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"Joe Cassano, whose reckless bets nearly brought down capitalism".
Capitalism can not be brought down. It was fascism that was at risk and was saved.
Exactly. It was very disturbing to read that line on ZH.
"The price of freedom is eternal vigilance" TJ
With enough torture, even Tyler Durden can be made to love Big Brother.
We should all congratulate Brian in making it into ZH's 'big league'
Also great work by Tyler.
Too bad Forbes, WSJ, Bloomberg no longer do reporting like this. It is all Lady Gaga, the porno business model (true - Forbes had garbage like that) amd Kim Kardashians newest STD"s and cellulite.
"In a must read Op Ed, Bloomberg's Jon Weil takes another long hard look at the balance sheet of the most undercapitalized bank in America...."
Credit where credit is due...
Sure, it can. If it doesn't get the energy and materials it needs to expand, it perishes. I know ZHers don't think this is possible in the next few million years.
"If my ideology is practiced as i want it, it is valid. If my ideology is practiced as i do not want it (which merely requires parasitism - individual or in collaboration), then it's not really my ideology, and thus i, identifying with my ideology, am free of guilt - it was someone else who did it".
Or in short: If stuff happens as i want it, then that was me. If stuff happens as i do not want it, then that wasn't me.
Right, if only everyone could have it as "comfortable", as ideologues.
Junk away - but remember: A "desired outcome" is not a model.... it does not include any description about the "how".... it is just a desired outcome..... a "claim". And even assuming that it were a model (which it isn't), any "tool" can be used for its intended "purpose", or be perverted. But really, let's not dig too deep and start thinking... let's just keep stuff generic, so that we don't have to bother adapting our thoughts to the details of the situation at hand.
Let's just continue claiming, that X is always the right approach, regardless of the circumstances, regardless of how and for which intentions it is done. Let's just continue to claim, that details do not exist: A holistic justification for reductionist ideology :)
(and yup, radical holistic ideologies will do the opposite bullshit: Justify themselves with reductionist assumptions, while rejecting the existence of them. To get this more in line with ZH terms: Radical individualist ideologies, are grounded on collective generalizations. Radical collectivist ideologies, are grounded on individual generalizations. Or in short: Both expect everyone magically taking something for granted, and never ever resist those premises.... because if they would do, the whole fancy ideology collapses like a house of cards)
Chinese mole planted deep inside US financial system?
Modern warfare. Who needs bombs.
Did you see the movie Salt?
It was fiction.
Who is the largest investor and joint venture partner in every TV network in the USA plus ownership and access to other western TV networks? Prince Al Waleed aka puppet who manages Saudi Arabia's investments.
Who made the call to fire Rebekah Brooks at News International/News of the World (aka Fox aka Sky News aka News Corp)? Al Waleed. The Saudis are good friends with Mordeci's other tribal handlers who are quietly close with the Saudis.
I think the idea of someone who doesn't really understand what they are doing is the more reasonable expectation.
Ahmeenaxal has a picture of Zack Gilifanakis so he can pretty much ramble on about whatever he wants.
You can't tell Koreans from Chinese? Stupid round-eye.
No, we cant tell the difference and for obvious reasons.
You dont have blond, black, brown or red hair.
You dont have curley or wavy hair.
You dont have blue, green, brown, hazel or violet eyes.
You dont have black or dark skin.
The option for variation is limited and therefore so to the look.
Sorry - its just nature - noithing more.
Sorry, toots; your humble snowball is the stereotypical blue-eyed devil, but I can tell the difference (especially when given the advantage of a surname). Perhaps you should try looking at them!
Right, so if they change their last name to Chapman you would never think they are ruskies.
the tan man is laughing.
Once upon a time, one would laugh all the way to the bank. Now, well, they just walk away.
Guess who are the 2 people who have recommended him.
Unbelievable reporting Tyler.
This is why Zerohedge has the most loyal following in everything that is important.
Just out of curiosity, do you ever put a price on it as in 'buy at' or 'sell at'?......timestamps are nice........whatever, oil, equities, currencies.
Not sure who you are talking to or what you are talking about...
Are we related?
Collapse, It's Coming, Are You Ready?...
OT: Hilarious 2 Min Vid...
BRIAN LIN BOHDI: [getting ready for their next robbery] 90 securities Johnny. That's all I ask for, just 90 MBS of your life Johnny, that's it. This is our tactic, is we strike fear. Once you get them to pee and shit down their leg, they submit. Also about fear, fear causes hesitation, and hesitation, causes your worst fears to come true. [hands SEC AGENT a shot gun]
SEC AGENT: I can't do this. BRIAN LIN BOHDI: Yes you can, who knows, you might like it. SEC AGENT: Bohdi , this is your fucking wake-up call man. I am an S, E, C, Agent! BRIAN LIN BOHDI: Yeah, I know man. Ain't it wild? That's what makes it so interesting. You can do what you want, and make up your own rules, sell naked CDS who gives a shit. Why be a servant to the law, when you can be it's master and sell CDS?
MARY SCHAPIRO: Fuckin' a!
TIM GEITHNER: I love this job.
Wonkbook: Is July 22nd the new debt-ceiling day?
You've probably heard that Aug. 2nd is the drop-dead date for a debt-ceiling deal. Nuh-uh, the White House tells Damian Paletta. It's actually July 22nd. Writing and passing the legislation takes some time, as does working the money through the Treasury Department. This can't be left until the last moment.
In the immortal words of Matt Taibbi,
And nobody appears to give a shit. What the hell is wrong with people? Have we all lost our minds?
So just abandon Corporation Tax.
Just make it a sales tax on every sale -try moving that out of the country.
Then you could simplify the entire tax code and start working on all those 'special reliefs'
Tax the dividend, tax the salaries, tax the bonuses.
Should be enough tax revenue for a lazy corpulent central government, Shirley.
They want a synchronized global forex collapse. Wall Street bets are banking.
How? One pair down = one up.
This is fine, fine work Tyler and Zero Hedge. I too believe in the legal process and was amazed to see such a small settlement amount. I will be buying BAC puts tomorrow.
Tyler(s), why the viagra, 4+ hour hard on for BAC?
Move along, dead news...
Probably because BAC is one big big bitch.
"When mark-to-market become the-market-is-the-mark." BAC chapter.
The New World Order Currency Crisis
The policy makers are at their end of rope. When US comes to agreement on debt ceiling, all domino's begin to fall.
Great article! Forgot about that rogue trader...we are due for another rogue play gone bad.
Wonder if one of Talebs black swans are flapping around somewhere on the rogue /mega bad bet trade?
More corruption. More crony capitalism. More conflict of interest. More injustice.
"we never should have let ourselves be put in the position where a collapse in confidence at a single bank could wreak havoc on the world’s economy." Geez, you think?
"It is hard to imagine why a court would not require Countrywide and Bank of America to repurchase all loans..." The courts have been corrupted? The judicial branch is colluding with the executive branch? The courts are no more interested in exposing the truth than anyone else? (Ask GM bond holders.)
Because if law itself is held hostage by a bank's massive undercapitalization, then one may as well admit that America has devolved into complete fascism. The word you're searching for is not "fascism." It's corruption---plain ol' corruption. Nothing fancy. (It's been around a long time.)
Does one now see why perhaps Mr. Lin may not have been the best choice to evaluated the trust shortfall, and the "settlement" process. See why? Geez, half-way thru the article I assumed Mr. Lin and RRMS were assigned the BoA job on the basis of cronyism.
No offense, TD. This is a solid article by every measure. It's me. I've read all I can read about the ongoing corruption.
"At RRMS Advisors' offices in an aging building on East 40th Street, Vincent Spoto and his four partners share space with a small headhunting outfit, and they hold meetings in a windowless conference room the size of a large closet…"
Sounds bad, but 10 East 40th Street isn't so bad:
One of my past office gigs was there. Fine building, dodgy elevators, somewhat inadequate AC.
Great post TD.
At the heart of all this shit is the undeniable fact that there is no accountability or repurcussions to those that "finacially rape" the system. To every eyebrow raising moral hazard, conflict of interest, and under the table cash spread everywhere, there is absolutely no deterrent stopping them from repeating the process.
The reponse to all this shit is - move along, no story here - afterall, these are the "wizards of smart" and the world couldn't turn if it wasn't for their genius.
Tyler I agree whole-heartedly. should we in the private sector. Be feeding unlearned J.D.'s this information? It seems that every single idea is reverse engineered and used against us!
I like seeing you give us more than one sentence. And I want to party with you more than any other Zero Hedger...yet I want to party with a lot of Zero Hedgers.
I gotta log off now so here's a couple of quick thoughts:
Tyler - with all due respect, the only must-read thing we are going to get from Bloomberg from here on out is the piece where Dom Chu opens up about the number of women he's tagged. Vegas has set the over/under at 0.5. To Dom's credit, if you want the under, it's -120.
Yen - you are the man. Keep on rockin' in the free world, buddy!
man oh man.... how pathetic is this? Some douche with a BS in business (GPA?) out of a crank-'em-out public university "advising" on multi-billions. I'd be speachless except I'm jaded. Just one more illustration of my favorite analogy: that $2 billion aircraft fixin' to be grouded (or crashed) by failure of a $4.95 part......
you 'pointed' it down in flame.
thanks to Tyler for sharing.
New York University (NYU) is a private, nonsectarian research university based in New York City.
Well shut mah mouth....I am humiliated. Guess that makes him infinitely more qualified? Even so, I doubt this turns out well......
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