Saturday
Jul102010
Jul 10, 2010 at 11:18 AMFriday
Jul092010
Janet Tavakoli: "Goldman Is Guilty Of Accounting Fraud" (Must See Video)
Janet sent this excellent clip in response to Bloomberg's story yesterday that Goldman has finally admitted to betting against the housing market through secret trades with AIG. Two short videos -- Goldman is annihilated by truth -- plus JT's op-ed published yesterday demanding a full and complete audit of fraud at the Fed.
Friday
Jul092010
Did The Fed Lie About The Bear Stearns Bailout? Bloomberg & Congress Scrutinize Maiden Lane Assets
Fed audit, anyone?
As part of the bailout of Bear Stearns, and to facilitate Bear's purchase by JPMorgan, Bernanke, Paulson, Geithner and the Fed created a taxpayer-funded cesspool of toxicity benevolently titled Maiden Lane Partners, and then repeatedly lied to or misled Congress about the quality of the assets it held, say Congressional members from both sides of the aisle.
Friday
Jul092010
Fiat Money Comedy Genius: Is It Time To Close The National Money Hole? (Don't Miss This One -- Onion Clip)
The Maxine Watters character is off the charts. I just watched it again and almost spilled both my beers. Happy holiday weekend.
Friday
Jul022010
Maria Cantwell Flips On Finreg, Announces Intent To Vote 'Yes', Gensler Letter Leads To Switch
Inside we have Cantwell's statement plus the letter from CFTC Chair Gary Gensler that purportedly convinced her that risk from derivatives would be successfully managed under Dodd-Frank finreg. This leaves Democrats one short of the 60 votes needed for cloture, with Scott Brown and Olympia Snowe still undecided, even though yesterday Barney Frank and Chris Dodd removed the $19 billion in bank fees that was cited by both as reason for non-support.
Thursday
Jul012010
U.S. Government Stages Fake Coup To Wipe Out The National Debt (VIDEO)
- "Ideas like burning down the country for the insurance money and disguising the nation as Canada were deemed infeasible"
Thursday
Jul012010
The Onion: US To Trade Gold Reserves For Cash Via Cash4Gold.com (VIDEO)
One of the most popular clips from last Summer. Watch it again and laugh. Runs just 2 minutes.
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Thursday
Jul012010
REM LIVE: Moon River, Pretty Persuasion
Charlottesville, Virginia 1984 -- Driver put that on your sleeve.
- "You can not wear that in this heat."
Thursday
Jul012010
It's The End Of The World As We Know It
Just watch the first 2:26. She's got talent. Check this out.
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Wednesday
Jun302010
BUSTED: Goldman Finally Admits Firm Made 'Secret Bets' Against U.S. Housing Market (McClatchy Investigation)
Wating for a response to this report from Janet Tavakoli. Will post later today. Set aside a couple minutes for this one, as it's not without complexity. Full article/report from McClatchy is inside.
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WASHINGTON — Reversing its oft-repeated position that it was acting only on behalf of its clients in its exotic dealings with the American International Group, Goldman Sachs now says that it also used its own money to make secret wagers against the U.S. housing market.
A senior Goldman executive disclosed the "bilateral" wagers on subprime mortgages in an interview with McClatchy, marking the first time that the Wall Street titan has conceded that its dealings with troubled insurer AIG went far beyond acting as an "intermediary" responding to its clients' demands.
The official, who Goldman made available to McClatchy on the condition he remain anonymous, declined to reveal how much money Goldman reaped from its trades with AIG.
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Wednesday
Jun302010
Dodd-Frank Wall Street Reform Bill Amended To Eliminate $19 Billion Bank Tax (You Will Cover Cost Instead)
Finreg ran into trouble because Robert Byrd died, and 3 Republicans, most notably Scott Brown announced intent to vote 'no' because of $19 billion in bank fees that were attached to the legislation literally in the final hour.
What's the big deal about a tiny $19 billion in total bank taxes to be collected from the 100 largest banks over a ten year period?
First, the $19 billion is needed to pay for implementation of the bill itself -- those are the assumed costs over 10 years, and the banks were (and should be) expected to pay since, you know, they are the ones who caused the freaking crisis in the first place.
Tuesday
Jun292010
Volcker Rule Gives Goldman, Citi Until 2022 to Comply
Assuming of course that finreg passes, which while doubtful is still possible if Reid and Frank agree to dump the $18 billion in bank taxes, and substitute general budget cuts instead. It's amazing to witness the power of the bank lobby. This $18 billion is spread out over a decade and is deserved given their role in the crisis, yet there still aren't 60 votes in support.
Ratigan wasn't lying last week:
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