Testimony

These SEC Insider Emails Reveal Why No Bankers Have Gone To Jail

Now that we are gearing up to bring a handful of cases in this area, I suggest that we keep in mind that the vast majority of the losses suffered had nothing to do with fraud and the like and are more fairly attributable to lesser human failings of greed, arrogance and stupidity of which we are all guilty from time to time.”

People As Poultry

We live in a lunatic asylum... the lunatics being us.

Saudi King And Princes Blackmail The U.S. Government: What Happens Next

Saudi Arabia appears to be blackmailing the US, saying it would sell off American assets worth a 12-digit figure sum in dollars if Congress passes a bill allowing the Saudi Government to be held responsible for the 9/11 terrorist attacks.” To say that this threat from the Sauds is just “another sign of the escalating tensions between Saudi Arabia and the United States” seems like saying that a neighbor’s threat to bomb your house would constitute just “another sign of escalating tensions” between you and your neighbor.

Frontrunning: April 14

  • Global shares reach four-month high, forex hit by Singapore sting (Reuters)
  • Dollar Rally Hits Commodities as Europe Halts Global Stock Gains (BBG)
  • Currencies Across Asia Fall Sharply Against U.S. Dollar (WSJ)
  • IEA expects limited impact from oil output freeze at Doha (Reuters)
  • IEA Sees Oil Oversupply Almost Gone in Second Half on Shale Drop (BBG)
  • BofA Profit Declines 13% on Trading Slump, Energy Reserves (BBG)

"It Been Horrendous" - Investor Tries To Pull Cash From Valeant-Heavy Fund, Gets Shares Instead

When Tom Bentley tried to pull his money from a mutual fund troubled by its large stake in Valeant Pharmaceuticals International Inc., he instead received shares in a Springfield, Mo. auto-parts retailer. Sequoia Fund Inc. sent the retired computer hardware engineer about 5% of his money in cash and the rest was stock in one company–O’Reilly Automotive Inc. Mr. Bentley said he sold the shares as soon as they appeared in his account on April 7, but they had already dropped in value. "It has been pretty horrendous," Mr. Bentley said.

Mossack Fonseca: The Nazi, CIA And Nevada Connections... And Why It's Now Rothschild's Turn

"Jurgen Mossack’s family landed here in the 1960s. During World War II, his father had served in the Nazi Party’s Waffen-SS, according to U.S. Army intelligence files obtained by the ICIJ. Once in Panama, the elder Mossack offered to spy on communists in Cuba for the CIA."  And yes, Mossack Fonseca may now be history, and its countless uberwealthy clients exposed, but none other than Rothschild is now delighted to be able to fill its rather large shoes.

Noose Tightens On Clinton As Second Federal Judge Grants Discovery In E-Mail Fiasco

In the latest developments from the never-ending Hillary Clinton e-mail saga, a second federal judge will allow Judicial Watch to seek sworn testimony from officials. "Where there is evidence of government wrong-doing and bad faith, as here, limited discovery is appropriate, even though it is exceedingly rare in FOIA cases," U.S. District Court Judge Royce Lamberth said, in an order entered on Tuesday.

"It's An Attack On Higher Education": Connecticut Seeks To Tax Yale Endowment As Plug To Surging Deficit

In the aftermath of Connecticut yield spreads blowing out to the widest ever over fears of surging budget deficits, a proposed Connecticut bill is seeking a share of Yale's endowment gains as a source of state tax revenue. According to the introduced legislature, schools with funds of $10 billion or more, which is clearly aimed at Yale as that is the only university to fit the criteria. Yale’s record $25.6 billion fund is the second largest in U.S. higher education.