Archive - Mar 11, 2011
Hacker Collective Anonymous To Release Documents Proving Bank Of America Committed Fraud This Monday
Submitted by Tyler Durden on 03/11/2011 22:03 -0500After Julian Assange crashed and burned in his threat to release documents that expose fraud at Bank of America, many thought he had been only bluffing, and that BofA is actually clean. Not so fast. A member of the hacker collective Anonymous, which singlehandedly destroyed "hacker defense" firm HB Gary, who goes under the handle OperationLeakS "is claiming to be have emails and documents which prove "fraud" was
committed by Bank of America employees, and the group says it'll release
them on Monday" reports Gawker. As to the contents of the possible disclosure: ""He Just
told me he have GMAC emails showing BoA order to mix loan numbers to not
match it's Documents. to foreclose on Americans.. Shame." If indeed this makes the case against BofA' foreclosure practices stronger, it certainly explains why the banking consortium is scrambling to arrange a settlement, and also why Bank of America recently split off its $2 trillion in mortgages into "good bank" and "bad bank" entities.
The Gold Standard 2.0 is Coming
Submitted by Phoenix Capital Research on 03/11/2011 21:09 -0500The world is on its way to a Gold standard again. This is not mere conjecture or prediction. It’s fact. Utah has already passed a bill allowing Gold and Silver to be used as legal tender. Similarly, Virginia has passed legislation (though the Governor has yet to sign the bill) that would permit the state to mint its own Gold and Silver coins.
UK Pension Burden Getting Lighter?
Submitted by Leo Kolivakis on 03/11/2011 20:39 -0500In the fantasy world of right-wing commentators, a bloated public sector has saddled the taxpayer with a £1tn liability for lavish pension payouts for town hall pen-pushers...
Japanese, Russian and Indonesian Volcanoes Erupt ... 5 Japanese Nuclear Reactors In Danger ... 1 Is Leaking and May Melt Down Within 24 Hours
Submitted by George Washington on 03/11/2011 19:14 -0500Update: It's possible that a meltdown may ALREADY have occurred at one nuclear power plant.
Nuclear Expert: "Fukushima Has 24 Hours To Avoid A Core Meltdown Scenario"
Submitted by Tyler Durden on 03/11/2011 17:43 -0500
In an interview with Mark Hibbs, a Berlin-based senior associate at the Carnegie Endowment for International Peace, a nonprofit think tank, Newsmax magazine asks - what happens next at the Fukushima Nuclear Power Plant. The answer according to the nuclear expert, is that as Fukushima is now well on its way to a full core-melt nuclear accident, a worst case scenario could possibly lead to the same results last seen in 1986 Chernobyl.
A Video Summary Of America's Own Economic Tsunami
Submitted by Tyler Durden on 03/11/2011 17:21 -0500
CSI Financial presents a comprehensive look at the last century in US history (98 years to be precise, since the foundation of the Federal Reserve in 1913), highlighting the key events, and critical outcomes, explaining in simple terms how while Japan may have encountered an actual tsunami earlier today, the metaphoric version that has afflicted America is far more dangerous and will have far worse consequences for America's 300+ million citizens.
Way Of The KaMi
Submitted by williambanzai7 on 03/11/2011 16:49 -0500Kami: "any thing or phenomenon that produces the emotions of fear and awe, with no distinction between good and evil." --Motoori Norinaga from Kojiki Den (Record of Ancient Matters)
Kyodo Reports Radiation Eight Times Normal Near Fukushima Nuclear Plant, 1,000 Times Normal In Control Room
Submitted by Tyler Durden on 03/11/2011 16:40 -0500Per Reuters, which cites Kyodo news agency, the radiation levels near the main gate at the Fukushima Nuclear Plant are already 8 times normal. This probably supersedes a prior report by Kyodo according to which radiation could already have been released at the plant. That's pretty much a given the rather dramatic surge in ambient gamma waves. And Reuters has just released this unpleasant development: "Radiation levels in Fukushima Daiichi plant central control unit is 1,000 times normal, Kyodo says"
RANsquawk Market Wrap Up - Stocks, Bonds, FX etc. – 11/03/11
Submitted by RANSquawk Video on 03/11/2011 16:32 -0500RANsquawk Market Wrap Up - Stocks, Bonds, FX etc. – 11/03/11
According To Goldman, Tsunami Puts 2011/2012 Japanese Rice Crop At Risk, Sees Vicious Snapback In Crude Prices
Submitted by Tyler Durden on 03/11/2011 16:32 -0500
A just released report by Goldman's Jeffrey Currie attempts to quantify the impact of the Tsunami on the Japanese economy from a commodity standpoint. Currie summarizes his conclusions as follows: "Assuming that the broader power grid infrastructure has not been permanently damaged, we believe today’s events are likely to put upward pressure on residual fuel oil and diesel cracks, LNG, UK natural gas and rice; downward pressure on naphtha cracks and Dubai spreads relative to other crude grades." Yet the thing we found more interesting than energy related bottlenecks was the disclosure toward the end of the report discussing the threat to the Japanese rice harvest: "In addition to the damage to energy infrastructure from the earthquake, the tsunami also impacted rice producing regions in Japan. While Japanese rice inventories are large, this puts the 2011/12 crop production at risk and may in turn drive Japanese rice imports higher, posing upside risk to current prices." Granted, Japan is not a big exporter of rice, but it is a top 10 consumer. Should the country's consumption (which is estimated at around 9 million metric tons) need to be satisfied by a surge in imports, and with the price of rice already dependent on the margin on speculative money, this could be the catalyst that send the grain, which has plunged in price over the past month, finally break beyond any potential manipulative price suppression schemes.
Ron Paul To Hold Hearing On CPI Lies And Fed Inflation Creation; Jim Grant To Tesify
Submitted by Tyler Durden on 03/11/2011 15:51 -0500Oh this will be fun...
Federal Magistrate Decision Renders Twitter Privacy Obsolete
Submitted by Tyler Durden on 03/11/2011 15:47 -0500As we reported two months ago, the DOJ had secretly subpoenaed the personal information of several "twitters" who may have had a relationship to Wikileaks. Among the people to discover they were the subject of a secret subpoena was Iceland Member of Parliament Birgitta Jonsdottir. Furthermore the only reason those being investigated even realized this was the case is because Twitter notified them, unlike other social networks which may have been also subpoenaed, yet have remained quiet so far. Twitter had said: "We're not going to comment on specific requests, but, to help users protect their rights, it's our policy to notify users about law enforcement and governmental requests for their information, unless we are prevented by law from doing so." Alas, today AP reports that while this inititial request had been challenged by objects of the inquiry, "a federal magistrate ruled that prosecutors can demand the Twitter account information of certain users in their criminal probe into the disclosure of classified documents on WikiLeaks." Simply said this means that virtually anybody's electronic communication on Twitter, and most certainly elsewhere too, can be intercepted by the DOJ for whatever reason, without anyone having to be notified of this gross privacy breach. It makes one wonder just how many additional benefits is JPM getting from its 10% investment in Twitter?
Should We Be Alarmed That The Biggest Bond Fund In The World Has Dumped All Of Their U.S. Treasury Bonds?
Submitted by ilene on 03/11/2011 15:42 -0500Nobody seems all that alarmed that the largest bond fund in the world has dumped all of their U.S. Treasuries.
Guest Post: When Things Fall Apart
Submitted by Tyler Durden on 03/11/2011 15:06 -0500There is no pleasure in "I told you so" when things fall apart. Many of us recognized the artifice and folly of the credit-housing bubble "Bull market" as early as 2004, but few cared to listen because they were deeply complicit in the Status Quo's legerdemaine: their home was rising in value, their pension fund was being fattened, their sales were rising on the onrushing tide of abundant, cheap credit, their tax revenues were soaring, and their benefits/perquisites were notching higher with every tick up of the stock and housing markets. Faith in a centrally planned economy operating under the flimsy guise of cartel-State "capitalism" was supreme, as were greed, self-absorption and an overweening sense of entitlement to consumerist "prosperity." Both corrupt political parties enthusiastically embraced the bubble-culture of fraud and speculative excess, for they too benefited from the illusory glow of "permanent economic growth" and the ever-richer contributions from the fiefdoms, cartels and Financial Elites who gained the most from the credit-based frenzy. The "prosperity," "growth" and "wealth" were all illusory, but the pain is real. Hardworking, dedicated, smart, experienced people are being laid off into an economy with few prospects. Young people are graduating from university into the same bleak atmosphere of a paper-thin facade of magical thinking and propaganda finally crumbling. Things are falling apart because the economy has been undermined by financialization and the extreme concentrations of capital and State power. I think these charts tell the story rather well...
As Greece Embarks On The Road To Hades, Here Is How To Trade The European Implosion
Submitted by Tyler Durden on 03/11/2011 14:16 -0500
While a crippled Europe continues to gladly enjoy being in the shadow of Fed-driven revolutions and natural disasters, its time in the sun is coming to an end. Soon everyone will realize that just today, 2 Year Greek bonds traded at all time wides of over 17%. That's right - holders of Greek bonds for 2 years will be rewarded with a 17% gain if the country actually repays these at maturity. Alas, for those who are paying attention, this has a snowball's chance in Hades of happening. And speaking of Hades, Knight Capital's Alfredo Viegas has released a note explaining not only why Greece has just passed the Rubicon following the release of its disastrous budget deficit details earlier, but also advising those who care, how to be positioned to best profit from Greece's descent into Hades, which will be promptly followed by the rest of the Eurozone. His advice: short Spanish and Italian cash bonds (this trade will work just as well using horrible, evil CDS which no politician still understands and therefore continue to be the scapegoat for everything).








