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Caruso-Cabrera Continues To Be Amused By Cali AG's "Spitzer Post Sneeze Nose Wiping" Lawsuit
Michelle Caruso-Cabrera asks hard hitting questions, and provides even more hard-hitting post mortems. Case in point: today the Power Lunch anchor escalates her argument that the whole lawsuit by California Attorney General Brown against State Street is a cheap "Spitzeresque" ploy to generate brownie points for a meager penalty:
On closer inspection this looks more like a naked attempt at boosting a
Brown run for Governor than it is about protecting fire fighters'
retirement funds.
Michelle, ever aware of the need to provide dramatic visuals to entice readers (and viewers), provides the following allegory why $56 million is a joke, and why to be taken seriously (by CNBC producers and anchor), Mr. Brown should have asked for at least a gajillion:
$56 million is a lot of money (with penalties,
California is seeking $200 million from State Street). But in the
context of a state that is $26 billion in the hole, and state pension
funds of nearly $300 BILLION in assets, this smacks of Attorney General
Brown trying to make headlines.
$56
million over 8 years? In a state of 36 million people, that works out
to 19 cents per person per year. Brown wants another $144 million in
penalties too. That’s another 50cents [sic]. Shoot, in his heyday, Elliot
Spitzer would have used this lawsuit to wipe his nose after sneezing.
Can't you hear Spitzer now?: "Jerry, how quaint. Let me show you how
it’s really done when you want to be governor."
As to an explanation for why CNBC dares to invite people who are not pushing their stocks, promoting a picture of the economy that all is well based on hope (not facts), other CNBC employees who use the station to pitch their wares, and overall GE-friendly sycophants, Michelle was comparably as visual:
[Brown] countered by asking why we invited him on in the first place. It’s a good question. Here’s why.
Because
Brown's office started leaking the night before that he would be making
a BIG announcement Tuesday about a lawsuit against a "major bank" which
had committed "massive" fraud. His office wouldn't say which bank; it
was a big secret to be revealed at a press conference. But we took him
at his word and invited him on CNBC. You’d do the same thing if you
were running a business-news network and an attorney general says he’s
going to file suit against a major bank.
A business-news network? How about a biased, propaganda channel, which is rapidly losing its viewership (we will post latest Nielsen ratings shortly) as it only promotes views directly and indirectly favorable to the well-being of General Electric and its toxically-frothy balance sheet? It really is time CNBC changed its slogan to "The butt of financial propaganda jokes worldwide" before the station loses any more brand value and instead of being packaged in the Comcast-NBCU sale, the new owner decides to simply scrap it. Alternatively, if CNBC is open to friendly M&A discussions with the greater Zero Hedge media empire, the TV station knows how it can reach us (it should, however, not expect a premium valuation on ads for incontinence and GE engines).
In the meantime, we hope Michelle continues her deeply probing, no-nonsense journalism. In fact, we refer readers to another free-flow form of insightful analysis from another of MCC's recent blog posts: Why Chicken Feet Matter To Business News.
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As I recall, little Miss Michelle, AG Brown said you would be hearing from more state AGs.
It may not be that small after is said and done.
+100....and that statement by Jerry Brown was no pipe dream either. the AGs are going to be all over this, because laws may have been broken, irrespective of whatever their political ambitions may be.
as to the cnbc 56 million is peanuts argument, perhaps my parents were wrong, but they always told me that whether I steal a candy bar or a million bucks, it is still theft and against the law.
what did your parents teach you Ms. CC? I'm just curious.....
+100
Many of the state AG's are furious and tired of waiting for the "bought and paid for" Feds to do something about this.
I mentioned yesterday that there is a growing movement in the judiciary to strike back and this will be one of the ways the states will attempt to flex their muscle.
It will be interesting to see how the Federals throw up road blocks to thwart the state AGs. No self respecting corrupt Fed will just sit around and let a state AG walk all over him.
We all need to do a little research on how smaller banana republics do these things in order to flesh out the game plan the US Feds will follow.
I pledge allegiance to the Banana Republic of the United States of America.
I'm no fan of CNBC but I have to side with them this time. The questions I have got AG are these:
When the custodian banks were offering pension funds prices, was there anyone sitting at the desk to verify their validity? I assume that given the size of the Cali penison fund, it appropriated some funds for live price feeds.
How about calling other counterparties to get quotes? Is state street reponsible for the entire pension fund?
When making trades, didn't they know that in the case of swaps, there's ALWAYS a spread between the screen and the quoted price?
Did the penision fund need 8 years to figure all that out?
If that's all new, maybe Cali pension fund needs to hire people more familiar with the market to look after its interests instead of blindly trusing what their bank tells them
dear anonymous: i nominate you to be ass-raped. please don't go to the police afterwards; they'll only tell you that it was your own fault for hanging out with ass-rapers.
Duh...The contract stipulated the margin they could have, not the sale price.
Thus if the margin was 2% and the cost of the transaction was for $100 the commission would be $2.00. If the cost dropped to $80.00 then the commission should have been $1.60. But I get that the trader played it as though the cost was $100.
Brown's not going to initiate a wet paper bag lawsuit. He'll win over Blabbin Screwsome effortlessly.
Her agent must of been seeing the amount of "outreach" she getting & advised more of the same..... :-)
Just look at the number of replies on the other MCC(s) threads....
Click the last link, its priceless...
"How did American chicken feet get so plump and juicy? Because American chickens are bred to have large breasts, in order to satisfy Americans’ taste which favors white meat. A consequence of breeding chickens with big breasts is that they end up having big, plump feet as well."
Couldn't have said it better myself...
Mmmm... I can't help but think of milk when thinking about MCC.
squirt...squirt....aaaah, that's nice.......
Ms Drury show how things should be done......
http://www.cnbc.com/id/15840232?video=1302282251&play=1
CNBC is a joke. This morning Bob Pisani was gloating that his wife is a realtor, a member of the "largest and most influential lobby group in the USA". He was referencing the WSJ ad from the NRA where they are asking congress to extend the homebuyers stimulus.
Ya.... let's cure a credit bubble with more credit!
Lobbyists? Or leeches? CNBC is a joke on its own, as are realtors. Combine the two on a supposed business news channel and you've got a circus act.
Cabrera is just trying to act like she knows what she's talking about. Clearly she doesn't.
i think you meant the NAR, National Assn of Realtors, right? The NRA is the National Rifle Assn. I cant picture bob or his wife with a shotgun...
Ya, sorry. Meant NAR.
Cabrera is just trying to act like she knows what she's talking about. Clearly she doesn't.
Please MCC, I beg you, stop. No more. I give up. I surrender. You win. I can't take any more of your public displays of ignorance and rampant stupidity.
I am so tired of your jutting jaw, your superior attitude and your mind numbing illogical and circular arguments. How much do you want and where do I send the check to make you stop?
Please forgive in advance, but the only time she adds value is when she dons the pink sweater.
Try CNBS - "First In Bullshit Worldwide"
> http://www.flickr.com/photos/20144722@N04/3657913339/sizes/o/
Please say you'll be willing to keep all the 'Green' PSAs. Those are hard-hitting spots with non-vapid actors reading deep one word poems.
The More You Blow...
She's all t*ts and no brains, let's move on.
let me repeat my comment made yesterday
at least she has nice tits *sigh*
CB - Hate to be the one to break the news, but Memorex is not live bro...
To catch up..
http://www.zerohedge.com/article/warning-phishing-attempt#comment-103742
Yes...but like many of the teleprompter geniuses when the camera zooms out you see what below which would make even a brave sailer quiver
They are not that nice. Come on.
"let me repeat my comment made yesterday
at least she has nice tits *sigh*
"
There you go again you, you, missingonadist.
I guess the air from her breast implants are finally leaking into that empty head of hers.
Those aren't fake.
Escamillo: Nothing to forgive about truth. Women should agree with you because MCC is an insult to smart, competent women everywhere.
As a professional woman, I have a real problem with this of woman, they are somewhat equivalent to the well-off white tall naturally trim male with decent good looks and a nice smile who comes with mainstream frat boy personality...they have NO idea how entitled they are cause things come much more easily to then average person with out these qualities...like a left-handed pitcher thing, not everyone in your class gets a free ride, but the bell-curve for success for you is so much better.
I have worked in white male-dominated industries and I see time and again the women that do well at such companies, young, cute, blond, thin/fit. Some are very competent, but most are average, usually not much better than the average of their male peers, they have obviously just been accepted, promoted because of their looks. No matter how accomplished regular looking women, older women, non-white women, non-white males, hardly ever are allowed "in the club" unless they have a real specialty skill, such as technical areas. Its to the point that if I see a non-cute woman, I know she must be an engineer/scientist or own the company outright....but they are not allowed to use that advance beyond the pigeon-hole as the guys just plain don't relate, know how deal with them, but a pretty woman and has basic compenency...come on in.
I put Maria in the same category as Palin. It's not that they aren't somewhat above average achievers, they certainly do some things most people can't, public speaking etc..but come on, YOU GOT OVER ON YOUR LOOKS! and you amke your peers, regular women who generally have to be better than the average male to succeed at same levels of them cringe when they see in a position of high place, just as they cringe at idiot rich white men in those positions.
Um, wasn't Jerry Brown ALREADY governor once? I'm sure if he wanted it again it wouldn't be too hard for him at this point.
I don't see what the problem is. Sue and Michelle live to help the lessers in their profession.
"...although we explained very clearly why it mattered as a business story, I’ll do it again for our general-media brethren who often fail to understand basic economics and business news"
-MCC from her Chicken story blog post
Sue & Michelle
I thought for a moment they were having a sly dig at Ms Quick's & Ms Lee's assets with those chicken fillet puns..... :eek:
At least her fingerprints are not on all the bank doors in this country.
The opposite is most likely true tho..
i think that's her aging counterpart, maria bartiromo...the one & original money honey. I'm thinking of a former exec at Citigroup who got busted for letting maria thumb a ride on his corporate jet.
I don't see how $56 million is small in any way, shape, or form. If that case is not worth investigating, what the heck chance does a person have to get his stolen car returned?
As for ZHNBC, that would make for some GREAT viewing!
As for the comparison to how much it is per CA resident, that might seem small. But if she told us how far 56 million elephants would reach if we stacked them on top of each other, that would seem like a lot. (56 million isn't a lot?? Why, if you stacked 56 million elephants, they would reach to Jupiter and back -- three times!!!)) In other words, such comparisons as she used don't have any logical usefulness and, while they might be amusing, are completely meaningless.
Dumb as a sack of hammers.
I wonder when law breaking rises to the level of a problem for her? Is any fraud less than $100 million just not worth blowing your nose on?
Should pensions just chuckle and say "you got us on that one fraudsters! Enjoy the $56 million! Oh, you lovable Wall Street scamps!"
As Chris Rock once said: I would never hit a woman (audience cheers). I'd shake the shit out of her though.
From MCC's blog:
"What I love more about the story than anything else, is how it highlights the crucial role of consumer choice in business and finance. It is those very details which make business news so exciting and interesting. "
Ummm, talking about how Americans have a taste for large breasts as an incredibly unsubtle innuendo over why rich American men bang you on television?
Gee, I think MCC is smarter than we think, at least she knows the only reason why anyone bothers to pay attention to her.
I bet her feet are HUUUGE.
I have never met an attractive female that didn't completely understand the effect she had on men.
That still didn't make her any smarter than she was. It did sometimes make her appear smarter than she was.
Works for good looking men as well.
Of course, in full disclosure, I might be saying this because I'm jealous and ugly as sin.
When I used to watch CNBC I saw her show up on the noon set slurring amd talking gibberish like she was high - and getting shocked looks from Mom and Dad Herrera and Griffith
MCC had better hope Comcast follows through so her future as an "On Demand, channel 001" lead in hostess is assured through the next couple of sojourns under the blade.
Power Lunch Nursery Rhyme from another thread:
http://www.zerohedge.com/article/california-ag-goes-postal-caruso-cabrer...
There is a long tradition of pimping for Wall Street.
Perhapsl A. Newton Plummer just needed a nice 'rack.'
http://tinyurl.com/Pimping4WallStreet
That does it. I don't think she is cute anymore. Moreover, she would be much better off with a brain implant rather than her current silicone....
If CNBC supposed to teach the audience how to spend their money wisely, how come they don't make contributions into C-C brain implant fund rather than "encouraging" her to become bigger &
There's not an ounce of silicone there. She's 100% pure.
Greed is good.
But fraud is better!
And greed and fraud together, priceless!
And by priceless I mean a lack of price, a worthless currency where affixing a value to item becomes as baseless as the trust that attenuates it.
+1
She should stick to the low cut tops and tight sweaters for ratings. Just sit back and arch your back Michele, any attempt at journalistic integrity is a failure.
MMC and Kneale are both what might be termed "limited" in their understanding of financial markets, finance, trading, etc...perhaps this explains their new Faux News format wherein they use their extreme ignorance to try and provoke people of reasonable intelligence into a controversey where none exists. It's pretty clear that they believe this idiot fest will help push up ratings. MMC and Kneale's utter lack of intelligence ..and charisma, make it difficult to understand what they're doing on a financial news channel. Smells like desperation to me.
It's been working for Kudlow for years.
Maybe they just need a 'bump' to get their mojo on.
Apparently the "first name in business news" has no idea when to cut its' freaking losses.
Honestly, I really shake my head at idiots like MCC - when I used to watch cnbc (until I got totally fed up), I couldn't believe they let her and Kneale express their views on t.v.. They have absolutely no idea what's going on anywhere. They are 100% mouth pieces for the "pump-n-dump" wall street fraternity.
Thankfully I now watch Dylan Ratigan every morning on MSNBC. Now there is someone who deserves a huge following - he's fighting the good fight.
Consensus from California is that the California Attorney General is supposed to keep Californians informed of what the office is doing, which is often done by holding press conferences. And its the AG's job it is to hold the news conferences. AS JB pointed out, you need a lot of investigation before bringing these lawsuits, which the AG's office did. Boy, are those two news anchors stupid.
Maybe a poll would be appropriate to vote on whether they will end up in Congress or the Senate. I mean as members, not as S--l objects.
I'm no logician like Cheeky, but Michelle's story seems to fail at least on a common sense level. She appears to be saying that CNBC was enticed to cover the story because it was represented the night before as one involving "major" fraud. The press conference is held, in which the announcement containing the details of the allegations is made, and then THEREAFTER Brown goes on camera with CNBC. At this point, the CNBC people know that the amount involved is (to them) peanuts, bupkiss, a mere snot-worthy nothingburger, if you will. So, why not decide right then and there to PACK UP YOUR CAMERAS AND GO HOME? Either (a) in a sloppy and apathetic way, they just said, fuck it, we're out here, let's just put him on, or (b) Michelle said, "this is bullshit, but I'll take the opportunity to take a swipe at Jerry Brown, it'll be fun!". So, Michelle and her producer are either lazy, or agenda-driven hacks willing to waste viewers time on something they recognize is trivial. Of course, there is one other possibility: recall that, at no time during the interview did either Tits or Beaker express the opinion that "gee, this is a pretty small amount, wouldn't you say, Mr. Brown?". In which case, the whole line of reasoning presented by Michelle today is simply morning-after spin management, designed wholly to save whatever face Jerry Brown didn't rip off and light aflame yesterday.
Obviously the stupid CNBC anchor has never heard of the word fiduciary or what that word means. She’s a fu***** idiot!!
Why the sexist comments guys? It really brings down the quality of the discussion.
Because its what they are selling, dude.
You put out the honey, expect the bears to lick it.
She's attractive, no question, but stay on topic, please.
Her looks are irrelevant to her journalism, whether you agree or disagree with it. Surely we have advanced as a society beyond the point where we can't see past an appealing exterior to get at the heart of the issues. You are doing yourself a great disrepect by falling prey to that juvenile game.
Her comments are misguided and the whole piece was just a lame attempt by CNBC to drum up interest in a medium that is very quickly becoming obsolete. Of course it's a lot of money to go after and beyond that the symbolic value of not letting it go unchecked (aaaahem Polanski anyone?) is tremendous.
I get probably 75% of the value that CNBC offers me on the Bloomberg app on my Blackberry.
Peace brothers.
Cabrera has one thing only...a tiny modicum of sex appeal...which she crushes with her nasty demeanor.
No brain and silicone hooters.
Jeez. Brown is doing the job he is supposed to do. Enforcing an alledged violation of the legal and moral tenants of fiduciary standards; that of which more needs to be done in this society and financial environment.
And Ms. Cabrerra totters off like the all arrogant self-important seeker of infinite truth suggesting alterior motives, thereby demeaning, nay dismissing the alledged illegal activity.
Does CNBC by this dismissive action not condone such potential illegal activities? Interesting moral dilemma for CNBC. Shall silence or rectification follow?
Indeed
Only $56 million? Why doesn't her network make up the difference then? CNBC will be a hero.
Can somebody PLEASE let Ms. Cabrara...er...Cabrera know that breast implants do nothing - NOTHING - to enhance the IQ.
She missed the only opportunity to bring a semi-reasonable criticism of the AG's actions:
In so accusing State Street, he missed the opportunity (intentionally or not) to place the ultimate blame on CalPERS/CalSTRS managers for having no freaking clue what they're doing and not exercizing fiduciary responsibility.
Not true. The contract specifically prohibited this type of activity. State Street cooked the books in such a way as to make it impossible to tell that this was going on.
State Street lied, committed fraud, CalPERS was smart enough to specifically dis-allow what they were doing but not smart enough to catch, it took insiders to whislteblow so they knew what was going on.
Having said that, I think the one thing Cal Pers should have going for it is better ability catch this sort of thing than the average guy getting hosed in bogus fees in his mutual funds/401k. I know a guy that was auditted by many orgs and he said the Disney license audit guys were cracker jack and would sniff out cheats almost everytime, that is how CalPERS should be know.
I do think they should be able to detect most forms of fraud, just as banks do. However, I think bank guys admite 2 precent fraud is backfround fraud you will always have, won't be able to get at even with fancy stat checks etc..
So if I staple two Ziplock bags of saltwater to my chest, will I qualify to be a personality attack newsreader? Do I get free hair and makeup too?
The compare and contrast between anything CNBC has ever broadcast and what Frontline on PBS aired last evening could not be clearer -- PBS/Frontline is a national treasure, while CNBC is a mental donut hole -- deep fried and vacuous.
Good Idea...but instead of saltwater, put rum and cola in there so when you suck on TV you don't feel so bad.
I'm curious as to how many times in the past 18 months CNBC has had on guests who are schilling for public office or a higher office.
I wonder how that would compare with the guests they had on giving grossly inappropriate financial advice, or talking their book, or ponzi schemers, or making blatantly fraudulent statements.
Where between those two is real material damage to the public done? MCC going on a jihad against political self promoters is cute, but she shows the calibur of journalism she practices.
I wonder what Carl "how does it feel to be a billionaire" Quintanilla thinks about this whole thing...
I love the 19 cents per person. So how about the 23 trillion that the fed is dishing to prop up the market?would she be able to get that per capita?better question yet,does she know how to write a trillion in a 10 to the power of something symbol?I don't believe so. But of course she has to do that. It is she and the whole establishment of Wall St. who are leaching of the Retirement funds of the American people,and any attempt by an AG to deny them that would be met by such attacks. What is the alternative for her and her commrades in Wall St if all of a sudden all the retirement funds decided to invest all their money in U.S treasuries directly without a need for dealers through arrangements with the treasury department?
Bailouts, Bonuses, And The Return Of Unjust Gains
Restitution was created to provide legal means of redressing injustices that otherwise would go unanswered. As Dan Dobbs, the author of the classic Remedies treatise, Law of Remedies, explained, “[u]njust enrichment cannot be precisely defined, and for that very reason has potential for resolving new problems in striking ways.”[55]
http://lawreview.wustl.edu/slip-opinions/bailouts-bonuses-and-the-return...
Hooray! Classic reference with a link!
I nominate this timely post for inclusion into the best of Anon
Dude, what are you doing on this site. We're all supposed to be hate mongering conspiracy theorist and then you show up and ruin the whole thing.
Shame on you.
Thank you Anony!
It is worth noting that the day that the AIG bonus issue hit the airwaves was also the day that the AIG counterparty list became public? Coincidence? I think not!
The public can understand 265million in bonuses, but 10billion to Goldman Sachs out the back door of AIG, and 175(I thought it was 185) BILLION in money to a bankrupt company, satisfying debts without question or reduced value, is too much to get?
Is it possible for US taxpayers to use the California "qui tam" to make a claim against Paulson and Bernake failed their fiduciary duty to protect the coffers of the US treasury?
speaking of idiots, did anyone catch kneale's interview with the wells fargo ceo, including the portion just prior? first he announces that BofA is spinning off first republic bank ($1bn) and claims banks are taking care of the "too big to fail" problem themselves. He then tells the CFO 1. it's too bad you don't use mark to market accounting or you could write up your assets and 2. makes the point that banks have probably "over reserved" and can hopefully start reducing this amount.
Apparantly the network execs are the only ones out there that are completely oblivious to the fact that having these useless hosts has led to their dismal ratings.
Given the state of California's finances and the overall fact that we are headed into a period of serious economic retrenchment, with the abundance of low hanging legal fruit just waiting to be picked, being the AG is probably going to be a far more interesting job for Jerry than being governor again. Ex-Governor Moonbeam would like nothing more than sticking it to the banks and any other ethically challenged corporations.
Glad everyone is on to this beatch now, there has never been a more vile "tv personality", she makes DK seem constrained. Since there is so much banter about her stupidity, does it make anyone question being a republican ideologue like her?
On a short enough timeline, the survival rate of everyone approaches infinity.
speaking of idiots, did anyone catch kneale's interview with the wells fargo ceo, including the portion just prior? first he announces that BofA is spinning off first republic bank ($1bn) and claims banks are taking care of the "too big to fail" problem themselves. He then tells the CFO 1. it's too bad you don't use mark to market accounting or you could write up your assets and 2. makes the point that banks have probably "over reserved" and can hopefully start reducing this amount.
Apparantly the network execs are the only ones out there that are completely oblivious to the fact that having these useless hosts has led to their dismal ratings.
No! Kneale outdid himself by pumping that the 401K are now at a higher level than they were at the peak despite the markets being down. i think he was trying to reason that somehow the rally had something to do with this per Vanguard however he fogot that people kept pissing into this sewer. The guy is beyond stupid. Don;t forget the old shill who presides over that show with his folksy illogic aided aand abetted by the old, less folksy and even more illogical, if that possible, woman to his left
All she's trying to do is stir the shit.
By linking to her little shitballs, all you're doing is helping her stir it.
May 10 2010, Bloomberg: "Dow hits 15,000 led by Oil. Oil breaks the $750 mark."
Forget this story - put up the exchange of MCC discussing flash and dark pools with Pisani - it was like watching two retards argue disarmed of facts
SDRII - I am sure you appreciate that the endearing value of CNBC to its remaining viewer's is its capacity to argue while disarmed of facts. Argue since those that occupy this particular pulpit have no capacity to actually debate without a finger firmly planted upon the mute button and exclusive producer prerogative to edit as they so desire. This is a common phenomenon of media 1.0.
Miles, you are one sweet wordsmith.
But please keep those words down to 7 letters or less. I had to pull up www.dictionary.com 3 times, for Christ sakes.
And why did the producer have perogies... er..... perogatives?
Take it easy on me.
CD - Just remember that their flavor of pirogies is the same as the shakes they drink in their basements while singing their favorite mini-tunes. Banana / Broccoli. Start at 2:45 for the clue...
http://www.youtube.com/watch?v=JPrTP7vEH2E
One of the all time classic clips. Anyone who would link to the Demolition Man is OK in my book. I loved that movie and in fact I cued up the DVD again last week for a trip down memory lane. Taco Bell is fine dining.
"I've seen the future. You now what it is? It's a 47 year old virgin sitting around in his beige pajamas drinking a banana broccoli shake singing I'm an Oscar Mayer wiener."
Autobiographical by chance? :>)
Its not about the tits. Beaker is on and he looks like a pimply teenager (check the hair).. i mean what the f are these people trying to do?
i understand everybody loves the twins and loves to mention them but does not ZH waste it's resources and time as well as readers time by provoking this conversations? Is MCC worth even talking about?
Only to a Wall Street insider is $56 million small an not worth of an Ag's attention. AGs go after much smaller financial crimes all the time because they are LAW ENFORCEMENT.
I have a friend who is public defender and she tells me how much the local county prosecuters will spend to go to trial to try to get some willing to plead to a less offense a felony conviction a first time-offender, previously law-abiding, employed mother of two accused of punching her boyfriend when she was leaving him. Law enforcement spending compared to crime's severity, financial or violent, can be very dispropotionate, and sometimes that is in the interest of the State and sometimes just stupid wasteful, but it happens everyday, but once again, the laws are for little people, they do no apply to Wall Street.
Guess Cali cops should stop invesigating store robberies and FBI should stop investigating and prosecuting bank robberies, cause those are a few thousand dollars and the Cali budget is so big compared to a what a retailer loses in a robbery or and what a bank loses in a robbery is so small compared to the Federal govt deficit...we might as well stop enforcement of any financial crimes. Embezzelers, have at it, if you only take 1 million dollars, don't expect local cops/business owner to care because that is such a low amount compared to that businesses whole revenue and they are in great debt anyway...so have it, cook the books, skim away.
Just don't take $700 billion, then that amount is big enough you would get prosecuted...oh wait, Paulson and his partners in crime are still free?
oh well, I guess you have to be somewhere in the middle, if it is too little stolen, then you are granstanding to prosecute, and if it is too big, it's all okay cause you own the cops, prosecuters, and judges and media coverage.
...but maybe Maria, there is some place in the middle that is worthy of prosecuting according to highly penetrating skepticism?
You say "Nah...just let the market figure it out, who needs cops anyway", I knew it, I always pegged you for an anarchist...
I feel sorry for CNBC's remaining viewers (and that includes ZH readers and contributors). Don't we all have more important things to do?
105831- well said!
Big tits,
Big ass,
Big deal.
- Marilyn Monroe
Well, here come 49 other AGs looking for Gubernatorial nominations. Ya think she'll drop the bomb on each of them as they fight for their people. Uh, wait, you mean this may be a truly righteous act with honorable intentions? No wonder MCC totally missed the boat. She has no clue as to the meaning of such actions. Get lost MCC, but leave the twins for prosperity. And as to DK, WTF, he'd even fail on YouTube. Ha, I'd love to see him on LiveLeak though LOL.
I liked her better when her top was off when she was dancing at El Ranchero's on Thursday nights.
TITS or GTFO
THis is very interesting. It could have a major impact on the entire custodian business for Statestreet. If you can't trust your custodian who can you trust?
Expect major withdrawels from clients.
We've noticed something similar with our custodian JPM, continuously poor rates (even outside of the days range!!) for every FX trade. Looks like they are doing the same things just like Statestreet.
Mayeb its a secret that the entire custody business is based on the idea of ripping off the very clients who you are meant to serve. This could be developing into a huge story for the entire industry as more funds will look at how their custodians do FX.
State Street had a signed contract to perform these executions an enter them at the execution level, not at a markup. Clearly, the "whistleblowers" knew that the levels marked to the account were not the execution levels, and there was a spread which benefitted State Street, and disadvantaged the pension funds. The AG was required to be notified and participate in these kind of cases where the State is involved. These were brought to the AG's attention in 2008, whereupon additional investigation was performed, leading to the lawsuit.
Nothing fancy about it.
If it's no big deal, I'm sure they won't mind paying up.