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QE BaSiC PRoCeSSeS: THe RoLE oF "PRiMaRY DeaLeRs"
"Primary dealers" play a critical role in the creation of US Government debt, the circulation of fiat money, the execution of monetary policy and the governance of the Federal Reserve Bank.
For this they are subsidized handsomely by a multitude of schemes all of which essentially erode the purchasing power of your savings.
It is not suprising that Primary Dealers are subject to rigorous selection criteria...
"The New York Fed expects a primary dealer to maintain a robust compliance program, including procedures to identify and mitigate legal, regulatory, financial, and reputational risks."
"The New York Fed may take action against any primary dealer that does not comply with the standards set forth in this policy. That action will vary depending upon the type of non-compliance, but may range, for instance, from suspension from one or all programs for a period of time to termination as a primary dealer."
Source: NY Fed website
WB7: Have you ever seen or heard of a bigger fucking joke?
Don't answer that please...
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My primary dealer is Miguel. My secondary dealer is also called Miguel but he is less reliable.
All the cab drivers in Paris are named Paki. So which one ripped you off?
That flow chart should be on the Wiki article for QE
done. see flow chart in external links at the bottom lol
http://en.wikipedia.org/wiki/Quantitative_easing#External_links
Bravo. And just for the holidays, here is the world's funniest Wikipedia page. Try to read with a straight face.
http://sco.wikipedia.org/wiki/Neep
LOL! that was funny! but why someone wrote like this`?
I knew this would happen once pot was legalized! :)
Bernanke : I want your to spend more on WB7's geisha! ...I'll buy that image.
Now that would make your Xmas, WB7, if you got that in your letter box!
Sadly, I doubt if hell-i-copter Ben has that sense of humour and that generosity of wallet.
Gee I wonder why we haven't heard that HSBC's Primary Dealer status has been revoked due to the laundering of billions of drug profits?
OK, maybe HSBC can no longer do this laundering, but no doubt some other TBTF scooped up those accounts, because god knows the cartel will not let that gravy train out of the station.
They are saying they didn't want to damage the financial system. How ridiculous is that?
Biily B. - fabulous stuff as per usual. I must correct you howvever...there are no Primary Dealers anymore...you are so old fashioned son.
We now have "Primary Stealers". Get with the program young man.
Can I get that on a T-shirt please! (the meeting)
Sure, I'll post a link here. Voila: http://www.zazzle.com/primary_dealers-235470548859363260
dupe
Is that John Corzine in the front row of the B/W picture?
Why yes it is. You can tell b/c he's got his hand in the other guy's pocket.
Great job, please keep shining the light on these criminals.
i think i see a young Meyer Lansky in the PD photo from 1914
Trading little tiny pieces of green paper for real assets since 1913.
Here is the official list:
Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
SG Americas Securities, LLC
UBS Securities LLC.
Isn't the PBOC missing from this list?
Well, somebody got shtupped at DB....
http://news.yahoo.com/four-deutsche-bank-employees-jailed-thursday-171015965--sector.html
FRANKFURT (Reuters) - Four of the five Deutsche Bank employees arrested for money laundering or obstruction of justice related to a carbon trading scheme will remain in jail, the Frankfurt prosecutor said on Thursday.
One Deutsche Bank employee was allowed home on health grounds, the prosecutor said.
The employees were arrested during raids on Germany's flagship lender on Wednesday.
It is too early to conclude whether the raids, by 500 tax inspectors, police and prosecutors, would yield any new evidence, Frankfurt prosecutor Guenter Wittig said, adding, "This will take months. I cannot comment about an ongoing investigation."
The prosecutor's probe is focused on tax evasion linked to tax credits and a scheme involving the trading of carbon permits.
How can you think of mere financial ruin when you paint so many hot babes?
Thank you. I'll save that as my list of the "Bad Apples R' US" rogues gallery.
HSBC, HSBC, where have I heard that name recently...
;-)
The squid called GS is behind all and will soon swallow all those sovereignties named US+Can, UK, J, G, F.
a regular "Murderers' Row"-literally
For Wall Stree firms, being on this lst is a crucial credential, which humorously, is supposed to evidence a high level of prestige.
Lehman, Bear Stearns, Countrywide and MF Global were all members of this gallery of rogues.
who chooses them?the Fed,the Treasury?
They apply to the Fed. Once they are added to the list the Fed is supposed to make sure they continue to satisfy the eligibility criteria, best practices etc. I don't know what politics goes along with it, but I'm sure plenty.
Now I could get into that chanukah bush. Always surprising and always delightful William. Thanx.
I really dig LK and Banzai's
Sharp Shooting Satirical Drive by's
Detailing Financial Carnage
With Sharp Bullets of Knowledge
The Powers That Be they will Defy
Now is that the Ghost of Christmas Presents, or Christmas Futures?
Letting Wall Street fuck us in the ass wasn't enough to prove that we loved them?
I might be chesp....but I'm not easy....bitchez....
they don't even have the common decency to give us a reach-around (props to R. Lee Ermey)
Ya' have to start getting those made into ginormous, glossy posters, WB.
I'd buy some. For instance, that one.
Which, the dealers or Santa Ben?
The "Merry Banzai Christmas"
I don't have a high resolution version of that for a poster. But I have it on a nice mug.
http://www.zazzle.com/merry_banzai_christmas_mug-168729539288032855
This is just a suggestion, but have you considered making a BAD APPLES R' US poster of the Broker dealers? They ARE, after all, the people the Fed gives all the "toys" to on a regular basis....
hey benny boy-I'm doing the opposite-the wallet is closed.
WB....time for a nightmare before christmas edition?