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Friday Humor: "JP Morgan Has Insurance To Cover Custody Of The Metal"

Tyler Durden's picture




 

In the aftermath of the Cyprus deposit confiscation, everyone can be excused about feeling a little bit concerned about their deposits held at a European (or any other) bank. Everyone can certainly be excused about feeling concerned about their (rehypothecated) precious metals holdings, Cyprus or not, with any financial counterparty anywhere in the world (because in matters such as those, we don't need Diesel-BOOM to tell us that Executive Order 6102 is "the template"). Recently one reader put two and two together, and in the aftermath of the Zero Hedge expose of JPM's London gold vault and the Cypriot deposit confiscation, decided to express his concern to Blackrock about the safety of his ishares physical gold ETF backed by gold held in the abovementioned vault. To his comfort, Blackrock promptly replied that there is "no risk" (perhaps this too means there is "no plan B"), and that the gold in the vault, unlike the cash in assorted European banks, is safe. Why? Read on...

 

From: "___ " <___ .____@blackrock.com>
Date: 25 March 2013 11:59:57 GMT
To: "@gmail.com" <@gmail.com>
Subject: RE: GB Private Investor - Contact BlackRock Message: iShares

 

Hi,

 

Thank you for contacting iShares.

 

The vault is extremely secure.

 

In the extremely unlikely case that the vault is broken into, JP Morgan has insurance to cover custody of the metal.

 

Kind regards,

 

The iShares Team

 

The information provided does not constitute an advertisement or an offer to sell, or a solicitation of an offer to buy, any fund referred to in this presentation nor shall any funds referred to be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Any investment in any funds mentioned is made subject to the terms of the fund Prospectus, relevant Supplement(s) and other relevant documentation of the funds, which should be read in their entirety. Certain information provided has been taken from trade and other sources BlackRock considers reliable but does not guarantee as such. Any opinions expressed reflect BlackRock’s judgment at this date and are subject to change. The funds mentioned may or may not be suitable for all investors. BlackRock does not guarantee the performance of the funds. Please take independent legal and tax advice before making any investment decisions.

 

 

 

-----Original Message-----
From: @gmail.com [mailto:@gmail.com]
Sent: 18 February 2013 21:35
To: iShares Feedback
Subject: GB Private Investor - Contact BlackRock Message: iShares

 

From:            

Company: Individual Investor

Email:   @gmail.com

 

Message follows:

 

Hi,

 

I hold shares in the ishares physical gold ETC (SGLN). I read that the location of the London vault of the custodian JP Morgan is now public knowledge.

 

Is the iShares gold held by JP Morgan in London still securely protected, and how does this affect the value of my iShares SGLN?

 

Yours sincerely

And now you know: no risk... "it's insured"

 

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Fri, 04/05/2013 - 21:07 | 3415047 Yen Cross
Yen Cross's picture

      Send in the; quote: Whales. end quote/

Fri, 04/05/2013 - 21:08 | 3415060 TheFourthStooge-ing
TheFourthStooge-ing's picture

Any insurance claims are payable in shares of GLD.

Fri, 04/05/2013 - 21:14 | 3415075 Stackers
Stackers's picture

Is said insurance from AIG ?

Fri, 04/05/2013 - 21:25 | 3415119 AndrewJackson
AndrewJackson's picture

Must be. Only a tbtf would underwrite such a policy where they could not possibly payout if said event happened. 

Fri, 04/05/2013 - 21:28 | 3415135 Van Halen
Van Halen's picture

Next letter, can you folks put a copy of aforementioned insurance poiicy up on your site? Kindest regards...

Fri, 04/05/2013 - 21:38 | 3415151 fonzannoon
fonzannoon's picture

So a very well informed ZH reader apparently has a decent amount of dough in a paper representation of gold. 

I wish he would have sent us an email of them responding to him/her asking for delivery instead. 

Fri, 04/05/2013 - 22:17 | 3415253 markmotive
markmotive's picture

According to Societe Generale, the gold bull market is dead. They made a decent case.

However, Sprott bounced back with a wicked rebuttal:

http://www.planbeconomics.com/2013/04/sprott-retorts-soc-gens-claim-that...

Fri, 04/05/2013 - 23:12 | 3415347 knukles
knukles's picture

Read the prospectus.  It says that there is insurance.  Then it paints an incomplete picture by some fairly loose language that some might interpret, paint their own picture as to the gold being  insured.

Fucking false.

The trustee, ETF managers, etc., are insured for events surrounding the losses, but it is standard business insurance.

NO GOLD IN ANY VAULT ANYWHERE IS INSURED

No carrier does it. 
Why?
Steal the bars, melt them resell them and voila... its gone.
The insurer cannot insure against an event like that.
The goods are nonrecoverable and therefore subject to fraudulent acts
IT IS NOT DONE

It is not insurable, any more than cash in a vault is insurable.

Do your own serious due diligence and you will find that the gold is not insured.

PERIOD

Fri, 04/05/2013 - 23:53 | 3415434 palmereldritch
palmereldritch's picture

Simon says, "Your insurance just left in a dump truck."

Sat, 04/06/2013 - 00:03 | 3415451 Lore
Lore's picture

+1 to Mark and Knuk for valuable posts. Thanks

Sat, 04/06/2013 - 07:38 | 3415774 s2man
s2man's picture

That link can not be valid, Mark.  There is no plan B.

Fri, 04/05/2013 - 21:38 | 3415169 Pool Shark
Pool Shark's picture

 

 

I hear the underwriter is a subsidiary of MF Global

 

Fri, 04/05/2013 - 21:34 | 3415154 Ignatius
Ignatius's picture

Skip to 16:01 "It works...!"

https://www.youtube.com/watch?v=lmWFrMq3qNY

Fri, 04/05/2013 - 21:47 | 3415193 rlouis
rlouis's picture

Love the Firesign Theater albums - thanks for the link!

Fri, 04/05/2013 - 21:28 | 3415129 Stuart
Stuart's picture

This whole metals market is one total scam, we all know it, yet no one that can blow the lid off of it does. 

Fri, 04/05/2013 - 22:16 | 3415252 Midas
Midas's picture

Especially true of silver, I think there are individuals with enough personal wealth who could bring down the illusion if they stood for delivery.

Fri, 04/05/2013 - 23:10 | 3415352 Manthong
Manthong's picture

Let's all just chip in and hire Simon Gruber.

Fri, 04/05/2013 - 23:13 | 3415353 knukles
knukles's picture

The Hunt Brothers tried it once and were liquidated out by the Clearing House.
Summarily told to Fuck Off

Sat, 04/06/2013 - 00:35 | 3415502 Midas
Midas's picture

I'm no expert, but I think they didn't have enough money to do it.  You know what happens when you half-way corner a market? 

Sat, 04/06/2013 - 07:38 | 3415775 fiftybagger
fiftybagger's picture

Back then the goobermint had 10 billion ounces to dump on the market if it needed to.  Today they have 10 billion less than that.  Big difference no?

Silver For The People

Sat, 04/06/2013 - 01:17 | 3415540 noless
noless's picture

Look in the archives for the may2011 margin hikes and delivery attempts. They were given diminished shares in the holding. They don't have the metal on deposit. Maybe this time they are solid off margin, but who knows. Longer than you can stay solvent what? But yeah, i would love to see it.

Sat, 04/06/2013 - 02:28 | 3415593 debtor of last ...
debtor of last resort's picture

That's why they don't do it. They would be left holding the bag.

Sat, 04/06/2013 - 08:49 | 3415828 Downtoolong
Downtoolong's picture

Insured a 100 times value by AIG, and the policy is held by Goldman.

Fri, 04/05/2013 - 21:21 | 3415104 DeadFred
DeadFred's picture

If you read the prospectus for GLD though, it has no coverage for theft or fraud. They basically say in such an event you are SOL. It made me feel warm and fuzzy to see it in print. Really. Honesty is hard to come by these days.

Fri, 04/05/2013 - 23:26 | 3415388 CompassionateFascist
CompassionateFascist's picture

To the extent that anything can be "insured" in this world...3,000 fps lead insures gold/silver. Nothing else will do.

Sat, 04/06/2013 - 00:20 | 3415483 snr-moment
snr-moment's picture

You guys always forget the clear line of site.

Sat, 04/06/2013 - 00:18 | 3415479 cynicalskeptic
cynicalskeptic's picture

No recourse if the 'gold' turns out to be tungsten or God knows what either... no assays conducted on holdings     If it turns out that they got conned and bought foil covered chocolate, you're SOL - odds are the chocolate is stale too.

 

The prospwctus for these things has language that exempts the trustee and all others involved from ANY liability for ANYTHING.     You're as secure as buying the Brooklyn Bridge from a guy on the street.

Sat, 04/06/2013 - 11:01 | 3416026 varnelius
varnelius's picture

What?!?  I just bought that bridge last week.  Does this mean this wringkled napkin entitles me to exactly nothing?

Sat, 04/06/2013 - 00:19 | 3415486 Yamaha
Yamaha's picture

Sorry - no gold - it was stopped in Switzerland boarder yesterday....

Fri, 04/05/2013 - 21:10 | 3415065 ihedgemyhedges
ihedgemyhedges's picture

Jamie's good for it.  It'll be just fine. AIG wrote the policy, Goldman Sachs securitized it and the risk now lies in a small town in Iceland.......SOLID!!

Sat, 04/06/2013 - 10:25 | 3415921 Monedas
Monedas's picture

Break a leg, Yen ! Your big show biz break .... oops ? I down arrowed you for comedic effect !  We're still friends !

Fri, 04/05/2013 - 21:07 | 3415048 Bay of Pigs
Bay of Pigs's picture

iShares Team, what we would really like to know is whats in the extremely secure vault.

Fri, 04/05/2013 - 21:15 | 3415079 dark pools of soros
dark pools of soros's picture

Foosball, shag carpet and popcorn machine

Fri, 04/05/2013 - 21:26 | 3415126 CaptainObvious
CaptainObvious's picture

Beds with women in them telling you that it will cost $100 an hour, and little mirrors with lines of mysterious white powder running across them.

Sat, 04/06/2013 - 00:08 | 3415465 MsCreant
MsCreant's picture

Those are some cheap hookers.

Sat, 04/06/2013 - 07:41 | 3415776 jeff montanye
jeff montanye's picture

but if in 1913 dollars we are clearly in spitzer territory.

Sun, 04/07/2013 - 09:51 | 3418238 dark pools of soros
dark pools of soros's picture

that's the going rate at the Del Rey in Costa Rica

Fri, 04/05/2013 - 21:10 | 3415049 Wakanda
Wakanda's picture

"JP Morgan has insurance to cover custody of the metal."

Insuring Tungsten is cheap.

Fri, 04/05/2013 - 21:57 | 3415222 Peter Pan
Peter Pan's picture

I think you meant that insuring tungsten can be profitable.

Sat, 04/06/2013 - 00:21 | 3415489 cynicalskeptic
cynicalskeptic's picture

Only if it's lost in a boating accident...... and was labeled 'Gold'.    

Have you heard that it wasn't the Titanic that sank but the Olympic? - The latter was badly damaged in a collision with a RN warship and otherwise worthless and uninsurable.   They switched names and sank the newly built and highly insured 'Titanic' - collected in full.  Which may explain how the supposedly fatally damaged Olympic continued to serve up into WWII without a complete rebuilding.

Insurance fraud can be very profitable.

Sat, 04/06/2013 - 19:24 | 3417321 jimmytorpedo
jimmytorpedo's picture

Don't forget that they drowned half of America's elite while doing it.

The half that didn't like the NWO.

Fri, 04/05/2013 - 21:07 | 3415051 SandiaMan
SandiaMan's picture

Pay you Back in Bitcoins

Fri, 04/05/2013 - 21:25 | 3415121 krispkritter
krispkritter's picture

Pay you back in 'Shiat'...as in 'Holy Shiat! I got's paper!'...rofl.

Sat, 04/06/2013 - 06:27 | 3415721 Svendblaaskaeg
Svendblaaskaeg's picture

Pay you Back in Golden Showers

Fri, 04/05/2013 - 21:08 | 3415055 holdbuysell
holdbuysell's picture

"Blackrock promptly replied that there is "no risk" (perhaps this too means there is "no plan B")"

Is that Timmay-esque 'no risk'?

Oh lordy. Time to get the hell out of dodge.

Fri, 04/05/2013 - 21:08 | 3415059 butchee
butchee's picture

AIG: the leader in the field of rehypothication reinsurance.

Fri, 04/05/2013 - 21:10 | 3415062 stopcpdotcom
stopcpdotcom's picture

Vice President Joe Biden calls for the creation of a "new world order" at the Export Import Bank conference in Washington on April 5, 2013. He also said the U.S. jobs figures for March are "disappointing."

http://www.youtube.com/watch?v=b1AMYHHAXhI&feature=player_embedded

This is why America is being destroyed.

 

Fri, 04/05/2013 - 21:12 | 3415070 newengland
newengland's picture

Joe Shill. It will not be the new world order that he imagines. He has outlived his purpose.

The BIS understands self-preservation, and dislikes failures.

I look forward to him losing kudos and money, for all his vanity and fakery.

Fri, 04/05/2013 - 22:32 | 3415284 NoDebt
NoDebt's picture

He really is, man.  Everyone around Wilmington, DE has dealt with him or knows him.  Wilmington, DE is a very SMALL orbit of people.  Everyone knows everyone.  He's a jackass and always has been.  My father dealt with him decades ago.  First question from him on the deal presented was how it would help him (politically speaking, not in the way a normal businessman asks that question). 

The Sonofabitch charges the Secret Service FULL RENT on the small guest house on his property where they have a local HQ.  These are guys who are there to PROTECT HIS LIFE EVEN AT THE COST OF THEIR OWN, IF NECESSARY.  He charges them full rental price to use the joint.  He really needs that money bad.

Yeah, he's a class act all the way.

Fri, 04/05/2013 - 23:48 | 3415430 newengland
newengland's picture

Bid goodbye to Biden, that hateful two faced lying bitch, the joker in the pack.

Sat, 04/06/2013 - 00:13 | 3415471 Lore
Lore's picture

The solemnity of the audience is more creepy than Biden's prattle. They don't see through the BS...?

Fri, 04/05/2013 - 21:14 | 3415078 Van Halen
Van Halen's picture

I remember when Bush said this and the Left went shitcrazy (as they should have). Now, their guys are doing everything they hated about Bush to the oh, tenth power, and... Silence.

Fri, 04/05/2013 - 21:29 | 3415122 RSBriggs
RSBriggs's picture

That would be because of the brainwashing.  Anything a liberal or a black man does is correct.  Anything a non-liberal or a white man does is incorrect.  Anyone who disagrees with the policy of a liberal is incorrect - leading to the following special case:  Black non-liberals aren't really black, and are subjected to all the fury and hatred that the liberal inventors of the KKK can heap upon said non-black black man.

Fri, 04/05/2013 - 21:44 | 3415187 flacon
flacon's picture

Thomas Sowell

Fri, 04/05/2013 - 23:24 | 3415386 HoofHearted
HoofHearted's picture

Ben Carson more recently

Fri, 04/05/2013 - 23:21 | 3415377 wee-weed up
wee-weed up's picture

You can thank Obama's lapdog MSM.

Sat, 04/06/2013 - 04:56 | 3415673 Colonial Intent
Colonial Intent's picture

You mean the MSM that gave bush a free pass on wmd's?

The MSM where 90% of media that is owned by 7 corporations.

The MSM that gets rich off of the american peoples prejudice, arrogance and stupidity.

You gave a president war powers and now you get pisssed coz the other sides guy kept the bush dictatorial powers, you understand that power corrupts regardless of what color team is in charge.

This is why you never give up freedom for security even if its 'your' sides guy in charge.

Its a lesson as old as rome, does nobody in america study history?

Sat, 04/06/2013 - 06:00 | 3415710 A Man without Q...
A Man without Qualities's picture

"does nobody in america study history?"

 

It's rare enough to find people who are aware of the present.

Fri, 04/05/2013 - 22:09 | 3415238 OccupyTVstations
OccupyTVstations's picture

Which "left" people are you talking about? Odds are they're are not stupid, but rather coint3lpr0 plants.

Daily Kos? ha ha- he openly admitted to working for the CIA, but 'he quit after a month'. sure.

Democratic Underground? Pretty much openly run by freepers that ban anyone challenging the Red vs Blue paradigm.

Any intelligent bloggers are simply pushed into oblivion... technorati and google blog search are both absurd censors.

The internet is censored. Google openly admits tailoring search results on a per computer basis.. based on numerous criteria, like search history, cookies, hell even bookmarks and email content if you use 'chrome' browser.

Back in the day, we used to have indymedia where people in different cities could organize... it worked for a bit, til their efforts were disrupted by coint3lpr0 types.

Then they gave us 'blogs'... no community to organize... everyone post in their own little bubble, where CNN can bring on a couple of teenage girls to represent the 'blogosphere'.

Now they have 'bozo' plugins where you can post a comment and see it yourself... and maybe a few admins, but nobody else can see it. This comes default with the wordpress based bbpress forum software.

In short, don't blame the left for being blind... blame the internet censorship that is preventing true dialogue, ideas and action.

Fri, 04/05/2013 - 23:52 | 3415425 newengland
newengland's picture

The 'left' paid by Soros, Gates, and other  corporatists who like monopoly, and now fear their losses.

You are a fool.

Sat, 04/06/2013 - 00:15 | 3415476 Lore
Lore's picture

It's much more complicated than that, and you know it. All sides are manipulated and corrupted.

Ad hominem attacks are bad form.

Sat, 04/06/2013 - 03:40 | 3415634 green888
green888's picture

Ad hominem attacks are bad form, but to advance profoundly sceptical arguments, the philosopher needs to use the one thing he cannot afford to doubt: his own capacity to think rationally. 

Sat, 04/06/2013 - 04:07 | 3415649 Bicycle Repairman
Bicycle Repairman's picture

Let's just cut through the BS banter, OK?  The "left" that protested Bush was bought-and-paid-for astroturf and nothing more.  Political operatives, period.

As the Firesign Theater once said:  "You ain't got no friends on the left.  You're right.  You ain't got no friends on the right.  You're left."

Sat, 04/06/2013 - 04:51 | 3415667 Colonial Intent
Colonial Intent's picture

And tea party is grass roots its never been co-opted by tptb.

Koch bros dont finance any right wing groups.

Keep dancing to their tune and they'll tell you when you can stop.

Dissimulation Bitchez.

Sat, 04/06/2013 - 05:27 | 3415685 Bicycle Repairman
Bicycle Repairman's picture

Sooner or later all green shoots turn into astroturf.

Sat, 04/06/2013 - 08:49 | 3415824 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

It is more subtle than that, The Ad hominem stuff is to distract. The real control is more subtle. The mechanisms to create false consensus when there is none are already in place. Original content is king. The nature of the internet well think of it like a directed graph problem. Some nodes in the map are more strongly connected to others. You find the ones in the news network that are the strongest connected i.e. ones like the State Department mouthpiece the Associated Press have undue influence on the language and tone of what is considered news. That is how the subtle influence information control mechanism works. Most major news outlets contract out to the AP. Their biases become consensus because all the major outlets no longer produce original content. 1 source of original content's voice just became amplified by a factor of however many news outlets carry their propaganda and no one is wiser because no one pays attention. These tricks only work when you are not aware of them.

It is not just news organizations it is bloggers, twits, facebookers etc. They get their propaganda through left/right/middle/up/down etc. biases by controlling the original content. They get to create the narrative they want sold to the masses not reality.

 

There is a 21st century way to neutralize that advantage..... And no that doesn't mean shutting off the internet.

Sat, 04/06/2013 - 11:23 | 3416004 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Here is a news story that illustrates the propaganda mechanisms by controlling content.

http://abcnews.go.com/ABC_Univision/press-drops-illegal-immigrant-standa...

The Associated Press, the largest news-gathering outlet in the world, will no longer use the term "illegal immigrant."

The news came in the form of a blog entry authored by Senior Vice President and Executive Editor Kathleen Carroll on Tuesday afternoon, explaining that the decision is part of the company's on-going attempt to rid their Stylebook of labels.

Now the fun part is the justifications. First ABC claiming they are the pioneers here

The company's decision comes after years of controversy over the term. Fusion, the ABC-Univision joint venture, does not use "illegal immigrant" because we believe it dehumanizes those it describes and we find it to be linguistically inaccurate.

 

Now the justification for it. See how they try to create consensus for their decision when in reality they control the consensus. It is like the banksters controlling the regulators who write the rules and laws regulating themselves.

We wrote last year about how most of America's top college newspapers and major TV networks, including ABC, NBC and CNN, have vowed to stop using the term. Nearly half of Latino voters polled last year in a Fox News Latino survey said that they find the term "illegal immigrant" offensive. A coalition of linguists also came together last year to pressure media companies to drop "illegal immigrant," calling it "neither neutral nor accurate." And some critics of the term, like journalist Maria Hinojosa, argue that those newsrooms that have continued to classify people as "illegal" lack diversity.

Then you get this piece of circular reasoning and subtle dig at people like myself

For many, the news will surely come as a huge victory. Charlie Garcia, an opinion columnist for Fox News, CNN and The Huffington Post who has spoken out against the term, said last year that getting the AP to drop the term was the "big fish" in the journalistic debate, because it is the most widely used styleguide in the U.S.

"The AP is the main problem on this issue, because everybody uses them as an excuse," Garcia said.

Wrong Garcia this is why and also from the article

For many, the news will surely come as a huge victory. Charlie Garcia, an opinion columnist for Fox News, CNN and The Huffington Post who has spoken out against the term, said last year that getting the AP to drop the term was the "big fish" in the journalistic debate, because it is the most widely used styleguide in the U.S.

 

Styleguide that is important here illustrates the second level control which the article touches on.

A little bit about that "styleguide" or orwellian term for language control hence subtle influence on how they control general view of things since this is a subtle way of doing it.

First back to that lets create consensus for our decisions to crush consensus and differing narratives.

Last fall, the AP said they would restrict the usage of "illegal immigrant" to certain circumstances due to the complexity of the immigration experience. Paul Colford, the director of media relations for the AP, addressed the issue in an email, saying that "ongoing, lively, internal conversation" about "illegal immigrant" continued after that announcement.

AP Stylebook editors sat down with a number of groups who were concerned about their entry on the the term in recent years and "sought the views of a cross section of AP staffers" on the issue, according to Colford.

Kathleen Carroll also noted in the Tuesday blog post that the AP prefers to label "behavior" rather than "people," writing that instead of using the term "schizophrenic," the AP now prefers saying that one is "diagnosed with schizophrenia."

"And that discussion about labeling people, instead of behavior, led us back to 'illegal immigrant' again. We concluded that to be consistent, we needed to change our guidance," Carroll wrote. "So we have."

This is significant also I'll post my conclusions seperately.

Finally key the part of this.

The "greater majority" of the 1,400 U.S. newspapers that make up the Associated Press Cooperative likely follow AP style, Colford wrote. Now that the AP has finally come around, making a decision that will affect the word choice of hundreds of outlets across the country, we're still waiting on one major U.S. company to drop the term.

See that amplification factor going on. Whoever wrote this article gets it and my hat is off to them.

BTW the AP parasite is starting to evolve, lately I've been starting to see certain AP "styleguide" articles sourced as from combined news services.

Notice that use of consensus language based on one small group.

Sat, 04/06/2013 - 13:33 | 3416448 Drachma
Drachma's picture

The techniques are ancient. What has in the past applied to the mastery of man will always apply to man. Unfortunately not many people in this world will ever understand or, more precisely, will ever let themselves understand the subtleties of the system that enslaves them, a key to this system being the control of language, that computer code that can either be designed to limit thought and one's reality or expand them; the power of the word. Combine that with a small, controlled bandwidth of communication channels and, just as you say, the consensus can be built rather efficiently by a small group of adepts, skilled in the core psychological techniques.

Sat, 04/06/2013 - 14:46 | 3416621 stopcpdotcom
stopcpdotcom's picture

"See how they try to create consensus for their decision when in reality they control the consensus. It is like the banksters controlling the regulators who write the rules and laws regulating themselves."

100% correct, Dewey.

Sat, 04/06/2013 - 22:36 | 3417734 CustomersMan
CustomersMan's picture

 

Rigging of "Polls":

 

Most likely since their inception "Pools" have been used to shape consensus. I remember in 1992 Joe Biden, during the Clarence Thomas hearings, mentioned that "Polls" can be structured in a way to give you whatever results you wanted.

 

His "so-matter-of-fact" comment at the time was very UN-setteling and left a permanent impression on me.

Sat, 04/06/2013 - 16:38 | 3416853 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

When Obama talks about his civilian army well here is the information control of the Obama brownshirt civilian army. This is his department of information control using Alinsky tactics to create consensus and homegeneity through information control by turning the whole on it's head and perverting it in the process. The AP is his department of information control with people like Kathleen Carroll as the information control tzar. Their dresscode is the styleguide. They are using subtle and insidious tactics to draft everyone in the AP Cooperative that keeps up appearances of free press in line through them reposting news and the styleguide being used a censor to make it look like individual journalists are speaking their own voice when in reality they aren't. It is so subtle and insidious that even those be used don't realize they are armband wearing brownshirt troops in the Obama civillian army because of the subtlety of the information and in turn thought control mechanisms being employed. This is textbook template of the 21st century permutation of socialist/facist control be exerted throughout the system.

This is how true evil works people. It hides in the shadows, right under the surface never showing itself in the daylight if it can help it because the light and truth is what it fears most. Light and truth (openess and transparency) applied in a bluntly direct manner with no hidden pretense is the cure to evil, always has been always will be.

With that said perception is reality and they are using a perception amplification filter to distort it. That can be combated, it is straight up math problem when all is said and done, you can develop deamplification filters so the senses can see reality again. The you can lead a horse to water but can't make drink problem is another thing but you can give the horse the straw necessary to filter the piss out of the water to drink it untainted.

Sat, 04/06/2013 - 04:47 | 3415665 Colonial Intent
Colonial Intent's picture

Youll find a lot of racist republicans need someone to blame and blacks and libruls are easy targets, ask em to give reasons or facts and they go back to their freerepublic echo chamber to hear reassuring words from glenn beck and co, its their way or the highway, funny thing is they are just as deluded as the daily kos nerds, but hey when tptb plays divide and conquor, they both make good cannon fodder.

On a lighter note good to see an indymedia fan on here, back in 99 i remember their coverage of seattle, and was online chatting to one of the media boys when Genoa got attacked, indymedia did good work back then.

Sun, 04/07/2013 - 18:59 | 3419892 MeelionDollerBogus
MeelionDollerBogus's picture

left-right politics is a myth, kabuki theater.

Sun, 04/07/2013 - 18:52 | 3419871 MeelionDollerBogus
MeelionDollerBogus's picture

That's why I reject chrome and I also use duckduckgo and anything else. I'm happy to use the advantages of google's customizing search but I realize even with best of intentions if it tailors itself to my narrow searches of the past that limits me finding what I don't expect to find. And stumbleupon just isn't quite 'it'.

Fri, 04/05/2013 - 21:09 | 3415064 newengland
newengland's picture

JP Morgue. 

I struggle to find sympathy for fools soon parted from their money.

Fri, 04/05/2013 - 21:10 | 3415068 Pseudo Anonym
Pseudo Anonym's picture

settled in cash or other confetti, not metal.

Fri, 04/05/2013 - 21:10 | 3415069 fonzannoon
fonzannoon's picture

"we regret to inform you that our vault has been compromised and your segregated bars of gold are gone. However we are pleased to present you with a check equal to the amount of the gold you never really had. We enclosed a picture of some gold. Now fuck off".

Reminds me of the story of the people on vacation and came back to their hotel and were burglarized. all that was left was their camera and toothbrushes. so they bought new stuff except for the toothbrushes and enjoyed the rest of their vacation. they got home and developed the film and it was a bunch of pictures of the robbers sticking the toothbrushes up their ass. 

Fri, 04/05/2013 - 21:57 | 3415216 Toronto Kid
Toronto Kid's picture

Note to self - if ever burgled, throw out all the toothbrushes.

Sat, 04/06/2013 - 01:47 | 3415564 Non Passaran
Non Passaran's picture

It's easier not to develop (or to delete) pictures.

Sat, 04/06/2013 - 02:49 | 3415606 Toronto Kid
Toronto Kid's picture

Pictures notwithstanding, throw the toothbrushes out!

Fri, 04/05/2013 - 22:10 | 3415243 freewolf7
freewolf7's picture

2nd note: if burgled, develop pictures.

Fri, 04/05/2013 - 21:12 | 3415074 RideTheWalrus
RideTheWalrus's picture

They'll send you house bricks with 'GOLD' written on the side and a guarantee via new legislation that they are redeemable for their cash equivalent.

Problem solved.

Fri, 04/05/2013 - 21:13 | 3415076 kushmere
kushmere's picture

Fuckers can't even lie convencingly.

Post 12 Up @ http://BestBitcoinSites.wordpress.com

Fri, 04/05/2013 - 21:17 | 3415080 Yen Cross
Yen Cross's picture

       It's comforting to know Z/H has Blackrocks back.  </major sarc>

 

From: "___ " <___ .____@blackrock.com>

Fri, 04/05/2013 - 23:20 | 3415376 Matt
Matt's picture

I would guess that the submitter removed everyone's private info before sending it to zerohedge.

Sat, 04/06/2013 - 01:13 | 3415538 Yen Cross
Yen Cross's picture

  I guess you missed the sarc tag?

Fri, 04/05/2013 - 21:14 | 3415082 Silver Garbage Man
Silver Garbage Man's picture

It's got to be getting close to the point when the sheep wake up and head for the local gold and silver store.

Fri, 04/05/2013 - 21:18 | 3415094 fonzannoon
fonzannoon's picture

not only is it not close, it will never happen. Confused paralysis may set in. but thats about it.

Fri, 04/05/2013 - 21:43 | 3415183 uplicidlit
uplicidlit's picture

You got it, fonzannoon.....no wakey upey.

They will just continue to brush their teeth with those skanky toothbrushes you were talking about....in a daze.

Fri, 04/05/2013 - 21:55 | 3415211 kito
kito's picture

the masses will never rebel....they will be scared into submission just as the european citizens have been....they will be fed nightmarish scenarios of life without big brother......and they will comply........and big brother will strip the citizens clean.....and they will comply.......because they will continually be told it will always be worse without big brother......and things WILL GET WORSE....and the people will comply....because they NEED big brother......and they will fear for the unknown....all the while the masses are slowly and subtely being led into the very unknown that they fear..........................................

Sat, 04/06/2013 - 04:58 | 3415674 bunnyswanson
bunnyswanson's picture

As designed.  The "masses" are compromised.  What now?  Fold?  Where is the upper middle class?  Academia?  Journalists tend to see reality and many of them are giving the information but it is simply too much for the overburdened middle class, now in the midst of layoffs, loss of hours, debt collectors, and the watered down food supply that, accompanied with local tax hikes, has gone up in price.

Anxiety ridden.  It's paralyzing, if you should not know.  Terrible state to be in and it's difficult to escape from when it is due to financial issues which are not in your control.

The transfer of the middle class wealth has gone unmentioned.  The arising new middle class is applauded with great fanfare, however.  They have our jobs and a clean FICO score. 

people are walking now on my street.  The clash for clunkers results in demolishing of cars that were still operational, placed the sellers into new car and payment.  Tow trucks go up and down the road. 

There is little left to do with the dying middle class and poverty level than to wipe them right off the planet, I don't see a rush to get jobs going.  Not mentioned at all.  It's difficult to understand, after seizing bank accounts, people still do not pay attention unless they are so poor, it will go unnoticed (10.00 balance or less).

If this is going to be stopped, figure out another way.  The middle class has plenty enough on their plate, which was part of the plan "overwhelm them with information."

Men are the head of the household, head of the family.  I'd like to hear "the men" discuss this without "the masses" .... because if this goes down, the guilt you will feel as your life is interrupted to free up what your work as rewarded you, for themselves (globalization, climate change, one world govenment...working togethter and going forward you know...), it will be a painful time when you realize how it would have been easier to negotiate this in a formal manner than to dig yourself out of the quicksand that this transfer of wealth will result in, if you live in 1st world nation (excluding Iceland). 

Baby boomers especially, those retired and all that time on their hands...go for it.  This was on their watch, as I see it.  The perks were a trade off, we see now.  To accept that as it is will be the greatest failure of civilized man in all of fucking time.  Slaughter will name the first few years.  Renovation and redevelopment next.   Curb appeal for the new owners.  Corral the herd, next to RR tracks and warehouses, as we shall see.  This is going to be so fucking ugly that talking about it without a smile is against the law when presenting the UN Agenda 21 to the local city council members, while they fight to keep the street lights on.

Sat, 04/06/2013 - 06:49 | 3415735 css1971
css1971's picture

Nah it's worse. The masses will come after anyone who managed to get out.

 

Seen any zombie movies? That's the future.

 

Sat, 04/06/2013 - 07:04 | 3415750 bunnyswanson
bunnyswanson's picture

http://www.youtube.com/watch?feature=player_embedded&v=mWZvT0M4dso#!

This is how it unravels.  Politicians can't move without feeling afraid.  But by this time, it is too late.

(Melbourne, this is not a police state - surrounding vehicle)

Fri, 04/05/2013 - 21:21 | 3415103 BigJim
BigJim's picture

I think you underestimate the sheeps' sheepiness.

Fri, 04/05/2013 - 21:52 | 3415201 Pool Shark
Pool Shark's picture

 

 

Garbage Man is correct, it will happen, because I saw it happen before (In 1980).

The problem is that we're dealing with donkeys; not sheep.

You have to whack a donkey between the eyes with a 2x4 to get its attention first. Does it hurt? Not if you don't get your thumb in the way...

 

Fri, 04/05/2013 - 21:16 | 3415085 beaker
beaker's picture

take a pill and go back to sleep....

Fri, 04/05/2013 - 21:22 | 3415107 Yen Cross
Yen Cross's picture

 Did you (2) broken spinnakers bother to read the post?

Fri, 04/05/2013 - 21:18 | 3415091 nmewn
nmewn's picture

lol...

"Any investment in any funds mentioned is made subject to the terms of the fund Prospectus, relevant Supplement(s) and other relevant documentation of the funds, which should be read in their entirety."

Well, yeah.

Because they clearly state in the prospectus your paltry claims for loss fall somewhere between the newspaper boy who sells a paper to Jamie every morning and the boys dog.

Fri, 04/05/2013 - 21:27 | 3415130 Winston Churchill
Winston Churchill's picture

Somewhat longer than the Obamacare bill, in much finer print.

Two hour time limit per investor.

Fri, 04/05/2013 - 21:49 | 3415199 nmewn
nmewn's picture

Both written (prospectus & ObamaCare) in a language only a regulator or a lawyer could love.

Fri, 04/05/2013 - 23:24 | 3415382 Matt
Matt's picture

I DO NOT KNOW ALL CAPS WITH NO PUNCTUATION IS PRETTY EASY ON THE EYES I THINK. I MEAN WHY USE COMMAS OR CARRIAGE RETURNS UNNECESSARILY WHEN EVERYTHING IS PERFECTLY READABLE THIS WAY INSTEAD.

Sun, 04/07/2013 - 18:25 | 3419789 MeelionDollerBogus
MeelionDollerBogus's picture

or programmer. Unexpectedly, being able to read source code facilitates greatly in reading complex legal documents. Doesn't make them more interesting, sorry about that, but it does make them legible.

Fri, 04/05/2013 - 21:25 | 3415116 Van Halen
Van Halen's picture

Here's an idea for Tyler or some of you more tech-savvy ZHers. I'm just throwing this out there because I'm not sure if it's workable. For the large gold holders who have their gold in these vaults and paper shares in their hands. Do the papers they have tell exactly what bars (by number) their gold holdings are? If so, could a site be set up where people could anonymously log in and list that they hold bars # 12345 and # 54321 for example, and see if someone else ALSO holds the same numbers? If so, it's still a long shot but perhaps we'd find out that indeed, several people were told their gold holdings included bar # 12345.

Apologies if this seems like a crazy idea. I'm just trying to get to the bottom of this rehypothecation thing with some hard evidence. Thoughts?

Fri, 04/05/2013 - 21:30 | 3415142 krispkritter
krispkritter's picture

Instead of 'peak gold' you're talking about 'gold peek'?

Fri, 04/05/2013 - 21:36 | 3415163 Van Halen
Van Halen's picture

Well, yeah. Kind of 'Who Has What'. Did you ever see that Far Side comic where all these wolves were standing around in sheep costumes looking shocked and one of them is asking "Hey! Isn't anyone around here a REAL sheep?"

It's one thing to want to know what's in the vaults and not be told, leading to well-justified suspicion. But if there were some way a lot of us could get together and start comparing notes and numbers, I have a bad feeling we wouldn't even need to know what's in the vaults because it probably wouldn't matter.

Sat, 04/06/2013 - 01:44 | 3415560 Non Passaran
Non Passaran's picture

People have done that, no signs of issues

Fri, 04/05/2013 - 23:47 | 3415428 Cardinal Fang
Cardinal Fang's picture

TPTB don't tell you the truth about anything. What makes you think they are going to itemize gold? oil? comets hurtling through space on a direct hit trajectory? illegal immigrants? government expenditures?

You need to gain an understanding of the difference between 'truth' and 'reality'.

Sun, 04/07/2013 - 18:22 | 3419779 MeelionDollerBogus
MeelionDollerBogus's picture

if it's a worthless certificate maybe it has a serial number. I never tried, I went right for physical since 2009. If it's electrons indicating shares "ownership" it may even be brokerage ownership rather than your own with a paper value promised to you. A promise I would begin to believe once the paper is in my hand and even then I know its real worth vs the shiny which I hold & prefer.

Fri, 04/05/2013 - 21:30 | 3415144 PaperBear
PaperBear's picture

"JP Morgan has insurance ..."

That sound is my hand hitting my forehead.

Sat, 04/06/2013 - 06:22 | 3415718 Disenchanted
Disenchanted's picture

iShares

iNsurance

 

lolz...

Fri, 04/05/2013 - 21:36 | 3415160 besnook
besnook's picture

yea, but are they tungsten bars with gold plate?

a non existent vault is the most secure vault. why would they need insurance?

i would be more concerned about the security of the printing presses.

Fri, 04/05/2013 - 21:39 | 3415175 Van Halen
Van Halen's picture

They HAVE to have insurance to keep up the appearance of something in a vault, at the very least. Not having insurance might get exposed and then the explaining would be kind of complicated. But you raise interesting scenarios here: Are there even vaults? Do they have ANYTHING in them? If there are gold bars in them, are they real or tungsten? Etc. etc..

Fri, 04/05/2013 - 21:42 | 3415182 chart_gazer
chart_gazer's picture

all of these will end the same as ABN-AMRO did last week.  "got gold? - nope ---you get paper"

http://www.examiner.com/article/largest-dutch-bank-defaults-on-physical-...

Sat, 04/06/2013 - 10:11 | 3415904 hooligan2009
hooligan2009's picture

wow...that is stunning...any asset held in safe custody by a bank becomes a bank borrowing..so much for safety deposit boxes..is the same true of any entity that has possession of goods...like a stroage company?

Fri, 04/05/2013 - 21:47 | 3415190 jonjon831983
jonjon831983's picture

further humor: "Philadelphia Can’t Explain Its Swaps Yet Fights Ban: Muni Credit"

http://www.bloomberg.com/news/2013-04-05/philadelphia-can-t-explain-its-swaps-yet-fights-ban-muni-credit.html

Fri, 04/05/2013 - 21:47 | 3415191 Pancho Villa
Pancho Villa's picture

"The fox has given me his personal assurances that the contents of the chicken coop are fully insured."

Sat, 04/06/2013 - 00:08 | 3415467 Just Ice
Just Ice's picture

until such time as they are digested...er, divested

Fri, 04/05/2013 - 21:54 | 3415210 eddiebe
eddiebe's picture

I wonder if Biden knows how stupid and inept he sounds. And I also wonder how much the assholes listening to him paid to sit there and look interested.. Pathetic!

Fri, 04/05/2013 - 21:57 | 3415217 Peter Pan
Peter Pan's picture

The operative words are "broken into", so if the authorities simply order you to open the vault to take the gold, then the insurance policy counts for nothing.

Fri, 04/05/2013 - 22:08 | 3415228 MythicalFish
MythicalFish's picture

Hugh Hendry said on Buttonwood: Owning Gold mining equity is as close as you get to insanity. The risk premium goes up as the gold price goes up. More precarious societies around the world are more envious of your gold assets at $3000 than at $300.

 

I say buying a Gold ETF is like buying a $10 MS put from MS. Don’t do it.

 

Fri, 04/05/2013 - 22:11 | 3415242 Peter Pan
Peter Pan's picture

Agreed. When your investment dollar is split between shares and physical your are in fact assisting the control of the gold price by lowering physical demand. Same goes for jewellery. People would be better off not buying jewellery because with the same dollars they could buy more gold which in turn would boost price even more. The end result would be a boost to share prices for those that already have them without having to buy any.

Fri, 04/05/2013 - 22:18 | 3415255 Yen Cross
Yen Cross's picture

  Oceans Oblivion -14        ( long cassino jobs)

Fri, 04/05/2013 - 22:20 | 3415260 Paracelsus
Paracelsus's picture

  I know the cops will pepper spray unarmed peaceful protesters( New York,UC Irvine,etc.).

  What I want to know is will Marines follow orders and shoot unarmed grannies?

  Or will they point their weapons where they will do the most good?

  Also,Japan is gonna need some major spin-doctoring.

 "We need some volunteers to go out front and tell those grannies their pensions are

   SAYONARA Mofo". 

Fri, 04/05/2013 - 22:32 | 3415274 newengland
newengland's picture

The Armed Forces work for your right to vote. You voted for fascists, and troops die in vain as your sort betray the Constitution.

You who sit so comfy in your protected armchair should be ashamed of your sort.

ZH is a fight club, traders, doers...not a place for whiners.

Fri, 04/05/2013 - 22:22 | 3415261 Ban KKiller
Ban KKiller's picture

"Broke" into. KEY words,right. What if THEY steal?

Fri, 04/05/2013 - 22:30 | 3415279 short screwed
short screwed's picture

What if it is vaporized in a terrorist attack?  I know it would be highly unlikely, but you never know...

Fri, 04/05/2013 - 22:38 | 3415295 newengland
newengland's picture

JP Morgue steals, and MF Global was the latest example.  Next question.

 

Fri, 04/05/2013 - 23:55 | 3415298 lasvegaspersona
lasvegaspersona's picture

What is perhaps of greater concern is the rapid loss of inventory from GLD. As the big shots sense the impending failure of the paper gold market are they claiming physical? It has dropped about 100 tons in recent weeks. Fofoa has discussed this extensively recently and seems to believe this could be a sign of loss of support (you read that right) for the paper gold market.

Fofoa does not charge for his thoughts but he does not promote them either. If you want to understand what he is thinking you'll have to invest some time and effort. I have found it to be worthwhile and he has given me a perspective not found anywhere else.

Ask yourself...why is the paper gold market falling when the conditions that have existed for 10 years, during which the POG has steadily increased, have only changed in a way that should cause the price to rocket higher. I will not argue that manipulation might be a factor but is a change in that manipulation all that has happened? Are you willing to just believe that and move on?

If fofoa is correct these events signal a loss of support for the entire dollar based currency and gold (the current mostly paper gold) market in particular. He has stated that what we are about to see is a reset in the market and that it will not be the great gold bull market that every other gold writer  on the planet argues we are in (gonna blast off any day). That event will take a lot of gold traders by surprise if he is correct. I am betting he is right.

These are my interprtations of fofa's thoughts. Please do not think I represent them accurately  or completely. I do suggest you dig in and start reading though. What we are seeing in the gold market has changed. If you are in that market you ought to consider all ideas. 

All who hold physical gold will carry through the transition just fine. (me almost accurately quoting Another)

Sun, 04/07/2013 - 18:16 | 3419737 MeelionDollerBogus
MeelionDollerBogus's picture

Those smart enough to hold gold may now be satisfied with physical holdings and seek higher-yield paper returns with options, margin or in shorting the market or other games. Hard to say. Someone, somewhere, for no reason I would follow or can discern, are into bitcoin garbage. Money's going there but who's I don't know.

Fri, 04/05/2013 - 22:54 | 3415328 q99x2
q99x2's picture

Who in their right mind would put a bankster in charge of GOLD. What are they crazy.

Fri, 04/05/2013 - 23:43 | 3415419 MythicalFish
MythicalFish's picture

Happy hour at my bank, physical cast kilo bar for 0.3% bid/ask !???

 

https://uniservices1.uobgroup.com/secure/online_rates/gold_and_silver_pr...

Sun, 04/07/2013 - 17:39 | 3419543 MeelionDollerBogus
MeelionDollerBogus's picture

* "subject to change without notice"

however, it is 0.3% as you mentioned and some jackass red-arrowed you.

Seriously people, clicking red triangles is not a cure for sandy vagina. This man's bank offers, for now, a nice little deal there. I do question why but if delivery is good I wouldn't question much more :D

Sat, 04/06/2013 - 03:23 | 3415625 Satan
Satan's picture

So Gold is insurance against paper insured with paper?

Sat, 04/06/2013 - 04:15 | 3415651 Bicycle Repairman
Bicycle Repairman's picture

Anything you insure is subject to settlement on the insurance company's terms.  As indemnity, they'll hand you whatever is convenient for them.  Salvage.  A check.  Sympathy. It's in every insurance contract. 

Sat, 04/06/2013 - 04:37 | 3415660 thurstjo63
thurstjo63's picture

And they can rest assured that the "insurance" is similar to the insurance provided by CDS! There are provisions made by JPM to cover the losses suffered!?!

Sat, 04/06/2013 - 07:16 | 3415757 goldenbuddha454
goldenbuddha454's picture

Just once, I'd like to see one entity, be it govt. or corporation, physically inspect their purported stash of gold publicly and be able to show its people or investors that yes the gold is present and yes the quantity alleged to exist actually exists.  To go a step further, to actually randomly drill a section of a gold bar to be sure none of them are filled with tungsten or lead.  I know this will never happen, but its a nice thought.

Sat, 04/06/2013 - 07:25 | 3415766 Bearwagon
Bearwagon's picture

Not to be taken serious:

Recently I took a cery crowded regional train and stood next to a bankster. I recognized him by his UBS-nametag. He was standing there with a suitcase, right next to the door to the nonsubdivided passenger compartment. Everytime he looked at his watch, that door opened. And he looked at his watch a lot. That this rattly door perpetually opened and closed with loud buzzing irritated him, obviously more so than anybody else. Nevertheless he looked at his watch time and again, always to the same outcome. And while he repeatedly rolled his eyes quite annoyed, I stood there, and couldn't understand why he didn't regognize the correlation. But me, myself and I realised some financial relationships at that very moment.

Sat, 04/06/2013 - 08:30 | 3415808 Cacete de Ouro
Cacete de Ouro's picture

Most of the insurance on gold movements done by Brinks and ViaMat etc is, to my knowledge underwritten by Lloyd's of London syndicates. I could be wrong but I recall reading this somewhere.
I wonder if these contracts arr publically available to consult?

Sat, 04/06/2013 - 08:50 | 3415832 Downtoolong
Downtoolong's picture

Insured a 100 times value by AIG, and the policy is held by Goldman.

Sat, 04/06/2013 - 09:25 | 3415859 misitu
misitu's picture

Wondering

Why they did not deny the location of the vault ...

[the only reason that comes to mind is that a general sense of panic has settled on anyone in and around that business]

Sat, 04/06/2013 - 13:49 | 3416483 Cacete de Ouro
Cacete de Ouro's picture

Yes, interesting...no denial of the vault's location having been made public...

So that's a fact then:
60 Victoria Embankment with entrance on Carmelite Street, and huge L shaped vault, about 18 metres down, running east under John Carpenter street then turning south all the way towards under the Main building..

Sat, 04/06/2013 - 10:44 | 3415954 Monedas
Monedas's picture

"There is a dialectic process between red and blue .... but they are different .... those that say no .... are just leftists .... giving cover to fellow leftists .... muddying the water !".... Monedas   1929

Sat, 04/06/2013 - 10:44 | 3415957 Monedas
Monedas's picture

Anthony Bourdain's 5 Travel Tips:   1. Get hungry !  2. Get curious !  3. Get lost !  4. Get kidnapped !  5. Get killed !

Sat, 04/06/2013 - 10:46 | 3415974 Monedas
Monedas's picture

Ever notice that Gold insurance contracts .... never speak of double indemnity .... you'll be lucky to get single, fiat indemnity ?

Sat, 04/06/2013 - 10:49 | 3415985 Monedas
Monedas's picture

Tulving double indemnity:  If you order is one week late .... we will double your order ! Sarc

Sat, 04/06/2013 - 11:03 | 3416030 Fix It Again Timmy
Fix It Again Timmy's picture

Joe Izusu backs this claim - you have nothing to worry about...

http://www.youtube.com/watch?v=SNOvNrZ6S_E

 

 

Sat, 04/06/2013 - 12:07 | 3416223 auric1234
auric1234's picture

Thanks to legal tender laws, it is not even possible to enforce metal insurance.

The insurer can always comply by giving you Fed paper, which will so happen to become worthless precisely at the same time you needed the insurance.

 

Sat, 04/06/2013 - 22:42 | 3417741 CustomersMan
CustomersMan's picture

 

 

...And with control over and of the ISDA they get to say what a default is or is not, thereby determining who pays or gets paid or gets screwed. It's quite a system they've devised.

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