Zero Credibility

[sowhat]

Guess Who Produced the Most Toxic CDOs?



http://tinyurl.com/ybokxo5

Goldman Sachs -the center of gravity-must be broken up!
viewtopic.php?f=17&t=391&start=180#p9468

[GSIMMERLE]

...Indeed, the same BS games are still going on today. Wells Fargo and Citibank both have well over one trillion dollars off balance sheet in "God knows whats", worth God knows even less, and investors have exactly no knowledge of precisely what sort of trash is in there...

http://market-ticker.denninger.net/arch ... Swaps.html

[dlry]

Did you ever notice the way this guy Geithner smiles? http://tinyurl.com/yadakof

"There 's daggers in men's smiles". - ( Quote Act II, Sc. III).Macbeth

Geithner's Illegal Money-Laundering Scheme Exposed; Harry Markopolos
Says “Don’t Trust Your Government”

Markopolos and a few of his associates tracked the ponzi scheme across
the Atlantic and found evidence of money laundering and organized
crime in the US and Europe. No doubt the details will be interesting.

Just about everyone has had something to say about this bailout -- mostly that it was an ugly but necessary step to stave off a domino effect that would have brought the world's financial system to its knees. But what we have not yet heard is just how Treasury Secretary Geithner, as then-head of the NY FED, got away with taking ownership of 77.9% of AIG's equity and voting rights in clear violation of the law.

The question we are left with is: Why? What motivated this illegal grab of AIG's equity and voting rights? Was it desperation in the face of the largest potential collapse in the history of modern finance? Was it unbridled power combined with supreme hubris? Or was it just criminal? The answer to this query resides in the as-yet-hidden files of the Federal Reserve Bank of New York, now subject to a subpoena issued by my office in the federal lawsuit Murray v. Geithner, pending in the Eastern District of Michigan.

In the course of discovery, resisted by the government at every turn, we have learned that the deal Geithner put together as the NY Fed's president was illegal on its face.

http://tinyurl.com/ygwm82c

[Entendance]

http://tinyurl.com/yzxz5yz

Goebbels' rule:
"It is the absolute right of the state to supervise the formation of public opinion." Paul Joseph Goebbels

“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”
-- Joseph Goebbels http://en.wikipedia.org/wiki/Joseph_Goebbels

...Brainwashed in the open and brainwashed... viewtopic.php?f=7&t=643&p=8181#p8181

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[Entendance]

[Obama] is being failed by his economic team ... We may have to sacrifice just two more jobs to get millions back for Americans.

Geithner: 'We Saved the Economy, But We Kind of Lost the Public Doing It' | Me: We Can Save the Economy, But Only If We Kind of Lose Geithner
http://tinyurl.com/ybdesr5

viewtopic.php?f=6&t=751&p=9802#p9802

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[defio70]

Tim Geithner’s a misunderstood genius.
http://tinyurl.com/ybeuzl4

GREECE: Solidarity account for public debt repayment

Pursuant to Bank of Greece Governor’s Act 271/4.3.2010, an account entitled “SOLIDARITY ACCOUNT FOR REPAYMENT OF PUBLIC DEBT” (No. 24/26132462) has been opened at the Bank’s Head Office, Public Entities Accounts Section, for voluntary deposits, to be used exclusively for the repayment of Greece’s public debt...
http://tinyurl.com/yljnxw3

[Entendance]

http://tinyurl.com/yka5gp6

viewtopic.php?f=17&t=595&p=9836#p9836

...In other words, the SEC was well aware that Lehman was materially misrepresenting the one most critical part of its financial situtation to the entire world, and did nothing about it! The SEC should be disbanded for this gross, criminal negligence, and all of its senior executives sent into exile.
http://tinyurl.com/y9o8g7z

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[GSIMMERLE]

...Al Capone kept cleaner books than these guys. And ask yourself this: do you really think Lehman Brothers and Enron were the only two companies that did this stuff? Who’s being naive now, Kay? The report also makes clear, because clearly it wasn’t clear to some interested parties, that the accounting rules need to be part and parcel, and a big part and parcel, of any and all financial reform.
This report is a daisy cutter through all the self-serving defenses for saving the banks, and more than one reputation is likely to be ruined by it. The financial meltdown wasn’t some hundred-year storm, and it wasn’t a crisis of confidence, and it wasn’t an attack of short sellers. It was a willful, conscious, mad dash for money, come hell or high water. Both eventually showed up.
http://tinyurl.com/yfvpo7c

[defio70]

With record high debt levels, you will deleverage. We hope and pray the deleveraging occurs when you have a relatively healthy economy (ha!) and relatively high interest rates (ha!), to ensure leverage remains only for productive activities (ha!) and deleveraging starts with non-productive activities (ha!).
We are in a period of record high debt levels, followed by an extended period of record low interest rates. Oh, CR*P! At this point, because of the debt levels and leverage, raising interest rates is impossible (nearly all sovereigns would default instantly with even a one or two percentage point increase in interest rates). CR*P! CR*P! CR*P! Even today, we are held together only through accounting fraud collusion among private institutions, central banks, and sovereigns. (Yes, we’re talking about go-to-jail fraud.) CR*P! CR*P! CR*P! CR*P! CR*P! CR*P! Still, we can be assured that defaults will inevitably happen, and interest rates will inevitably rise. These private institutions, central banks, and sovereigns are all toast. Pathetically, they all earned it.
The ship has sailed, and we are betrayed by the economists. Central banks and sovereigns the world over utterly failed in their job, not that they were ever qualified to do the job they pretended to perform. We will get a spark. Some happy camper will be irresponsible with his adult beverage around the too-big campfire. When the spark happens, a million acres burning across Yellowstone will look like a cute evening of nostalgic fun.


No, at this point, there is no way out. Thanks a lot, you friggin’ central planning feeble-minded morons! Unlike you, normal people can actually do the math. Even now, you economists won’t recognize your utter failure in your “field of study”? You pretend to use big words, but it’s easy to recognize them as merely confused baby-mumblings. Clearly nobody should have let you wear “big boy” pants. In the true mark of immaturity, you won’t even admit to the increasing stench from the pile of brown stuff in your underwear. Who the hell do you think will actually have to clean up that mess?
http://tinyurl.com/ybl4r5e

[dlry]

The SEC has Zero Credibility




Why The SEC Sued Me – And Why You Should Care

And I wasn’t the only analyst who was told when to expect the deal.

In the discovery process of our lawsuit, we found a notebook from USEC’s investment bank – Bank of America – where its analysts clearly indicated May 22 was the expected announcement date.

But instead of pursuing the possibility USEC’s managers and bankers were withholding this material information, the SEC decided to attack me. Keep this in mind: I didn’t use this information for my own personal gain. I didn’t buy the stock. Or even just tell my friends to buy the stock. No, instead I did my job. I published a report about what I’d learned and offered to sell my report to any (and all) interested investors.

You see, even though I never owned a share of the company, even though I had no incentive whatsoever to lie about the company, and even though third parties who have looked at the facts of the case (like The New York Times) agree my report on the matter was overwhelmingly correct… the SEC decided to come after me and not the people who were really defrauding the public.

When the SEC came calling later in 2002, I expected it would be going after the company for selective disclosure – a violation of SEC regulation FD. And sure enough, it wanted all of my personal records to make sure I wasn’t front-running the stock, etc. But then, instead of shifting its investigation to the company, it demanded to have the entire subscription list of not just my publishing company, but also of our parent company, Agora Inc.

It wasn’t going after USEC for withholding material information; it was going after us by intimidating our clients. And it didn’t ask for just the USEC report subscribers – it demanded every single name and address on our entire database, including my parent company’s database.

Rather than give in to this subpoena, we sued the SEC in federal court to protect our subscribers’ privacy. A well-established legal precedent protects a publisher’s subscriber lists. (What you decide to read is none of the government’s business.)

That’s part of the story I’m sure you’ve never heard before: We sued the SEC first. And we did so to protect our subscribers, the overwhelming majority of whom never bought the USEC report in the first place.

But my story isn’t unique.

At the same time the SEC was abusing its power by subjecting me to interrogations, subpoenas, and crushing legal bills – all in violation of the First Amendment – it was also going after many other legitimate market participants – including David Einhorn, the well-regarded hedge-fund manager (Greenlight Capital) for merely speaking about securities.

As with my case, the SEC came after Einhorn for speaking openly about abuses taking place at a Washington-based business (Allied Capital), a company that – like USEC – was heavily staffed with former government officials, including Joan Sweeney, the company’s chief operating officer, who was a former senior member of the SEC’s Division of Enforcement. Our stories are eerily similar…
Whether you realize it or not, the SEC isn’t trying to protect investors. If it were, Bernie Madoff would have never happened. The SEC knew all about Bernie Madoff – the SEC audited him regularly. Many people – including Barron’s – pointed their finger right at Madoff and revealed his fraud. Still, the SEC did nothing.
I can’t prove it… but I don’t think the government likes it very much when I tell investors the truth about things like Fannie, Freddie, and General Motors. I don’t think the SEC wants the American people to know the truth about our financial markets – or the state of our government’s finances. And I think the government is afraid of what will happen when you find out the truth.

http://tinyurl.com/yfeo5ae