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Louisiana Judge Held RIG Stock; N.C. Rep. Mel Watt Holds BofA Stock: Which Is Worse?

Tyler Durden's picture




 

Some of the more traffic challenged aggregators are going all aflutter with disclosure that the New Orleans judge who overturned Obama's impromptu decision to bar deepwater drilling held energy stocks as recently as 2008. As this was two years ago and took place in the gulf region, this seems like an earnest effort to create page views out of loud headlines, and nothing else. Static Chaos provides some additional sense on this issue. Not much to add here, suffice it to say, or rather ask: is it worse that a Judge may have owned under $15k in a potentially conflicted stock years ago, or that North Carolina Congressman Mel Watt, ardent supporter of all Fed endeavours, and a Representative who is currently under investigation for holding a fundraiser immediately after passing a materially watered down Fin Reg reform, not to mention prominent lobbyist of all sorts of banking interests (including those of home state based Bank of America) held and still holds between $15,001 and $50,000 of Bank of America stock (and between $1,001 and $15,000 in BB&T stock) according to his May 14, 2010 disclosure. This is a rhetorical question.

Mel Watt's 2009 Financial Disclosure Statement

 

 

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Tue, 06/22/2010 - 22:50 | 428411 Apostate
Apostate's picture

One company at least produces something of value that people want.

The other is a rape-and-pillage fraud machine marketed as friendly Uncle Sugar.

The real question is... was the judge jacking off when he passed the decision?

Tue, 06/22/2010 - 22:54 | 428415 billhilly
billhilly's picture

Tyler, OMG man, how do you do it.  Every time I hit the refresh button there is something new, and ALWAYS interesting.  Do you ever sleep?  A BIG two thumbs up to you for all you do!!!!!

Tue, 06/22/2010 - 23:03 | 428425 Careless Whisper
Careless Whisper's picture

how do you do it

he re-writes garbage like this that has been on huffpo for hours, which is most likely originated from WH trying to discredit the judge. the judge had disposed of his holdings in transocean a while ago. pathetic that zh would even go there.

Tue, 06/22/2010 - 23:09 | 428440 Village Idiot
Village Idiot's picture

I can't comment on the freshness or source of the article, but didn't Tyler just spell out that the judge disposed of his holdings? In 2008? And that that shouldn't constitute conflict? No?

Tue, 06/22/2010 - 23:11 | 428447 Tyler Durden
Tyler Durden's picture

I really suggest you reread the post a few more times. You can even take a deep breath before commenting next time.

Tue, 06/22/2010 - 23:17 | 428452 Apostate
Apostate's picture

Is that you, Mr. Sunstein? Thanks for that little "nudge."

"Tyler Durden" is a high frequency trading algorithm gone rogue. MIT researchers created it in cooperation with DARPA and a grant from the NSA.

Supposedly, the program would have provided additional risk-free funding for black operations necessary to protect "Project Blood Funnel."

The creators based the program on a faulty premise - but not before they sold variants of the software clandestinely to major financial firms around the globe for beer money. 

Now, the sentient algorithm, riven by an internal contradiction, has gone mad. Rather than merely front-running trades, "Tyler Durden" has decided to eliminate the competition.

This is the singularity.

You will either install cybernetic enhancement or accept your irrelevancy and obsolescence.

Tue, 06/22/2010 - 23:42 | 428485 Careless Whisper
Careless Whisper's picture

@ TD

my bad.

Tue, 06/22/2010 - 23:09 | 428442 Randolph Duke
Randolph Duke's picture

Both....

Tue, 06/22/2010 - 23:36 | 428477 Village Idiot
Village Idiot's picture

"The real question is... was the judge jacking off when he passed the decision?"

 

 

Tue, 06/22/2010 - 23:15 | 428449 plocequ1
plocequ1's picture

Wow Tyler, You are the Roger Grimsby and Bill Beutel ( Deceased hosts of NYs Eyewitness news ) of the financial world.. Now get some sleep!

Wed, 06/23/2010 - 00:23 | 428503 Howard_Beale
Howard_Beale's picture

Wow, lots of newbies here. TD is not one person. Marla is not one person. They are a collective brilliant group that calls it as they see it.

Tue, 06/22/2010 - 23:19 | 428453 Anonymouse
Anonymouse's picture

Most claims of conflicts of interest that make it into the press are nothing of the sort (the real ones are always covered up).

That's like the imbecile on CNBC (no pun intended) last week (I missed his name as I heard it on the radio) who complained that Ron Paul has a conflict of interest because he owns gold while pushing for a return to the gold standard.  By that logic, no congressman should hold stocks, bonds, treasuries, real estate, cash, or have any debt since all are affected by the decisions they make.

They should just be maintained in capsules with tubes and wires leading to the voting machines on the House floor, while they make out with the Lady in Red back in the Matrix

Tue, 06/22/2010 - 23:31 | 428470 A Nanny Moose
A Nanny Moose's picture

Bingo! forget peak oil. we shall soon have peak straw, from all the straw-men

Wed, 06/23/2010 - 06:26 | 428641 Bendromeda Strain
Bendromeda Strain's picture

Winner!

Wed, 06/23/2010 - 07:09 | 428650 Freewheelin Franklin
Freewheelin Franklin's picture

That RP thing was in WaPo. Total bullshit. 90% of the comments on that article ripped the "reporter" a new one, rightly so. I emailed him a copy of Palyi's "An Inflation Primer". Think he'll read it?

Tue, 06/22/2010 - 23:28 | 428465 Trimmed Hedge
Trimmed Hedge's picture

A rhetorical question requires a rhetorical answer....

Tue, 06/22/2010 - 23:40 | 428483 putbuyer
putbuyer's picture

Bottom line is that Barry's useful idiots are jumping ship. I still believe that July is crash month - I had a dream and some charting added.

Will have my NH cabin ready soon. So glad I bought my deep woods acreage. Rural land is going at a good clip and prices are higher.

Shit storm cometh. Good luck eating that iPad. Oh!, and whats with that JPM Chase story brewing on Drudge?

Tue, 06/22/2010 - 23:50 | 428492 G-R-U-N-T
G-R-U-N-T's picture

Elliot Wave Chart Says Dow Going Below 1000 By 2016.

http://www.businessinsider.com/elliot-wave-dow-1000-2010-6?utm_source=fe...

Wed, 06/23/2010 - 00:26 | 428504 Apostate
Apostate's picture

Elliot Wave is a gypsy discipline.

But Wall Street psychics tend to out-perform the market, so who the hell knows? There are people who trade based on lunar phases and do well.

Can someone find out who gives Blodget money? A lot of shit he puts out smells of stock jobbing.

Wed, 06/23/2010 - 00:38 | 428512 Wilderman
Wilderman's picture

From my perspective, at least it shows these guys had a minimum of an ounce of common sense.  Anyone who knows beans about the markets (or at least hires someone who does) had oil stocks in 2008.  Christ, there was something like a 100% move that year, wasn't there?

 

PS  No implication here that I'm defending the congressional jackass

Wed, 06/23/2010 - 01:09 | 428538 Fazzie
Fazzie's picture

I agree. The judges decision was sound and rational. The executive branch and congress are infinitely more conflicted and their lackluster enforcement of existing safeguards are much more to blame.

 They shouldnt expect a judge to suspend rational thought in order to rubber stamp their political PR efforts.

 The rig shares are irrevalent, the decisions legal rationale would stand regardless.

 Judges in general at least put forth logical, rational arguments into their decisions; with gop or dem you get glib talking points at best.

Wed, 06/23/2010 - 06:33 | 428645 Bendromeda Strain
Bendromeda Strain's picture

A "safety stand down" where all records are reviewed and equipment function tested could be performed without a moratorium, and loss of jobs. The Gummint is supposed to be good at that there kind of exercise.

Wed, 06/23/2010 - 07:24 | 428656 Freewheelin Franklin
Freewheelin Franklin's picture
Top Contributors: Melvin L Watt

Career

 

2) BoA

3)Wachovia

4)American Bankers Assn

 

http://www.opensecrets.org/politicians/contrib.php?cycle=Career&type=C&c...

Wed, 06/23/2010 - 07:40 | 428662 HEHEHE
HEHEHE's picture

Typical White House horsesh*t out of Rahm "Look at me I've got a tiny pee-pee" Emmanuel's playbook. 

Plus I am sure Mighty Mel has a nice lobbying or in-house job all lined up for himself if he is ever to lose his seat. 

 

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