Barofsky Complies With Grayson Request For Citi Audit

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Wed, 08/19/2009 - 17:04 | 41610 capitalisa
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Yay.  I wonder how long this will take.

Wed, 08/19/2009 - 17:08 | 41612 Sqworl
Sqworl's picture

Oh to see Skamram Bandit exit Citi...if only!

Wed, 08/19/2009 - 17:11 | 41615 Mos
Mos's picture

Two years from now we will find out that apparently Citi is insolvent and Pandit is a buffoon (who knew?).  But hey, by then it won't matter cause Comrade Obama will have fixed the economy.

Wed, 08/19/2009 - 17:17 | 41631 avatar
avatar's picture

apparantly a ship with a sail can also be a cocaine laced rape party.

Wed, 08/19/2009 - 17:45 | 41672 Anonymous
Anonymous's picture

"cocaine laced rape party."
Lol! That's going on the wedding invite!

Wed, 08/19/2009 - 17:20 | 41638 Anonymous
Anonymous's picture

What is WL Ross buying when it hires a dewy goof like Lockhart?

Wed, 08/19/2009 - 17:21 | 41640 Project Mayhem
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lol @  Citigroup.   lets take a trip down the memory hole...


Citibank Implicated in Money Laundering for Fox Campaign

 June 24, 2000

U.S. Interests Are Found Along Illicit Money Route
"Spurious Opposition" Revealed

Special to The Narco News Bulletin by Al Giordano

"Involvement in the dark route of these monies by foreign banking institutions such as Citibank of New York -- already implicated in the Salinas and Hank family money-laundering scandals -- and the Bank of the West, of El Paso, Texas."

Wed, 08/19/2009 - 17:52 | 41677 Sqworl
Sqworl's picture

You forget that Robert Hernandez sold banamex to citi??????  the fool got his 2B + in stock...hahahaha

Wed, 08/19/2009 - 17:25 | 41653 peoplesdemocrat...
peoplesdemocraticsocialistrepublicofmaryland's picture

ZH talks.........government listens!!!

Wed, 08/19/2009 - 17:33 | 41662 Anonymous
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I think we need a ZH facebook fan page ;)

Wed, 08/19/2009 - 17:53 | 41678 Sqworl
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And how will we remain annon????? No fb is Big Brother!

Wed, 08/19/2009 - 17:45 | 41670 economessed
economessed's picture

Barofsky is a rare breed in .gov.  He has the integrity thing going on.  He reminds me of Pat Fitzgerald (with a knack for finance.)

Thu, 08/20/2009 - 11:25 | 42237 texpat
texpat's picture

For the risks that Barofsky is running, watch Harry Markopolis' testimony to the Financial Services Cmttee. The poor bastard was terrified for his life, even to the extent of ensuring no fingerprints were on evidence letters he attempted to pass to Spitzer.

Watching this testimony is better than almost any novel.

Wed, 08/19/2009 - 17:45 | 41671 Anonymous
Anonymous's picture

I think we can safely expect zero compliance from the Federal Reserve. Bernanke has grown more haughty by the day. The only thing that can possibly start this ball rolling is a serious discussion about a revocation of the Federal Reserve Act. And since no one in government has the balls to even suggest such heresy, I think we can safely expect this to add up to a big fat zero.

The only answer will come from a complete and utter meltdown of the financial system. After our economic hiroshima comes down the pipe in a year or two, we'll see some change.

But we'll see blood in the streets (non metaphorical of course) long before we see any improvement.

Wed, 08/19/2009 - 18:01 | 41682 Anonymous
Anonymous's picture

What a complete fuck up ... Geither is clueless.. and Bernanke plays with taxpayers money like a crazy mofo

Wed, 08/19/2009 - 18:01 | 41683 rapier
rapier's picture

C continues to wait in the wings as the next sacrificial lamb should the time come. Not that they don't deserve it but like LEH they drew the short straw. Every week that passes allows the vultures to hone in on the good meat and the way to grab it.  Tim will take the bad.


One can only hope Tim gets paid off properly when this is all over. He probably won't. He's just a chump.


Wed, 08/19/2009 - 18:04 | 41684 Gordon_Gekko
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Perhaps Barofsky would be well advised to beef up his security, alongwith Mr. Grayson. People who tend to meddle into the affairs of the oligarchy have a habit of "disappearing".

Wed, 08/19/2009 - 18:33 | 41708 stockoperator
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or commiting suicide

Wed, 08/19/2009 - 23:44 | 41957 Rusty_Shackleford
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or having the Korean Airlines jet they're riding on shot down by the Soviet military over the Sea of Japan.

Thu, 08/20/2009 - 07:42 | 42066 rapier
rapier's picture

No they don't. Except for the occasional selective prosecution such crude things aren't necessary in the US.  1 citizen in 500K know who Grayson is or who Liz Warren is. They are back back benchers. The slow unveiling of facts from them and others serves the purpose of immunizing it.  It's called the limited hangout and it's one of the foundations of modern PR.

While the Teabaggers hate The Street with white hot intensity their anger is easily channeled into anti health care rages.  It's all so very easy.



Thu, 08/20/2009 - 11:28 | 42247 texpat
texpat's picture

I'm kinda surprised there hasn't been a breakthough of honest media into the MSM.

Think using the internet to coordinate some of the late night cable stations.

Maybe we should coordinate a campaign of trying to get honesty into one station. Denninger on beaker's show is at least a start, though it looks like it may have been the kiss of death for beaker!!!!

Wed, 08/19/2009 - 18:27 | 41696 Miles Kendig
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If I recall the ratings agencies did not have access to the lenders file on the mortgages that made up their pools & securities.  If this is the case one has to wonder what the SIGTARP will find besides a boat load of fraud, waste & abuse.  Just what Paulson, Rubin, Bernanke, Greenspan, Geithner, Summers excell at.  So long as it is at taxpayer expense since the concept of personal responsibility and enforcement of moral hazard (except with respect to those that compete with GS) does not apply to those who are supposed to personify loyalty to the institution.

The folks listed and their corporate masters are using every opportunity to squeeze every drop from the American citizen rather than of devising a sustainable economy.  What a bunch of fraudulent @$$ho(es.

There is no sense in expecting any real reform from these folks until they have totally crashed the whole system and we can finally regain control from the Kleptocrats. 

Wed, 08/19/2009 - 21:14 | 41838 Wilderman
Wilderman's picture

I agree, a more immediate reset is preferrable for the non-empowered (everyone besides international financiers, politicians, et les autres), but, given sufficient time to consolidate their gains, do you really (I mean Seth and Amy really) expect we will be in any position to regain control from these folks?

I don't disagree with your post, am just pointing out the task ahead.  We need 10,000 more Graysons.

Wed, 08/19/2009 - 23:00 | 41927 Miles Kendig
Miles Kendig's picture

As a graduate of the Airborne, Ranger & SERE courses I am familiar with the concept of facing & surmounting challenges as are countless others, including many folks that frequent ZH. The question then becomes how do interested folks combine their efforts to achieve maximum velocity of limited action?

I submit that there are far more than 10K Graysons ready & available, they just haven't truly found each other just yet or are only aware in a limited way.  On the inside the "Grayson" is referred to as "loyal to the institution" and most folks would be surprised as to how many take that quite seriously.  This affliction is what has held things as they are for so long.  Once that nut gets cracked, especially in more authoritarian locations and those that are more reliant upon its bureaucracy the greater the velocity the unraveling will achieve.

Wed, 08/19/2009 - 19:25 | 41759 Anonymous
Anonymous's picture

There is only one solution to all those mayhems. Get the retirees out of the stock market,and get rid of the goverment subsidies through taxation to the stock market. After that, there are no more hostages in the hands of wall street. And ,then let them do whatever they want,pump dump or dance in the street. You play the game at your own risk

Wed, 08/19/2009 - 19:26 | 41760 Green Sharts
Green Sharts's picture

There's a short piece on Rep. Grayson in the current issue of Fortune magazine.  Grayson is a former telecom entrepreneur who was swindled out of $34 million in an apparent Ponzi scheme by a South Carolina firm called Derivium Capital.  Derivium was founded by Charles Cathcart, a PhD economist and former Citi executive.

Grayson is quoted as follows:  "There is this fantasy that some people have, including lawmakers, that the world is full of benign people who simply want the free market to do its magic.  We need stiff regulations to make sure con artists and crooks don't take over the entire financial services industry."

Wed, 08/19/2009 - 20:33 | 41814 Anonymous
Anonymous's picture

He is about 15-20 years late. They already have. Anybody remeber the oriental ring that was caught back in the late ninties,who were taking GMAT tests for students in the east coast and providing the answer to the west coast???anybody can make the connection(specially those who take the gaptcha test)??

Thu, 08/20/2009 - 05:31 | 42040 Econofresh
Econofresh's picture

As long as my citi stock go up, I don't care :)

I think it's a good use of taxpayers money. For ME, MYSELF and I! :)

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