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Frontrunning: April 26
- Computerized front running: how a computer program designed to save the free market turned into a monster (Web of Debt, h/t MF)
- Even after failing to keep Citi above $5, US Treasury to sell 1.5 billion shares of Citi stock (Bloomberg)
- Dodd accepts ban on bank derivatives business (AP)
- But hold on: this would hinder the billionaire's plans to become a trillionaire: Berkshite presses lawmakers to roll back proposed curbs, avoiding potential hit... and we can't have that now can we (WSJ)
- Rogoff says Greece may not be Europe's last bailout (Bloomberg)
- Bill Gross: "In order to pay the interest and the bill when it comes due, we'll
simply have to issue more IOUs. That, to me, is Ponzi-like. It's a game that can never be finished." (WaPo) - Do you have any reforms in size XL? (NYT)
- AXA Rosenberg finds cording error in risk program (Reuters)
- Goldman releases internal paper trail (FT)
- Best hope for Greece: minimize the losses (NYT)
- Credit market risks lurk despite global thaw (Reuters)
- Maastricht madhouse fuels EMU-wide contagion from Greece (Telegraph)
- Visualizing UBS analysts (Kiwitobes, h/t Paul Kedrosky)
- Yes, it's a bailout bill (The American)
- Victory for the bull (Guardian)
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is 'Berkshite' intentional?, cause i love it...
just one tiny "editorial" from Bark Shite, arf arf!
We love our self made man Warren!
"Berkshite" is lovely; I agree.
From the Citi story comes this howler:
"Geithner said the government is withdrawing from the financial industry after forcing lenders to “recapitalize with private money.”"
If your Google Translate function "BanksterSpeak>English" function isn't working properly, what is meant by "recapitalize with private money" is:
- Use Public money to stave off insolvency.
- Keep real interest rates negative, as far as banks' access to money is concerned.
- Allow banks to charge 12-20% premium for consumer credit
- Take advantage of low volume to run up share price
- Allow dilution of bank stocks at overvalued prices
- In short, use public money to buy time to engineer a huge transfer of wealth from everybody else to the banking class.
- Then declare Victory.
Good article from Jim Rickards.
"The subprime market was a scandalous fraud by itself. But the lying borrowers, crooked mortgage brokers, greedy investment bankers, corrupt rating agencies, crony-filled government agencies and ignorant investors combined could only lose $250 billion on their own. It took the quants at Goldman and elsewhere to find a way to lose over 20 times that amount through the magic of derivatives. Who said American technology is dead? It takes genius to turn a quarter-trillion-dollar scam into a $6 trillion catastrophe."
http://dailycaller.com/2010/04/26/welcome-to-pluto/
"Rogoff says Greece may not be Europe's last bailout"
Well duh...this is just the opening act.
Please, oh please, oh please do not ever link to anything connected to that horrible, sensationalist, shite book by the name of "Web of Debt", written by an author who is clearly clueless about economics, and who claims that Trotsky was a Wall St agent, and that Zimbabwe's currency crisis was primarily caused by traders! Seriously - it's the worst book I've ever read.
Quote of the Day
"I've never had a real job."
Geithner
exempt Berkshit, NO WAY! That's outrageous! Oh sorry, what disrespect, Berkshite, make him play with the rest of the boyz! Ya play, ya pay!
+1
Money talks, bullshit walks.....