The mystery of last week's Caterpillar office raid by various US government agencies may have been resolved, after the NYT reported overnight that a report commissioned by the government, written by an accounting professor at the Tuck School of Business at Dartmouth, has accused the heavy-equipment maker of carrying out tax and accounting fraud.
Federal officials have executed search warrants at three Caterpillar, Inc. facilities in the Tri-County Area — including the corporate headquarters — Thursday morning. Company officials confirmed the presence in a statement without specifying which agency was performing the search or what the search was in regard to.
In follow up remarks to lawmakers, Steven Mnuchin said even banking units that lack a government backstop should be restricted from making speculative trades: "a legal distinction between the insured and non-insured entity is an important factor in eliminating risky activities within the institution that has” insured deposits.
In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, “For too long, a small group in our nation's capital has reaped the rewards of government.” Under Trump, an even smaller group will flourish -- in particular, a cadre of former Goldman Sachs executives. To put the matter bluntly, two of them (along with the Federal Reserve) are likely to control our economy and financial system in the years to come.
"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."
While the Russian government allegedly has a grudge on US voters and, according to the serious press, orchestrated the hacking of the US elections, China's interests are focused more on America's money. In the latest such breach, according to Reuters, the FBI is investigating how Chinese military hackers infiltrated computers at the Federal Deposit Insurance Corporation for several years beginning in 2010.
One of the world’s leading investors, Mark Mobius told a gold conference in Dubai that the new ‘Shariah Gold Standard’ is both “innovative and revolutionary” and importantly will bring “transparency” to the physical gold market which suffers from a lack of trust.
Within the political-financial establishment, the more things change, the more, it seems, they stay the same. As Trump moves ahead with his cabinet picks, several of them already stand out in a Mellon-esque fashion for their staggering wealth, their legal entanglements, and the policies they seem ready to support that sound like eerie throwbacks to the age of Harding.
Numerous outlets have reported that former Goldman banker Steven Mnuchin "a financier with deep roots on Wall Street and in Hollywood but no government experience" is expected to be named Donald J. Trump’s Treasury secretary as soon as Wednesday.
With less than two weeks to go before E-day -- despite the Trumptilian upheaval of the last year -- the high probability of a Clinton win means the establishment remains intact. When we awaken on November 9th, it will undoubtedly be dawn in Hillary Clinton’s America and that potentially means four years of an economic dystopia that will (as would Donald Trump’s version of the same) leave many Americans rightfully anxious about their economic futures.
After finding what appears to be a slam dunk case of fraud, provable by even the most mediocre civil litigator, we uncover DB apparently preparing for much more of the same. DB stakeholders, Caveat Emptor!