HILARIOUS VIDEO - Warren Buffett Fails The Cherry Coke Taste Test On Bloomberg TV

From Bloomberg earlier today.  Major kudos to the segment producer for creating a truly beautiful moment as Emperor Warren appears naked in front of millions.

By the way, Becky Quick's favorite uncle claims to drink 5 Cherry Cokes per day.

We wonder how Buffet might fare on a bailout taste test?

Would he perhaps be able to differentiate the taste of foreclosure fraud at Bank of America from mortgage origination fraud at his beloved Wells Fargo?  And what about collusion, racketeering and subprime ratings fraud at Berkshire darling Moody's?

We wonder how those frauds taste to Warren.

Or does he think, like with Cherry-flavored beverages, that all fraud simply tastes the same... including his own personal ripoff of taxpayers:

• Warren Buffett's $600 Million INTEREST-FREE Loan From Taxpayers & Many Other Ways The Government HOSES You To HELP The Insanely Rich!

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Bernanke: "LIBOR System Is Structurally Flawed" (Video)

Bernanke and everyone else knew LIBOR was rigged and did nothing.  It had always been that way (make-believe) to a small degree, amplified greatly during the crisis, but left alone by central-banking and other printing puppetmasters as it benefited 'financial stability' at the time to show low(er) LIBOR rates.  And there was another reason they did nothing - they had bigger carcasses (bailouts!) on their plate - AIG rescue, Lehman fallout, Fannie & Freddie taxpayer fellatio, Morgan Stanley 1-day-from bankruptcy, Goldman teetering, etc.

Remember that 'benefiting financial stability' is the reason that Cuomo ended several active Wall Street prosecutions in 2009 at the request of friend Tim Geithner, who visited the NY AG secretly to make the case.  And since Chris Whalen just explained that Bob Rubin was actually running the entire bailout program at the New York Fed in 2008, we can perhaps assume that Rubin issued the 'no prosecution' directive to Geithner, though it is much more likely that no directive was needed between the like-minded bailout henchmen.

In Ron Suskind's book, Confidence Men, he quotes Geithner as telling Obama:

• "The confidence in the system is so fragile still... a disclosure of a fraud... could result in a run, just like Lehman."

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Ex-SIGTARP Neil Barofsky On Libor Fraud: "Regulators Are Owned By The Banks"

July 13 (Bloomberg) -- Neil Barofsky, former special inspector for TARP discusses the collusive failure of regulators in the LIBOR scandal.  Runs 5 minutes.

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Gary 'The Weasel' Gensler Evasive On Peregrine Fraud And LIBOR Manipulation: "Barclays Was Aided In Fraud By Banks A, B, C, D" (CNBC Interview)

Runs 2 minutes.  Start watching at the 30-second mark.  Interview from about an hour ago. Gensler is a former Goldman squid, and current Chairman of the CFTC.  He passes the regulatory blame to the NFA for not detecting Peregrine fraud even though the CFTC did audits of PFG in 2006 and 2008, and he completely whiffs (out of fear - watch his eyes) when given a chance to tell the American people that there are no other fraudulent brokers out there.

With brilliant dudes like this in charge of finreg, I see no reason to worry.

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'Before I Confess To LIBOR Price Fixing…Let Me Say, I Love Your Accent' (LINKS)

Before I confess to LIBOR price fixing…let me say, I love your accent

Moody's lowers ratings at 13 Italian banks

How Wall Street Scams Counties Into Bankruptcy - Bloomberg

Here are the new Obamacare taxes you'll be paying

Top German court to announce ESM ruling Sept. 12

Big 4 Auditors Are Asleep at the Switch on Banks' Risk

BOE releases Geithner Libor correspondence

Treasury officials solicited prostitutes, accepted industry gifts, FOIA docs reveal

Barclays ex-COO: Thought 'BOE backed Libor moves'

Hedge-fund manager Barton Biggs dead at 79

Dodging submarines in the Strait of Hormuz

LIBOR Scandal Explained - Outstanding Infographic

Family returns home to find that squatters bought their house for $5,000

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Inside The HSBC Money-Laundering Machine

Substantially more detail than any previous reporting.  Given views on Hamas within Congress, HSBC is probably toast.  Don't be surprised if the fine exceeds $1 billion, which is the current high-end of analysts estimates.

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CHART: Stock Market Would Be 50% Lower Without The Fed

Chart is inside to save space on the front page.

• The Puzzling Pre-FOMC Announcement “Drift” - NY Fed
• Stock Market Would Be 50% Lower Without The Fed
• Wells Fargo pays out $175m to settle claim of racial bias in lending
• Allegations of fraud at futures broker fuel further mistrust in industry
• Max Keiser - European banks are technically bankrupt
• Peregrine's Wasendorf arrested; suicide note cited
• New food crisis fears as US corn prices soar - FT
• Visa, MasterCard, banks in $7.25 billion retail settlement
• PFG bankruptcy shakes up futures industry in more ways than one
• After pressure, USDA removes Spanish food stamp soap operas from website
• San Bernardino Bankruptcy: Criminal probe now underway
• Obama guts federal welfare reform with quiet policy change, GOP 'furious'

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JUST A REMINDER - Dimon Still Owns The Bernank

Notice B-52's submissive comportment and feline inflection.

Any questions...

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Tim Geithner, The New York Fed & LIBOR

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BANKERS BEHIND BARS - Petition To Put Bankers In Jail Passes 350,000 Signatures In Two Days

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New York Fed Transcript: "We Know That We're Not Posting Um, An Honest Libor"

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VOMIT TV - Jim Cramer Defends Jamie Dimon And JPM

For sanity reasons, I will not discuss Cramer.

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Janet Tavakoli: "The Fed Should Replace Jamie Dimon"

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Jamie Dimon Speaks: "Not Proud Of This Moment"

Audio excerpts from this morning's JPM conference call.  Runs 90 seconds.

Here's a link to hear more highlights from the call.

Check out Denninger:

• JP Morgan: Fraud Is Fraud, Where Are The Indictments?

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