It is a stark contrast when you take into account how the Obamanation adminstration handles the wankers bankers with how they are handling the auto companies. Who has control of this nation is blatantly obvious. And it is not We the Peoples.
If you haven’t seen this video on the Shitener plan(tm) and how we’re about to be robbed, hurry! Before it’s to late! Unelected fraudsters (Shitener, Bukkake, Summers & Rubin- you know, the usual suspects) are about to commit a daylight robbery of brazen proportions. It’s the biggest wealth transfer in the entire history of nations… and you and me, why we are the ones being robbed. Will we let this stand?
Hey! You! Obama! Tell the truth! Unless you’re looking forward to becoming Herbert Hoover… stop listening to Turbo Timmeh Shitener and Benron Bukkake and Larry ‘Nuclear’ Winter and Robert the Sandwich!
“As soon as you become dependent upon the biggest guy in the cell block for protection, you become his bitch.” -Barry Ritholtz
The abnormal claim by jpm, shiti and bofa that they were going to be profitable the first two months of Q1 was, to most people with brains, blantantly bogus. The only question was ‘how‘ bogus?
Yes, AIG generously paid off their counter CDS trades with the extortion boost from taxpayer dollars.
AIG is the golden goose.
The taxpayer is the gift of foie gras as magic filtration system that keeps on giving.
And yes, Turbo Timmy Shitener was on board with this outrage.
Have a good evening.
We are all goose liver now.
Unreal. Should henceforth be known as The Great Swindle.
And Nassim Taleb has the cure…
Mr. Taleb Goes to Washington [The Big Picture]
First, he says, we have to unmask the charlatans of risk like Myron Scholes. To Taleb, Scholes is the Great Oz in this Emerald City because his work on options and derivatives allowed the whole of the financial system to adopt poorly understood products-like the ones that brought AIG down-that hide risk. To Taleb, Scholes’ academic work, which enabled the widespread use of complex derivatives, was like “giving children dynamite.”
“This guy should be in a retirement home doing Sudoku,” Taleb says. “His funds have blown up twice. He shouldn’t be allowed in Washington to lecture anyone on risk.”
Scholes was one of the principal partners and founders of Long Term Capital Management, the hedge fund that blew up big time in 1998… in the exact same way(under-capitalized, over-leveraged) to the fucking mess we have on our hands today.
If you can “thank” only one person for the predicament we’re in, you can thank Easy Al Greenspank. After him, you can thank Myron.
”The world changes, and we have to change with it,” said Senator Phil Gramm of Texas, who wrote the law that will bear his name along with the two other main Republican sponsors, Representative Jim Leach of Iowa and Representative Thomas J. Bliley Jr. of Virginia. ”We have a new century coming, and we have an opportunity to dominate that century the same way we dominated this century. Glass-Steagall, in the midst of the Great Depression, came at a time when the thinking was that the government was the answer. In this era of economic prosperity, we have decided that freedom is the answer.” NYTimes article, 1999
By the Fed., Inc. and Treasury. Each are actively soliciting through baby steps the ‘additional powers‘ they so crave. This is grand-standing by the very same people, all creatures of Wall Street, who now have slipped back in through the revolving door and for now hold regulatory posts (fox, meet henhouse) for this toothless regime, should make each of us very very suspicious.
Without actually acknowledging there is a problem per se, Turbo Timmeh Shitener thinks the solution is him and his cronies co-horts having more bigger, more faster, more and more power over more and more businesses, such as hedge funds and insurance (the states are supposed to regulate insurance, but the Fed was always stepping on their toes).
Yet where were the feds when Made-off was running his Ponzi scheme for FORTY FUCKING YEARS eh? SEC? In da house? No? Where the fuck are ye then?
SEC sock puppets got treated to a free seven-course lunch (who sez that don’t exist?) and all the coke they could snort and hookers they could screw, and gave Bernie and his merry band of Ponzis a pass until the next year. Rinse, lather, repeat. Times forty.
Sure, TT, *more power*, you stumbled upon the answer; Oh wait, I forgot the question. How do we stop this sort of thing from happening again?
Well, um, let’s see what happens when you cannot/do not know how to use the powers and tools already provided?
Yeah, thanks for that, TT. You are a *star*.
Meantime we’re supposed to be relieved and reassured that the next Even Greater Depression (GD3?) forty years hence will deffo not be happening.
Color me relieved! I can stop worrying now. Everyone, no need to worry anymore, the next GD ain’t never gonna happen! Whoopee!
C’mon. The regulator guys always had the tools. The just didn’t realize they weren’t supposed to be the tools.
“Finance should be the grease that keeps the engine going. Yet in our last decade, finance became the actual engine. That is the root of the problem. ” -Dr. Housing Bubble