"The culture is, you're not working unless you are writing summonses or arresting people... Those tickets might look like productivity on paper... but they're not actually making anyone safer."
Bank of America Revenue Drops, Misses Due To Declining Trading Revenues, Loan Creation And Net Interest MarginSubmitted by Tyler Durden on 04/15/2015 08:02 -0400
One look at BofA's earnings report shows why contrary to popular opinion, the bank that bailed out insolvent Merrill Lynch is far better off to be pnealized with tens of billions in legal fees than running its business unbothered by the racketeering government. The reason: a year after BofA reported $6 billion in litigation charges, moments ago Bank of America announced only $0.4 billion in legal fees, which meant it barely had any credible addbacks. So when looking at its numbers on a realistic, GAAP basis, BofA once again missed EPS, with the bottom line printing at $0.27, or below the $0.29 estimate.
"People make the difference" at Knight Oil Tools where the "Knightmark" of "excellence, leadership, and integrity" was on full display last year when then-CEO Mark Knight planted drugs in his brother's car then paid police to arrest him...
The USA set the tone for 21st century magical finance, in which “wealth” was “created” by digital accounting fraud. The effects at home are visible on our landscape of suburban hyperwaste and decrepitating older towns and cities.
A wicked web of deceit, with just a good measure of theft and forgery thrown in for old time’s sake!
It’s not that long ago, in 2001, that Jim O’Neill, then still with Goldman Sachs, coined the term BRICs, for the fast emerging markets of Brazil, Russia, India and China. O’Neill saw a global power shift from the west to these four nations happening. Fast forward to today, and we see Russia under multiple attacks, including economic ones, from the west, as India just announced the second rate cut this year and China is attempting controlled demolition of the possibly biggest financial bubble in the history of the world. And Brazil? If anything, it’s falling even faster off its pedestal than the other three nations.
"Davos Man... derives most of his income, directly or indirectly, from state patronage. Davos is a place where you see, in Marxist terms, is a gang of rentiers coming together to devise new means to live off the sweat of the workers... It’s like an Ayn Rand novel, where lobbyists reach cosy arrangements with each other in elliptical language."
Self-government is the gift our founding fathers made possible and out of lack of respect for the sacrifices of the past, the constitutional rights of the present and the freedoms of future Americans we allow it to be traded for a comfortable existence. We must stop and truly understand the concept of self-government as it was meant to be and then mentally reconcile that with the current state of our government. We are parented not represented. We are enslaved with encroaching laws that are demeaning to rational self sufficient adults. And by a legislative body that feeds from our bosom, fights with our fists and has buried us in debt to a foreign body who they sold the rights to our currency. How is this in any way a self-governed society? We have been captured by a group of fraudulent citizens who control our money, our military and have desecrated our constitution.
“Don’t look back - something might be gaining on you,” Satchel Paige famously warned. For connoisseurs of civilizational collapse, 2014 was merely annoying, a continued pile-up of over-investments in complexity with mounting diminishing returns, metastasizing fragility, and no satisfying resolution. So we enter 2015 with greater tensions than ever before and therefore the likelihood that the inevitable breakdown will release more destructive energy and be that much harder to recover from.
"where are the opponents to the ethos that anything goes and nothing matters? Where are the political figures who can sustain a complaint long enough, and loudly enough, to keep it in the public consciousness clearly enough to make a difference? The more conspiracy-minded might say that the security apparatus (the NSA and its servelings) or Wall Street actually run the country and somehow suppress opposition. I don’t believe that. I do believe that cultures go through tragic periods when they lose their bearings and the will to be truthful to themselves."
This Federal Reserve is running on the final fumes of its credibility. Counsel “patience” as it might, other institutions and the people running them may run out of patience with it and start running for cover. When currencies catch fire, even a run on the bank becomes an exercise in futility. The rot is spreading from the margins to the center. Not even very far in the background, there is wreckage everywhere as events spin out of the pretense of control. What an opportunity for another country, say a country with an already foundering currency, to dare introduce money partially backed by gold.
The final days of US empire are fast approaching. Perhaps its end will pass slowly and gradually, or perhaps the event will unfold rapidly and catastrophically. Maybe chaos will break loose, or maybe its demise will be organized well and proceed smoothly. This nobody knows, but the end of empire is coming as surely as day follows night and sun follows rain. Overexpansion, overreach and over-indebtedness will take their toll—as all past empires have discovered.
“Taxes are what we pay for civilized society.” The famous quote by US Supreme Court Justice Oliver Wendell Holmes Jr. is inscribed above the entrance to the headquarters of the IRS. Most people don’t have a clue what he meant, or in what context the statement was made. They simply parrot it around to justify the state’s racketeering behavior. The logic is as twisted as saying “war is the price we pay for peace” or “debt is the price we pay for recovery.” They’re all logical fallacies, and assertions backed by zero objective evidence. This is not how a ‘civilized society’ conducts itself.
Remember when banks said to ignore "one-time, non-recurring" legal fees because they are going away? Well, JPM yesterday showed they aren't. But it was Bank of America today which was slammed with the latest whopping $5.3 billion pretax litigation charge, which pushed its EPS once again into the red. But wait, there's great news: the loss of $0.01 is really a $0.42 non-GAAP adjusted profit if one "adds back" the $0.43 in litigation charges.
The former powerful mafia boss, turned motivational speaker and author, Michael Franzese, warned on CNBC that stocks are a bubble, Wall Street is crooked and advised people to own physical gold and silver bars. He said he would not invest in gold ETFs, rather he owns physical bars: “No matter what, it’s always going to have a value and there will always be something there ... ”