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California AG Goes Postal On Caruso-Cabrera
After having been invited to appear on CNBC to discuss the litigation launched against State Street for what on the surface at least appears rather damaging allegations (and, in honesty, something that does not come as a surprise to anyone on Wall Street), the California Attorney General is greeted by this intellectual pearl from the woman who alleges bloggers tend to generically fall in the "idiot" camp. Michelle - while the blogosphere can not made any counterclaims yet, it is quite nice of you to open your mouth and do it for us:
"I don't dispute that $56 million is a lot of money, I don't dispute the merits of the suit but you had a big press conference, you're coming on C....N....B....C....[the leader in propaganda worldwideTM], all this surrounding publicity over this $56 million, what do you say to people [or one person in this case] who look at this and say this is a perfect example of the demagoguery that attorney generals [sic] use when they want to run for governor."
The hilarity that ensuses has to be seen to be believed (at 3:20 into the clip). Also, for whatever, reason the recently cancelled Dennis Kneale chimes in.
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If you would like to see her testimony on hedge funds and derivatives in 98, over 2hrs it's still on cspan:
http://www.c-spanvideo.org/program/114751-1
Isn't new media great! We can dig up and post all sorts of interesting tidbits.
Thanks for this one Ruth.
Yes. I am looking forward to this. I'll record it. Cannot interrupt watching the Angels kick the living shit out of the Yankees.
I hope old Bubba gets featured prominently for Glass-Steagall and the Commodity Futures Modernization Act 2000 he signed on the way out the door. CFMA birthed the Enron electricity futures corner in 2001, derivatives trading like oat futures and the good old oil speculative bubble of 2008.
Lots of goo needs to be sticking to Bubba .....not Monica's dress.
Ahh Rainboi, looks like the Angels really kicked the Yankees...lol...oh yeah 10-1 bitch. The Angels are a pathetic excuse for a baseball team. As for Glass-Steagall getting repealed, it was a big mistake indeed but don't blame Bubba because 90 out of 100 Senators voted to repeal it and that was veto proof anyway.
What a low life that MCC is with that smirk on her face thinking in her small world that she is something when she is a truly pathetic bitch.
I thanked god again I stopped watching that network a long ago when I saw those two lowlifes' faces.
Can douche bag and the "C" word be used in the same sentence? And I don't even like her tits anymore. They probably hang like tennis balls at the end of wet tube socks, anyway.
Another attempt at attacking the messenger, he looks a bit old to even insinuate he may be motivated to run for governor - another reason to lead with the message so that they can't divert attention to the messenger. Perhaps the message is that they are so cynical because they follow wall street where many are crooked and only talking their book.
When they go home tonight, their dogs should kick their owners (DK, MC), truly embarassing.
When was the last time California paid for an ad on CNBC? CNBC works for its advertising clients: the establishment financial institutions. Period. That's why we get no journalism and why we need Zerohedge and other bloggers.
The California case is a good one; they got screwed on the FX and will prove it in court. Of course, the deeper issue is why they gave so much PE and hedge money out in "pay to play" arrangements. We will never get to the bottom of that. MCC should have asked about the status of that investigation.
Spanishmoon
I'm pretty sure I've seen Ahhnold and Marie pushing California as a place to visit or work on CNBC recently.
The strongest part of caruso and carbera's argument is out of frame...
Read a review of a new Clinton biography, that says he slept through a lot of meetings, at least with his biographer.
Dennis Kneale "We as journalists......" LOL
Journalists! Dennis you aren't a journalist. You are a TV personality and a lousy one at that. Keep shilling for the banksters, at least they pay you.
that was funny...lol
I think she said "I will suck it up for 56 mil". Considering the high unemployment rate nowadays,she has to be very faithful to her bosses,otherwise,the only openings for her in this enviroment is probably the porno industry(the next growth industry from cnbc perspective). Now that she has alienated the ag of CA,she better be careful since he might ban her from ca in case she needs to fill one of these openings............
CNBS anchors don't know anything better than sitting in front of the camera and talking about things they don't understand. It is ridiculous that they ridicule a person who is doing his job. It doesn't matter if he is running for Governor or not. What kind of education or civility these anchors have? I feel lucky that I don't watch this media BS. Those who watch it are stupid people.
HAHAHA love MCC
Why don't we put some talking robots with audio feeds instead of these talking heads. They will be cheaper (cost cutting!) for GE. The jobless rate will rise a little but who cares.
If I ever saw Dennis I would just punch him in his man tits. I hate that guy. dork.
Wow, I hate DK. He is an assclown.
Yeah, Dennis cannot claim to be a journalist. He is a complete shill.
He makes me ill.
Plague on both their houses!!
I had a brief conversation with a visitor from NYC this weekend that went like this, " What has GS done wrong? All they are doing is making money. What is wrong with that?" The conversation ended there. These asses on CNBS just showed their whole deck. they are puppets for the Wall St. pigs and their attack of a decent action on the part of the AG against SSG was in poor taste.
As for MCC's twins - they appear to be about 600cc in size.
don't allege....prove...prove the conflict of interest....prove the manipulation and then prosecute to the fullest extent possible and clawback with penalties....send a god damn message for once!
By the way AG Brown...CNBC BREACHES THE VIEWERS TRUST ALL THE TIME!
Ms. Caruso-Cabrera(s), I must once again express my deepest apologies for yet another reprehensible display by the indigenous, knuckle-dragging, male chauvinist pigs at ZH. You must understand that the internet is a breeding ground for such cretins. Hopefully, you will construe the crude remarks of my slobbering brethren to be something of a (rather primitive) compliment.
Now, if you all will excuse me, I shall return to surfing porn.
Stay thirsty my friend !
Looks like Jerry is having too much fun to even want to be Gov of California again. This is right up his alley.
He would definately do less harm out, and may even do some good... You never know.
Unfortunately, he's raised a lot less $ than Gavin Newsom (Getty-Siebel) and Meg. 8-(
I watched that worthless video in hopes of catching a glimpse of M C-C's funbags (it's relevant....it's why she has the job) and not only do I not get them, I get that fucker Beaker? I thought they fired his ass.
WTF?
Dear Michelle and Dennis,
I look forward to seeing you on an upcoming reality show in the next year or two. You two have FLAMEOUT written all over your smug faces. As a subscriber to Comcast I'm sure I'll have front row seats to your shitcanning once they close the deal.
Not to worry, I guarantee that Mark Burnett will stir you with a $250K payday (a'la Spencer & Heidi) from your Vicodin and Midori induced haze resulting from the humiliating realization that nobody but you wants to hear anything you have to say.
Regards,
TraderVix
Oorriblah!
The point is that state pension plans all across the country have been getting screwed by illegal activity on Wallstreet. These pensions are in serious trouble and the result will be lawsuits from all over the country and the States will win substantial sums of money in civil suits and penalties. Criminal charges will follow.
Wallstreet is broken and requires massive reform if they are to continue as an intermediary in our economy.
Trust has been lost.
years ago, Merrill lynch would do the same exact thing in my 401K account. let's say I placed an order to buy "X" with a market order at 10 am when X was trading at $40.00. I'd get my statement to find out that my order was filled at $40.53. Guess what? That just happened to be the high of the day and vice-versa when selling. Took a few orders (I wasn't a trader then) before I caught on to what they were doing. They got caught, prosecuted and paid a $200M fine as I recall.
Frickin' fraudsters. The whole lot of them.
They got me too...same way. Now I get a notice that I am plaintiff in a class action suit against Merrill.....for which I expect to see exactly ZERO.
This is going to be a very big story in MHO. The main gripe many of the commenters on this blog have against the giant squid vampire is that they almost always trade as principal against client's orders even when they think they are acting as agent. If STT has been doing the same on all of the currency trades for their custodian book we will see some major fireworks. That major anchors of CNBC do not know the difference between acting as principal and agent speaks volumes about the network.
I agree that this could really snowball, once they start deposing, getting emails, then it spreads, and public sentiment is on the AGs side. If State Street could be so brazen to actually actively hide, cover up the time stamps and do it for soemthing very specifically dis-allowed in their contract for CA
P.S. Michelle, You sure do have a purty mouth when its all agape and whatnot.
Off topic but since many Yanks on this board i thought you could assist me with this confusing matter.
Is there some new appetite for books, in the U.S.?
Because last i checked, nobody in the U.S. reads books (present company excepted). So why is every corporate entity, introducing some sort of e-reader.
Further, why are Amazon, Walmart and Target engaged in price war over books?
Since when were books the next big thing?
Its another "must have" electronic device....
The punters wont realize its for reading until after they've been spun into
buying one..... :-)
One cannot read paper books, twitter bullshit and blogs at the same time.
i'm so glad that you said this lizzy...my broker (very smart, great guy and honest/ethical to boot) had this discussion. most americans cannot read and don't. i can't cite percentages, studies, etc but it is a small fraction.
i love the p/e on amzn (don't follow it closely so i'm not totally familiar with the granular). have no idea why walmart and tarjay have picked this battle.
Everyone I know reads all the time. Perhaps you're buying into one of the many many stereotypes that non-yanks endlessly repeat to themselves to feel better about their impotent and irrelevant old world countries.
didn't realize canada counted as old world.
i learn something new here everyday.
Sorry, just impotent and irrelevant, I guess.
oddly, i am fine with that.
i will keep my irrelevant oil,water, and potash.
you can keep your banks, national debt and deficit. which i am going to bet will render you impotent way before me.
The US ain't hurting for natural resources. We just buy them from others because we're rich.
And unfortunately for you, our money problems are yours as well. Our countries have a shark/remora relationship. Guess which one is the shark....
I suppose the old toothless shark might catch an occasional otter. I seriously doubt that the shark could do anything with it tho... The simple fact remains that there are many more willing potential trading partners for Canada than there are for the US in future years.
So you do buy the whole other crap from China et all as well, and on top of that with a deteriorating currency at best.
Please tell me when did "you" the last time sell anything of value to foreign trading partners?
Lets see who has the final laugh!
As a native of the fine southern states of the USA (birthplace of bass music and fried chicken), I take offense to calling us all "yanks". The term yankee is reserved for the rude and uncultured folk of the northern states :-)
Of the pre 1865 admit date.....
I was born and raised in Texas and have lived in Alabama, Florida, Virginia, and North Carolina.
Everyone I know reads. There are 3 excellent universities within 30 miles of where I live.
I will admit that 90% are victims of the MSM propaganda and probably none that I know read this site on a regular basis. However, I always tell everyone I know about this site and frequently forward articles from ZH.
i dont think a new appetite for books particulary, there are just more people with time on their hands and questions that they would like answers for.
Lizzy, you know it is a way cooler way to get the you know Monday crossword and the latest you know ahem must read from you know PK and try and look you know all learned and you know, stuff. Youknowwhatimean?
"What are you guys pimping for the defendant?"... Yes, sir, that is essentially what CNBS does.
The only times I really encounter CNBC anymore is here on ZH. I long ago stopped watching it. I'm amazed though, that with even the few and far between minutes of it I get here, they still manage to drive me to the point of wanting to walk over to their studio and beat them all senseless with a baseball bat.
Of course...I mean that in the best possible way.
Not to try and defend MCC, DK, or any other CNBC douchebag, but please also recognize that Jerry Brown is a soulless, lifelong tax-feeder, firmly latched on to the inside of California's large intestine for 4 decades now. His political career should have ended back in the late 70's with his support of Jim Jones and the People's Temple.
He is as crooked as they come.
Let me say that again.
He is as crooked as they come.
To adapt Diderot's quote,
"Man will never be free until the last politician is strangled with the entrails of the last banker".
Yeah, but you gotta hand props to the soulless, lifelong tax-feeder for spanking the CNBC monkey's bare bottoms until they were all red and shiny.
As always, it will be interesting to see which contracts government chooses to enforce over others...
Bravo Rusty, Bravo! Love the recycling of the quote.
Our framers were not confident in the moral fiber of its representatives and citizens, so they made a system where ambition could counter ambition. Let the dogs tear eachother apart.
Hey, like Grayson, he might not be my pick for best bro but he's doing his job, which could lead to a wave of recovery suits. Suck it up.
Yeah. I guess.
It's the whole "Crisis and Leviathan" thing I think we need to be mindful of at all times though.
Very odd interview. They have Brown on to discuss a legal action against a financial firm, then attack him because he might be running for governor. Pretty basic ad hominem.
They kind of hint that should a person like me put in a limit order that the broker filling the order should fill at my limit even if the price dropped. That was pretty bizarre in itself.
But, based on an article on Zero Hedge earlier today, it sounded like they were State Street was saying they bought at 2pm when maybe they really bought at 9am -- the price at 2pm being higher than the 9am price.
Also, why was CNBC being such an apologist for State Street? It's not like such fraud isn't likely. Every day we hear of more Wall Street shenanigans. Occam's Razor would indicate State Street is most likely corrupt as hell.
If the DOW JONES is still at 10,000 10 years from now, as it has been for the last 10 years, at least Caruso-Cabrera gives us some horned toad entertainment value for 20 years of suffering in an inflation adjusted nightmare of a nominally even index. On second thought, why not tune out CNBC altogether and just hang at Hooters?
TD, you ought to seriously consider pinning this story to the top of the site for, oh, say the next several months or so.
Who in their right mind would want to be Governor of California?
I will admit, however, that I also failed to understand the candidates fighting to be Mayor of Detroit.
Porbably just me?
Dennis Kneale is a petulant little piece of shit. Everyone knows why Michelle is on air. (Tits).
But who really wants to see some butterball fratboy act (and look) like a little pussy? Christ
Jesus fucking Christ! There's plenty of goddam tits on the planet and this bimbo's are nothing special. Get out and see the world; you wouldn't give this cheap tart a second look if you'd just been parolled from Rahway State Prison after a raw oyster going-away lunch. Why do any of you cut her the slightest bit of slack? She is talentless, inane, arrogant for reasons I cannot begin to fathom, and---though it shouldn't matter much, is about as attractive as a horse on the way to the glue factory.
Did I mention that her breast are her best asset? Obviously bred only for attractiveness. Her oven at home is for storing magazine articles about her chest.
I've seen lower mammals with greater nuances, should we name her stumblebum or tremblebreast?
She does have large breasts.
hasn't anybody told you yet that it's about quality, not just quantity!
CNBC is in the position of needing ratings to sustain it's very existence. The talking heads know that their paychecks WILL NOT BE RISING until the ratings recover and so their behavior right now and the culture of CNBC is literally wired to the fact that WE MUST GET PEOPLE TO WATCH US, NOW. The knee-jerk reaction of the talking heads is to create controversy and over-dramatize any bit of news and this style is quickly becoming the M.O. of CNBC. This short term focused, "show me the money now" culture runs contrary to objective financial journalism. Bottomline: CNBC is quickly eroding what credibility it has left.
Just another example of the Washington-Wall Street-Media Financial Complex
Postal is a little too strong a word, but Jerry sure did give those CNBC clowns a smack down. CNBC openly cheerleads for the criminal activity, then when one of their club members get caught, their attitude is to defend them. I'd like to throw all those CNBC thugs in jail for aiding and abetting, except for Rick Santelli.
Dennis Kneale is SUCH an idiot.
If the AG is telling the truth, this is straightforward fraud.
Caruso Cabrera looks like an Italian Meat Ball Hawker in DRAG.
What a butt ugly broad.
Caruso wouldn't even make a good trannie walking the 11th Ave Docks, and Knoodle is a simpleton on his best day.
Thank you for posting this. As a result, I dislike CNBC more than ever. Fuckhead hypocrites--when was the last time they gave such a 'critical examination' to an interviewee who worked on Wall Street? ("Oh wait, Mr. Gross, are you perhaps talking your book again?") Despicable journalistic ethics.
Rick Santelli is a douche, too. Let's be fair here
"Are you pimping for the defense?" Wow, that shut up Kneale. That was amusing for both the children as well as most excellent for the applaudage of the troops. Bravo!
I've always liked Jerry Brown, even in the days when he was Gov of CA, married to Linda Ronstadt, and spraying us with DDT to kill the medflys.
An how about beaker talking about the right to "capture the spread" that firms have....does he actually report on finanace and trading??? Yea, there are times you can capture that spread, but the nature of the risk youre taking is clear ie. effectively the difference between agency and principal trades. I would think that the nature of the fx transactions would be clear in such matters. The State of CA won a similar complaint for a much larger settlement against BAC back in the day whey they were getting no vaselined by them, so it happens. In any case the salient point that the blouse and beaker should have considered asking was how was that arrangement spelled out or just nodded like the spokes they are....
F.U.C.K. CNBC.....bottom line....any questions???
I want Maria to meet with thirty teachers who are dependent on Calpers for their retirement and tell them with that smug arrogant smile on her face taht 56 million is nothing.
If her maid tried to skim your wallet everyday Maria, you would probably go ballistic about a loss of a few hundred dollars and feel voilated.
If someone stole your purse Maria, you would demand they be arrested, if someone advisor scammed you out of some of your investment via fraud, you would demand they be charged...but the Cali AG should just go about this QUIETLY lest someone think he is a politician!?!?
What is the daily bonus at CNBC for being arrogant shill white girl tossing your head and hand around like you are some cool spunky thing just telling your cheating man how it is...whatever, you are the farthest thing from rgular people as they come, you are scum shill for parasitic rich people who don't know how to provide any real value to the economy.
D#@!%, these two CNBC idiots almost tick me off more than the bank bonuses...
catface and Cabrerra don't even know who this guy is. They were in third grade when Brown was governor of California and ran for president. When all the dust settles, GE and most of the wall street gang will be broke. It amazes me the lobbying these idiots do to allow these thieves to loot us some more. This market is about to roll over as time turns trend. The political climate is ripe for the shareholders to be wiped out and the officers of these firms imprisoned. Brown clearly said this case was a whistleblower case, meaning the information most likely came from a State street employee.
good form. help a honest AG
i do not watch cnbc
The fools at CNBC obviously don't take pension fraud allegations very seriously. They should be ashamed of themselves.
Apparently MCC need to respond to some of the talk going around the netz. This article was posted this morning.
http://www.cnbc.com/id/33410460
maybe some of us can add a few comments to her article?
She had every right to ask the tough questions. What's with holding up that white piece of paper to block his face? He's like Iran's leader now? Is he going to just storm off and not answer questions he doesn't like? He's a public figure!
Apparently they are still trying to figure out the proper dosages for Dennis. That can be hard.
Cabrera is truly a stupid cunt. Its quite astounding really.
its only right that the a.g. of california is a complete idiot. after all, so is the california governor, u.s. a.g., and the u.s. president.