Ratigan And Spitzer Discuss Repo 105, Conclude "Civil Cases Will Be Brought"
Yesterday we predicted that Repo 105 would be the media buzzword for the next days and weeks. We were right. Dylan Ratigan and Eliot Spitzer digest the Lehman examiner report, and simplify it enough so that Joe Sixpack can grasp the nuances. It is, in our opinion, now beyond a reasonable doubt that Lehman's CFO should all stand in a court of law for securities fraud violations, despite Erin Callan's and Dick Fuld's protestations that all they did was in Lehman's best interest. We do not doubt that; however we are currently poring through the Q&A's of the four most recent Lehman conference call Q&As with analysts... Something tells us quite a few smoking guns will emerge. Lehman has become merely the latest example of all that is broken with today's crony capitalist system. Before that it was Goldman and swap gate; before that it was Goldman and AIG-gate; before that it was Goldman and SLP-gate, and on, and on. The evident conclusion is that the core driver of modern capitalist society is fraud at its very core, and nothing short of a massive revolutionary overhaul of the political system, which is the number one defender of the status quo courtesy of very lucrative bribes and kickbacks originating from the same rotten Wall Street that day after day is uncovered to be nothing but a sham filled with toxic assets, used to collateralize an ever growing wall of liquidity (think you Bernanke). Anyway, back to Dylan, who, in traditional fashion, is painstakingly diplomatic "This report comes just short of suggesting this is by no means an accident but instead one of the greatest crimes ever perpetrated by a group of people, and enabled by the US government." And Spitzer concludes: "there is no doubt civil cases will be brought. We had a failure of CEO, the CFO, the accountants, and indeed the regulators, the Fed and the Treasury, that were inside these banks, and the question has to be asked: where were they."
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on Fri, 03/12/2010 - 20:37
#263938
Got Gold?
on Fri, 03/12/2010 - 21:15
#263976
oh yes i do.
on Sat, 03/13/2010 - 06:58
#264194
ditto and in bunches bitches
on Sat, 03/13/2010 - 19:23
#264665
The only things that matter now are Beans, Bibles, Bullion, and Bullets..........
on Fri, 03/12/2010 - 20:42
#263942
Story of the month on a Friday night dump?
on Sat, 03/13/2010 - 13:46
#264410
Friday news dump continues....
But as Lehman executives tried to keep the floundering bank afloat in 2008, they used these troubled investments to raise quick cash that helped mask the extent of the firm’s troubles. And they did it with the help of the Federal Reserve Bank of New York.
http://www.nytimes.com/2010/03/13/business/13freedom.html?hpw
on Sun, 03/14/2010 - 17:41
#265259
Hey, as long as the White House can keep the MSM off the story there is "no problemo". But people who know want to talk.
on Fri, 03/12/2010 - 20:43
#263945
If the courts won't enforce law and order, the people will have to take matters into their own hands.
on Sat, 03/13/2010 - 16:26
#264538
Cut the beast's throat. Remove cash from all banks and eliminate debt. Withhold tax. Simple and nonviolent, (until they make it so). Joe Stack shouldn't have been unsupported before he flew into the IRS building. He shouldn't be left holding the can now. Don't threaten them with sanctions, do it. I start Monday.
on Fri, 03/12/2010 - 20:50
#263953
Round up the usual suspects.
on Fri, 03/12/2010 - 21:59
#264030
Flip 'em. Flip 'em for real.
on Fri, 03/12/2010 - 23:59
#264124
Actually, that quote should be attributed to Captain Renault...
Trust me. I know.
on Sat, 03/13/2010 - 03:14
#264165
Cap'n Renault on Wall Street:
"I'm shocked, shocked, to find gambling going on here".
on Sat, 03/13/2010 - 19:59
#264684
http://www.youtube.com/watch?v=-Gf8NK1WAOc
Funny.
on Fri, 03/12/2010 - 20:52
#263955
zero confidence in our us structure from dc-nyc.
on Fri, 03/12/2010 - 20:57
#263959
ZH:
Get This:
Mintz said it's significant that Ernst & Young, according to the examiner, failed to inform the audit committee of Lehman's board of directors of allegations by an Ernst & Young senior vice president of improper accounting at a meeting on June 13, 2008.
"Ernst & Young took no steps to question or challenge the non-disclosure by Lehman of its use of $50 billion of temporary, off-balance sheet transactions," the report says.
In a statement, Ernst & Young says that Lehman thoroughly investigated the executive's allegations. In July 2008, Lehman's management reported to the audit committee "and concluded the allegations were unfounded," E&Y spokesman Charlie Perkins said in a statement. "We never concluded our review of the matter, because Lehman went into bankruptcy before we completed our audit."
----------------------------------------------------------
So the wolf was guarding the hen house and playing carry trade with their balance sheet. The rating agencies should get grilled on this as well.
http://www.google.com/hostednews/ap/article/ALeqM5jn6oYY5vQrqyRETPEBObj9FT96NgD9EDDKJO1
on Sun, 03/14/2010 - 10:54
#265026
"Ernst & Young senior vice president of improper accounting"
That's good, ....real good.
on Fri, 03/12/2010 - 21:00
#263962
I just got physically ill listening to this, Turbotax Timmy, Helicopter Ben and more than likely the criminals involved in this are going free! This is the most outrageous and egregious crime against the US taxpayer, besides the 1913 Fed Reserve Act.
on Fri, 03/12/2010 - 21:00
#263963
The Street knew the score. Paulson did and he admits it. It is the same old same old transaction which dominates among our elites and the media who serve them.
Lehman lied in its filings. Institutional buyers of their debt, equities and products know they were lying. LH knew those partners, and clients knew LH was lying, but of course they lied anyway.
Over and over and over again this is how the system works. Let's go to the tape.
http://www.youtube.com/watch?v=9JkcHW_w114
The congressman thought he really had these guys. He knew they were lying and we knew they were lying. They knew we knew they were lying. Case closed. Well no, because nothing happened. They even made a movie about it and everyone was troubled and that's the end of it. The thing is everyone knows the CEO's lied. Everyone has told a lie on the job pretty much. Telling the customer what has to be said. Everyone understands this stuff. Everyone understands you can't hold anyone accountable for this stuff. It is the way the world works.
Yes to a certain extent it always has but the scale is different now. Mostly I think because so much power in concentrated in corporations and within corporations more than anyplace this complex transaction of the truth is an absolute necessity.
The congressman really thought he had them. Sort of like Michael Lewis thought Liars Poker would be a cautionary tale that would change things. No, he started getting calls, 'how do I get on board?'.
on Fri, 03/12/2010 - 21:15
#263974
Feckless... That's how I'd describe the sentiment of people in power today. "Hey, I blew up the company? Yeah, better land a new gig before it goes public." No conscience, no remorse. Just bucks.
on Fri, 03/12/2010 - 21:11
#263970
I am constantly amazed, not so much by the web of corruption that is constantly revealed hehere but that it never seems to make the media (I'm in Australia). I read a story like this and the I go look at our broadsheet (Murdoch) websites. Nothing, not a thing. Just more stories on how great everything is and how Real Estate is different in Aus, it will never go down. Never ever. I feel like I'm taking crazy pills.
on Fri, 03/12/2010 - 21:28
#263991
"I feel like I'm taking crazy pills."
It's important for you to understand that what you're feeling is actually a good sign, an indication that you're breaking from the group think hive mentality and are beginning to think for yourself. You have been conditioned for so long to avoid this at all costs that it feels unnatural and unnerving. You're breaking away from the collective and it's frightening because all your life you're been taught to take your emotional cues from the collective and to never fully think for yourself. And never ever go against the hive, the consensus.
Every time you begin to think you're alone, that you're in the Twilight Zone, understand that you're shaking off the zombie programming and you're leaving the hive. When someone has been in the hive as long as we have, it's nearly impossible to even conceive of anything other than the hive. Very few people are able to break through the painful initial cognitive dissonance this separation creates and most scurry back to the hive. Expect this pain to continue but each time you break through a barrier, the pain level you experience will be less and less.
For those still clinging to the hive, as this mess begins to really fall apart, the control system will exert more and more control over the hive, causing all kinds of distress as the hive mentality tells everyone to ignore the survival instinct while the inner self screams at them to save themselves. It will be very messy but not for you. Courage is all it takes from here because you're on the right path.
on Fri, 03/12/2010 - 21:58
#264027
Cheers for the reply, The Crazy Pills things is from Zoolander (one of my fave movies for quotes). TBH I've been a Rock & Roll musician most of my life, breaking away from the hive happened long ago. I suppose what I'm realising is that main stream media actually has almost no bearing or relation to reality at all. I knew it was crap, just didn't get how completely it's devoted to the status quo.
on Sat, 03/13/2010 - 20:37
#264700
Yes, unless you go along with the incessant babbling from this internet addicted, drug-addled, whacked-out, hypocritical, broken-record, airhead “truther“ and his ilk, then you’ve been ‘brainwashed‘, ‘zombified‘, and YOU’RE not an ‘original thinker’. (Talk about “through the looking glass”…)
Cyber-Dr. Phil’s like Cognitive Douchebag, who fantasize about being the queen bee of their own imaginary little hive and who engage in pathetic personal politicking to recruit their drones, are a dime a dozen.
To anyone over the age of 14, it is hardly a fucking revelation that the media is incompetent and full of shit; that politicians are corrupt, incompetent and full of shit; and that Wall Street is corrupt, incompetent and full of shit. Duh.
on Sun, 03/14/2010 - 17:19
#265240
" I suppose what I'm realising is that main stream media actually has almost no bearing or relation to reality at all."
I believe that's a signature characteristic of Socialist media.
on Fri, 03/12/2010 - 21:59
#264028
Or to put it more succinctly:
"Welcome to the real world, Neo."
on Fri, 03/12/2010 - 22:01
#264031
Welcome to the real world, Neo.
on Fri, 03/12/2010 - 22:20
#264046
Dick Fuld is now with 'Matrix' Advisors.
on Fri, 03/12/2010 - 21:14
#263973
great post. great interview. and once again...Zero Hedge ahead of the curb. Good work here gang!
on Sat, 03/13/2010 - 13:06
#264386
Somebody has their panties in a knot today--
Give us your address, and we will send you a Cost Co sized jar of Midol.
on Sat, 03/13/2010 - 21:39
#264725
Fuck you. Send me an address and you'll get a big jar of vaseline. Fuck you.
on Fri, 03/12/2010 - 21:16
#263979
The homicidal maniac also said, "It was in my best interest".
Christ . . . where does it all end?
on Sat, 03/13/2010 - 10:32
#264305
The end of a noose.
on Fri, 03/12/2010 - 21:20
#263980
the powers that be just show the film of the grassy knoll,,, horse heads in bed suggestions ,,, the low down on sleazy politicians held high over their sainted merkin bed room manner.
a corrupt to the core judiciary, a political process based on the illicit voting booth.
the will to change will be the cycles of time , and natural result of fraud, willful destruction of whole levels of society.
the US dream will fade into the dust of forgotten civilizations.. others will take its place .
an ax has to be placed at the roots . the leaves the branches cropped will make a feel good moment .
a dieing ember, the flood is on its way. lessons will only be taught by the experience of broken wealth, high and mighty pomp reduced to the ashes of bitter taste..
History is a task master , forgotten lessons soon to be heaped on the backs of the privileged. the mills of the gods grind slowly but they grind exceedingly well .
on Fri, 03/12/2010 - 21:18
#263981
How about some fines that equal their bonuses for those yrs. that they participated in this fraud, and jail sentences equal to our Federal deficit.
on Fri, 03/12/2010 - 21:23
#263984
Prediction: No one involved does a minute of jail time.
At most, a slap-on-the-wrist fine.
on Fri, 03/12/2010 - 21:35
#263988
Einhorn knew it was rotten to the core. This puts Fuld up there with Madoff in the
Largest Theft Ever Dept. 500 Million.
on Fri, 03/12/2010 - 22:40
#264069
Here's a GREAT video of Einhorn teaching the Squawk idiots about the accounting problems at Lehman in June 2008. The point he talks about... accounting numbers changing AFTER the quarter ended. Seriously, is revaluing $1B two weeks after the quarter ends that big of a deal??
My favorite part is the clip from Fast Money where David Trone of Fox Pitt, Kelton says "David [Einhorn] is looking at data from an inexperienced viewpoint. He doesn't understand investment banks". Also, notice that Merrill 'upgraded' the stock around the same time as the clip.
Here's 12 minutes 31 seconds of Einhorn glory:
http://www.cnbc.com/id/15840232?video=762094306&play=1
on Fri, 03/12/2010 - 21:33
#264003
Attention Chris Whalen: I caught your comment on public radio. Thanks for being a truth-teller.
on Fri, 03/12/2010 - 21:34
#264006
Whaddya know, MSNBC at it again.
on Fri, 03/12/2010 - 21:47
#264016
Who else uses ernst and young?
on Fri, 03/12/2010 - 23:28
#264107
You better believe that is being looked at.
E&Y is gone like arthur anderson. This kills them.
on Fri, 03/12/2010 - 22:52
#264020
Fraud?Well duh.And the backing of the .Gov?Well duh again.
REVOLUTION NOW!
You know, before it's too late and all that stuff.
On a depressingly related note...anyone read the torture article in salon?The one that spells out the "approved" techniques to be used?It was disgusting.It was so bad I actually wept.These people are the same scum that currently treat the markets, indeed the whole world, as their plaything.Enough is enough already.At exactly what point on our descent into the dystopian nightmare do we say STOP?
We must vote out every incumbent.We must run good people to serve.We must begin RIGHT NOW.
Or the Jefferson option will be the only one left.And that would be a shame.
I know this for certain...regimes like we currently have FAIL.Always.It is just a matter of time.
on Sat, 03/13/2010 - 10:39
#264307
"Or the Jefferson option will be the only one left.And that would be a shame."
You are a fool if you believe there is another option.
"The tree of Liberty needs to be watered from time to time with the blood of patriots and tyrants." - Thomas Jefferson
Death to the criminals, the banksters, the aristocrats, and the oligarchs.
There will be no peaceful transformation, I'm now convinced. The time has come to make them fear the good honest people of this nation.
on Sat, 03/13/2010 - 11:58
#264352
I agree, and I would speak like you if I was not afraid of a surprise free vacation to Uzbekistan.
They par boil in oil there.
The torture reference I made should be sufficient for most to deduce that our .gov is illegal,illegitimate, and ready for "reform".
on Sat, 03/13/2010 - 14:33
#264434
No kidding. Lubyanka = Langley
on Fri, 03/12/2010 - 21:55
#264023
INTRODUCING THE REPO 105 CARTOON SERIES: http://williambanzai7.blogspot.com/2010/03/repo-105-inaugural-cartoon.html
on Sat, 03/13/2010 - 04:44
#264176
Nice
on Fri, 03/12/2010 - 22:24
#264055
Close to 20 years ago, I sat next to Rudy Giuliani at a traders conference,and asked why white collar criminals didnt receive harsher sentences like organized crime members ,as well as being incarcerated in tougher prisons. If you recall,Boesky was put in a minimum security prison in California,with tennis courts,oh yeah,before he plead guilty he transferred 100m dollars to his wife! Giuliani claimed the sentences were in fact harsh,and they werent habitual criminals like organized crime members ! I explained how Boesky,Bill Keating and the other criminals from the S&L scandal did more harm to me and others than John Gotti could ever do..Here we are in 2010 and these scumbags have f**ked us again,and no one will go to jail.Our government should use the RICO act ,as they do with the Mafia,to teach these assholes a lesson.Of course,Mafia kingpins dont have high price lobbyists or Congressmen in their pockets(except Vito Corleone) like the bankers do.
on Sat, 03/13/2010 - 01:04
#264144
Correction; our government should be RICO'ed alongside these highly functional sociopaths for aiding, abetting, and skimming off the anticipated proceeds.
on Fri, 03/12/2010 - 22:29
#264056
Anyone else got smoked by Lehman Brothers lying in the March 2008 revealing of their
I was short these lying bastards and screaming at the top of my lungs that they are cooking their books.
What I got for it was Dick Fuld saying that He "wanted to stick it the to shorts"
Well, the shorts were the only one who know that Lehman was lying through their teeth. I was stating that their losses were around 50 billion, more than 10 times their net worth.
Most did not believe what the shorts were saying, especially the dumb "smart money" that was buying up their liquidity providing secondaries.
Now since LEH went from 32 to 46 in one day on a total lie that is now proven so by investigators, I am asking other shorts to join me in getting our money back since if it wasn't for Lehman's lies, they would have collapsed right there and then right after Bear Stearns and would have prevented additional billions more from being lost by their sheeple investors.
At least the investors were stupid enough to buy their lies. I and others like me were not stupid. We made a good investment by betting against Lehman and we should get back our money. Dick Fuld's got around 500 million dollars that he earned running Lehman into the ground. I'm pretty sure that he won't mind giving away most of it to those long/short that lost on LEH in exchange for not going to the Big House.
http://funy1.blogspot.com
All shorts who lost money on LEH on the day of their fake earnings from March 2008, please email me so we can file a lawsuit together.
fUny1g@gmail.com
on Sun, 03/14/2010 - 06:38
#264934
Sounds fair..clawback Fuld's 500 million or enjoy a life sentence in federal lockup.
on Fri, 03/12/2010 - 22:35
#264061
Debt is an addiction...
Twelve Steps for Government and Wall Street Debtaholics Anonymous
1. We must admit we are powerless over debt—that our nation and financial system has become unmanageable.
2. We must come to believe and admit that anyone but our current government and financial leaders can restore this nation to sanity, (although many voted for change).
3. Make a decision to turn our will and our lives over to the care of God ( knows who ... I have no idea... we are screwed... TD?)
4. Make a searching and fearless moral inventory of our government and banking system’s purpose and financial status.
5. Admit to God, to ourselves, and to this whole nation the exact nature of our wrongs.
6. We are entirely ready to have the good people of this nation (not banksters, nor other cheats and liars) remove all these defects of character.
7. Humbly asked Him to help remove our shortcomings, although we are completely responsible for our own actions.
8. Make a list of all persons, both citizens of the US and good, decent people outside our borders we have harmed, and become willing to make amends to them all by restoring sanity to this nation and our finances
9. Make direct amends to such people wherever possible, and to make it impossible for this to ever happen again, (as an act of good faith it would be nice to start by prosecuting fraud and cease manipulating markets)
10. Continue to take personal inventory and when wrong promptly admit it.
11. Seek through prayer and meditation to improve our conscious contact with God as we understood Him, praying only for knowledge of His will for us and the power to carry out this gargantuan and sobering undertaking
12. Having had a spiritual awakening as the result of these steps, we try to carry this message to other debtaholics, and to practice these principles in all our affairs.
on Fri, 03/12/2010 - 22:37
#264064
PLEASE guys-- For what it is worth, take a moment to let this administration know what you think about the absolutely criminal conflicts of interest, and ZERO action they have taken against the banking cartels..
There are a lot of eloquent people out here that Barry needs to hear from.
WHERE ARE THE DAMN HANDCUFFS??!!
http://www.whitehouse.gov/contact
on Fri, 03/12/2010 - 22:39
#264065
Do you think Bernie Madoff just sits in his cell cackling every night as he watches the news???
Like he knew he was just the tip of a very big iceberg--
on Fri, 03/12/2010 - 22:43
#264071
HOW many other banks were and are using those same hide the weenie accounting scams??
No WONDER this administration has their heads in the sand and will not listen to the screaming masses demanding investigations and prosecutions!! Barry knows he is going to lose HALF his administration to the BIG HOUSE!!
LA LA LA LA LA --- We can't hear youuuuuuuu!!
on Fri, 03/12/2010 - 22:50
#264077
Why is the only answer, according to Spitzer, handcuffs and prison?
I say bring out public humiliation... and slow, painful mental & physical torture.
That is the only way they will *EVER* learn.
on Sat, 03/13/2010 - 21:46
#264732
Put them in the stocks (i.e. arm and headholes), and let the fuckers die.
I lost 6 figures thanks to these asswipes.
on Sun, 03/14/2010 - 06:42
#264935
You killed you. You believed these lies, Fuld ran whores, blew bubbles, and harvested the fruits of the fraud.You were partners in the crime, expecting real money from fakes. But then I saw them from the inside.
on Fri, 03/12/2010 - 22:54
#264085
Two things immediately come to mind:
1) there is no stronger argument for allowing shorting, particularly in the financials, than the document surrounding the LEH debacle. Many an inconvenient truth is laid bare via this legitimate means of trading.
2) "regulators, the Fed, Treasury...where were they?"
NO!!!!! Wrong Question!
The question is: where ARE they?
Geithner, Bernanke, Schapiro
And the obvious follow-up...where should they be?
on Fri, 03/12/2010 - 23:28
#264108
+10.
on Sat, 03/13/2010 - 14:58
#264450
Ohhh come oooonnnn! where are you going to find an uncompromised Fed Court judge?~~
on Sat, 03/13/2010 - 10:41
#264308
Geithner, Bernanke, and Shapiro are criminals. They are enemies of the People. If you stand with the criminals, you are one, simple as that.
on Fri, 03/12/2010 - 22:59
#264086
When I don't pay my taxes and don't pay my vendors all in the ruse that it was in the best interest of my company, will the IRS and my vedors turn the other way? As for the IRS I guess it depends on how much I contributed to the Obama FUND? AS for my vendors, if they are a public traded company and I "swear" I won't do it again and I have a "TON" of new business then they may give me a break too?
on Fri, 03/12/2010 - 23:05
#264090
To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in - or more precisely not in - the country's business and banks. This inventory - it should be called the bezzle. It also varies in size with the business cycle. --John Maynard Keynes
on Fri, 03/12/2010 - 23:15
#264096
Twelve Steps for Government and Wall Street Debtaholics Anonymous
1. We must admit we are powerless over debt—that our nation and financial system has become unmanageable.
2. We must come to believe and admit that anyone but our current government and financial leaders can restore this nation to sanity, although many voted for change.
3. Make a decision to turn our will and our lives over to the care of God ( knows who ... I have no idea... we are screwed... TD?)
4. Make a searching and fearless moral inventory of our government and banking system’s purpose and financial status.
5. Admit to God, to ourselves, and to this whole nation the exact nature of our wrongs.
6. We are entirely ready to have the good people of this nation (not banksters, nor other cheats and liars) remove all these defects of character.
7. Humbly asked Him to help remove our shortcomings, although we are completely responsible for our own actions.
8. Make a list of all persons, both citizens of the US and good, decent people outside our borders we have harmed, and become willing to make amends to them all by restoring sanity to this nation and our finances
9. Make direct amends to such people wherever possible, and to make it impossible for this to ever happen again, (as an act of good faith it would be nice to start by prosecuting fraud and cease manipulating markets)
10. Continue to take personal inventory and when wrong promptly admit it.
11. Seek through prayer and meditation to improve our conscious contact with God as we understood Him, praying only for knowledge of His will for us and the power to carry out this gargantuan and sobering undertaking
12. Having had a spiritual awakening as the result of these steps, we try to carry this message to other debtaholics, and to practice these principles in all our affairs.
on Fri, 03/12/2010 - 23:19
#264099
i see their lips moving and words are coming out of them. but it matters not to me. they mean nothing. we have no power because our forefathers slept while our banking system was stolen.
on Fri, 03/12/2010 - 23:19
#264100
There won't be any criminal charges.
on Fri, 03/12/2010 - 23:26
#264105
I am coming around to the view that frontier justice has its time and place, particularly when the established system has failed society. It's either that, or toss the passport and go somewhere...anywhere....else. Perhaps nowhere is better, but the disappointment at the sham the US has become demands either fight or flight. No more middle ground. No more wait and hope for the best. Either we remake the country, or destroy it. Status quo does not work anymore.
on Fri, 03/12/2010 - 23:37
#264112
Dear president Obama. When will you do one good thing for this country? I voted for you not because you were any better than the other choice but because I wanted to end the racism I endured from black people in the US. You won and I got exactly what I expected from you, ever since you were elected I have not been harassed by an Afircan American when I tell them "no" while begging for money or trying to sell me drugs. (this is not a racist statment, people of all colors beg of me and try to sell me drugs) So you've got a couple years left, what will you do with them? Going after the bad guys in this story would be a nice start. After the mid-term elections please do one honest "in good faith" thing for this country or you will just go down in history as "Berak Obama." (that was not a mis-spelling)
on Fri, 03/12/2010 - 23:39
#264114
Someone guess who the first rat will be to squeal on another and get some real fun going. The evil doesn't stop with LEH. Misery loves company.
on Fri, 03/12/2010 - 23:48
#264119
Looks like Wall Streets most powerful woman Erin Callan couldn't handle a Dick Fuld wad of cash and now it's not going to be a happy ending.
on Sat, 03/13/2010 - 00:21
#264129
Fraud is the new smart. Well, maybe not so new but these guys are making Enron look like pikers.
Obama doesn't think anyone is smart enough to notice. See ya in O-12 Barry!
on Sat, 03/13/2010 - 04:31
#264175
Now there's an informed conclusion... the bankers have been raping and pillaging for at least 200 years, and your answer is to replace Obama?
I know, we'll get Palin in there... "you betcha," she be fixin' this mess in no time at all.
Take the bag off Glenn... we know you're in there!
on Sat, 03/13/2010 - 07:47
#264206
Raping and pillaging the citizens of the US is a bi-partisan effort as both parties are corrupt to the core. When it comes to emptying the treasury into the pockets of a chosen few, there is no such thing as gridlock. And no, replacing Obama won't fix anything but keeping him won't either.
on Sat, 03/13/2010 - 10:50
#264312
"0-12"? Clearly, you're not smart enough to notice.
on Sat, 03/13/2010 - 12:02
#264354
I am sorry to have blasphemed your god. I will now do my penance and say 3 "nancy pelosi's". Forgive me Obama, for I have sinned.
on Sat, 03/13/2010 - 13:30
#264401
Hey, the only "god" I worship is truth and accuracy--of which you seem to understand neither.
I voted for Obama, but he has been an utter failure as both a president and a person. And BTW, I live in Pelosi's district and have voted against her in 7 straight elections. So, rather than encamp everyone who speaks against you into the political party that opposes your narrow world view, spend a bit more time on facts and less at toking on the crack-pipe of right-wing propoganda.
on Sat, 03/13/2010 - 15:02
#264455
It's US vs.THEM, no right or left wing to it. Apparently you are still sipping that kool-aid, the sooner you get off that junk, the better.
Obama is just another sell-out freak, so is Palin, McCain, Romney, that's THEM.
on Sat, 03/13/2010 - 00:37
#264135
What I can't understand is:
Enron = Jeffrey Skilling, Andrew Fastow, many others jailed for their crimes. Reason now apparent: faied to buy off the right regulators and congresscritters.
And Dickie Fuld and Erin Callan walking around loose?
Not to mention Turbo Timmy, Helicopter Boy, Bawny Fwank, Angelo "Vito Corleone" Mozillo, Hanky Paulson, and the Greatest Criminal of All, Lord "God's Work" Blankfiend.
If the government won't act - we can.
Martial Law - suspend the Constution and the Bill Of Rights.
Million Man March - to 85 Broad. Take custody of the guilty.
Sentence - "people's justice".
Guillotines, Trees, and Boiled Rope.
on Sat, 03/13/2010 - 00:50
#264139
That would've been great, but who will come?
on Sat, 03/13/2010 - 01:14
#264146
What's wrong with polypropylene?
on Sat, 03/13/2010 - 11:02
#264318
It's really interesting the meme that is beginning to build around "revolution", both on the web and in "human spacee" as well. There's a group out of Seattle called Half Past Human, working on a PREDICTIVE LINGUISTICS model of the web. Their early work, while not predicting the actual script of 9/11, did identify that date as a major domestic death event --approximately 6 months in advance. Their most recent report, released on Thursday, sees major market dislocation, along with personal bankruptcy and overt middle class destruction this spring and summer, that leads to revolutionary events starting July 8, and culminating with a major "event" in early November. It's a downloadable report, costs $10 and has some rather bizarre cosmic conclusions. But the market/social acrimony narrative is intense and riveting. www.halfpasthuman.com
on Sat, 03/13/2010 - 14:04
#264416
I've been thinking revolution for some time. I realized parts of this country were close to exploding when I, a liberal Democrat, was enraged enough to dream about burning down Wall Street and marching on Washington. But too many Americas are just plain wusses. Where were the protests when the Supreme Court put Bush in office? Have you seen continuing protests against the undeclared wars bankrupting us? There's a lot of web chatter about revolution, but I'm still waiting for the screaming mobs.
on Sat, 03/13/2010 - 11:11
#264326
I saw a flier the other day, listing the top "targets" for a revolutionary sweep of the banking and finance system, and Washington. Dickie Fuld was on it, as was Sweet Erin. Other than that, it was a Who's Who of corruption, graft, greed and avarice that included PE Playas, HedgeHogs, regulators and the usual suspects from among the political power elite. Surprisingly--or maybe not--it also featured members of the media.
I don't know how the current situation is going to play out, but the IRS attack in Texas, coupled with the PEntagon shooting, multiplied by the vibrant anger in the blogosphere/alt.media, is starting to paint a grim picture with a very violent ending.
I have to wonder if the recent spate of congressional "retirements" is a harbinger--these guys are all plugged in to a lot more than we'll ever know; I wonder if there is some writing on the wall in the halls of the Capitol.
on Sat, 03/13/2010 - 03:07
#264163
"....the core driver of modern capitalist society is fraud at its very core, ..(courtesy of) ... the political system, which is the number one defender of the status quo courtesy of very lucrative bribes and kickbacks...."
sorry to say, the political system itself is fraud at its core.
Want an example?
step1: no bailout for Greece;
step2: EWF (European Montary Fund).
Clearly, there needs to be a step in between, so watch and admire the principle:
The art of politcs is to find an INSTRUMENT to sell this fraud to the people.
on Sat, 03/13/2010 - 05:00
#264179
Let's get this straight . Nobody went to jail then and nobody is going to jail now . Don't expect anything to come of this except maybe raise your blood pressure and maybe a little political grandstanding by those who have a thirst for power or a payoff. If the past two years have taught me anything it has taught me this ; There IS NO enforcement of rules and regulations made to protect people from financial catastrophe or being ripped off and this is fully backed by Federal Reserve Notes and everything that comes with it .Corporatism has won . Capitalism has lost .
on Sun, 03/14/2010 - 06:45
#264936
Without enough people going to jail, the fix is in. Crimes open the discovery process and banks cannot go there.
on Sat, 03/13/2010 - 05:43
#264186
Nail èm, jail èm.
on Sat, 03/13/2010 - 06:34
#264190
Yeah, Mr. Fuld's helicopter constantly flying direct to Deal, NJ Country Club....Crook!...But now we find out the Fed was a counterparty in a similar concoction. Hiding losses. THIS IS FRAUD ON AN INSTITUTIONAL LEVEL. Fraud has been institutionalized...
http://www.nytimes.com/2010/03/13/business/13freedom.html
We don't really give a shit, except when you bring down the entire economy, then we have to get involved, and wall street reform is the first and foremost mandate of the Hope and Change Guy. STEP UP TO THE PLATE, SIR! You will still make more than SlickWilly on the speaking engagements, don't worry.
on Sat, 03/13/2010 - 06:05
#264191
Forget RICO! These guys should be tried for treason.What the terrorists did symbolically on 9/11 these guy's did literally! They might as well be part of the Al Queada for all the damage they have done.
on Sat, 03/13/2010 - 13:15
#264392
----SEND THIS CAPTURED administration a note---- There are too many great comments on this board that need to go straight to the White House----
http://www.whitehouse.gov/contact
WHY is Geithner not IN JAIL right now??? Where are the investigations?
on Sat, 03/13/2010 - 07:58
#264211
Amazing how those who cried "Fraud" were considered tinfoil-hat wearing freaks only two years ago. Now those who say "Everything's okay" just seem embarrassingly clueless...
on Sat, 03/13/2010 - 11:38
#264341
How much does a private charter of a 757 from JFK to Asuncion, Paraguay cost? Thanks, book it.
Tim, Ben, Hank, etc... JFK 7 AM tomorrow, immediate family only.
See you in the morning,
Dick
on Sat, 03/13/2010 - 13:02
#264383
lies,lies, lies everywhere
Saturday, March 13, 2010
Jim Rogers
In this interview Jim discusses corruption in India, China and the problems they face on a short term basis as well as a possible bubble in certain pockets of Chinese real estates, problems in Greece, the fact that some countries use two sets of books, the anger that will occur when citizens realize they have been "Madoffed" and the resulting civil unrest, what he is doing with his own money, problems with food stores globally, problems facing the United States and when civil unrest could begin to occur in the US, the possibility of a US default on its debt, protectionism, the energy sector and much more.
http://tinyurl.com/y8kkrep
on Sat, 03/13/2010 - 13:12
#264389
"Yesterday we predicted that Repo 105 would be the media buzzword for the next days and weeks. We were right."
Come on guys. This was like predicing the sun would rise.
on Sat, 03/13/2010 - 17:39
#264581
The sun does not rise. The earth rotates.
on Sun, 03/14/2010 - 07:03
#264939
Thank you Copernicus, it's been awhile since we heard from you. Keep your lamps trimmed and burning; meanwhile the lights don't get turned off, the switches open.
on Sat, 03/13/2010 - 13:16
#264391
"evident conclusion is that the core driver of modern capitalist society is fraud at its very core, and nothing short of a massive revolutionary overhaul of the political system"
You're sounding positively Marxist. Heh.
on Sat, 03/13/2010 - 15:14
#264466
Sounds patriotic to me.
on Sat, 03/13/2010 - 13:20
#264394
Larry McDonald, on a interview by Bob brinker a few weeks ago,
told Bob that the Feds were preparing
indictments against Fuld and other top
Lehman Brass and that this would be headline news soon in the WSJ.
But listening to his voice , it struck me
that it was merely wishful thinking on his part...
on Sat, 03/13/2010 - 13:56
#264411
You know why right? The more I scan the web and read up on this the more it is likely LEH was not the only one doing this and that this accounting is occuring today in many banks. A prime example would be over at MarketTicker Here is a quote "My property foreclosed in and had written a $200,000 HELOC, which was drawn down. The first lender foreclosed and is holding the property in inventory (it is not listed.) reported the account as charged off in my credit report, but has a notation that "debtor has an arrangement to make partial payments." I have not even spoken with ." Karl Denniger goes on to explain why a bank would do such a thing ,I quote "loans are being manipulated so that they can be considered performing assets on these bank balance sheets." Copy and paste to full article here : http://market-ticker.denninger.net/ So the real question is will the markets punish Banks who are doing this today ? Looking at the past week I dont think so .Extend and pretend is here to stay .
on Sat, 03/13/2010 - 14:17
#264427
Listen...
In this interview Bill discusses the stock market, corruption inside our banking system and government, the king player in the derivatives world, lessons learned as a fund manager, Ponzi schemes gone bad, latest antics of the Federal Reserve and more.
http://tinyurl.com/yjptoe3
on Sat, 03/13/2010 - 14:43
#264439
I think the ousted former Wall Street execs should take the place of those that were bailed out...i.e. Fuld for Goldman CEO. Let LLoyd enjoy the Hamptons for more than a summer.
on Sat, 03/13/2010 - 14:52
#264443
And yet still nobody has gone to jail for this and might ever! What a fricken joke!
on Sat, 03/13/2010 - 15:57
#264516
Glad to see the response.
IMHO Lehman was NOT the only den of thieves doing "Repo 105" types of transactions. Any competent investigation will show that they were ALL in on the scam.
Declare Martial Law - now. Suspend the Constitution and Bill of Rights long enough to exempt "Corporate Financial Crimes" from constitutional protection. "Artificial Persons" (i.e. Corporations) should be denied the protections normally afforded an accused. The same exemption should also apply to the officers of said entities.
Next - move the detentions and trials to Guantanamo. Put the "accused" in the open-air dog cages at Camp X-Ray. Instead of normal Bureau of Prisons guards, use soliders and marines, hand-picked from families suffering from economic collapse. When it comes to questioning, waterboarding, rubber hoses, and "telephone calls" (hand-cranked field telephone generator applied to the genitals), should be the order of the day.
The "Show Trials" can also be held in Cuba - eliminates problems with security. Sentences? "People's Justice" - hangings, firing squads, or beheadings in front of stadium crowds, broadcast live on national TV.
People - start drawing up the "lists" now. Get ready to march. New York and 85 Broad first. Next - blockade and amphibious invasion of The Hamptons. Round 'em all up. Then on to DC for the rest of the guilty. And if any escape to Argentina or Paraguay, we can always do what Israel did in 1960 with Eichmann.
And I wouldn't worry about the Armed Forces. Most of them are with us already - in fact, I expect many unit commanders to come over voluntarily to our side and bring their aircraft, ships, arms and equipment with them.
We will, however, need a temporary Governor or Leader to preside over the reconstruction and reconstitution of the nation, pending an eventual return to civilian rule.
Where is Douglas MacArthur when you need him?
KrvtKpt. laughing swordfish
aka Robespierre
on Sat, 03/13/2010 - 17:34
#264575
Send them to Cuba, then put their names on a no fly list, and let Castro preside
over the trial! I'd watch that!
Look, I have no idea on how to break through the massive level of corruption
we are currently experiencing . None
As I have stated before ,after a financial collapse I would not be surprised to see a military coup
We potentially have a very bloody future
here in the US and everyone around the world will be quite surprised to find out
just how violent us sheeple can be when
finally woken out of our stupor
Side question:
How do you gals/guys explain this mess to your significant others???
Do you find they are interested or concerned??? Just curious
on Sat, 03/13/2010 - 18:19
#264614
How do you gals/guys explain this mess to your significant others???
Do you find they are interested or concerned??? Just curious
She looks at me like I'm talking about Quantum Physics.
on Sat, 03/13/2010 - 19:10
#264655
I create lengthy emails sending out warnings to family and friends, those I care about. I rarely get a response back. I think they all think I'm off my rocker but they do listen as I called the housing collapse to the day almost. Market turns I've been pretty spot on too. But alas, most of your non-market participant friends are just that "good friends". Don't expect those you know and love to listen. Many are going to feel pain in this downturn, there's only so much you can do. Don't take it personal if they didn't listen. You did your part.
on Sun, 03/14/2010 - 07:13
#264940
Wouldn't it have been easier to let out some shorts and with the profits throw a "ain't-I-swell" party for your lame buds?
Waiting for buses that never come negates your otherwise worthy efforts. Blaming people drowning in fear and self-loathing is unbecoming to a gentleman.
on Sat, 03/13/2010 - 19:22
#264663
Her eyes are glazed over and keeps telling me that I need to focus on something more positive and stop "wearing myself out about these things". She lives in La-La Land, like the other 95% of American Sheeple.....
on Sat, 03/13/2010 - 22:15
#264741
My wife; "Why can't you just stop doing this to yourself?"
on Sun, 03/14/2010 - 13:33
#265093
Its a delemma which makes dealing with
this crisis a bit harder.
My college age kids understand we are in
a pickel, which helps
on Sat, 03/13/2010 - 23:14
#264789
More and more, I think people are concerned. They just don't know what to do. Yet. Also, most people just want to live their lives without getting embroiled in politics and turmoil.
But that can change too.
ZH has done quite a lot to get the issues out there. All we can do is keep keeping on.
on Sat, 03/13/2010 - 23:49
#264810
I suggested it above, perhaps is to focus on Beans, Bibles, Bullion, and Bullets. Beans: food, clothing, shelter and being as self-sufficient as possible, dig out as many boy scout and firefox books as you can and train yourselves in some of the lessons therein (country living is not possible for most, so modify as much as possible), learn how to fish and maybe buy a small used boat. Bibles: some sort of close knit spiritual community, think Amish-like, believe in something positive beyond yourself. Bullion: debt-free living, some gold and silver, pull all money out of the banks (except for month to month expenses) and stock and bond market "systems", reduce your credit and derivatives footprint as much as possible. Bullets: take self-defense classes with your spiritual community and test/rate each other to fend off an attack by gangs, take up archery, rifle and handgun target practice and urban defense training, know the law, buy and train with pepper spray.
on Sun, 03/14/2010 - 02:54
#264889
You are a bit nasty, and will probably get yourself flagged, but I find myself increasingly in agreement with what you write. From a tiny acorn.....
Let me see...we took men with beards from Afghanistan, held them a Gitmo for years, and when we finally got around to looking into their particular case, we found that some were taxi drivers who had beards because the Taliban hassled them if they shaved.
If we can proudly engage in this behavior against people who did nothing, surely we can send Timmy and Ben and Dick Fuld and Angelo Mozilo and Dick Cheney down to Gitmo to try to get some answers out of them. If any of them turns out to be as guiltless as an Afghan taxi driver, no harm done, right? And if they are guilty...
What's good for the goose.....
on Sat, 03/13/2010 - 21:00
#264706
" . . the regulators, the Fed and the Treasury, that were inside these banks, and the question has to be asked: where were they."
Does Spitzer not answer his own question perfectly well there?
on Sun, 03/14/2010 - 08:06
#264952
True enough Tyler but I just can't stomach Spitzer. His "do as I say or I will smear you in the media" style of "justice" is hardly the solution. What a rat-faced prick.
on Sun, 03/14/2010 - 09:06
#264974
"Economic Recovery Plan" = continued relaxation of the definition of securities fraud
on Sun, 03/14/2010 - 17:33
#265253
OK, so Lehman was allowed to go bankrupt to avoid a federal bank fraud investigation. And to use it as an example of what would happen to the rest of the system if Paulson and Bernanke didn't get their bailout money for Goldman's underwriter....
And everybody gets protected if they keep their mouths shut.
I wonder how many foreign counterparties had to be paid off?? Probably why auditing the FED is a National Security Issue.
on Sun, 03/14/2010 - 20:03
#265373
How's that criminal suit against Ken Lewis coming? BoooYaaa!!
Soon he will be a regular on CNBC.
on Thu, 04/15/2010 - 07:48
#301686
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