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Matt Taibbi Asks Why The Fed Gave $220 Million In Bailout Money To The Wives Of Two Morgan Stanley "Bigwigs"

Tyler Durden's picture




 

Matt Taibbi has resurfaced with another stunner of Wall Street impropriety which will lead to merely more silence, even more unanswered questions and be quickly buried by the kleptocratic oligarchy.

The Real Housewives of Wall Street: Look Who's Cashing In On the Bailout

Why is the Federal Reserve forking over $220 million in bailout money to the wives of two Morgan Stanley bigwigs?

From Rolling Stone Magazine

In August 2009, John Mack,
at the time still the CEO of Morgan Stanley, made an interesting life
decision. Despite the fact that he was earning the comparatively low
salary of just $800,000, and had refused to give himself a bonus in the
midst of the financial crisis, Mack decided to buy himself a gorgeous
piece of property — a 107-year-old limestone carriage house on the Upper
BeerEast Side of New York, complete with an indoor 12-car garage, that
had just been sold by the prestigious Mellon family for $13.5 million.
Either Mack had plenty of cash on hand to close the deal, or he got some
help from his wife, Christy, who apparently bought the house with him.

The Macks make for an interesting couple. John, a Lebanese-American
nicknamed "Mack the Knife" for his legendary passion for firing people,
has one of the most recognizable faces on Wall Street, physically
resembling a crumpled, half-burned baked potato with a pair of
overturned furry horseshoes for eyebrows. Christy is thin, blond and
rich — a sort of still-awake Sunny von Bulow with hobbies. Her major
philanthropic passion is endowments for alternative medicine, and she
has attained the level of master at Reiki, the Japanese practice of
"palm healing." The only other notable fact on her public résumé is that
her sister was married to Charlie Rose.

It's hard to imagine a pair of people you would less want to
hand a giant welfare check to — yet that's exactly what the Fed did.
Just two months before the Macks bought their fancy carriage house in
Manhattan, Christy and her pal Susan launched their investment
initiative called Waterfall TALF. Neither seems to have any experience
whatsoever in finance, beyond Susan's penchant for dabbling in
thoroughbred racehorses. But with an upfront investment of $15 million,
they quickly received $220 million in cash from the Fed, most of which
they used to purchase student loans and commercial mortgages. The loans
were set up so that Christy and Susan would keep 100 percent of any
gains on the deals, while the Fed and the Treasury (read: the taxpayer)
would eat 90 percent of the losses. Given out as part of a bailout
program ostensibly designed to help ordinary people by kick-starting
consumer lending, the deals were a classic heads-I-win, tails-you-lose
investment.

So how did the government come to address a financial crisis caused
by the collapse of a residential-mortgage bubble by giving the wives of a
couple of Morgan Stanley bigwigs free money to make essentially
risk-free investments in student loans and commercial real estate? The
answer is: by degrees. The history of the bailout era reads like one of
those awful stories about what happens when a long-dormant criminal
compulsion goes unchecked. The Peeping Tom next door stares through a
few bathroom windows, doesn't get caught, and decides to break in and
steal a pair of panties. Next thing you know, he's upgraded to homemade
dungeons, tri-state serial rampages and throwing cheerleaders into a
panel truck.

The impetus for this sudden manic expansion of the bailouts was a
masterful bluff by Wall Street executives. Once the money started
flowing from the Federal Reserve, the executives began moaning to their
buddies at the Fed, claiming that they were suddenly afraid of investing
in anything — student loans, car notes, you name it — unless
their profits were guaranteed by the state. "You ever watch soccer,
where the guy rolls six times to get a yellow card?" says William Black,
a former federal bank regulator who teaches economics and law at the
University of Missouri. "That's what this is. If you have power and
connections, they will give you a freebie deal — if you're good at
whining."

This is where TALF fits into the bailout picture. Created just after
Barack Obama's election in November 2008, the program's ostensible
justification was to spur more consumer lending, which had dried up in
the midst of the financial crisis. But instead of lending directly to
car buyers and credit-card holders and students — that would have been
socialism! — the Fed handed out a trillion dollars to banks and hedge
funds, almost interest-free. In other words, the government lent
taxpayer money to the same assholes who caused the crisis, so that they
could then lend that money back out on the market virtually risk-free,
at an enormous profit.

Cue your Billy Mays voice, because wait, there's more! A key aspect of TALF is that the Fed doles out the money through what are known as non-recourse loans.
Essentially, this means that if you don't pay the Fed back, it's no big
deal. The mechanism works like this: Hedge Fund Goon borrows, say, $100
million from the Fed to buy crappy loans, which are then transferred to
the Fed as collateral. If Hedge Fund Goon decides not to repay that
$100 million, the Fed simply keeps its pile of crappy securities and
calls everything even.

This is the deal of a lifetime. Think about it: You borrow millions, buy
a bunch of crap securities and stash them on the Fed's books. If the
securities lose money, you leave them on the Fed's lap and the public
eats the loss. But if they make money, you take them back, cash them in
and repay the funds you borrowed from the Fed. "Remember that crazy guy
in the commercials who ran around covered in dollar bills shouting, 'The
government is giving out free money!' " says Black. "As crazy as he
was, this is making it real."

read the full article here

 

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Tue, 04/12/2011 - 13:48 | 1162254 Seasmoke
Seasmoke's picture

punish, kill and die

Tue, 04/12/2011 - 14:09 | 1162310 gordengeko
gordengeko's picture

How about we all just grab a pen and write a nasty little letter to our senators.  Then they will know just how angry us proles are...Yeah that'll do it! 

Tue, 04/12/2011 - 14:44 | 1162488 willien1derland
willien1derland's picture

+100 GG - Taking it to the Streets - Gotta Act on this - NO JUSTICE NO PEACE -

Tue, 04/12/2011 - 13:44 | 1162234 WTF_247
WTF_247's picture

This will continue to go on precisely because there is ZERO (0) accoutability for anything.  No congressmen raise hell about this.  No newspapers cover it and hammer people.  The public at large has absolutely no clue about how the bailout worked, and the reporting that they did get uses language they dont understand.  This is flat out stealing.  Hell, I remember when they announced TALF, I wished I could have borrowed 100 Trillion.  It took me all of 10 seconds to understand it was a scam.  I would buy out everything, all stocks all bonds anything I could buy.  Figured I could have profited at least 50 to 100bil on the deal, even if I let my dog pick the assets.

 

Until anyone gives a crap who is in some power position, it will never change.

Tue, 04/12/2011 - 13:50 | 1162257 Northeaster
Northeaster's picture

Just emailed Sen. Scott Brown with the stroy.

Not saying he will/can do anything, but better than posting on here "hoping" these people meet a terrible demise.

Tue, 04/12/2011 - 14:40 | 1162483 willien1derland
willien1derland's picture

I just emailed my Congressmen, Senators, & even WhiteHouse.gov - I agree with your sentiment NE & it is a great idea, I am hoping (like I know you do as well) that if enough people communicate their outrage that, perhaps, some meaningful action will be taken -

Tue, 04/12/2011 - 14:51 | 1162516 willien1derland
willien1derland's picture

I understand your sentiment but it is up to us - THE CITIZENS OF THIS GREAT COUNTRY TO MAKE THEM GIVE A CRAP - We can do this - I know it sounds like empty cliches, but think about it, here is a concrete issue that we can use to drive the point home - there are no guarantees of success but we MUST try - I am certain that I am on EVERY list that DC keeps but I will continue to constructively, persistently, relentlessly & non-violently protest this fraud until it is prosecuted or I die - there are thousands, perhaps millions of outraged people, but how many voice their opinions? - Give it a shot - make your postition known because one fine day JUSTICE will triumph - gotta start somewhere

Tue, 04/12/2011 - 20:02 | 1163475 baby_BLYTHE
baby_BLYTHE's picture

++++++
Thank You! Been waiting forever to hear it spelled out like that by someone on ZH.
Don't start the revolution without me!

Tue, 04/12/2011 - 13:45 | 1162245 Caviar Emptor
Caviar Emptor's picture

This is a pattern that you usually see in countries with an aristocracy, not a Republic. But Supply-Siders believe that there is an American aristocracy that needs and deserves  favorable treatment. They also try to convince you that it's to your benefit

Tue, 04/12/2011 - 13:48 | 1162247 sgt_doom
sgt_doom's picture

The Taibbi strikes again!!!

'Natch!

And speaking of 'natch, of course:

"The only other notable fact on her public résumé is that her sister was married to Charlie Rose."

I mean, Charlie's been a long-time member of Davy Rockefeller's Trilateral Commission, after all....he's a connected guy.

And Charlie loves giving those propaganda-structured "interviews" with the super-rich and connected, like that recent one with Bill Gates.  Ya know, the Microsoft guy who donates to the American Friends of Bilderberg, Inc., whose senior directors are David Rockefeller, Henry Kissinger and Richard Perle -- such a grand bunch of warm-hearted guys!

And Gates' foundation is heavily invested in Monsanto and pushes the spreading of Monsanto's death-dealing GMOs across the poorest of Africa.

Yup, a grand bunch of warm-hearted chums.

Gates is big on vaccines, and want's ya to know that's all bunk about them causing autisim.

Of course, he forgets about that thoroughly debunked Danish "study" of a few years back, proving zero correlation between vaccination of children and autism.  (Turned out they not only fabricated their end-result data, but they weren't independent like they claimed -- they had been handsomely financed by American biopharmaceutical corporations.)

Taibbi, Pam Martens, Nomi Prins, Robert Scheer, Chris Hedges, Glenn Greenwald, Glen Ford.

 

Tue, 04/12/2011 - 14:26 | 1162427 weinerdog43
weinerdog43's picture

Well said.

Tue, 04/12/2011 - 13:49 | 1162248 American idle
American idle's picture

Springtime in the Hamptons.
Think clambake.
Think Joan of Arc.
Think 2 clams baked at the stake.

Tue, 04/12/2011 - 16:08 | 1162252 Agent 440
Agent 440's picture

Whatever. Before I die in flames here, I'd like to say the money was better spent than most taxpayers money, if Higher Ed and NPR are anything to go by...

At least it's normal greed... rather than than 'I want to reform this Nation and everyone in it' kind of greed...

Sometimes I think they do these things just to get the spin. Some politico in some posh office in DC probably has a model on how many votes this 'bought'. "Say, Matt... I got this story..."

Matt Taibai is a pitchfork operator.

Tue, 04/12/2011 - 13:49 | 1162259 flacorps
flacorps's picture

The plutocronyistikakistocracy would make sweet music stuffed into a brazen bull. That sculpture on Wall Street could be refitted for the purpose.

Tue, 04/12/2011 - 13:58 | 1162303 willien1derland
willien1derland's picture

Very creative --> plutocronyistikakistocracy

 

Noah Webster would give two thumbs way up!

Tue, 04/12/2011 - 15:31 | 1162687 falak pema
falak pema's picture

akistocracy? more like crackistocracy...

Tue, 04/12/2011 - 16:09 | 1162840 flacorps
flacorps's picture

kakistocracy: government by the worst

 

plutocronyistikakistocracy: government by evil rich people who stick together.

Tue, 04/12/2011 - 13:51 | 1162261 AAPL_Short
AAPL_Short's picture

These kinds of stories prove to me that our nation is beyond repair. A system as rotten and corrupt as this must end - and will end. Violently.

Tue, 04/12/2011 - 13:50 | 1162263 Downtoolong
Downtoolong's picture

the deals were a classic heads-I-win, tails-you-lose investment.

Getting free options is what Wall Street is mostly about. Not only on dollars and price points, but, even more subtly on risk. It’s particularly disgusting when it happens under the disguise of philanthropy or good samaritanism, and when the government is creating the opportunity for them. It has never amazed me that these people are all multimillionaires. What amazes me is that they are not all multibillionaires. I guess even stealing tires you out after a while.

Tue, 04/12/2011 - 13:50 | 1162266 Catullus
Catullus's picture

It is socialism, Matt. This is what socialism looks like. There's a small cadre of people who get everything to manage everything. It happens under all socialist regimes.

Ball is in your court, economists. Get Dr. Kugballs to tell us again how the rich get richer and poor get poorer, but the federal reserve had to bail out the country or else! Still a counterfeiting operation where they give the money to their friends and hopefully it trickles down in the form of higher food and gas prices to the surfs.

Tue, 04/12/2011 - 14:38 | 1162484 weinerdog43
weinerdog43's picture

No, it is not Socialism.  Socialism has nothing to do with this.  It is corruption, plain and simple. 

Tue, 04/12/2011 - 15:03 | 1162562 falak pema
falak pema's picture

Socialism also entails corruption...statist opaque bureaucratic type. Its Charybdis where the Oligarchic corruption we witness today, 'supply side' mayhem is the NWO order's version of Scylla, the rock that leads to inflation and total destitution for the many. We are going there...So the only solution is to avoid this by going to the other monster as steering a middle course is so difficult, its only known to humanity in periods of short ephemeral splendor. Like the period of the 1945-1963 era in USA and the 1945-1975 in the rest of western world! Its been a slow then accelerating downhill ride since...1981.

 

Inspite of the apparent illusionary high tide it represented during the Reagan/Clinton periods. The value system having been twisted the material decline became evident after the event as the mantra showed its true face.

Tue, 04/12/2011 - 15:58 | 1162796 redpill
redpill's picture

Actually it's called an oligarchy.  Socialism typically winds up as an oligarchy, but not all oligarchies are socialist.

http://www.youtube.com/watch?v=FDS1OHk7Lf8

Tue, 04/12/2011 - 13:52 | 1162274 web bot
web bot's picture

HA HA HA HA HA HA HA HA HA HA HA HA HA HA

HA HA HA HA HA HA HA HA HA HA HA HA HA HA

What the #uck can you say to this except laugh uncontrollably outloud until you have tears in your eyes...

un#uckinbelievable

Tue, 04/12/2011 - 13:55 | 1162291 willien1derland
willien1derland's picture

+100 - Sad but True

Tue, 04/12/2011 - 13:57 | 1162284 willien1derland
willien1derland's picture

Great post once again Matt - but my sentiment is at a record low - I was certain that such underhanded dealings were bound to take place - let's face it Uncle Hank launched $700 billion at the banksters because as we all know NO ONE could price the banks 'portfolios' - so all ZHers will now know I do not work at a bank because $220 MILLION Dollars is still a great deal of money (despite the Bernank's attempt to devalue) - that is 1,100 $200,000 dollar mortgages - Damn we could have at least paid off a few fallen/injured veterans for their sacrifice! - But unfortunately that does not matter - these 'ladies' will not be prosecuted, they will not admit any guilt or wrongdoing, pay a fine, get the Cool T-shirt with the inscription 'Tim left the NYFED for the Treasury & all I got was some TARP & this lousy T-shirt'  & file it under their own personal Timberwolf - Good Lord, please send a tsunami of integrity & wisdom to the US & if there is any of the $220 million left let it be used to benefit those most compromised & in need...

Tue, 04/12/2011 - 13:57 | 1162289 Forgiven
Forgiven's picture

I would say unbelievable.  But not in this kleptocracy.

It's past time to break out the guillotines.

Tue, 04/12/2011 - 14:01 | 1162292 cosmictrainwreck
cosmictrainwreck's picture

Have seen the phrase "did nothing illegal" several times. true? probably. somebody above said wrong isssues, should go after the Fed... well I think we should go after WHOEVER WRITES THE FUCKING LEGISLATION so this shit is "not illegal". Fuckin' lawyers..... and the Paliament of Whores, as PJ called 'em

Tue, 04/12/2011 - 14:03 | 1162315 gringo28
gringo28's picture

no offense but Matt is not that bright. the structure disproportionately penalizes the equity on the way down (i.e. they get hit harder than the TALF ownership) and in exchange, they get more upside - a lot in fact. whether or not the upside is warranted is another question, without there being some kind of a hurdle on the TALF money. the real question is why could a management without ANY experience managing credit assets get their hands on TALF money? that IS a very legitimate criticism and frankly makes me want to puke knowing that Mack's wife was the recipient. but to call this money a pure gift when the equity did in fact have much to lose if the assets deteriorated in value is just bad analysis.

Tue, 04/12/2011 - 14:38 | 1162478 Buckaroo Banzai
Buckaroo Banzai's picture

Taibbi's main goal is to whip his readers into a frenzy of rage. He's useful in that he shines a light on the problem; unfortunately he doesn't dig deep enough to really "get it".

I said it before-- Taibbi is most likely just a "useful idiot" to the puppetmasters, creating a "two-minute hate" and focusing it on the puppets, and not the puppet masters.

Tue, 04/12/2011 - 16:06 | 1162835 razorthin
razorthin's picture

Ummm, I'd say the Fed (i.e., Rothchilds, et al) qualify as puppet masters.

Tue, 04/12/2011 - 17:11 | 1163056 Buckaroo Banzai
Buckaroo Banzai's picture

Nope. It's the people who own the Fed who are the puppetmasters, not the Fed itself.

Tue, 04/12/2011 - 18:03 | 1163172 TheMerryPrankster
TheMerryPrankster's picture

The people who own the FED, are the FED. That's what "own" means.

Tue, 04/12/2011 - 22:56 | 1163976 Buckaroo Banzai
Buckaroo Banzai's picture

Fair enough... but when most people think of the Fed, they think of Bernanke, et. al. That's why I made the distinction.

Wed, 04/13/2011 - 01:19 | 1164251 laughing_swordfish
laughing_swordfish's picture

The owners of the Fed are the same people drawing from the TARP window, the TALF window, the QE window, etc.

The Fed is the most blatant example of showing that the best way to rob a bank is to own one...

Tue, 04/12/2011 - 15:36 | 1162707 Muir
Muir's picture

"he real question is why could a management without ANY experience managing credit assets get their hands on TALF money? that IS a very legitimate criticism and frankly makes me want to puke knowing that Mack's wife was the recipient. "

And that, is certainly, stinkypoo enough.

Tue, 04/12/2011 - 14:02 | 1162329 Dan Duncan
Dan Duncan's picture

MILF TALF

Tue, 04/12/2011 - 14:23 | 1162410 leilaniyoza@gma...
leilaniyoza@gmail.com's picture

good one.

Tue, 04/12/2011 - 14:05 | 1162331 jbt6561
jbt6561's picture

Thankfully the Frank-Dodd Act will keep this type of thing from happening in the future

Tue, 04/12/2011 - 14:31 | 1162446 willien1derland
willien1derland's picture

Love it - I am certain there must be an amendment or rider that supports this underhandedness as a 'SMALL BUSINESS INITIATIVE'  - where the HELL IS J. Edgar Hoover when you need him!

Tue, 04/12/2011 - 14:56 | 1162542 Temporalist
Temporalist's picture

Trying on Marilyn Monroe's wardrobe in the afterlife?

Tue, 04/12/2011 - 14:57 | 1162557 cosmictrainwreck
cosmictrainwreck's picture

Edgar (as his buddies called him) never did SHIT for good of the people or USA. Just a fuckin' black-mailer, extortionist and co-conspiator (if not wheel-greaser). Faggot.

Tue, 04/12/2011 - 14:17 | 1162343 arnoldsimage
arnoldsimage's picture

if you think this article or any similar for that matter, will stop the sheeple from stuffing porkchops in their greasy mouths while they warm up the bravia for the next barnstomping episode of dancing with the stars, you are sadly mistaken. " honey, got any mo sauce in the kichun?"

Tue, 04/12/2011 - 14:08 | 1162348 victor82
victor82's picture

And yet Taibibi still refuses to make the connection between Obama, the Democratic Party, and teh Banksters who own him, his Party, AND the GOP.

 

Taibibi was an enthusiastic Obama supporter in 2008. Nothing like watching a sucker wake up from being scammed.

Tue, 04/12/2011 - 14:36 | 1162464 PuppetRepubl1c
PuppetRepubl1c's picture

I have read a lot of Matt's writings, i think he realized Obama was bought and paid for prior to him being elected.  I just think he couldn't believe it would turn out as bad as it did.  Like many people I think Matt hoped Obama would be at least marginally better than Bush (i mean who didn't think we had reached the bottom?).  

McCain was a transparent shill for whoever threw cash in his lap (not unlike Obama).  Who could possibly trust him with Phil Gramm lurking in the shadows?.  In my opinion the only choice available to the sane voter in 2008 was 3rd party or stay home.  A sad realization.

 

Tue, 04/12/2011 - 15:12 | 1162615 anony
anony's picture

Only partisan idiots would think we reached the bottom with Bush.

 

 

Tue, 04/12/2011 - 15:15 | 1162639 Temporalist
Temporalist's picture

Not true.  It's hard to imagine something worse until it's before you

Tue, 04/12/2011 - 15:35 | 1162704 Fiat Money
Fiat Money's picture

agreed.  When JOHN ASCHROFT was Bush Jr.'s right-wing moral values scold & hatchet-man Attorney General (as Missouri Senate candidate, Ashcroft had LOST his senate election to Mel Carnahan... who DIED in a small plane crash days before the election!)   I thought "NO ONE could be worse than this idiot... I can't wait until he is replaced."   Well, be careful what you wish for! 

 Because, despite being alone in a hospital bed, recovering from surgery the day before, on a drip anti pain sedative, John Ashcroft RESISTED signing the dictatorial  warrantless wiretapping bill that Bush's then Chief of Staff,  Andy Card, and Bush's then WH Counsel, ALBERTO GONZALES, were pushing him to sign! http://shaneharris.com/news/why-was-al-gonzales-in-john-ashcrofts-hospital-room/ 

  "Be careful what you wish for" - Gonzales would be far worse of a hired hatchet man buffoon for Bush as Attorney General  than Ashcroft  was,  and when Gonzales was ultimately "raspberried" out of Washington, Bush's 3rd AG,  Michael Mukasey, would be a smooth & oily high crimes, perjury, and malicious prosecutions whitewasher... paving the way for Obama co. to CONTINUE that war crimes, financial crimes, election crimes, & 9-11 dereliction of duty (if not treason) whitewash.   

Tue, 04/12/2011 - 20:59 | 1163647 PuppetRepubl1c
PuppetRepubl1c's picture

"Not true.  It's hard to imagine something worse until it's before you"


Exactly, i think most people were thinking things couldn't possibly get worse...  until you see it get worse with your own eyes!  I am confident things would have gone to total sh*t with McCain in the whitehouse as well.  The problem is not which party in control, but how easily politicians are purchased.

 

 

 

 

Tue, 04/12/2011 - 15:24 | 1162659 Fiat Money
Fiat Money's picture

@ PuppetRepublic - "I just think he couldn't believe it would turn out as bad as it did.  Like many people I think Matt hoped Obama would be at least marginally better than Bush (i mean who didn't think we had reached the bottom?). "     very well stated, see my similar, but more, shrill comment above (later in timestamp).

@victor82: 

 "And yet Taibibi still refuses to make the connection between Obama, the Democratic Party, and the Banksters who own him, his Party, AND the GOP." 

I agree with PuppetRepublic,  how could anyone think that Obama would be SO ATROCIOUS as to compare with THE WORST of Bush-II??   Guess I  also have to agree with investigative reporter Wayne Madsen,  Obama is SO BLATANTLY a puppet of the GS financial swindlers & AIPAC war lobby (who are ONE & THE SAME)

http://www.jewishvirtuallibrary.org/jsource/US-Israel/obamajews.html   that they are probably BLACKMAILING him, with his membership in that Chicago gay bathhouse (that rahm emanuel also frequented)  

http://www.opinion-maker.org/2010/08/why-obama-is-subjected-to-blackmails/

   Matt Taibbi DOES _make the connections_ - in his "Obama's BIG SELLOUT" video,   Tiabbi says that (former GolddamnSachs CHAIRMAN, & Clitnon Treasury Secretary, and Citi-group Acting Chairman)  BOB RUBIN is at the epicenter & core of EVERY aspect of the TITANIC LARCENY & FINANCIAL FRAUD that has destroyed the US economy over the past few years...

http://www.huffingtonpost.com/2009/12/03/matt-taibbi-obamas-big-se_n_378705.html

Tue, 04/12/2011 - 14:10 | 1162352 Fix It Again Timmy
Fix It Again Timmy's picture

White Collar Crime by the 1% - get caught - "I'm Sorry" - "OK" - "Great, I'm on to the next scam" [wash, rinse, repeat]...Cmon, you know if you had the ability to rape, pillage, and plunder with only the limit of your imagination as the only obstacle, you would be in on the game.  Unfortunately, only enforcement of the law with serious, life-limiting and beyond penalties could curb this appetite - and where might this enforcement, be?

Tue, 04/12/2011 - 14:13 | 1162358 arnoldsimage
arnoldsimage's picture

i tell you the truth. this beast system is going to run it's course and there in absolutely nothing a human being can do about. nothing.

Tue, 04/12/2011 - 14:18 | 1162380 mick_richfield
mick_richfield's picture

Who is John Galt?

Tue, 04/12/2011 - 14:56 | 1162550 Temporalist
Temporalist's picture

"Atlas Shrugged" is in theaters this Friday April, 15th.

Tue, 04/12/2011 - 15:31 | 1162686 Muir
Muir's picture

"Who is John Galt?"

A mythical characters that those that never matured past sophomore High School like to imagine while masturbating in front of the mirror, written by the worst Russian writer in History.

Tue, 04/12/2011 - 21:19 | 1163705 Bob
Bob's picture

Nice summary. 

Wed, 04/13/2011 - 01:59 | 1164297 TheMerryPrankster
TheMerryPrankster's picture

I think you're thinking of "Atlas Tugged".

Wed, 04/13/2011 - 02:48 | 1164354 slewie the pi-rat
slewie the pi-rat's picture

there are some great russian writers, too!  i'm reading Strange Life of Ivan Osokin.

do you recall, offhand, who translated her works into english?

Tue, 04/12/2011 - 14:17 | 1162372 PuppetRepubl1c
PuppetRepubl1c's picture

Crony Capitalism at its finest

 

There was a time in America where people believed hard work would lead to a better life, now we all just dream of failing upwards!

 

It is pretty obvious "working hard" to become successful is a fools errand.

Tue, 04/12/2011 - 14:21 | 1162397 ivana
ivana's picture

"team players", utilities, obedient, servants ... slaves to bankster illusion empire.
While it lasts

Tue, 04/12/2011 - 14:25 | 1162413 max2205
max2205's picture

classic...ron paul, ron paul......never mind you douche bag

Tue, 04/12/2011 - 14:25 | 1162423 razorthin
razorthin's picture

I'm gonna be busy tonight.  Coxxukkers.

Tue, 04/12/2011 - 14:27 | 1162425 Gimp
Gimp's picture

Our system is totally corrupt - pay money to cronies, cronies give campaign contributions, their person gets elected, more money to cronies ----wash, rinse and spin...

Tue, 04/12/2011 - 14:28 | 1162428 Bastiat
Bastiat's picture

Speechless. This will be a test to see if there is anything in the realm of high-level financial crime that can incite public outrage. 

Tue, 04/12/2011 - 14:29 | 1162437 velobabe
velobabe's picture

G R E A T article, MT.

 

Those crooked rich people.  This worthless generation of executives.  This moronic administration. i second, these three sentences†

Tue, 04/12/2011 - 14:36 | 1162460 Bansters-in-my-...
Bansters-in-my- feces's picture

Once again...If you's Americans pay taxes...

"YOUR BRAINDEAD...!!!

Tue, 04/12/2011 - 14:34 | 1162463 tpberg7
tpberg7's picture

The chosen ones are arrogant and long to be reckoned with by the unwashed masses.

Tue, 04/12/2011 - 14:36 | 1162471 BlackholeDivestment
BlackholeDivestment's picture

This is some evil sick shit, for sure. Where's the Delta Team for this crap? Oh yeah, ''they'' are the Delta Team. Dammit. http://www.youtube.com/watch?v=3VQDGi6u__E

Tue, 04/12/2011 - 14:38 | 1162472 Bansters-in-my-...
Bansters-in-my- feces's picture

WOW...!!!

Kicked in the nuts,and you's don't even fight back....

Too funny.

Tue, 04/12/2011 - 14:40 | 1162482 Bicycle Repairman
Bicycle Repairman's picture

Nobody could have seen this coming.

Tue, 04/12/2011 - 14:51 | 1162527 willien1derland
willien1derland's picture

LOL - Kinda like Wall Street's version of Monty Python's 'Spanish Inquisition' skits - you CAN'T make this sh$t up!

Tue, 04/12/2011 - 14:47 | 1162494 Aristophanes
Aristophanes's picture

Wow!  I sure feel the love on this post and may have to change my icon because it's losing its punch.  I agree that the lot of them have earned the worst punishments we can imagine.  Still, (though looking more likely by the day), I feel that blood is still a last resort--not because they don't deserve it, but because it won't be plesant for any of us . 

 

Can sombody A) verify this article's content and B) push it to mainstream j6p outlets?  For what it's worth, I'm passing it along to friends and connections.  Maybe the most productive thing we can do right now is to fan out the knowledge.  It may not make the difference in the end, but at least everyone who has a brain and the spine to use it will be given the information resources they need.  Hell, just point them to this site.  It's got to start somewhere.

Tue, 04/12/2011 - 16:17 | 1162868 msjimmied
msjimmied's picture

It's on Huffpo...it's getting the same reception as what you see here.

Wed, 04/13/2011 - 08:50 | 1164675 Aristophanes
Aristophanes's picture

Good.  It should be front page of the NYT.

Tue, 04/12/2011 - 14:46 | 1162501 monopoly
monopoly's picture

Where are the freaking handcuffs. This is absurd. We are truly screwed.

Tue, 04/12/2011 - 14:55 | 1162538 squexx
squexx's picture

The hell with handguns, these bastards need to be hunted down and shot getting out of their limos! Starting with a certain very evil and greedy, hooked nose, beanie wearing tribe!

Tue, 04/12/2011 - 14:51 | 1162515 Fiat Money
Fiat Money's picture

wow... once again, Matt Taibbi does more real journalism in a weekend, than the treasonously atrocious (economic SABOTAGE!) Sulzberger New York Slimes, Meyer/Graham Washington Post, Warner Bros. owned CNN & Time, and Murdoch owned  WSJ do in a year - put together!

Tue, 04/12/2011 - 21:26 | 1163712 Bob
Bob's picture

Dylan Ratigan is doing similar work nearly every day from 4:00-5:00 on MSNBC.  But I think he gets a fair amount of source material here, so it's all good.

Tue, 04/12/2011 - 14:49 | 1162519 Temporalist
Temporalist's picture

My name is Elmer J. Fudd; billionaire.  I own a mansion unt a yacht.

Tue, 04/12/2011 - 14:52 | 1162520 PulauHantu29
PulauHantu29's picture

"Why steal less, when you can steal lots more."

Wall Street Mantra.

It's "One for all and all for one!"

Tue, 04/12/2011 - 14:53 | 1162529 Temporalist
Temporalist's picture

This day in history was the start of the U.S. Civil War in Charelston, SC.

Tue, 04/12/2011 - 15:03 | 1162584 mick_richfield
mick_richfield's picture

Where is John Brown when we need him?

Tue, 04/12/2011 - 16:11 | 1162859 flacorps
flacorps's picture

moldering in the grave

Tue, 04/12/2011 - 14:52 | 1162530 TSA gropee
TSA gropee's picture

The abuse of TALF by the elite for the elite should come as no surprise nor should the reason they do be of any mystery. They do so because they can and gaining riches on the backs of the little people seems to be their SOP's these days.  

Tue, 04/12/2011 - 14:55 | 1162549 Fiat Money
Fiat Money's picture

wow...  as someone who donated $$ to the "Change" wunderkind presidential candidate,  I can NOT believe I am saying this,  but he is actually WORSE THAN g.w. Bush !!!   

 Despite his Harvard MBA,  Bush Jr. could ligitimately hide behind his "I didn't know" defense of Halliburton fraud, Enron fraud, stolen elections, 9-11 dereliction of duty, $9 BILLION in cash "GONE MISSING"  in Baghdad under 'Viceroy' L. Paul Bremer's tender mercies...

  ...But Obama-rama is presiding over the  INTENTIONAL THEFT of TRILLIONS of dollars of taxpayer extorted "bailouts" http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aY0tX8UysIaM ,   to say Obama's SEC Chairwoman,  Mary Schapiro, is AWOL ("Absent with out leave") or merely "derelict in her duties" to police BLATANT CORRUPTION on Wall Street is the understatement of the year... in presiding over the INTENTIONAL TRANSFER of TRILLIONS of dollars of household wealth to the mega-rich,  Barack Obama has, in just 2+ years, defined himself as THE WORST PRESIDENT  in U.S. history... 

 

 

Tue, 04/12/2011 - 15:11 | 1162610 linrom
linrom's picture

Barack Obama is the equivalent of Boris Yeltsin: two leaders who engineered the biggest wealth transfer in the history.

Tue, 04/12/2011 - 17:03 | 1163026 Vendetta
Vendetta's picture

Indeed.  Bush sneered at US while the pillaging was going on behind the scenes, Obama smiles while the pillaging goes on right in front of our own eyes.

Tue, 04/12/2011 - 21:28 | 1163717 Bob
Bob's picture

You're selling Barry a little short, I think.  Tomorrow he'll be on TV announcing that SS, Medicare and Medicaid must be "reined in" to pay for it. 

Tue, 04/12/2011 - 15:01 | 1162563 Miss Expectations
Miss Expectations's picture

At least when soccer players take a dive...it's funny...

Worst Football Dives:

http://www.youtube.com/watch?v=Ioyt2zzm530&feature=related

Tue, 04/12/2011 - 15:02 | 1162570 mfoste1
mfoste1's picture

someone needs dragged out and shot in the back of the head

Tue, 04/12/2011 - 15:03 | 1162574 Angelo Misterioso
Angelo Misterioso's picture

Anyone have a sense of how much they've made? They put up 15 to get 220. CMBS or Student Loans could be bought for 50 cent on the dollar back then and have rallied at least 70% since 8/09. that would put the price near 85cents.  220 would then be worth 375. pay back the 220 and they would walk away with 155 million of profit on their 15 million investment. lots of rough numbers there but looking at a 10-fold return and huge 150+ million windfall...

Tue, 04/12/2011 - 15:04 | 1162579 linrom
linrom's picture

A top tax bracket of 90% would go a long to make these types of deals unrewarding. Taxing unearned income at the same rate as earned income and taxing corporations would also make financial speculation schemes much less profitable.

Tue, 04/12/2011 - 15:08 | 1162597 anony
anony's picture

Repite usted, after me:

Corporations pay no taxes.  Repeat it to yourself a thousand times. 

Corporations pass all costs---including taxes----to the buyer of their products. If you buy soap, you pay a portion of ALL corporate taxes.

That's why EBITDA is used as the barometer of how well or how badly a company is doing. Because those costs are no cost to the corporation, so stop calling for corporate taxes unless you have control of their pricing of their products and can regulate their profit margins.

 

Tue, 04/12/2011 - 15:17 | 1162630 linrom
linrom's picture

Read my post: I said that corporations need to be taxed! Corporations do not pass all costs, stop deluding yourself and everybody else. Corporation can't even pass on all rising input costs because it'll reduce demand. As is,  corporate excess profit is rolled over into buybacks, financial speculation and CEO compensation.

Tue, 04/12/2011 - 15:04 | 1162586 Angelo Misterioso
Angelo Misterioso's picture

also - who actually helped them do the analysis - doubt these two ladies knew much about these arcane products...  How much was purchased from Morgan Stanley? and how much did Morgan Stanley mark up those trades? 

Tue, 04/12/2011 - 19:43 | 1163419 calltoaccount
calltoaccount's picture

The quoted portion of Taibbi piece omits mention of SEC firing of Harry Markopolos to stop investigation of John Mack for insider trading.  Crime without punishment breeds nothing but more crime.  

Tue, 04/12/2011 - 23:14 | 1164012 penisouraus erecti
penisouraus erecti's picture

+

Tue, 04/12/2011 - 15:05 | 1162592 aerial view
aerial view's picture

Another rape of U.S. taxpayers further emphasizing the need for full disclosure, transparency and simplification of ALL govt activities!

Tue, 04/12/2011 - 15:08 | 1162595 Sweet Chicken
Sweet Chicken's picture

I sent this article to everyone in the office and I got in trouble for bringing up politics, WTF?!?! I am so sick to my stomach after reading this. In a sad way I wish I were woken up to this nightmare reality before I had kids. Now I fear I am too paralyzed to do anything substantial about it, namely executing a couple dozen of these mother fuckers!

Tue, 04/12/2011 - 15:16 | 1162629 TheAkashicRecord
TheAkashicRecord's picture

The people that responded negatively are uncomfortable with the truth destabilizing their lifestyles, their ability to eat the bread and see the circuses provided by the State/multinational circle jerk.  The materialistic dreams of many are contingent upon the clearly dysfunctional system continuing as is

Tue, 04/12/2011 - 15:34 | 1162698 Sweet Chicken
Sweet Chicken's picture

Perhaps. I was simply told that I get to upset because this is all just business as usual.

 

Fuck I can't stand how complacent people are.

Tue, 04/12/2011 - 15:40 | 1162720 TheAkashicRecord
TheAkashicRecord's picture

I get angry because fraud, greed, and corruption are business as usual.  If people do not see this as a problem, that is even a bigger problem.  

Your anger is justified.

Tue, 04/12/2011 - 16:55 | 1163007 Sweet Chicken
Sweet Chicken's picture

Thank you. It is such a surreal feeling to express myself in the real world about all of this to only being rejceted but to come online and find sanity. Sorry for the poor grammar but I really am having a hard time thinking clearly right now while I am seeing red. Even my wife just says she "can't think about this" because it makes her head hurt.

 

Does anyonelse get depressed about this stuff like me?! I wish I could bury my head in the sand again (no I don't).

Tue, 04/12/2011 - 17:46 | 1163116 TheAkashicRecord
TheAkashicRecord's picture

I feel the same way, are you on Twitter?  That's my outlet, there are a lot of like-minded people I can go to to find sanity there.

You would be surprised though, how many people in the "real-world" surpress what they really think for feel of being ostracised.  You should be vocal in the real-world too, or at least try too.  I don't really care about the social rammifications anymore, there are more important things to worry about.  

Plus I'm only 26, so I think youth works against credibitlity when it comes to these things, especially when the people in power are not of my generation.

I would also try disassociating yourself as much as possible from the old world and the streams of information it has control over.  Ditch cable, start growing your own food, view purchasing consciously as every dollar you spend goes towards supporting certain realities, etc.  

 

Whether we found ourselves thinking this manner through some internal process or it was thrust upon us situationally, taking the red pill is our burden to bear.  I would take it again and again, if it meant one more person becoming awake to the situation at hand.  

I don't think we necessarily need a large group though

ie.

"In Cologne, Germany, two biologists from the University of Leeds demonstrated a flock like behavior in humans. The group of people exhibited a very similar behavioral pattern to that of a flock, where if 5% of the flock would change direction the others would follow suit. When one person was designated as a predator and everyone else was to avoid him, the flock behaved very much like a school of fish"

 

 

 

 

Tue, 04/12/2011 - 20:38 | 1163599 GreenSideUp
GreenSideUp's picture

So many good comments here!  

All this is horribly depressing and the advice to disassociate, etc. is exactly how I deal with it, along with occasionally getting together with like-minded friends to vent.  However, I do take every opportunity to try to educate others, whether they want to hear it or not.   

By the way, I hope you young folks don't worry about being credible just because of your age.  A young man about half my age woke me up a few years ago.  I know a number of youngsters whose knowledge about all this is quite impressive.  So keep talking. 

Tue, 04/12/2011 - 17:39 | 1163117 acrabbe
acrabbe's picture

you need to dissassociate a little bit. I went through this all about 4 years ago when i was working on the street and realized the gov was lying in all of its reports and stat releases. I mean I ran headlong into concrete evidence of their lies and manipulation and it was like getting a baseball bat to the chest. I spent the next year trying to tell everyone who would listen that the entire economy was a ponzi scheme, 9/11 was an inside job, etc etc. You need to get over that shite dude. you took the red pill. Most other people haven't even woken up. And if they do, most of them would AGAIN take the blue pill. Nobody wants to deal with this shite.

The best thing you can do is use your knowledge to benefit yourself and those close to you, meanwhile strengthen your bonds with others like yourself

Tue, 04/12/2011 - 17:07 | 1163037 Vendetta
Vendetta's picture

instead of being paralyzed, go on a feeding frenzy on the PM price dips

Tue, 04/12/2011 - 18:12 | 1163193 jomama
jomama's picture

why would you bring this up to people?

people don't want to hear it. 

they just want things to go on the way the are and never face the music.

 

p.s. stop being such a downer.

Tue, 04/12/2011 - 23:15 | 1164009 penisouraus erecti
penisouraus erecti's picture

Aren't you missing your DWTS show?

Tue, 04/12/2011 - 15:10 | 1162603 casey
casey's picture

'The big macro problem here is that the Generation of 1968 still has a massive presence in Wall Street, money-center banks, and law firms.  Until they are purged, the country will continue to suck.  From Woodstock to TARP, their legacy is one of disclaiming responsibility and blaming others for the woes they inflict on the country.'

 

The problem is that John Mack was born in 1944, and so, technically, is not part of the 1968 generation.  If you're grabbing your pitchfork, make sure you go after the right people, okay?

Tue, 04/12/2011 - 16:20 | 1162879 samsara
samsara's picture

Casey

If anyone starts with the 'Generatlon' argument they are either;

1) Trying to move the argument to Us fighting Us (a slight variation of Right vs Left, ie fight amongst yourselves)

or

2) Very naively fighting a near religious cultural war (like going against woodstock, hippies, drugs, free sex etc as if that means anything in this discussion)

But it is usually #1  Misinformation/Redirection of the argument away from them.

Tue, 04/12/2011 - 20:19 | 1163531 GreenSideUp
GreenSideUp's picture

++++++++

Yes indeed, anything to keep us as divided as possible, along as many lines as possible. 

Tue, 04/12/2011 - 17:07 | 1163039 Vendetta
Vendetta's picture

brainwashing and propaganda is often used to redirect focus on the false enemy so the true enemy escapes the wrath ... don't have anything to do with it.

Tue, 04/12/2011 - 19:48 | 1163437 calltoaccount
calltoaccount's picture

the problem is-- John Mack is an unindicted crim

Tue, 04/12/2011 - 15:10 | 1162616 Bastiat
Bastiat's picture

This is a sample of what's behind the Fed's demand for secrecy.  This is what the banksters do when they think they are safe from discovery.   It shouldn't be a surprise given what they do in plain sight.  It should never be forgotten that these people, for all their pretension, are venal, crude pigs, frauds and thieves.

Tue, 04/12/2011 - 15:16 | 1162643 Temporalist
Temporalist's picture

But, but, but...great people like these women and Blythe Masters are so generous with their charity!

Tue, 04/12/2011 - 15:27 | 1162672 MiddleMeThis
MiddleMeThis's picture

Great article!  It's great to see some of these things leaking out into the MSM. 

Love how he flat out accuses the Fed of subsidizing tax evasion!

Tue, 04/12/2011 - 15:26 | 1162676 dexter_morgan
dexter_morgan's picture

I have to believe this loan here is just a drop in the 55gallon drum of what's been going on since 2008, no?

Tue, 04/12/2011 - 15:30 | 1162677 TSA gropee
TSA gropee's picture

Obama, his minions, wall street thieves and the like are just symptoms of a much larger problem. The problem is we've allowed the hippie free love delusional retards to get into positions of higher learning, public office and such and have given them free reign to pollute young minds. Gone are the days when logic, critical thinking and ethics were important aspects of education as exampled by a fast food thinking electorate that voted the most clearly unqualified empty suited cult of personality candidate ever.

This shizot is gonna keep happening until we either implode or bring back character traits upon which this country was founded. IMHO of course.

Tue, 04/12/2011 - 16:03 | 1162819 Fiat Money
Fiat Money's picture

oh, right:  hippies, "free love" and 1960s  Civil Rights & anti-war protesters are to BLAME, for this RIGHT-WING establishment REACTIONARY economic crisis and  "GWOT" war on terra police-state powers...

   hmmm... to those "MORAL VALUES" scolds who blame "the deterioration of society" on '60s hippie types,  don't I recall that AL CAPONE once  RULED, as unelected dictator, not only all of  Chicago, but the ENTIRE MIDWEST,  every gambling house, cat house, casino, speak-easy, and most state-houses & local sheriff's departments,  from Kentucky to Kansas City and beyond? 

 Where was "THE LOGIC" you are talking about DURING THE SEGREGATION ERA?  

   Herbert Hoover & the Rethuglicans GOT US INTO the GREAT DEPRESSION...

 and even so-called "liberal" Democrat President  Franklin D. Roosevelt went along with his "financial advisor"   Bernard Baruch http://en.wikipedia.org/wiki/Bernard_Baruch   and his TREASURY SECRETARY,  HENRY MORGANTHAU, to CONFISCATE GOLD in 1933,   for an artificially low price determined by those "financial masterminds" (over at Morganthua's Treasury dept.)  http://en.wikipedia.org/wiki/Executive_Order_6102 

  According to Eustice Miller's (very believable book)  "Secrets of the Federal Reserve"  http://www.rebelnews.org/downloads/Federal-reserve.pdf  ALL THREE of the major U.S. presidential candidates in the 1912 election were IN THE POCKET of the JP Morgan/Fed Reserve private banking cartel  bribery crew,   including former Republican President Teddy Roosevelt, then current Repub President Taft, and future Democrat president (1912 election winner)   Woodrow Wilson...  who was a reactionary Right-Wing SEGREGATIONIST himself
(There's NOT MUCH "liberal" about the so-called "Progressive" President Wilson who, besides being a blatant racist who disregarded the 15th amendment,   signed,  & enforced,  the dictatorial Alien & Sedition Acts, even long after WWII was over). 

  Look back at ANY period of US history, and I can easily show you that it was a lot less "moral values" and "logical" than you might think. 

  And as far as "CHARACTER TRAITS upon which this country was founded"?   

WHAT's SO DAMN GREAT ABOUT CHATTEL SLAVERY, the rape, murder,  mercenary wars (slave raids), enslavement, torture (beatings),  terrorizing others, so you can make a profit off the sweat & blood of their backs?  

Tue, 04/12/2011 - 23:11 | 1163998 penisouraus erecti
penisouraus erecti's picture

You have the perfect name - Fiat Money, wothless as shit.

Tue, 04/12/2011 - 17:22 | 1163074 Vendetta
Vendetta's picture

congrats... you're brainwashed and exactly where the propagandists want you ... while Lloyd, Hank, Tim, and Larry and the rest of gang setup up shop overseas while you're wanting to kill the wrong people

Tue, 04/12/2011 - 15:29 | 1162678 Sig
Sig's picture

"But instead of lending directly to car buyers and credit-card holders and students — that would have been socialism! — the Fed handed out a trillion dollars to banks and hedge funds, almost interest-free. In other words, the government lent taxpayer money to the same assholes who caused the crisis, so that they could then lend that money back out on the market virtually risk-free, at an enormous profit."

I love Taibbi's writing. I keep hoping that all this investigative reporting on the BS and thieving that went on will lead him to the right conclusions and he'll join our side.

Alas, he still thinks government can solve the problem.

Tue, 04/12/2011 - 15:30 | 1162680 falga
falga's picture

what begins badly ends badly... this type of utter non-sense is bound to bring us to the hedge of the abyss once again...

Tue, 04/12/2011 - 15:38 | 1162717 dogismyth
dogismyth's picture

abyss?  LOL...yes, our abyss.  They will not have an abyss because they are organized and plan much better than us.

Tue, 04/12/2011 - 15:38 | 1162709 dogismyth
dogismyth's picture

Hey Tyler....see all the responses on these  types of articles?  Why not take it a step further and organize the flock for some good hell raising.  I'm talking some serious civil disobediance.  Sounds like everyone, or most, are ready to rock and roll down the streets of NY to some of our "favorite" pigmen locations.  What good is it to bring this news forward when nothing is done about it?  Or no plan is offered on how to retaliate (i.e., take justice into our own hands) against such blatant crimes against humanity and taxpayers. 

We could always bring along our Ipads to the protests so we could continue to respond to your articles and maintain traffic flow at regular levels.

Or we could face reality and agree that we are a bunch of do-nothings, no-balls, arrogant, lazy, procrastinating bitches.

Tue, 04/12/2011 - 15:55 | 1162779 Temporalist
Temporalist's picture

”Sounds of Resistance” concert and protest in New York’s Union Square @ 11 AM

Where: Union Square Park, New York, NY
When: April 15th 2011 @ 11:00 AM
Who: The People Angry at Big Finance
Why: To Break Up the Big Banks.

http://ampedstatus.org/network/members/ddegraw/

Tue, 04/12/2011 - 20:00 | 1163474 calltoaccount
calltoaccount's picture

The situs is across the street from Bank of America office.  Nice if a couple hundred thousand knowledgable people (including most savvy ZHr's) showed up to help let tptb know that people are pissed off enough to start making some real noise.  As Chris Hedges recently said-- with the government and msm sucking corporate dick, rigging elections and telling nothing but lies, non-violent protest is the only recourse we have left.  The more massive the better.  

Wed, 04/13/2011 - 03:11 | 1164374 slewie the pi-rat
slewie the pi-rat's picture

actually, many people eschew these cheerleading sessions b/c they lack practicality.  it's kind of difficult to explain, but this whole string has a lot of comments that lack practicality.  people seem to feel the struggle or the need to get strong and get serious, but they don't know where the Juice is.

like nancy pelosi:  "We've got to do something!"  actually, if you are not going to act with practical effectiveness, it is almost always more advisable to do nothing.  it is not a crime to prepare, and think, and plan, and talk, and to realize there is a whole lot of "Ain't It Awful?!" and not a whole lot more, for many people here.

suppose you get 30,000 people.  no cooties on that!  but, if 29,500 of the

Who: The People Angry at Big Finance.
Why: To Break Up the Big Banks. 

demonstrators used their debit and credit cards an average of 17 times that week-end, perhaps you can understand "practical" void in this type of exercise.

Tue, 04/12/2011 - 15:39 | 1162721 wawawiwaa
wawawiwaa's picture

I want to invest w/ them.. they are really good.

Tue, 04/12/2011 - 16:02 | 1162805 tony bonn
tony bonn's picture

"In other words, the government lent taxpayer money to the same assholes who caused the crisis..."

pure platinum....thank you matt

Tue, 04/12/2011 - 22:39 | 1163930 samsara
samsara's picture

Tony

"In other words, the government lent taxpayer money to the same assholes who caused the crisis..."

As I said above,  Joe Average can understand that.

Tue, 04/12/2011 - 16:08 | 1162834 Max Cynical
Max Cynical's picture

Both women were probably used in name only...never appeared in the office and don't have a clue what the business was about. This was most likely just a front as a side busines for their husbands.

Tue, 04/12/2011 - 16:10 | 1162846 Temporalist
Temporalist's picture

Really?  You think?

Tue, 04/12/2011 - 16:34 | 1162928 Bastiat
Bastiat's picture

They had to sign papers.

Tue, 04/12/2011 - 16:53 | 1162984 arnoldsimage
arnoldsimage's picture

linda green no doubt.

Tue, 04/12/2011 - 16:46 | 1162967 Slin
Slin's picture

I can't believe I served in the Army three years for this shithole.  I am ashamed.  I don't care what any governement official ever says to me again.  All the slug will hear is "Fuck off"

Tue, 04/12/2011 - 19:11 | 1163327 samsara
samsara's picture

Curious,  What is the average view point of your fellow soldiers?

Tue, 04/12/2011 - 21:39 | 1163772 Slin
Slin's picture

Strange mix of walmart shoppers and true blue believers.  Veterns are a different story.  Once you are out and say to yourself "what the hell is going on"  That is a different story.  If any active show up at your door.  Go ahead and put them out of thier misery. 

Wed, 04/13/2011 - 03:23 | 1164384 slewie the pi-rat
slewie the pi-rat's picture

you talk of change, for youself and others.  not as a slogan.  real stuff.  real soldiering.  real shame.  real duty.  real anger. 

change isn't too cool, sometimes, especially when we're not sure who is waning and who is getting more full in oneself.  and there really aren't any guarantees, either, are there? 

it may be hard for you to hear your own authenticity, right now.  that doesn't mean it isn't there.

Tue, 04/12/2011 - 16:57 | 1163008 Zer0head
Zer0head's picture

If you were curious about that carriage house here is additional information

 

Morgan Stanley CEO John Mack Buys $13.5 M. Carriage House (12-Car Garage Included)

Paul Mellon’s 99-year-old widow Bunny sold 165 East 70th Street last month to an anonymous limited liability corporation for $13.5 million

 

and some candid photos

http://bit.ly/fVu1O3

 

Tue, 04/12/2011 - 17:42 | 1163127 Bastiat
Bastiat's picture

Got a feeling things aren't too much fun around the Mack household.  Women with a big social presence don't like having their image trashed.  She ends up looking like either a fool or a crook. Mack himself is likely too sociopathic for shame or even embarassment but not likely the case with the wife.

Tue, 04/12/2011 - 17:59 | 1163161 steelhead23
steelhead23's picture

That dumbass Tiabbi just doesn't understand economics.  The two ladies in question did not originate those crappy loans - they bought them.  They bought them with the understanding that they could pawn them off on the Fed.  In that way they increased the velocity of money - moving the debt from originator, to themselves, then onto the Fed - fees paid along the route.  By increasing the velocity of money through this system, the two ladies have made everyone richer, especially themselves.  Tiabbi is such a socialist that he can't see the service these ladies provide and the utter financial genius of their business model.  America needs more entreprenuers like these two if we are to climb out of this pit of mediocrity - and Christy and Susan are leading the way!  Girl power!

Tue, 04/12/2011 - 20:14 | 1163516 mfoste1
mfoste1's picture

go fuck urself

Tue, 04/12/2011 - 20:34 | 1163581 AldousHuxley
AldousHuxley's picture

If you believe those ladies bought millions of debt, you are too naive my friend. John Mack bought them in their name. Because to do it by himself will be suspicious.

Also, when did the Macks getting rich ever benefit you or your family? Why are you voting against your own self-interest? Socialist, communist, capitalist...it does not matter as long as they are at the bottom 99.9% of any system that is rigged against them.

Realize that you will not win against wall st. elites without someone like Taibbi's help.

Tue, 04/12/2011 - 20:34 | 1163587 Bastiat
Bastiat's picture

I hope that was intended to be satire.

Tue, 04/12/2011 - 23:55 | 1164076 Irwin Fletcher
Irwin Fletcher's picture

Too clever to not be satire. The phenomenon is called sheepjunk. It's analogous to groupthink.

Wed, 04/13/2011 - 12:32 | 1165550 steelhead23
steelhead23's picture

Absolutely.  But ya know, I can visualize the press release now that would use the same "animal spirits" argument - so is it satire or farce?

Tue, 04/12/2011 - 18:22 | 1163226 gwar5
gwar5's picture

Good question, why are we bailing out the wives? And, why are we just now getting around to asking about this?

Tue, 04/12/2011 - 19:22 | 1163355 Fix It Again Timmy
Fix It Again Timmy's picture

And all the Bernanke got was a sniff...

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