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« Bailout CNBC Video: Will Suspending Mark To Market Suspend Reality? With Former Fed Governor Robert McTeer And Jon Najarian. Kudos to Michelle Caruso Cabrera | Main | Bailout The Daily Show Video: Jon Stewart Tells The Truth (sort of) About CNBC And Rick Santelli. Maria Bartiromo Gets Appropriately Skewered. Broadcast March 4th »
Thursday
Mar052009

Must See CNBC Bailout Videos: Jim Chanos Says We Will See Orange Jumpsuits Soon. Warning To Richard Fuld And Joe Cassano

Hedge fund manager James Chanos from Kynikos Associates was the guest host on Squawk Box on CNBC yestereday morning.  Both videos are excellent viewing for those interested in the truth about the banks, mark-to market accounting, and financial executives going to federal prison. 

In the second clip, Chanos touches upon a point I've been making regarding MTM accounting.  Simply, that no one uses MTM accounting for the majority of their assets, and so a suspension of regulatory capital requirements would accomplish the same goal of forbearance, but in a much cleaner way.

Chanos has been right about this crisis from day one.  Apparently he has been involved in official discussions of late pertaining to the criminality of certain executives.  Without naming individuals, he mentions Lehman Brothers and the $150 billion discrepancy that appeared on their books after declaring bankruptcy.  He seems quite certain there was fraud and that executives will be wearing orange jumpsuits soon.  That's his phrase, not mine.  He also mentions AIG and says that we will see executives sent to prison for their role in that collapse.

How ya doing, Dick Fuld and Joe Cassano.  We hope that investigators have already seized the passports of both of these individuals.

The 2nd video from Chanos is after the jump.

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Reader Comments (11)

So CNBC has found religion? The same jokers that sold all this bubbleliciouness on the way up?

Pardon me if I sound skeptical.
Mar 5, 2009 at 10:58 PM | Unregistered CommenterWizeUp
@wize up

i doubt if CNBC has found religion.

but Chanos has let forth some very valuable information
Mar 6, 2009 at 12:19 AM | Registered CommenterDailyBail
Very good post DailyBail. Chanos was very candid, but stopped short of talking bout Paulson when the topic came up. If there is any justice, Paulson will be seeing orange one day as well.
Mar 6, 2009 at 12:56 AM | Unregistered Commenterspideydouble
@spidey

I noticed the same thing. It was as though you could tell he wanted to mention Paulson. I often wonder if he will escape unscathed or will eventually face prosecution. IF things are still really bad at this time next year, then who knows maybe he could start facing some heat for the role he played.
Mar 6, 2009 at 2:18 AM | Unregistered CommenterPananrama
I don't think anyone else has reported on this. I at least had not seen this information. Chanos is not clear about several facts including any specifics about who has been leading these discussions. Would it be the FBI or maybe federal prosecutors. Or could it be Cuomo, the AG of new york.
Mar 6, 2009 at 2:22 AM | Unregistered CommenterPuzo
I found you through one of your articles that was posted on Seeking Alpha. This bit of information from Mr. Chanos does not surprise me. As he said, it was not until 2 years AFTER enron that people were indicted. Give it time and people will pay for their crimes.
Mar 6, 2009 at 2:27 AM | Unregistered CommenterDeuce
I am surprised he shared this information publicly. You have to assume he has some confidentiality issues now. Will he be trusted to be involved with future discussions now that he spilled the beans on cnbc. I
Mar 6, 2009 at 2:29 AM | Unregistered CommenterKansas is fucked
Video Explanations Of Fed's Balance Sheet, Monetary Base, Gold Standard, Etc...

http://www.marketskeptics.com/

Very clear and precise explanation for those still without a clue.
Mar 6, 2009 at 7:08 AM | Unregistered CommenterCheck it out
This is Time's 25 people to blame for this crisis or 25 people that should be shot...
I would love to see Mozilo, Cassano, and Fuld and the other crooks in orange jumpsuits. And most importantly the markets will NOT recover untill we have these criminals in handcuffs. The markets will bottom and start rallying as soon as we show these criminals getting arrested on TV. I remember we put a great bottom when we started arresting Enron and Worldcom executives and the markets started rallying. Lets arrest Madooff, Cassano, Mozilo NOW! NOW!!

http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350,00.html
Mar 6, 2009 at 1:04 PM | Unregistered CommenterBrasco
@Brasco

Thanks for posting the URL to the Times list. Oh, that is a good list! They even included Hank Paulson - but for the wrong reasons IMHO. Angelo looks like a living bobblehead.
Mar 6, 2009 at 5:54 PM | Unregistered Commenterspideydouble
@ Everyone

A reader sent me a message saying when he attempts to watch videos on the site it takes him to a login page.

Has anyone else had this kind of problem when watching videos here?

If so, please speak up so that I can work to solve it.

Thanks.
Mar 9, 2009 at 1:49 AM | Registered CommenterDailyBail

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