CFO SURVEY - Finds 20% Of U.S. Public Companies Lie On Earnings Reports (LINKS)

• CFO Study Finds 20% of US Public Companies Lie On Earnings Reports
• No More Wars And Neo-Imperial Nonsense! - Pat Buchanan
• Libor arrests in US could be imminent, say sources
• Key cooperator in Galleon insider cases avoids prison, will pay $2.5M Fine
• Google Faces Potential EU Fine Of $4 Billion Within Days
• Obama Forced To Remind Supporters: 'I’m Term-Limited After This'
• Italy and Spain revisit folly of short-sale bans
• Stockton Bankruptcy Reveals Bondholder Offers - Bloomberg
• Breast Cancer Halted By Novartis Drug From Easter Island
• Too Many Cops on the Bank Beat - WSJ
• How Apple's Phantom Taxes Hide Billions in Profit
• Internet poker owner handed 14-month prison term
• U.S. busts $108 million black market in Medicaid drugs
• Mitt Romney Accused of Buying Twitter Followers

Comments

[DailyBail]

Profile Of New Citigroup Chairman - WSJ

http://online.wsj.com/article/SB10001424052702303292204577517013466179858.html?ru=MKTW&mod=MKTW

[DailyBail]

The collapse of Peregrine Financial Group Inc. has prompted new scrutiny of the futures industry's front-line regulator and triggered plans to change its practices just as the agency prepares to take on a bigger role in policing derivatives markets.

http://online.wsj.com/article/SB10000872396390443295404577543073997598012.html?mod=business_newsreel

[DailyBail]

Taking Morgan Stanley's Market Temperature

http://online.wsj.com/article/SB10000872396390443295404577544963033314318.html?ru=MKTW&mod=MKTW

[DailyBail]

http://www.bloomberg.com/news/2012-07-24/spain-edges-toward-rescue-as-regions-aided-euro-credit.html

Spain is toast...

[DailyBail]

(Reuters) - A wave of tax increases and billions of dollars in automatic spending cuts would cause "a lot of damage" to the fragile U.S. economy, Treasury Secretary Timothy Geithner said on Monday.

http://www.reuters.com/article/2012/07/24/usa-economy-geithner-idUSL2E8IO06120120724

[DailyBail]

LUFKIN, Texas (AP) — A former East Texas bank president faces up to 30 years in federal prison for using customer funds to pay his home contractor.

http://news.yahoo.com/ex-east-texas-banker-faces-30-years-false-152209346--finance.html?_esi=1

[Cheyenne]

"the agency prepares to take on a bigger role in policing derivatives markets."

And the check is in the mail, and I won't cum in your mouth.

These bastards have diarrhea of the mouth talking about future plans to improve regulation and streamline efficiencies and ZZZZZ. This broken record continues playing while everyone dleriously watches biilionaire thieves flush the entire economy down the toilet.

Want a real reocovery? Start with one severed head.

[LiberatedCitizen]

Peregrine please Gensler lmao

Finding Recourse When Investors Are Cheated (Short Summary Your screwed)

http://dealbook.nytimes.com/2012/07/23/finding-recourse-when-investors-are-cheated/

Watch Chairman Gary Gensler Squirm while callers ask about Gold & Silver manipulation

http://www.silverdoctors.com/watch-gary-gensler-squirm-while-live-callers-ask-about-silver-manipulation-investigation/

:(

‘Too big to fail’ grows
The failure of banking reform

http://www.nypost.com/p/news/opinion/opedcolumnists/too_big_to_fail_grows_cVFocOFPEAJyQ4LgCR2ilO?utm_medium=SFnewyorkpost&utm_content=Oped+Columnists&utm_source=SFnypostopinion

Wall Street's hottest investment idea: Your house

http://finance.fortune.cnn.com/2012/07/24/wall-street-foreclosures/

Ezra Klein's Stupid New Idea Fed helps Wall St & Obama

http://www.washingtonpost.com/business/economy/why-not-uncle-bens-crazy-housing-sale/2012/07/23/gJQAZpwU5W_story.html

On the other hand this is a great idea which is why they won't do it

How Bernanke Can Get Banks Lending Again

http://online.wsj.com/article/SB10000872396390444873204577537212738938798.html?mod=googlenews_wsj

All talk

Fed's Raskin: No government backstop for banks that do prop trading

http://www.reuters.com/article/2012/07/23/us-usa-fed-rasking-idUSBRE86M1FB20120723

More collateral damage

U.S. Cities Get Fleeced in Libor Scandal

http://www.thefiscaltimes.com/Articles/2012/07/23/US-Cities-Get-Fleeced-in-Libor-Scandal.aspx#page1

Oddly I agree with H. Dean but not for the same reasons

Dean: Go over the fiscal cliff

http://www.washingtontimes.com/blog/inside-politics/2012/jul/23/dean-go-over-fiscal-cliff/

last but not least I can't believe people aren't making a connection here and this isn't getting more attention

In Washington, Blankfein Backs Dodd-Frank

http://dealbook.nytimes.com/2012/07/18/in-washington-blankfein-backs-dodd-frank/?scp=1&sq=blankfein&st=Search

[DailyBail]

9 Year Old Abuses Infants At A Daycare

http://www.youtube.com/watch?v=VdaKDbSpPSA

Warning: This is very difficult to watch

[DailyBail]

Police Shooting in Anaheim Leads to Violent Clash

http://www.youtube.com/watch?v=kqzoKY1CyAg

Caught on camera: The moment police fired at women and children with rubber bullets in LA 'riot' and as they battled angry mob over man's shooting

http://www.dailymail.co.uk/news/article-2177496/Anaheim-riots-Video-shows-police-firing-women-children.html

[DailyBail]

Great links, LC...I'll check them out.

[DailyBail]

Cheyenne

These bastards have diarrhea of the mouth talking about future plans to improve regulation and streamline efficiencies and ZZZZZ.

---

Jamie Dimon was right a few years ago when he said the problem isn't lack of regulation, it's bad regulators and fraud. The whole system is fucked. Regulators, without fail, end up being owned by the industry they regulate. It's been going on for decades. Nothing changes it.

But one area where we obviously do need more regulation and transparency is derivatives. Everything happens in the shadows. Who knows what is out there, and with Greece buckling this morning, it looks like the Troika might be done with them. If that happens and greece leaves the euro, we are going to learn a lot about the previously-hidden derivatives. JPMorgan, for one, has sold a lot of CDS protection on European banks who are going to be in trouble if greece leaves.

[LiberatedCitizen]

DB more on Derivatives and no real regulators

Our Financial System is Still Broken

http://www.motherjones.com/kevin-drum/2012/07/our-financial-system-still-broken

JPMorgan traders may have hidden derivatives losses

http://in.reuters.com/article/2012/07/13/us-jpmorgan-earnings-idINBRE86C0G420120713

In New Rules to Shine Light on Derivatives, Regulators Also Allow Exemptions

http://dealbook.nytimes.com/2012/07/10/in-new-rules-to-shine-light-on-derivatives-regulators-also-allow-exemptions/

Dodd-Frank needs to be amended to stop another meltdown

http://thehill.com/blogs/congress-blog/economy-a-budget/239445-dodd-frank-needs-to-be-amended-to-stop-another-meltdown

For UBS, a Record of Averting Prosecution

http://www.nytimes.com/2012/07/21/business/ubss-track-record-of-averting-prosecution-common-sense.html?_r=2&pagewanted=all

[Cheyenne]

More transparency for sure. It's the opacity that enables so much fraud.

But look. What kills me is the lack of law enforcement. Before 1934, the S.E.C. Didn't even exist, and yet people went to jail for criminal fraud. Regulation has become a wholesale apology for the lack of criminal referrals. Jon Corzine stole your retirement money? Why, we need more regulation. Peregrine overstated its accounts by 98% year in a year out? We need more audits, damnit

Regulation is a crock of shit if people profit from theft without any chance of doing hard time. I think it's what Mr. Black calls a crimimogenic environment. In such a system, regulation is actually bad, since criminals will use is a weapon against honest competitors

I know I'm preaching to the choir, though. It's just disheartening to see bankers taking a dump all over every civics book ever written and acting like they're Hendrix.

By the way, is the name of that Daycare really "Titty City"?

[TR]

Wonder if this might have any influence on the global economy?

http://www.rollingstone.com/politics/news/global-warmings-terrifying-new-math-20120719

[S. Gompers]

They lie in order to get bigger bonuses based on those "profits"...