Tired of poring through thousands of PDF files from the Fed's Bloomberg FOIA release? Curious why Ron Paul said that he "was surprised and deeply disturbed ... to learn the
staggering amount of money that went to foreign banks" and is planning to hold a hearing over emergency loans to the branches of non-U.S.
banks? Then here is the excel file for you: the following publicly shared google docs spreadsheet contains the complete Discount Window loan origination data from March 14, 2008 through March 16, 2009. We offer it so that anyone who wishes to perform their own analysis on the primary data can do so (and needless to say banks noted as FORI in the markstat entity type are foreign borrowers).
Final Count: Pittman Wins, Fed Loses, As Supreme Court Refuses To Grant Confidential Data Disclosure Appeal Sought By BanksSubmitted by Tyler Durden on 03/21/2011 09:43 -0500
In a crushing blow against the Fed and the banks that own it, in this case represented by the Clearing House Association, the Supreme Court rejected an industry appeal set forth by the CHA, that sought to keep critical bailout data from going public. The lawsuit was originally started by the great and late Mark Pittman, who tragically passed away around Thanksgiving 2009: we are confident we would be delighted to learn that his unprecedented act of suing the Fed in order to generate more transparency has finally succeeded. From Matt Winkler: " "At some point long before the credit markets seized up in 2007, financial markets collapsed and the economy plunged into the worst recession since the 1930s, the Federal Reserve forgot that it is the central bank for the people of the United States and not a private academy where decisions of great importance may be withheld from public scrutiny. As only Congress has the constitutional power to coin money, Congress delegates that power to the Fed and the Fed must be accountable to Congress, especially in disclosing what it does with the people's money."
The purpose of this article – it’s an attempt to bring some transparency to what’s really happening in the precious metals complex by underscoring the words and actions of players in the Central Banking community. Attention is drawn to the fact that these elitists lie as a matter of policy but are prone to making simple mistakes like all humans do. Specifically, light is shone on the degree to which these same elitists will go to keep their surreptitious market activities ‘secret’ and their irredeemable fiat currencies viable.
And so the spirit of Mark Pittman lives on. Bloomberg, which last year sued the Fed in a landmark FOIA case, and won (a decision which is being appealed by the kleptocrats but not the Fed), has decided to go transatlantic, and is now suing that smaller and far less viagraed cousin of the Fed, the ECB. Per Bloomberg: "The lawsuit asks the European Union’s General Court in Luxembourg to overturn a decision by the ECB not to disclose two internal documents drafted for the central bank’s six-member executive board in Frankfurt this year. The notes show how Greece used swaps to hide its borrowings, according to a March 3 cover page attached to the papers obtained by Bloomberg News. ECB President Jean-Claude Trichet withheld the documents after the EU and International Monetary Fund led a 110 billion- euro bailout ($144 billion) for Greece. The dossier should be disclosed to stop governments from employing the derivatives in a similar way again and to show how EU authorities acted on information they had on the swaps, according to the suit, filed by Bloomberg Finance LP, the parent of Bloomberg News." And for all those who were concerned that Mutual Assured Destruction is purely a US response to a rat being cornered, it appears the virus has gone airborne: "The information contained in the two documents would
undermine the public confidence as regards the effective conduct
of economic policy,” Trichet wrote in an Oct. 21 letter,
turning down Bloomberg’s request for the documents. Disclosure
“bears, in the current very vulnerable market environment, the
substantial and acute risk of adding to volatility and
instability.” Hello, McFly... We got the impression that PGBs moving 350 bps in two hours after Trichet's own bucket shop of a central bank decided to buy every single outstanding bond in the open market may be a far more potent reason for market "volatility." As for undermining confidence, perhaps this murder of charlatans should have considered that before they set off on the world's most ridiculous pilgrimage to the gods of lies, hubris, deceit, market manipulation and propaganda. Lastly, as this is merely a "protect Goldman" exercise, which as everyone knows is the main party involved in this Greek swap "transaction" - who cares: everyone in the world knows full well the high ethical standards of the West 200-based hedge fund.
FINRA oversees the broker dealers, and 70% are calling for increased transparency. FINRA blew them off. Those 70% represent America more than the large banks located on Wall Street. What truly amazes me is how little attention is being paid to this outfit.
It’s now two years later, Bloomberg has won at both the U.S. District Court and the Second Circuit Appeals Court and the information is still being withheld.
Yesterday we all had the displeasure of reading the latest piece of sycophantic brownnosing by what has become everyone's most hated hypocrite. Today, the brilliant Sean Corrigan of Diapason Securities strikes again with the letter that should have been written. We hope someone of greater repute (not to mention circulation, reach and net income) than the NYT will grow some balls and post this.
Bloomberg responds to the Kleptocratic House Association
By now everybody has heard about today's most recent butchering of Obama's farcical campaign promise of transparency, as exhibited by his superior: the Federal Reserve, which replied to a FOIA request submitted by the late Mark Pittman with 560 pages of blacked out lack of disclosure, all of which highly irrelevant, and a typical demonstration of the Fed's modus operandi of criminal opacity. Since there is little we could add to this narrative, we thought long and hard how to most poetically give justice to the ongoing saga between the late Mark and the soon to be late Fed. We couldn't come up with anything profound. So we decided to fall back on the simplicity of truth. And the truth is that in this most recent attempt to foul the memory of a great journalist and greater man, the Fed once again merely digs the grave of its own demise ever deeper. Even from beyond, Pittman reminds us that one simple man can continue to challenge the multi-headed hydra that is the Fed, and win. The truth is that the Fed's response is simply another acknowledgment that it only has lies, deceit, cowardice and secrets to protect it from a hundred years of accumulated crimes against the public of the United States. The truth is that Pittman's memory will live longer and have a far greater impact than that of all the Fed's pathetic chairmen combined, the most recent iteration of whom are finally realizing they are fighting a losing war to preserve their institution, now in its terminal phase, after which their legacy will be at best forgotten, and at worst a sorrowful reminder of what happens when a nation allows itself to fall under the tyranny of a few corrupt and worthless men.
Is Illinois Worse Off Than Greece with a Little LTCM and Bear Stearns Thrown In? In Case You Didn’t Know…Submitted by Reggie Middleton on 08/23/2010 14:10 -0500
What does Illinois have in common with Bear Stearns, Ambac Financial, LTCM and Greece? Come on fellas, let's roll the dice. I've got some pension money in case I come up snake eyes...
What can we say: it would be flagrantly criminal if the most incompetent and corrupt organization in the world was allowed to be unaccountable to anyone, least of all the US citizen. Our respect to Senators Leahy, Cornyn and Kaufman and Grassley for doing what is so obviously right, we are stunned only four senators ended up sponsoring legislation proposed by the Senate Judiciary Committee to strike the FOIA exemption for the SEC. Full press release below.
Just because being the most corrupt organization in the world was not enough, the SEC decided, courtesy of Donk (aka Frankendodd), that it is beyond accountability to anyone, even the constitution, after it was recently made public that the world's most incompetent and bribed regulators will continue watching kiddie porn, instead of regulatoring, only do so in complete opacity from now on, as in the future the SEC would be exempt from FOIA responses. And with retail investors saying "no more" to trading stocks in a rigged casino that shares the same level of integrity as its regulator, and is programmed to generate profits for the house and the computers on 99.9% of trades (except of course for those newsletter and subscription peddlers who catch every single inflection point ever, and can predict what the market will do not only tomorrow but a week, a month and a year from now) the market will soon be a ghost town. Recent attempts by Senator Kaufman to bring some honesty to stocks have so far been met with failure as theSisyphean task is far too great for any one individual. Which is why we are glad to learn that Ron Paul has joined those few who still hold the long-forgotten dream that the market should be fair and impartial for all (and yes, that means eliminating discount window access for the chosen few Bank Holding Company hedge funds out there) and has introduced the SEC Transparency Act of 2010 (HR 5970), a bill designed to force greater transparency in the Securities and Exchange Commission. Little by little, every single "intervention" by the world's two most corruptpoliticians is being overturned: first the rating agency accountability provision which nearly destroyed the shadow market with a complete lockup of all new ABS issuance, and now the SEC's exclusion from that simple concept known as "checks and balances." Soon FinReg will finally be exposed for the fraud it has been since its inception - the much touted Obama financial regulatory reform is nothing but a scam designed to allow Wall Street to steel what middle class wealth remains faster, bolder and in ever greater amounts, as the point where the system breaks is now months away, and the Wall Street-DC joint venture is all too aware. As a result all must be done to allow theft to be bigger than ever, all the while the "regulator" is no longer held responsible for looking the other way.
"It's Not A Market, It's An HFT 'Crop Circle' Crime Scene" - Further Evidence Of Quote Stuffing Manipulation By HFTSubmitted by Tyler Durden on 07/31/2010 05:40 -0500
Recently we posted a required reading analysis by Nanex in which the market trading analytics firm presented irrefutable evidence of quote stuffing by HFT algorithms in tens of stocks, in which thousands of cancelled quotes would reappear each second with a definitive periodicity and regularity, around the time of the May 6 flash crash. Aside from the fact that it is illegal to indicate a quote without a trade intent, this form of quote stuffing is in fact manipulative when conducted by HFT repeaters in specific "shapes" as it actually moves the NBBO actively higher or lower, in cases pushing the bid/offer range up to 10% higher without even one trade ever having occurred, simply by masking a big block order which other algos interpret as bid interest and pull all offers progressively or step function higher (or vice versa, although we have rarely if ever seen the walking down of a stock over the past 18 months). It is as if the HFT lobby has been given the green light by the powers that be that it is safe to activate merely the bid-size quote stuffing algorithms, and not worry: the fact that the market is so one sided in its quote stuffing patterns is sufficient reason to worry of a concerted effort to push stocks higher, initiated from the very top, and effected by not only the Primary Dealer community but by the end-market "liquidity providers." Today, courtesy of Nanex we demonstrate that this type of illegal stock manipulation continues rampant to this very day, and the SEC still to fails acknowledge that it is precisely the HFT market participants that persist in destabilizing stock prices, which have given up responding to fundamentals and merely move up or down based on quote stuffing interventions by those who plead innocence and claim to only be providing liquidity. Well take a look at the millions in fake, and thus illegal, bids demonstrated below and tell us just how any of this manipulation is "providing liquidity" - the second the patterns break, the algos responsible for the churn pattern disappear, thus eliminating numerous levels of so called bid liquidity below the NBBO: break enough patterns and you have another flash crash as the market once again goes bidless.So while the SEC continues to pander merely to the interests of the market manipulation lobby, and is now doing it in more style than ever by refusing to answer to FOIA requests going forward, here is Nanex with yet more evidence that we no longer have a market, but merely a daily recurring crime scene.
- SEC Says New Financial Regulation Law Exempts it From Public Disclosure, in other words the SEC did not reply to your FOIA before, when it was busy watching porn, it surely won't reply now, when it is again busy watching porn (Fox Business)
- Fannie Mae, Freddie Mac Still Too Big to Nail (Bloomberg)
- Moody's says US needs debt plan to keep rating (Reuters)
- Niall Ferguson: Sun Could Set Suddenly on Superpower as Debt Bites (Australian)
- Europe economic confidence rises as exports benefit from record low EUR (Bloomberg), and now that the regime has changed, expect Europe to plunge again as US exports pick up, and so forth, and so forth, with the capital flow from Europe to the US becoming a daily occurrence
- Europe Follows Misguided U.S. Policy: The Stress Tests Conducted in 2009 Were a Disaster (Forbes)
- Renminbi Peg: On Again, Off Again - Cleveland Fed says depegging CNY will not help US trade deficit (Cleveland Fed)
Open Letter to the US DOJ: In response to your open investigation regarding the suppression of silver prices in the COMEX futures markets by JP Morgan, we believe that two PM ETFs, the SLV, of which JP Morgan serves as custodian, and the GLD, of which HSBC serves as custodian, firmly deserve a thorough investigation as well.