The Fairfax Chronicles Part 1 - Exposing SAC's Alleged Market Manipulation And Insider Trading Schemes

Tyler Durden's picture

The story of Fairfax Financial vs almost every single US-based hedge fund is nothing new. The company has long been embroiled in litigation against a bevy of hedge funds, including SAC Capital, Exis Capital, Third Point, Kynikos, and Institutional Credit Partners, contending that ever since the start of 2002 it was the repeated target of bear raids, which involved not just a cabal of bearish hedge fund managers who would allegedly (although we now have evidence) spread rumors, innuendos, and outright lies about the company in the hope of bringing the price down (whether through naked shorts or otherwise is irrelevant), but also sellside research analysts, and of course media lackeys, willing to pander to the hedge fund "masters of the universe" in hopes of the occasional bone thrown their way. The reason Zero Hedge had largely ignored this story over the years is that its narrative truly reads like something out of a conspiracy theorist's wet dream: the allegations previously presented by the mainstream media implied such a level of collective deviousness and manipulation, that it would bring about the immediate ridicule of anyone who dared to bring them up in polite society. This is no longer case.

On Friday, Reuters' Matt Goldstein brought our attention to a just declassified document in the case (Superior Court of New Jersey, MRS-L-2032-08) from April 1, 2008 which until very recently existed in the void only under seal with confidentiality provisions due to some very unflattering exposures regarding the behavior and/or maturity level and language of key defendants (primarily Dan Loeb and Adam Sender). Goldstein's report on some of the florid language presented in the 800 page "Plaintiff's Memorandum in Opposition to Defendants' Motions for Partial Summary Judgment and to Determine Choice-of-Law" can be found here. Yet going through this filing, which incidentally reads like a Grade-A thriller, highlights much, much more than just some crude language. With extensive proof courtesy of e-mails, instant message transcripts and notes, we find that the "conspiracy" case brought by Fairfax (which incidentally) recently traded near decade highs. In fact, previous disclosures in the case already led to the ignoble termination of one sellsider involved: John Gwynn, who would fabricate reports based on hedge fund solicitation, advise hedge fund clients of report issuance dates, and send his non-public research days in advance to the defendants, in exchange for receiving trading commissions. And while reading bits and pieces of the filing is informative, it is not until one has read it in its entirety does one realize why hedge fund managers believe they are untouchable: after all the accusation presented herein, and validated through subpoenaed evidence, is nothing short of one of the biggest conspiracy theories ever presented to the public. Whether it is proven true remains to be seen: the case is still ongoing. In the meantime, we will provide our readers with as much of the plaintiff's case as possible. But before we get into the meat of the matter, today we wish to present the accusations levelled against one SAC Capital, in what is possibly the most controversial if, some would say, realistic description ever proffered to the public of this secretive hedge fund which controls up to 3% of the NYSE daily volume.

When one speaks of Stevie Cohen, it is usually with unbridled fawning, in hopes of extracting extrernalities, particularly by members of the media or blogosphere, with admiration, in hopes of getting a job there, particularly by employees of other hedge funds, biotech companies, investment bankers or the SEC (naturally), or, one just doesn't speak at all: after all, SAC, which no longer is as prominently in the public's eye as it was in the mid/late 2000 period, is well known as one of the most ruthless hedge funds - both internally and externally. After all who in their right mind would consider crossing a man who is known to (allegedly) sexually "assault" his male traders, offer on site psychological counselling, and who also just happens to be a billionaire thus having unlimited access to any resource... and recourse.

Not us.

We leave that to our far braver and wealthier peers at mainstream media organizations like Bloomberg, Reuters and the New York Times, but certainly not Barron's, or NYPost, as they were all in on the scheme as will soon be revealed. 

Which is why we will let the lawsuit filed against SAC among others do the talking. Naturally, this is just one side of the story. Yet we are confident that readers will certainly enjoy that surprisingly coherent narrative which perhaps the SEC should consider reading. After all, it is hardly a secret that the person at the center of the recent "expert trading" network crack down is none other than the man who formerly had an ice rink in his own back yard.

This is the first post in a series exposing the true inner working of the hedge fund world. This following exposition on SAC Capital is merely the appetizer.

From Docket No. MRS-L-2032-06, Fairfax Financial Holdings Limited v S.A.C. Capital Management LLC et al (pp 192-197)

The S.A.C. Defendants

The S.A.C. hedge funds derive their names from the initials of their founder and leader Steven A. Cohen. Cohen is known in the industry as the "most powerful trader on Wall Street you've never heard of" because of the "highly secretive and stupendously successful S.A.C. funds he controls." Defendant Cohen began his hedge fund through major ill-gotten gains from a substantial trade that he executed based on material inside information about a merger transaction and about which he asserted the Fifth Amendment when he was questioned by regulators.

Since that time, however, Cohen has grown his funds so that today Cohen controls no less than $12 billion and regularly accounts for 3% of the NYSE daily volume and 1% of the NASDAQ daily volume. These investment dollars are channeled through several different companies or feeder funds -- including a core fund, a global diversified fund, a health-care fund, and Defendant Sigma fund (comprised of Cohen's personal monies), all of which Cohen manages in a highly integrated and hands-on fashion without regard to appropriate formalities and for the purpose of disguising his participation in fraudulent and other illegal trading activities.

Cohen's market influence extends much further than the S.A.C. funds he directly controls. In addition to the billions he controls directly through those funds, he has also invested billions more in non-S.A.C. funds, including funds formed by former S.A.C. managers who are required to agree as a condition of S.A.C. employment to permit Cohen to hold up to a 50% interest in any hedge funds they form after leaving S A.C. Through such S.A.C. satellite" or related fund investments, Cohen is better able to mask his trading and investment strategies and the frequent market manipulation employed in executing those strategies. Cohen likewise is very closely involved in the management and decisions at these satellite funds, and communicates constantly with the managers there to ascertain market intelligence and coordinate his investment strategy. In addition, S.A.C. regularly communicates with other market participants, including putative competitors, at specially scheduled "idea meetings" for the purpose of collaborating with and among such putative competitors. Consequently, Cohen personally has one of the most, if not the most, powerful market-Moving capabilities on Wall Street.

In the first 12 years since he formed S.A.C. Capital Advisors, Cohen had regularly generated incredible returns in the range of 40% per annum. Reflecting this extraordinary performance, investors pay him a 50% success fee, far above the 20% industry standard. As a result, Cohen's annual S.A.C. management fee regularly has exceeded $400 million, which is in addition to profit he earns on his own monies invested in Sigma and other S.A.C. and non-S.A.C. funds. Cohen himself reportedly earned $550 million in 2005, and $1 billion in 2006.

Unlike most hedge funds, S.A.C. seeks no volume discount on its enormous trading costs and commissions, and consequently pays over $150 million in annual commissions -- making it one of Wall Street's top ten trading customers. In addition, S.A.C. frequently purchases secondary offerings that include substantial built-in brokerage commissions for banks, and thereby further increases S.A.C.'s already substantial financial leverage and influence. Cohen uses this enormous financial leverage to support S.A.C.'s trading strategies by demanding access to material non-public information from financial institutions with whom S.A.C. does business, including non-public inside information concerning public companies and other clients to whom those institutions owe fiduciary and other duties of non-disclosure, and the substance and timing of reports and recommendations being issued by analysts for those institutions. Financial institutions and their employees understand -- because S.A.C. has told them and made it clear in practice -- that by providing S.A.C. with privileged access to material non-public information, they will be rewarded with business from S.A.C. and its related funds and the failure to do so would result in the inability to secure such lucrative business.

S.A.C. uses its enormous financial leverage not only to extract and trade on material non-public information but also to actually dictate the substance and timing of certain material information being disseminated to the market. For example, S.A.C. regularly uses its substantial financial leverage to direct and influence the analysis and recommendations of purportedly independent stock analysts and the time such analysis and recommendations are issued to the market, without any disclosure of the material conflict of interest reflected by its leverage and influence. Like S.A.C.'s demand for material non-public information, it is now simply understood in the industry that failing to provide S.A.C. with influence and control over the substance and timing of analyst reports will result in the loss of S.A.C.'s substantial business.

Those who fail to produce at S.A.C. or its related funds are quickly terminated or lose their S.A.C. investment funds: "At S.A.C., you either perform or you're dead," according to one public report by an insider. Such policies ensure that those who remain at S.A.C. are willing and capable of doing whatever it takes to secure the extraordinary performance Steven Cohen demands. The enormous pressure to perform at S.A.C. was particularly acute in 2003 after Cohen had experienced what insiders called "quite a disappointing year" of 14% returns and $100 million in management fees in 2002.

In addition to trading on material non-public information, the S.A.C. Defendants and their related funds orchestrate short-selling "bear attacks" on publicly traded companies where they need a "catalyst" to move the stock price in line with their investment needs. They prosecuted these attacks on Fairfax and other targeted companies by, among other things, paying, pressuring, and otherwise influencing purportedly independent analysts and others working with S.A.C, including over the years Defendants [John Gwynn, a then sellside analyst at Morgan Keegan] and [Spyro] Contogouris, to disseminate materially false and misleading information about the business, accounting, and corporate governance of those targeted for Bear Raids and securing material non-public information.
Indeed, as set forth in detail below, Gwynn issued his initial report on Fairfax at a time when S.A.C. had a substantial short position in Fairfax, was actively searching for a catalyst to move the stock price down, and was communicating regularly with other short-sellers such as defendants Chanos, Kynikos, and Lone Pine, and others, including those with contacts to Gwynn, such as Lone Pine. As part of this effort to find a catalyst, in late 2002, S.A.C. lobbied research and ratings analysts to issue negative reports or downgrades on Fairfax and discussed the same with other short sellers, including defendant Lone Pine. As part of that effort, S.A.C. communicated with CIBC research analyst Quentin Broad in or about November 2002 about initiating coverage on Fairfax and understood from those conversations that Broad would initiate such coverage on Fairfax by the end of 2002. However, in December 2002, S.A.C. learned from Broad that he would not be able to initiate coverage by year end or by any definite time in 2003, and S.A.C. used this material non-public information to adjust its investment decisions

And as set forth in detail below, Morgan Keegan and Gwynn then agreed to initiate negative coverage on Fairfax in and around late November/early December 2005 after consultation between and among Defendants and Enterprise Members, including Lone Pine, which was also communicating with S.A.C. about their respective substantial short positions in Fairfax and the need for a catalyst.  S.A.C. was then tipped off by Chanos of Defendant Kynikos that Gwynn would be issuing a negative report on Fairfax. Gwynn provided S.A.C. with the actual research that would be published by Gwynn and informed them when it would be published, S.A.C. used that material non-public information in its investment decisions, and S.A.C. thereafter sent business to Morgan Keegan as a quid pro quo for Gwynn's assistance.

In addition, as also set forth in detail below, Contogouris got his "start" in the securities industry by working with Mr. Cohen, his general counsel Peter Nussbaum, and S.A.C. manager Jeff Perry. Initially, Contogouris was an insider at Hanover Compressor and provided material non-public information about that company to Cohen, who then took a short position in advance of Contogouris instigating an SEC investigation out of the SEC Forth Worth, Texas office and a class action lawsuit. Based on Contogouris' actions, Cohen profited and he paid Contogouris for his services. Contogouris then continued to work as one of many "outside consultants" working with Perry and others at S.A.C.

Contogouris was thereafter considered for employment at S.A.C., but after S.A.C. reviewed a background check on Contogouris, it determined that formal employment was not appropriate.  Instead, Contogouris began working for various S.A.C.-spin-offs or affiliates, including Exis and certain of its subsidiaries, as well as with Perry, and kept in regular communication with Cohen up until the filing of the complaint in this action. One of those funds was S.A.C. spin-off Exis, in which S.A.C. was a central investor and with which Cohen maintained frequent contact with Sender concerning Exis' investment of S.A.C.'s money. As a result of these communications, Cohen was aware of Exis' strategy and methods for investing his money and its use of Contogouris to generate a profit on these positions.

Indeed, in 2005, when Contogouris began his work on Fairfax in earnest, he was working for three S.A.C.-related funds -- Exis, Bridger, and Prentice Capital -- each of which had major investment relationships with S.A.C. and at least two of which had major short positions in Fairfax. In this regard, Cohen not only maintained regular communications with these funds but also with Contogouris, whose employment he approved of, despite the fact that he was aware that Contogouris was not a real research analyst but an operative used to manufacture "catalysts" to move stock prices, and was also aware of Contogouris' fraudulent background. Nevertheless, Cohen at no time objected to or insisted any of the funds in which he was invested, and which were shorting Fairfax, stop utilizing Contogouris because Cohen understood and approved of Contogouris' role just as he had when he worked for Cohen directly in 2001 and 2002.

Throughout the period in question, and in particular while he was engaged in the conduct related to Fairfax that is the subject of the TAC, Contogouris continued to communicate on a regular basis with Cohen and kept him regularly informed about all material market information he possessed as did Sender and Contogouris' boss at Bridger, Roberto Mignone. And through these communications and those with Sender and Mignone, Cohen was aware of and approved of the their efforts to secure substantial profitable returns from massive short positions these S.A.C.-related funds had assumed in Fairfax and for which they were using Contogouris. And based on this information, various accounts at S.A.C. engaged in shorting and short-related trading parallel to that of Exis and others working on the Fairfax short during the time alleged in the TAC.

In order to ensure there are no records of his and his funds activities, Cohen insists that all electronic and other communications be destroyed and not stored.

Much more to come

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The Axe's picture

Nothing new here....At one time in my life, young and trying to create a list of stocks in which to make a market in(slim pickings) at my first job on Wall Street I happen in to a bunch of stocks in which I was the only Christian, firms like Nash Weiss, Herzog, Carr, Sherwood, and Troster Singer controlled the brokers, had pawns at the company, and God forbide  you made a profitable trade against them, they would not only DK you, but call the boss of the trading desk and complain. No trades were executed without full compliance of the complex.

Michael's picture

Zero Hedge is like the 9/11 Truth of financial fraud investigations. The way the Internet blog research community crowd sources the bits and pieces of the puzzle makes federal investigators look like 6th grade school girls.

Robot Traders Mom's picture

@Axe-don't come on here and start saying stupid shit like "nothing new here" like you read the court docket years ago and you were the original Stevie Cohen. Cleaning the johns at the local merrill lynch office doesn't count as a 'wall street job.'

@Tyler-good fucking journalism. That is why zerohedge is the most important website in the world

JR's picture

Thanks, TA. You underscore the major point of the article.

And that major point, IMO, is that if there are rules and laws and protections in America’s financial system and markets, they are not being enforced. The time spent in courts, the hearings, the charges, the trillions and trillions of words, over and over and over - and nobody pays. Nobody gets pinched, as the British say.  Or if they do, it’ll be someone from lower level management – or a scapegoat the boys want removed. 

Markets are voluntary.  If someone has his thumb on the scale, as Stevie Cohen has, eventually few people will voluntarily participate in that market.  And if it happens to be the only stock exchange in town, then the market ends.  It’s over.

The crimes on Wall and Liberty streets are legion, they are monstrous – they are multi-billion dollar crimes.  These people are carrying away chunks of the Capitol!   And it isn’t as if we don’t’ know them – we have their pictures, their names… their top level connections.

That’s their side.

Remember the movie the Keystone Cops? That’s our side:  Congress and our attorney generals either have been bought off like Frank and Dodd and MIller or they are fools. 

The American people are losing faith in their government; life in American is starting to depend on who you are and how you’re connected.  If you aren’t connected, they’re after you all the time – threatening with pay-more letters or we shut off the power, knocking on your door, stopping you on the street, stealing  your pension and your nest eggs, raising your taxes, bubble busting your house, forcing your college kid to take out a usurious loan, offshoring your job, robbing your 401(k) on Wall while you're at work on Main...

In short, if this corruption isn’t solved, it’s nothing short of the end of the country.  The organized crime on Wall Street is racheting up, the crimes are getting bigger, the people in charge posturing as TBTF.   There will be revolution against this, peacefully now, or later with bloodshed.  People can’t take this.  This country is too big, there’s too much involved, for a criminal oligarchy government to be able to sock in a police state and make the American people adhere to it.


Zero Govt's picture

JR  -  nice post. Absoutely zero chance the system will have an outbreak of integrity. The corrupt ARE the system of Government. Nobody needs a conspiracy theory, the fact is hiding in plain sight with all politicians needing $millions from vested interests (big banks, biz and Unions) to fund their election campaigns. The Govt corruption is not only patent during elections but swimming in pork swill between them too

Cistercian's picture

 Deep capture is great...and where I first heard about cohen.And the assclown cramer.


Zero Govt's picture

Zero Power  -  thanks for the link, i almost pissed myself! CNBC's Jim Cramer head of the shit stirring campaign via his 'TheStreet' media tool... his constant support of the Big Boys and his constant white noise on CNBC now makes perfect 'extra' sense ...Cramer the crone on the make, an even bigger 'tool' than i thought previous

Misean's picture

I'm shocked! It's run just like the syndicate. Capo Cohen. Hope he ends up like Myers Lansky.

Arch Duke Ferdinand's picture


Otherwise Ladies and gentlemen, before they put the noose around Bernanke's neck, he will sing like a bird.

...Think Big Bank CEOs, think Steve Cohen and other hedge fund CEO's, and finally think Congress Leaders.

...Federal Reserve should be closed down.

Air_BernanQE's picture


S.A.C is one of the hedgies behind Solar stock shorting. A retail investor can never win against him.


Yen Cross's picture

I like your posts misean. Keep striking lightening!

6 String's picture

None of this will matter. Some wrist slaps, some drinks, some laughs...and it's back on.

Nacho.Libre's picture

Of course this matters!  Between this and the release of the Bank of America stuff, Monday should be good for a 3% ralley in the market!  Nothing like some earthquakes, tsunamis, reactor blow ups, market manipulation, bear raids, banker fraud, etc. to push that day green!  Let's go all in! 


6 String's picture

Good point. But I disagree. All this stellar news is good for at least a 5% pop tomorrow on the Dow, and at least a 12% pop for the Russell 2000.

Now, if we were Japan--now you're talking, a 3% pop we'd be good for on an minute event like that.

6 String's picture

Oh, and I know I said tommorow. Our market magicians can surely make it happen, even on a fucking Sunday.

Brokenarrow's picture's my prayer to God:"let a seiemic fracture occur ten mi offshore of NYC"

Let me see them do a POMO and juke the ES futures from ten feet under water.

"Am I serious?," You ask. Yes. I am.

Fuck Wall and everyone living down there:) Yes. You heard me right.

Muir's picture



(read the whole thing)


But wait a minute.

Does anybody remember any of this on The new market wizards?

I seem to have forgotten that part.




For you guys that know about this, is this what Wyckoff meant by "smart money?"



falak pema's picture

Due diligence is like saying your prayers if you're religious, it's like doing pumps or doing one hour's jogging, if you're a fitness addict. It's a routine about a personal mind set. It's the signature tune of a life effort to stay yourself, find yourself. Its your own personal nest.... If you are in business it's the same thing. Only people don't see it that way. Then, it becomes 'they' and 'us', like in a rat race. We lose focus. We are no longer ourselves. We change the rules of fitness, of mind set : we become like them. We sing "do it to them before they do it to you"...It's the road to unfitness. But we kid ourselves  it's just business. Being top of the heap. Now its the mantra of the global age...we can see the disease...but we don't see the way out from it.

Misean's picture

Horseshit. These guys are plain and simple goombas (is there a yiddish word for goomba? Oye...). Crook's, theives, thugs, con artists, racketeers.

These guys didn't start off on some noble mission and get side tracked. Pure and simple grifters.

Lord Koos's picture

I believe the word you're looking for is "gonif"....

falak pema's picture

I'm talking about the system not just these guys. Big difference. The system encourages lice to proliferate. 'Cos greed and sham is OK, if you can get away. Tricky Dicky said it before  the Watergate. Reagan made it the sacred mantra through deregulation for the "happy few" that prevails nowadays.

laughing_swordfish's picture

Yiddish for "Crook, Thief,Thug, Con Artist, Racketeer" - " Gonif "

Plural: " Gonifim "

TradingJoe's picture

As my grandpa used to say, many rich have even more corpses in their basements!!!

No wonder they are filth, criminal enterprises are all filth! Was smart enough to understand how "the market(s) work" when I started out in 1983!

When it's too good to be true....well you know the rest! Am mostly done by now, just literally playing a little (with options only) for old times sake and to "secure some extra gas money":))! Mostly helping few loyal clients and friends.

Otherwise I stay all in Physical PMs and cash! The most, UN surprising to me is the fact that no one eve goes to jail, see Frank Quattrone's "thing"! Madoff was a more then welcome scapegoat and the little guys of course, compliance arbitrage, settlements etc. what a joke, you steal, embezzel a few hundred grant and you're a crook, you steal a billion and you are the trader of the century! LMAO!

Bananamerican's picture

"No wonder they are filth, criminal enterprises are all filth!"

yea, but they represent "State sanctioned filth"...this is the transcendent criminality of our greatest social "strivers"...

we've seen no prosecutions because the "prisoners" have already been incarcerated.....about 330 million or so

Atomizer's picture

Tyler, the empire needs money to continue operations. This old story provides a well needed income allowance to pad 'business as usual' continuation. We now can imagine how Bernie Madoff felt during his last moments running a Tier 2 government funded ponzi scam.

Thomas's picture

Now I need a shower.

JR's picture

Defendant Cohen began his hedge fund through major ill-gotten gains from a substantial trade that he executed based on material inside information about a merger transaction and about which he asserted the Fifth Amendment when he was questioned by regulators. – Tyler Durden

What does it mean to be connected?

Who – in America - remains except the Internet Tylers to set up a political barrier to world financial conquest by an international underworld financed by America’s captured monetary system?  The NYFed Goldmans and the JPMorgan Rothschild-Rockefellers and the SAC Capitals are using ill-gotten gains, Fed fiat and America’s wealth to acquire the world’s wealth, particularly through M&A. Their goal is a classless social order without frontiers, without protection from manipulative exploitation. 

This is no longer a political issue:  it is an issue of crimes against society.

Unfortunately, dealing with this massive problem is greatly hampered by the lockdown on financial communication within this country - specifically the taboos covering any kind of discussion of the Jewish role in America’s finance.  The key part of the subject is not who the Jews are; it is who the financial rulers of this country are.  We’re talking about America’s financial system!

The charts presented in “When Things Fall Apart” by Charles Hugh Smith this weekend pinpoint the 1980’s onward as a pivotal turn in upward gain flow to the capital/global corporations. The book, “The Politics of Anti-Semitism” edited by Alexander Cockburn and Jeffrey St. Clair and published by Counterpunch in 2003 gives similar weight to the 80s:

 “Since the 1960s, Jews have come to wield considerable influence in American economic, cultural, intellectual and political life.  Jews played a central role in American finance during the 1980s, and they were among the chief beneficiaries of that decade’s corporate mergers and reorganizations.  Today, though barely 2% of the nation’s population is Jewish, close to half the billionaires are Jews.  The chief executive officers of the three major television networks and the four largest film studios are Jews, as are the owners of the nation’s largest newspaper chain and the most influential single newspaper, the New York Times.

“That was written in 1993.  Today, ten years later, ardently pro-Israel American Jews are in positions of unprecedented influence and have assumed or been given decision making positions over virtually every segment of our culture and body politic. This is no secret conspiracy…”  -- Jeffrey Blankfort, The Politics of Anti-Semitism (2003), p. 102

And the beat goes on…

JPMorgan No. 1 Investment Bank Driven by Emerging Market Deals 03.06.11 | Bloomberg

Investment bankers, whose institutions have already been bailed out to the tune of $817 billion across the globe, now have something else to thank taxpayers for: deals…

The government-backed deals helped to push fee revenue up last year by 5.8 percent across the industry to $49.1 billion…as total deal volume stayed constant at about $7 trillion… The volume of announced mergers and acquisitions rose 27 percent, to $2.2 trillion, while fees rose 23 percent to $17.9 billion… More Mergers Coming…

Goldman Heads M&A Rankings Spurred by Commodities Demand in BRIC Economies 03.06.11 | Bloomberg

Goldman Sachs retained its No. 1 ranking for the seventh straight year, showing that Western banks with global reach dominate the new merger landscape. Big Western banks led the way even in takeovers of companies based in emerging Asian markets. Goldman Sachs and Morgan Stanley, both based in New York, and Zurich-based Credit Suisse Group AG (CSGN) all logged more deals than local competitors…  With the International Monetary Fund forecasting robust growth in the BRICs in 2011, bankers say acquisitions will increase…

Michael's picture

Nice reporting JR.

The public at large know and understand this role the Jewish community has played in the social and financial destruction of the USA. This is not news, this is reality.

Zero hedge is like the 9/11 Truth of financial fraud investigations. The way the Internet blog research community crowd sources the bits and pieces of the puzzle makes federal investigators look like 6th grade school girls.

PhD's picture

community? I would rather focus on the mafia!

Lord Koos's picture

Well that's a very small club to be half of, isn't it? So what if some Jews are successful financiers? Do you think they take their orders from the rabbi at the synagog or something?  Do you realize that the the huge majority of people who call themselves "Jewish" are just middle class at best? Are you not going to bitch about the other 50% of billionaires that are "Christians"? It's tiresome reading your garbage... fuck off Mikey -- take your generalizations, racism, predjudices, and stereotypes and shove them up your ass.

Michael's picture

No amount of trying to cover for them with rationalizations will convince the majority.

We have a Zionist occupied government, banking industry, and media that is very well documented.

The damage is done and irreversible. The chips will fall where they may and everyone who has looked the other way deserve what is coming to them for lack of lifting a finger.

vast-dom's picture

Disgusting to bring anti-semitism into this. Filth on top of filth. Michael you need to check yourself and fast.

Popo's picture

By the same logic, "whites" are to blame, and will deserve what is coming to them.

You're a true idiot Michael.

Charlie Bravo's picture

Oh wow. So much for taking YOU seriously again in the future....

Charlie Bravo

Yen Cross's picture

JR has no interest in you(skippy) He is a man of (honesty) JR does his homework.

AmCockerSpaniel's picture

It's well know that; In the USA, there is crime without punishment for all Wall Streeters.

wandstrasse's picture

I am bavarian, my dad & mom were born around 1930 thus educated/socialised by the Nazis and the 'Jud Süß' propaganda movie. They never really managed to stop believing in the jewish parasite-finance-Versailles-Treaty-conspiracy. I spent a considerable part of my life just thinking about Nazis, Jews and the Holocaust.

My conclusions: Jews are historically spread around the globe, nevertheless they share a bloodline. They feel like a family! This is a very fertile basis for a) finance, b) science, c) arts. That is why they lead in these areas. Period. Two thoughts are very dangerous: a) Jews think they are born superior. b) Non-Jews think they are born inferior.

Lord Koos's picture

You can say the exact same thing about the Chinese... they are spread all overd the world, & seem to do good business where ever they go.  Your points a & b are pretty ridiculous.

Snidley Whipsnae's picture

Interesting that the Jews and Chinese come up as 'being spread around the world and both groups are successful in business.'

These are the two groups that the much hated book, 'The Bell Curve', found to have the highest IQs.

One possible reason that these two groups might have the highest IQs (paraphrasing from Bell Curve analysis/speculation) is that both groups have suffered many ethnic diasporas due to wars, pogroms, etc, and only the brightest managed to flee and survive and reproduce.

I am not knocking Jews, Chinese or 'The Bell Curve', nor am I an advocate for any of them. Simply pointing out what I think is interesting and is seldom discussed... intelligence matters.

Yen Cross's picture

The scum replicates. Lets configure your Mantra!

Snidley Whipsnae's picture

So you believe that intelligence equals scum? ...and, BTW, I have no 'mantra' but am simply pointing out what is fairly obvious to a casual observer. All life replicates and the most successful life is the most intelligent life, and therefore, will have the best opportunity to replicate.

Some Chinese Emporers (and Western dictators as well) upon coming to power had all the academics and their books burned. The most intelligent academics fled ahead of the Emporers/dictators extermination edict. Those that fled lived to reproduce...

So, was the scum the Emporer/dictator that drove the intelligent to flee?... Or, was the scum those that were intelligent enough to flee and live to reproduce? Or, perhaps neither were scum but the new dictator/emporer simply could not tolerate intelligence in his fiefdom greater than his own for it was a challenge to his power?

BTW, I dropped a neg on you for attempting to change the meaning, or responding without comprehending, my post...and, I suggest you read and comprehend Machiavelli's 'The Prince' so that you will have a basic comprehension of how the intelligent control those that are less intelligent. You can't fight them and hope to win unless you understand them.

velobabe's picture

tyler, i understand now, your fury. you are a fighter for all of us. this did read a bit like a novel. damn these rich people just suck. the billionaires are moving the millionaires out of town. gross, to all of them. best served cold, aye†

Atomizer's picture

damn these rich people just suck


Not all rich people suck, even the rich try to point you to the guilty party. Take note.

Muir's picture

I'm sure you are right, I just have yet to meet a rich person who doesn't suck.



Atomizer's picture

Muir, see those two tits bouncing? Been divorced twice and crawled out of barrel twice. Each time richer. I'm a 1% exception who doesn't suck.

vast-dom's picture

You should get out more Muir.