today, but behind their paywall). This is likely to include more Goldman deals as well as other major banks, most of which are generally presumed to have engaged in at least roughly parallel activities – although the precise degree of nondisclosure for adverse material information presumably varied. Two congressmen have reasonably already drawn the link (http://www.nytimes.com/2010/04/19/business/19investors.html?pagewanted=1&ref=business) to the AIG bailout (how much of that was made necessary by fundamentally fraudulent transactions?), Gordon Brown is piling on (a regulatory sheep trying to squeeze into wolf’s clothing for election day on May 6), and the German government would dearly love to blame the governance problems in its own banks (e.g., IKB) on someone else.
But as the White House surveys the battlefield this morning and considers how best to press home the advantage, one major fact dominates. Any pursuit of Goldman and others through our legal system increases uncertainty and could even cause a political run on the bank – through politicians and class action lawsuits piling on.
And, as no doubt Jamie Dimon :bad (the articulate and very well connected head of JP Morgan Chase) already told Treasury Secretary Tim Geithner over the weekend, if we “demonize” our big banks in this fashion, it will undermine our economic recovery and could weaken financial stability around the world. :dumm
Dimon’s points are valid, given our financial structure – this is exactly what makes him so very dangerous (http://baselinescenario.com/2010/04/03/the-most-dangerous-man-in-america-jamie-dimon/). Our biggest banks, in effect, have become too big to be held accountable before the law. Read the rest of this entry » (http://baselinescenario.com/2010/04/19/goldman-sachs-too-big-to-obey-the-law/#more-7221)......
......Fortunately there is precisely zero evidence that we need banks anywhere near their current size – we document this at length in 13 Bankers (http://13bankers.com/) (in fact, this was a major motivation for writing the book).
Break up the big banks before they do even more damage.
with 113 comments (http://baselinescenario.com/2010/04/19/goldman-sachs-too-big-to-obey-the-law/#comments)
NO ONE who is a serious player on Wall Street is legitimately surprised by this, and probably no one in regulatory bodies are either, unless they are just showing up to collect a paycheck and obtain free Internet access.
The antics of Goldman Sachs have been getting by on a ‘wink and a nod’ from the regulators and the market for some time. Why? Because they are powerful, and because like Lehman and their off balance sheet frauds, they are almost ALL doing it on Wall Street as part of the franchise. Goldman has just been a pig about it, and probably burned some insiders and powerful investors in their fraudulent Abacus trade.
Break the Banks up, and put them to the traditional task of allocating capital to commercial markets. If the US will not reform the financial system, ban them from any banking activities in your region.
Change the dollar reserve currency system which is firmly in the hands of the Wall Street money center banks, their friends at the Treasury and in the Congress, and their employees at the Fed. Don’t just regulate them. Break them up. And audit the Fed. Do it now while you still can.
“Only fraud and falsehood dread examination. Truth invites it.”
Dr. Samuel Johnson
Vicky Ward (http://www.huffingtonpost.com/vicky-ward)
Contributing editor, Vanity Fair
Posted: April 19, 2010 02:02 PM
Goldman Sachs Alum Receive Threatening Phone Calls From Their Alma Mater (http://www.huffingtonpost.com/vicky-ward/goldman-sachs-alum-receiv_b_543109.html)
So they are calling Goldman Sachs "Little Brother"....
By "they" I mean the Goldman alum who have acted as TV pundits, bloggers or commentators on the firm in the past three days. Over the weekend they received repeated phone calls from their alma mater telling them to desist.
"Hey you'll play fair, won't you?" the voice from Goldman has said, "gently," but according to one recipient ever so "slightly menacingly" over the phone.
"I mean we did great business with your new firm, so you won't be knocking us on TV, will you? You know we are the good guys...."
Good guys? More like Goodfellas....
One very indignant recipient of these calls phoned me Monday morning.
"They've been calling me all weekend, gently pressuring me, trying to control what I say about the firm on television. They haven't stated an overt threat but it's like "little Brother" [as opposed to the dictatorial regime of "Big Brother" in George Orwell's 1984.]
My source isn't giving in. "I don't do business with them any more, so I don't care. I'm going to say what I think.".......
Linda from Deerfield (http://www.huffingtonpost.com/users/profile/Linda_from_Deerfield) Don't forget the article that revealed Goldman advised employees to become gun owners. Does that sound like an innocent company that has no idea anything they did could upset anyone?
johnhuffy (http://www.huffingtonpost.com/users/profile/johnhuffy) http://images.huffingtonpost.com/profiles/851195.png?20100416154408 (http://www.huffingtonpost.com/users/profile/johnhuffy)
I think they call this "witness tampering", I expect no less from this criminal organization.
.....die scheuen ja vor nix zurück :gomad
Jon Stewart Takes On Goldman Sachs Fraud Case (VIDEO) (http://www.huffingtonpost.com/2010/04/20/jon-stewart-takes-on-gold_n_544102.html) First Posted: 04-20-10 08:39 AM | Updated: 04-20-10 08:48 AM
After some obligatory jabs at Jim Cramer last night, Jon Stewart took some time to break down the recent Goldman Sachs fraud (http://www.huffingtonpost.com/2010/04/16/goldman-sachs-fraud-expla_n_540938.html) case, in which in which the bank purposely sold mortgages designed to fail, hoping to cash in on the insurance. The segment was aptly named "The F--king Guys," a line Stewart couldn't help but use as the only reasonable explanation for their ridiculous behavior..........
MrBadExample (http://www.huffingtonpost.com/users/profile/MrBadExample) http://images.huffingtonpost.com/profiles/232298.png?20091124095152 (http://www.huffingtonpost.com/users/profile/MrBadExample)
It's sad that we need Stewart to give us perspective on this problem. This is a story that should be given the kind of wall-to-wall coverage that 'balloon boy' and Tiger Woods 'mistresses' got. Every hour another update.
People should be screaming for prosecution based on RICO statutes--because what was done here was executed with the same sort of precision that the Medellin cartel uses to control cocaine trafficking.
EMBARRASSMENT OF RICHES (http://www.huffingtonpost.com/2010/04/20/goldman-sachs-profit-skyr_n_543997.html)
GOLDMAN SACHS PROFITS SKYROCKET, $3.5 BILLION IN LAST THREE MONTHS (http://www.huffingtonpost.com/2010/04/20/goldman-sachs-profit-skyr_n_543997.html)
Arianna: The Real Wall Street Crime .. (http://www.huffingtonpost.com/arianna-huffington/shorting-the-middle-class_b_543523.html) Simon Johnson On Today: Break Up The Banks (http://baselinescenario.com/2010/04/20/break-up-the-banks/)
Comments (1148) (http://www.huffingtonpost.com/2010/04/20/goldman-sachs-profit-skyr_n_543997.html)
| Goldman Sachs (http://www.huffingtonpost.com/news/goldman-sachs)
When are they going to put some breaks on this casino economy? The frenzy is on to squeeze the last dime out before the music stops.This wont end well for U.S.
Einwanderung verändert die Städte – Schweizer werden verdrängt (http://www.tagesanzeiger.ch/schweiz/standard/Einwanderung-veraendert-die-Staedte--Schweizer-werden-verdraengt/story/20025685)
http://files.newsnetz.ch/story/2/0/0/20025685/27/teaserbreit.jpg (http://www.tagesanzeiger.ch/schweiz/standard/Einwanderung-veraendert-die-Staedte--Schweizer-werden-verdraengt/story/20025685) Die starke Einwanderung aus dem Ausland führt zu einschneidenden Umschichtungen auf dem Schweizer Wohnungsmarkt. Mehr... (http://www.tagesanzeiger.ch/schweiz/standard/Einwanderung-veraendert-die-Staedte--Schweizer-werden-verdraengt/story/20025685)
Aktualisiert vor 31 Minuten
.....Wüest & Partner schreiben dazu in ihrem Bericht: «Die aktuelle Entwicklung der Nachfrage auf den Schweizer Wohnungsmärkten im Zuge der starken Zuwanderung aus dem Ausland darf als historisch einmalig bezeichnet werden.» Und weiter: Noch nie sei der Anteil hoch qualifizierter, einkommensstarker Einwanderer so gross wie in den letzten drei Jahren gewesen, und noch nie seien so viele Personen zur ständigen Wohnsitznahme in die Schweiz eingewandert.......
...es ist wirklich mühsam :rolleyes:madvielleicht sollten die Nachbarn doch auch ihre Steuern etwas senken :oo
Goldman Sachs implicated in shorting Lehman shares
Goldman Sachs has been drawn into a fresh controversy as lawyers demand to know whether it was partly responsible for triggering Lehman Brothers’ downfall by shorting its rival’s shares.
By James Quinn, US Business Editor
Published: 6:00AM BST 20 Apr 2010
The Wall Street behemoth is already being investigated by a number of financial regulators around the world in addition to the US Securities and Exchange Commission’s fraud charges over derivatives mis-selling. It has now been named in a court filing seeking information about short-selling Lehman shares.
Goldman has been subpoenaed to hand over documents to Lehman’s Bryan Marsal, the man responsible for winding up the bank’s affairs and repaying creditors. Goldman was named in the court filing along with four other firms, including hedge funds SAC Capital and Citadel. Goldman declined to comment on the Lehman case.......
full story: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7608743/Goldman-Sachs-implicated-in-shorting-Lehman-shares.html
....da gibt's doch einige Leute die haben "Verständnis" für die Mafia-Methoden der GSler :dumm
19.04.2010 23:00 News/Research (http://blog/weygand/tag/news_research)
Goldman Sachs wehrt sich gegen die SEC Vorwürfe
(http://blog/weygand/2010/04/19/goldman-sachs-wehrt-sich-gegen-die-sec-vorwrfe)... und ich muß ehrlich gestehen, dass die Argumentation der Goldmänner gar nicht mal so abwägig ist ...
Von Harald Weygand, Head of Trading bei GodmodeTrader.de
Zum Original-Beitrag (http://showthread.php3?p=1305929#post1305929)
....for the record - obwohl mir's zum Halse raushängt :rolleyes:oo hoffentlich sind die Briten nicht ganz so lasch wie die Amis :rolleyes
Tuesday, April 20. 2010
Posted by Karl Denninger (http://market-ticker.denninger.net/authors/2-Karl-Denninger) in Company Specific (http://market-ticker.denninger.net/categories/14-Company-Specific) at 08:14 (http://market-ticker.denninger.net/archives/2219-Now-London-Is-Getting-Into-It-Goldman.html)
Now London Is Getting Into It: Goldman (http://market-ticker.denninger.net/archives/2219-Now-London-Is-Getting-Into-It-Goldman.html)
Goldman is now being formally investigated (http://preview.bloomberg.com/news/2010-04-20/fsa-to-start-formal-enforcement-investigation-into-goldman-sachs-in-u-k-.html) by the FSA, the UK's equivalent to the SEC:
“Following preliminary investigations, the Financial Services Authority has decided to commence a formal enforcement investigation into Goldman Sachs International in relation to recent SEC allegations,” the FSA said in an e-mailed statement. “The FSA will be liaising closely with the SEC.”
Notice what Alistair Darling said yesterday:
Chancellor of the Exchequer Alistair Darling said today that regulators need to take urgent steps and that the charges against Goldman Sachs had “huge ramifications.” Darling, who described the securities Goldman sold as “a bag of pus,” said the government would look at changing the law if necessary.
The squid appears to have fewer tentacles into the UK's government than it does into ours. Note carefully that our President, and both of OUR political parties, have not come clean on what was being sold - and exactly what practices were involved here.
But Bloomberg gets this part of the story wrong:
Banks create CDOs by bundling bonds or loans, or both, from numerous issuers such as companies or countries. Interest payments on the underlying debt is then used to pay investors.
The CDOs in question were synthetics - that is, they were not bundled up bonds, but rather they came into creation as a consequence of a credit-default swap being purchased by someone who wanted to short the reference, in this case Paulson's hedge fund.
A CDO can be comprised of any instrument (or set of instruments) that throws off a cash flow. In this case there were no physical bonds involved in the transaction; it was entirely comprised of credit-default swaps, which create an obligation to pay a coupon flow (from the buyer of the CDS) to the CDO which then distributes that cash flow to the buyers of the tranches of the CDO.
Here's the problem with these things: There is no economic benefit and real party at interest underlying these structures!
So why do we allow this sort of thing to take place at all? The banks love these "structured products" because they get to skim off a fee. But unlike a public sale of stock or bonds, these are nothing more or less than raw gambling contracts for which the banks collected a fee.
That is, they are inherently negative-sum games that are being played!
The only reason to set up these structures in the first place is to keep them off an exchange, where we have price, open interest and execution transparency. That is, if I want to short something I can do so on a public exchange but in doing so the terms are standardized and I cannot take advantage of anyone by hiding information.
There is no reason for regulators to permit this sort of complicated scheme that amounts to the bundling of naked credit-default swaps, as such structures are always, in one form or another destructive of capital on balance.
Goldman, Whose "Employees Did Nothing Wrong", Just Deregistered Fab Tourre In England (http://www.zerohedge.com/article/goldman-whose-employees-did-nothing-wrong-just-deregistered-fab-tourre-england)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/20/2010 13:03 -0500
Goldman spent about 28 hours on Monday repeating over and over how neither it nor anyone else has done anything wrong. Which is why we are scratching our heads at the news just reported by the WSJ (http://online.wsj.com/article/SB10001424052748704448304575196130627207718.html?mod=WSJ_hpp_sections_business)that Goldman decided to deregister Tourre with the London FSA. Sure, there is an explanation: "A Goldman spokeswoman said the company decided to de-register Mr. Tourre with the Financial Services Authority because the London-based employee is on indefinite paid leave, and therefore won't be interacting with Goldman's clients." That sounds about as credible as Irene "Cash Cow" (http://www.zerohedge.com/article/more-free-publicity-irene-aldridge-jon-stewart-blasts-hft)Aldrdige (http://www.zerohedge.com/article/more-free-publicity-irene-aldridge-jon-stewart-blasts-hft)'s defense of the ethics of HFT (http://www.advancedtrading.com/algorithms/showArticle.jhtml;jsessionid=SA3H1A4SLM4Q5QE1GHRSKH4ATMY32JVN?articleID=224400428&_requestid=326450).
20 comments (http://www.zerohedge.com/article/goldman-whose-employees-did-nothing-wrong-just-deregistered-fab-tourre-england#comments)
Read more (http://www.zerohedge.com/article/goldman-whose-employees-did-nothing-wrong-just-deregistered-fab-tourre-england)
on Tue, 04/20/2010 - 13:05
Start singing Fab!
on Tue, 04/20/2010 - 13:17
Why do you think they sort of cut him loose?
on Tue, 04/20/2010 - 13:39
Seems like they'd hug him even tighter if they thought he might sing.
on Tue, 04/20/2010 - 13:40
Pretty hard to start singing when you know you'll be suicided shortly after :rolleyes
.....allzuviel scheinen die Amis nicht von GS zu halten :oo
TARP watchdog probes Goldman CDOs, maybe Blackrock
Tue Apr 20, 2010 1:36pm EDT
* TARP watchdog says U.S. taxpayer could be affected
* Audits into role of BlackRock in TARP may expand
WASHINGTON, April 20 (Reuters) - The special inspector general for the government's bailout program said he would probe whether securities sold by Goldman Sachs Group Inc (GS.N (http://www.reuters.com/finance/stocks/overview?symbol=GS.N)) led to losses at AIG and if the American taxpayer was a victim of fraud.
Goldman Sachs was charged last week with fraud by the U.S. Securities and Exchange Commission over its marketing of a subprime mortgage product......
full story: http://www.reuters.com/article/idUSN2011048320100420
....und hier ZH dazu:
Criminal Charges Next? Barofsky To Coordinate With DOJ To See If US Taxpayers Were Victims Of Goldman Fraud (http://www.zerohedge.com/article/criminal-charges-next-barofsy-coordinate-doj-see-if-us-taxpayers-were-victims-goldman-fraud)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/20/2010 13:42 -0500
Earlier we disclosed that finally someone with more than just 4 neurons is going to pursue Goldman; Reuters now confirms (http://www.reuters.com/article/idUSN2011048320100420) that indeed Neil Barofsky is on the case, and, unlike the SEC, may collaborate with the Department of Justice "to see if there are cases of fraud and if AIG and as a result, the American taxpayers, were victims of similar types of fraud." Should he find fraud, and let's not forget that Goldman bought protection on all parties that bought Abacus exposure from it, with a special place in its heart saved for AIG, whose bailout by the US kinda makes all claims that Goldman lost money on its Abacus exposure moot: can someone finally ask Blankfein or Viniar or whoever, how much money Goldman made on its CDS over AIG's exposure in all Goldman underwritten and AIG purchased CDOs? Be it on a total or pro-rata basis. Anyway, we are tempted to believe there may yet be hope that some justice could after all be served: the SigTarp, whose $40 million budget to date, has uncovered more dirt on the US financial system, than the SEC has in its entire history, with its $1 billion a year moneyhole. What is also notable, is Barofsky's disclosure that he is considering an audit of the role of BlackRock in TARP. Dear SIGTARP, while you are doing that, please also investigate why the Federal Reserve is actively managing its Maiden Lane portfolio, presumably via BlackRock, and whether BlackRock is also advising the Fed on managing its $2.5 trillion SOMA holdings, which as was discussed yesterday has a DV01 of $1.5 billion, and is the biggest ticking time bomb at the heart of the US banking system, and just how much any such off-balance sheet hedging costs the US taxpayer.
8 comments (http://www.zerohedge.com/article/criminal-charges-next-barofsy-coordinate-doj-see-if-us-taxpayers-were-victims-goldman-fraud#comments)
Read more (http://www.zerohedge.com/article/criminal-charges-next-barofsy-coordinate-doj-see-if-us-taxpayers-were-victims-goldman-fraud)
Next Wells Notice? Deutsche Bank Replacing Greg Lippmann As Head Of CDO Trading (http://www.zerohedge.com/article/next-wells-notice-deutsche-bank-replacing-greg-lippmann-head-cdo-trading)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/20/2010 13:56 -0500
The (in)famous Greg Lippmann is gone. The question is why? Is Deustche Bank about to report the next Wells receipt?Of course not: Goldman did not do so even though it held it for 9 months.
April 20 (Bloomberg) -- Deutsche Bank AG named Pius Sprenger as head of trading for asset-backed securities and collateralized debt obligations, replacing Greg Lippmann, whose bets against subprime mortgages helped the firm weather the financial crisis.
Sprenger previously ran European asset-backed and CDO trading for Deutsche Bank in London, according to two people familiar with the matter who declined to be identified because the move hasn't been made public. Renee Calabro, a spokeswoman for Frankfurt-based Deutsche Bank, Germany's largest lender, declined to comment. Sprenger couldn't be reached for comment.
Lippmann, 41, is joining an investment firm being started by Fred Brettschneider, Deutsche Bank's outgoing head of global markets in the Americas. Brettschneider's departure and plans were announced internally in a Feb. 24 memo.
Yes, this is the same Greg Lippmann of "Fuck You, I Am Short Your House (http://www.nytimes.com/2009/12/24/business/24trading.html?pagewanted=all)" fame.
9 comments (http://www.zerohedge.com/article/next-wells-notice-deutsche-bank-replacing-greg-lippmann-head-cdo-trading#comments)
Behind The Scenes: Did A Goldmanite Lose Their Job Over The SEC Investigation? And Just How/Why Did Goldman Purchase C-BASS For Pennies On The Dollar? (http://www.zerohedge.com/article/behind-scenes-did-goldmanite-lose-their-job-over-sec-investigation)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/20/2010 17:13 -0500
Some terrific investigative reporting by Matt Goldstein at Reuters discloses that while Lloyd Blankfein is aggressively defending Tourre, claiming the Frenchman did nothing wrong despite earlier reports that he was deregistered by the FSA (http://www.zerohedge.com/article/goldman-whose-employees-did-nothing-wrong-just-deregistered-fab-tourre-england), and the Telegraph now chiming in he has now in fact been barred (http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7612047/Goldman-Sachs-trader-barred-from-the-City-over-SEC-charges.html) in a major setback for Goldman's defense, another Goldman employee who was part of the 18-month SEC investigation, mysteriously departed in June of 2009. The person in question: Gail Kreitman, a 1991 Wharton grad, who had previously worked at Merrill (1997-2003) and Lehman (2003-2006) according to her Finra records, before finally landing at Goldman for a three year stint as a "GS&Co. Sales Rep." Gail had been identified previously in the initial Goldman Wells response, and was named as a person whose sworn testimony may have been the catalyst for the SEC's case against Goldman Sachs. Where the plot really thickens is a cursory glance at the bio of her husband, Jeffrey Toll, who according to Bloomberg is a Co-Founder of now-defunct C-BASS (Credit-Based Asset Servicing and Securitization) a company formed with initial funding by mortgage insurers MTIG and Radian. For those unfamiliar, "C-BASS was a leading issuer, servicer, and investor specializing in credit-sensitive residential mortgage assets. These assets included performing subprime and Alt A, nonperforming, reperforming, second lien and small commercial loans, as well as subordinated and mezzanine RMBS with prime, subprime, Alt A and high LTV collateral" and that "It currently is liquidating its existing portfolio and returning the cash proceeds received to its lenders and investors." One wonders just what Ms. Kreitman did to merit the severance of her ties with Goldman, and whether C-BASS was in any way involved, or whether it had any dealings with Goldman's now infamous mortgage group, ala ACA?
64 comments (http://www.zerohedge.com/article/behind-scenes-did-goldmanite-lose-their-job-over-sec-investigation#comments)
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by Cheeky Bastard
on Tue, 04/20/2010 - 17:28
You have to know one thing [this might not sound sophisticated but it will hold truth]
Despite all their rhetoric all these firms operate on the same principles as does the Russian mob. You are allowed to do anything you want as long as it benefits The Firms bottom line. You will be well paid; you will be taken care of with all sorts of benefits and luxuries; all provided by The Firm. But if/when you get caught in doing something The Firm knew you were doing all the time and supported you in that pursuit, The Firm will pretend not to know you, what you have been up to, why were you doing something when the laws clearly state that you can not do it. Then if you try to save your own skin via cooperating with proper authorities/agencies The Firm will do anything in its power to intimidate you in order for your cooperation to stop. If it does not intimidate you, The Firm will kill you via methods which will never indicate any foul play happened and that you just killed yourself by shooting yourself six time in the face with a double barrel shotgun. If you decide to take your own life The Firm will take care of your family by paying it annuities from your pension fund/life insurance. The Firm never loses. The Firm doesn't even exist.
on Tue, 04/20/2010 - 20:08
You knew there was a reason they kept AIG alive:
AIG Said to Insure Goldman Sachs’s Board Against Investor Suits
By Hugh Son
April 20 (Bloomberg) -- American International Group Inc (http://www.bloomberg.com/apps/quote?ticker=AIG%3AUS)., the financial firm rescued by the U.S., is the lead insurer of Goldman Sachs Group Inc.’s board against shareholder lawsuits, said a person with knowledge of the policy.
AIG is among firms that sold so-called Side A directors and officers’ coverage to the New York-based bank, said the person, who declined to be identified because details of the policy are private. Goldman Sachs was sued last week by the Securities and Exchange Commission, which claimed it misled investors in 2007.......
on Tue, 04/20/2010 - 20:35
I wish I were shocked by that news, but now it makes perfect sense. So the suits and fines will in essence be paid by AIG...and thus the U.S. taxpayer. Makes perfect sense.
....jedenfalls kann es lebensgefährlich sein für GS zu arbeiten/gearbeitet zu haben :rolleyes:mad
20 April 2010
US Dollar Very Long Term Chart (http://jessescrossroadscafe.blogspot.com/2010/04/us-dollar-very-long-term-chart.html)
"A sentiment of trust in the legal money of the State is so deeply implanted in the citizens of all countries that they cannot but believe that some day this money must recover a part at least of its former value. To their minds it appears that value is inherent in money as such, and they do not apprehend that the real wealth, which this money might have stood for, has been dissipated once and for all.
This sentiment is supported by the various legal regulations with which the Governments endeavor to control internal prices, and so to preserve some purchasing power for their legal tender. Thus the force of law preserves a measure of immediate purchasing power over some commodities and the force of sentiment and custom maintains, especially amongst peasants, a willingness to hoard paper which is really worthless...
If, however, a government refrains from regulations and allows matters to take their course, essential commodities soon attain a level of price out of the reach of all but the rich, the worthlessness of the money becomes apparent, and the fraud upon the public can be concealed no longer."
John Maynard Keynes, Economic Consequences of the Peace, NY, 1920, p. 239-40http://2.bp.blogspot.com/_H2DePAZe2gA/S8z9uhBhsyI/AAAAAAAAMeQ/BB00wBJ2Lio/s400/DXVeryLongTerm1.png (http://2.bp.blogspot.com/_H2DePAZe2gA/S8z9uhBhsyI/AAAAAAAAMeQ/BB00wBJ2Lio/s1600/DXVeryLongTerm1.png)
Posted by Jesse at 6:00 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/us-dollar-very-long-term-chart.html)
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Category: US Dollar Very Long Term Chart (http://jessescrossroadscafe.blogspot.com/search/label/US%20Dollar%20Very%20Long%20Term%20Chart)
Künstlerin Wangechi Mutu
So grausam kann Glamour sein (http://www.spiegel.de/kultur/kulturspiegel/0,1518,686249,00.html)
Schrecken und Schönheit verbunden: In ihren Collagen montiert Wangechi Mutu attraktive Frauenkörper zu Alptraumgebilden um. Jetzt sind die verstörend-faszinierenden Werke erstmals in Berlin zu sehen. Das Material für ihre Arbeit findet die Nigerianerin in Pornoheften - und Naturmagazinen. Von Ingeborg Wiensowski mehr... (http://www.spiegel.de/kultur/kulturspiegel/0,1518,686249,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14731&goto=newpost) ]
Fotostrecke: Wangechi Mutu - "Diamanten, Dekadenz, Bürgerkrieg" (http://www.spiegel.de/fotostrecke/fotostrecke-53373.html)
....schaurig schön :rolleyes:cool
Gitanes, Whiskey und immer eine Hand am Hosenladen (http://www.tagesanzeiger.ch/kultur/kino/Gitanes-Whiskey-und-immer-eine-Hand-am-Hosenladen/story/29698645)
http://files.newsnetz.ch/story/2/9/6/29698645/18/teasermedium.jpg (http://www.tagesanzeiger.ch/kultur/kino/Gitanes-Whiskey-und-immer-eine-Hand-am-Hosenladen/story/29698645) Serge Gainsbourg spielte den harten Burschen und schrieb die zartesten Liebeslieder. Joann Sfar hat das Leben des einsamen Erotomanen verfilmt und daraus eine Folge von Anekdoten gemacht. Mehr... (http://www.tagesanzeiger.ch/kultur/kino/Gitanes-Whiskey-und-immer-eine-Hand-am-Hosenladen/story/29698645)
Von Jean-Martin Büttner. Aktualisiert vor 34 Minuten
Serge Gainsbourg (http://www.tagesanzeiger.ch/kultur/kino/Gitanes-Whiskey-und-immer-eine-Hand-am-Hosenladen/story/29698645)
.....ist eben noch aus "meiner" Zeit :rolleyes;) ob man BB "ersetzen" kann :confused sie war mein erster Kinoschwarm :supi:oo:)
...neben den bekannten - auch wirklich :supi fotos
Linke hacken Rechte (http://www.tagesanzeiger.ch/schweiz/standard/Linke-hacken-Rechte/story/12538787)
http://files.newsnetz.ch/story/1/2/5/12538787/13/teaserbreit.jpg (http://www.tagesanzeiger.ch/schweiz/standard/Linke-hacken-Rechte/story/12538787) :bad Die Kundendatenbank des Nazi-Modeherstellers Thor Steinar wurde von Exponenten der Antifa-Szene gehackt. Die Rechten aber freuts. Mehr... (http://www.tagesanzeiger.ch/schweiz/standard/Linke-hacken-Rechte/story/12538787)
Von Maurice Thiriet. Aktualisiert vor 3 Minuten
Luftraumsperre über Deutschland ab 11 Uhr komplett aufgehoben (http://www.spiegel.de/reise/aktuell/0,1518,690282,00.html)
Die Lage im Luftverkehr entspannt sich: Die Flugsicherung will den Luftraum über Deutschland am Mittwoch komplett freigegeben. Blockiert waren am Vormittag nur noch wenige Airports. Bis zu einem regulären Flugbetrieb kann es aber noch Tage dauern. mehr (http://www.spiegel.de/reise/aktuell/0,1518,690282,00.html)
IWF prognostiziert globales Wachstum von 4,2 Prozent (http://www.cash.ch/news/front/iwf_prognostiziert_globales_wachstum_von_42_prozent-899621-449)
http://img.cash.ch/news/235/4162_Sonnenfinsternis.jpg 21.04.10, 15:17
Der IWF hat seine Wachstumsprognose für die Weltwirtschaft wegen der stärkeren Erholung in den USA :rolleyes Japan und den Schwellenländern angehoben. mehr » (http://www.cash.ch/news/front/iwf_prognostiziert_globales_wachstum_von_42_prozent-899621-449)
Gitanes, Whiskey und immer eine Hand am Hosenladen (http://www.tagesanzeiger.ch/kultur/kino/Gitanes-Whiskey-und-immer-eine-Hand-am-Hosenladen/story/29698645)
Zum Original-Beitrag (http://www.stock-channel.net/stock-board/showthread.php3?p=1306126#post1306126)
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Dans son regard absent
Et son iris absinthe
Tandis que Marilou s'amuse à faire des vol
Utes de sèches au menthol
Entre deux bulles de comic-strip
Tout en jouant avec le zip
De ses Levi's
Je lis le vice
Et je pense à Caroll Lewis.
Dans son regard absent
Et son iris absinthe
Tandis que Marilou s'évertue à faire des vol
Utes de sèches au menthol
Entre deux bulles de comic-strip
Tout en jouant avec son zip
A entrebailler ses Levi's
Dans son regard absent et son iris
Absinthe dis-je je lis le vice
De baby doll
Et je pense à Lewis
Dans son regard absent
Et son iris absinthe
Quand crachent les enceintes
De la sono lançant
Accord de quartes et de quintes
Tandis que Marilou s'esquinte
La santé s'éreinte
A s'envoyer en l'air...
Lorsqu'en un songe absurde
Marilou se résorbe
Que son coma l'absorbe
En pratiques obscures
Sa pupille est absente
Mais son iris absinthe
Sous ses gestes se teinte
A son regard le vice
Donne un côté salace
Un peu du bleu lavasse
De sa paire de Levi's
Et tandis qu'elle exhale
Un soupir au menthol
Ma débile mentale
Perdue en son exil
Physique et cérébral
Joue avec le métal
De son zip et l'atoll
De corail apparaît
Elle s'y coca-colle
Un doigt qui en arrêt
Au bord de la corolle
Est pris près du calice
Du vertige d'Alice
De Lewis Caroll.
Lorsqu'en songes obscurs
Marilou se résorbe
Que son coma l'absorbe
En des rêves absurdes
Sa pupille s'absente
Et son iris absinthe
Subrepticement se teinte
De plaisirs en attente
Perdue dans son exil
Physique et cérébral
Un à un elle exhale
Des soupirs fébriles
Parfumés au menthol
Ma débile mentale
Fais tinter le métal
De son zip et Narcisse
Elle pousse le vice
Dans la nuit bleue lavasse
De sa paire de Levi's
Arrivée au pubis
De son sexe corail
Ecartant la corolle
Prise au bord du calice
De vertigo Alice
S'enfonce jusqu'à l'os
Au pays des malices
De Lewis Caroll.
Pupille absente iris
Absinthe baby doll
Ecoute ses idoles
Jimi Hendrix Elvis
Presley T-Rex Alice
Cooper Lou Reed les Roll
Ing Stones elle en est folle
Là-dessus cette Narcisse
Se plonge avec délice
Dans la nuit bleu pétrole
De sa paire de Levi's
Elle arrive au pubis
Et très cool au menthol
Elle se self contrôle
Son petit orifice
Enfin poussant le vice
Jusqu'au bord du calice
D'un doigt sex-symbole
S'écartant la corolle
Sur fond de rock-and-roll
S'égare mon Alice
Au pays des malices
De Lewis Caroll.
Variations sur Marilou / Gainsbourg
Gainsbourg - @Hoka :supi:cool
Demeter http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg_journal.gif (http://journals.democraticunderground.com/Demeter) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=131994) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=131994) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=131994) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=131994&level=three) Wed Apr-21-10 06:18 AM
Response to Reply #10 (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4351455&mesg_id=4351482) 17. Terrorists Who Destroyed Our Economy Will Pay $0 in Taxes, Get $33B in Refunds http://www.democraticunderground.com/discuss/images/transparent.gif http://www.informationclearinghouse.info/article25253.h... (http://www.informationclearinghouse.info/article25253.htm)
You and I are working our asses off, paying 30% of our limited income in taxes. Not the banks that triggered the financial crisis.
By David DeGraw
Journalist David DeGraw has put together a devastating report detailing how Wall Street continues to pillage the economy with the government's help. "The staggering level of theft continues unabated," writes DeGraw. "Our future is going up in flames and our government isn’t even making the slightest effort to put out the fire. In fact, they are purposely pouring gasoline all over it." DeGraw's investigation is a follow up to his previous report The Economic Elite Vs. The People of the United States of America
April 19, 2010 "Amped Status" -- The first thing people need to understand is that the economic crash wasn’t a crash for the people who caused it. In fact, these financial terrorists are now doing better than ever. In a recent report, titled “Social Inequality in America: Widening Income Disparities,” more evidence of the unprecedented transfer of wealth was revealed:
“As of late 2009, the number of billionaires soared from 793 to 1,011, and their total fortunes from $2.4 trillion to $3.6 trillion…. Despite the crisis, the list of billionaires has grown by 218 people and their aggregate capital has expanded by 50%. This may seem paradoxical, but only at first glance. This result was predictable, if we recall how governments all over the world have dealt with the economic crisis.”
The inequality of wealth in the United States between the economic top 0.5% and the remaining 99.5% of the population is now at an all-time high. The economic top 1% of the population now controls a record 70% of all financial assets. The point here is that while the economic crisis has been devastating for 99% of America, the Wall Street elite are awash in record breaking profits. The most profitable firm in Wall Street history, Goldman Sachs, just had their most profitable quarter in their 140-year history and Wall Street firms issued an all-time record breaking amount in bonuses.
All of this is occurring after giving these firms $14 TRILLION in taxpayer support - that works out to be $46,662 of your hard-earned money. That’s $46,662 for every man, woman and child in this country. If you have a family of four, sorry, your future just got robbed and you and your children just lost $186,648!
So what are all these firms doing with these record-breaking profits? Are they returning them into the tax system in which they came from, the tax system that was looted just to keep their scam running?
Let’s start with Wells Fargo. After being bailed out with our money in 2008, their top five executives DOUBLED their compensation and each one of them made over $11 million in 2009. Wells Fargo CEO John Stumpf made off with a cool $21.3 million last year.
And now comes news that Bank of America and Wells Fargo will pay zero, yes ZERO in federal taxes for 2009. Bank of America will net a $3.6 BILLION benefit from the federal government in 2009. Wells Fargo, after $8 BILLION in earnings for 2009, will net $4 BILLION from the federal government.
So you and I are working our asses off just to make ends meet, paying 30% of our limited income in taxes, and gizillionaire John Stumpf’s company is paying ZERO in taxes so that he can personally swipe another $21.3 million of tax payer funds.
Al Capone is a dime store thief compared to this guy!
Well, to be fair, Mr. Stumpf is just a small-timer himself in this all-time greatest heist.
JP Morgan Chase made $12 BILLION in profit in 2009, as a direct result of our tax money - yes, I need to keep repeating this fact. These are profits that would not exist if it weren’t for our tax dollars.
It’s also important to point out that this is just the level of theft that has already occurred. However, as I also can’t stress enough, the theft still continues without any let-up.
Now comes news that JP Morgan is on the verge of getting a $1.4 BILLION tax refund! Yes, you heard me right, a $1.4 BILLION TAX REFUND. But JP is not alone in this latest theft. In total, the financial terrorists are due to receive $33 BILLION IN TAX REFUNDS!
Do you comprehend how depraved it is to give these people another $33 billion in tax refunds? I assume that they’re thinking that after stealing $14 TRILLION, another $33 billion really isn’t all that much. After all, last year, Goldman Sachs, the most profitable firm Wall Street history, only paid 1% in taxes, so what’s another $33 billion kickback among friends?
Let’s be clear about this latest $33 billion of which the US tax system is being robbed. What could we do with $33 billion?
For one, we could put over one million unemployed people back to work and pay them the average national median wage for the next year. Add the record-breaking $150 billion in bonuses (our tax money) that Wall Street handed out this past year to the $33 billion and guess what? We can now put over six million people back to work making the average annual wage! Do you think that would stimulate the economy? Green shots galore.
But why do that? Jamie Dimon needs another new 40,000 square foot mansion and Goldman Sachs needs to upgrade their fleet of luxury jets filled with the finest wine, champagne, cigars and hot tubs.
Maybe we could use that $33 billion to save some of the hundreds of schools that are being forced to close this year due to devastating State budget deficits. Or maybe pay the thousands of teachers who just found out that their jobs have been cut. How about using that money to feed the 50% of US children who need to use food stamps during their childhood to eat? How about using it to give a raise to the 15 million US workers who work 40 hours or more a week and still fall below the poverty line.
Wait, I know, how about helping the millions of Americans who have been foreclosed upon due to JP Morgan’s predatory lending schemes and illegal subprime “liar’s loans.”
And don’t even get me started again on how we can better use the $14 TRILLION that Wall Street made off with.
People of the United States to Obama: Hello! This is happening on your watch!
Change We Can Believe In!
Oh, but wait… it gets even better. This just in from the Roosevelt Institute:
De facto bailout for Freddie and Frannie
Did the Fed and the Treasury orchestrate a de facto bailout of Fannie Mae and Freddie Mac — at public expense and sans Congressional approval? John Hussman thinks so. He provides a detailed account of just how 1.5 trillion dollars got diverted to Freddie and Fannie — money that we can all kiss goodbye. American taxpayers, it seems, have gotten the middle finger once again.
And then in comes this little known, highly underreported news item: U.S. Taxpayers on Hook for $5 Trillion of Fannie, Freddie Debt
“After years of winks and nods, there’s no doubt that Fannie and Freddie now enjoy an explicit guarantee, according to most observers. The U.S. government placed Fannie Mae and Freddie Mac in conservatorship in September 2008: ‘This means that the U.S. Taxpayer now stands behind $5 trillion of GSE debt,’ according to the Congressional Research Service.”
Hank “Pentagon-Sachs” Paulson’s right-hand man Tim Geithner, now Obama’s hand-picked Treasury Secretary and point man for the continued looting, recently assured his friends on the Financial Services Committee: “We will do everything necessary to ensure these institutions have the capital they need to meet their commitments.” Geithner then acknowledged that US taxpayers will take “very substantial” losses on this bailout.
Yep, Obama’s Chief-of-Theft, Rahm “Freddie Mac Daddy” Emanuel’s former company now has unlimited ability to rob taxpayer money and is making off with $5 TRILLION. And I thought Cheney’s Halliburton was as bad as it could get.
Yes We Can… Get Robbed Even More!
But don’t worry, if you thought the past two years were bad, the history books will recall them as a walk in the park compared to what is coming our way. You don’t have trillions looted from the economy and continue to just keep going about your life business as usual. I wish I was wrong, and I wish this was just my opinion, but facts are facts and every societal and economic indicator says things are going to get worse, MUCH WORSE.
Paulson reassures on Goldman role
Svea Herbst-Bayliss and Kevin Lim (http://blogs.reuters.com/search/journalist.php?edition=us&n=kevin.lim&)
Wed Apr 21, 2010 7:14am EDT
NEW YORK/SINGAPORE (Reuters) - Paulson & Co, the hedge fund linked to civil fraud charges against Goldman Sachs Group Inc, moved to head off investor concerns about its role in a deal that has scarred the reputation of the Wall Street bank.....
.......Marc Faber, author of the Gloom, Boom and Doom report, described the lawsuit against Goldman Sachs as a hunt for scapegoats amid economic problems faced by the United States......(er hätte ruhig bei GS einen schärferen Ton anwenden können :rolleyes)
.....Rival institutions in Asia were seizing the chance to try and elbow in front of Goldman on major upcoming deals, sources familiar with the matter told Reuters.Investment bankers have been lobbying executives at state-owned Agricultural Bank of China and pushing officials in Beijing to drop Goldman as an underwriter for the bank's more than $20 billion IPO.
Rivals are also asking officials at state-controlled Bank of Communications to ditch Goldman from its joint global coordinator role in the Chinese bank's $6.1 billion rights issue, the sources said, though there was no evidence either bank was considering pushing Goldman aside. (....sollen sich nur gegenseitig :hammer)
full story: http://www.reuters.com/article/idUSTRE63K0C620100421
Janet Tavakoli: "Goldman Sachs: Spinning Gold" (http://www.zerohedge.com/article/janet-tavakoli-goldman-sachs-spinning-gold)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/21/2010 10:17 -0500
Goldman Sachs claims great risk management skills, while it shirks responsibility for its role in the near collapse of the U.S. economy. The former is a myth, and the latter is a dodge.  As taxpayer wealth was destroyed, Goldman exploited the financial crisis it helped cause, while the U.S. was (and remains) at war. Goldman Sachs released its 2009 annual report today showing it made net revenues of $45.17 billion with net earnings of $13.39 billion. In its shareholder letter, Goldman says it repaid TARP money, but did not mention the massive new taxpayer subsidies it continues to enjoy. "Goldman did not and does not operate or manage our risk with any expectation of outside assistance." Yet due to the influence of highly placed Goldman Sachs former officers, Goldman received--and continues to receive--enormous assistance from taxpayers.
3 comments (http://www.zerohedge.com/article/janet-tavakoli-goldman-sachs-spinning-gold#comments)
Read more (http://www.zerohedge.com/article/janet-tavakoli-goldman-sachs-spinning-gold)
...hab's noch nicht gehört - 1Stunde
William Black Tells The Truth On Lehman's Failure: "A Story In Large Part Of Fraud" (http://www.zerohedge.com/article/william-black-tells-truth-lehmans-failure-story-large-part-fraud)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/21/2010 09:14 -0500
:supi :supi :supi
There is at least one person left who isn't afraid to speak the truth. We only wish the camera would have panned to Dick Fuld's face as Mr. Black was delivering his testimony.
50 comments (http://www.zerohedge.com/article/william-black-tells-truth-lehmans-failure-story-large-part-fraud#comments)
Read more (http://www.zerohedge.com/article/william-black-tells-truth-lehmans-failure-story-large-part-fraud)
on Wed, 04/21/2010 - 09:29
So everybody was part and parcel of the fraud. Unless they want to claim extreme ignorance and incompetence the regulators have to admit they were part of the scam, effectively against the country.
There are some regulators that no doubt should be in prison for criminal negligence.
by Cognitive Dissonance
on Wed, 04/21/2010 - 09:50
You have quite eloquently illustrated how the big lie becomes so completely assimilated into the very fabric and core of a culture. This is precisely why everyone gets a taste or a piece of the action in organized crime. It's then in every one's interest to keep their mouths shut. It also makes for some strange (but satisfied) bed fellows.
Finma zwingt Banken zu satteren Reserven (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Finma-zwingt-Banken-zu-satteren-Reserven/story/15257292)
http://files.newsnetz.ch/story/1/5/2/15257292/7/teasermedium.jpg (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Finma-zwingt-Banken-zu-satteren-Reserven/story/15257292) Künftig müssen die liquiden Mittel der Schweizer Grossbanken für eine Durststrecke von mindestens 30 Tagen ausreichen. Das haben Finanzmarktaufsicht und Nationalbank beschlossen. Mehr... (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Finma-zwingt-Banken-zu-satteren-Reserven/story/15257292)
Aktualisiert vor 10 Minuten
The Financial Oligarchy in the US (http://jessescrossroadscafe.blogspot.com/2010/04/financial-oligarchy-in-us.html)
http://1.bp.blogspot.com/_H2DePAZe2gA/S88kjhL9-VI/AAAAAAAAMfg/7ibILXh9JBA/s400/oligarchy.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/S88kjhL9-VI/AAAAAAAAMfg/7ibILXh9JBA/s1600/oligarchy.jpg)If you do nothing else this week, read the transcript or watch this video.
I have a serious difference of opinion with the speakers with regard to Robert Rubin and his role, but they make up for it with their description of Jamie Dimon as close to the White House and one of the most dangerous men in America today.
And I thought it was interesting that Simon Johnson would say openly that the ONLY Senator who is speaking the truth plainly is Ted Kaufman from Delaware.
Other than that they are substantially putting out a very sound and realistic view of the root of the problems that created the financial crisis, and what requires to be done to rebalance the system and create a sustainable recovery.
BILL MOYERS: And you say that these this oligarchy consists of six megabanks. What are the six banks?
JAMES KWAK: They are Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo.
BILL MOYERS: And you write that they control 60 percent of our gross national product?
JAMES KWAK: They have assets equivalent to 60 percent of our gross national product. And to put this in perspective, in the mid-1990s, these six banks or their predecessors, since there have been a lot of mergers, had less than 20 percent. Their assets were less than 20 percent of the gross national product.
BILL MOYERS: And what's the threat from an oligarchy of this size and scale?
SIMON JOHNSON: They can distort the system, Bill. They can change the rules of the game to favor themselves. And unfortunately, the way it works in modern finance is when the rules favor you, you go out and you take a lot of risk. And you blow up from time to time, because it's not your problem. When it blows up, it's the taxpayer and it's the government that has to sort it out.
BILL MOYERS: So, you're not kidding when you say it's an oligarchy?
JAMES KWAK: Exactly. I think that in particular, we can see how the oligarchy has actually become more powerful in the last since the financial crisis. If we look at the way they've behaved in Washington. For example, they've been spending more than $1 million per day lobbying Congress and fighting financial reform. I think that's for some time, the financial sector got its way in Washington through the power of ideology, through the power of persuasion. And in the last year and a half, we've seen the gloves come off. They are fighting as hard as they can to stop reform.The Financial Oligarcy in the US (http://www.pbs.org/moyers/journal/04162010/watch.html) - Bill Moyer's Journal
Posted by Jesse at 11:53 AM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/financial-oligarchy-in-us.html)
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Category: blame for financial crisis (http://jessescrossroadscafe.blogspot.com/search/label/blame%20for%20financial%20crisis), financial corruption (http://jessescrossroadscafe.blogspot.com/search/label/financial%20corruption), financial engineering (http://jessescrossroadscafe.blogspot.com/search/label/financial%20engineering), financial fraud (http://jessescrossroadscafe.blogspot.com/search/label/financial%20fraud), financial journalism (http://jessescrossroadscafe.blogspot.com/search/label/financial%20journalism)
21 April 2010
US Unveils an Even Newer New $100 Bill (http://jessescrossroadscafe.blogspot.com/2010/04/us-unveils-even-newer-new-100-bill.html)
http://1.bp.blogspot.com/_H2DePAZe2gA/S88vV9RYz6I/AAAAAAAAMfw/mJ2r5hyOEsI/s400/OB-IF753_042110_F_20100421110744.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/S88vV9RYz6I/AAAAAAAAMfw/mJ2r5hyOEsI/s1600/OB-IF753_042110_F_20100421110744.jpg) The new $100 US bill will go into circulation on February 10, 2011.
It is being put forward as a new form of currency with stronger anti-counterfeiting measures to help stem the tide of non-official monetary expansion.
I suspect at some point it will facilitate a 'recall' of the old notes, as a means of combating cash and carry businesses and money laundering. It will also seek to unhinge cash hoarding overseas tied to the drug trade.
It has not been announced if these bills will be carrying an expiration date to insure freshness.
Secretary of Treasury Tim Geithner will be auctioning the crayons he used to sign his name to the bill on eBay to help defray the national debt. His handle is 2RB-O-TimEE.
New Money Homepage (http://www.newmoney.gov/currency/default.htm)
Wall Street Journal (http://online.wsj.com/article/SB10001424052748704133804575197990310606472.html?mod=WSJ_hpp_sections_news)
U.S. Unveils New $100 Bill
DARRELL A. HUGHES
April 21, 2010
WASHINGTON—Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke unveiled a new $100 bill equipped with two new security features.
The bill will go into circulation Feb. 10, 2011.
The Fed, along with the Treasury Department, the Bureau of Engraving and Printing and the U.S. Secret Service, "continuously monitor the counterfeiting threats" for each denomination and redesign decisions are made based on those threats, Mr. Bernanke said.
"This job has become more complex in recent years as technology advances and U.S. dollar flows expand and increase," he added.
The bill—the highest denomination of all U.S. notes—circulates widely around the world, with circulation in the past 25 years growing to $890 billion from $180 billion.
About two-thirds of all $100 notes circulate outside the U.S.; Mr. Bernanke said the agencies must ensure people around the world are aware of the design change. Over the next several months, officials at the agencies will work to educate cash handlers,
consumers and others about the design and explain how to use its security features.
The 6.5 billion or so $100 notes in circulation now will remain legal tender, Mr. Bernanke said.
The new bill's security features include a blue 3-D Security Ribbon on the front of the note that contains images of bells and 100s, which move and change from one to the other as you tilt the note, according to joint release from the agencies.
Another security feature is the "Bell in the Inkwell" image that changes color from copper to green when the note is tilted, an effect that makes it appear and disappear within the inkwell. (For more on the redesigned note and its features, visit www.newmoney.gov (http://www.newmoney.gov).)
"As with previous U.S. currency redesigns, this note incorporates the best technology available to ensure we're staying ahead of counterfeiters," Mr. Geithner said.
The new design for the $100 note retains three effective security features from the previous design: the portrait watermark of Benjamin Franklin, the security thread, and the color-shifting numeral 100. Posted by Jesse at 12:44 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/us-unveils-even-newer-new-100-bill.html)
:gruebel ....was passiert wohl mit den Unmengen von gefälschten alten Noten :confused:rolleyes
Goldman Q1 2010 Political Campaign Donations Double To $1.2 Million, Firm Shifts From Democrat To Republican (http://www.zerohedge.com/article/goldman-q1-2010-political-campaign-donations-double-12-million-firm-shifts-democrat-republic)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/21/2010 11:11 -0500
The Q1 2010 corporate lobbying data from the House Office Of The Clerk has been released and it shows that Goldman's lobbying efforts have really taken off: after donating "just" $670,000 in Q1 2009, the firm doubled its political campaign donations to $1.15 million for the first three months of 2010. The bulk of specific lobbying issues focused on Dodd's Wall Street Reform act, HR4173. Among other lobbying activity were issues relating to housing finance reform, issues related to financial services taxation, issues related to carbon pricing and renewable energy, issues related to ERISA and Build America Bonds. A primary lobbyist for Goldman is Joyce Brayboy, former chief of staff for Mel Watt - one of the primary opponents to Ron Paul's Audit the Fed proposal. Well, now you don't have to wonder why. Most importantly, as Reuters reports, according to data by the Federal Election Commission, Goldman has now turned Republican, having donated more to republicans over democrats in 2010, a reversal from 2009.
19 comments (http://www.zerohedge.com/article/goldman-q1-2010-political-campaign-donations-double-12-million-firm-shifts-democrat-republic#comments)
Read more (http://www.zerohedge.com/article/goldman-q1-2010-political-campaign-donations-double-12-million-firm-shifts-democrat-republic)
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on Wed, 04/21/2010 - 12:37
I would hope that the readers on ZH would know by now that the partisan politics is a facade. They play this game well. Nothing has changed since Obama was elected except for the worse, and it would have been the same if Bush was still there or Mc Cain was elected or anybody else. With the exception of Ron Paul. Please acknowledge this and unite instead of engaging in the rigged game.
on Wed, 04/21/2010 - 13:03
Yah, so it goes. The so called two party system in America and it's long list of corporatist thugs. We have one party rule in America, one party rule. They pretend to be the opposition party, but all they do is grow government and cater to the special interests.
Until Americans stop this insanity and vote out all the partisan hacks, we are doomed.
Germany's BayernLB Cuts Ties With Goldman (http://www.zerohedge.com/article/germanys-bayernlb-cuts-ties-goldman)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/21/2010 12:16 -0500
And so the real fallout begins. From Reuters (http://www.reuters.com/article/fundsFundsNews/idUSWEB125220100421): " German landesbank BayernLB [BAYB.UL] said on Wednesday it cut ties to Goldman Sachs in response to U.S. regulatory action against the Wall Street bank, the first sign of a loss of business in Germany."
A spokeswoman for Goldman Sachs declined to comment. BayernLB's action comes days after the Securities and Exchange Commission accused Goldman Sachs of defrauding investors by failing to say that a prominent hedge fund manager bet against a Goldman subprime debt product that he helped design.
Germany warned it would do this. It is doing it. It took them 24 hours. German efficiency.
26 comments (http://www.zerohedge.com/article/germanys-bayernlb-cuts-ties-goldman#comments)
Read more (http://www.zerohedge.com/article/germanys-bayernlb-cuts-ties-goldman)
.....die comments teilweise :schreck :dumm auch einige :supi
93% Of Commodity Specs Believe that Gold Price Will Decline; US Financial Model Is a Threatened Specie (http://jessescrossroadscafe.blogspot.com/2010/04/93-of-commodity-specs-believe-that-gold.html)
Of course that pun in the title is intended. How could you even ask?
Mom and Pop America, unlike their Asian counterparts, and most speculators apparently, do not favor the precious metals like gold.
They might be right. But sometimes it is safest to be positioned comfortably far from the maddening crowd.
For me that entails being on a short term hedged trade, long stuff and short fluff.
The US financial sector, as represented by the bloated banks, are overvalued based on a business model that relies on gaming the system, routinely defrauding their customers, adding little value to the global economy except for themselves, and feeding off the wealth creation and the labor of the many. That seems to be coming to an end, perhaps not tomorrow, but as time goes by.
If stocks take a serious tumble in the US we'll know which way the wind is blowing. If gold holds its ground, we will have an indication that it is ready for the next leg up, because the drop in stocks is based on a disgorgement of assets which have lost their appeal and confidence because of the repeated, increasingly reckless, and virulent frauds of the American oligarchs.Commodity Online (http://www.commodityonline.com/)
Poll: 93% of Investors Believe That Gold will Fall
By Rutam Vora
21 April 2010, 10:49 a.m. EST
(Commodity Online) -- At a time when gold prices reeled under pressure, for a sustained period after hitting their all-time high in December 2009, the perception towards the yellow metal seems to have reversed with investors hinting at weakening of gold prices in the near future and strengthening of other investment avenues...
In an online opinion poll conducted by Commodity Online, a majority of the respondents have hinted at a possible fall in gold prices in the near future, and better earning opportunities will come knocking on the door.
In an online poll of a sample size of 21,600 respondents selected from across the globe, 93% or 20,100 of the total sample size had opined that there would be a fall in gold prices due to a recent upbeat mood in the global equity markets, while only 1,400 respondents contradicted the stand, 0.46% did not comment on either side. This showed that most of the respondents believed that there would be a fall in gold prices in the near future due to a recovery in global equity markets.
However, with regard to the other metals being an investment destination, most of the respondents maintained a view that they (base metals) can potentially become alternative investment instruments. As many as 64.35% of respondents considered base metals as a potential investment instrument but of them, 53% still chose gold as a preferred investment instrument compared to base metals, while 46.76% preferred base metals to gold....
Similarly, of the total respondents as many as 53.1% believed that the US dollar would replace gold from its status of 'safe haven.' Looking at the recovery of the US economy from the nightmarish recession which had started from the US and hit the world economy in 2008, the dollar was found gathering steam once again. However, 46.8% of the respondents contradicted the view and maintained their skepticism towards the dollar and put gold to their preferred investment mode... Posted by Jesse at 2:14 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/93-of-commodity-specs-believe-that-gold.html)
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Category: contrarian (http://jessescrossroadscafe.blogspot.com/search/label/contrarian), gold (http://jessescrossroadscafe.blogspot.com/search/label/gold)
21 April 2010
US Said to Ready Special Armed Forces Unit For Domestic Deployment in Case of Disaster or Civil Unrest (http://jessescrossroadscafe.blogspot.com/2010/04/us-said-to-ready-special-armed-forces.html)
Although the National Guard has been used in the past to deal with protests, they were called by the state governors and were not acting at the direction of the Federal government.
"The Posse Comitatus Act (http://en.wikipedia.org/wiki/Posse_Comitatus_Act) is a United States federal law (18 U.S.C. § 1385) passed on June 18, 1878, after the end of Reconstruction, with the intention (in concert with the Insurrection Act of 1807) of substantially limiting the powers of the federal government to use the military for law enforcement. The Act prohibits most members of the federal uniformed services (today the Army, Navy, Air Force, and State National Guard forces when such are called into federal service) from exercising nominally state law enforcement, police, or peace officer powers that maintain "law and order" on non-federal property (states and their counties and municipal divisions) within the United States.
The statute generally prohibits federal military personnel and units of the National Guard under federal authority from acting in a law enforcement capacity within the United States, except where expressly authorized by the Constitution or Congress. The Coast Guard is exempt from the Act during peacetime."I wonder if this is true, and if the Obama Administration intends to deploy Federal troops, or declare martial law, this summer prior to the elections. I am not familiar with the Newark Examiner.
It does not seem consistent with the law, because this is a regular army regiment. The provisions for their deployment passed during the Bush Administration had been repealed, setting the use of troops back to the conditions of Insurrection as I recall.
I believe that is the premise by which the government directed MacArthur to regular army troops to dispel the WWI veterans from the Capitol in the last Great Depression.
Even in the race riots of the 1960's which were in many cases armed and dangerous, the National Guard was deployed at the direction of the state. I am not aware the legal precedents or rules on this. Perhaps someone else can oblige.
Newark Examiner (http://www.examiner.com/Newark-Business_and_Finance.html)
Special army unit ready to be deployed on American soil just before Nov. elections
April 21, 2010
In October of this year, one month prior to the November midterm elections, a special army unit known as 'Consequence Management Response Force' will be ready for deployment on American soil if so ordered by the President.
The special force, which is the new name being given to the 1st Brigade Combat Team of the 3rd Infantry, has been training at Fort Stewart, Georgia and is composed of 80,000 troops.
According to the Army Times (http://www.armytimes.com/news/2008/09/army_homeland_090708w/),"They may be called upon to help with civil unrest and crowd control or to deal
with potentially horrific scenarios such as massive poisoning and chaos in
response to a chemical, biological, radiological, nuclear or high-yield
explosive, or CBRNE, attack."The key phrase is 'may be called upon to help with civil unrest.'
This afternoon a local radio talk show host reported that he had been in contact with a member of the military. This military source stated that the armed forces have been alerted to the strong possibility that civil unrest may occur in the United States this summer, prior to the midterm elections of 2010.
The source described this as 'our long, hot summer of discontent' that could be eerily reminiscent of the summer of 1968 when riots broke out in many of our largest cities.
However, the summer of 2010 could well be much worse due to the players involved. In 1968 the major players were war protesters. This time, the outrage simmering beneath the surface of American society involves a broad cross-section of the heartland, and most of them are heavily armed...
Read the rest here (http://www.examiner.com/x-37620-Conservative-Examiner%7Ey2010m4d13-Special-army-unit-ready-to-be-deployed-on-American-soil-just-before-Nov-elections).
Posted by Jesse at 2:43 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/us-said-to-ready-special-armed-forces.html)
Deutsche Bank's Josef Ackermann To Testify In IKB Trial As France Mulls Goldman Probe (http://www.zerohedge.com/article/deutsche-banks-josef-ackermann-testify-ikb-trial-france-mulls-goldman-probe)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/21/2010 14:05 -0500
The bottom is about to fall out for Goldman. First Reuters reports that Deutsche CEO Josef Ackerman will be asked to testify in relation to the near-collapse of German IKB, a bank that has gained sudden notoriety for being implicated in the alleged Goldman CDO fraud as a dumb buyer of anything pitched to it. As Deutsche Bank has previous been blamed for the near-collapse of IKB by its former CEO Stefan Orstfein, would not be surprised if Josef takes this chance to join the "blame Goldman" bandwagon to deflect attention from himself. Ironically, Deutsche Bank is certainly not without blame as its CDO-desk managed by just departed Greg Lippmann was one of the powerhouses in arranging Abacus-type deals in the 2005-2007 time period. And inseparate news, again Reuters notes that France is the latest, after Germany and the UK, to "mull" a Goldman probe. Whether British, French and other German companies will follow in BayernLB's footsteps and stop trading with Goldman remains to be seen. Certainly, there is an element of politics to all such actions, and political players in Germany and the UK are most in need of populist electoral boosts, while France not so much, at least for the time being.
From Reuters (http://www.reuters.com/article/idUSLDE63K2GP20100421):
Deutsche Bank AG's Chief Executive Josef Ackermann will be asked to testify at a trial examining the near-collapse of IKB Deutsche Industriebank AG , a bank eyed by U.S. regulators for its dealings with Goldman Sachs Group Inc.
Brigitte Koppenhoefer, the German judge who oversaw an earlier trial examining Ackermann's role in awarding eye-popping bonuses to Mannesmann executives, is calling a raft of witnesses to testify in the IKB trial currently underway in a court in Duesseldorf, Germany.
Ackermann and the court have yet to arrange a date for his appearance, a court spokesman said on Wednesday. Deutsche Bank said Ackermann is ready to appear as a witness.
IKB's former chief executive Stefan Ortseifen, who stands accused of misleading investors about the perilous state of IKB's finances in the summer of 2007, has blamed Deutsche Bank for the near collapse of the Duesseldorf-based lender.
Ortseifen told the court that Deutsche's decision to cut credit lines for IKB on July 27, 2007 caused "immeasurable reputational damage" for IKB, crimping its ability to function normally in nervous markets.
Deutsche Bank rejects accusations that it was the cause for the crisis at IKB.
And also from Reuters (http://www.reuters.com/article/idUSTRE63K4T120100421):
France could become the latest country to examine whether Goldman Sachs Group Inc defrauded investors in marketing a mortgage investment product while the hedge fund that played a key role in the deal moved to head off investor concerns.
Goldman is being investigated by the Securities and Exchange Commission (SEC) and Britain's market watchdog, which launched its own probe on Tuesday.
The accusations warrant a full probe by French regulators, Economy Minister Christine Lagarde said on Wednesday. Regulator AMF (Autorite des Marches Financiers) said earlier this week that it planned to co-operate with the SEC over the Goldman case if necessary, adding on Wednesday that it aimed to publish an update on the probe next week.
12 comments (http://www.zerohedge.com/article/deutsche-banks-josef-ackermann-testify-ikb-trial-france-mulls-goldman-probe#comments)
Read more (http://www.zerohedge.com/article/deutsche-banks-josef-ackermann-testify-ikb-trial-france-mulls-goldman-probe)
on Wed, 04/21/2010 - 14:24
After watching yesterday's circus with Lehman - with cute little congresswomen asking Fuld questions like " did you ever short stocks?"!!! That was a pathetic moment indeed. Perhaps we shall have to rely on foreign courts to do the sharp, hardnosed probing that our regulators just cant seem to do?
on Wed, 04/21/2010 - 14:34
IKB and the German banks. The truth behind it is that as TD reports, they have been dumb buyers. Not only did they invest in products they did not understand, but they signed papers in ENGLISH when all they could mumble in this language is a timid Hello. (yes, yes in the words of TD: you are not dyslexic). Some 60+ fat old bankers off to the US of A to make billion dollar deals that destroyed them.
'Third Party' Liberal Democrats Jump Into Contention in British Polls (http://jessescrossroadscafe.blogspot.com/2010/04/third-party-liberal-democrats-jump-into.html)
British elections became a 'three way' race as Liberal Democrat Nick Clegg electrified audiences in the recent televised debate.
UK Election (http://www.cnn.com/2010/WORLD/europe/04/16/uk.election.debates.analysis.oakley/index.html)"Many will have learned more about the three main parties' policies in 90 minutes than they had ever known before. In an election in which trust and integrity are likely to prove crucial all will have had the chance to contrast close up and under fire the personal mettle of Messrs. Cameron, Clegg and Brown."This speaks volumes about what is likely to become a trend and perhaps a preview of the US November elections in which incumbents drop and give way to a more independent and third party candidates.
Liberal Democrat leader Nick Clegg speaks in a recent press conference about banking reform and the Goldman Sachs scandal in the States.
I am informed by a UK reader that this poll understates the push the Liberal Democrats have made, and that in other polls they trail the Tories by only two points, or are at par.
Posted by Jesse at 6:14 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/third-party-liberal-democrats-jump-into.html)
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.....habe mir alles angehört :supi aber eben, vom sprechen allein hat sich noch nie was geändert :rolleyes:oo und ob sich die Briten durchringen können eine 3. Partei zu wählen :confused:rolleyes:nw
Bernie Sanders Says It Is Time To Break Up The Big Banks As They Are Nothing But Monopolies (http://www.zerohedge.com/article/bernie-sanders-says-it-time-break-big-banks-they-are-nothing-monopolies)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/21/2010 16:45 -0500
Paging Christine Varney. Finally, what Zero Hedge has been pounding the table on for months is starting to make it through to (some of) the ruling elite. In an interview with Dylan Ratigan, Bernie Sanders, who unfortunately is not quite representative of the prevailing DC groupthink yet), says: "it is not just a too big to fail problem, it is monopolistic control of the economy and the incredible concentration of ownership. If Teddy Roosevelt were here right now, the guy who broke up all the big special interests in his day: if he believed that two-thirds of the credit cards were being issued by four banks, does anyone think we should not be breaking these guys up." The argument for breaking them up is blatantly simple: to protect taxpayers against another TBTF episode, as well as to preempt their concentration of ownership which means "unbelievable power and monopolistic influence over the whole economy."
Sanders, following in William Black's footsteps, is also painfully blunt: "the issue is not whether Congress regulates Wall Street, it's the degree to which Wall Street regulates Congress."
55 comments (http://www.zerohedge.com/article/bernie-sanders-says-it-time-break-big-banks-they-are-nothing-monopolies#comments)
Read more (http://www.zerohedge.com/article/bernie-sanders-says-it-time-break-big-banks-they-are-nothing-monopolies)
Der Mann, der den Dritten Weltkrieg verhinderte (http://einestages.spiegel.de/static/topicalbumbackground/7601/der_mann_der_den_dritten_weltkrieg_verhinderte.html)
Atomraketen im Anflug! Im September 1983 durchlebte Stanislaw Petrow einen Alptraum: Die sowjetische Frühwarnzentrale meldete den Start von US-Marschflugkörpern. Dem Oberst blieben Minuten, um eine der wohl wichtigsten Entscheidungen des 20. Jahrhunderts zu treffen. Von Benjamin Bidder mehr... (http://einestages.spiegel.de/static/topicalbumbackground/7601/der_mann_der_den_dritten_weltkrieg_verhinderte.html)
.....Obschon vom Rang Offizier, war Petrow selbst Zivilist, ein studierter Ingenieur. "Die Welt kann froh sein, dass ich in dieser Nacht das Kommando geführt habe - und kein dumpfer Militär", sagt Petrow heute. Vielleicht hätte ein Militär anders entschieden, streng nach Vorschrift, vermutlich falsch. Petrow dagegen vertraute seinem Gefühl.......:supi
So the person at the top sets a tone that is corrupt. Then he creates a financial incentive structure where you cheat, you make a lot of money. And when you don't cheat, not only do you not make a lot of money, you get in trouble. You get in trouble in the sense that you don't get your bonus, since you're not producing income, But worse, far more powerful, you keep your peers, your friends in the organization, from getting their bonuses. :rolleyes
Begegnung vor dem Friedensrichter: CS trifft auf Lehman-Opfer
In fünfzig Fällen von CS-Kunden, die mit Lehman-Papieren Geld verloren haben, spitzt sich der Konflikt zu. Der Termin vor dem Friedensrichter ist die Vorstufe von Klagen. Die Bank lässt sich nicht erweichen :bad
Von Bruno Schletti
Seit gestern 8 Uhr geben sich an der Ulmbergstrasse 1 im Zürcher EngeQuartier Lehman-Geschädigte die Türklinke in die Hand. Schlag auf Schlag folgen sich die Termine beim Friedensrichter. Heute und morgen geht es im selben Takt weiter. Die meisten CSKunden sind im Rentenalter. Ihr Vertreter ist der Zürcher Wirtschaftsanwalt Daniel Fischer. Er tritt an gegen die Juristen der Credit Suisse......
......Kontrahent Fischer ärgert, dass die Grossbank eben wieder Millionen aus ihrem sogenannten PIP-Programm an ihre Manager ausgeschüttet hat, aber die geforderten 5 Millionen für die Lehman-Opfer verweigert. «Die CS muss Prozesse führen, um damit die Millionen für Brady Dougans Bonus bezahlen zu können», spöttelt er. Und er rechnet vor, dass man mit dem 18. Teil von Dougans 71-Millionen-Bonus die verbliebenen Lehman-Geschädigten zufriedenstellen könnte. Die CS will sich zu diesem Aspekt offiziell nicht äussern.
ganzer Artikel: http://epaper3.tagesanzeiger.ch/ee/taz/ges/2010/04/22/037/
Marc Faber: “Es wird besser bevor es fürchterlich wird” (http://blog.finanzen.net/2010/04/22/marc-faber-es-wird-besser-bevor-es-furchterlich-wird/)
22. April 2010 13:00:49
Unser spezieller Freund Marc Faber war wieder einmal zu Gast bei den Kollegen von “CNBC”. Nach wie vor sieht sich Faber als “Super-Bär”, dennoch ist er davon überzeugt, dass die Märkte weiter steigen werden. Zunächst.
Das Interview kommt in zwei Teilen (zusammen etwa 10 Minuten TV-Vergnügen) … mehr (http://blog.finanzen.net/2010/04/22/marc-faber-es-wird-besser-bevor-es-furchterlich-wird/#more-4749)
Zum Original-Beitrag (http://showthread.php3?p=1306539#post1306539)
....er mag recht haben, sogar warum man hinter GS her ist - nur dass GS an honest firm :gomad ist never :no
Greek Workers Terrified They May Have To Work Longer (http://www.zerohedge.com/article/greek-workers-terrified-they-may-have-work-longer)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/22/2010 08:58 -0500
Informative report from Bloomberg which highlights that if you are a baker, waiter, hairdresser, or radio presenter in Greece you qualify for early retirement. Taxes optional along the way. Oh, and throw in the most generous pension system in Europe: 11.6% of GDP goes to pension coverage (24% in 2050), and one can see why every IMF involvement will bring the country closer to civil way. Why are Greece bonds not yielding 300% again? Oh yeah, cause between pensions and interest, you should see about 100 times GDP paid out to fund interest expense and retirement each year.
33 comments (http://www.zerohedge.com/article/greek-workers-terrified-they-may-have-work-longer#comments)
on Thu, 04/22/2010 - 09:02
I wonder if having sovereign default ever 10-15 years is a better way to life than working 9-5 for somebody else and then give 50% of it away and do that everyday for 65 years? And if you're lucky at teh end of it all you might own your house, which you can't even give to your children without the gov't taking its share in death.
on Thu, 04/22/2010 - 09:37
Perfectly stated Ragnarok. Our government has become a huge burden on our shoulders.
We are being raped to pay the salaries of idiots that don't even bother showing up for work: Here is Coburn's report on AWOL federal workers. This is one place our hard earned income is being squandered
....mit Beihilfe der :kotz honest firm ist Griechenland zur EU gekommen :mad
...mehr von :kotzhonest firm :mad
Business News of Wednesday, 21 April 2010
How Goldman Sachs Screwed Ghana
Goldman Sachs, the global financial institution, with fraud allegations levied against it has a long history of setting up its clients for a fall...and making handsome profits.
This is a story of how this global investment banking and securities firm screwed Ghana
In 1998, Ashanti Gold was the 3rd largest Gold Mining company in the world. The first "black" company on the London Stock Exchange, Ashanti had just purchased the Geita mine in Tanzania, positioning Ashanti to become even larger. But in May 1999, the Treasury of the United Kingdom decided to sell off 415 tons of its gold reserves. With all that gold flooding the world market, the price of gold began to decline. By August 1999, the price of gold had fallen to $252/ounce, the lowest it had been in 20 years.
Ashanti turned to its Financial Advisors - Goldman Sachs - for advice :rolleyes Goldman Sachs recommeded that Ashanti purchase enormous hedge contracts - "bets" on the price of gold. Simplifying this somewhat, it was similar to when a homeowner 'locks in' a price for heating oil months in advance. Goldman recommeded that Ashanti enter agreements to sell gold at a 'locked-in' price, and suggested that the price of gold would continue to fall.
But Goldman was more than just Ashanti's advisors. They were also sellers of these Hedge contracts, and stood to make money simply by selling them. And they were also world-wide sellers of Gold itself.
In September 1999 (one month later), 15 European Banks with whom Goldman had professional relationships made a unanimous surprise announcement that all 15 would stop selling gold on world markets for 5 years. The announcement immediately drove up gold prices to $307/ounce, and by October 6, it had risen to $362/ounce.
Ashanti was in trouble. At Goldman's advice, they had bet that gold prices would continue to drop, and had entered into contracts to sell gold at lower prices. These contracts were held by a group of 17 other world banks. Ashanti found themselves being forced to buy gold at high world prices and sell it at the low contract prices to make good on the contracts. The result? In a few weeks time, Ashanti found itself with 570 million dollars worth of losses. It had to beg the 17 banks not to force the execution of the contracts.
Who served as the negotiator for the 17 banks and Ashanti? Goldman Sachs. The same company that designed the contracts for Ashanti(making a profit in their sale.
The basic bankruptcy of Ashanti drove its stock price from an all time high of $25 per share to a paltry $4.62 per share. Thousands of investors - your blogger among them - lost their investments almost overnight as Ashanti was declared insolvent.
In the end (2003), Ashanti was purchased by their largest African competitor, AngloGold, a British company headquartered in South Africa, who bought them for a song. The Financial Advisors to AngloGold? You guessed it: Goldman Sachs.
The destruction of Ashanti Gold by Goldman Sachs was saturated with fraud and conflicts of interest: Goldman Sachs served as Ashanti's Financial Advisors; profitted form the contracts they designed and marketed for Ashanti; was involved in the manipulation of the gold prices on which the contracts depended; represented Ashanti's creditors when the contracts went bad; and profitted as the Financial Advisors to the company that picked up the Ashanti corpse for pennies on the dollar.
.....vielleicht sollte Herr Faber das mal lesen :rolleyes:oo
Global Business Cycle, showing economic confidence & activity
It peaked on a relative basis in late December 2004, and is headed down through January 2006. Global economic confidence will turn back up into a major relative peak in late February 2007.
Before you blow this off as just another cycle graph from some analysis cycle nerd, please do look at the relative accuracy. The cycle called a global top in early January 2005, the US stock market bottom in late 2002, the Dow Jones and S&P 500 peak in 2000, the low in gold in mid 1999, the Russia/Brazil/LTCM crises in mid 1998, the Asian crisis bottom in 1997, a very good buy point in US stocks in early 1994 as the hottest part of the move started, and the global peak in late 1989 when Japan and various other financial items peaked. Credit belongs here (http://web.archive.org/web/20010407235154/http://armstrongdefensefund.org/martypei/buscycle.htm) (more data here (http://www.derivativesstrategy.com/magazine/archive/2000/1000fea2.asp), here (http://nihoncassandra.blogspot.com/2006/08/enigma-of-martin-armstrong.html). here (http://princetoneconomics.blogspot.com/2006_06_01_archive.html) and here (http://marketvisions.blogspot.com/2006/10/martin-armstrong-discoverer-of-8.html)). Maybe its too simple... but it works for us to help put things into a broad perspective. Do also note that we're not trying to say that different markets hit peaks and valleys at the same time, just that the cycle helps identify probable major turning points in one or more markets. Mr. Armstrong also calls it the "Economic-Confidence Model", and also notes that it closely tracks "hot money".
We used to have a link to Mr. Ed Yardeni's fine site for how oil tied in to the global business cycle, but it has gone private as of late 2006 (here (http://www.nowandfutures.com/images/frodor_crude.png) is the last chart from October 2006 showing a correlation between crude oil and the rate of change in the balance of the Federal Reserve's custodial account (http://www.nowandfutures.com/glossary.html#custodial_account)). Note that we do track the custodial account balance on our Fed watch (http://www.nowandfutures.com/fed_watch.html#custodial) page.
One quite good predictive aid is the Baltic Dry Index (http://www.investmenttools.com/futures/bdi_baltic_dry_index.htm) ( chart link and recent values (http://www.investmenttools.com/images/wfut/crb/bdirecent.gif))(correlation to the S&P 500 and other world indexes (http://www.nowandfutures.com/images/baltic_dry_index_sp500.png))(correlation to the S&P 500 and other world indexes, long term (http://www.nowandfutures.com/images/baltic_dry_index_sp500_long.png)), a broad measure of worldwide shipping prices - when its going up, many world economies are improving and vice versa.
One last quite usable predictive aid, if a bit "out there", is the Bradley Siderograph (http://www.amanita.at/FAQ/FragenzumBradley-Siderograph/Bradley-Siderograph/). We like it and it has been helpful in alerting us to times of higher risk of imminent trend change - your mileage may vary as the saying goes.
...and more: http://www.itulip.com/forums/showthread.php?15231-Chart-request
(http://www.huffingtonpost.com/2010/04/22/obama-cooper-union-speech-financial-reform_n_547456.html) (http://www.huffingtonpost.com/2010/04/22/obama-cooper-union-speech-financial-reform_n_547456.html)TWO PRESIDENTS, TWO MESSAGES TO ANTI-REFORM BANKERS (http://www.huffingtonpost.com/2010/04/22/obama-cooper-union-speech-financial-reform_n_547456.html)
Obama In New York: 'Join Us' ... FDR: 'I Welcome Their Hatred' (http://www.huffingtonpost.com/2010/04/22/obama-cooper-union-speech-financial-reform_n_547456.html)
President Scolds Wall Street Lobbyists 'Furiously' Fighting Reform... Read The Full Speech... (http://www.huffingtonpost.com/2010/04/22/obamas-wall-street-speech_n_547880.html) Simon Johnson: Make The Call Or Get Out Of The Booth (http://baselinescenario.com/2010/04/22/make-the-call-or-get-out-of-the-booth-after-the-president%E2%80%99s-wall-street-speech/)
Comments (3,624) (http://www.huffingtonpost.com/2010/04/22/obama-cooper-union-speech-financial-reform_n_547456.html)
| Barack Obama (http://www.huffingtonpost.com/news/barack-obama)
Rede in New York
Obamas Fünf-Punkte-Plan soll Banken bändigen (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,690655,00.html)
Der US-Präsident sagt Spekulanten den Kampf an: In seiner Rede an der Wall Street skizziert Barack Obama die Eckpunkte seiner Finanzmarktreform. Die Banker fordert er auf, den Umbau zu unterstützen - sonst drohe die nächste große Krise. mehr... (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,690655,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=7821) ]
Betrugsvorwurf: Entlastungszeuge erschüttert Goldman-Klage
.....es gäbe ja noch etliche Fälle :rolleyes:mad
Guest Post: Goldman Sachs is a Symptom. The Fed Is Like AIG On Cocaine Or A Two-Faced Mutant Pig (http://www.zerohedge.com/article/guest-post-goldman-sachs-symptom-fed-aig-cocaine-or-two-faced-mutant-pig)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/22/2010 12:02 -0500
Long-term subsidies, like the Fed holding who-knows-what to maturity, equals soviet communism, as every hooligan knows. Short-term subsidies transfer credit risk, and they leverage parasitic behavior. Positive valuations assigned by shareholders to equities arise solely from anticipation of value transfer from firm debt-holders or resource transfers from US taxpayers. Debt-holder get a piece of this action too if governments overpay for “toxic” assets backing up their claims. But “everybody” receives more than fair value for their investments.
44 comments (http://www.zerohedge.com/article/guest-post-goldman-sachs-symptom-fed-aig-cocaine-or-two-faced-mutant-pig#comments)
Read more (http://www.zerohedge.com/article/guest-post-goldman-sachs-symptom-fed-aig-cocaine-or-two-faced-mutant-pig)
1 attachment (http://www.zerohedge.com/article/guest-post-goldman-sachs-symptom-fed-aig-cocaine-or-two-faced-mutant-pig#attachments)
....muss ich erst lesen :oo scheint aber ziemlich brisant zu sein :rolleyes
....auch nach dieser Lektüre bin ich nicht schlauer - muss wohl an mir liegen :rolleyes:oo
Lehman Bankruptcy Yields Liquidators Almost Three Quarters Of A Billion In Fees (http://www.zerohedge.com/article/lehman-bankruptcy-yields-liquidators-almost-three-quarters-billion-fees)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/22/2010 13:57 -0500
The biggest bankruptcy in American history has also become the biggest fee bonanza free for all for the dozens of legal and financial advisors who are assisting with the orderly liquidation of Dick Fuld's former firm. Total fees paid out to all related partied now adds up to $741.6 million. Note - this is not for a reorganization: this is a pure liquidation. Of this, chief liquidator firm Alvarez & Marsal has pocketed an unprecedented $262 million. Bloomberg quotes George Fisher of Capital Guardian: "What a travesty. They’ve taken nearly three- quarters of a billion dollars out of a company that’s bankrupt, and nobody cares." Too bad the US government will never allow any other firm to file for either Chapter 11 or 7 as this may put a dent in the administration's plan to confuse everyone that the greatest Ponzi market/economy of all time is based on anything but a constant low-volume meltup in the markets. So obviously restructuring specialists will milk all they can from the one remnant of the biggest market collapse until its emergence into... fully liquidated status. Talk about value added.
8 comments (http://www.zerohedge.com/article/lehman-bankruptcy-yields-liquidators-almost-three-quarters-billion-fees#comments)
Read more (http://www.zerohedge.com/article/lehman-bankruptcy-yields-liquidators-almost-three-quarters-billion-fees)
Guest Post: Obama's Speech: The Good, The Bad and The Missing (http://www.zerohedge.com/article/guest-post-obamas-speech-good-bad-and-missing)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/22/2010 14:01 -0500
By Dylan Ratigan
The Speech: The Good, The Bad and The Missing
The Good: The president had strong language for backing real derivative reforms (http://www.huffingtonpost.com/l-randall-wray/senator-blanche-lincolns_b_547752.html).
The Bad: Vague language (http://www.huffingtonpost.com/2010/04/22/obamas-wall-street-speech_n_547880.html) about the "Volcker rule" will not stop Too Big To Fail; but a plan like this (http://baselinescenario.com/2010/04/22/the-safe-banking-act-break-them-up/)(or even one like this (http://www.businessinsider.com/henry-blodget-stop-talking-about-breaking-up-the-big-banks-size-is-not-the-problem-2010-4)) for breaking up the current mega-banks (http://www.washingtonpost.com/wp-dyn/content/article/2009/08/27/AR2009082704193.html) and limiting their liabilities will.
The Missing: NONE of this matters while our cops still work for the crooks.
Our main form of protection against these kinds of financial criminals, the SEC, remains woefully underfunded (http://www.ritholtz.com/blog/2010/03/sec-defective-by-design/). The revolving door between government regulators and the high-paying banks they supposedly regulate remains (http://www.citizensforethics.org/node/44671) as fluid as ever. And does it get any scarier than White House Counsel jumping (http://www.politico.com/news/stories/0410/36056.html) from President Obama's side one day to Lloyd Blankfein's the next? Actually, I guess it does when institutions that should fear the government instead now just declare all-out war (http://politicalwire.com/archives/2010/04/19/obama_ratchets_up_push_for_wall_street_reform.html#ixzz0lYQaxCqd).
Meanwhile, the complicit ratings agencies (http://www.bloomberg.com/apps/news?pid=20601087&sid=a_GhN6Ihrky0&refer=home) remain a government-sponsored (http://www.aei.org/outlook/21743) cartel paid by the banks for their favorable grades (http://videosift.com/video/Dylan-Ratigan-Ratings-Agencies?loadcomm=1).
But what is the final backstop that is supposed to protect us next time around under this new plan? Well, Secretary Timothy Geithner explained (http://www.msnbc.msn.com/id/3036789/#36709667) today on Morning Joe that they would be able to stop the next bailout if only they had the authority to do so. Then finally, they could do things like wipe out equity holders, replace management... you know, kind of like the same steps that they were somehow magically able to do with GM (http://emac.blogs.foxbusiness.com/2009/03/16/781/).
But we all know the truth -- no one will do that to the banks until they are no longer Too Big To Fail. As William Black so eloquently told (http://fdlaction.firedoglake.com/2010/04/20/transcript-video-bill-black-testimony-on-lehman-bankruptcy/) Congress this week, Mr. Geithner (http://www.huffingtonpost.com/dylan-ratigan/why-keep-geithner_b_341908.html) and Chairman Bernanke (http://www.huffingtonpost.com/dylan-ratigan/americans-dont-have-jobs_b_378237.html) already had that chance to do this to the big banks last time around and they chickened out.
The only way to keep this from happening again is to break up these big banks now and it is up to us to find people (http://www.huffingtonpost.com/dylan-ratigan/a-patriots-day-call-to-ar_b_543028.html) with the guts (http://www.today.msnbc.msn.com/id/36670133/ns/msnbc_tv-the_dylan_ratigan_show/) to do so. Hopefully, one of them will be our current President.
12 comments (http://www.zerohedge.com/article/guest-post-obamas-speech-good-bad-and-missing#comments)
on Thu, 04/22/2010 - 14:03
Judging from AAPL stock today he must have promised everyone a free iPad too. :hihi
on Thu, 04/22/2010 - 14:40
Maybe we can put the gov't on ebay and buy it back.
....scheint ja nicht eben der Hammer gewesen zu sein :rolleyes
ARTHUR DELANEY Bank Tells Customers Not To Use PIN, Ignores Security So It Can Collect Higher Fees (http://www.huffingtonpost.com/2010/04/22/chase-urges-customers-to_n_547670.html)
22 April 2010
Regulations Alone Are Never Enough, But Here's How They Can Easily Be Made Pointless (http://jessescrossroadscafe.blogspot.com/2010/04/regulations-alone-are-never-enough-but.html)
Mr. Obama's speech at the Cooper Union today was remarkably unsatisfying. It seemed to be given from weakness, and almost obsequious as the American President politely asked his largest campaign contributors to please stop flouting the law, defrauding the people and their customers, and spending millions per day lobbying the Congress to buy changes in the reform legislation to provide them with the 'right regulators' of their choice and convenient loopholes to render it ineffective.
The reform making its way through the Congress is unlikely to be effective given the process in place, despite the political kabuki dance being conducted by the Congress and the Banks.
The solution is put simple and effective regulations in the hand of stronger, independent, ad highly capable regulators to bear on the financial services industry, and to understand that the regulations must evolve with a dynamicly evolving business. The idea that you can erect some impregnable and unchanging Maginot line against bank fraud is laughable, a farce.
As William K. Black disclosed in his testimony the other day (http://jessescrossroadscafe.blogspot.com/2010/04/william-k-blacks-testimony-to-congress.html), the regulators always had the power to shut down the frauds, and to resolve the financial crisis without having to give away billions. They lacked the will, and the motivation.
You want to wipe that smirk off Lloyd Blankfein's face? Nominate Eliot Spitzer or Elizabeth Warren to be the head of the SEC, or the CFTC, and provide them with a adequate budget and a staff of financial experts and a few experienced prosectors.
Even with strong regulations, unless you have capable and motivated regulators, there are always ways to evade the rules, especially if they are complex and provide exceptions. The simpler they are, the stronger the regulations will be, provided they are flexible enough to be amended and expanded efficiently to match the changing and dynamic nature of the industry that they are overseeing.
This is not that difficult, and these jokers are not that smart, although part of their con is to paint themselves as the smartest, the best, and practically unstoppable.
The root of the US financial crisis is always and everywhere regulatory capture, political cronyism, and fraud. It really is that simple.
Barack Obama should to listen to a speech by Nick Clegg of the UK Liberal Democratic Party to hear what a genuine reformer sounds like. Today he sounded like a servant, but not for the public.
Meet the New Goldman Sachs Derivatives Business
By David Callaway
April 22, 2010
"...So the version making its way to the Senate floor Wednesday included a host of exemptions for non-bank companies who use derivatives to hedge against quick movements in prices for resources they need. These include airlines, manufacturers, other trading corporations, and pension funds - entities like Enron, for example, or the Orange County, Ca., retirement fund - two infamous financial wizards.
So firms like Goldman, Morgan Stanley, or J.P. Morgan Chase Co. would be able to register as other entities - airlines, manufacturers, pension consultants -- and continue to trade derivatives to their hearts content.
Sounds silly, until you realize that's just what Goldman and a number of other banks did almost two decades ago to enable them to trade widely in commodities index futures. In 1981, Goldman got itself classified as a "hedger," such as a farmer or food producer, so it could trade commodities without fear of limits put on pure speculators.
Part of the fallout from that was the disastrous run-up in food and commodities prices we saw in 2009, caused by speculators, which finally forced the Commodities Futures Trading Commission to take a look at these special exemptions. See story on Goldman futures trading exemptions.
This is where the battle over the derivatives bill lies in the next several days, and where Wall Street will concentrate its efforts. The more exemptions granted; the larger the loopholes and trading opportunities. These are not stupid people, by the way.
Another provision would require the $60 trillion foreign exchange swaps industry to be overseen by the CFTC, which is the same regulator that earlier this week was considering whether traders could make markets in Hollywood movie futures, but neither of those ideas will fly - especially in foreign currency markets.
To make its derivatives regulation work, and have teeth, Congress and the Obama Administration must resist all exemptions on derivatives trading. They must instead focus on forging a global alliance in the G-20 this weekend in Washington to stand behind the creation of a transparent market in derivatives trading through clearing houses and exchanges.
Doing this would lead to cheaper trading for customers and make it easier for global regulators to supervise the creation of new products. Importantly, it would also allow the big banks to continue to participate in what is in fact a very lucrative and vital business for the global economy, not just to hedgers, but to those seeking loans to rebuild their companies, industries, or countries. Like it or not, banks are the primary lenders and they need to be allowed to do business.
Whether this in fact will happen in Washington, or whether Congress will once again descend into a chaos of partisan bickering and blind and reactionary rule making, is anybody's guess. Goldman is almost certainly betting on both outcomes.
Posted by Jesse at 10:49 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/regulations-alone-are-never-enough-but.html)
.....also nicht einmal mit einer Rede schafft er es noch :gomad von den Taten schweigt man eh lieber :( das Ganze kommt mir ziemlich hoffnungslos vor und Marc Faber wird wohl Recht bekommen - irgendwann chlöpft's gewaltig :schwitz
...oooops :schwitz die sehen ja rabenschwarz :rolleyes
Insights Into America's Disneyland And Our "Neo-Feudalistic, Gulag Casino Economy" From Mike Krieger (http://www.zerohedge.com/article/insights-americas-disneyland-mike-krieger-and-our-neo-feudalistic-gulag-casino-economy)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/22/2010 14:14 -0500
"For those that are in big business and think they have made a great move by joining forces with the state I suggest you go back and read your history. You never will possess the ultimate power, you will be seduced into thinking you do and then when the time is right government can eliminate you and your fortune with the stroke of a pen. Power is granted to you by this authority when you engage in this unholy union and it can be taken away on whim and your wealth confiscated. Selling out freedom and your fellow citizens for some extra money or government contracts will come back to haunt you. Your legacy to the United States will be a neo-feudalistic, gulag casino economy that has already begun." - Mike Krieger
147 comments (http://www.zerohedge.com/article/insights-americas-disneyland-mike-krieger-and-our-neo-feudalistic-gulag-casino-economy#comments)
Read more (http://www.zerohedge.com/article/insights-americas-disneyland-mike-krieger-and-our-neo-feudalistic-gulag-casino-economy)
on Thu, 04/22/2010 - 15:24
What scares me the most is not the collapse, but who writes the history after the dust settles. Will the world even acknowledge reality then or will it simply find a new sand box to bury it's head in?
on Thu, 04/22/2010 - 15:38
That has been one of my concerns as well. Might be pessimistic but I get the feeling the current oligarchs will keep power through the collapse, after all they must know it's coming and can prep for it. So there is a chance that the free market, "evil speculators", and not being Keynesian enough caused the problem. Look at the history around the Great Depression in the popular parlance. FDR is still seen by most as the man who ended the Depression, not the villain who held us in it. History is written by the winners, so we must ask, who is going to be the winner here?
Marktwirtschaft in der Krise
Wie die Banker den Kapitalismus aushöhlen (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,690361,00.html)
Das Ansehen der Banker sinkt dramatisch - für die Branche eine beispiellose Imagekatastrophe. Wirklich schlimm ist das aber aus einem anderem Grund: Der Vertrauensverlust der Geldhäuser schadet dem gesamten marktwirtschaftlichen System. Ein Kommentar von Wolfgang Kaden mehr... (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,690361,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14831&goto=newpost) ]
....Doch jetzt hat die Abneigung eine gänzlich neue Qualität: Das Bankgewerbe und seine Repräsentanten haben das System gefährdet, sie spielen schon wieder ihre alten, hochriskanten Spielchen - und sind damit eine Gefahr geworden, die, so das Empfinden, alle in ihrer Existenz bedroht....
......Wenn die Bürger den Banken kein Vertrauen mehr entgegenbringen, wenn dauerhaft Zweifel an der Integrität der Geldhändler und Vermögensverwalter besteht, dann leidet auch die Zustimmung zur freiheitlichen Wirtschaftsordnung. Schon seit Jahren schwindet die Zahl jener, die in der Marktwirtschaft das beste System sehen. Die internationale Bankergilde arbeitet derzeit erfolgreich daran, den Gegnern der Marktwirtschaft neue Anhänger zuzuführen.
....nach mir die Sintflut :gomad :dumm
[/url] [url="http://www.spiegel.de/spiegel/0,1518,689588,00.html"]http://www.spiegel.de/images/image-80532-thumb-dfps.jpg (http://www.spiegel.de/fotostrecke/fotostrecke-54157.html)
Die Besserwissermaschine (http://www.spiegel.de/spiegel/0,1518,689588,00.html)
Wikipedia ist die größte Enzyklopädie der Welt: Das Menschheitswissen zusammengetragen und korrigiert - angeblich von allen, die es nutzen. Doch hinter den Kulissen führt eine kleine Schar von Eingeweihten erbitterte Kämpfe um die Wahrheit. Mit bizarren Folgen. Von Mathieu von Rohr mehr... (http://www.spiegel.de/spiegel/0,1518,689588,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14832&goto=newpost) ]
Themenseite Wikipedia: Freie Online-Enzyklopädie (http://www.spiegel.de/thema/wikipedia/)
....gar nicht so einfach :rolleyes:oo;)
[/url] Goldman Sachs CEO Confronted By Reporters At Obama's New York Speech (http://www.huffingtonpost.com/business/)
Comments (57) (http://www.huffingtonpost.com/2010/04/22/lloyd-blankfein-goldman-s_n_548884.html)
| Goldman Sachs (http://www.huffingtonpost.com/news/goldman-sachs)
...nicht sehr ergiebig :rolleyes
11 Missing As Oil Rig Sinks In Gulf Of Mexico: Stage Set For Big Spill (http://www.huffingtonpost.com/2010/04/22/oil-rig-deepwater-horizon_n_548745.html)
LAST MONTH: Obama Moved To Allow Drilling From Delaware To Florida (http://www.huffingtonpost.com/2010/04/01/obama-offshore-drilling-a_n_521345.html)
Comments (431) (http://www.huffingtonpost.com/2010/04/22/oil-rig-deepwater-horizon_n_548745.html)
| Energy (http://www.huffingtonpost.com/news/energy)
Didderbops (http://www.huffingtonpost.com/users/profile/Didderbops) http://images.huffingtonpost.com/profiles/203323.png?20090611155554 (http://www.huffingtonpost.com/users/profile/Didderbops)
Wow! So glad Obama gave a big middle finger to his supporters and gave the OK to put oil rigs all up and down the Atlantic coast :mad The potential for this type of accident will exist from Maine to Florida now. Hope. Change.
Hermann Strittmatter, VR-Präsident GGK Zürich
«C'est pire qu’un crime, c’est une bêtise»
Inzwischen verurteilen ja auch wichtige Wirtschaftsführer, deren Organisationen sowie bürgerliche Politiker die obszönen Boni-Orgien der professionellen Abzocker. Sie verlangen etwas mehr Demokratie beim Aktienrecht und mehr soziales Augenmass für die Höhenlinien der schweizerischen Lohn-Topografie. Sonst seien der solidarische Zusammenhalt unserer Gesellschaft, die freie Wirtschaft, das Wohlstandsrezept gefährdet.
Und mein Lieblingsjournalist Gerhard Schwarz von der NZZ evoziert gar die helvetische Tradition der Bodenhaftung von Mächtigen und Erfolgreichen, denn «wenn als Folge der Masslosigkeit auf den Teppichetagen dieser gesellschaftliche Zusammenhalt verloren ginge, wäre dies auch ein Verlust an Standortqualität.»
Diese Haltung ist umso verständlicher, als dringend nötige finanzielle Absicherungen von Sozialleistungs-Institutionen anstehen, wie zum Beispiel die recht ausgewogene Revision der Arbeitslosen-Versicherung. Sie haben bei der von psychologischen Reflexen dominierten Volksabstimmung keine Chance, wenn gegen die eigentlich fast schon kriminelle Masslosigkeit der Verantwortungslosen keine klaren Zeichen gesetzt werden. Diese Leute versehen zudem die Extremisten von ganz links und ganz rechts mit Argumenten für populistische Aktivitäten, die unserem Land in vielerlei Hinsicht mehr Schaden als Nutzen bescheren können.
Sind denn diese Leute nur frech, trickreich oder gar kriminell? Ach was, sie sind, wenn sie ihre Fehler nicht einsehen, nur dumm, saudumm, grottendumm. Etwa gleich blöd wie jene Apparatschicks in der Bildungsdirektion des Kantons Zürich, die Französisch fürs Gymnasium abwerten wollen. Jene Sprache also, die für das Funktionieren unserer multikulturellen Nation unentbehrlich ist, jene Sprache, die uns die Türen zu den anderen lateinischen Sprachen, Kulturen und Wirtschaftsregionen öffnet.
Für das Verhalten der Abzocker und Bildungsbürokraten trifft deshalb der wunderschöne Satz eines französischen Staatsmanns zu, den ich im Titel zitiere. Für Personen, die ihr Französisch verlernt oder gar nie gelernt haben: «Es ist schlimmer als ein Verbrechen, es ist eine Dummheit». Dieser zwar intelligente Spruch ist mehr als 200 Jahre alt, hat aber bis heute nichts genützt. Denn die erste christliche Tugend ist eben nicht Intelligenz, sondern Sapientia, die Klugheit.
:supi bravo (bitte mit französischen accent ;))
....wo man hinguckt - überall hat GS schon hingespuckt :bad
Goldman roles in Lloyds deal in spotlight
By Patrick Jenkins in London
Published: April 23 2010 00:04 | Last updated: April 23 2010 00:04
Goldman Sachs (http://markets.ft.com/tearsheets/performance.asp?s=us:GS) was both an underwriter and an investor in Lloyds Banking Group (http://markets.ft.com/tearsheets/performance.asp?s=uk:LLOY)’s vast refinancing deal late last year, the FT has learned, highlighting the potential conflicts of interest at the heart of the investment bank’s business model......
....Goldman was also involved in discussions about the ranking in a so-called waterfall determining which bonds should be prioritised for the exchange offer. “They were dictatorial about it,” said one person involved in the deal. Goldman bankers say its role as dealer manager was subservient to senior advisers, and did not allow it to dictate the terms of the waterfall.
It emerged that Goldman was a large investor in the 6.9 per cent bond that was top-ranked for the waterfall, said four people close to the deal. One person said Goldman had bought as much as half the $1bn issue. However, Goldman bankers said last night its proprietary position was “not substantial”.
Goldman’s role in the transaction – both the alleged conflict of interest and the allegation that it helped make the terms more expensive – will be politically sensitive, given that the UK government owns 41 per cent of Lloyds......
full story: http://www.ft.com/cms/s/0/128381e8-4e62-11df-b48d-00144feab49a.html
“not substantial” - na da kann man sich etwa vorstellen ab wann die Abzockerei substantial ist :gomad
Goldman 'doing God's work'
William Hanley, Financial Post Published: Friday, April 23, 2010
So, just what is Goldman Sachs Group Inc.' s connection to the Iceland volcano that spewed ash into the atmosphere and fouled Europe's airways, triggering billions in lost revenue for airlines? The jokes circulating that the Wall Street investment bank somehow managed to plant a small nuclear device in the volcano and detonate it after short-selling airline stocks simply refuse to go away......
......There was no word what Blankfein thought of the President's speech, but one can only surmise that he wishes Washington and the SEC would go away and let Goldman continue the Lord's bidding......
.....Goldman's stock has taken a hit and will remain volatile. But many investors will try to profit from the firm's success, as they already have, by owning the stock. Other observers not willing to do that might profit by looking at Goldman and Wall Street with the same hard-eyed cynicism that the firm and the Street view their business.
Read more: http://www.nationalpost.com/opinion/columnists/story.html?id=80b583ec-419e-42c3-b50a-4207b395dd65#ixzz0lvsEkQ6j
.....vielleicht sollte das witzig klingen - besser wäre ein Aufruf zum Boykott dieser :kotz"very honest" Firma
In Light Of The SEC's Pornography Fetish Revalations, Bill Singer Proposes A Simple SOP Checklist (http://www.zerohedge.com/article/light-secs-pornography-fetish-revalations-bill-singer-proposes-simple-sop-checklist)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/23/2010 08:46 -0500
By now it is well-known that the bulk of the SEC's budget is spent on maintaining internet bandwidth to ensure that its 80286-based computers can cope with the terabytes of daily internet porn downloaded by its employees (http://abcnews.go.com/WN/sec-pornography-employees-spent-hours-surfing-porn-sites/story?id=10451508). In light of the need by the SEC to buckle up in preperation for the critical lawsuit against Goldman, which will make or break the agency, Bill Singer of Broke and Broker (http://www.brokeandbroker.com/index.php?a=blog&id=381) has come up with a simple list of several Standard Operating Procedures that the agency's employees must adhere to if they hope to have a job next year.We agree with his recommendations wholeheartedly.REPORT OF SELF-APPOINTED CONSULTANT BILL SINGER
From: Bill Singer
To: SEC Chair Mary Schapiro
Date: April 23, 2010
RE: Allegations of Staff Porn Surfing: Proposed Remedies by Consultant
It has come to my attention that members of the SEC's Staff may be operating under a misimpression concerning a number of industry terms. Please ensure that the following expressions are properly explained to your Staff:
Initial Public Offering: this is not the first sexual experience with a prostitute.
Indication of Interest: this is not the negotiation of price with a prostitute
Private Placement: this is not a consensual sex act between adults
Regular Way Settlement: this is not the missionary position
Pump And Dump: this is not an aberrant sex act
The Spread: this is not something viewed at a peep show
The Quiet Period: this is not the post-coital moment
Breaking Escrow: this is not to be called the "money shot"
Naked Short: this is not an undressed male Staffer on a cold day
Self Regulator: this is an employee of FINRA not masturbation
Secondary Offering: this is not a repeat sex act courtesy of Viagra
The SEC must immediately cancel any contemplated seminars with the Thailand securities authorities. This would not be a good time for Staff to be visiting Bangkok. In fact, the SEC should avoid any reference to that city whatsoever.
The SEC must immediately implement a policy that requires all Staff to use both hands on their computer keyboards at all times. Similarly, the SEC should provide Handi-Wipes for all visitors in the event that there is customary handshaking with Staff.
In response to growing reports of Staff vision problems and hairy palms, the SEC should expand its medical coverage to provide treatment for those maladies.
12 comments (http://www.zerohedge.com/article/light-secs-pornography-fetish-revalations-bill-singer-proposes-simple-sop-checklist#comments)
on Fri, 04/23/2010 - 09:27
Why is everyone surprised that a bunch of whores would be surfing porn?
.....eigentlich ist es eher zum heulen als zum lachen :rolleyes wie soll man denn mit so was GS & Co. an die Leine nehmen :gomad
Spektakel überm Feuerberg (http://www.spiegel.de/wissenschaft/natur/0,1518,690785,00.html)
Was für ein Schauspiel: Über dem Vulkan Eyjafjallajökull sind riesige Magmaklumpen explodiert - zugleich brachten Sonnenwinde den Himmel zum Leuchten. Forscher streiten über die Signale des Berges: Wann kommt der Vulkan zur Ruhe? Von Axel Bojanowski mehr... (http://www.spiegel.de/wissenschaft/natur/0,1518,690785,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14866&goto=newpost) ]
Vulkankrise: Acht Lehren aus dem Asche-Chaos (http://www.spiegel.de/wirtschaft/0,1518,690538,00.html)
Eyjafjallajökull: Island schließt Flughäfen wegen Aschewolke (http://www.spiegel.de/reise/aktuell/0,1518,690801,00.html)
Großbritannien: Militär-Jets bleiben wegen Vulkanasche am Boden (http://www.spiegel.de/reise/aktuell/0,1518,690701,00.html)
Fotostrecke: Polarlichter über isländischem Vulkan (http://www.spiegel.de/fotostrecke/fotostrecke-54158.html) :supi
Themenseite: Alles über die Folgen des Vulkanausbruchs (http://www.spiegel.de/thema/vulkane_in_island/)
...und schon wieder - ja als :kotzvery honest firm wird einem das Leben nicht leicht gemacht :rolleyes:oo
ozymandius http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=114346) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=114346&level=three) Fri Apr-23-10 05:53 AM
Response to Reply #4 (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4354213&mesg_id=4354219) 5. Some “Inside Baseball” On The Goldman Case http://upload.democraticunderground.com/discuss/images/avatars/earth.gif Edited on Fri Apr-23-10 05:53 AM by ozymandius
From The Big Picture (http://www.ritholtz.com/blog/2010/04/some-%E2%80%9Cinside-baseball%E2%80%9D-on-the-goldman-case/):
In the post below we said that the Goldman case is a game changer. We said that based on two assumptions. One was that Goldman loses its case.
In the last 90 minutes we came across some “inside baseball” reporting that can help investors determine whether or not the SEC will win its case.
Bloomberg.com – Goldman SEC Case May Hinge on Meaning of ‘Selected’The case against Goldman Sachs Group Inc. may turn on the meaning of the word “selected.” The Securities and Exchange Commission must prove that the most profitable company in Wall Street history defrauded investors by failing to disclose that a hedge-fund firm betting against them played a role in creating what they bought. It must also counter Goldman Sachs’s assertion that an independent asset manager, which the SEC said rejected more than half of the securities initially proposed by Paulson & Co. for a collateralized debt obligation, signed off on the selections. “The question is whether Paulson’s undisclosed role in portfolio selection was material,” said Larry Ribstein, a law professor at the University of Illinois in Champaign who has written about 140 articles and 10 books on topics including securities law and professional ethics. “There’s no clear and well-defined definition of what you have to disclose in this type of transaction.” The SEC case signals the regulator could eventually target other banks over how much they told investors about at least $40 billion of CDOs that turned toxic as mortgage defaults soared to the highest level since the 1930s. Robert Khuzami, the SEC enforcement chief, said last week that the agency will aggressively pursue deals “that share similar profiles.”Comment
This story above is a rather long story and does a good job of laying out all the legal issues in this case as they are known based on a detailed reading of the SEC complaint. ....
The story above is based on the video below, it appears that Steve Liesman of CNBC has access to deposition or other facts in the SEC case. Perhaps he has been talking to Paolo Pellegrini, Paulson’s former head trader who is believed to be a key witness for the SEC. We have found no one else that is reporting on case specifics beyond what was in the SEC complaint. ....
The implication is if Goldman loses this case it will not lead to a precedent that will spread to many other CDOs.
ozymandius http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=114346) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=114346&level=three) Fri Apr-23-10 12:14 PM
Response to Reply #4 (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4354213&mesg_id=4354219) 34. goldmansachs666.com has been really interesting lately.
http://upload.democraticunderground.com/discuss/images/avatars/earth.gif There is a great well of information (http://www.goldmansachs666.com/2010/04/goldman-sachs-links-and-news-april-22.html) that was posted yesterday on stories relating to G-Suchs misery.
Regierungskoalition in Deutschland (http://www.faz.net/s/Rub3ADB8A210E754E748F42960CC7349BDF/Doc%7EE09DCC833A18C4FA8A67EC9169EA9294D%7EATpl%7EEcommon%7EScontent.html)
Kritik an Griechenlands Hilferuf (http://www.faz.net/s/Rub3ADB8A210E754E748F42960CC7349BDF/Doc%7EE09DCC833A18C4FA8A67EC9169EA9294D%7EATpl%7EEcommon%7EScontent.html)
In der deutschen Regierungskoalition gibt es erhebliche Bedenken gegen die Griechenlandhilfen. Die deutlichste Kritik kommt aus der FDP. Trotzdem bezweifeln die wenigsten, dass am Ende eine Mehrheit stehen wird. Von Manfred Schäfers und Rainer Hermannhttp://www.faz.net/f30/Images/LinkIcons/linkwinkel.gif (http://www.faz.net/s/Rub3ADB8A210E754E748F42960CC7349BDF/Doc%7EE09DCC833A18C4FA8A67EC9169EA9294D%7EATpl%7EEcommon%7EScontent.html)
Deutschland muss am meisten beisteuern (http://www.faz.net/s/Rub3ADB8A210E754E748F42960CC7349BDF/Doc%7EE335177CE0C5D418BB78DF7231BA3843F%7EATpl%7EEcommon%7EScontent.html)
Da die Euro-Staaten Konditionen und Summe der Griechenland-Hilfen schon festgelegt haben, wird die EU zügig handeln können. Aber wer zahlt wieviel? Wie stark trifft es Deutschland? Und wie genau geht das Prozedere jetzt weiter? Ein Überblick. Von Hendrik Kafsack, Brüsselhttp://www.faz.net/f30/Images/LinkIcons/linkwinkel.gif (http://www.faz.net/s/Rub3ADB8A210E754E748F42960CC7349BDF/Doc%7EE335177CE0C5D418BB78DF7231BA3843F%7EATpl%7EEcommon%7EScontent.html)
Kommentar: Ein griechischer Albtraum (http://www.faz.net/s/Rub4D8A76D29ABA43699D9E59C0413A582C/Doc%7EE0A07BAFADE194683BE6C0B78C039F65B%7EATpl%7EEcommon%7EScontent.html)Griechenland bittet EU und IWF um Hilfe (http://www.faz.net/s/Rub3ADB8A210E754E748F42960CC7349BDF/Doc%7EE8C2BCF326DC544AEBA2BF9EBC75BDAD8%7EATpl%7EEcommon%7EScontent.html)
...unsere :kotzvery honest firm tut ihr Möglichstes ihrem Ruf gerecht zu werden :gomad
Playing The Contagion II: Goldman Recommends Betting On Contagion Risk In Portuguese, Spanish And Italian Banks (http://www.zerohedge.com/article/playing-contagion-ii-goldman-recommends-betting-contagion-risk-portuguese-spanish-and-italia)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/23/2010 11:43 -0500
Earlier we pointed out the surge in CDS on a variety of PIIGS banks, mostly in Portugal and Spain. Now we know why: Goldman's Charles Himmelberg has just reiterrated his call for Long CDS on local banks in Portugal, Spain and Italy, hedged by selling Main (iTraxx) protection. It is our view that as accounts plough into this trade and as bank spreads blow out, it will only accelerate the funding complexities, the bank runs and the inevitable collapse of the financial systems in all of the other imparied peripheral countries, ultimately leading to the collapse of the EMU. Will Goldman be accused next of destroying Europe? Stay tuned.
6 comments (http://www.zerohedge.com/article/playing-contagion-ii-goldman-recommends-betting-contagion-risk-portuguese-spanish-and-italia#comments)
Read more (http://www.zerohedge.com/article/playing-contagion-ii-goldman-recommends-betting-contagion-risk-portuguese-spanish-and-italia)
America must face up to the dangers of derivatives
George Soros | Financial Times (http://www.ft.com/cms/s/0/707ef202-4e3d-11df-b48d-00144feab49a.html) | April 22, 2010
The US Security and Exchange Commission’s civil suit against Goldman Sachs will be vigorously contested by the defendant. It is interesting to speculate which side will win; but we will not know the result for months. Irrespective of the eventual outcome, however, the case has far-reaching implications for the financial reform legislation Congress is considering.
Whether or not Goldman is guilty, the transaction in question clearly had no social benefit. It involved a complex synthetic security derived from existing mortgage-backed securities by cloning them into imaginary units that mimicked the originals. This synthetic collateralised debt obligation did not finance the ownership of any additional homes or allocate capital more efficiently; it merely swelled the volume of mortgage-backed securities that lost value when the housing bubble burst. The primary purpose of the transaction was to generate fees and commissions.
This is a clear demonstration of how derivatives and synthetic securities have been used to create imaginary value out of thin air. More triple A CDOs were created than there were underlying triple A assets. This was done on a large scale in spite of the fact that all of the parties involved were sophisticated investors. The process went on for years and culminated in a crash that caused wealth destruction amounting to trillions of dollars. It cannot be allowed to continue. The use of derivatives and other synthetic instruments must be regulated even if all the parties are sophisticated investors. Ordinary securities must be registered with the Securities and Exchange Commission before they can be traded. Synthetic securities ought to be similarly registered, although the task could be assigned to a different authority, such as the Commodity Futures Trading Commission.
Derivatives can serve many useful purposes, but they also contain hidden dangers. For instance, they can pile up hidden imbalances in supply or demand which may suddenly be revealed when a threshold is breached. This is true of so-called knockout options, used in currency hedging. It was also true of the portfolio insurance programs that caused the New York Stock Exchange’s Black Monday in October 1987. The subsequent introduction of circuit breakers tacitly acknowledged that derivatives can cause discontinuities, but the proper conclusions were not drawn.
Credit default swaps are particularly suspect. They are supposed to provide insurance against default to bondholders. But because they are freely tradable, they can be used to mount bear raids; in addition to insurance they also provide a license to kill. Their use ought to be confined to those who have a insurable interest in the bonds of a country or company.
It will be the task of regulators to understand derivatives and synthetic securities and refuse to allow their creation if they cannot fully evaluate their systemic risks. That task cannot be left to investors, contrary to the diktats of the market fundamentalist dogma that prevailed until recently.
Derivatives traded on exchanges should be registered as a class. Tailor-made derivatives would have to be registered individually, with regulators obliged to understand the risks involved. Registration is laborious and time-consuming, and would discourage the use of over-the-counter derivatives. Tailor-made products could be put together from exchange-traded instruments. This would prevent a recurrence of the abuses which contributed to the 2008 crash.
Requiring derivatives and synthetic securities to be registered would be simple and effective; yet the legislation currently under consideration contains no such requirement. The Senate Agriculture Committee proposes blocking deposit-taking banks from making markets in swaps. This is an excellent proposal which would go a long way in reducing the interconnectedness of markets and preventing contagion, but it would not regulate derivatives.
The five big banks which serve as marketmakers and account for over 95 per cent of the US’s outstanding over-the-counter transactions are likely to oppose it because it would hit their profits. It is more puzzling that some multinational corporations are also opposed. The only explanation is that tailor-made derivatives can facilitate tax avoidance and manipulation of earnings. These considerations ought not to influence the legislation.
The writer is chairman of Soros Fund Management
23. April 2010, 19:28
Schwere Anschläge im Irak (http://www.nzz.ch/nachrichten/international/dutzende_von_toten_bei_anschlaegen_im_irak_1.5530960.html)
Offenbar Vergeltung für US-Militäroperation gegen Kaida-Führer (http://www.nzz.ch/nachrichten/international/dutzende_von_toten_bei_anschlaegen_im_irak_1.5530960.html)
Gegen 60 Personen sind am Freitag im Irak bei einer Serie von Bombenanschlägen in den Tod gerissen worden. Eines der Attentate soll sich laut Angaben von BBC in einer vollbesetzten Moschee zugetragen haben. (http://www.nzz.ch/nachrichten/international/dutzende_von_toten_bei_anschlaegen_im_irak_1.5530960.html) ...http://www.nzz.ch/static-images/headline_topic_more.gif (http://www.nzz.ch/nachrichten/international/dutzende_von_toten_bei_anschlaegen_im_irak_1.5530960.html)
http://www.nzz.ch/static-images/pixel.gif http://www.nzz.ch/static-images/news_readmore.gif Irak: Erfolge gegen die Kaida (http://www.nzz.ch/nachrichten/international/der_irak_meldet_erfolge_gegen_die_kaida_1.5494086.html)
Eric Sprott: Weakness Begets Weakness: from Banks to Sovereigns to Banks - Must Read (http://www.zerohedge.com/article/eric-sprott-weakness-begets-weakness-banks-sovereigns-banks-must-read)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/23/2010 12:10 -0500
"In the depths of the 2008 crisis it was the governments that stepped in to provide a guarantee on financial assets. It was the governments that backed our savings accounts, money market funds, day-to-day business banking accounts, as well as debt issued by US banks. But what happens when confidence in the government guarantee begins to erode? We’ve seen what happened to Greece. Leverage inherent in the banking system elevated a bank run, equivalent to a mere 3.6 percent of deposits, into another full blown banking crisis. In our view it’s time for investors to acknowledge sovereign risk. The ratings agencies can opine all they want, but it seems clear to us that the only true AAA asset to protect your wealth is gold. " Eric Sprott
52 comments (http://www.zerohedge.com/article/eric-sprott-weakness-begets-weakness-banks-sovereigns-banks-must-read#comments)
Read more (http://www.zerohedge.com/article/eric-sprott-weakness-begets-weakness-banks-sovereigns-banks-must-read)
Europe's Greek Bailout Decision-Making Process Explained In 17 Short Seconds (http://www.zerohedge.com/article/europes-greek-bailout-decision-making-process-explained-17-short-seconds)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/23/2010 12:16 -0500
All you need to know about why the Greek bailout decision changes literally every 15 minutes.
13 comments (http://www.zerohedge.com/article/europes-greek-bailout-decision-making-process-explained-17-short-seconds#comments)
on Fri, 04/23/2010 - 12:58
Actually, that is how ALL governments do "decision-making".
Wirbel um Spaniens Starjuristen Garzón
Der Richter und seine Henker (http://www.spiegel.de/politik/ausland/0,1518,690418,00.html)
Baltasar Garzón jagte Drogenhändler, Despoten und Terroristen, nun droht Spaniens Star-Richter ein Berufsverbot. Auch weil er die Verbrechen der Franco-Diktatur untersuchte. Vielen käme seine Absetzung gelegen. Doch seine Anhänger wollen kämpfen für die Aufarbeitung der Gräuel. Aus Madrid berichtet Katharina Peters mehr... (http://www.spiegel.de/politik/ausland/0,1518,690418,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14896&goto=newpost) ]
....da gibt's noch massenweise Franco Sünder/Anhänger :mad
INTERNAL GOLDMAN EMAILS RELEASED (http://www.huffingtonpost.com/2010/04/24/goldman-sachs-emails-big-short_n_550547.html)
TOP EXEC: WE HAVE 'THE BIG SHORT' ON SUBPRIME CRISIS (http://www.huffingtonpost.com/2010/04/24/goldman-sachs-emails-big-short_n_550547.html)
:bad http://i.huffpost.com/gen/160349/thumbs/r-GOLDMAN-SACHS-BIG-SHORT-huge.jpg (http://www.huffingtonpost.com/2010/04/24/goldman-sachs-emails-big-short_n_550547.html)
WATCH: Michael Lewis, Author Of 'The Big Short,' On The Daily Show (http://www.huffingtonpost.com/2010/03/16/michael-lewis-the-big-sho_n_500862.html)
....."Investment banks such as Goldman Sachs were not simply market-makers, they were self-interested promoters of risky and complicated financial schemes that helped trigger the crisis," Levin said. "They bundled toxic mortgages into complex financial instruments, got the credit rating agencies to label them as AAA securities, and sold them to investors, magnifying and spreading risk throughout the financial system, and all too often betting against the instruments they sold and profiting at the expense of their clients."......
Comments (497) (http://www.huffingtonpost.com/2010/04/24/goldman-sachs-emails-big-short_n_550547.html)
| Financial Crisis (http://www.huffingtonpost.com/news/wall-street)
Thomasina Jefferson (http://www.huffingtonpost.com/users/profile/Thomasina_Jefferson)
Didn't BofA, Citibank, JPM and Morgan Stanley do the same thing? Where are their e-mails?
Is anyone ever held accountable for anything in america
~ except for the poor and what's left of the middle cast
Stewart went to jail on an insider trading stock tip...
Rich white men steal billions and they're lauded as captains of industry. If anyone else steals a loaf of bread they have the book thrown at them.
PHOTOS: The 25 Most Spectacular Pavilions At The 2010 World Expo (http://www.huffingtonpost.com/2010/04/24/shanghai-world-expo-2010_n_550107.html)
Comments (48) (http://www.huffingtonpost.com/2010/04/24/shanghai-world-expo-2010_n_550107.html)
| China (http://www.huffingtonpost.com/news/china)
Net Speculative E-Mini Contracts Hit Greatest Short Exposure Since Lehman Failure (http://www.zerohedge.com/article/net-speculative-e-mini-contracts-hit-greatest-short-exposure-lehman-failure)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/24/2010 13:07 -0500
A few weeks ago we indicated that the S&P Large contracts surged in the week ended March 23by the biggest amount since the March 2009 lows (which incidentally was followed up by the latest phase of the most ridiculous market melt up since 1932), observing the capitulation phase of the melt up. So it is interesting to point out that non-commercial speculative positions in the just as relevant E-Mini contracts hit the greatest short exposure since the collapse of Lehman, declining to -51,180 in the week ended April 20th. The last time we were negative by such an amount was in November 2008, when the market was plunging daily, however then the bias was positive with E-Minis surging all the way to the March inflection point at which point they collapsed once the market started its seemingly endless creep higher. Have we reached another inflection point, with the E-Mini specs, at least, betting there is a market correction upcoming?
6 comments (http://www.zerohedge.com/article/net-speculative-e-mini-contracts-hit-greatest-short-exposure-lehman-failure#comments)
Read more (http://www.zerohedge.com/article/net-speculative-e-mini-contracts-hit-greatest-short-exposure-lehman-failure)
on Sat, 04/24/2010 - 13:13
this sentiment is in direct conflict with this fellows work...
... a signal which has been bullish since Feb 22 and rightly so.
by BS Inc.
on Sat, 04/24/2010 - 13:50
Cotstimer does good work with this data. My own charts say that we've got room to run to the upside, too.
If you're trying to short this market, you've got to be super-nimble and honor your stops unquestioningly. Otherwise, you're just going to get run over.
on Sat, 04/24/2010 - 13:15
Oh dear more shorts to squeeze the market higher
Actualizada a las 22:25 h
20:57 PROTESTAS CIUDADANAS
Los manifestantes pro Garzón denuncian que se ha "ensuciado" la memoria de las víctimas (http://www.elperiodico.com/default.asp?idpublicacio_PK=46&idioma=CAS&idnoticia_PK=707576&idseccio_PK=1008)
Miles de personas secundan en Madrid y en una veintena de ciudades marchas a favor del magistrado
Pedro Almodóvar, Almudena Grandes y el poeta Marcos Ana leen un texto de apoyo al juez
Un aspecto de la marcha de apoyo a Garzón de Madrid. Foto: JUAN MANUEL PRATS. Vídeo: ATLAS. VER MÁS VÍDEOS (http://www.elperiodico.com/videos2.asp)
Pedro Almodóvar geht für Richter Garzón auf die Strasse (http://www.tagesanzeiger.ch/ausland/europa/Pedro-Almodvar-geht-fuer-Richter-Garzn-auf-die-Strasse/story/17765934)
http://files.newsnetz.ch/story/1/7/7/17765934/10/teasermedium.jpg (http://www.tagesanzeiger.ch/ausland/europa/Pedro-Almodvar-geht-fuer-Richter-Garzn-auf-die-Strasse/story/17765934) Untersuchungsrichter Baltasar Garzón hat gegen die Verbrechen der Franco-Diktatur ermittelt und sich damit selbst eine Klage eingehandelt. Tausende von Spaniern haben nun für Garzón demonstriert. Mehr... (http://www.tagesanzeiger.ch/ausland/europa/Pedro-Almodvar-geht-fuer-Richter-Garzn-auf-die-Strasse/story/17765934)
Aktualisiert vor 22 Minuten
SDO: The Extreme Ultraviolet Sun
Credit: NASA (http://www.nasa.gov/) / Goddard (http://www.nasa.gov/centers/goddard/home/index.html) / SDO AIA Team (http://sdo.gsfc.nasa.gov/)
Explanation: Don't panic, the Sun has not gone wild. But this wild-looking portrait of the nearest star to planet Earth was made on March 30th by the recently (http://apod.nasa.gov/apod/ap100223.html) launched Solar Dynamics Observatory (http://sdo.gsfc.nasa.gov/) (SDO). Shown in false-color (http://apod.nasa.gov/apod/ap061222.html), the composite view covers extreme ultraviolet (http://solar.physics.montana.edu/ypop/Spotlight/Today/ultraviolet.html) wavelengths and traces hot plasma at (http://www.youtube.com/watch?v=sLkGSV9WDMA) temperatures approaching 1 million kelvins (http://lamar.colostate.edu/%7Ehillger/temps.htm). At full resolution, SDO image data is intended to explore solar activity in unprecedented detail. In fact, SDO will send 1.5 terabytes of data back each day, equivalent to a daily download of about half a million MP3 songs. New SDO data releases (http://www.nasa.gov/mission_pages/sdo/news/first-light.html) include a high-resolution movie (http://www.youtube.com//SDOmission2009) of the large, eruptive prominence seen along the solar limb at the upper left.
....weiter und weiter :rolleyes
Was Fabrice Tourre Cheating On His Girlfriend? Are CDOs Really Nothing More Than "Intellectual Masturbation"? (http://www.zerohedge.com/article/was-fabrice-tourre-cheating-his-girlfriend-are-cdos-really-nothing-more-intellectual-masturb)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/24/2010 23:00 -0500
Zero Hedge is currently going through the 100 or so pages of just released Goldman emails that disclose in excruciating detail the events from late 2006 to late 2007 occurring in Goldman's mortgage trading business. We will have a lot more to say on this tomorrow, suffice to say that we were pleasantly surprised that C-BASS, which we uncovered recently may be implicated in the Goldman SEC fraud scandal, is again involved. We also feel bad for Harvard and MS Prop, and a little better for Hayman Capital. Stay tuned. In the meantime, we will take a brief detour into the financial yellow pages, as we focus on the curious case of Fabrice Tourre, who once again plays a prominent role in today's email discovery. The first thing that caught our attention is the original "Fab Fab" email, finally reproduced in its entirety. One tangent that may be relevant to gleaning some more insight into the character of the "fabulous" 27 year-old mortgage god, is that at the time he penned his email to girlfriend (#1), then Goldman co-worker, Marine Serres, he was likely also with girlfriend (#2) Fatiha Bouktouche, a Columbia University post Doc, to whom he may have been disclosing proprietary Goldman holdings and trades. Who knows to whom, when or how Fatiha may have leaked insider trades whispered to her by Fabrice, and who knows what CDO trades Marine was pitching to the retarded (and soon to be bankrupt) European banks gobbling up everything Goldman would sell them, structured and originated by her boyfriend.
From: Fabrice Tourre
Sent: Tuesday, January 23, 2007 11:34 PM
To: Marine Serres
Subject: Fw: ft--friday
Darling you should take a look at this article... Very insightful...More and more leverage in the system, l'edifice entier riqsue de s'effondrer a tout moment.... Seul survivant potentiel, the fabulous Fab (as Mitch would kindly call me, even though there is nothing fabulous abt me, just kindness, altruism and deep love for some gorgeous and super smart French girl in London), standing in the middle of all these complex, highly levered exotic trades he created without necessarily understanding all the implications of these monstruosities !!! Anyway, not feeling too guilty about this, the real purpose of my job is to make capital markets more efficient and ultimately provide the US consumer will more efficient ways to leverage and finance himself, so there is a humble, noble and ethical reason for my job ;) amazing how good I am in convincing myself !!!
Sweetheart, I am now going to try to get away from ABX and other ethical questions, and immediately plunge into Freakonomics... I feel blessed to be with you, to be able to learn and share special things with you, I love when you advise me on books I should be reading. I feel like we share a lot of things in common, a lot of values, topics we are interested in and intrigued by... I just love you !!!
Your chtit Fab.
.....und mehr ;)
41 comments (http://www.zerohedge.com/article/was-fabrice-tourre-cheating-his-girlfriend-are-cdos-really-nothing-more-intellectual-masturb#comments)
Read more (http://www.zerohedge.com/article/was-fabrice-tourre-cheating-his-girlfriend-are-cdos-really-nothing-more-intellectual-masturb)
Jeremy Grantham: This Is Nothing But The Greenspan Legacy's Latest Bubble, America Is Now "Thorougly Expensive" (http://www.zerohedge.com/article/jeremy-grantham-nothing-greenspan-legacys-latest-bubble-america-now-thorougly-expensive)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/24/2010 13:59 -0500
Yesterday we first posted Jeremy Grantham's latest letter (http://www.zerohedge.com/article/jeremy-grantham-playing-fire-possible-race-old-highs)which incidentally is a must read for everyone who still is stupid enough to think this market reflects anything remotely related to fundamentals, when instead all it is pricing in is the money printing Kommendant's daily predisposition to continuing his dollar decimation via ZIRP and shadow QE. Just like all those who are buying Apple at these stratospheric prices are in essence selling life insurance on Steve Jobs (sorry, someone had to say it), all those buying into the market here are betting the Fed is apolitical when it comes to monetary policy decisions: a proposition so naive and ludicrous, it is not surprising that only the momos continue to buy into the rally, which is driven purely by Primary Dealers recycling money they lend to the treasury which in turn is repoed back by the Fed, so that the banks can buy 100x P/E risky stocks with the same money used to keep the treasury curve diagonal. This is nothing but Fed-sponsored monetary pornography at its NC-17 best. Of course, those who grasp it are few and far between, while the rest of the population is ignorant in its hopes that S&P 1,500 is just over the horizon, without a resultant crash back to 0 on the other side of the bubble. So for all those who are still confused (this means you Kommendant Bernanke) here is a 6 minute clip in which Grantham tells it just the way it is: there is nothing more to this rally that free money and banks' last ditch attempt to lock in another year of record bonuses before it all goes to shit. And the implication - play with the big boys at your own peril. "Bubbles are when you should cash in your "career risk units" and do something brave to protect the investors. There is nothing more dangerous and damaging to the economy than a great asset bubble that breaks, and this is something that the Fed never seems to get. Under Greenspan's incredible leadership he managed to give us the tech bubble, and by keeping interest rates at negative levels for three years drove up the housing bubble, and finally the risk bubble. And Bernanke has happily picked up the mantle, and seems totally unconcerned about creating yet another bubble. He has interest rates so low banks can't possible not make a fortune. Savers are being penalized, anyone who wants to buy cash faces a painful experience, and so we are all tempted into speculating, which is apparently what he wants and we've just had one of the great speculative rallies in history, second only to 1932-33."
135 comments (http://www.zerohedge.com/article/jeremy-grantham-nothing-greenspan-legacys-latest-bubble-america-now-thorougly-expensive#comments)
Read more (http://www.zerohedge.com/article/jeremy-grantham-nothing-greenspan-legacys-latest-bubble-america-now-thorougly-expensive)
(http://www.spiegel.de/video/video-1061315.html)Bibliothek von Alexandria
Die gewagte Mission des neuen Wissenstempels (http://www.spiegel.de/wissenschaft/mensch/0,1518,690061,00.html)
Im ägyptischen Alexandria ist 2300 Jahre nach Gründung der legendären Superbibliothek ein neuer Wissensspeicher entstanden. Die Architektur des Hightech-Palasts sprengt Grenzen, die Mission ist waghalsig: Die Bibliothek soll mit den Ressentiments zwischen Islam und westlicher Welt aufräumen. Von Bernd Musa mehr... (http://www.spiegel.de/wissenschaft/mensch/0,1518,690061,00.html) [ Video (http://www.spiegel.de/video/video-1061315.html) | Forum (http://forum.spiegel.de/showthread.php?t=14910&goto=newpost) ]
:supi sehr interessant :cool
Die hängenden Gärten der Semiramis zu Babylon (http://de.wikipedia.org/wiki/H%C3%A4ngende_G%C3%A4rten_der_Semiramis)
Der Koloss von Rhodos (http://de.wikipedia.org/wiki/Koloss_von_Rhodos)
Das Grab des Königs Mausolos II. zu Halikarnassos (http://de.wikipedia.org/wiki/Mausoleum_von_Halikarnassos)
Der Leuchtturm auf der Insel Pharos vor Alexandria (http://de.wikipedia.org/wiki/Pharos_von_Alexandria) (vorher: Stadtmauern von Babylon (http://de.wikipedia.org/wiki/Stadtmauern_von_Babylon))
Die Pyramiden von Gizeh in Ägypten (http://de.wikipedia.org/wiki/Pyramiden_von_Gizeh)
Der Tempel der Artemis in Ephesos (http://de.wikipedia.org/wiki/Tempel_der_Artemis_in_Ephesos)
Die Zeusstatue des Phidias von Olympia (http://de.wikipedia.org/wiki/Zeusstatue_des_Phidias)
OIL SPILLING INTO GULF (http://www.huffingtonpost.com/2010/04/24/oil-rig-deepwater-horizon_0_n_550849.html)
Exploded Offshore Rig In Gulf Of Mexico Now Leaking 42,000 Gallons Per Day (http://www.huffingtonpost.com/2010/04/24/oil-rig-deepwater-horizon_0_n_550849.html)
Coast Guard: 'This Is A Very Serious Spill, Absolutely' ... Poor Weather Blocking Clean-Up (http://www.huffingtonpost.com/2010/04/24/oil-rig-deepwater-horizon_0_n_550849.html)
Comments (1505) (http://www.huffingtonpost.com/2010/04/24/oil-rig-deepwater-horizon_0_n_550849.html)
| Energy (http://www.huffingtonpost.com/news/energy)
Disgusting beyond words.
I don't care about the loss of oil; I care about the effect on the life under the water.
I lived near the Gulf for six months back in the '90s. There were already many "Dead Zones", "Red Plumes" and mass die-offs of fish and other creatures. The water near Biloxi wreaked of the stench of death. I couldn't walk my dogs along the beach because of all the decaying fish.
The point is, the Gulf is already very sick. What the hell is this disaster going to do to the environment?
WATCH: Dozens Walk Past Dying Hero On New York Sidewalk (http://www.huffingtonpost.com/2010/04/24/hugo-alfredo-tale-yax-doz_n_550854.html)
Comments (1,700) (http://www.huffingtonpost.com/2010/04/24/hugo-alfredo-tale-yax-doz_n_550854.html)
| Homelessness (http://www.huffingtonpost.com/news/homelessness)
Where is the human compassion?
Dialing 911 was too much for those
passersby even if they did not want
to get involved?
Such a sad commentary on our
....traurig :( und unverständlich :gomad
Iraks al-Qaida droht der Untergang (http://www.spiegel.de/politik/ausland/0,1518,691108,00.html)
Fotostrecke: 8 Bilder (http://www.spiegel.de/fotostrecke/fotostrecke-54206.html)
Die Dschihadisten trauern: Mit Gedichten, Nachrufen und Durchhalteparolen reden sich Terror-Sympathisanten den Tod der Führungsspitze von al-Qaida im Irak schön. Doch das ändert nichts daran, dass die Terrortruppe möglicherweise vor dem Ende steht. Von Yassin Musharbash mehr... (http://www.spiegel.de/politik/ausland/0,1518,691108,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14929&goto=newpost) ]
Fotostrecke: Letzter Tribut für die Terror-Fürsten (http://www.spiegel.de/fotostrecke/fotostrecke-54206.html)
Irak: Al-Qaida bestätigt Tod ihrer Doppelspitze (http://www.spiegel.de/politik/ausland/0,1518,691082,00.html)
Irak: Saddam-Vize al-Duri angeblich gefasst (http://www.spiegel.de/politik/ausland/0,1518,691116,00.html)
http://www.spiegel.de/images/image-81451-thumb-eukp.jpg (http://www.spiegel.de/panorama/gesellschaft/0,1518,691129,00.html) Protestaktion Boobquake
Tag des Brustbebens (http://www.spiegel.de/panorama/gesellschaft/0,1518,691129,00.html)
Weil ein iranischer Geistlicher Naturkatastrophen auf unzüchtig gekleidete Frauen zurückführte, schlug die US-Studentin Jen McCraight vor, sich freizügig zu kleiden. Die Idee zum Boobquake-Tag war geboren, um den Beweis anzutreten, dass Frauenbrüste keine Erdbeben verursachen. Montag ist es so weit. mehr... (http://www.spiegel.de/panorama/gesellschaft/0,1518,691129,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14933&goto=newpost) ]
Iran: Geistlicher macht freizügige Frauen für Erdbeben verantwortlic (http://www.spiegel.de/panorama/0,1518,689956,00.html)
Fritz Katzfuß (http://forum.spiegel.de/member.php?u=213)
Registriert seit: 12.04.2005 Ort: Mark Brandenburg
http://www.spiegel.de/static/forum/images/icons/icon1.gif Ja, heutzutage
muss man als Geistlicher schon ganz genau aufpassen. Irgendein verrücktes Huhn zieht sich gleich nackig aus. Ändert nichts daran, dass der Geistliche Recht haben kann. Unzucht wird seit uralten Zeiten mit Naturkatastrophen in Verbindung gebracht, es ist durchaus möglich, dass die Alten bessere Einsicht hatten als wir.
....ja, ja die Unzucht bei der Kleidung der Frauen :oo wie steht es hingegen bei Uzucht vieler Geistlicher :bad ob sich Herr Kratzfuss auch darüber mal Gedanken gemacht hat :confused
alles in allem :dumm
April 24th, 2010
On the Edge with Max Keiser. And Karl Denninger. Max and Karl look at the SEC fraud charges against Goldman Sachs; the role of synthetic CDOs, ACA and regulators.
....wer nicht so viel lesen mag ;)
PICTURE: Breathtaking View of Star Cluster Resembles 'Fantasy Mountaintop' (http://www.huffingtonpost.com/2010/04/23/carina-nebula-photo-marks_n_549720.html)
:supi Foto (in gross ;))
25 April 2010
The Financial Crisis: Are We All Responsible? (http://jessescrossroadscafe.blogspot.com/2010/04/financial-crisis-are-we-all-responsible.html)
"Whoever commits a fraud is guilty not only of the particular injury to him who he deceives, but of the diminution of that confidence which constitutes not only the ease, but the very existence of a society." Samuel JohnsonAs the hearings and scandals progress, and the revelations and charges start to cut closer to the heart of the credit swindles, inevitably there will be a movement to say, "We are all responsible. Let's allow bygones to be bygones, it was all a misunderstanding. Let's move on to something new. Justice is not important, and cannot be done."
There will be long accountings of how the problems arose, and how changes in the banking laws, broker deregulation, and the erosion of elite privileges compelled the Wall Street banks to take more and greater risks, to violate unspoken understandings about customer relationships, to take great risks, to bend the laws, to use money and influence to suborn perjury and the breaking of oaths, and to generally undermine the fabric of government.
There will be long analyses that suggest that trust has been lost, the trust that binds the social and financial interactions of people. And there will be an effort to regain that trust, to promise change and reform, and of course, justice.
As for justice they will say, but aren't we all responsible? Didn't we all believe the promise that 'greed is good?'
The overwhelming majority of people are hard working, honest in their dealings, more concerned with raising families than ruling others, if anything distracted by their day to day problems. Long suffering, patient to a fault, too willing to the give the Wall Street bankers the benefit of the doubt for the very reason of their own good natures. They could not imagine themselves doing the things of which these men stand accused, so they cannot believe that others would so willingly lie and deceive, cheat and steal, attack the very heart of the nation, while wrapping themselves in a flag of hypocrisy, for a few more dollars that they can hardly need or even personally spend. And why? Because it feeds their sickened hearts, their pathological egos, and the need to make others suffer loss for their own gains. It makes them feel superior, as gods.
So when the fresh public relations spin and propaganda from Wall Street and the financial sector's demimonde starts this week, and seeks to confuse the issues and distort the true nature of the fraud, recall who profited and who lost, who was caught with their hands deep in the pockets of the many, and even now stand arrogantly unrepentant with the ongoing misery of others to their account. And who stood idly by while charged by sworn oaths with protecting the innocent, the unsuspecting many, from the predatory, lawless few.
"When bad men combine, the good must associate; else they will fall one by one, an unpitied sacrifice in a contemptible struggle." Edmund BurkeThe banks must be restrained, the financial system reformed, the economy brought bank into balance, and justice done though the mighty fall, before there can be any sustained recovery.
Posted by Jesse at 7:15 PM:verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/financial-crisis-are-we-all-responsible.html)
http://img1.blogblog.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=8463860562239685064) http://img2.blogblog.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=8463860562239685064)
Category: bank fraud (http://jessescrossroadscafe.blogspot.com/search/label/bank%20fraud), blame for financial crisis (http://jessescrossroadscafe.blogspot.com/search/label/blame%20for%20financial%20crisis), control fraud (http://jessescrossroadscafe.blogspot.com/search/label/control%20fraud), Financial Crisis (http://jessescrossroadscafe.blogspot.com/search/label/Financial%20Crisis), financial reform (http://jessescrossroadscafe.blogspot.com/search/label/financial%20reform)
...na hoffentlich lesen das viele :rolleyes
APRIL 25, 2010
Standoff Over Ship Escalates in Koreas
By EVAN RAMSTAD (http://online.wsj.com/search/term.html?KEYWORDS=EVAN+RAMSTAD&bylinesearch=true)
SEOUL—South Korea's top military official said Sunday that a torpedo likely exploded under the South Korean patrol boat that sank a month ago near the maritime border with North Korea, bringing Seoul closer to declaring it was attacked by the North and hastening a delicate decision about what to do next.
The finding puts South Korea and its ally the U.S. in a bind in confronting the nuclear-armed totalitarian state. Seoul faces several constraints in penalizing Pyongyang, starting with the prospect that a military response could escalate into a war that very few here want......
full story: http://online.wsj.com/article/SB10001424052748704446704575205400833858626.html
CDOs For Dummies (Yes, Congress, We Are Looking At You) (http://www.zerohedge.com/article/cdos-dummies-yes-congress-we-are-looking-you)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/25/2010 21:06 -0500
Every now and then, congressmen (and their staffers) have a knack of taking a terrific opportunity to investigate the alleged criminality at the apex of Wall Street (such as Tuesday's hearing with Darth Blankfein), and blow it by 1) pursuing personal agendas that have nothing to do with the matter at hand and 2) having no understanding of the matter at hand. And when the matter at hand is something as complex as CDOs (just ask Lloyd or Ben Bernanke - both will tell you that only Goldman understood these products well enough to trade them, and that only the Fed is smart enough to regulate them),televised embarrassment is sure to follow. Which is why we have prepared some bedside reading for all those who intend on grilling Lloyd on Tuesday.
8 comments (http://www.zerohedge.com/article/cdos-dummies-yes-congress-we-are-looking-you#comments)
Read more (http://www.zerohedge.com/article/cdos-dummies-yes-congress-we-are-looking-you)
9 attachments (http://www.zerohedge.com/article/cdos-dummies-yes-congress-we-are-looking-you#attachments)
on Sun, 04/25/2010 - 22:04
This is exactly why I won't watch. These hearings end up being a full-on confirmation of Congressional incompetence... a freak show designed to accomplish exactly nothing.
on Mon, 04/26/2010 - 00:21
If there was only even one single guy sitting on the panel on tuesday, who would know his stuff (or at least be lectured by someone who knows his structured finance), then the tuesday hearings (especially talking with Fab) would probably be efficient and congress could get to the bottom of some things.
I feel like tuesday theyre going to simply keep asking
"Have you ever shorted a stock?!?!?" (see repeat of what happened to Fuld last week)
"Your bonuses were in the sum of $xMM - is that fair?!?!"
"Why is your jet better than my coach plane?"
Congress is shit, and all the panels have clueless people on them who ignore the experts are hand (Black last week, again, being an example).
....ich befürchte auch, dass das Ganze wieder einmal als schlechtes Schmierenthester endet :rolleyes:mad
A Detailed Look At Goldman's Mortgage Trading Strategy In Late 2006 And 2007; The Goldman "Directive" (http://www.zerohedge.com/article/detailed-look-goldmans-mortgage-trading-strategy-late-2006-and-2007)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/25/2010 18:04 -0500
One of the key topics over the next week will be just what was Goldman's exposure to the mortgage industry in 2006 and 2007, and was the firm actively short mortgage exposure or was it merely, as it claims, just a market maker without any active positions on its prop desk. Courtesy of Carl Levin's recently declassified Goldman emails and presentations we get an extensive glimpse into Goldman's net exposure, its DV01, its counterparties, as well as how the firm was planning on interfering with the market when it needed liquidity to offload legacy positions. We also get a rare glimpse into the contributions from Tourre's mentor, Jonathan Egol. Let's dig in.
54 comments (http://www.zerohedge.com/article/detailed-look-goldmans-mortgage-trading-strategy-late-2006-and-2007#comments)
Read more (http://www.zerohedge.com/article/detailed-look-goldmans-mortgage-trading-strategy-late-2006-and-2007)
on Sun, 04/25/2010 - 18:38
"Lloyd's disingenuous defense of his profitability, as seen in an email from November 18, 2007, is hilarious. "Of course we didn't dodge the mortgage mess. We lost money, then made more than we lost because of shorts. Also, it's not over, so who knows how it will turn out ultimately." Lloyd's statement would be completely acceptable if he was, as he obviously thought, dealing with idiots:...."
Blankfein would be aware that whenever he writes an e-mail there is a much greater chance of it coming into the public domain given his position in the firm.
This e-mail sounds like an e-mail written to be found by the SEC or GSs client's lawyers once they work out how much they have been ripped off. To paraphrase "We were up a bit, we were down a bit, who knows where it is all going to end" - difficult to pin any case on that. However the reality is - as the var analysis, reports, firm directives and other e-mails show - is the Blankfein and others knew exactly how they had profited to date and what their exposures were.
Fabulous Fab on the other hand never expected his missives would fall into the public domain. Being that much more junior he would be that much more revealing of the real views of the firm (as well as affording much of the financial world and in fact the rest of world with great entertainment for the coming few months...)
by Conrad Murray
on Sun, 04/25/2010 - 18:48
It's a shame ZH has to do the job of CNBC, the SEC, and Congress; but damn, I'm sure glad someone is. Keep up the good fight!
by Mark McGoldrick
on Sun, 04/25/2010 - 18:46
I started reading this at 4:35.
By 4:39, had I not ran to the kitchen and stuck my head in the freezer, my brain would have exploded.
on Sun, 04/25/2010 - 19:09
#317331 (http://www.zerohedge.com/article/detailed-look-goldmans-mortgage-trading-strategy-late-2006-and-2007#comment-317331) <--- ist sehr lang aber :supi viele comments sind lesenswert :cool
Goldman's Essay On Why The US Debt Load Is "Not Too Concerning" (http://www.zerohedge.com/article/goldmans-essay-why-us-debt-load-not-too-concerning)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/25/2010 20:03 -0500
Goldman has been on a roll this week. After losing all credibility (or whatever they had) with the markets, the objective media and Main Street, but not their clients, who were the ones losing the most for interacting with the squid, yet refuse to take their business elsewhere for fear of being locked out from the market monopolist with the greatest amount of inventory (yes, economies of scale when compounded with not so subtle forced liquidations of key competitors end up in monopolistic outcomes), now their economic team is taking a gamble with its own reputation (this is the team that won the best big bank economic team aware for 2009). In a note distributed to clients, entitled "What's the Right Measure of US Government Debt?" Andrew Tilton and Alec Phillips try to present the case that contrary to what you may have heard, the $12.8 trillion of US debt is not really worth losing sleep over. In fact the next time Goldman needs a bailout and the resultant $2-20 trillion of new debt are added to the make the 2s30s at about 100%, that should not be a source of concern either.
60 comments (http://www.zerohedge.com/article/goldmans-essay-why-us-debt-load-not-too-concerning#comments)
Read more (http://www.zerohedge.com/article/goldmans-essay-why-us-debt-load-not-too-concerning)
by Leo Kolivakis
on Sun, 04/25/2010 - 21:36
Greek TV Show Radio Arvyla Presents Max Keiser (Eng sub):
on Sun, 04/25/2010 - 23:24
bone heads eric sprott
The rating agencies’ ranking of the United States is even more disconnected from reality. To believe that the US sets the benchmark for sovereign debt credit ratings is preposterous. While we have written ad nauseam about the excessive debt issuance by the United States, we found a recent update written by United States Government Accountability Office (GAO) to be particularly instructive. The update noted the US’s budget deficit equivalent to 9.9% of GDP in 2009 – the largest since 1945 – and stated that without significant policy changes the US government would soon face an “unsustainable growth in debt”. This was not news to us. It goes on to state, however, that using reasonable assumptions, “roughly 93 cents of every dollar of federal revenue will be spent on the major entitlement programs and net interest costs by 2020.“8 This is news! In less than ten years, using reasonable assumptions, there will essentially be no money left to run the US government – 93% of all tax revenues the US government collects will go to pay social security, Medicare, Medicaid and the interest costs on their national debt. This implies no money left over for defense, homeland security, welfare, unemployment benefits, education or anything else we associate with the normal business of government. And the US government is rated AAA!?
the goldman guy is sucking a tit of stupid . raised on the gruel of Keynesian poison and left over trash from the kitchen sink .. waiting for his next government bonus check
So funktioniert Israels Zensurmaschine (http://www.spiegel.de/politik/ausland/0,1518,690410,00.html)
Weil sie angeblich geheime Dokumente an einen Reporter weitergab, wurde eine Ex-Soldatin in Israel unter Hausarrest gestellt. Monatelang durfte über den Fall nicht berichtet werden. Im SPIEGEL-ONLINE-Interview verteidigt sich nun Chefzensorin Sima Vaknin-Gil - und schildert im Detail die Arbeit ihrer Behörde. mehr... (http://www.spiegel.de/politik/ausland/0,1518,690410,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14941&goto=newpost) ]
.....SPIEGEL ONLINE: Es gibt unter israelischen Journalisten sogar so etwas wie vorauseilenden Gehorsam: Manchmal legen sie bestimmte Informationen der Zensur gar nicht erst vor, weil sie selbst meinen, dass eine Veröffentlichung der staatlichen Sicherheit schadet. Im Fall des in Dubai getöteten Hamas-Waffenhändlers Mahmud al-Mabhuh (http://www.spiegel.de/politik/ausland/0,1518,685307,00.html) zum Beispiel wissen israelische Journalisten viel mehr als sie veröffentlicht haben.
Vaknin-Gil: Ohne auf den konkreten Fall einzugehen: Sie beschreiben das, was ich den israelischen Konsens nenne. Ich halte die israelischen Journalisten für sehr verantwortungsvoll. Manche von ihnen achten sogar mehr auf Sicherheitsbelange als wir in der Zensurbehörde.....:dumm
(...ob diese Frau an ihren eigenen Quatsch glaubt :kopf )
Gefangenenaustausch: Hamas setzt Israel mit Hollywood-Methoden unter Druck (http://www.spiegel.de/politik/ausland/0,1518,691118,00.html)
Warnung von Astrophysiker Hawking
Sprecht bloß nicht mit den Aliens! (http://www.spiegel.de/wissenschaft/weltall/0,1518,691115,00.html)
Die Außerirdischen sind da draußen, darüber ist sich der an den Rollstuhl gefesselte Physiker Stephen Hawking sicher. Doch er warnt vor Euphorie: Die Menschheit solle sich besser still verhalten. Denn Aliens könnten uns Menschen allzu ähnlich sein - und kommen, um zu plündern und zu zerstören. Von Christoph Titz mehr... (http://www.spiegel.de/wissenschaft/weltall/0,1518,691115,00.html) [ Video (http://www.spiegel.de/video/video-30375.html) | Forum (http://forum.spiegel.de/showthread.php?t=14942&goto=newpost) ]
..... Darum sei es wohl "ein wenig zu gefährlich", den Kontakt zu suchen. Kämen die Außerirdischen, wäre der Effekt in etwa so, wie die Landung von Christoph Columbus in Amerika - "und die ist den amerikanischen Ureinwohnern auch nicht bekommen", so Hawking.
Ähnliche Befürchtungen äußerte Anfang März bei einer Ufo-Tagung in Kalifornien Albert Harrison, Professor für Sozialpsychologie an der University of California. Harrison sagte, beim Versuch der Kontaktaufnahme werde zu viel Stuss in den Weltraum gesendet, darunter Promi-Bilder, Werbespots und Liebesbriefe an Rockstars.
Wer so etwas schicke, müsse aufpassen, welches Bild er von sich zeichne. "Vielleicht empfinden sie uns als Bedrohung", warnt Harrison. Im Fall eines militärischen Konflikt wären uns die Aliens dann sicher überlegen, denn: Wer eine Reise bis zur Erde schafft, der ist den Menschen technisch zwangsläufig weit voraus......
50 Jahre Alien-Suche: Schweigen im Weltall (http://www.spiegel.de/wissenschaft/weltall/0,1518,679363,00.html)
Themenseite: Astrophysiker Stephen Hawking (http://www.spiegel.de/thema/stephen_hawking/)
Themenseite Außerirdisches Leben: Hallo, ist da wer? (http://www.spiegel.de/thema/ausserirdisches_leben/)
:gruebel :nw....ich glaube ja aucht nicht, dass wir so einmalig sind :oo
http://www.spiegel.de/images/image-81376-thumb-bxyr.jpg (http://www.spiegel.de/politik/ausland/0,1518,690966,00.html) Sexskandal in Moskau
"Dissident, hast du schon mit Katja geschlafen?" (http://www.spiegel.de/politik/ausland/0,1518,690966,00.html)
Sexvideos, Drogen und eine geheimnisvolle Schönheit: In Russland werden Kreml-Kritiker mit Geheimdienstmethoden unter Druck gesetzt. Moskau rätselt über die Hintermänner des Skandals - und fürchtet weitere Enthüllungen. Von Benjamin Bidder, Moskau mehr... (http://www.spiegel.de/politik/ausland/0,1518,690966,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14939&goto=newpost) ]
....die :kotzGeheimdienste sind wohl auf der ganzen Welt gleich :gomad
...und da wir schon bei Russland sind - hier das Neuste aus Tatler Russia May 2010
...so möchten eben manche auch leben :schwitz
Goldman Mortgage Traders Bet On Burger-Eating Contests (http://online.wsj.com/article/SB10001424052748703441404575206400921118356.html?mod=rss_whats_news_us&utm_source=WallStreetJournal&utm_medium=twitter)
Subprime Trader Knew 'Frankenstein Was Turning Against His Own Inventor,' Emails Show (http://online.wsj.com/article/SB10001424052748703441404575206400921118356.html?mod=rss_whats_news_us&utm_source=WallStreetJournal&utm_medium=twitter)
Simon Johnson: The Sickening Abuse of Power at the Heart of Wall Street (http://www.huffingtonpost.com/simon-johnson/the-sickening-abuse-of-po_b_550770.html)
Comments (49) (http://www.huffingtonpost.com/2010/04/26/goldman-mortgage-traders-_n_551379.html)
| Financial Crisis (http://www.huffingtonpost.com/news/wall-street)
...hoffentlich mussten danach alle :bad aber mal abgesehen davon - warum lässt man es so weit kommen, dass so eine Bagage das Weltgeschehen mitbestimmen kann :gomad
Geigerin droht Strafe von über einer halben Million Franken (http://www.tagesanzeiger.ch/kultur/klassik/Geigerin-droht-Strafe-von-ueber-einer-halben-Million-Franken/story/30087482)
http://files.newsnetz.ch/story/3/0/0/30087482/17/teasermedium.jpg (http://www.tagesanzeiger.ch/kultur/klassik/Geigerin-droht-Strafe-von-ueber-einer-halben-Million-Franken/story/30087482) Erst hat der Schweizer Zoll das 4,5 Millionen Franken teure Instrument von Patricia Kopatchinskaja beschlagnahmt, jetzt eröffnet er ein Strafverfahren gegen die berühmte Musikerin. Mehr... (http://www.tagesanzeiger.ch/kultur/klassik/Geigerin-droht-Strafe-von-ueber-einer-halben-Million-Franken/story/30087482)
Von Rico Bandle. Aktualisiert um 14:01 Uhr50 Kommentare (http://www.tagesanzeiger.ch/kultur/klassik/Geigerin-droht-Strafe-von-ueber-einer-halben-Million-Franken/story/30087482#kommentar)
Der Zoll hats vergeigt (http://www.tagesanzeiger.ch/kultur/klassik/Der-Zoll-hats-vergeigt/story/24836398)
Der Zoll vergeigts – oder lässt einen Flügel in die Luft fliegen (http://www.tagesanzeiger.ch/kultur/klassik/Der-Zoll-vergeigts--oder-laesst-einen-Fluegel-in-die-Luft-fliegen/story/29723145)
.....die Schweiz macht sich immer beliebter :dumm und wenn ich so einige Kommentare lese da geht's mir bald wie bei den GSlern :bad
Streit um Finanzspritze für Athen
Deutschland bremst schnelle Griechen-Hilfe (http://www.spiegel.de/politik/ausland/0,1518,691217,00.html)
Athen und die EU-Partner drängen zur Eile - doch die Bundesregierung weigert sich, schnell Geld für Griechenland zuzusagen. Eine Entscheidung stehe noch längst nicht fest, sagte Außenminister Westerwelle. Auch eine Blitz-Abstimmung im Bundestag wird es wohl nicht geben. mehr... (http://www.spiegel.de/politik/ausland/0,1518,691217,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14879) ]
Griechenland: FDP torpediert Schäubles Hilfsplan (http://www.spiegel.de/politik/ausland/0,1518,691152,00.html)
Griechische Anleihen: Spekulanten treiben Risikoaufschläge auf Rekordwert (http://www.spiegel.de/wirtschaft/soziales/0,1518,691262,00.html)
Themenseite: Die Finanzkrise in Griechenland (http://www.spiegel.de/thema/finanzkrise_in_griechenland/)
....also ich habe mir diese Sendung angesehen und ich finde es wirklich sehr schwierig da eine eindeutige Meinung zu haben - soviel spricht dafür und dawider :rolleyes :gruebel
Griechenland ist pleite - jetzt zahlen wir!
Sendung: 25.04.2010 um 21.45 Uhr
Griechenland ist pleite und braucht 45 Milliarden Euro, allein 30 Milliarden von seinen europäischen Partnern. Den größten Anteil wird Deutschland stemmen müssen.
Können wir uns das leisten? Hat Griechenland über seine Verhältnisse gelebt? Welches europäische Land wird als nächstes um Kredite bitten? Ist der Euro noch zu retten?
Das Video der Sendung vom 25.04.2010 (http://daserste.ndr.de/annewill/videos/annewill1864.html)
http://daserste.ndr.de/annewill/media/annewill1854_v-ardteaser.jpg (http://daserste.ndr.de/annewill/videos/annewill1864.html) "Griechenland ist pleite - jetzt zahlen wir!" - Hier können Sie die komplette Sendung im Videostream ansehen.[mehr] (http://daserste.ndr.de/annewill/videos/annewill1864.html)
Die Gäste im Studio (http://daserste.ndr.de/annewill/archiv/gaesteliste384.html)
http://daserste.ndr.de/annewill/media/kombo248_v-ardteaser.jpg (http://daserste.ndr.de/annewill/archiv/gaesteliste384.html) Das Thema diskutieren Renate Künast (Grüne), Steffen Kampeter (CDU), Walter Wüllenweber, Arnulf Baring und Michalis Pantelouris.[mehr] (http://daserste.ndr.de/annewill/archiv/gaesteliste384.html)
Am Pult bei ANNE WILL (http://daserste.ndr.de/annewill/archiv/pultgast124.html)
http://daserste.ndr.de/annewill/media/enderlein106_v-ardteaser.jpg (http://daserste.ndr.de/annewill/archiv/pultgast124.html) Henrik Enderlein ist Professor für politische Ökonomie an der Hertie School of Governance in Berlin. Er beschäftigt sich schon seit langem mit der Finanzkrise und ihren Auswirkungen.[mehr] (http://daserste.ndr.de/annewill/archiv/pultgast124.html)
Welcome to Pluto
By James Rickards (http://dailycaller.com/author/jrickards/) | Published: 04/26/10 at 12:00 AM | Updated: 04/26/10 at 7:27 AM
Plutocracy, rule by the rich, is not named for Pluto, god of death, but his spoiled son, Plutus, the personification of wealth. The juxtaposition of a dead economy and bank billionaires makes this lineage apt.
The failure of Washington and Wall Street to foresee the financial crisis is well known. Less well known is their failure to grasp the depth of the crisis once it began. The crisis did not emerge suddenly in September 2008 with Lehman and AIG; it was in full swing by August 2007 with the Fed’s emergency discount rate cut. Why were our leaders blind not once, at the outset, but twice, after the crisis had begun?.....
.....Surely some social good came out of this financial alchemy? After all, isn’t reward half of the risk-reward spectrum? When a city borrows money an airport can be built. When a corporation borrows a new factory rises. When individuals borrow they buy a house or car. Along with debt comes some investment, purchase or savings that helps advance the economy however fitfully. How many airports, roads, factories, farms, houses, cars or other goods fell out of the $27 trillion CDS piñata? I won’t keep you in suspense—the answer is none....
.......Society is so in thrall to Goldman and the other banks that we can’t even hold them accountable. Their critics are accused of using hindsight as if the game wasn’t rigged from the start. Opponents are accused of being anti-free market as if putting horsemeat in hamburgers is a legitimate market activity. As a society, we’ve lost our nerve when it comes to bankers and their lobbyists. The Age of the Plutocrat has well and truly arrived.......
Read more: http://dailycaller.com/2010/04/26/welcome-to-pluto/2/#ixzz0mDYdzfe3
Frontrunning: April 26 (http://www.zerohedge.com/article/frontrunning-april-26)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/26/2010 07:54 -0500
Computerized front running: how a computer program designed to save the free market turned into a monster (Web of Debt (http://www.webofdebt.com/articles/computerized_front_running.php), h/t MF)
Even after failing to keep Citi above $5, US Treasury to sell 1.5 billion shares of Citi stock (Bloomberg (http://www.bloomberg.com/apps/news?pid=20601087&sid=aCIBV7arc94w&pos=1))
Dodd accepts ban on bank derivatives business (AP (http://news.yahoo.com/s/ap/20100425/ap_on_bi_ge/us_financial_overhaul_derivatives))
But hold on: this would hinder the billionaire's plans to become a trillionaire: Berkshite presses lawmakers to roll back proposed curbs, avoiding potential hit... and we can't have that now can we (WSJ (http://online.wsj.com/article/SB10001424052748703441404575206252252365076.html?mod=WSJ_hpp_LEFTTopStories))
Rogoff says Greece may not be Europe's last bailout (Bloomberg (http://www.bloomberg.com/apps/news?pid=20601087&sid=aq9FUfPvtucw&pos=7))
Bill Gross: "In order to pay the interest and the bill when it comes due, we'll simply have to issue more IOUs. That, to me, is Ponzi-like. It's a game that can never be finished." (WaPo (http://www.washingtonpost.com/wp-dyn/content/article/2010/04/23/AR2010042302222.html))
Do you have any reforms in size XL? (NYT (http://www.nytimes.com/2010/04/25/business/economy/25gret.html?ref=business))
AXA Rosenberg finds cording error in risk program (Reuters (http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10464360))
The Guardian (http://www.guardian.co.uk/) / By Matt Taibbi (http://www.alternet.org/authors/6535/)
http://www.alternet.org/images/site/talk_box_.jpg 30 COMMENTS (http://www.alternet.org/story/146611/#disqus_thread)
Taibbi: The Lunatics Who Made a Religion Out of Greed and Wrecked the Economy
The SEC's lawsuit against Goldman Sachs is a chance to prevent greed without limits.
April 26, 2010 |
So Goldman Sachs (http://www.guardian.co.uk/business/goldmansachs), the world's greatest and smuggest investment bank, has been sued for fraud by the American Securities and Exchange Commission. Legally, the case hangs on a technicality.
Morally, however, the Goldman Sachs case may turn into a final referendum on the greed-is-good ethos that conquered America sometime in the 80s – and in the years since has aped other horrifying American trends such as boybands and reality shows in spreading across the western world like a venereal disease.
When Britain and other countries were engulfed in the flood of defaults and derivative losses that emerged from the collapse of the American housing bubble two years ago, few people understood that the crash had its roots in the lunatic greed-centered objectivist religion, fostered back in the 50s and 60s by ponderous emigre novelist Ayn Rand.
While, outside of America, Russian-born Rand is probably best known for being the unfunniest person western civilisation has seen since maybe Goebbels or Jack the Ripper (63 out of 100 colobus monkeys recently forced to read Atlas Shrugged in a laboratory setting died of boredom-induced aneurysms), in America Rand is upheld as an intellectual giant of limitless wisdom. Here in the States, her ideas are roundly worshipped even by people who've never read her books or even heard of her. The rightwing "Tea Party" movement is just one example of an entire demographic that has been inspired to mass protest by Rand without even knowing it.
Last summer I wrote a brutally negative article about Goldman Sachs for Rolling Stone magazine (I called the bank a "great vampire squid wrapped around the face of humanity") that unexpectedly sparked a heated national debate. On one side of the debate were people like me, who believed that Goldman is little better than a criminal enterprise that earns its billions by bilking the market, the government, and even its own clients in a bewildering variety of complex financial scams.....
.....Now, the instruments in question in this deal – collateralized debt obligations and credit default swaps – fall into the category of derivatives, which are virtually unregulated in the US thanks in large part to the effort of gremlinish former Federal Reserve chairman Alan Greenspan, who as a young man was close to Rand and remained a staunch Randian his whole life. In the late 90s, Greenspan lobbied hard for the passage of a law that came to be called the Commodity Futures Modernisation Act of 2000, a monster of a bill that among other things deregulated the sort of interest-rate swaps Goldman used in its now-infamous dealings with Greece (http://www.guardian.co.uk/world/greece).
Both the Paulson deal and the Greece deal were examples of Goldman making millions by bending over their own business partners. In the Paulson deal the suckers were European banks such as ABN-Amro and IKB, which were never told that the stuff Goldman was cheerfully selling to them was, in effect, designed to implode; in the Greece deal, Goldman hilariously used exotic swaps to help the country mask its financial problems, then turned right around and bet against the country by shorting Greece's debt.......
.....People have to understand this Randian mindset is now ingrained in the American character. You have to live here to see it. There's a hatred toward "moochers" and "parasites" – the Tea Party movement, which is mainly a bunch of pissed off suburban white people whining about minorities consuming social services, describes the battle as being between "water-carriers" and "water-drinkers". And regulation of any kind is deeply resisted, even after a disaster as sweeping as the 2008 crash.....
full story: http://www.alternet.org/story/146611/?page=3
:supi :supi :supi aber eigentlich ziemlich traurig :(:rolleyes den ganzen Artikel lesen lohnt sich :cool
5s10s On Deutsche, Goldman, Morgan Stanley Invert (http://www.zerohedge.com/article/5s10s-deutsche-goldman-morgan-stanley-invert)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/26/2010 09:56 -0500
The full blown curve inversion that is taking the PIIGS by storm is slowly coming to a TBTF near you. As the chart below shows, the 5s/10s in CDS curves for the most prominent banks are now inverted, while the bulk of them are flat at best. Should the ongoing pounding in GS stock continue, look for flatness to slowly creep to the 4, 3, 2 and 1 Year marks.
2 comments (http://www.zerohedge.com/article/5s10s-deutsche-goldman-morgan-stanley-invert#comments)
Read more (http://www.zerohedge.com/article/5s10s-deutsche-goldman-morgan-stanley-invert)
ozymandius http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=114346) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=114346) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=114346&level=three) Mon Apr-26-10 06:18 AM
Response to Reply #8 (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4357024&mesg_id=4357042) 10. Deal Near on Derivatives http://upload.democraticunderground.com/discuss/images/avatars/earth.gif WASHINGTON—Democrats took a step toward their goal of overhauling financial regulation, reaching a tentative deal to set restrictions on trading in exotic financial instruments known as derivatives.
Among the considerations still in the balance: A big provision being sought by Warren Buffett in recent weeks. A key Senate committee had changed its proposed overhaul of derivatives regulation after lobbying by Mr. Buffett's Berkshire Hathaway Inc., potentially helping the famed investor avoid a financial hit, congressional aides say.
The provision, sought by Berkshire and pushed by Nebraska Sen. Ben Nelson in the Senate Agriculture Committee, would largely exempt existing derivatives contracts from the proposed rules. Previously, the legislation could have allowed regulators to require that companies such as Nebraska-based Berkshire put aside large sums to cover potential losses. The change thus would aid Berkshire, which has a $63 billion derivatives portfolio, according to Barclays Capital.
Mr. Buffett's push is especially notable because he has warned of the potential dangers of derivatives, famously branding them "financial weapons of mass destruction."
The battle over the provision shows how lobbying by businesses and lawmakers to insert just a few words into a complex bill can have a major impact on the country's biggest companies.
Demeter http://www.democraticunderground.com/discuss/images/donor.gif (1000+ posts) http://www.democraticunderground.com/discuss/images/mesg_journal.gif (http://journals.democraticunderground.com/Demeter) http://www.democraticunderground.com/discuss/images/mesg.gif (http://www.democraticunderground.com/discuss/duboard.php?az=send_mesg&u_id=131994) http://www.democraticunderground.com/discuss/images/profile_small.gif (http://www.democraticunderground.com/discuss/duboard.php?az=user_profiles&u_id=131994) http://www.democraticunderground.com/discuss/images/mesg_add_buddy.gif (http://www.democraticunderground.com/discuss/duboard.php?az=add_buddy&u_id=131994) http://www.democraticunderground.com/discuss/images/mesg_add_ignore.gif (http://www.democraticunderground.com/discuss/duboard.php?az=ignore_member&iid=131994&level=three) Mon Apr-26-10 08:15 AM
Response to Reply #10 (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4357024&mesg_id=4357045) 22. Buffett is Just as Crooked, Just Not as Greedy or Stupid http://www.democraticunderground.com/discuss/images/transparent.gif This is a man who can plan, defer gratification, and prepare alternate plans.
Even more dangerous in the long run?
Gerald Celente (http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/4/24_Gerald_Celente.html)
Saturday, April 24, 2010
Gerald Celente is the Founder & Director of the Trends Research Institute. Gerald has been quoted and interviewed in media throughout the world such as, CNBC, Fox News, CBS This Morning, 48 Hours,...
....ja man weiss alles - trotzdem braucht es Leute wie Celente/Kaiser & Co. die es immer und immer wieder sagen, wie verdorben das ganze Wallstreet/financial business ist und wie sich die Amis immer mehr in die Kriege verstricken :mad
...was er über Spitzer sagt :confused:rolleyes über die Sex-Geschichte hat man ihm ja noch so gerne stolpern lassen....jedenfalls so weit ich das mitbekommen habe :rolleyes
....er wünscht sich eine Renaissance für Amerika - angelehnt an Ghandi "buy only Indian no Britain" ---> "buy only American no China" :cool
also ich finde seine Ansichten sind jedenfalls eine Überlegung wert, besonders für die Amis natürlich :oo
Wie die Superreichen der britischen Tristesse trotzen (http://www.spiegel.de/wirtschaft/soziales/0,1518,691338,00.html)
Der britische Aufschwung lahmt, doch Londons Superreiche haben sich von der Wirtschaftskrise schon fast wieder erholt. Die neue "Rich List" der "Sunday Times" zeigt rekordverdächtige Vermögenszuwächse bei Hedgefonds-Managern, russischen Oligarchen und indischen Schwerindustriellen. Von Carsten Volkery mehr... (http://www.spiegel.de/wirtschaft/soziales/0,1518,691338,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14973&goto=newpost) ]
Fotostrecke: Die reichsten Briten (http://www.spiegel.de/fotostrecke/fotostrecke-54248.html)
Krisengewinner 2009: Rekordzuwächse für Britanniens Superreiche (http://www.spiegel.de/panorama/gesellschaft/0,1518,691091,00.html)
....same old story - the rich get richer, the poor get poorer :gomad
Mammut-Ausstellung in New York
Picassos neueste Enthüllungen (http://www.spiegel.de/kultur/gesellschaft/0,1518,691183,00.html)
Eine Mega-Show im New Yorker Metropolitan Museum widmet sich einem altbekannten Thema - Picasso. Dass die Ausstellung "sexuell eindeutiges Material" enthält, sorgt dabei für das kleinste Erregungspotential: Spektakuläre Technik ermöglicht einen neuen Blick auf zentrale Bilder des Meisters. Von Marc Pitzke, New York mehr... (http://www.spiegel.de/kultur/gesellschaft/0,1518,691183,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14970&goto=newpost) ]
Fotostrecke: Der vielschichtige Meister (http://www.spiegel.de/fotostrecke/fotostrecke-54217.html)
Themenseite: Pablo Picasso (http://www.spiegel.de/thema/pablo_picasso/)
26 April 2010
SP Daily Futures Chart (http://jessescrossroadscafe.blogspot.com/2010/04/sp-daily-chart.html)
http://3.bp.blogspot.com/_H2DePAZe2gA/S9XMFRSuAnI/AAAAAAAAMgQ/K0Hq54r7NHE/s320/titanic_sinking.JPG (http://3.bp.blogspot.com/_H2DePAZe2gA/S9XMFRSuAnI/AAAAAAAAMgQ/K0Hq54r7NHE/s1600/titanic_sinking.JPG) The Federal Reserve and the Administration seem intent on creating another bubble, or rather reflating an old one in US dollar heavy financial assets, in order to prolong the mother of all bubbles, the credit in US dollars bubble.
They are doing it selectively, with the banks carefully apportioning the excess liquidity into financial assets held by a relatively fewer amount of Americans who own stocks, while savers are heavily penalized.
When the credit bubble begins to totter things will become quite chaotic, and the panic this next time around may be terrific, dwarfing that so-easily forgotten repentance and regret of 2007-8. More than panic: hysteria.
I think it is now too late for a real reform. The Democrats have squandered their mandate from the people, and the Republicans are crony capitalists marching in lock step with the Banks, who seem to be in control once again. But I could be mistaken, and would be glad if I am.
When the US dollar and economy roll over it will make quite a wave that will swamp many boats. But these things take time. Once they start to happen, it moves slowly at first, but then gains a momentum and becomes almost unstoppable.
I am not quite sure how much water the USS Leviathan has already taken on, and how big the hole might be. But I firmly believe that the iceberg has been struck, the damage done, and the process has begun. The lifeboats are being quietly provisioned and reservations taken for the officers and crew, and the upper decks.
Again, these things take time, and there is always hope until the end. But there is less and less that can be done as the process continues to unfold, with no serious repairs, and only distractions for the passengers, and encouragingly false announcements, from the bridge.
Posted by Jesse at 12:25 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/sp-daily-chart.html)
http://img1.blogblog.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=4806023747913624150) http://img2.blogblog.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=4806023747913624150)
Category: SP Daily Chart (http://jessescrossroadscafe.blogspot.com/search/label/SP%20Daily%20Chart)
Goldman CEO: Trader Charged With Fraud Is 'Immature,' Not Crook (http://www.foxbusiness.com/story/markets/industries/finance/exclusive-blankfein-says-trader-fab-immature-crook/)
Comments (69) (http://www.huffingtonpost.com/2010/04/26/blankfein-fabrice-tourre-_n_552157.html)
| Goldman Sachs (http://www.huffingtonpost.com/news/goldman-sachs)
http://images.huffingtonpost.com/profiles/401212.png?20100120151126 (http://www.huffingtonpost.com/social/PrimusElijah) PrimusElijah (http://www.huffingtonpost.com/social/PrimusElijah)
Martha Stewart got 5months in prison; a 30,000 dollar fine; and two years probation (with 5 months with an ankle bracelet) for insider trading that saved her $45,673.00. Meanwhile Michael Swenson and Josh Birnbaum of Goldman Sachs make a profit of 4 billion dollars; by using "insider" information. None of these guys are in jail and probably won't ever be prosecuted.
I don't even need to bring Tourre in this. That's all you need to know to see that the regulatory agencies as well as Wall Street/SEC, heck anything involved in the financial sector; are playing in some weird cro-magnon/misogynistic world. If this culture isn't changed, I don't see how you can expect different results.
.....das mit Martha Stewart hat mich auch immer sehr geärgert :gomad warum fasst man diese GS-Dre**skerle immer mit Samthandschuhen an :gomad
Die verzweifelte Suche nach dem Leck (http://www.tagesanzeiger.ch/panorama/vermischtes/Die-verzweifelte-Suche-nach-dem-Leck/story/18810182)
http://files.newsnetz.ch/story/1/8/8/18810182/6/teasermedium.jpg (http://www.tagesanzeiger.ch/panorama/vermischtes/Die-verzweifelte-Suche-nach-dem-Leck/story/18810182) Der Ölteppich im Golf von Mexiko hat sich bereits auf einer Fläche von 4'800 Quadratkilometern ausgebreitet. Ein Tauchroboter soll eine noch grössere Katastrophe verhindern. Mehr... (http://www.tagesanzeiger.ch/panorama/vermischtes/Die-verzweifelte-Suche-nach-dem-Leck/story/18810182)
Aktualisiert vor 52 Minuten
...ein Trost - ich bin bald in Spanien, dann werden die GS Geschichten rarer, ich hoffe zwar, dass Hoka die Glut nicht ganz erlöschen lässt :rolleyes;)
Guest Post: Goldman's CDOs Had Nothing to Do With the Real Estate Bubble (http://www.zerohedge.com/article/guest-post-goldmans-cdos-had-nothing-do-real-estate-bubble)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/26/2010 20:58 -0500
If Goldman Sachs wanted to reduce its exposure to subprime mortgage investments, why didn't it simply sell the assets it owned? Two reasons: First, those large sales would have sent a signal that something was terribly, terribly wrong, and thereby pushed prices down further. That's how supply and demand normally works. Second, Goldman professed to be market maker, which uses its trading book to instill confidence. It ostensibly bought, sold and inventoried mortgage securities to provide stability and liquidity to the marketplace. Of course, we now know that such market confidence was entirely misplaced. To sidestep these issues, Goldman and other major banks found a solution that subverted the laws of supply and demand, and escaped the price discovery of a transparent marketplace. They fabricated synthetic CDOs, such as Abacus 2007 AC-1. These toxic assets, invented out of thin air, made the meltdown worse than it otherwise would have been.
4 comments (http://www.zerohedge.com/article/guest-post-goldmans-cdos-had-nothing-do-real-estate-bubble#comments)
Read more (http://www.zerohedge.com/article/guest-post-goldmans-cdos-had-nothing-do-real-estate-bubble)
on Mon, 04/26/2010 - 21:07
So the question remains: Will anyone see the inside of a prison cell? (....hoffentlich die Richtigen :oo)
BANK REFORM DEBATE BLOCKED:kopf (http://www.huffingtonpost.com/2010/04/26/gop-ben-nelson-block-deba_n_552667.html)
Republicans Vote As Bloc To Filibuster Wall Street Bill... (http://www.huffingtonpost.com/2010/04/26/gop-ben-nelson-block-deba_n_552667.html) Single Democrat Joins GOP Because Warren Buffett Didn't Get Special Deal... (http://www.huffingtonpost.com/2010/04/26/nelson-flips-on-regulator_n_552742.html) Dems Will Force Barrage Of Votes To Try And Break GOP Opposition... (http://www.huffingtonpost.com/2010/04/26/harry-reid-forces-filibus_n_552775.html) Simon Johnson: How The Delay Could Strengthen Reform (http://baselinescenario.com/2010/04/26/the-republicans-help-reform-inadvertently/)
Comments (7,590) (http://www.huffingtonpost.com/2010/04/26/gop-ben-nelson-block-deba_n_552667.html)
| Banks (http://www.huffingtonpost.com/news/banks)
http://i.huffpost.com/profiles/951503.png?20100322235304 (http://www.huffingtonpost.com/social/DearAgony10) DearAgony10 (http://www.huffingtonpost.com/social/DearAgony10)
Republicans could not have been more clear about their intentions. They have no intention of bipartisanship unless they get to delegate and decide.
The fact that they voted NO to debating the issue more than proves they are in the pockets of Wall Street and that they have no leeway to accuse President Obama or other Democrats of being in the pockets of Wall Street.
It's time for another Obama "ENOUGH!" moment where he says "enough of the political games!"
http://i.huffpost.com/profiles/900207-2.png?20100424024705 (http://www.huffingtonpost.com/social/Brent_Willcom) Brent Willcom (http://www.huffingtonpost.com/social/Brent_Willcom)
This is specifically for you tea baggers...
George Carlin--"The American Dream"
Put down your tea...and wake up and smell the coffee. The republicans are taking you for a ride once again.
Good night folks......pleasant dreams:)
.....warum lachen die Leute bloss :confused:rolleyes
MORE Goldman Emails Released: Firm Traded Against Clients, Profited Off Their Losses, And Spread 'Poison Throughout System' (http://www.huffingtonpost.com/2010/04/26/goldman-sachs-emails-firm_n_552464.html)
:bad http://i.huffpost.com/gen/120254/thumbs/s-BLANKFEIN-large300.jpg (http://www.huffingtonpost.com/2010/04/26/goldman-sachs-emails-firm_n_552464.html)
Goldman CEO's Testimony: Deny, Deny, Deny (http://www.huffingtonpost.com/huff-wires/20100427/us-goldman-sachs-investigation/)
David Fiderer: Goldman's CDOs Had Nothing to Do With the Real Estate Bubble (http://www.huffingtonpost.com/david-fiderer/goldmans-cdos-had-nothing_b_552485.html)
Fortune's Stanley Bing: The Lesson of Goldman Sachs, or How the Lizard Will Lose Its... (http://www.huffingtonpost.com/stanley-bing/the-lesson-of-goldman-sac_b_552434.html)
Comments (336) (http://www.huffingtonpost.com/2010/04/26/goldman-sachs-emails-firm_n_552464.html)
| Financial Crisis (http://www.huffingtonpost.com/news/wall-street)
Full Annotated Lloyd Blankfein Testimony (http://www.zerohedge.com/article/full-annotated-lloyd-blankfein-testimony)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/26/2010 16:03 -0500
Zero Hedge deconstructs every lie and prevarication in Lloyd Blankfein's prepared statement ahead of tomorrow's Senate Hearing on "Wall Street and the Financial Crisis" :supi
Below we present Lloyd's full, and merely 2 page, prepared testimony before tomorrow's Senatorial Hearing on the Tourregate. Here are the key amusing excerpts......
122 comments (http://www.zerohedge.com/article/full-annotated-lloyd-blankfein-testimony#comments)
Read more (http://www.zerohedge.com/article/full-annotated-lloyd-blankfein-testimony)
1 attachment (http://www.zerohedge.com/article/full-annotated-lloyd-blankfein-testimony#attachments)
on Mon, 04/26/2010 - 18:04
You have to admire the sheer nerve of these guys to put out testimony that can easily be taken apart and shown to be lies the night before. They have no fear....which kinda says it all, doesn't it? :rolleyes
....und wieder mal darf man gespannt sein - na ja vielleicht auch nicht :reiter
The Must Have Dictionary For Those Who Don't Speak Goldmanese Good (http://www.zerohedge.com/article/must-have-dictionary-those-who-dont-speak-goldmanese-good)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/26/2010 22:17 -0500
With less than 12 hours left to the once-in-a-generation cruentus calamari roasting, here is a primer for all those who will be listening in and hoping to understand any of the guttural noises coming out of the beaks of the those doing god's work on the Senate witness stand. Below is a must-have dictionary for all who seek to speak the divine (or is that brine?) dialect of the Goldmanites, courtesy of Bloomberg's Jonathan Weil.
11 comments (http://www.zerohedge.com/article/must-have-dictionary-those-who-dont-speak-goldmanese-good#comments)
Read more (http://www.zerohedge.com/article/must-have-dictionary-those-who-dont-speak-goldmanese-good)
on Mon, 04/26/2010 - 22:43
Must watch. Levin totally GETS it: (...kann das Video nicht abspielen, mit den Bloombergs habe ich immer Mühe :(:rolleyes)
Goldman-Sachs-Chef wehrt sich gegen Betrugsvorwürfe (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,691407,00.html)
Lloyd Blankfein schaltet in den Angriffsmodus: Der Goldman-Sachs-Chef erklärt die milliardenschweren Betrugsvorwürfe gegen seine Bank für haltlos. Doch immer neue Belege weisen darauf hin, dass die Großbank systematisch Kunden geprellt haben könnte - und dass sich die Affäre sogar auszuweiten droht. mehr... (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,691407,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14998&goto=newpost) ]
.....Laut "New York Times" (http://www.nytimes.com/2010/04/27/business/27goldman.html?hp) geht die amerikanische Regierung inzwischen obendrein dem Verdacht nach, dass Goldman seine Anleger nicht nur in dem einen Fall geprellt haben könnte, den die SEC prüft - sondern noch in zahlreichen anderen.....(:kopf ja das ist ja ganz was Neues :dumm)
....der Vollständigkeit halber
Goldman Faces New Mortgage Allegations
By LOUISE STORY (http://topics.nytimes.com/top/reference/timestopics/people/s/louise_story/index.html?inline=nyt-per)
Published: April 26, 2010
WASHINGTON — The legal storm buffeting Goldman Sachs (http://topics.nytimes.com/top/news/business/companies/goldman_sachs_group_inc/index.html?inline=nyt-org) intensified on Monday as Senate investigators claimed the Wall Street giant had devised not one but a series of complex deals to profit from the collapse of the home mortgage market.
Senator Carl Levin with evidence of other Goldman mortgage deals.
The claims suggested for the first time that the inquiries into Goldman were stretching beyond the sole mortgage deal singled out by the Securities and Exchange Commission (http://topics.nytimes.com/top/reference/timestopics/organizations/s/securities_and_exchange_commission/index.html?inline=nyt-org).......
......The subcommittee pointed to these deals as examples of how Goldman put its own interests ahead of clients. Mr. Levin read from several Goldman documents on Monday to underscore the point, including one in October 2007 that said, “Real bad feeling across European sales about some of the trades we did with clients. The damage this has done to our franchise is very significant.”......:rolleyes
full story: http://www.nytimes.com/2010/04/27/business/27goldman.html?hp
Schlechte Noten fürs Grossraumbüro (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Schlechte-Noten-fuers-Grossraumbuero/story/11770162)
http://files.newsnetz.ch/story/1/1/7/11770162/6/teaserbreit.jpg (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Schlechte-Noten-fuers-Grossraumbuero/story/11770162) Eine neue Studie zeigt, dass es einem Arbeitnehmer in einem kleinen, eigenen Büro besser geht als den Kollegen im Grossraumbüro. Diese leiden häufiger – und nannten die grössten Übel. Mehr... (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Schlechte-Noten-fuers-Grossraumbuero/story/11770162)
Aktualisiert vor 14 Minuten
«Man muss froh sein, wenn man nicht die Kündigung im Briefkasten hat» (http://www.tagesanzeiger.ch/zuerich/region/Man-muss-froh-sein-wenn-man-nicht-die-Kuendigung-im-Briefkasten-hat/story/24371331)
http://files.newsnetz.ch/story/2/4/3/24371331/26/teasermedium.jpg (http://www.tagesanzeiger.ch/zuerich/region/Man-muss-froh-sein-wenn-man-nicht-die-Kuendigung-im-Briefkasten-hat/story/24371331) In einer CS-Liegenschaft schlagen die Mieten nach einer Sanierung um satte 70 Prozent auf. Vor solchen Mietzinserhöhungen ist in Zürich niemand sicher. Mehr... (http://www.tagesanzeiger.ch/zuerich/region/Man-muss-froh-sein-wenn-man-nicht-die-Kuendigung-im-Briefkasten-hat/story/24371331)
.....Dass sich die Rechtslage bald zugunsten der Mieter verbessern wird, glaubt Kunz nicht. «Obwohl wir ein Volk von Mietern sind, haben wir nur schwache Schutzbestimmungen. Und solange eine Mehrheit im Parlament besteht, die klar den Vorgaben der Immobilien- und Baulobby folgt, ist punkto Mieterschutz nicht viel zu erwarten. Eine hohe Rendite für finanzstarke Investoren hat bei einer Mehrheit der Volksvertreter mehr Schutz verdient :confused:rolleyes:mad als der Mieter.» .....
Von Tina Fassbind (http://www.tagesanzeiger.ch/stichwort/autor/tina-fassbind/s.html). Aktualisiert vor 44 Minuten1 Kommentar (http://www.tagesanzeiger.ch/zuerich/region/Man-muss-froh-sein-wenn-man-nicht-die-Kuendigung-im-Briefkasten-hat/story/24371331#kommentar)
Martin Bannwart - 11:10 Uhr
Die Mietsituation in der Stadt Zürich ist etwas vom Unsozialsten, was ich je gesehen habe. Zürich ist eine Stadt für Reiche. Wie unsympathisch.
es ist wirklich fürchterlich :mad....dafür wird die ehemalige Vielfalt dieser Stadt immer ärmer :mad
CS verlangt 70 Prozent mehr Miete (http://www.tagesanzeiger.ch/zuerich/stadt/CS-verlangt-70-Prozent-mehr-Miete/story/25486695)
Today's Goldman Grilling (http://www.zerohedge.com/article/todays-goldman-grilling)(....na hoffentlich und nicht das übliche Geplänkel :rolleyes)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/27/2010 07:23 -0500
For those wishing to watch the full 10:00am Goldman hearing live and commercial free we suggest the following C-Span link. The witness panel for today's hearing is presented. We will update this post with all Goldman-relevant news as the day progresses.
6 comments (http://www.zerohedge.com/article/todays-goldman-grilling#comments)
Read more (http://www.zerohedge.com/article/todays-goldman-grilling)
Today's Highlights :rolleyes
Goldman Sachs Execs to Defend Risky Mortgage Investments
Lloyd Blankfein, Chairman and CEO of Goldman Sachs, testifies before a Senate subcommittee today on the role his and other investment banks played in triggering the 2008 financial collapse. The hearing comes just one day after Senate Democrats failed to gain the 60 votes needed to act on financial regulatory reforms. http://www.c-span.org/ImagesSite/bullets/icon-watch.gif Goldman Hearing: C-SPAN3 at 10am ET
http://www.c-span.org/ImagesSite/bullets/icon-read.gif Goldman CEO: Prepared Testimony (http://paul.kedrosky.com/archives/2010/04/goldman_lloyd_b.html)
http://www.c-span.org/ImagesSite/bullets/icon-read.gif Chicago Trib.: Goldman Readies Rebuttal (http://www.chicagotribune.com/news/sc-biz-0427-goldman--20100426,0,1057473.story)
Wie Berlin die Griechen-Krise verschärfte (http://www.spiegel.de/wirtschaft/soziales/0,1518,691508,00.html)
An ihrer Krise sind die Griechen vor allem selbst schuld. Doch zu allem Unglück hat die Bundesregierung mit Belehrungen und nur zögerlichen Hilfszusagen die Tragödie des Landes noch verschlimmert. Dass die deutschen Steuerzahler jetzt bluten müssen, hat vor allem Kanzlerin Merkel zu verantworten. Ein Gastkommentar von Gustav A. Horn mehr... (http://www.spiegel.de/wirtschaft/soziales/0,1518,691508,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14879) ]
.....Beides - die Rechenfehler Griechenlands und die divenhafte Zögerlichkeit der Bundesregierung, dem südeuropäischen Staat zu helfen - sind nichts anderes als eine Einladung an Spekulanten, auf den Untergang des südeuropäischen Staates zu wetten. Dies erklärt auch, warum in den vergangenen Tagen die Risikoaufschläge für griechische Staatsanleihen in bisher ungeahnte Höhen geschossen sind. Mittlerweile muss die griechische Regierung für die Refinanzierung ihrer Schulden so hohe Zinsen zahlen, dass sie in der Tat trotz Steuererhöhungen und massiver Lohnkürzungen ohne fremde Hilfe nicht mehr auskommt.......
....kann mich nicht dazu äussern :rolleyes :nw jedenfalls eine beschi**ene Situation :oo
Greek Stock Index (ASE) Tumbles 7%, Now At 1686, Financial Stocks Plunge 17% (http://www.zerohedge.com/article/greek-stock-index-ase-tumbles-7-now-1686-financial-stocks-plunge-17)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/27/2010 08:55 -0500
The funding crisis is finally becoming a stock market crisis. Greek bond pricing service HDAT has suspended all bond trade indications.The banking sector is now down 17%. We will keep you updated on the Lehman, pardon, Greek collapse.
22 comments (http://www.zerohedge.com/article/greek-stock-index-ase-tumbles-7-now-1686-financial-stocks-plunge-17#comments)
Read more (http://www.zerohedge.com/article/greek-stock-index-ase-tumbles-7-now-1686-financial-stocks-plunge-17)
SPILL BABY SPILL (http://www.huffingtonpost.com/2010/04/26/big-oil-fought-off-new-sa_n_552575.html)
EXCLUSIVE: BIG OIL FOUGHT OFF NEW SAFETY RULES BEFORE RIG EXPLOSION (http://www.huffingtonpost.com/2010/04/26/big-oil-fought-off-new-sa_n_552575.html)
Spill Covers At Least 1,800 Square Miles.. Headed Toward U.S. Coast.. (http://www.huffingtonpost.com/2010/04/26/deep-horizon-oil-well-gus_n_552491.html) See Incredible NASA Video, Photos Of Spill.. (http://www.huffingtonpost.com/2010/04/27/louisiana-oil-spill-as-se_n_553266.html) Clean-Up Struggle.. (http://articles.latimes.com/2010/apr/26/nation/la-na-oil-rig-20100427) Oceanographer: 'We've Never Seen Anything Like This'.. (http://www.huffingtonpost.com/2010/04/26/deep-horizon-oil-well-gus_n_552491.html) Florida Senator Wants Probe Of Oil Safety Claims (http://www.bradenton.com/2010/04/27/2236663/nelson-requests-senate-investigation.html)
Comments (1117) (http://www.huffingtonpost.com/2010/04/26/big-oil-fought-off-new-sa_n_552575.html)
...here he is ---> Mr. Fabulous Fab :xyz
27 April 2010
Market Manipulation, Systemic Risk and Fraud, Pure and Simple, And It Continues Today (http://jessescrossroadscafe.blogspot.com/2010/04/fraud-pure-and-simple-and-it-continues.html)
This article by the Financial Times should remove any doubt in anyone's mind that Goldman Sachs was willfully selling fraudulent financial instruments. It appears that they were working in conjunction with Ratings Agencies, Mortgage Origination Firms, and Hedge Funds to cheat investors.
Carl Levin summarized the situation in his opening statement this morning in tying together various Congressional hearings and investigations into aspects of the recent financial crisis and the underlying frauds. It sounds remarkably like the frauds that Enron had so recently inflicted on the American public.
In particular, Congressman Levin gave a good description of the key role that derivatives played in this control fraud.
"Of special concern was Goldman’s marketing of what are known as “synthetic” financial instruments. Ordinarily, the financial risk in a market, and hence the risk to the economy at large, is limited because the assets traded are finite. There are only so many houses, mortgages, shares of stock, bushels of corn or barrels of oil in which to invest.
But a synthetic instrument has no real assets. It is simply a bet on the performance of the assets it references. That means the number of synthetic instruments is limitless, and so is the risk they present to the economy. Synthetic structures referencing high-risk mortgages garnered hefty fees for Goldman Sachs and other investment banks. They assumed an ever-larger share of the financial markets, and contributed greatly to the severity of the crisis by magnifying the amount of risk in the system.
Increasingly, synthetics became bets made by people who had no interest in the referenced assets. Synthetics became the chips in a giant casino, one that created no economic growth even when it thrived, and then helped throttle the economy when the casino collapsed."
This is also a description of the emerging scandal in the silver market, and other commodity markets such as those that Enron manipulated, in which synthetic bets are being used to manipulate price, and improbable sales are being conducted under the cover of secrecy.
The question one might ask is, "When is the Administration going to put the FBI and the Justice Department to work in the more serious criminal investigation of the perpetrators of this fraud, with an eye to prosecutions under the RICO statutes?"
A lack of effective regulatory response and reform to the Enron and Worldcom scandals, facilitated by the inappropriate if not pandering monetary and regulatory policies of the privately owned Federal Reserve Bank, allowed the even larger housing bubble to form, bringing the US financial system, and indeed the global economy, to the brink of calamity. This failure on the part of the US to rein in its financial sector jeopardizes all of us, because of the position of their banks in deals around the world, but in particular because of the place of the US dollar as the world's reserve currency.
President Obama does not need the Republicans to begin serious investigation by his branch of government. Indeed, this is why he was elected, and the promises that he had made to voters. The existing financial reform legislation being debated in the Congress is unlikely to be strong enough to prevent the next Enron-like fraud, and indeed, is unlikely to even shut down the existing frauds in the commodity markets, recently disclosed by whistle-blowers.
We suspect the Administration and the Congress are putting forward a good show for the public, even while continuing to take millions of dollars in contributions from the industry, and the very firms that are under investigation like Goldman Sachs.
Reform is best when it is driven by a desire to see oaths and promises upheld, and justice done. It is at its worst when it is just a political deal to 'get something done' to silence the voices of critics.
As an aside, in my estimation the reporting on Bloomberg financial television is hitting new lows each day. They are so willfully unbalanced and misleading in their reporting that it beggars the mind. It is a disgraceful sham to call it journalism.Financial Times (http://www.ft.com/cms/s/0/f144793c-518c-11df-bed9-00144feab49a.html)
Goldman ‘criticised $1bn loan product’
By Henny Sender, Francesco Guerrera, Stephanie Kirchgaessner
April 27 2010 00:52
Goldman Sachs officials privately disparaged a complex $1bn mortgage security that the Wall Street bank sold to investors, according to e-mails released by Senate investigators on the eve of hearings on Tuesday on the bank’s role in the financial crisis.
The disclosure of the e-mails by the Senate subcommittee on investigations, which is conducting the hearing, opens up a new front in Goldman’s battle to defend itself against accusations that it put its interests ahead of its clients.
The Securities and Exchange Commission earlier this month alleged that Goldman fraudulently failed to disclose that a hedge fund influenced the composition of a complex mortgage-related security, called Abacus, underwritten by the bank.
The Goldman communications released on Monday involve Timberwolf, another so-called collateralised debt obligation, or CDO, which was structured by the bank to give investors a chance to bet on subprime mortgages.
Tom Montag, then a senior Goldman executive and now head of corporate and investment banking at Bank of America, was quoted as describing the deal in an e-mail as follows: “Boy that timeberwof (sic) was one shi**y (sic) deal,” according to the Senate subcommittee.
The subcommittee said that Matthew Bieber, the Goldman trader responsible for managing the deal, later described the day that the Timberwolf security was issued as “a day that will live in infamy”, recalling the language President Franklin Roosevelt used for the Japanese attack against Pearl Harbor.
Lawyers for Basis Yield Alpha Fund, a hedge fund that was forced to liquidate after its $100m investment in Timberwolf plummeted in value, have been holding talks with Goldman about the deal, according to a person familiar with the matter.
Goldman officials declined to comment on the matter. Mr Montag also declined to comment.
Within five months of issuance, Timberwolf lost 80 per cent of its value. The security was liquidated in 2008. Among the biggest buyers of Timberwolf was a hedge fund under Bear Stearns Asset Management, which held $300m of the $1bn deal, before the Bear fund collapsed, according to the Senate material. Posted by Jesse at 10:21 AM (http://jessescrossroadscafe.blogspot.com/2010/04/fraud-pure-and-simple-and-it-continues.html) :verbeug
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Category: blame for financial crisis (http://jessescrossroadscafe.blogspot.com/search/label/blame%20for%20financial%20crisis), financial corruption (http://jessescrossroadscafe.blogspot.com/search/label/financial%20corruption), financial reform (http://jessescrossroadscafe.blogspot.com/search/label/financial%20reform)
....da ist ja so was von peinlich :dumm dieser :kotzKerl stellt sich an wie der letzte Häfeli-Schüler, er weiss nix, er weiss immer noch nix, he can't remember - ob er lesen kann :gomad:gomad:gomad man glaubt es nicht :bad
es ist so gruuselig, bis der Blankfein dran kommt muss Sen. Carl Levin so genervt sein, dass er ihm (hoffentlich) den dicken Ordner an seine Birne schmeisst :dumm:dumm:dumm :grrrr
Sen. Carl Levin....ich hoffe er hält durch - ich wäre jetzt schon durch den Wind mit diesem elendigen :kotzPack :gomad
.....ich glaube sogar dem Markt ist es peinlich :rolleyes man kann fast nicht mehr hinhören :dumm
...diese :kotzDreckskerle wollen auf Zeit spielen - Sen. Levin hat eben klar gemacht, dass man die Sache durchzieht :supi hoffentlich :rolleyes
wenn jetzt die Amis nicht erwachen - dann gute Nacht USA :oo
....der Markt geht runter und dieses Schmierenpapier ist im plus :dumm
GOLDMAN GRILLED (http://www.huffingtonpost.com/2010/04/27/goldman-sachs-hearings-li_n_553318.html)
SENATOR CALLS OUT GOLDMAN EXEC FOR 'SHI**Y DEAL' .. LIVE VIDEO, UPDATES (http://www.huffingtonpost.com/2010/04/27/goldman-sachs-hearings-li_n_553318.html#s85332)
Sen. Levin: 'Goldman Repeatedly Put Its Own Interests And Profits Ahead Of The Interests Of Its Clients And Our Communities' .. (http://www.huffingtonpost.com/sen-carl-levin/wall-street-and-the-finan_b_553339.html) Trader At Heart Of Fraud Charge: 'I Did Not Mislead' (http://www.huffingtonpost.com/2010/04/27/goldman-hearing-execs-cal_n_553443.html)
Comments (1258) (http://www.huffingtonpost.com/2010/04/27/goldman-sachs-hearings-li_n_553318.html)
| Goldman Sachs (http://www.huffingtonpost.com/news/goldman-sachs)
«Die Euro-Zone ist gescheitert» (http://www.tagesanzeiger.ch/ausland/europa/Die-EuroZone-ist-gescheitert/story/23534111)
http://files.newsnetz.ch/story/2/3/5/23534111/6/teasermedium.jpg (http://www.tagesanzeiger.ch/ausland/europa/Die-EuroZone-ist-gescheitert/story/23534111) Der tschechische Präsident Vaclav Klaus gibt dem Euro die Schuld an der Griechenland-Krise. «Freiheit und Prosperität» Europas seien bedroht. Mehr... (http://www.tagesanzeiger.ch/ausland/europa/Die-EuroZone-ist-gescheitert/story/23534111)
Aktualisiert um 19:01 Uhr
Griechenland neu mit Ramsch-Status (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Griechenland-neu-mit-RamschStatus/story/17902688)
....Der tschechische Präsident äusserte die Befürchtung, dass die Krise als Vorwand «für noch mehr Europäisierung» und «Unifizierung» benutzt werde. Schon jetzt seien «Freiheit und Prosperität» Europas bedroht.
27 April 2010
Control Frauds HyperInflate and Extend Bubbles Maximizing Damage - A Control Fraud at Work in the Silver Market Short Positions? (http://jessescrossroadscafe.blogspot.com/2010/04/conrol-frauds-hyperinflate-and-extend.html)
Here is a working paper about 'control frauds' and how they are related to the most recent credit crisis in the United States, a breakdown of stewardship that has placed the rest of the world's financial sector at risk as well.
Control frauds are by their very nature conspiratorial in that they involve the suborning of regulators, ratings agencies, exchanges, the media, and legislators to ignore and facilitate misrepresentation that enable white collar crime. They are difficult to prosecute because by their nature they involve twisting the legal into the extra-legal on a broad basis to achieve a particular financial effect, while limiting many specific aspects to the letter of the law, or at least the gray areas.
By and large they operate in the shadows, hiding behind secrecy and a general mindset towards short term greed and lapses in ethics. Investigations following the Crash of 1929 and the S&L crisis demonstrated that the existence of such pervasive lapses in stewardship do exist.
Personally I think the significant short positions in the silver market may be a form of control fraud. This is why so much effort and care is being taken by some individuals and groups to discover the extent and nature and holders of the short positions that are dominant. And this is why the participants are so vociferous and secretive regarding their activities.
To those who say that the commodity markets are too large, and too well regulated for this sort of thing to occur, this is the sort of fraud that Enron used to manipulate the energy markets, to the extent that they were able to cause significant social and commercial disruption to the state of California.
More on this another time. For now understanding how these frauds work is enough to study in instruments such as home mortgages. And most people do not need to understand this. But here is a good point for the average person to keep in mind.
Light is a good disinfectant. Fraud cannot bear exposure. While some confidentiality must be maintained in trading, obsessive secrecy regarding significantly large positions and collateral matters is often an indication that something is not right, that it is hidden from the market participants view for a particular reason that is deleterious to market pricing and efficiency.
The only way to settle this is by more transparency and disclosure. Rhetoric and supposition is often mere noise meant to distract from and promote the fraud if in fact it does exists. And if it does not, disclosure will reveal this as well.
Epidemics of 'Control Fraud' Lead to Recurrent, Intensifying Bubbles and Crises
William K. Black
University of Missouri at Kansas City - School of Law
April 15, 2010
“Control frauds” are seemingly legitimate entities controlled by persons that use them as a fraud “weapon.” A single control fraud can cause greater losses than all other forms of property crime combined.
This article addresses the role of control fraud in financial crises. Financial control frauds’ primary weapon is accounting. Fraudulent lenders produce exceptional short-term “profits” through a four-part strategy: extreme growth (Ponzi), lending to uncreditworthy borrowers, extreme leverage, and minimal loss reserves.
These exceptional “profits” defeat regulatory restrictions and turn private market discipline perverse. The profits also allow the CEO to convert firm assets for personal benefit through seemingly normal compensation mechanisms. The short-term profits cause stock options to appreciate. Fraudulent CEOs following this strategy are guaranteed extraordinary income while minimizing risks of detection and prosecution.
The optimization strategy causes catastrophic losses. The “profits” allow the fraud to grow rapidly by making bad loans for years. The “profits” allow the managers to loot the firm through exceptional compensation, which increases losses.
The accounting control fraud optimization strategy hyper-inflates and extends the life of financial bubbles. The finance sector is most criminogenic because of the absence of effective regulation and the ability to invest in assets that lack readily verifiable values. Unless regulators deal effectively with the initial frauds their record profits will produce imitators. Control frauds can be a combination of “opportunistic” and “reactive”. If entry is easy, opportunistic
control fraud is optimized. If the finance sector is suffering from distress,
reactive control fraud is optimized. Both conditions can exist at the same time, as in the savings and loan (S&L) debacle.
When many firms follow the same optimization strategy a financial bubble hyper-inflates. This further optimizes accounting control fraud because the frauds can hide losses by refinancing. Mega bubbles produce financial crises.
Download the complete working paper here (http://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1590447_code658251.pdf?abstractid=1590447&mirid=1).
Posted by Jesse at 2:10 PM:verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/conrol-frauds-hyperinflate-and-extend.html)
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Category: control fraud (http://jessescrossroadscafe.blogspot.com/search/label/control%20fraud), financial fraud (http://jessescrossroadscafe.blogspot.com/search/label/financial%20fraud), financial reform (http://jessescrossroadscafe.blogspot.com/search/label/financial%20reform), silver manipulation (http://jessescrossroadscafe.blogspot.com/search/label/silver%20manipulation), Wall Street banks (http://jessescrossroadscafe.blogspot.com/search/label/Wall%20Street%20banks)
Did John Perry Take The "Perceived" Paulson CDO Cap Structure Arbitrage To A Whole New Level In 2007? (http://www.zerohedge.com/article/did-john-perry-take-perceived-paulson-cdo-cap-structure-abritrage-whole-new-level-2007)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/27/2010 14:05 -0500
One of the critical observations that have emerged as a result of the SEC action into Goldman is the realization that various investors would take full advantage of perceived capital structure arbitrage, not directly, but by implication: if fund X was seen as an equity investor in a given product, be it structured in the form of a CDO, or a boring corporation, with publicly traded equity,that would imply to everyone else curious, that fund X was implicitly comfortable with every tranche in the balance sheet above the equity: whether the mezz tranche, the deeply subordinated debt, and obviously the very top or the supersenior debt tranche (secured or otherwise). The ruse, the SEC claims, is that said Fund X would invest a token equity amount, and make it plain for all to see, all the while shorting the bejeezus out of securities above the equity tranche, knowing full well that the equity would be wiped out, yet with partial or full losses on the debt above, the shorts would end up making a profit multiples of times larger than the equity tranche loss. This is among the key points in the SEC complaint - we will not discuss it much, suffice to say that it is more than obvious that when dealing with other (not all that sophisticated) investors, this ruse would certainly work, as the rest of the world would be logically satisfied that investor X would not assume there would be impairments above the equity tranche, absent further disclosure. Yet what is interesting, and what we would like to touch upon, is a curious tangent of this "ruse" - as blog LittleSis points out (http://blog.littlesis.org/2010/04/26/ex-goldman-trader-bought-major-stake-in-aca-shorted-subprime-cdos/), one entity that could have taken the "Fund X" scheme to a whole new level may be the hedge fund run by former Goldman Robert Rubin arb desk protege Richard Perry. Perry, who made billions in 2007 by shorting subprime, and most likely was involved in shorting CDOs (Goldman underwritten or otherwise) in the same vein that Paulson and others were doing,did not buy equity stakes in CDOs (that we know of). Instead what he did was amass an equity stake directly in the CDO wraparound company du jour: ACA Capital. Should Perry have wanted to convey an impression to everyone else that ACA (and its holdings) were safe (and his anonymous and Goldman conveyed bids on ACA CDO protection were sufficiently low) what better way than to telegraph to the world in his most recent 13F that he was building up a stake in ACA? Which as we disclose below, between December 31 2006 and September 2007, is precisely what he was doing.
Read more (http://www.zerohedge.com/article/did-john-perry-take-perceived-paulson-cdo-cap-structure-abritrage-whole-new-level-2007)
heute 21Uhr :cool fast voll :)
Europe Refuses To Decouple From US Optimism As EURUSD Takes Out 1.32 Stops (http://www.zerohedge.com/article/europe-refuses-decouple-us-optimism-eurusd-takes-out-132-stops)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/27/2010 14:51 -0500
The euro just took out the 1.32 psychological support level, immediately activating various stops, and dumping to 1.3185 in an instant. Last trade was at 1.319. The eurozone death drums are now activated. Check to you Mr. Bernanke - with the DXY surging, the president's export-led recovery an impossibility, and the market propping carry trades getting destroyed what is your next move Mr. Chairman? And guess who is on the other side? Why gold of course, which just took out the $1169 resistance.
45 comments (http://www.zerohedge.com/article/europe-refuses-decouple-us-optimism-eurusd-takes-out-132-stops#comments)
Read more (http://www.zerohedge.com/article/europe-refuses-decouple-us-optimism-eurusd-takes-out-132-stops)
by Al Gorerhythm
on Tue, 04/27/2010 - 17:15
Ain't it funny how the Greeks get downgraded to junk, on the same day that GS gets a blow-job from a group of senatorial pimps and, as the market falls, the Greek situation gets the blame for the Dow dump?
This ain't a grilling. The meat hasn't even been taken out of cold storage.
....ja er hat's so ziemlich auf den Punkt gebracht - traurig aber wahr :mad darum wird Marc Faber wohl recht behalten - irgendwann kracht's wirklich :oo
Irans Reformer Karrubi
"Geht hinaus, seid tapfer" (http://www.spiegel.de/politik/ausland/0,1518,691638,00.html)
Irans Regime überwacht ihn, doch der Reformkleriker Mahdi Karrubi lässt sich davon nicht einschüchtern. Im Interview mit SPIEGEL ONLINE spricht der prominente Oppositionsführer über Folter und Vergewaltigung in den Gefängnissen - und neue Proteste zum Jahrestag der manipulierten Wahl. mehr... (http://www.spiegel.de/politik/ausland/0,1518,691638,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=15031&goto=newpost) ]
Themenseite Mahdi Karrub: Iranischer Oppositionspolitiker (http://www.spiegel.de/thema/mahdi_karrubi/)
....Hut ab vor solchen Menschen :verbeug
...der Vollständigkeit halber - mit Video - obwohl ich diese Visage nicht mehr sehen kann :bad
Dems Use Goldman Hearing In Push For Financial Reform, Voinovich Poised To Switch Vote (http://www.huffingtonpost.com/2010/04/27/dems-use-goldman-hearing_n_554598.html)
AP / Huffington Post First Posted: 04-27-10 11:07 PM | Updated: 04-28-10 12:50 AM
http://i.huffpost.com/profiles/466268.png?20091209235955 (http://www.huffingtonpost.com/social/Chazmania) Chazmania (http://www.huffingtonpost.com/social/Chazmania)
I am praying the little weasels start throwing each other under the bus! (...das wäre :supi)
What Did Goldman Know And When Did It Forget It? (http://baselinescenario.com/2010/04/27/what-did-goldman-know-and-when-did-it-forget-it/)
with 44 comments (http://baselinescenario.com/2010/04/27/what-did-goldman-know-and-when-did-it-forget-it/#comments)
By Simon Johnson
There is a live blog on the Goldman Sachs hearing now on the Lehrer NewsHour website (http://www.pbs.org/newshour/rundown/2010/04/live-blogging-the-goldman-hearing.html), including comments by Paul Solman and me. The interaction between Goldman and the Senators – Democratic and Republican – is fascinating.
The Goldman executives so far seem to be struggling to recall exactly what happened. The Senators are pressing them hard. This is much more than theater. This is (some) people trying to figure out exactly who did what to whom.
Written by Simon Johnson - April 27, 2010 at 12:26 pm
Andrei Vyshinsky - April 27, 2010 at 4:06 pm (http://baselinescenario.com/2010/04/27/what-did-goldman-know-and-when-did-it-forget-it/#comment-52643)
The slime that took Goldman Sachs campaign money parading about as representative of the peoples’ interests, as advocates of the injured parties? What opera buffa! Don’t be deceived. One day, both sides of this televised pseudo-drama will be interrogated by authorities with authentic links to the people. And they will be tried by prosecutors long familiar with such filth. Those will be the proceeding you won’t want to miss. They’ll mean something. (:gruebel ....macht er sich da nicht zu viel Hoffnung :confused:rolleyes)
Banco Popular profits fall 9%
By Mark Mulligan in Madrid
Published: April 27 2010 13:41 | Last updated: April 28 2010 02:22
Banco Popular (http://markets.ft.com/tearsheets/performance.asp?s=es:POP) on Tuesday unveiled a 9.2 per cent year-on-year decline in first-quarter net profits, as loan growth and lower provisions failed to offset tighter interest margins and weaker fee income at Spain’s third-largest listed bank.
The bank said net profits for the three months to the end of March were €204m ($269m), compared with €225m last time. Net interest income was down 8.1 per cent, at €668m, while fee, commission and trading income dropped 10.4 per cent, to €249m. This reflected weakness in asset management and core retail banking, BPI said in a note to investors.
Although the results were above analysts’ consensus estimates, the shares fell more than 6 per cent, to €5.29, amid a broad sell-off on the Madrid stock exchange.
Analysts noted Popular’s heavy exposure to the domestic market, which remains mired in recession as other European economies show signs of recovery. Many expect profits at domestic banks to remain under pressure this year......
full story: http://www.ft.com/cms/s/0/e422f0cc-51ea-11df-a2a2-00144feab49a.html?ftcamp=rss
...."meine" Bank :rolleyes:(
Red Lights Flashing For UK Credit Spreads According To CDS Market (http://www.zerohedge.com/article/red-lights-flashing-uk-credit-spreads-according-cds-market)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/27/2010 22:42 -0500
The CDS market, as always, is prophetic to the dot: after main deriskers in the past two weeks were Spain, Portugal and France, so far the spread blow out in these markets has materialized like a Swiss watch. Which is why Ambrose Evans-Pritchard better be looking at this week's DTCC data, because the credit market is flashing a bright red warning light over his favorite bankrupt country - the UK (incidentally, the week's largest net derisker, just after Goldman Sachs). Second in order of sovereign implosion - Ireland. The British Isles, at least according to CDS traders who time after time prove they have far more sense than their equity equivalents, are about to become a hotbed of credit activity, and not in a good way. The other countries that fill out the top 10 deriskers in the prior week: Brazil, Germany (yeah, failed auctions do that), Argentina (yeah, persistent threat of default does that too), Mexico (yeah, living next to a money printing terrorist does that), Ukraine, Korea, Belgium and China.
44 comments (http://www.zerohedge.com/article/red-lights-flashing-uk-credit-spreads-according-cds-market#comments)
Read more (http://www.zerohedge.com/article/red-lights-flashing-uk-credit-spreads-according-cds-market)
Steuerfahnder durchsuchen Zentrale der Deutschen Bank (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,691767,00.html)
Die ersten Polizeiwagen kamen kurz nach 8 Uhr morgens: Steuerfahndung und Bundeskriminalamt durchsuchen bundesweit mehr als 230 Objekte wegen des Verdachts der Steuerhinterziehung. Auch in der Deutschen-Bank-Zentrale in Frankfurt rückte ein Großaufgebot an. mehr... (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,691767,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=15049&goto=newpost) ]
heute, 15:23 Uhr von inci: oooo (http://forum.spiegel.de/showthread.php?postid=5420669)
die höchsstrafe besteht wohl in höheren boni für die elite und in erneutem verlust für die bürger. diesmal entgangene steuereinnahmen. macht aber nix, wir haben's ja! mehr... (http://forum.spiegel.de/showthread.php?postid=5420669)
heute, 15:20 Uhr von shechinah: ned schlecht (http://forum.spiegel.de/showthread.php?postid=5420642)
...was nicht das Schlechteste wäre. Selbst wenn der Steuerzahler allen arbeitslosen bankern lebenslang Harz4 zahlt, ist das immer noch billiger als der volkswirtschaftliche Schaden, den diese Herren für gewöhnlich verursachen. [...] mehr... (http://forum.spiegel.de/showthread.php?postid=5420642)
Comedy: (http://www.huffingtonpost.com/comedy/) WATCH: Jon Stewart Rips Senate For 'Impotent Rage' During Goldman Sachs Hearing (http://www.huffingtonpost.com/2010/04/28/stewart-rips-senate-for-i_n_554873.html)
| Jon Stewart (http://www.huffingtonpost.com/news/jon-stewart)
....besonders die letzten 2 Minuten :supi
Goldman Sachs, Market Makers and Max Keiser (http://maxkeiser.com/2010/04/28/goldman-sachs-market-makers-and-max-keiser/)
April 28th, 2010 by stacyherbert (http://maxkeiser.com/)
Stacy Summary: RT’s coverage of what I like to call Goldman Sachs show trial/hearing in Congress. Stay tuned for Max Keiser at 3.10!
....man sieht auch ein bisschen drumrum - was das Volk von denen hält :oo
Gordon Brown calls Labour voter 'bigoted'
By Lewis Hannam (http://www.channel4.com/news/authors/lewis+hannam/106090)
Updated on 28 April 2010
Having been heard on microphone describing Gillian Duffy as a "bigoted woman", Gordon Brown returns to her house to apologise. Political Editor Gary Gibbon says it was a Jekyll and Hyde moment....
Gordon Brown apologises on live radio
During an interveiw with BBC Radio 2's Jeremy Vine, Brown apologised for the remarks. He said: "I apologise if I have said anything like that.
full story: http://www.channel4.com/news/articles/vote_2010/gordon+brown+calls+labour+voted+ampaposbigotedampapos/3628887
.....da ist bei Herrn Brown wohl etwas schief gelaufen :rolleyes:oo
Buffett Lobbying Senate Committee to Avoid Derivatives Reform (http://wallstreetpit.com/24673-buffett-lobbying-senate-committee-to-avoid-derivatives-reform)
Warren Buffett is lobbying the U.S. Senate to avoid derivatives reforms that would require, among other things, financial institutions to put up collateral to cover potential losses. According (http://online.wsj.com/article/SB10001424052748703441404575206252252365076.html) to the WSJ, Buffett, who has referred to derivatives as “financial weapons of mass destruction,” is leaning on Nebraska Senator Ben Nelson to help him with an exemption that would potentially help Berkshire Hathaway’s (BRKa) (BRKb) $63 billion derivatives portfolio avoid a financial hit. ( Read) (http://wallstreetpit.com/24673-buffett-lobbying-senate-committee-to-avoid-derivatives-reform)
....wenn's um die Kohle geht sind wohl alle gleich :bad
Goldman's Hit List: Bear, Moody's, NatCity, PMI, WaMu And Capital One (http://www.zerohedge.com/article/goldmans-hit-list-bear-moodys-natcity-pmi-wamu-and-capital-one)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/28/2010 08:11 -0500
As Bruce Krasting disclosed yesterday, Goldman's Josh Birnbaum "slipped" when disclosing the firm's prop equity positions, in listing the companies his firm was actively shorting. We hope none of these were naked shorts as that would not reinforce the case of prudent risk management by Goldman's discount window-accessible hedge fund (in other words, the entire firm). Today, via the full exhibit list, we learn that in addition to Bear Stearns, in July 2007 the firm, via Josh, was also actively shorting a variety of other mortgage-related firms at the Structured Products Group via puts, which in addition to Bear, included Moody's, National City, PMI,WaMu , and Capital One. The firm only had a micro S&P long offset. As the list demonstrates, the firm had a big delta short in fins offset with no financial longs, thus refuting Josh's testimony that this was a "hedge" when in reality this was nothing than a directional short bet on fins. What is more troubling is that Josh was planning on expanding the list to a whole slew of other firms, and specifically competitors, most of which eventually going under: including Lehman, Merrill, and Morgan Stanley.
20 comments (http://www.zerohedge.com/article/goldmans-hit-list-bear-moodys-natcity-pmi-wamu-and-capital-one#comments)
Read more. (http://www.zerohedge.com/article/goldmans-hit-list-bear-moodys-natcity-pmi-wamu-and-capital-one)
on Wed, 04/28/2010 - 10:42
I'm not saying wall street has to live like saints, but to have the biggest most important firm with the most connections actively acting to destabilize the entire economy is insane. if china did it to us we would call it economic war. there are some imits to the pursuit of profits. if Osama did it we'd call it terrorism. no goldman did it.
28 April 2010
Markets Shudder on Downgrade of Spain (http://jessescrossroadscafe.blogspot.com/2010/04/markets-shudder-on-downgrade-of-spain.html)
There was unusually heavy put buying yesterday in NY markets on the Spanish stock index ETF.
Last month a group of US hedge funds were investigated for collusion in planning short selling assaults on the euro. Having exhausted the developing world, which has largely tossed them out, have the economic hitmen finally turned on the developing world as we forecast in 2005 that they would?
This is not to say that Greece, Portugal, or Spain are without problems or fault. There is a general crisis in many of the developed country fiat currencies, including the United States. The rising price of gold and silver, despite the heavy handed manipulation by a few of the banking centers, is a sure sign of a flight from paper controlled by central banks.
The US financial interests have been shown to exercise a disconcerting amount of control over the three US-based Ratings Agencies. I wonder how long it will be before any of the US states will have their credit ratings downgraded.
And it makes one wonder how long the economic predators will be given free rein by the co-opted regulatory agencies and government in the US, which cannot even pass a motion to debate financial reform to the floor of its Senate.
Wall Street Journal (http://online.wsj.com/article/BT-CO-20100428-716017.html?mod=WSJ_World_MIDDLEHeadlinesEurope)
Euro Drops To New One-Year Low On Spain Downgrade
By Bradley Davis
April 28, 2010
NEW YORK (Dow Jones)--The euro dropped to a new one-year low Wednesday as a ratings agency downgrade of Spain sent a rush of fear through markets that a sovereign debt crisis was spreading across the euro-zone periphery.
The euro dropped to $1.3129, its lowest level since April 2009, on Standard & Poor's downgrade of Spain's long-term debt, which was accompanied by a negative outlook. The downgrade follows S&P's slicing of the ratings of Greece and Portugal Tuesday, which sent the euro plummeting.
"The deep-seated nature [of the euro-zone sovereign debt crisis] is only now being realized by the markets," said Brian Dolan, chief currency strategist at Forex.com in Bedminster, N.J, "and we're looking at a potential funding crisis" of government and corporate debt in the euro-zone periphery "in the not too distant future."
Other ratings agencies are likely to follow with additional downgrades, analysts said, which will send the euro even lower... Posted by Jesse at 12:24 PM (http://jessescrossroadscafe.blogspot.com/2010/04/markets-shudder-on-downgrade-of-spain.html) :verbeug
....wann gehen die Menschen auf die Strasse :confused:rolleyes wie lange noch werden wir von GSlern, Rating-Agenturen, Lobbyisten und korrupten Politikern regiert :mad
Support the Sanders-Feingold-DeMint-Leahy-McCain-Vitter-Brownback Federal Reserve Transparency Amendment to the Financial Reform Bill (http://www.zerohedge.com/article/support-sanders-feingold-demint-leahy-mccain-vitter-brownback-federal-reserve-transparency-a)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/28/2010 11:40 -0500
Enough with the Federal Reserve mafia syndicate and its endless array of bailouts, under the table deals, cronyism, politicized monetary decisions, and rampant theft of America's wealth already. We endorse the Sanders-Feingold-DeMint-Leahy-McCain-Vitter-Brownback Federal Reserve Transparency Amendment to the Financial Reform Bill. If the Fed's clowns won't end their endless rape of America, it should at least be fully transparent for all to see.
39 comments (http://www.zerohedge.com/article/support-sanders-feingold-demint-leahy-mccain-vitter-brownback-federal-reserve-transparency-a#comments)
Read more (http://www.zerohedge.com/article/support-sanders-feingold-demint-leahy-mccain-vitter-brownback-federal-reserve-transparency-a)
....der wievielte Anlauf/Leerlauf ist das :confused:rolleyes sehen/ahnen kann man ja jetzt schon (fast) alles - was bringt's ---> absolut nix :gomad
Standard & Poor's stuft auch Spanien herab – SMI stürzt kurz vor Handelsschluss ab (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Standard--Poors-stuft-auch-Spanien-herab--SMI-stuerzt-kurz-vor-Handelsschluss-ab/story/29864476)
http://files.newsnetz.ch/story/2/9/8/29864476/27/teasermedium.jpg (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Standard--Poors-stuft-auch-Spanien-herab--SMI-stuerzt-kurz-vor-Handelsschluss-ab/story/29864476) Die Krise der Eurozone hat sich massiv verschärft. Nach Griechenland und Portugal stufte die Ratingagentur Standard & Poor's auch Spanien herab. Die Börsen gingen auf Talfahrt. Mehr... (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Standard--Poors-stuft-auch-Spanien-herab--SMI-stuerzt-kurz-vor-Handelsschluss-ab/story/29864476)
Aktualisiert vor 17 Minuten
.....in welchem Sold steht die S&P Ratingagentur :confused ob sie sich mal die USA ansehen sollten :rolleyes
28 April 2010
NY Fed Cited in Cover-Up By SIGTARP's Barofsky - Possible Criminal Charges (http://jessescrossroadscafe.blogspot.com/2010/04/ny-fed-cited-in-cover-up-by-sigtarps.html)
http://3.bp.blogspot.com/_H2DePAZe2gA/S9iDCpoG1dI/AAAAAAAAMkI/ftN4P8f5BbQ/s400/lineup.JPG (http://3.bp.blogspot.com/_H2DePAZe2gA/S9iDCpoG1dI/AAAAAAAAMkI/ftN4P8f5BbQ/s1600/lineup.JPG)It's never the crime, it's always the cover up.
This is beyond a doubt the story of the week. Neil Barofsky has been a thorn in the side of the Treasury Department and the Fed since he first took office.
I doubt there will be criminal charges filed against Turbo Tim personally, since in his case the clueless CEO defense may have some traction. Unless, that is, they have wiretaps and/or emails showing collusion with some of the bailed out banks, in either insider trading or the manipulation of assets for extraordinary gains.
It is a boiling scandal, but emblematic of the corruption that has pervaded financial regulation in Washington for the past ten years at least. It did not start with Obama, but it may still bring down key members of his Administration.
Reform the financial system, and audit the Fed.
Barofsky Says Criminal Charges Possible in Alleged AIG Coverup
By Richard Teitelbaum
28 April 2010
April 28 (Bloomberg) -- ...That tense relationship [between Treasury and Barofsky] has grown out of Barofsky’s mandate to monitor and root out fraud and waste in the management of TARP, the $700 billion program passed in October 2008 to remove toxic debt from the banks. The special inspector general, in a series of reports, interviews and congressional hearings, has heaped criticism on the Treasury Department’s operation of the program.
Barofsky’s most recent broadside came on April 20, when a SIGTARP report labeled a housing-loan modification program funded with $50 billion of TARP money as ineffectual.
...The TARP watchdog has also criticized Treasury Secretary Timothy F. Geithner in reports and in congressional testimony for his handling of the process by which insurance giant American International Group Inc. was saved from insolvency in 2008, when Geithner was head of the Federal Reserve Bank of New York.
The secrecy that enveloped the deal was unwarranted, Barofsky says, adding that his probe of an alleged New York Fed coverup in the AIG case could result in criminal or civil charges.
In Senate Finance Committee testimony on April 20, Barofsky said SIGTARP would investigate seven AIG-linked mortgage-related securities similar to Abacus 2007-AC1, the instrument underwritten by Goldman Sachs Group Inc. that is at the center of a U.S. Securities and Exchange Commission lawsuit filed against the investment
bank on April 16.
...Barofsky and Geithner’s offices have gone toe-to-toe over AIG, alleged lax oversight of TARP funds and even over the question of whom Barofsky reports to.
Barofsky, a former federal prosecutor who was once the target of a kidnapping plot by Colombian drug traffickers, says he’s also looking into possible insider trading connected to TARP. He says his agency would want to know if bankers bought stock in their companies before it was made public that their institutions would get TARP
money, for example.
“There was a time when, if you got that word the stock price would go up, and if you were to trade on that information prior to the public announcement, that would be classic insider trading,” Barofsky says.
A Democrat named by a Republican president, Barofsky says missteps by both the George W. Bush and Barack Obama administrations are to blame for TARP’s failures.
“There’s a reason there are Tea Partiers out there, and when you look at it, anger at the bailout is one of the first things they talk about,” says Barofsky, referring to the anti- Obama political movement. “This Treasury Department and the previous Treasury Department bear some of the responsibility for not being straightforward with the American people.”
Barofsky criticized Geithner’s predecessor, Paulson, in an October 2009 report, saying Paulson publicly described the initial nine TARP bank recipients as healthy when he knew that at least one of them risked failure.
...SIGTARP has more than 40 agents, including former Secret Service, Federal Bureau of Investigation and Internal Revenue Service investigators, who sport blue windbreakers emblazoned with the SIGTARP seal.
They are authorized by Congress to carry guns -- Barofsky does not --make arrests, and subpoena and seize records.
In its late-January report, SIGTARP said that the banks rescued by TARP remained “too big to fail.” They still have an incentive to make risky wagers in order to generate the profits that will reward their executives, the report says.
“The definition of insanity is repeating the same actions over and over again and expecting a different result,” Barofsky says. “If the goal of TARP was to make sure we don’t have another financial collapse, well, obviously it’s made the likelihood of that much, much greater.”
....In a December report, Barofsky showed how insurance giants Hartford Financial Services Group Inc. and Lincoln National Corp. bought tiny thrifts -- one with just $7 million in assets -- to qualify for the TARP Capital Protection Program, which is designed to encourage bank lending. Hartford and Lincoln used the more than $4.3 billion in TARP funds they received almost entirely to finance insurance operations,
according to the report.
“Treasury didn’t have to approve that,” Barofsky says.
Allison wrote SIGTARP that buying troubled assets from insurance companies was part of TARP.
Janet Tavakoli, founder of Chicago-based Tavakoli Structured Finance Inc., says Barofsky hasn’t been aggressive enough. She says SIGTARP should be running criminal probes of the bankers who underwrote and managed the collateralized debt obligations that were at the center of the financial meltdown.
CDOs are bundles of mortgage-backed bonds and other debt sold to investors. Tavakoli says the CDO managers sometimes replaced relatively high-quality securities with new ones that were more likely to default.
“It is securities fraud if you take securities and package them and knowingly pass them off with phony labels,” she says.
Barofsky says investigations related to the underwriting and sale of CDOs are ongoing.
...Barofsky says he’s battling an entrenched culture of secrecy in the Treasury and elsewhere.
“One of the important lessons that I hope will be learned from this entire financial crisis is that the reflexive reaction against transparency, that disclosure will bring
terrible things, has not been proven true,” he says.
He offers the AIG bailout as an example. For more than a year, the New York Fed kept key aspects of the AIG bailout secret, including details of its own involvement and its decision to have AIG pay the insurer’s bank counterparties 100 cents on the dollar on the credit protection they’d bought against about $62 billion in CDOs.
In a November report, SIGTARP criticized Geithner’s failed efforts to obtain discounts from the banks.
After the banks had been
paid in late 2008, a lawyer from the New York Fed sought to have AIG keep the banks’ identities under wraps, as well as data about the CDOs that would have revealed which firms had underwritten the toxic bonds and which ones had managed them.
“There’s a lot of things about AIG that were not disclosed, based on the assumption that the sky would fall,” Barofsky says. “Transparency does a lot more good than bad.”
Barofsky says the question of whether the New York Fed engaged in a coverup will result in some sort of action.
“We’re either going to have criminal or civil charges against
individuals or we’re going to have a report,” Barofsky says. “This is too
important for us not to share our findings.”
He won’t say whether the investigation is targeting Geithner personally.
In a statement, the New York Fed said: “Allegations that the New York Fed engaged in a coverup of its intervention in AIG are not true. The New York Fed has fully cooperated with the Special Inspector General.”
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27. April 2010 — This time Max Keiser and co-host Stacy Herbert look at a handful of the many Goldman Sachs fraud metaphors; the ...
28 April 2010
Guest Post: The Perils of Credit Money Systems Managed by Private Corporations (http://jessescrossroadscafe.blogspot.com/2010/04/quote-of-week-perils-of-credit-money.html)
In this instance the 'paper money' system would be analagous to money created by private banks by means of expanding credit. The Second Bank of the United States is the predecessor to the Federal Reserve Bank System which was established in 1913.
http://1.bp.blogspot.com/_H2DePAZe2gA/S9jvmVXBYzI/AAAAAAAAMkY/gWxa8-MIMrE/s200/jackson.gif (http://1.bp.blogspot.com/_H2DePAZe2gA/S9jvmVXBYzI/AAAAAAAAMkY/gWxa8-MIMrE/s1600/jackson.gif)"The paper system being founded on public confidence and having of itself no intrinsic value, is liable to great and sudden fluctuations, thereby rendering property insecure and the wages of labor unsteady and uncertain.
The corporations which create the paper money cannot be relied upon to keep the circulating medium uniform in amount. In times of prosperity, when confidence is high, they are tempted by the prospect of gain or by the influence of those who hope to profit by it to extend their issues of paper beyond the bounds of discretion and the reasonable demands of business.
And when these issues have been pushed on from day to day until the public confidence is at length shaken, then a reaction takes place, and they immediately withdraw the credits they have given; suddenly curtail their issues; and produce an unexpected and ruinous contraction of the circulating medium which is felt by the whole community.
The banks, by this means, save themselves, and the mischievous consequences of their imprudence or cupidity are visited upon the public. Nor does the evil stop here. These ebbs and flows in the currency and these indiscreet extensions of credit naturally engender a spirit of speculation injurious to the habits and character of the people. We have already seen its effects in the wild spirit of speculation in the public lands and various kinds of stock which, within the last year or two, seized upon such a multitude of our citizens and threatened to pervade all classes of society and to withdraw their attention from the sober pursuits of honest industry. It is not by encouraging this spirit that we shall best preserve public virtue and promote the true interests of our country.
But if your currency continues as exclusively paper as it now is, it will foster this eager desire to amass wealth without labor; it will multiply the number of dependents on bank accommodations and bank favors; the temptation to obtain money at any sacrifice will become stronger and stronger, and inevitably lead to corruption which will find its way into your public councils and destroy, at no distant day, the purity of your government. Some of the evils which arise from this system of paper press, with peculiar hardship, upon the class of society least able to bear it...
Recent events have proved that the paper money system of this country may be used as an engine to undermine your free institutions; and that those who desire to engross all power in the hands of the few and to govern by corruption or force are aware of its power and prepared to employ it. Your banks now furnish your only circulating medium, and money is plenty or scarce according to the quantity of notes issued by them. While they have capitals not greatly disproportioned to each other, they are competitors in business, and no one of them can exercise dominion over the rest. And although, in the present state of the currency, these banks may and do operate injuriously upon the habits of business, the pecuniary concerns, and the moral tone of society, yet, from their number and dispersed situation, they cannot combine for the purpose of political influence; and whatever may be the dispositions of some of them their power of mischief must necessarily be confined to a narrow space and felt only in their immediate neighborhoods.
But when the charter of the Bank of the United States was obtained from Congress, it perfected the schemes of the paper system and gave its advocates the position they have struggled to obtain from the commencement of the federal government down to the present hour. The immense capital and peculiar privileges bestowed upon it enabled it to exercise despotic sway over the other banks in every part of the country. From its superior strength it could seriously injure, if not destroy, the business of any one of them which might incur its resentment; and it openly claimed for itself the power of regulating the currency throughout the United States. In other words, it asserted (and it undoubtedly possessed) the power to make money plenty or scarce, at its pleasure, at any time, and in any quarter of the Union, by controlling the issues of other banks and permitting an expansion or compelling a general contraction of the circulating medium according to its own will.
The other banking institutions were sensible of its strength, and they soon generally became its obedient instruments, ready at all times to execute its mandates; and with the banks necessarily went, also, that numerous class of persons in our commercial cities who depend altogether on bank credits for their solvency and means of business; and who are, therefore, obliged for their own safety to propitiate the favor of the money power by distinguished zeal and devotion in its service.
The result of the ill-advised legislation which established this great monopoly was to concentrate the whole money power of the Union, with its boundless means of corruption and its numerous dependents, under the direction and command of one acknowledged head; thus organizing this particular interest as one body and securing to it unity and concert of action throughout the United States and enabling it to bring forward, upon any occasion, its entire and undivided strength to support or defeat any measure of the government. In the hands of this formidable power, thus perfectly organized, was also placed unlimited dominion over the amount of the circulating medium, giving it the power to regulate the value of property and the fruits of labor in every quarter of the Union and to bestow prosperity or bring ruin upon any city or section of the country as might best comport with its own interest or policy.
We are not left to conjecture how the moneyed power, thus organized and with such a weapon in its hands, would be likely to use it. The distress and alarm which pervaded and agitated the whole country when the Bank of the United States waged war upon the people in order to compel them to submit to its demands cannot yet be forgotten. The ruthless and unsparing temper with which whole cities and communities were oppressed, individuals impoverished and ruined, and a scene of cheerful prosperity suddenly changed into one of gloom and despondency ought to be indelibly impressed on the memory of the people of the United States.
If such was its power in a time of peace, what would it not have been in a season of war with an enemy at your doors? No nation but the freemen of the United States could have come out victorious from such a contest; yet, if you had not conquered, the government would have passed from the hands of the many to the hands of the few; and this organized money power, from its secret conclave, would have directed the choice of your highest officers and compelled you to make peace or war as best suited their own wishes. The forms of your government might, for a time, have remained; but its living spirit would have departed from it.
The distress and sufferings inflicted on the people by the Bank are some of the fruits of that system of policy which is continually striving to enlarge the authority of the federal government beyond the limits fixed by the Constitution. The powers enumerated in that instrument do not confer on Congress the right to establish such a corporation as the Bank of the United States; and the evil consequences which followed may warn us of the danger of departing from the true rule of construction and of permitting temporary circumstances or the hope of better promoting the public welfare to influence, in any degree, our decisions upon the extent of the authority of the general government. Let us abide by the Constitution as it is written or amend it in the constitutional mode if it is found defective.
The severe lessons of experience will, I doubt not, be sufficient to prevent Congress from again chartering such a monopoly, even if the Constitution did not present an insuperable objection to it. But you must remember, my fellow citizens, that eternal vigilance by the people is the price of liberty; and that you must pay the price if you wish to secure the blessing. It behooves you, therefore, to be watchful in your states as well as in the federal government.
The power which the moneyed interest can exercise, when concentrated under a single head, and with our present system of currency, was sufficiently demonstrated in the struggle made by the Bank of the United States. Defeated in the general government, the same class of intriguers and politicians will now resort to the states and endeavor to obtain there the same organization which they failed to perpetuate in the Union; and with specious and deceitful plans of public advantages and state interests and state pride they will endeavor to establish, in the different states, one moneyed institution with overgrown capital and exclusive privileges sufficient to enable it to control the operations of the other banks.
Such an institution will be pregnant with the same evils produced by the Bank of the United States, although its sphere of action is more confined; and in the state in which it is chartered the money power will be able to embody its whole strength and to move together with undivided force to accomplish any object it may wish to attain. You have already had abundant evidence of its power to inflict injury upon the agricultural, mechanical, and laboring classes of society, and over whose engagements in trade or speculation render them dependent on bank facilities, the dominion of the state monopoly will be absolute, and their obedience unlimited. With such a bank and a paper currency, the money power would, in a few years, govern the state and control its measures; and if a sufficient number of states can be induced to create such establishments, the time will soon come when it will again take the field against the United States and succeed in perfecting and perpetuating its organization by a charter from Congress.
It is one of the serious evils of our present system of banking that it enables one class of society, and that by no means a numerous one, by its control over the currency to act injuriously upon the interests of all the others and to exercise more than its just proportion of influence in political affairs. The agricultural, the mechanical, and the laboring classes have little or no share in the direction of the great moneyed corporations; and from their habits and the nature of their pursuits, they are incapable of forming extensive combinations to act together with united force. Such concert of action may sometimes be produced in a single city or in a small district of country by means of personal communications with each other; but they have no regular or active correspondence with those who are engaged in similar pursuits in distant places. They have but little patronage to give the press and exercise but a small share of influence over it; they have no crowd of dependents about them who hope to grow rich without labor by their countenance and favor and who are, therefore, always ready to exercise their wishes.
The planter, the farmer, the mechanic, and the laborer all know that their success depends upon their own industry and economy and that they must not expect to become suddenly rich by the fruits of their toil. Yet these classes of society form the great body of the people of the United States; they are the bone and sinew of the country; men who love liberty and desire nothing but equal rights and equal laws and who, moreover, hold the great mass of our national wealth, although it is distributed in moderate amounts among the millions of freemen who possess it. But, with overwhelming numbers and wealth on their side, they are in constant danger of losing their fair influence in the government, and with difficulty maintain their just rights against the incessant efforts daily made to encroach upon them.
The mischief springs from the power which the moneyed interest derives from a paper currency which they are able to control; from the multitude of corporations with exclusive privileges which they have succeeded in obtaining in the different states and which are employed altogether for their benefit; and unless you become more watchful in your states and check this spirit of monopoly and thirst for exclusive privileges, you will, in the end, find that the most important powers of government have been given or bartered away, and the control over your dearest interests has passed into the hands of these corporations.
The paper money system and its natural associates, monopoly and exclusive privileges, have already struck their roots deep in the soil; and it will require all your efforts to check its further growth and to eradicate the evil. The men who profit by the abuses and desire to perpetuate them will continue to besiege the halls of legislation in the general government as well as in the states and will seek, by every artifice, to mislead and deceive the public servants. It is to yourselves that you must look for safety and the means of guarding and perpetuating your free institutions. In your hands is rightfully placed the sovereignty of the country and to you everyone placed in authority is ultimately responsible. It is always in your power to see that the wishes of the people are carried into faithful execution, and their will, when once made known, must sooner or later be obeyed. And while the people remain, as I trust they ever will, uncorrupted and incorruptible and continue watchful and jealous of their rights, the government is safe, and the cause of freedom will continue to triumph over all its enemies.
But it will require steady and persevering exertions on your part to rid yourselves of the iniquities and mischiefs of the paper system and to check the spirit of monopoly and other abuses which have sprung up with it and of which it is the main support. So many interests are united to resist all reform on this subject that you must not hope the conflict will be a short one nor success easy. My humble efforts have not been spared during my administration of the government to restore the constitutional currency of gold and silver; and something, I trust, has been done toward the accomplishment of this most desirable object. But enough yet remains to require all your energy and perseverance. The power, however, is in your hands, and the remedy must and will be applied if you determine upon it."
Andrew Jackson, Farewell Address (http://en.wikisource.org/wiki/Andrew_Jackson%27s_Farewell_Address), March 4, 1837
Posted by Jesse at 6:16 PM:verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/quote-of-week-perils-of-credit-money.html)
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Category: currency manipulation (http://jessescrossroadscafe.blogspot.com/search/label/currency%20manipulation), Federal Reserve (http://jessescrossroadscafe.blogspot.com/search/label/Federal%20Reserve), Federal Reserve secrecy (http://jessescrossroadscafe.blogspot.com/search/label/Federal%20Reserve%20secrecy), fiat currency (http://jessescrossroadscafe.blogspot.com/search/label/fiat%20currency), monetary theory (http://jessescrossroadscafe.blogspot.com/search/label/monetary%20theory), money creation (http://jessescrossroadscafe.blogspot.com/search/label/money%20creation), money supply (http://jessescrossroadscafe.blogspot.com/search/label/money%20supply), paper money (http://jessescrossroadscafe.blogspot.com/search/label/paper%20money)
The Client Always Comes First At Goldman... Except When He Doesn't, Which Is Also Always (http://www.zerohedge.com/article/client-always-comes-first-goldman-except-when-he-doesnt)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/28/2010 22:30 -0500
One day after the Goldman hearings, we were left with the warm and fuzzy impression that the whole Goldman farce was for nothing, and that everything the firm had been doing for the past 5 years was perfectly legitimate. The prop trading abuse, the discount window generosity, the endless abundance of flow and prop inventory commingling, the endless client rape...All these allegations must have been for naught. Which is why we were thoroughly disappointed when our sense of sudden enlightenment that we may have been wrong all along about Goldman, vanished promptly and without a trace once we had a chance to read the 2007 self-evaluation of Goldman Managing Director Michael Swenson (http://i.i.com.com/cnwk.1d/i/tim//2010/04/27/image6437314x_270x203.jpg). The line penned by Michael, who incidentally was the least like of the three Goldman SPG MDs testifying on Tuesday based on peer feedback, that broke our collective heart is the following: "Once the stress in the mortgage market started filtering into the cash market, I spent numerous hours on conference calls with clients discussing valuation methodologies for GS issued transactions in the subprime and second lien space [redacted] is prime example). I said "no" to clients who demanded that GS should "support the GSAMP" program as clients tried to gain leverage over us. Those were unpopular decisions but they saved the firm hundreds of millions of dollars." Alas, we find that all of Goldman's sincere hypocritical lies before the Senate committee were... precisely just that.
22 comments (http://www.zerohedge.com/article/client-always-comes-first-goldman-except-when-he-doesnt#comments)
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TCW's Komal Sri-Kumar Moderates Roubini On Greece And The Eurozone (http://www.zerohedge.com/article/tcws-komal-sri-kumar-moderates-roubini-greece-and-eurozone)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/28/2010 18:41 -0500
And now for a Milken conference panel that isn't a waste of 99% of your time: Nouriel Roubini, James McCaughan and Bo Lundgren, moderated by TCW's very astute new Chief Global Strategist (presumably one with less of a fetish for dildos and marijuana than his predecessor) discuss the topic de chaque jour: the Eurozone, and specifically Greece. Roubini starts his presentation by saying that it ain't gonna work. Something tells us Roubini does not work for the IMF, the EU, the ECB, Germany, Greece or any other government organization (and thus CNBC).
23 comments (http://www.zerohedge.com/article/tcws-komal-sri-kumar-moderates-roubini-greece-and-eurozone#comments)
Read more (http://www.zerohedge.com/article/tcws-komal-sri-kumar-moderates-roubini-greece-and-eurozone)
on Wed, 04/28/2010 - 22:03
Roubini said they cant do this, Denninger said you cant do that, Tyler said this, Peter Schiff said the Economic world is going to collapse and it didnt. Remember Dubai? Remember Japan? They are still around. Dont bother me when the house of cards come tumbling down. I will be resting comfortably in my grave 30 years from now. Rally on. Blah Blah
.....das Ganze dauert 75 Minuten und ich hab's nicht gehört bis jetzt :rolleyes die comments sind auch recht unterschiedlich - Milken (when did he get out of jail?) /Roubini stehen nicht (mehr) so hoch in ihrem Ansehen ;)
Faber: «Griechenland aus der EU schmeissen» (http://www.cash.ch/news/front/faber_griechenland_aus_der_eu_schmeissen-902447-449)
http://img.cash.ch/news/235/5574_Faber%5FMarc.jpg Aktualisiert um 07:04 Uhr
Griechenland wird immer mehr zu einem Fass ohne Boden. Investor Marc Faber rät, Griechenland aus dem Euro-Raum auszuschliessen. Und Portugal dazu, falls das Land ebenfalls Geld benötigt. mehr » (http://www.cash.ch/news/front/faber_griechenland_aus_der_eu_schmeissen-902447-449)
Matthäus Steiner 28.04.2010, 15:57
Da Griechenland und gewisse andere Länder nicht fähig zu sein scheinen, die eigenen Finanzen diszipliniert Hand zu haben - im Gegenteil, diese voll Lug und Betrug abhandeln und vermitteln - sollten EU-Komissäre dies erledigen, sonst ist die Angelegenheit tatsächlich ein Fass ohne Boden! Ausserdem sollten bei Falschangaben von Zahlen die zuständigen Personen prozessiert werden!
.....und wie steht es mit denen welche dazu Beihilfe (gegen teures Geld) geleistet haben :confused:gomad scheint sich niemand mehr zu erinnern wer das ermöglicht hat - na ja ist ja auch eine :kotzvery honest firm :dumm
(http://www.spiegel.de/video/video-1062680.html)Bohrinselunglück vor US-Küste
Drittes Öl-Leck stürzt Helfer in Zeitnot (http://www.spiegel.de/panorama/0,1518,691928,00.html)
Noch mehr Öl tritt aus, inzwischen wurde ein drittes Leck gefunden: Das Bohrinselunglück im Golf von Mexiko hat eine größere Dimension als bisher angenommen. Der gigantische Ölteppich dürfte schon am Freitag die Küste erreichen, der Gouverneur von Louisiana beantragte Nothilfen. mehr... (http://www.spiegel.de/panorama/0,1518,691928,00.html) [ Video (http://www.spiegel.de/video/video-1062680.html) | Forum (http://forum.spiegel.de/showthread.php?t=15079&goto=newpost) ]
Zorn auf die griechische Elite (http://www.nzz.ch/nachrichten/international/zorn_auf_die_griechische_elite_1.5588875.html)
Verunsicherte Bevölkerung – Furcht vor schmerzhaften Sparmassnahmen (http://www.nzz.ch/nachrichten/international/zorn_auf_die_griechische_elite_1.5588875.html)
Die Herabstufung der Bonität griechischer Staatsanleihen hat in Griechenland überrascht; in der Bevölkerung zeigten sich nicht wenige schockiert. Die Schuldenkrise erweist sich immer mehr als Krise der Elite. (http://www.nzz.ch/nachrichten/international/zorn_auf_die_griechische_elite_1.5588875.html) ...http://www.nzz.ch/static-images/headline_topic_more.gif (http://www.nzz.ch/nachrichten/international/zorn_auf_die_griechische_elite_1.5588875.html)
Business: (http://www.huffingtonpost.com/business/) Goldman Reportedly Considering Settlement With SEC (http://www.nypost.com/p/news/business/settlement_day_tKZx6qL2xcbz4MX4xW9oAL)
Comments (17) (http://www.huffingtonpost.com/2010/04/29/goldman-sachs-settlement_n_556484.html)
| Goldman Sachs (http://www.huffingtonpost.com/news/goldman-sachs)
....also bleibt einem das schmierige Grinsen erhalten :bad
Business: (http://www.huffingtonpost.com/business/) Goldman Builds Lobbyist Machine, Ramps Up Political Spending (http://www.washingtonpost.com/wp-dyn/content/article/2010/04/28/AR2010042805753.html?hpid=topnews)
Comments (16) (http://www.huffingtonpost.com/2010/04/29/goldman-sachs-lobbyist_n_556434.html)
| Goldman Sachs (http://www.huffingtonpost.com/news/goldman-sachs)
For people who didn't do anything wrong their sure spending a lot of money to say it.
Equity rally not driven by the usual investors
By Leigh Skene
Published: April 28 2010 15:45 | Last updated: April 28 2010 15:45
The outperformance of risk assets over the past year suggests investors appear to believe that all credit problems have been solved – but nothing could be further from the truth, says Leigh Skene at Lombard Street Research.
“Rising stock markets and narrowing credit spreads depend on buyers being more anxious to buy than the sellers are to sell,” he says. “So who are the enthusiastic buyers of risk assets?”.....
..... And he says the most likely explanation for this anomaly in the biggest stock market rally since the 1930s is that major investment banks are the anxious buyers......:rolleyes
full story: http://www.ft.com/cms/s/0/75481e32-52cd-11df-a192-00144feab49a.html
Frontrunning: April 29 (http://www.zerohedge.com/article/frontrunning-april-29-0)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/29/2010 08:02 -0500
Must read: Lombard Street believes that the major if not only buyers of the current rally are investment banks themselves, perpetuating biggest "pulling oneself out by the bootstraps" con game in history (FT (http://www.ft.com/cms/s/0/75481e32-52cd-11df-a192-00144feab49a.html))
As Basis Yield Alpha Fund seeks compensation over its Timberwolf losses, Goldman pressed for CDO settlemetn (FT (http://www.ft.com/cms/s/0/76c9bf22-52fa-11df-813e-00144feab49a.html?ftcamp=rss))
FTW: European confidence improves to two year high (Bloomberg (http://www.bloomberg.com/apps/news?pid=20601087&sid=athQ6.OgPouw&pos=2)) on what? Expectations of EMU unraveling
Greenwich Street Capital refused to be "first" ACA, saw Paulson deal as too risky (WSJ (http://online.wsj.com/article/SB10001424052748703648304575212641381556412.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsForth))
Already holding junk, Germany hesitates (NYT (http://www.nytimes.com/2010/04/29/business/global/29banks.html?ref=business))
Baidu says sales to beat estimates on Google China "semi exit" (Bloomberg (http://www.bloomberg.com/apps/news?pid=newsarchive&sid=acOZ57YEOkB8))
Simon Johnson: To save the Eurozone: $1 trillion, ECB reform, and a new head for the IMF (Baseline Scenario (http://baselinescenario.com/2010/04/29/to-save-the-eurozone-1-trillion-european-central-bank-reform-and-a-new-head-for-the-imf/))
Fed can't delay market storm (MarketWatch (http://www.marketwatch.com/story/fed-cant-delay-market-storm-2010-04-29))
So as expected it was all just a ploy to get more porn download bandwidth: SEC Schapiro touts Goldman suit while seeking funds (Bloomberg (http://www.bloomberg.com/apps/news?pid=20601087&sid=at_bHi6llbMc&pos=5))
17 comments (http://www.zerohedge.com/article/frontrunning-april-29-0#comments)
Read more (http://www.zerohedge.com/article/frontrunning-april-29-0)
BIG SLICK (http://www.huffingtonpost.com/2010/04/29/louisiana-oil-spill-gets_n_556444.html)
Gulf Leak Spewing Five Times As Much Oil As Thought... 'Massive Disaster' Feared (http://www.huffingtonpost.com/2010/04/29/louisiana-oil-spill-gets_n_556444.html)
PHOTOS: History Of The 9 Worst American Oil Spills (http://www.huffingtonpost.com/2010/04/29/oil-spills-a-history-of-d_n_555362.html)
Comments (1906) (http://www.huffingtonpost.com/2010/04/29/louisiana-oil-spill-gets_n_556444.html)
Heute, 14:30 #5 (http://forum.spiegel.de/showpost.php?p=5427241&postcount=5) c++ (http://forum.spiegel.de/member.php?u=134578)
http://www.spiegel.de/static/forum/images/icons/icon1.gif unglaubliche Frechheit
ich glaub es nicht, da darf nicht nachgedacht werden, ob 30 Milliarden Euro Steuergeld einfach vernichtet werden, darf nicht politisch diskutiert werden, schon garnicht von denen, die zahlen müssen, nämlich den Bürgern.
Das internationale Finanzkapital will sofortige Vollzugsmeldung, dass die griechischen Staatsschulden u.a. vom deutschen Steuerzahler zu übernehmen sind, den Banken kein Risiko bleibt, nur der Gewinn, Verlust unverzüglich sozialisiert werden.
Ach, es sind diesesmal auch weniger Milliarden, die zur Rettung der Banken und Finanzierung des Schlendrians in Griechenland bereitgestellt werden müssen? Das sind in den Augen des internationalen Finanzkapitals nur Peanuts, Schäuble wird das Geld schon aus dem Sozialetat rauspressen.
Was da abläuft, ist ein unsäglicher Skandal, hier werden vom internationalen Finanzkapital in schamlosester Weise die Steuerkassen Deutschlands ausgeplündert. Die Reaktion von Merkel und Schäuble zeigt, die Politik ist völlig hilflos der Räuberei ausgeliefert.
Es ist ein perfides Spiel, das hier abläuft zwischen einem Pleitestaat und seinen Finanzierern. Diese überschwemmen einen Pleitestaat mit Krediten, die dieser nicht zurückzahlen kann, und dann holt man sich das Geld durch Erpressung dank EURO bei denen wieder, die noch etwas kreditwürdig sind.
....aus einem Spiegel-Forum - die Politiker stellen sich schon ein Armutszeugnis aus, sind nicht einmal in der Lage der Finanz-Mafia das Handwerk zu legen, dabei weiss man es seit ewigen Zeiten wie das Spiel läuft. Der kleine Fritz allerdings zahlen oder hinter Gitter :gomad Warum wählt man solche Leute :confused aber welch halbwegs integere Mensch wird schon Politiker :bad lassen sich von GS & Konsorte über den Tisch ziehen und/oder bezahlen :bad
29 April 2010
The Economic Policy Error Behind the Stock Market Rally and the Next Phase of the Financial Crisis (http://jessescrossroadscafe.blogspot.com/2010/04/policy-failure-if-stock-market-crashes.html) "The 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy." Alex CareyThe strategy of the Bernanke Federal Reserve and of the Obama Administration's economic team is fairly clear: prevent the bank failures of the 1930's by propping up the biggest banks with huge infusions of publicly subsidized capital, and hope that they start lending again as the economy recovers. It is a variation of the 'trickle down' theory of economics applied to the perceived policy errors of the first Great Depression.
Bernanke is famously a student of that economic event, even as General Joffre, the architect of the Ligne Maginot, was a student of the first World War. And Larry Summers seems remarkably similar to Marshal Pétain. Timmy is a student of nothing, not even of the tax code he adminsters apparently, except perhaps the art of the useful manservant, a valet.
Failure number one of course is that the banks that they chose to support are not responsible banks engaged primarily in lending to small business and localized activity. Those banks are the local and regional banks and they are failing in record numbers. The banks they chose to save are those who have heavily contributed to the campaign coffers and job prospects of Washington politicians. Goldman Sachs, for example, is a glorified hedge fund dedicated to speculation and enormous amounts of leverage. One only has to look at the source of their profits to understand what it is that they do.
Bernanke has (so he thinks) cleverly tied up much of the liquidity with which he has infused the banks as reserves which are paying riskless returns thanks to his innovation in sustained a floor under the ZIRP. But if you look at what he is doing, and all Bernanke has done, even in his buying a trillion dollars of bad mortgage debt, is rescue creditors and the banks and hedge funds who engaged in reckless speculation during a housing mania that the Greenspan Federal Reserve had fostered, using the very funds from the people who were most greatly harmed. It is the ultimate betrayal.
The lack of productive investment and genuine stimulus for the real economy is appalling. Bernanke and his colleagues Larry Summers and Tim Geithner would have us believe that they had no choice. But informed and experienced commentators such as William K. Black have told us how they have misrepresented their choices. Their current path seems to lead to a 'zombie economy' at best, in which the Banks are doing well, but almost everyone else suffers, particularly the lower and middle classes who obtain their income from the real economy. At worst, the bubble bursts again, and there is another leg down, with greater and more lasting damage done to more ordinary people.
So what would have worked? The Fed and Treasury could have backed the public instead of the banks. They could have temporarily increased and extended the FDIC coverage to much higher levels to guard against further bank runs, and then started dismantling the Wall Street banks through orderly liquidations. They could have provided liquidity more directly to the commercial paper markets, rather than trying to shove it through the failing Wall Street banks. They needed no new laws or tools to do this. And financial reform and higher taxes on those who obtain outsized wealth without productive work would have curtailed a recurrence.
So why did they do what they did? Are they in league with the banks? Was this some sort of conspiracy? No, I doubt this, although there are far too many secretive aspects to completely dismiss it.
None of these men have ever held a productive job in the real economy in their entire lives. They were always the pampered products of the academy, Wall Street, and the government. Even though Mr. Obama has served the community at the Street level, he shows none of the tempering of judgement and skills that one perceives in someone who has had to stand their time in the arena of leadership.
So they took care of their own, because that is their weltanschauung, their bias, or view of the world. It has been said that the Federal Reserve is the worst place to locate certain aspects of banking regulation, because they have a complete aversion to ever allowing a bank to fail, as it is a virtual admission of personal failure. It runs against their nature. That is why the FDIC is much more effective in this, as they do not own, or are not owned by, the banks. That is also why placing Consumer Protection Against Banking Abuse is a cruel farce. Couple this with a career experience in which the world is viewed through the lens of cost plus monopoly business management, and privileged power, and their inability to make the tough but effective decisions seems more understandable.
And the promise of future positions, and large amounts of lobbying money to their friends and mentors and sponsors, and the policy error that is ruining the country seems more understandable.
So now we have another asset bubble in the making, a new Ponzi scheme in the US equity market fomented by the Wall Street Banks packed with public funds, seeking to drive prices higher, for the apparent reason of obtaining confidence from the public, but with the effect of selling assets at inflated prices to public institutions yet again, with the inevitable collapse to follow when the reality of their value is discovered.
What a shame. What a disappointing performance for a reform government that promised change that the people could believe in."...surveys show that the usual investors in major rallies – pension funds, hedge funds and retail investors – have not been net buyers of equities. And he says the most likely explanation for this anomaly in the biggest stock market rally since the 1930s is that major investment banks are the anxious buyers.
“Their buying would appear to be for one of two reasons. Firstly because they think the authorities will prevail in their (so far unsuccessful) efforts to inflate their way out of debt liquidation; or secondly because they are too big to fail and so can afford to take a huge gamble that enough buying will convince others to rush in and buy their inventory of risk assets at even higher prices."
Financial Times, Equity Rally Not Driven by the Usual Investors, Financial Times (http://www.ft.com/cms/s/0/76c9bf22-52fa-11df-813e-00144feab49a.html?ftcamp=rss), April 28And it should be noted that the Wall Street demimonde, the financial media, the financial commentators regulators and legislators, are widely supportive of this, because they draw they pay and employment prospects from an enlarged financial sector. So they are natural enthusiasts. Similem habent labra lactucam.
And of course there is the mainstream media, which is generally silent, or simply pleads confusion and ignorance, when things financial are discussed out of deference to their corporate owners, and the difficulties of actually engaging in investigative journalism, rather than acting as a guest host to a competitive debate among lobbyists and ideologues. It is the path of least resistance, and greatest returns. And it leads to an economy that consists of little else besides usury, propaganda, and fraud."I promise you a new Rome. I promise you a new Empire." Marcus Licinius Crassus, who defeated Spartacus, and spawned the first CaesarWhy be negative? Better to be playing safe while the old Rome burns.
Posted by Jesse at 9:51 AM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/policy-failure-if-stock-market-crashes.html)
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Category: blame for financial crisis (http://jessescrossroadscafe.blogspot.com/search/label/blame%20for%20financial%20crisis), policy error (http://jessescrossroadscafe.blogspot.com/search/label/policy%20error), regulatory capture (http://jessescrossroadscafe.blogspot.com/search/label/regulatory%20capture)
Jesse schreibt einfach :supi hoffentlich bleibt er dabei - langsam könnte auch er verzweifeln an der Ignoranz der Akteure sowie des Publikums :rolleyes
Keiser Report №38: Markets! Finance... Goldman Sachs!
29. April 2010 |
This time Max Keiser and co-host, Stacy Herbert, look at the scandals of bailout buffets for Too Big to Fail banks; selling complexity to very profitable unsophisticated investors; the IMF is 'there to help Greece' . . . in a Dr. Kervorkian kind of way. In the second half of the show, Max interviews economist Max Fraad Wolff about US government debt.
Elizabeth Warren: GOP Reform Plan Is A Failure, Republicans Choosing Banks Over Families (http://www.huffingtonpost.com/2010/04/29/elizabeth-warren-gop-refo_n_556362.html)
First Posted: 04-29-10 08:00 AM | Updated: 04-29-10 11:57 AM
It's time for senators -- especially the Republicans -- to square their upcoming votes on financial reform with their long-professed desire to protect families, said consumer advocate and federal bailout watchdog Elizabeth Warren on Wednesday in an interview with the Huffington Post.
"Everyone in Washington claims to be on the side of families and to support reform," said Warren, a member of the 2010 TIME 100 list of the world's most influential people (http://www.time.com/time/specials/packages/article/0,28804,1984685_1984745_1984767,00.html). "But the test is who votes to paper over problems with another regulatory system designed to fail and who votes for real Wall Street accountability even if it means that some donors will be disappointed.
"I'm tired of hearing politicians claim to support families and, at the same time, vote with the big banks on the most important financial reform package in generations. I'm deep-down tired of it."
Of all the proposals in the 1,400-page Senate bill attempting to reform Wall Street and protect American consumers, none is more contentious than the one calling for the creation of a consumer-focused agency dedicated to protecting borrowers from abusive lenders.
Reform-minded Democrats want a powerful independent entity able to defend powerless families from the banks and financial firms that squeeze profits out of customers through tricks, traps and outright predatory loans.
Moderates want to say that they voted for a bill that protects consumers -- even if it really doesn't.
Republicans profess a desire to protect consumers, acknowledging regulators' past failures, but they also don't want to stem the flow of credit or needlessly harm lenders' ability to make a buck.....
....."Every day that goes by without a clear set of rules in place to guide our economy into the future is a day that costs us money," she said. "Every credit card, payday loan, car loan and check overdraft that hides another fee or another bizarre interest calculation in the fine print costs American families. Every Too Big to Fail that takes on a little more risk, or leverages up just a little more, or that sucks capital away from another business that doesn't have a government guarantee at no charge costs American families. Every lousy product sold to a family, to a retirement fund, or to a local township costs American families.
"We cannot rebuild a strong and reliable economy without new rules," she continued. "We need those rules now. Not next month, not in six months, not in a year. Now."
:supi nur wer hört und handelt :confused:rolleyes:mad
JASON LINKINS TIME Unveils List Of World's 100 Most Influential People -- Who Made The Cut? (http://www.huffingtonpost.com/2010/04/29/the-time-100-in-2010_n_556946.html)
Comments (31) (http://www.huffingtonpost.com/2010/04/29/the-time-100-in-2010_n_556946.html)
| Magazines (http://www.huffingtonpost.com/news/magazines)
http://i.huffpost.com/profiles/45098.png?20081125140314 (http://www.huffingtonpost.com/social/Nutcase?action=comments) Nutcase (http://www.huffingtonpost.com/social/Nutcase?action=comments)
This has to be a tardy April's Foll joke.
Sarah Palin vorne dabei bei den LEADERS :dumm :kopf
Obama will «Taube» als Bernanke-Stellvertreterin (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Obama-will-Taube-als-BernankeStellvertreterin/story/15056993)
http://files.newsnetz.ch/story/1/5/0/15056993/5/teasermedium.jpg (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Obama-will-Taube-als-BernankeStellvertreterin/story/15056993) US-Präsident Barack Obama hat die Präsidentin der Notenbank von San Francisco, Janet Yellen, als Stellvertreterin von Fed-Chef Ben Bernanke nominiert. Mehr... (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Obama-will-Taube-als-BernankeStellvertreterin/story/15056993)
Aktualisiert um 17:37 Uhr 1 Kommentar (http://www.tagesanzeiger.ch/wirtschaft/konjunktur/Obama-will-Taube-als-BernankeStellvertreterin/story/15056993#kommentar)
....warum kommt so was und nicht eine Elizabeth Warren zum Zuge - nix Change Mr. Obama - immer das gleiche Wall-Street-Lied :mad
Guest Post: The Mainstream Media Doesn’t Know Sh*t About Securities Law or the Goldman Case (http://www.zerohedge.com/article/guest-post-mainstream-media-doesn%E2%80%99t-know-sht-about-securities-law-or-goldman-case)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/29/2010 13:26 -0500
Submitted by Damien Hoffman of Wall St. Cheat Sheet (http://wallstcheatsheet.com/knowledge/interview-knowledge/the-mainstream-media-doesnt-know-sht-about-securities-law-or-the-goldman-case-with-barry-ritholtz-of-the-big-picture/?p=10391/)
Last week Barry Ritholtz had an excellent post 10 Things You Don’t Know (or were misinformed) About the GS Case (http://www.ritholtz.com/blog/2010/04/10-things-you-dont-know-gs-case/) in which Barry noted that 99% of the mainstream media commentary regarding the strength of the SEC’s case is, of course, completely uninformed conjecture.
I sat down with Barry, who is a lawyer with experience in securities law, to get an insightful take on the SEC’s case against Goldman Sachs (GS):
Damien Hoffman: Barry, what annoys you most regarding the media’s commentary on the Goldman case?
Barry: The rule on securities fraud and misrepresentation is straight forward. You cannot make material misrepresentations when selling a security. You can’t say black when it’s white. You can’t say up when it’s down. John Paulson can’t say he’s long 200 million when he’s short 200 million. You just can’t and yet that’s what was done.
It doesn’t matter if Goldman lost money. So what? You can lose money. If I rear-ended a guy with my car and banged up my fender, I lose money. It has nothing to do with fault or guilt. State of mind on all that other stuff is irrelevant. The question is whether Goldman is guilty of committing some form of violation of these rules. It’s either yes or no. It’s amazing people get it so very wrong.
Damien: Which people or publications got it very wrong?
Barry: There are a lot. But, for example, the New York Times got it wrong when they talked about the loss. Market Watch got it wrong when they talked about “Mens Rea” which is mental state. There are just a few who got it wrong and misinformed the public.
You don’t have to be a specialist in this area. You just have to understand that there’s certain specifics of securities rules and litigation. If you are not familiar with that area, then, as I mentioned, pour yourself a big glass of shut-the-fuck-up and sit quietly in the corner.
At first, Jim Cramer, who’s usually smarter than this, lost his objectivity and said, “Goldman lost $90 million, how can there be a crime.” Are these people trying to put forth the legal standard that anyone who losses money in a transaction cannot be guilty of fraud, misrepresentation, or material omission? What the fuck are they talking about?
Each jackass who comes out says something more mistaken than the putz before him or her. It’s fascinating to watch. If it wasn’t so serious and important, it would be funny. However, because it is important, at a certain point you must to say, “All right, I had enough of you idiots. Shut the fuck up and let’s talk about the facts of the case.”
In a case where we have 7 million plaintiffs and a very complicated medical issue, that’s a complex case. Did you or did you not misrepresent security’s for sale? That’s not a complex case.
People keep saying, “Well, it’s political. It was voted three to two.” That doesn’t mean this is a political case. That means this is a politicized case. That’s a defense tactic. That’s something the defense raises. When you say that blindly, you are helping one side or the other without knowing it.
Say what you want, but try to be informed. Try not to just open your mouth and say whatever stray thoughts come out regardless of the legal accuracy of what you’re saying. It’s not against the law to be an asshole. It’s not against law to be wrong. So, the media is just parading people who are one or the other or both. If you’re interested as an investor in knowing what’s really happening, you actually have to understand the law and do some digging to find out what the truth is.
This guy Robert Khuzami (http://www.sec.gov/news/press/2009/2009-31.htm), who’s now head of SEC enforcement, this guy is the shit. If you read his background, he’s a bad ass motherfucker. I don’t want to be defending any case against him. This guy is taken apart terrorist rings, the mob, and other security frauds. He’s won all sorts of awards including awards. He has been in cases where they threatened his life and Khuzami said, “Fuck you. I’m putting you on jail.” I made some calls and verified his legal reputation. He’s meticulous. If he’s saying Goldman did A, B and C, that’s just what he has to reveal on the complaint. I’m fairly confident there is a laundry list of emails, wiretaps, depositions, interrogatories and statements that are far, far more significant than the tip of the iceberg we’ve heard so far.
Damien: This is a huge case, the implications of the philosophy behind this case of Wall Street versus Main Street are so intense that if the SEC were to bring a crappy, flimsy little case against Goldman and get destroyed, it would be a massive embarrassment.
Barry: Right. The SEC doesn’t take a big case like this and go to trial unless they’re pretty confident there is some form of a solid case. And Goldman doesn’t defend something like this so vociferously unless there’s bad shit behind it. Goldman is looking at this the same evidence and saying, “Hey, we can’t give in on this because there’s a ton of other stuff behind it.”
A significant amount of people are telling me, “You must be short Goldman.” I said, “No, I have no position in Goldman.” If anything, they trade down to the 140s and then the stock comes back. They’re still a money minting machine — that’s the key. And this is just a single case.
Damien: Well, Barry, thanks for your candid thoughts on this case. I look forward to catching up with you next week about the markets.
Barry: Sure thing, Damien. I look forward to it.
» 4 comments (http://www.zerohedge.com/article/guest-post-mainstream-media-doesn%E2%80%99t-know-sht-about-securities-law-or-goldman-case#comments)
by Cognitive Dissonance
on Thu, 04/29/2010 - 13:58
"I’m fairly confident there is a laundry list of emails, wiretaps, depositions, interrogatories and statements that are far, far more significant than the tip of the iceberg we’ve heard so far."
This is a point that's been lost in the smoke. The complaint doesn't need to lay out the entire case, just enough to show for legal (and political) reasons that there is some basis for a case. I don't really know if the SEC has a winnable case but they do have a case. I wonder what will come out in discovery? You can bet a few hard drives were dropped in the river along with some bodies.
Care to go pier fishing for servers?
29 April 2010
Release the Kraken: Silver Market Price Rebounds After Sharp Price Drop for Options Expiration (http://jessescrossroadscafe.blogspot.com/2010/04/silver-market-price-rebounds-above-key.html)
The silver market is rallying strongly today, after the recent dip in price below $18 with respect to the options expiration and delivery dates for the May contract earlier this week. When futures options are filled, one is not paid in cash, but instead they receive active futures contracts at the strike price.
The market game is to either get the front month price below the key strike prices before the expiry to make the options worthless, or to take the price down below the strikes the day after to run the stops of the contract holders. The market makers can see the relative levels of holdings in market in near real time, privileged information not permitted to the average investor.
Three or four banks are short more silver on the COMEX than can easily be attributed to legitimate forward sales or hedging for all the miners in the entire world, for years of production. Granted, it is hard to determine what the truth is because they are allowed to hide their actual positions and collateral, so as to be able to make their leverage and risk difficult to determine. Its the obsessive secrecy for improbable positions and returns that is the tell in most market manipulation and schemes such as Madoff's ponzi investments.
The 4Q '09 report from the Office of the Comptroller of the Currency reports that "The notional value of derivatives held by U.S. commercial banks increased $8.5 trillion in the fourth quarter, or 4.2%, to $212.8 trillion." J.P. Morgan alone has a total derivatives exposure that is larger than world GDP. Granted, a great deal of these derivatives are based on interest rates, which are largely under the nominal control of Wall Street's creature, the Fed, at least for now.
Goldman Sachs was able to obtain the exemptions of a hedger in the markets through contrivance, for the purpose of their proprietary speculation. But if Goldman is the vampire squid, then J. P. Morgan (http://jessescrossroadscafe.blogspot.com/2010/03/bombshell-whistleblower-steps-forward.html) is the kraken of the derivatives markets, having less leverage than the squid as a percentage of assets, but significantly more reach and nominal size, positions which seem almost impossible to manage competently against value at risk in the event of a very modest market dislocation. And of course the risk which a miscalculation presents could shake a continent of counterparties. This appears to be the misprision of legitimate price discovery that is at the heart of derivatives frauds in other markets.
Here is a description of derivatives in market by Carl Levin that seems appropriate to the current situation, but also to other market dislocations such as that of LTCM which was the misapplication of risk management to enormously outsized positions.
"Ordinarily, the financial risk in a market, and hence the risk to the economy at large, is limited because the assets traded are finite. There are only so many houses, mortgages, shares of stock, bushels of corn, [bars of silver], or barrels of oil in which to invest.
But a synthetic instrument has no real assets. It is simply a bet on the performance of the assets it references. That means the number of synthetic instruments is limitless, and so is the risk they present to the economy...
Increasingly, synthetics became bets made by people who had no interest in the referenced assets. Synthetics became the chips in a giant casino, one that created no economic growth even when it thrived, and then helped throttle the economy when the casino collapsed."http://4.bp.blogspot.com/_H2DePAZe2gA/S9nO__ElFQI/AAAAAAAAMkw/cNPYnlCkZcw/s400/krakencolor.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/S9nO__ElFQI/AAAAAAAAMkw/cNPYnlCkZcw/s1600/krakencolor.jpg) Except of course these bets distort markets, and those markets have an impact on the real commodity markets and economy, in the form of artificial oil and energy shortages for example as in the case of Enron. And given enough time these distortions can, through misallocation of resources, capital and labor, create real systemic shortages in key commodities that can take years to remedy, in addition to the short term damage and pain they inflict on countries whose economies rely on commodity exports.
Perhaps Senator Levin can reuse this quote when he questions CFTC Chairman Gary Gensler, another Goldman alumnus in government, and Sandy Weil's protege Jamie Dimon, when the Congress holds hearings on the defaults in the commodity markets and the requested bailouts of the banks who were holding enormously leveraged derivatives positions.
Unless, that is, the bailouts are conducted in secret, as Mr. Gordon Brown may have done for the bullion banks when he sold England's gold for a pittance. It is hard to know the facts of that sale because it has been hidden away by the Official Secrets Act. That type of bailout would be hard to do with silver, since the US has long since depleted its official holdings, and has trouble keeping its own mint in supply. But such a bailout might be done with the gold in Fort Knox and West Point, or the oil in the Strategic Reserve. And cash settlement is always an option, since the Fed does own a printing press.
I know this sounds a bit much at times, and there are plenty who will tell you to ignore it and move along. Tinfoil hat and all that. And it is natural to grow tired of it, to wish it would just go away. I know that I do.
But these things have happened, and continue to happen, and if you do not understand even now how the government and the banks are acting together in the the shadows for the benefit of the monied interests, you have not been following the news. Or perhaps you have, since the mainstream media largely ignores it, and investigates little or nothing, preferring the less expensive route of chairing phony debates between shameless promoters and paid position whores known as 'strategists.' The financial media seems to have led the way on this, turning their 'news coverage' into an extended infomercial.
It is a dirty, shameful lapse in stewardship, and a failure in the upholding of oaths and responsibilities. I have not seen anything like it since the Watergate trials which seemed to drag on interminably, and the scandalous behaviour and abuses in the Nixon Administration. And its only just begun to come out, slowly. Because this time the US lacks a truly independent press that respects and investigates the evidence provided by whistle blowers.
And no one in power is recording anything for posterity, at least not voluntarily.
Posted by Jesse at 1:31 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/silver-market-price-rebounds-above-key.html)
http://img1.blogblog.com/img/icon18_email.gif (http://www.blogger.com/email-post.g?blogID=6418112515382102078&postID=3797671640053419512) http://img2.blogblog.com/img/icon18_edit_allbkg.gif (http://www.blogger.com/post-edit.g?blogID=6418112515382102078&postID=3797671640053419512)
Category: CFTC (http://jessescrossroadscafe.blogspot.com/search/label/CFTC), deep capture (http://jessescrossroadscafe.blogspot.com/search/label/deep%20capture), derivatives (http://jessescrossroadscafe.blogspot.com/search/label/derivatives), market manipulation (http://jessescrossroadscafe.blogspot.com/search/label/market%20manipulation), regulatory capture (http://jessescrossroadscafe.blogspot.com/search/label/regulatory%20capture), scandal (http://jessescrossroadscafe.blogspot.com/search/label/scandal), silver manipulation (http://jessescrossroadscafe.blogspot.com/search/label/silver%20manipulation)
Performance of Several Key Currencies Since January 2007 (http://jessescrossroadscafe.blogspot.com/2010/04/performance-of-several-key-currencies.html)
This chart shows the comparative performance of several currencies in their dollar crosses since January 2007, or shortly before the most recent financial crisis took hold. For the US dollar itself we are using the DX index.
Gold did sell off hard in the market plunge in October of 2008 reaching an intraday low of $680, a buying opportunity of the first order. Many who said they were waiting to buy a dip never bought, because like most speculators they keep waiting for 'THE' bottom, and keep lowering their target buy price, and never really take a position. Then watch it run away from them, and wait for a pullback, but again never buy back in. Oh they will point to certain stocks that performed fabulously off the bottom, but they did not buy and hold them either, except in their fantasies and trash talk.
This is a flip side to those bulls who were long the tech bubble, and kept waiting for a higher price to sell their positions, just a few dollars more, and ended up taking a ride on a death spiral.
If you did not buy in then, what makes you think you can muster the conviction to buy on any other dip in a new major selloff? What makes you think the market will give you a second chance?
Gold never broke in the Crash of 1987, and offered quite a safe haven until Greenspan and the central banks started selling into it in 1988 to discourage the competition. Think they can do that again? With what?
And as for the theory about debt destruction making a currency more valuable, it could work, but don't hold your breath for the euro to strengthen as the sovereign debt of the PIGS starts swirling the bowl. And where they go, so will the UK and then the US go as well.
And before you complacently snicker at the problems in the eurozone, keep in mind that as a percent of GDP, the US debt is fast approaching the same level as Portugal, and climbing.
Posted by Jesse at 8:18 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/performance-of-several-key-currencies.html)
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Category: currency crisis (http://jessescrossroadscafe.blogspot.com/search/label/currency%20crisis), currency wars (http://jessescrossroadscafe.blogspot.com/search/label/currency%20wars), Deflation (http://jessescrossroadscafe.blogspot.com/search/label/Deflation), deflation trade (http://jessescrossroadscafe.blogspot.com/search/label/deflation%20trade)
Larry Tabb: "The Heads Of All Of The Major Banks Should Be Fired" (http://www.zerohedge.com/article/larry-tabb-heads-all-major-banks-should-be-fired)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/29/2010 15:41 -0500
The leaders of our industry have poured gasoline on the banking crisis and accelerated it completely out of control. It has gotten to the point where legislators and regulators seem to be doing their best to burn the industry down to the ground to rid it of the evils that caused the crisis in the first place. I put this squarely at the feet of our industry's leaders. They ignored common sense, signs, hints, nudges and flat out requests to curb their risk taking to the point where governments now are proposing rules that not only will force institutional break-ups and hurt our industry, but that very well may cripple the capital formulation engine Main Street needs to generate jobs. Talk about cutting off our proverbial nose to spite our face. All that our industry leaders needed to do was come together, highlight the major gaps that led to the subprime crisis and come up with a solution to solve the most egregious issues. Yes -- in order to keep the industry whole and the world sane, some profitable business would need to be eliminated, sacred cows slaughtered and sacrifices made to appease government leaders and stop the gathering hordes from marching down the Street with torches and pitchforks. - Larry Tabb, founder and CEO, TABB Group
32 comments (http://www.zerohedge.com/article/larry-tabb-heads-all-major-banks-should-be-fired#comments)
Read more (http://www.zerohedge.com/article/larry-tabb-heads-all-major-banks-should-be-fired)
on Thu, 04/29/2010 - 16:05
What about the heads of government/government agencies? After all, it takes two to make a 69....
on Thu, 04/29/2010 - 16:21
Not enough - by a wide margin. The banks need to be shut down and dismantled completely with all their management imprisoned for life.
on Thu, 04/29/2010 - 16:46
Problem is, we're all just p***ing into a hurricane. Nothing changes. SSDD. Very depressing. The average person in the allegedly greatest capitalist country in the world is an economic idiot.
Dobrindt droht Zockern mit schwarzer Liste (http://www.spiegel.de/politik/deutschland/0,1518,692169,00.html)
Die CSU will Profiteure der Griechen-Krise mit schwarzen Listen abstrafen. Wer mit Spekulationen Staaten in Schieflage bringe, gehöre gebrandmarkt, erklärte Generalsekretär Dobrindt. Griechen empören sich unterdessen über staatliche Sparmaßnahmen. Demonstranten versuchten am Abend, das Finanzministerium zu stürmen. mehr... (http://www.spiegel.de/politik/deutschland/0,1518,692169,00.html) [ Forum (http://forum.spiegel.de/showthread.php?t=14879) ]
....."Der Gegner sind die Spekulanten an den internationalen Finanzmärkten, die staatliche Währungen kaputt machen wollen und auf Staatsbankrotte setzen", erklärte er. Wer mit Spekulationen ganze Staaten in Gefahr bringe, müsse angeprangert und gebrandmarkt werden. Mit solchen Banken dürfe es in Deutschland keine Geschäfte mehr geben, forderte der CSU-Politiker......
:rolleyes drohen anstatt handeln :mad
29 April 2010
When You Lie Down With Them Dept: Morgan Stanley Has 69% Tier 1 Capital Exposure to the PIIGS (http://jessescrossroadscafe.blogspot.com/2010/04/when-you-lie-down-with-dept-morgan.html)
That statistic about Morgan Stanley was an eye opener in terms of percent of capital exposure. No wonder Angie Merkel is playing hard to get, holding out for more than another back rub. Morgan Stanley looks like it done slipped in the pig wallow.
Gentlemen (:rolleyes) start your presses.Bloomberg (http://www.bloomberg.com/apps/news?sid=a7h1lGnar8Gg&pid=20601087)
JPMorgan Has Biggest Exposure to Debt Risks in Europe
By Gavin Finch
April 29 (Bloomberg) -- JPMorgan Chase & Co., the second- biggest U.S. bank by assets, has a larger exposure than any of its peers to Portugal, Italy, Ireland, Greece and Spain, according to Wells Fargo & Co.
JPMorgan’s exposure to the five so-called PIIGS countries is $36.3 billion, equating to 28 percent of the firm’s Tier-1 capital, a measure of financial strength, Wells Fargo analysts including Matthew Burnell wrote today. Morgan Stanley holds $32.4 billion of debt in the region, which equates to 69 percent of its Tier 1 capital, Burnell wrote.
“Regulatory data suggests JPMorgan’s exposure is largest in aggregate, but Morgan Stanley held the largest aggregate exposure to the PIIGS relative to Tier 1 capital,” the analysts wrote. Overall U.S. bank “exposure to Greece is lower than exposure to
Ireland, Italy and Spain.”
Bonds and stocks plunged across Europe in the past week on concern the Greek debt crisis is spreading across the euro area. Standard & Poor’s this week cut Greece, Portugal and Spain’s credit ratings as concern the nations may fail to meet their debt commitments increased.
U.S. banks held a total of $236.8 billion of exposure to the five nations, including $18.1 billion to Greece, Wells Fargo said. European banks have claims totaling $193.1 billion on Greece, according to the Bank for International Settlements, with another $832.2 billion of claims on Spain. Posted by Jesse at 11:45 PM .verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/when-you-lie-down-with-dept-morgan.html)
....also den (auch US)-Banken wird wieder einmal aus dem Sumpf geholfen :bad und bei den Amis wird gross lamentiert, dass der IWF den Europäern Geld geben muss/soll :rolleyes :dumm
U.S. Attorney Now Conducting CRIMINAL Investigation Of Goldman Sachs (http://www.huffingtonpost.com/2010/04/29/goldman-sachs-case-sent-t_n_557884.html)
Robert Guttman: Casino Capitalism: Can It Be Contained? (http://www.huffingtonpost.com/robert-guttman/casino-capitalism-can-it_b_557128.html)
Jim Wallis: Wall Street, Repent! (http://www.huffingtonpost.com/jim-wallis/wall-street-repent_b_557057.html)
Comments (2928) (http://www.huffingtonpost.com/2010/04/29/goldman-sachs-case-sent-t_n_557884.html)
| Goldman Sachs (http://www.huffingtonpost.com/news/goldman-sachs)
Cui bono – wer und warum? (http://frank-meyer.eu/blog/index.php?p=1756&more=1&c=1&tb=1&pb=1)
http://frank-meyer.eu/blog/rsc/icons/minipost.gif (http://frank-meyer.eu/blog/index.php?p=1756&more=1&c=1&tb=1&pb=1) 29.04.10 22:27 , Kategorien: Kommentare (http://frank-meyer.eu/blog/index.php?cat=14)
von Ronald Gehrt
Im März warnte ich in einer Kolumne davor, dass die Eurozone von der mit Griechenland begonnenen Entwicklung droht, zerrissen zu werden. Da sind wir auf einem guten Weg. Nur habe ich wahrhaftig nicht erwartet, dass dieser Prozess so schnell und professionell ablaufen würde. Respekt!
Hier wird offenbar hart und konzentriert am Erfolg gearbeitet, das Projekt Euro zu zerstören. Im Gegensatz zu den EU-Granden, deren Hilflosigkeit fast etwas anrührendes hat, funktioniert der Fahrstuhl nach unten tadellos. Was mich wundert ist, dass sich niemand wundert. Alles berichtet, kommentiert, orakelt. Aber niemand stellt die wichtigsten W-Fragen: Wer und warum? Wem nützt es ... cui bono?
Während in den Medien (bisweilen schadenfroh und gehässig) über die politischen Spitzen berichtet wird, die sich von „keinen Cent“ über 30 Milliarden auf „so viel als nötig“ empor hangelten ... und dabei noch nicht einmal allzu sehr berücksichtigt wird, ob und wie man sich über wirklich konkrete Maßnahmen wird einigen können ..., werden vorgenannte „W-Fragen“ nicht gestellt. Es scheint, als wären nach oben sausende Anleihe-Renditen bei den wirtschaftlich schwächeren EU-Staaten eine schicksalhafte Entwicklung, die sich einfach so eingestellt hat. Hat sie nicht.
Es ist leicht, auf den Entscheidungsträgern herum zu trampeln. Und macht auch irgendwie Spaß. Aber die Versuche, die Lage in den Griff zu kriegen, als Hauptziel der Kritik zu wählen, hieße, am eigentlichen Kern vorbei zu visieren. Warum kriegt die Politik diese Problematik nicht in den Griff?
Zum Original-Beitrag (http://showthread.php3?p=1308310#post1308310)
.....Auf der anderen Seite steht der Gedanke des reinen Profitstrebens. Andere platt machen zum Wohle des eigenen Reichtums. Wenn ich das momentane Bild mit dem Ablauf der Subprime-Krise vergleiche, entdecke ich nicht nur die eine oder andere Parallele. Nein, das Prinzip ist eigentlich völlig deckungsgleich. Erst Short positionieren, dann vorsichtig Ängste streuen, die die Lawine in Bewegung setzen ... und am Ende sorgen Rating-Agenturen und kopflose Politiker für eine gemütliche Panik, in der es sich gelassen den Gewinn einstreichen lässt. Genau das selbe Prinzip, mit der man eine Aktie „plattmacht“. Oder eine ganze Börse, wie damals 1929.
Cui bono? Nur wirklich riesige Banken, die über nahezu unbegrenzte Mittel und umso begrenztere Skrupel verfügen. Nur sie könnten dergleichen tun. Wie sie es, mit steigender Machtfülle, ja auch in den vorgenannten Fällen getan hatten. Möglich auch, dass politische Ziele dabei mit hineinspielen, aber nicht zwingend. Denkbar? Ja.
Cui bono? Der, der als erster Short ging. Der, der den Druck initiiert und kanalisiert hat.
Es gibt keine zehn Banken auf der Welt, die diese Möglichkeit hätten. Ob mit politischer Rückendeckung oder ohne. Und es würde mich überraschen, wenn die Drahtzieher in Europa säßen. Automatisch geht der Blick in die USA. Automatisch zu denen, die erst diese Woche vor dem Kongressausschuss zu erscheinen hatten. Könnten sie dahinter stecken? Ja. könnte man es belegen? Spielend. Aber ...:gomad:gomad:gomad
... dazu müsste man diese oder andere als Drahtzieher infrage kommende Banken nötigen, ihre Bücher zu öffnen. Hinsichtlich der Subprime-Krise wurde dies angeordnet, ja. Aber da hatte die Politik ein weitaus größeres Interesse daran, weil es sich vor allem um Angelegenheiten innerhalb der USA handelte. Man hatte das eigene Land geschädigt. Wie groß würde wohl das Interesse sein zu untersuchen, wer einen unliebsamen wirtschaftlichen Konkurrenten effektiv geschwächt hat? Lassen Sie mich schätzen .... null?
Vielleicht erfahren wir trotzdem irgendwann, wem es nützte. Bekommen die Antwort auf diese Frage, die angeblich Marcus Tullius Cicero erstmals stellte. Aber wenn ich mir ansehe, wie sehr man offenbar darauf bedacht ist, nicht hinter die Vorhänge zu schauen, zweifle ich daran. Vielleicht ist es auch die Angst, eine zu beunruhigende Antwort zu erhalten. Denn Banken, die derartige Macht haben, sind beängstigend. Und dass niemand bislang imstande ist, daran etwas zu ändern, ist es erst recht.
Mit den besten Grüßen Ihr Ronald Gehrt
TV-Kritik: Wir Kinder von der Samenbank (http://www.tagesanzeiger.ch/kultur/fernsehen/TVKritik-Wir-Kinder-von-der-Samenbank/story/18634025)
http://files.newsnetz.ch/story/1/8/6/18634025/20/teasermedium.jpg (http://www.tagesanzeiger.ch/kultur/fernsehen/TVKritik-Wir-Kinder-von-der-Samenbank/story/18634025) Reich wird man als Samenspender nicht, 70 Franken gibts pro Einsatz. Weshalb ein Mann trotzdem 70 Kinder in die Welt setzte und wie diese mit ihrer Zeugung umgehen, zeigte eine SF-Doku. Mehr... (http://www.tagesanzeiger.ch/kultur/fernsehen/TVKritik-Wir-Kinder-von-der-Samenbank/story/18634025)
Von Philippe Zweifel (http://www.tagesanzeiger.ch/stichwort/autor/philippe-zweifel/s.html). Aktualisiert vor 50 Minuten
Bilder vom Film (http://www.tagesanzeiger.ch/kultur/fernsehen/TVKritik-Wir-Kinder-von-der-Samenbank/story/18634025)
TV-Kritik: Hübsche Studentinnen auf dem Gen-Markt (http://www.tagesanzeiger.ch/kultur/fernsehen/TVKritik-Huebsche-Studentinnen-auf-dem-GenMarkt/story/19799807)
:confused:rolleyes ist für diese Kinder schon sehr problematisch :schwitz
Massenprotest in New York
Wutdemo lässt die Wall Street kalt (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,692176,00.html)
Der Zorn auf Amerikas Banken wächst: Tausende Protestler legten die Wall Street lahm. Den Geldmanagern dürfte das egal sein, sie haben wichtigere Probleme. In Washington forciert der Senat die Finanzmarktreform - und die Justiz ermittelt nun gegen Goldman Sachs. Von Marc Pitzke, New York mehr... (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,692176,00.html) [ Video (http://www.spiegel.de/video/video-1062490.html) | Forum (http://forum.spiegel.de/showthread.php?t=15044) ]
......Die Banker und Broker, denen die Wut gilt, sind dagegen längst verschwunden. Es ist nach 16 Uhr, die Börse hat Feierabend. Wer drüben im neuen Goldman-Sachs-Hauptquartier noch länger arbeitet, etwa die Firmenanwälte, die den Konzern gegen die Milliardenklage der US-Börsenaufsicht SEC (http://www.spiegel.de/wirtschaft/unternehmen/0,1518,689527,00.html) verteidigen müssen, der entkommt dem Mob unerkannt durch einen Seitenausgang.....
:dumm der weiss wohl nicht was man normalerweise unter Mob versteht :rolleyes das wäre was für die Wallstreeter :gomad ausserdem, nur wenn man denen die Kohle nimmt macht das Eindruck, enteignen wäre :supi :oo
COAST IS NOT CLEAR (http://www.huffingtonpost.com/huff-wires/20100429/us-louisiana-oil-rig-explosion/)
OIL REACHES LOUISIANA SHORE... (http://www.huffingtonpost.com/huff-wires/20100429/us-louisiana-oil-rig-explosion/) SPILL COULD BE WORSE THAN EXXON VALDEZ (http://www.huffingtonpost.com/huff-wires/20100429/us-louisiana-oil-rig-explosion/)
Oil Giant BP Loses $26 Billion.. (http://www.huffingtonpost.com/2010/04/29/bp-oil-spill-company-lose_n_557967.html) Safety Celebration Canceled.. (http://latimesblogs.latimes.com/greenspace/2010/04/gulf-oil-spill-safety-celebration-postponed.html) 'Drill, Baby, Drill' Champions Silent.. (http://www.huffingtonpost.com/2010/04/29/drill-baby-drill-champion_n_558014.html) Louisiana Congressman On HuffPost: Dispatches From The Spill (http://www.huffingtonpost.com/rep-charlie-melancon/a-firsthand-look-at-the-l_b_557746.html)
Comments (14,744) (http://www.huffingtonpost.com/2010/04/29/louisiana-oil-spill-gets_n_556444.html)
BP loses......na ja, dann eben der Ölpreis hoch und schon sprudeln die Gewinne weiter und versichert sind wir ja schliesslich auch :gomad
http://i.huffpost.com/profiles/892127.png?20100405114118 (http://www.huffingtonpost.com/social/Dorttrod?action=comments) Dorttrod (http://www.huffingtonpost.com/social/Dorttrod?action=comments)
All this, and Obama still supports drillilng. I wonder who he is paying back for a secret deal he cut? Obama would sell your soul just to make a deal.
Do ya think Sarah is going to remove, "Drill Baby Drill" from her next $100,000 speech?
http://i.huffpost.com/profiles/976844.png?20100409202149 poco767a (http://www.huffingtonpost.com/social/poco767a?action=comments)
Ohrfeige für die Credit-Suisse-Führung (http://www.cash.ch/news/front/ohrfeige_fuer_die_creditsuissefuehrung-902931-449) :rolleyes
http://img.cash.ch/news/235/6486_Dougan%5FDoerig.jpg Aktualisiert vor 11 Minuten
Die Aktionäre der Credit Suisse stimmen dem umstrittenen Vergütungsmodell 2009 zu. Der Nein-Anteil beträgt aber respektable 29 Prozent. mehr » (http://www.cash.ch/news/front/ohrfeige_fuer_die_creditsuissefuehrung-902931-449)
(na so toll finde ich das wirklich nicht :oo)
......«Was tut Herr Dougan eigentlich, für nur 3 Tage Arbeit jeweils eine Million Franken zu bekommen?», fragte ein erboster Kleinaktionär. 2225 Schweizer Verkäuferinnen müssten ihre Löhne zusammenlegen, um Dougans Gehalt zu egalisieren......
(...an den andern Tagen muss er schliesslich seine Kohle zählen :mad)
.....«Wir werden weiterhin auf unsere Aktionäre hören und unsere Vergütungssysteme weiter verbessern», verspricht der Konzernchef. Dougan erläuterte aber nicht, was er mit «Verbesserungen» meint......
(also auf gut Deutsch - noch mehr Kohle für Herrn Dougan :bad)
The Economist FTW (http://www.zerohedge.com/article/economist-ftw)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/30/2010 09:04 -0500
All you need to know in two easy words.
Moore Capital Fined $25 Million By CFTC For Platinum And Palladium Price Manipulation (http://www.zerohedge.com/article/moore-capital-fined-25-million-cftc-platinum-and-palladium-price-manipulation)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/30/2010 08:37 -0500
The FT reports that "the CFTC fined Moore Capital, the hedge fund led by Louis Bacon, $25m to settle allegations that it attempted to manipulate platinum and palladium prices from November 2007 through to May 2008." If the suit was settled at this near-record fine, one wonders just how bad it would have been had the CFTC allowed this to go to trial. In other news, the PM markets are perfectly unmanipulated and the LBMA has never done anything illegal......
....As the saying goes, if you look around the table, and you can't figure out who is using illegal manipulative mechanisms to push the market higher or lower, you are an idiot: the answer is all of them.
5 comments (http://www.zerohedge.com/article/moore-capital-fined-25-million-cftc-platinum-and-palladium-price-manipulation#comments)
Read more (http://www.zerohedge.com/article/moore-capital-fined-25-million-cftc-platinum-and-palladium-price-manipulation)
on Fri, 04/30/2010 - 08:41
Hardly more than a slap on the wrist compared to what they probably made on the trades. Why not a fine and a suspension?
on Fri, 04/30/2010 - 08:52
Covering some shorts, Jamie?
If PMs are essentially a bet on fiat devaluation, I am curious as to what is the longest time period a fiat has held up with out devaluing. Anyone?
30 April 2010
Guess Who Is Taking Delivery of 1.7 Tonnes of Gold from the Comex (http://jessescrossroadscafe.blogspot.com/2010/04/guess-who-took-delivery-of-17-tons-of.html)
http://1.bp.blogspot.com/_H2DePAZe2gA/S9rx7lA-cbI/AAAAAAAAMlQ/D7dSeaWwxWI/s400/comexdeliveryreport.png (http://1.bp.blogspot.com/_H2DePAZe2gA/S9rx7lA-cbI/AAAAAAAAMlQ/D7dSeaWwxWI/s1600/comexdeliveryreport.png)Its delivery time for the May Gold contract on the Comex, and the statistics yesterday showed some interesting buying.
Bank of Nova Scotia 'stopped' 699 big contracts, and issued 100 contracts, for a net takedown of roughly 1.7 tons of gold, the bulk of which was supplied by J.P. Morgan.
As you may recall, the Canadian bullion bank Scotia Mocatta is a subsidiary of Bank of Nova Scotia. Socita Mocatta was recently involved in a bit of a scandal (http://jessescrossroadscafe.blogspot.com/2010/04/my-sonwent-inside-there-and-basically.html)when some investors went to visit 'the vault where their gold was stored' and found it to be surprisingly, perhaps shockingly, undersupplied.
Is BNS acting to back up their paper, or are large investors asking for their bullion in advance? Either way, its an act of good faith on the part of BNS to take the delivery, and probably very smart to do it now.
While cash settlement may be an option, it is not ethical, and BNS is known for its high ethical standards towards its customers, unlike some of its more famous American cousins in the gangs of New York.
Nothing to see here, move along. Its all perfectly normal. No one really has to have what they sell and store for you anymore. Unless they are honest.
h/t Denver Dave
Posted by Jesse at 10:26 AM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/guess-who-took-delivery-of-17-tons-of.html)
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Category: Bank of Nova Scotia (http://jessescrossroadscafe.blogspot.com/search/label/Bank%20of%20Nova%20Scotia), Comex (http://jessescrossroadscafe.blogspot.com/search/label/Comex), fractional reserve gold (http://jessescrossroadscafe.blogspot.com/search/label/fractional%20reserve%20gold), Gangs of New York (http://jessescrossroadscafe.blogspot.com/search/label/Gangs%20of%20New%20York), Scotia Mocatta (http://jessescrossroadscafe.blogspot.com/search/label/Scotia%20Mocatta)
OBAMA PUTS NEW OFFSHORE OIL PROJECTS ON HOLD (http://www.huffingtonpost.com/2010/04/30/new-offshore-drilling-pro_n_558313.html)
See PHOTOS, Send Us Your Own... (http://www.huffingtonpost.com/2010/04/30/louisiana-oil-spill-2010_n_558287.html) BP Loses $26 Billion.. (http://www.huffingtonpost.com/2010/04/29/bp-oil-spill-company-lose_n_557967.html) Halliburton May Be Culprit In Rig Explosion.. (http://www.huffingtonpost.com/2010/04/30/halliburton-may-be-culpri_n_558481.html) 7 Dirty Secrets Of Offshore Drilling.. (http://www.huffingtonpost.com/2010/04/30/the-dirty-secrets-of-offs_n_557090.html) First-Hand Dispatch From The Spill.. (http://www.huffingtonpost.com/rep-charlie-melancon/a-firsthand-look-at-the-l_b_557746.html)
Florida Senator: Energy Bill With Offshore Drilling 'Dead On Arrival' (http://www.huffingtonpost.com/2010/04/30/bill-nelson-energy-bill-w_n_558465.html)
Comments (1,816) (http://www.huffingtonpost.com/2010/04/30/new-offshore-drilling-pro_n_558313.html)
| Barack Obama (http://www.huffingtonpost.com/news/barack-obama)
Mit 100'000 Raketen Stärke demonstrieren (http://www.tagesanzeiger.ch/kultur/diverses/Mit-100000-Raketen-Staerke-demonstrieren/story/10704890)
http://files.newsnetz.ch/story/1/0/7/10704890/13/teaserbreit.jpg (http://www.tagesanzeiger.ch/kultur/diverses/Mit-100000-Raketen-Staerke-demonstrieren/story/10704890) Mit der grössten Weltausstellung der Expo-Geschichte unterstreicht China seinen Aufstieg zur Weltmacht. Chinas Staats- und Parteichef Hu Jintao verspricht eine «grossartige und unvergessliche» Expo 2010. Mehr... (http://www.tagesanzeiger.ch/kultur/diverses/Mit-100000-Raketen-Staerke-demonstrieren/story/10704890)
Aktualisiert vor 6 Minuten
China demonstriert mit 100'000 Raketen Stärke (http://www.tagesanzeiger.ch/kultur/diverses/Mit-100000-Raketen-Staerke-demonstrieren/story/10704890)
Die Werte der Schweiz in Beton gegossen (http://www.tagesanzeiger.ch/kultur/architektur/Die-Werte-der-Schweiz-in-Beton-gegossen/story/18534833)
Vor der Expo werden Kritiker vorsorglich eingesperrt (http://www.tagesanzeiger.ch/ausland/asien-und-ozeanien/Vor-der-Expo-werden-Kritiker-vorsorglich-eingesperrt/story/27212203)
....was es alles gibt :rolleyes:oo
Zürich: 30. April 2010, 14:58
Nock schafft Seeüberquerung auf dem Hochseil (http://www.nzz.ch/nachrichten/zuerich/seeueberquerung_hochseil_zuerich_freddy_nock_circus_knie_1.5602281.html)
Umzug des Circus Knie effektvoll inszeniert (http://www.nzz.ch/nachrichten/zuerich/seeueberquerung_hochseil_zuerich_freddy_nock_circus_knie_1.5602281.html)
Der Artist Freddy Nock hat das Zürcher Seebecken auf dem Hochseil überquert, vom Bellevue zum Mythenquai. Sein Spaziergang in 30 Metern Höhe über die Distanz von 900 Metern dauerte knapp zwei Stunden. (http://www.nzz.ch/nachrichten/zuerich/seeueberquerung_hochseil_zuerich_freddy_nock_circus_knie_1.5602281.html) ...http://www.nzz.ch/static-images/headline_topic_more.gif (http://www.nzz.ch/nachrichten/zuerich/seeueberquerung_hochseil_zuerich_freddy_nock_circus_knie_1.5602281.html)
http://www.nzz.ch/static-images/pixel.gif http://www.nzz.ch/static-images/news_readmore.gif Freddy Nock: Sanfter Draufgänger (http://www.nzz.ch/nachrichten/zuerich/sanfter_draufgaenger_auf_dem_seil_1.5579065.html)
http://www.nzz.ch/static-images/news_readmore.gif Parkdeck 1: Pfahlbauer-Werkzeuge (http://www.nzz.ch/nachrichten/zuerich/5000_jahre_alte_werkzeuge_auf_parkdeck_1_1.5254103.html)
30 April 2010
Reykjavík on the Thames: Hard Times Ahead for Britain (http://jessescrossroadscafe.blogspot.com/2010/04/reykjavik-on-thames-hard-times-ahead.html)
http://4.bp.blogspot.com/_H2DePAZe2gA/S9sGF3Vn_UI/AAAAAAAAMlo/JzYtUEu8IfA/s400/depression.jpg (http://4.bp.blogspot.com/_H2DePAZe2gA/S9sGF3Vn_UI/AAAAAAAAMlo/JzYtUEu8IfA/s1600/depression.jpg) The UK had another debate last night, and the polls shows the Conservatives and the Liberal Democrats in a surprisingly close race, with Labour under Gordon Brown continuing to slip. We will be looking for more polls (not connected in any way to Mr. Rupert Murdoch thank you) over the weekend after yesterday's televised debates.
The election seems likely to result in a 'hung Parliament' with no clear majority for any party, suggesting the possibility of a coalition government.
As a reminder to American readers, most of whom do not even know that the Brits are holding an election or how their governments are formed, the Liberal Democrats would be considered the 'reform party' in this election, what the Yanks would call a 'third party.'
And to put an edge on it, the New Stateman reports that Mervyn King suggests that the coming austerity to be imposed on UK citizens to support the City Banks will ensure that the next party in power will not be elected again for many many years.
Of course that is what the US newspapers said about the Republicans ahead of their last election, but in a short period of time Mr. Obama has managed to alienate a large share of his election base by acting more like a moderate corporate crony than a reform Democrat.
This election is important in any number of ways, but for the US it is a peek into what the future may bring in their own midterm elections in November. It is unusual for a people to go all out for a third party when they are frightened. There has not been a viable third party in the states for almost a century. But the manner in which the elections are settled in the UK brings forward some interesting possibilities.
New Statesman (http://www.newstatesman.com/economy/2010/04/bank-england-austerity-power)
Mervyn King: next government will be voted out for a generation
30 April 2010
Governor of the Bank of England warns that austerity measures will be so unpopular that the next party in power will not be voted back in.
Mervyn King's comments were revealed just hours before the final leaders' debate.
The American economist David Hale, who has known King for many years, said in an Australian television interview: "I saw the governor of the Bank of England last week when I was in London, and he told me whoever wins this election will be out of power for a whole generation because of how tough the fiscal austerity will have to be."
The Bank of England declined to comment, but confirmed that King and Hale had had a private meeting in early March.
His comments come amid growing concern that none of the three main parties has been open about the scale of spending cuts and tax rises that will be necessary.
Posted by Jesse at 12:00 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/reykjavik-on-thames-hard-times-ahead.html)
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Category: British Elections (http://jessescrossroadscafe.blogspot.com/search/label/British%20Elections), Labour Party (http://jessescrossroadscafe.blogspot.com/search/label/Labour%20Party), Liberal Democrats (http://jessescrossroadscafe.blogspot.com/search/label/Liberal%20Democrats), third party (http://jessescrossroadscafe.blogspot.com/search/label/third%20party)
.....tolle Aussichten :rolleyes da wird man ja wohl besser nicht gewählt :oo
The Feds vs. Goldman
The government's case against Goldman Sachs barely begins to target the depths of Wall Street's criminal sleaze
By Matt Taibbi
Apr 26, 2010 5:30 PM EDT
This article originally appeared in RS 1104 from May 13, 2010. This issue and the rest of the Rolling Stone archives are available via All Access, Rolling Stone's premium subscription plan. If you are already a subscriber, you can click here to see the full story (http://www.rollingstone.com/cms/digitalArchive). Not a member? Click here to learn more about All Access (http://www.rollingstone.com/cms/digitalArchive).
On the day the Securities and Exchange Commission filed suit against Goldman Sachs for securities fraud, shares in the company plunged 12.8 percent, closing at $160.70. The market, it seemed, was finally passing judgment on a decade of high-stakes Wall Street scammery that left America threatening Nigeria, Indonesia and Belarus on the list of the world's most corrupt economies.
A few days later, Goldman announced its first-quarter numbers. Profits were up 91 percent, to a staggering $3.4 billion.
Compensation and bonuses soared to $5.5 billion, up from $4.7 billion in the first quarter of 2009. Battered in the press, Goldman was raking up on the bottom line. So investors once again leapt into Goldman's arms, pushing the stock as high as $166.50, not far from where it was even before news of the SEC suit broke.
Goldman isn't dead – far from it. But this new SEC suit officially places it at the center of a raging national discussion about the hopelessly fucked state of American business ethics. As a halting, first-step attempt at financial regulatory reform makes its way toward a vote in the Senate, the government has finally thrown open the door and let a few of the rottener skeletons tumble out......
......Whatever the long-range motives, the immediate effect of the lawsuit is to put Wall Street's crazy fraud ethos on trial in the court of public opinion. For now, at the end of the first quarter, Goldman and most of the other big banks are still winning that case. But the second quarter might be a different story.
full story: http://www.rollingstone.com/politics/news/;kw=[3351,136554]
BP wollte Schuld auf Schweizer Firma abschieben (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/BP-wollte-Schuld-auf-Schweizer-Firma-abschieben/story/26345474)
http://files.newsnetz.ch/story/2/6/3/26345474/29/teaserbreit.jpg (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/BP-wollte-Schuld-auf-Schweizer-Firma-abschieben/story/26345474) Seit im Golf von Mexiko stündlich Tausende von Litern Öl ins Meer fliessen, kämpft der britische Ölriese BP um sein Image. Die Verantwortung für die Naturkatastrophe hat er erst spät übernommen. Mehr... (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/BP-wollte-Schuld-auf-Schweizer-Firma-abschieben/story/26345474)
.....Das «Wall Street Journal» weist darauf hin, dass die Sicherheitstechnik der «Deepwater Horizon» nicht auf dem modernsten Stand gewesen sei. Es habe ein Schalter gefehlt, mit dem das Bohrloch hätte verschlossen werden können. Warum? BP hatte zusammen mit anderen Ölfirmen im amerikanischen Parlament lobbyiert, dass diese Schalter anders als etwa in Norwegen und Brasilien nicht zur Vorschrift werden. Kein Wunder: Ein Stück kostet 500'000 Franken.Dann die Kehrtwende
Präsident Barack Obama machte denn auch klar, dass er BP für die verursachten Kosten zur Kasse bitten will. Der britische Ölkonzern erklärte sich in der Folge plötzlich bereit, die Kosten zur Beseitigung der Ölpest zu übernehmen. Konzernchef Hayward sagte am Freitag, BP übernehme «die volle Verantwortung» und werde die Folgen des Öl-Teppichs beseitigen.
Transocean dürfte indes auch nicht ungeschoren davon kommen. Denn verschiedene Betroffene haben bereits Schadenersatzklagen gegen beide Firmen angekündigt......
Aktualisiert um 18:37 Uhr
Ölbohrinsel gesunken (http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/BP-wollte-Schuld-auf-Schweizer-Firma-abschieben/story/26345474)
500'000 Franken oder was auch immer - zu teuer :gomad lieber die Natur verseuchen, Menschenleben opfern :dumm nur die Kohle zählt, auch wenn es in die Hose geht :kopf :gomad
30 April 2010
Culture of Deceit: Why Dick Fuld So Needlessly and Recklessly Perjured Himself Before Congress (http://jessescrossroadscafe.blogspot.com/2010/04/why-dick-fuld-perjure-himself-before.html)
"Truth is not only violated by falsehood; it may be equally outraged by silence."
Henri-Frederic AmielYet another whistle blower who had been completely ignored by the SEC just stepped forward.
A Bloomberg analyst reported around noon NY time that they had verified Mr. Budde's story, and that indeed Dick Fuld easily had received cash in excess of $500 million in compensation for the period in question, higher than even Henry Waxman had asserted in his charts during Dick Fuld's testimony.
Mr. Budde, a former counsel who was frustrated and plain fed up with the culture of personal greed and deceit among the Lehman executives stepped forward again to tell his story after being completely ignored by the SEC and the Lehman Board of Directors.
Now, I have some sympathy for Dick Fuld. I mean, when you are making the big bucks owed to a master of the universe, and you eat widows and orphans for breakfast, what does it really matter if it is $300 million, or $550 million, or even the one billion that some estimate was the true total compensation? What is a few hundred millions when you wipe your behind with Cohiba cigars, and gargle with Cristal Brut 1990? (Oh yeah, that's class, real class. I must finally be somebody, and not just some schmuck from the Bronx. I'll show them, show them all.)
I know I have trouble keeping track of what I have exactly in my own wallet at times, especially after paying the kids a couple of quid to walk the dog. And $200 million is hardly a significant sum anymore in the rapidly expanding compensation universe change on Wall Street. There is the locus of Bernanke's inflation, the FIRE sector, where the liquidity has been channeled, for years.
But what interests me most is why did Dick Fuld perjure himself over something to obviously verifiable, and largely irrelevant? Doesn't he file tax returns? Did he mess up using Turbo Tax like other board members of the NY Fed are said to have done? Or was he just a little bit ashamed of taking huge sums from a company that he ran into the ground in a Ponzi scheme? On the other hand Goldman execs celebrate their bonuses and just love to roll in their own irrational greed. Perhaps it was just a slip, a bad habit, a automatic reflex.
Fuld was widely disliked on the Street, and when those sharks and sociopaths, who would sell their own mothers for an eigth, don't like you there just have to be some serious personality issues involved.
But Dick is likely to be just another scapegoat, like Martha Stewart, in an escalating program to feed the relative small fry to the mob and the show trials, while the great bulk of the crime continues to be concealed.
Still, one can only ask the question, and wonder, what a brave new world, that has such people in it, virtually running the regulators, the Congress, and the government for their own irrational benefit.
And oh yeah, just so you don't feel too sorry for the Dickster, or think that he has learned any lessons, on November 10, 2008 Fuld sold his Florida mansion to his wife Kathleen for $100; this may protect the house from potential legal actions against him. They had bought it only 4 years earlier for $13.56 million.
Fuld Understated Pay More Than $200 Million, Lehman’s Budde Says
By James Sterngold
April 30, 2010, 12:02 AM EDT
April 29 (Bloomberg) -- Before Lloyd Blankfein of Goldman Sachs Group Inc. took his place, Richard S. Fuld Jr.’s angry face was the universal symbol of Wall Street greed.
On Oct. 6, 2008, three weeks after Lehman Brothers Holdings Inc. filed the largest bankruptcy in U.S. history, Lehman’s former chief executive officer found himself before Representative Henry A. Waxman, the California Democrat who chaired the House Committee on Oversight and Government Reform. Waxman has stared down plenty of CEOs over the years, yet this had to be one of the most intense confrontations of his career.
“Mr. Fuld will do fine,” Waxman said. “He can walk away from Lehman a wealthy man who earned over $500 million. But taxpayers are left with a $700 billion bill to rescue Wall Street and an economy in crisis.”
Fuld said he was a victim, not an architect, of the collapse, blaming a “crisis of confidence” in the markets for dooming his firm. Reckless management had nothing to do with it. “Lehman Brothers,” he said, “was a casualty.”
http://1.bp.blogspot.com/_H2DePAZe2gA/S9sOsMYjgeI/AAAAAAAAMlw/qltvfzDr8oc/s400/alg_ceo_richard-fuld.jpg (http://1.bp.blogspot.com/_H2DePAZe2gA/S9sOsMYjgeI/AAAAAAAAMlw/qltvfzDr8oc/s1600/alg_ceo_richard-fuld.jpg) Fuld and Waxman went on to disagree about just how much money Fuld had taken out of Lehman before it went under, Bloomberg Businessweek reported in its May 3 edition. Fuld, now 64, said his total compensation from 2000 through 2007 was less than $310 million, not the $485 million that appeared on Waxman’s chart. He said 85 percent of his pay was in Lehman stock that had become worthless. “I never sold my shares,” Fuld said at one point. At another, he said he had not sold the “vast majority” of them.
“That just seems to me an incredible amount of money,” Waxman responded.
Among those closely observing Fuld was a 49-year-old former Lehman lawyer named Oliver Budde who was watching the hearing at home on C-Span. Budde (pronounced Boo-da) was certain Waxman’s figures weren’t too high. They were too low, and he could prove it. Fuld, he believed, had understated the amount he was paid during those years by more than $200 million, and now he had done it under oath, for the entire world to see.
For nine years, Budde had served as an associate general counsel at Lehman. Preparing the public filings on executive compensation had been one of his major responsibilities, and he had been infuriated by what he saw as the firm’s intentional under-representation of how much top executives like Fuld were paid. Budde says he argued with his bosses for years over the matter, so much so that he eventually quit the firm. After he left, he couldn’t let the matter rest.
He contacted the Securities and Exchange Commission and the Lehman board of directors and says neither showed interest in meeting him. He was so shocked by Fuld’s testimony in front of Congress that he started thinking about writing a book going public with his story, which is told here for the first time.
“I wasn’t surprised, because these guys don’t surprise me anymore,” Budde says. “But it just struck me -- they’re doing it again. I wasn’t going to sit back and watch...”
Posted by Jesse at 12:36 PM :verbeug (http://jessescrossroadscafe.blogspot.com/2010/04/why-dick-fuld-perjure-himself-before.html)
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John Taylor: "Switzerland, Surrounded Again" (http://www.zerohedge.com/article/john-taylor-switzerland-surrounded-again)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 04/30/2010 14:00 -0500
Switzerland, Surrounded Again
April 29, 2010
By John R. Taylor, Jr.
Chief Investment Officer
In the late 1930’s the Fascist and National Socialist tide rose around the democratic confederation of Switzerland and, with the fall of France in 1940, completely surrounded it until late 1944. A careful reading of Swiss history, as Europe was being swallowed by this right-wing tide, shows a sharp influx in refugees and a dramatic increase in population that burdened the local infrastructure, which was still coping with the rigors of the Depression. There are thousands of anecdotal memoirs of the horrors of those times and the stresses that the Swiss were under. Although the Swiss accepted many, many more were turned away, and for those Jews not accepted their rejection most certainly ended in death.
The story is tragic and the Swiss made harsh decisions when faced with waves of desperate people fighting for their lives. In the end, the Swiss fought hard to retain their freedom as all around them lost theirs, compromising with those that encircled them on the one hand and threatening them on the other. By centering their armies in the mountains, in the national redoubt, and being willing to sacrifice the cities and destroy all the passes and tunnels which were critical to the Germans and Italians, the Swiss held their enemies at bay. Every Swiss city worth its salt has a street named after General Guisan who led the Swiss Army through that war.
World War II was fought over the control of people, whether they lived or died, their philosophical beliefs, and their land. In the end, the Swiss were willing to give up almost everything to not succumb to the National Socialists. Today, the Swiss are in a less stark, but surprisingly similar spot. They are surrounded by another all-encompassing concept: the euro. At first glance this might seem comical, but the German government stands ready to pay very large sums of money to any thief who can produce a list of German account holders at Swiss banks and the Italians are photographing the license plates of all cars crossing into Switzerland to check them against their tax records. Government agents and spies are involved as well. As far as we know there are no deaths in this war, but there are many financial losses, jail terms, and bankruptcies. In the past, the victims were wealthy men and corporations, and the battles had significant moral overtones, but the recent movement toward euro disintegration expands the battlefield, increases the risks astronomically, and will victimize all of western continental Europe, including Switzerland , from the lowliest clerk to the mightiest corporation.
Right now the flood of money attempting to enter Switzerland legally and illegally has caused the euro- Swiss exchange rate to drop from 1.51 in mid-December to 1.4325 :rolleyes where the Swiss National Bank has been the final bid for all euros offered for most of this month. The Swiss added 16 billion euros to their reserves in March and M-2 is growing faster than China ’s. So much money wants to get in that the Swiss are overwhelmed. It might be money not people, but it bears a clear resemblance to 1940.
Most of the world seems to think that the Americans are the ones who do the crazy things, but it is really the Europeans who commit the colossal blunders. Americans are empiricists – they will try anything, but if it doesn’t work they stop doing it. Europeans are thinkers, philosophers. They theorize and analyze brilliantly creating castles in their minds, turning them over and over to perfect them. The tradition starts with Plato, then Machiavelli, and goes through Karl Marx, Nietzsche, and Pareto, to the creators of the euro. Every philosophy can be discredited. It is only when a concept works in the real world over time and is adjusted to fit changing circumstances – like Communism in China – that one can be sure of success. All empiricists know that the euro can not work as constructed, but the Euroleaders will destroy their economies, harming the Swiss as well, until they are forced from power.
h/t Teddy KGB
5 comments (http://www.zerohedge.com/article/john-taylor-switzerland-surrounded-again#comments)
http://www.zerohedge.com/sites/default/files/pictures/picture-5464.pngby Cognitive Dissonance
on Fri, 04/30/2010 - 14:07
"Most of the world seems to think that the Americans are the ones who do the crazy things, but it is really the Europeans who commit the colossal blunders. Americans are empiricists – they will try anything, but if it doesn’t work they stop doing it."
We Americans are about to set all time records for doing stupid things. This is only the 2nd inning of an extra innings game. Don't leave before the game ends. I promise you that with regard to the Ponzi, we Americans will never give up until the last printing press produced fiat currency note is pulled from our cold dead hands.
http://www.zerohedge.com/images/bagicon.png by Calculated_Risk
on Fri, 04/30/2010 - 14:15
Movie of the week?
Where's my popcorn?!
.....sind da die "Zusammenhänge" nicht etwas sehr wirr :confused:rolleyes dieser Herr Taylor scheint nicht zu beachten, dass auch Amis don't stop doing it :bad
....es gibt auch erfreuliches Mode-Weltteater ;) :supi
30 April 2010
Muni Bonds: Time to Head for Higher Ground? (http://jessescrossroadscafe.blogspot.com/2010/04/muni-bonds-time-to-head-for-higher.html)
J. P. Morgan and Charles Schwab have just announced a program to make municipal bonds more available to small investors.
Let's see, record low interest rates and looming risk of default from undisclosed obligations, or perhaps a brisk uptake in inflation. Sounds like a plan (for the big dogs to unload). :rolleyes
Posted by Jesse at 4:07 PM (http://jessescrossroadscafe.blogspot.com/2010/04/muni-bonds-time-to-head-for-higher.html) :verbeug
Um 00:14 Uhr wurden die Aschenbecher eingesammelt (http://www.tagesanzeiger.ch/zuerich/stadt/Um-0014-Uhr-wurden-die-Aschenbecher-eingesammelt/story/30892845)
http://files.newsnetz.ch/story/3/0/8/30892845/7/teasermedium.jpg (http://www.tagesanzeiger.ch/zuerich/stadt/Um-0014-Uhr-wurden-die-Aschenbecher-eingesammelt/story/30892845) Seit Mitternacht ist Zürich rauchfrei. Nur einige Protestzigaretten glimmen noch in den Bars, die nun nicht mehr rauchgeschwängert sind. Mehr... (http://www.tagesanzeiger.ch/zuerich/stadt/Um-0014-Uhr-wurden-die-Aschenbecher-eingesammelt/story/30892845)
Von Christoph Landolt (http://www.tagesanzeiger.ch/stichwort/autor/christoph-landolt/s.html), Jan Knüsel (http://www.tagesanzeiger.ch/stichwort/autor/jan-knuesel/s.html). Aktualisiert um 08:13 Uhr
«Times» und «Guardian» sägen Gordon Brown ab (http://www.tagesanzeiger.ch/ausland/europa/Times-und-Guardian-saegen-Gordon-Brown-ab/story/29086425)
http://files.newsnetz.ch/story/2/9/0/29086425/4/teasermedium.jpg (http://www.tagesanzeiger.ch/ausland/europa/Times-und-Guardian-saegen-Gordon-Brown-ab/story/29086425) Die beiden führenden britischen Zeitungen beziehen eine Woche vor den Wahlen Position gegen den Labour-Premier – nicht als Erste. Mehr... (http://www.tagesanzeiger.ch/ausland/europa/Times-und-Guardian-saegen-Gordon-Brown-ab/story/29086425)
Aktualisiert vor 59 Minuten
Brown und Labour vor dem Abgrund (http://www.tagesanzeiger.ch/ausland/europa/Brown-und-Labour-vor-dem-Abgrund/story/15261230)
Brown räumt in letzter TV-Debatte Fehler ein (http://www.tagesanzeiger.ch/ausland/europa/Brown-raeumt-in-letzter-TVDebatte-Fehler-ein/story/22110549)
....dem weint wohl niemand nach - nur kommt was Besseres :confused :rolleyes
Ein Burkaverbot für ganz Europa? (http://www.tagesanzeiger.ch/ausland/europa/Ein-Burkaverbot-fuer-ganz-Europa/story/29522258)
http://files.newsnetz.ch/story/2/9/5/29522258/5/teaserbreit.jpg (http://www.tagesanzeiger.ch/ausland/europa/Ein-Burkaverbot-fuer-ganz-Europa/story/29522258) Nach dem belgischen Votum fordert die Vizepräsidentin des EU-Parlaments, dass sämtliche Mitgliedstaaten den Ganzkörperschleier verbieten. Die Verhüllung verunsichere sie, so Silvana Koch-Mehrin. Mehr... (http://www.tagesanzeiger.ch/ausland/europa/Ein-Burkaverbot-fuer-ganz-Europa/story/29522258)
Aktualisiert um 08:04 Uhr
Das Burka-Verbot eint Belgien (http://www.tagesanzeiger.ch/ausland/europa/Das-BurkaVerbot-eint-Belgien/story/24567919)
Burka-Verbot: Wütende Muslime in Belgien (http://www.tagesanzeiger.ch/ausland/europa/BurkaVerbot-Wuetende-Muslime-in-Belgien/story/27836540)
....schwierig da Stellung zu nehmen - mir sind jedenfalls so verschleierte Gestalten nicht sehr geheuer :rolleyes und deren Männer habe ja eh keine Achtung vor den Frauen - warum die Aufregung :confused :gruebel
Bill Maher Slams Obama, Oil Companies After Gulf Coast Oil Spill (VIDEO) (http://www.huffingtonpost.com/2010/05/01/bill-maher-slams-obama-oi_n_559596.html)
First Posted: 05- 1-10 02:27 AM | Updated: 05- 1-10 04:10 AM
.....During the panel segment on "Real Time," Maher pointed to the Gulf Coast oil spill and wondered why less than a month ago, President Obama proposed lifting the ban (http://www.nytimes.com/2010/03/31/science/earth/31energy.html) on offshore oil drilling along much of the East Coast.
While the president's proposal was part of a larger climate bill, for Maher, it was an unnecessary concession to Republicans.......:mad
....schöne Reden und wie weiter :gomad
FEDS vs. BP (http://www.nytimes.com/2010/05/01/us/01gulf.html)
WHO MADE THE BIGGER MESS? (http://www.nytimes.com/2010/05/01/us/01gulf.html)
Oil Company Didn't Plan For Spill, But Government Showed Delayed Response (http://www.nytimes.com/2010/05/01/us/01gulf.html)
Comments (2,200) (http://www.huffingtonpost.com/2010/04/30/louisiana-oil-spill-who-m_n_559524.html)
Herr Obama scheint kein Mensch der Taten zu sein :(:rolleyes
.....so langsam sollte ich mich auf die Socken - äh auf den Besen machen - na ja doch lieber auf die vier Räder :schwitz
Hoka wird die scary-Glut sicher etwas am glimmen erhalten :thanx :verbeug ;)
...hasta Junio (mit vielleicht mal reingucken :nw wenn's regnet :oo) http://www.hartmutstoesslein.de/RWG/espana.jpg http://www.wunderground.com/data/wximagenew/i/islandjoe/1-thumb.gif :winke
hmmm - zum Abschied noch ein schmieriges Grinsen :bad
More Hypocrisy From Lloyd Blankfein On Charlie Rose (http://www.zerohedge.com/article/more-hypocrisy-lloyd-blankfein-charlie-rose)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 05/01/2010 09:41 -0500
Just because Goldman refuses to get it, and wishes to inflict even more pain on itself with more and more public appearances, here is Lloyd on Charlie Rose last night. More of the same: "We did well because we had the disciplined hedging [on housing]."Paraphrase: "Thank you Paulson for letting us steal your idea and have our prop book go $10 billion short two months before HSBC and New Century went tits up. Also thank you for reminding us to short hundreds of millions worth of Bear stock." Also, the amount of money put into Goldman by the government was not important for us. Ok Lloyd, please refund all the $2 billion in CDS profits you made by shorting AIG immediately. And again Lloyd blatantly misrepresents the truth, by saying that doing away with prop trading would only cost the firm 10% of the firm's revenue (so why the massive fight against the Volcker rule?). Forget all this market maker, liquidity provider generic fallback bs and mumbo jumbo. How about some disclosure on just how you classify prop trading Lloyd? Because something tells us that at least 50% of your flow and correlation desk is purely Prop (and certainly serves to bolster prop profits instead of putting clients "first" as we have disclosed about 10 times in the past week alone), as the 901 pages in Goldman discovery make only all too obvious (we will post on that soon). Hey Lloyd, here's an idea - how about instituting P&L stop limits on all your OTC FICC prop trades just like RBS? Oh yes, we'll go there... and in much more detail. Soon.
40 comments (http://www.zerohedge.com/article/more-hypocrisy-lloyd-blankfein-charlie-rose#comments)
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