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Meet The Man Responsible For Regulating $234 Trillion In Derivatives: The CFTC's New Head Timothy Massad

Tyler Durden's picture




 

It's official - goodbye Gary Gensler, we hardly knew you... as a commodities regulator that is, although Bart Chilton (who is finally also stepping down due to being too burdened by lack of funding to actually do anything) was kind enough to provide much needed perspective on how the CFTC truly works. In place of the former Goldmanite, today Obama will announce that going forward America's top derivative regulator and CFTC head will be Timothy Massad, the Treasury Department official responsible for overseeing the U.S. rescue of banks and automakers after the credit crisis.

Who is Timothy Massad? Bloomberg has the details:

A former partner at Cravath, Swaine & Moore LLP in New York, Massad was a legal adviser to a congressional panel that oversaw the Troubled Asset Relief Program, which loaned billions of dollars in banks and auto companies to help stabilize the economy during the 2008 crisis. The program, which he then was confirmed to manage at Treasury, spurred a political backlash that drove congressional supporters from office in the 2010 election and fed criticism of Wall Street.

 

“Nobody ever wants to see TARP repeated. But the fact is, TARP is a program that did its job,” Massad said Sept. 30 at the Brookings Institution. “It has worked faster, better, and cheaper than most people ever thought possible.”

 

Massad would take over an agency that has put into place more than 60 rules mandated by Dodd-Frank to help reduce risk and increase transparency in the swaps market after largely unregulated trades helped fuel the crisis. The rules have yet to all take effect as the agency battles budget challenges as a result of failed efforts to increase funding from Congress.

 

The commission, which is designed to have five members, may instead have only one Democrat and one Republican early next year if Obama and the Senate cannot overcome political hurdles to confirm new commissioners.

So the man who was responsible for bailing out the banks at any cost, will now make sure these same banks don't do anything bad again. And he will also, somehow, "supervise" America's $234 trillion in derivatives and make sure nothing bad ever happens there too?

Somehow, we are a little skeptical. Sure enough: "The party-line split on the commission would probably delay votes on contentious Dodd-Frank regulations." In other words more of the same "nothing must change" hard line stance the CFTC has so sternly pursued since the crisis, and before.

 

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Tue, 11/12/2013 - 11:41 | 4145990 LawsofPhysics
LawsofPhysics's picture

Derivatives?  Here's my prediction;

Central bankers around the world will have an international meeting and come out of that meeting saying "What derivatives?"

Off course they will demand to maintain control of all physical assets on their books...

hedge accordingly.

Tue, 11/12/2013 - 11:44 | 4146004 hedgeless_horseman
hedgeless_horseman's picture

 

 

The foxes have been in charge of the henhouse since 1913.

The Board of Governors of the Federal Reserve System has supervisory and regulatory authority over a wide range of financial institutions, including state-chartered banks that are members of the Federal Reserve System (state member banks), bank holding companies, thrift holding companies and foreign banking organizations that have a branch, agency, a commercial lending company subsidiary or a bank subsidiary in the United States. While the Board establishes supervisory policies, the Board delegates day-to-day supervision to the Reserve Banks.

Ignore the following...

A conflict of interest (COI) occurs when an individual or organization is involved in multiple interests, one of which could possibly corrupt the motivation for an act in another.

 

http://en.wikipedia.org/wiki/Conflict_of_interest

Tue, 11/12/2013 - 11:45 | 4146015 Pladizow
Pladizow's picture

Looks like Gary "The Rat" Gensler's autistic brother.

Tue, 11/12/2013 - 11:47 | 4146021 SafelyGraze
Tue, 11/12/2013 - 11:47 | 4146026 SilverIsKing
SilverIsKing's picture

Must work for Mossad.

Tue, 11/12/2013 - 11:56 | 4146057 hedgeless_horseman
hedgeless_horseman's picture

 

 

It is a farce.

 

http://dc.isda.org/about-dc-committees/current-dc-members/

Americas

Voting Dealers

    Bank of America N.A.
    Barclays Bank plc
    BNP Paribas
    Citibank, N.A.
    Credit Suisse International
    Deutsche Bank AG
    Goldman Sachs International
    JPMorgan Chase Bank, N.A.
    Morgan Stanley & Co. International plc
    UBS AG

Consultative Dealers

    Nomura International plc
    Société Générale

Voting Non-dealers

    BlueMountain Capital Management, LLC (Second Term Non-dealer)
    Citadel LLC (First Term Non-dealer)
    D.E. Shaw Group & Co., L.P. (First Term Non-dealer)
    Elliott Management Corporation (Third Term Non-dealer)
    Pacific Investment Management Co., LLC (Second Term Non-dealer)

Consultative Non-Dealer

    Saba Capital Management, L.P.

CCP Members

    ICE Clear Credit LLC

 
Asia Ex-Japan

Voting Dealers

    Bank of America N.A.
    Barclays Bank plc
    Citibank, N.A.
    Credit Suisse International
    Deutsche Bank AG
    Goldman Sachs International
    JPMorgan Chase Bank, N.A.
    Morgan Stanley & Co. International plc
    Nomura International plc
    UBS AG

Consultative Dealers

    BNP Paribas
    Société Générale

Voting Non-dealers

    BlueMountain Capital Management, LLC (Second Term Non-dealer)
    Citadel LLC (First Term Non-dealer)
    D.E. Shaw Group & Co., L.P. (First Term Non-dealer)
    Elliott Management Corporation (Third Term Non-dealer)
    Pacific Investment Management Co., LLC (Second Term Non-dealer)

Consultative Non-Dealer

    Saba Capital Management, L.P.

 
Australia and New Zealand

Voting Dealers

    Bank of America N.A.
    Barclays Bank plc
    BNP Paribas
    Citibank, N.A.
    Credit Suisse International
    Deutsche Bank AG
    Goldman Sachs International
    JPMorgan Chase Bank, N.A.
    Morgan Stanley & Co. International plc
    UBS AG

Consultative Dealers

    Nomura International plc
    Société Générale

 

Voting Non-dealers

    BlueMountain Capital Management, LLC (Second Term Non-dealer)
    Citadel LLC (First Term Non-dealer)
    D.E. Shaw Group & Co., L.P. (First Term Non-dealer)
    Elliott Management Corporation (Third Term Non-dealer)
    Pacific Investment Management Co., LLC (Second Term Non-dealer)

Consultative Non-Dealer

    Saba Capital Management, L.P.

 
EMEA

Voting Dealers

    Bank of America N.A.
    Barclays Bank plc
    BNP Paribas
    Citibank, N.A.
    Credit Suisse International
    Deutsche Bank AG
    Goldman Sachs International
    JPMorgan Chase Bank, N.A.
    Morgan Stanley & Co. International plc
    UBS AG

Consultative Dealers

    Nomura International plc
    Société Générale

Voting Non-dealers

    BlueMountain Capital Management, LLC (Second Term Non-dealer)
    Citadel LLC (First Term Non-dealer)
    D.E. Shaw Group & Co., L.P. (First Term Non-dealer)
    Elliott Management Corporation (Third Term Non-dealer)
    Pacific Investment Management Co., LLC (Second Term Non-dealer)

Consultative Non-Dealer

    Saba Capital Management, L.P.

CCP Members

    ICE Clear Europe Limited
    LCH.Clearnet S.A.

 
Japan

Voting Dealers

    Bank of America N.A.
    Barclays Bank plc
    Citibank, N.A.
    Deutsche Bank AG
    Goldman Sachs International
    JPMorgan Chase Bank, N.A.
    Mizuho Securities Co., Ltd.
    Morgan Stanley & Co. International plc
    Nomura International plc
    UBS AG

Consultative Dealers

    Credit Suisse International
    Société Générale

Voting Non-dealers

    BlueMountain Capital Management, LLC (Second Term Non-dealer)
    Citadel LLC (First Term Non-dealer)
    D.E. Shaw Group & Co., L.P. (First Term Non-dealer)
    Elliott Management Corporation (Third Term Non-dealer)
    Pacific Investment Management Co., LLC (Second Term Non-dealer)

Consultative Non-Dealer

    Saba Capital Management, L.P.

Tue, 11/12/2013 - 12:03 | 4146070 BaBaBouy
BaBaBouy's picture

Thanks AGAIN, IBAMA ...

 

""""RESISTANCE IS FUTILE, YOU WILL BE ASSIMILATED """"

Tue, 11/12/2013 - 12:05 | 4146092 BaBaBouy
BaBaBouy's picture

Hehehehehehehe ...

We're Fucked...

Tue, 11/12/2013 - 12:12 | 4146116 SamAdams
SamAdams's picture

Glad to see they finally appointed a Gentile to a financial governance position.  Perhaps he will be better at financial calculation, providing a legitimate service to the people of the United States rather than a transfer of wealth to a select group associated with the monopoly on money creation. 

Oh, you don't say?  Well, nevermind....

Tue, 11/12/2013 - 12:31 | 4146203 AlaricBalth
AlaricBalth's picture

Looks like Timothy Massad and Marty Feldman (Young Frankenstein) were separated at birth.

 

http://www.treasury.gov/about/organizational-structure/PublishingImages/Official%20Massad%20Photo.jpg

http://4.bp.blogspot.com/-CXkK6-bRDoE/UDxL-Ncn-hI/AAAAAAAAGH0/9C-QqiF337M/s1600/FR-3.jpg

 

Igor: You know, I'll never forget my old dad. When these things would happen to him... the things he'd say to me. 
Dr. Frederick Frankenstein: What did he say? 
Igor: "What the hell are you doing in the bathroom day and night? Why don't you get out of there and give someone else a chance?" 

Tue, 11/12/2013 - 12:53 | 4146285 Indian_Goldsmith
Indian_Goldsmith's picture

LOL

Tue, 11/12/2013 - 13:59 | 4146511 TruthInSunshine
TruthInSunshine's picture

Just this morning, a clearly self-hating Jew told me that "Mossad's [sic] got fingerprints on everything" and I dismissed him as a ranting lunatic.

Weird.

Tue, 11/12/2013 - 16:44 | 4147327 it aint easy
it aint easy's picture

Yea, kinda weird that you did.

Tue, 11/12/2013 - 12:35 | 4146216 Sean7k
Sean7k's picture

You need a sarc tag. Massad is an Ashkenazi jew.

Tue, 11/12/2013 - 16:57 | 4147387 it aint easy
it aint easy's picture

Well written sarcasm doesn't need a damned tag.

Tue, 11/12/2013 - 12:44 | 4146246 Kirk2NCC1701
Kirk2NCC1701's picture

Think 'Mas(s)ada'.

Tue, 11/12/2013 - 12:07 | 4146102 EscapeKey
EscapeKey's picture

I don't understand those who *STILL* blame Obama. He's just a puppet. A teleprompter-reader. An empty shell in a suit. And if McCain or Romney had won, everyone would now say the exact same things about him.

You'll want to take a look at who control all of them. Follow the money, right into the heart of New York.

Tue, 11/12/2013 - 12:15 | 4146132 SamAdams
SamAdams's picture

and from there to the Roman province of London?  The scam is three:  Religion, War and Money Creation.  Has been this way a very long time.

Tue, 11/12/2013 - 12:24 | 4146167 john39
john39's picture

Rome also had a fifth column that destroyed it from within...  same as it ever was.

Tue, 11/12/2013 - 12:47 | 4146260 Kirk2NCC1701
Kirk2NCC1701's picture

"John May lives!"
Look it up, if you have to.

Tue, 11/12/2013 - 17:10 | 4147431 it aint easy
it aint easy's picture

.

Tue, 11/12/2013 - 12:43 | 4146242 Mike Hunt Hurts
Mike Hunt Hurts's picture

Like eveyone else, I'm just blaming him

 

because he is BLACK.

Tue, 11/12/2013 - 12:08 | 4146106 I am more equal...
I am more equal than others's picture

 

 

He looks dimwitted.  He'll do.

 

Our current history is eerily reminiscence of late 1920's and early 1930's. 

Something bad - really lots of things - is brewing. 

Cult of Personality Leadership

Relativism

Truth is a matter of perspective

Who will be the Brown Shirt?

Tue, 11/12/2013 - 12:21 | 4146147 TeamDepends
TeamDepends's picture

Why, Barry's "Civilian National Security Force, which will be just as powerful, just as strong, just as well funded as the US Military", of course.

Tue, 11/12/2013 - 14:45 | 4146723 klockwerks
klockwerks's picture

Where is Wells Fargo. Are they "safer" than the rest

Tue, 11/12/2013 - 12:01 | 4146061 BaBaBouy
BaBaBouy's picture

.

Tue, 11/12/2013 - 14:58 | 4146190 falak pema
falak pema's picture

You're half way there; Massad is butter to spread on Mossad and Assad bread. 

Only the State department and NSA could think that one up. 

If Massad massages Assad he can then go to Mossad and say he kicked badassad.

Perfect derivative play, OTC deregulated and rehypothecated. 

 

Tue, 11/12/2013 - 13:04 | 4146332 Race Car Driver
Race Car Driver's picture

> Must work for Mossad.

 

How else would he have got the job in the first place?

Tue, 11/12/2013 - 11:58 | 4146067 Againstthelie
Againstthelie's picture

The blue pill or the red pill?

Important is only, that the sheeple are not interested if he has an Israeli passport. Never question your masters...

 

Tue, 11/12/2013 - 13:20 | 4146391 Nobody For President
Nobody For President's picture

Being invisible is a great trick - this guy is *perfect* for the job.

Tue, 11/12/2013 - 12:09 | 4146110 Gringo Viejo
Gringo Viejo's picture

Junior Soprano.

Tue, 11/12/2013 - 12:43 | 4146244 The Devil
The Devil's picture

Clearly Nosferatu. I should know.

Tue, 11/12/2013 - 12:51 | 4146273 Kirk2NCC1701
Kirk2NCC1701's picture

"... et cum spiritu tuom".

Tue, 11/12/2013 - 13:02 | 4146323 Burticus
Burticus's picture

When I saw the photo, I immediately thought the same thing...he looks just like an older version of "The Rat" Gensler!

Also, the name sounds an awful lot like Mossad...

Unfortunately, unlike my silver, they cannot easily lose a quadrillion FeRNsworth of derivative financial instruments in a tragic sailboat mishap.

Tue, 11/12/2013 - 13:34 | 4146438 slaughterer
slaughterer's picture

Why are all senior Goldmanites bald and rat-faced?  Why can't the company outfit them all with wigs and facial massages?

Tue, 11/12/2013 - 13:52 | 4146491 zanez
zanez's picture

More like Squidward form Spongebob...

Tue, 11/12/2013 - 11:53 | 4146054 EscapeKey
EscapeKey's picture

"The civil service reform began in the federal government with the Pendleton Bill of 1883. As a result, the government was controlled with varying degrees of completeness by the forces of investment banking and heavy industry from 1884 to 1933."

Carroll Quigley, "Tragedy & Hope"

Tue, 11/12/2013 - 12:18 | 4146142 graspAU
graspAU's picture

“The real truth of the matter is, as you and I know, that a financial element in the large centers has owned the government of the U.S. since the days of Andrew Jackson…The country is going through a repetition of Jackson's fight with the Bank of the United States--only on a far bigger and broader basis. “
-Letter to Col. Edward Mandell House (21 November 1933); as quoted in F.D.R.: His Personal Letters, 1928-1945, edited by Elliott Roosevelt (New York: Duell, Sloan and Pearce, 1950), pg. 373.

Tue, 11/12/2013 - 13:26 | 4146423 Nobody For President
Nobody For President's picture

Except our current President ain't fighting...

Tue, 11/12/2013 - 17:03 | 4147410 Relentless
Relentless's picture

Presidents stopped fighting years ago

Tue, 11/12/2013 - 12:19 | 4146144 graspAU
graspAU's picture

“The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences. The apex of the system was the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the worlds’ central banks which were themselves private corporations. The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups.”
-Carroll Quigley, Tragedy and Hope, page 324, first published 1966. Quigley was Bill Clinton’s professor at Georgetown and also taught at Princeton and Harvard.

Tue, 11/12/2013 - 13:04 | 4146334 Kirk2NCC1701
Kirk2NCC1701's picture

Good info from you both. Thx.

BTW the Feudal infiltration of the Freemasons goes back to the Middle Ages, when the aristocracy started joining them and thus ever so gradually took over and redirected its initial agenda (Truth-seeking, Honor, Collegiality, Fraternity, Skill & Craftsmanship). When the aristocrats took over, Truth-seeking, Skill & Craftsmanship went out the window.

It became a sort of Elite Underground, that has been pulling strings and operating in the shadows for at least a hundred years, when European revolutions kicked out the nobility.

Dumb and malleable sheep think that 'socialists' are in control these days, when nothing could be further from the truth. Poor sheep, they simply lack the knowledge, insight and gray matter, to get to the truth (on their own).

Tue, 11/12/2013 - 13:33 | 4146399 Lost Word
Lost Word's picture

Is the year 1717 the middle ages ?

Beginning of London controlled Freemasonry union.

Soon expanded into France and the United States.

The Bavarian Illuminati was formed in 1776. Jesuit Weishaupt said to be a secret Jew controlled by Rothschilds.

Blamed for the French Revolution overthrow of French aristocracy and royalty.

Blamed for the Russian revolution overthrow of Russian aristocracy and royalty.

Tue, 11/12/2013 - 14:04 | 4146534 Nigh Eve
Nigh Eve's picture

... and the group credited (not blamed) for the American Revolution would be....... Presbyterians (i.e. Scottish Protestants).  Hurray!!

Tue, 11/12/2013 - 11:49 | 4146037 butchee
butchee's picture

Exactly.  Who needs to be "netted" when they can just erase a few files and spreadsheets at LCH Clearnet?  Problemo solved.

Tue, 11/12/2013 - 14:44 | 4146716 Miztli Raiser
Miztli Raiser's picture

Massad?? Another zionist jew who supposedly will regulate business of big banks controlled by zionist jews?

It's a joke right?

I am not surprised.. The whole damn financial system is controlled by these people http://thezog.wordpress.com/who-controls-wall-street-part-1/

Tue, 11/12/2013 - 11:40 | 4145991 Conax
Conax's picture

Was that Massad or Mossad?

No matter.

Tue, 11/12/2013 - 11:43 | 4146008 RSloane
RSloane's picture

This one clearly is an alien. Where do they get these human impersonators that look like a praying mantis?

Tue, 11/12/2013 - 12:15 | 4146130 Skateboarder
Skateboarder's picture

Nu Yawk?

Tue, 11/12/2013 - 12:46 | 4146168 kralizec
kralizec's picture

I think they're from Ophiuchus, in the Marfik system.  But it's OK, they've worked out a deal with the PTBs that the earth colonization process won't begin until 2020 and of course all the insiders get to rule as slavemaster underlords to the Marfikian Collective...the rest of us exterminated or enslaved...until the earth is an empty rock stripped of all resources, then what's left of humanity will be left to die.

Tue, 11/12/2013 - 11:44 | 4146011 fonzannoon
fonzannoon's picture

Barack Hussein Obama appoints Massad.

U.S.A 2013

 

Pres Dwayne Elisandro Herbert Mountain Dew Camacho is not a reach anymore.

Tue, 11/12/2013 - 11:47 | 4146023 Everybodys All ...
Everybodys All American's picture

 

... assuming he's an illegal.

Tue, 11/12/2013 - 11:59 | 4146069 ParkAveFlasher
ParkAveFlasher's picture

Timothy Massad, anagram for Toy Math Sadism.

Tue, 11/12/2013 - 11:41 | 4145993 ziggy59
ziggy59's picture

Oh this should be good...

Tue, 11/12/2013 - 11:43 | 4146002 EscapeKey
EscapeKey's picture

Don't worry. He's not corrupt in any way. And he will be tough on the big banks.

Tue, 11/12/2013 - 11:48 | 4146025 NotApplicable
NotApplicable's picture

I'm feeling much better already.

Tue, 11/12/2013 - 11:50 | 4146039 EscapeKey
EscapeKey's picture

Just this morning, he told Dimon off for going for a second refill.

Tue, 11/12/2013 - 12:01 | 4146072 ParkAveFlasher
ParkAveFlasher's picture

It's not proper to drink baby's blood on Tuesday, much less two cups!

Tue, 11/12/2013 - 12:11 | 4146115 RSloane
RSloane's picture

A quick google led me to an article about him at Slate Magazine, you know that bastion of totally neutral and not agenda driven publication. They led the article by referring to him as a "hard hitting team player" which I took to mean that he's pretty good at bowling and possibly billiards.

Tue, 11/12/2013 - 11:43 | 4146003 LawsofPhysics
LawsofPhysics's picture

Last time I looked the derivatives outstanding on earth was north of 800 trillion.

as ziggy said; "Oh this should be good..."

Tue, 11/12/2013 - 11:51 | 4146047 EscapeKey
EscapeKey's picture

Yeah, but you want to look at the net position which is about 1-3% of notional... which is about the GDP of the US. What could possibly go wrong?

Tue, 11/12/2013 - 12:01 | 4146073 NoDebt
NoDebt's picture

Plus they have that nifty new 48 hour rule so they can find your swaps another home without affecting counterparties.  Who needs regulation when you have diversification?

Tue, 11/12/2013 - 12:02 | 4146079 Winston Churchill
Winston Churchill's picture

Like Lehman's net exposure was only $8bn according to them.

Tue, 11/12/2013 - 11:45 | 4146014 CrimsonAvenger
CrimsonAvenger's picture

Bart Chilton redirected all of his funding into a secret hair gel account. On the brighter side, he looks fabulous.

Tue, 11/12/2013 - 11:58 | 4146068 youngman
youngman's picture

You can bet Bart spends a couple of hours every day on his hair....its his signiture....his icon...and people tell him its beautiful everyday...so he primps all day long....spends more time on his hair than any regulation writing..that is for sure...

Tue, 11/12/2013 - 12:45 | 4146251 Crash Overide
Crash Overide's picture

Wasn't Bart Chilton the guy John McClain killed at Nakatomi Plaza?

Tue, 11/12/2013 - 11:46 | 4146016 djsmps
djsmps's picture

OT-I switch to Marketwatch for a second. An ominous headline is there : Dow loses grip on record high; stocks slide after sentiment data

The Dow was down 3.

Tue, 11/12/2013 - 11:48 | 4146029 Coldfire
Coldfire's picture

Bagholder.

Tue, 11/12/2013 - 11:49 | 4146032 alien-IQ
alien-IQ's picture

Obviously he's a man that can be trusted. You can tell because he's wearing a tie.

Tue, 11/12/2013 - 13:42 | 4146454 Lost Word
Lost Word's picture

Also known as a Freemasonry cable tow, or Freemasonry noose.

Freemasonry Secret Oaths sworn while wearing the hangman's noose.

Break the oath and they kill you.

Freemasonry the creator of the Mafia.

Tue, 11/12/2013 - 11:49 | 4146035 Bearwagon
Bearwagon's picture

Dodd-Frank? You kidding, right? I've lived to have known Glass-Steagall - and your Dodd-Frank is no Glass-Steagall. It's all been downhill, ever since ...

Tue, 11/12/2013 - 11:50 | 4146040 NoWayJose
NoWayJose's picture

He may turn out to be no better, but can he really be WORSE than what was there for the past few years?

Tue, 11/12/2013 - 11:52 | 4146051 vyeung
vyeung's picture

as an ex-derivatives professional, I will say this, when its blows it will blow BIG!

Tue, 11/12/2013 - 11:56 | 4146059 Bearwagon
Bearwagon's picture

And that's exactly why they won't refrain from even the silliest measures to keep it from blowing ...

Tue, 11/12/2013 - 12:31 | 4146200 geno-econ
geno-econ's picture

But I was told by Fed Chairman Greenspan that derivatives diversified risk as does securitization of mortgages . Shirley, you can rely on Greenspan, Dimon and Massad as well as former Congressmen who lobby for the big banks ! It's just one happy risk diversification family leaching and profiting from passing on risk to other institutions in an effort to stay afloat without collateral. Sooner or later it will sink from the weight of ever increasing debt in a sea of fiat printing that cannot be repaid. In essence the weight of debt sinks in a sea of weakened currency. Are you listening Janet ?

Tue, 11/12/2013 - 13:19 | 4146387 vyeung
vyeung's picture

we used to have what they called dynamic hedging (I won't name the institute, its the big 4), which is suppose to hedge risk on the fly, hence ZERO risk. Didn't quite work, the whole department went up in smokes and flying colors. When you reply on computer algo, there is only so much its programmed to monitor and react to. In a market with a banded volatility profile, everything works accordingly, but when it spikes, god help us.

Tue, 11/12/2013 - 12:01 | 4146074 chunga
chunga's picture

"But the fact is, TARP is a program that did its job,”

What? These fucking people are incredible.

Tue, 11/12/2013 - 12:15 | 4146133 LeisureSmith
LeisureSmith's picture

It did it's job, he's just neglecting to specify the people it did it's job for. aka not us.

Tue, 11/12/2013 - 12:25 | 4146172 chunga
chunga's picture

Yes. Somebody else commented above there isn't a ton of info on this guy.

Apparently he's been rubbing elbows with the likes of Neel Kashkari and Herb Allison for quite some time.

That's all I need to know.

Tue, 11/12/2013 - 12:38 | 4146225 quasimodo
quasimodo's picture

Great news, he is buds with cash carry. Funny how that guy helped loot Amerika and now narry a peep. 

Some days I wonder if these fuckers are scared to be seen in public so they take some of thier ill gotten gains and get as far off the grid as they can. 

I thought I read somewhere that cash carry was living in a cabin somewhere. I'm guessing it's not on a main thoroughfare.

Tue, 11/12/2013 - 12:48 | 4146265 chunga
chunga's picture

It wouldn't surprise me to see Kashkari and others living in far-flung enclaves a safe distance from the proles.

I did a half-assed search on some of these GSE pricks and saved it. They really make me sick.

FRANKLIN RAINES [D] – FNMA CEO (1999 – 2004) Raines accepted “early retirement” from his CEO position while the SEC pretended to investigate accounting irregularities. Fannie’s own OHFHEO also accused him of abetting widespread accounting errors, including the shifting of losses, so he and his fellow execs could “earn” large bonuses. The WSJ reported back in 2008 that Raines was one of several cronies that received below market rates for mortgages from Countrywide. Raines alone receive loans for over $3 million while CEO of FNMA. Raines’ compensation for his “work” at FNMA - $90 million.

RAINES GRADE – F

DANIEL MUDD [R] – FNMA CEO (2005 – 2008) Before becoming CEO of FNMA, Mudd worked at the Office of the Secretary of Defense, was an advisor to Asia-Pacific Economic Corp., “served” on the board of the Council of Foreign Relations, “consulted” at the World Bank, and held many positions at GE Capital including president and CEO. Mudd was dismissed as CEO of FNMA when FHFA became conservator in 2008. In 2011 Mudd and other GSE execs were charged by SEC with securities fraud. After his career at FNMA Mudd became CEO of a NYC hedge fund named “Fortress”. Fortress invested in purchasing tax liens on delinquent property taxes from local governments under many benign corporate names such as “Pleasant Valley Capital” and “Travis Farm Investments”. Cozy. Mudd’s compensation for his “work” at FNMA - $80 million.

MUDD GRADE – F

NEEL KASHKARI [R] – FNMA CEO (Tenure is murky) Kashkari was a former investment banker for Goldman Sachs, was tapped by Hank “The Shank” Paulson to lend his skills over at TARP HQ, and now rather ironically, continues God’s work as a Managing Director at PIMCO. Kashkari’s compensation for his “work” at FNMA is also murky; I’ll just assume it was too much.

KASHKARI GRADE - F

HERB ALLISON [D] – FNMA CEO (2008 – 2009) The esteemed Mr. Allison was quickly whisked off to oversee the wildly successful TARP program. I didn’t find much on his compensation during his brief stint as FNMA CEO. Allison served in various positions at Merrill Lynch and became a member of the board in 1997. He was a director of the NYSE from 2003 – 2005.

ALLISON GRADE – F

MICHAEL WILLIAMS [?] – FNMA CEO (2009 – Jan 1, 2012) Mr. Williams is a 20 year veteran at FNMA. While “serving” as FNMA CEO, Williams managed to scrape by on less than $6 million in 2011 alone. This could and should be considered a hardship, given the complexities involved in purloining ~ $60 billion of Fed bailout money.

WILLIAMS GRADE – F

FANNIE’S MAJOR DANCE PARTNER, FREDDIE MAC, HAS ALSO PERFORMED VERY POORLY.

Charles (my friends call me “Ed”) Haldeman has announced his retirement plans but intends to be a good sport and stay on with insolvent FHLMC until another crony can be found to fill his wing-tips.

That might take a while. “Serving” as CEO of the ultimate backstops for the lion’s share of the MBS Ponzi is very stressful.

We’ll have to accept former Freddie exec David Kellermann’s testimony posthumously. Mr. Kellermann was found hanging by the neck in the basement of his posh Vienna, VA home in the affluent suburb of Washington. D.C. way back in April of 2009. It is presumed he had no help and local police have stated there was no evidence of foul play.

 

Tue, 11/12/2013 - 12:02 | 4146082 kchrisc
kchrisc's picture

Is he too from the 'tribe?'

Tue, 11/12/2013 - 12:21 | 4146150 Colonel Klink
Colonel Klink's picture

As if there's a question with his freakish appearance and typical bald pattern.

Tue, 11/12/2013 - 12:22 | 4146155 buzzsaw99
buzzsaw99's picture

goo goo g'joob bitchez [/walrus]

Tue, 11/12/2013 - 12:04 | 4146091 squid427
squid427's picture

“It has worked faster, better, and cheaper than most people ever thought possible.”

of course it was cheap, it wasn't your money

Tue, 11/12/2013 - 12:05 | 4146093 Mad Mohel
Mad Mohel's picture

Massad?! Are you shitting me? The son of a bitch looks like Oskar Schindler's book keeper. Nobody wants to call this what it is? These motherfuckers are a Fifth Column.

Tue, 11/12/2013 - 12:43 | 4146243 Kinskian
Kinskian's picture

According to Jews, they never wanted to form a monopoly in the banking and financial industries, but historically the gentiles forced this upon them by banning them from other professions. Of course that isn't true, but to paraphrase a Polish proverb " the Jew cries out in pain while he strikes you". 

Based on his name however, this guy could be an Arab.

Tue, 11/12/2013 - 12:08 | 4146105 Froman
Froman's picture

Great!  Just what this Country needs...another douche bag Harvard lawyer F***ing up the system. What a bunch of ass hats.

Tue, 11/12/2013 - 12:08 | 4146109 Darth Mul
Darth Mul's picture

I'm soooo surprised  {golf clap}

We still can't talk about it though - right? 

 

So how many heads of the CFTC, Fed, and IRS in a row have been Jewish now?  2.5.% of the population, folks.  Am I being "discriminatory"? in mentioning that this 2.5% seems to be almost exclusively appointed to any position of consequence having to do with banking, budget or finance - and these are appointments, there's plenty of incompetent Ivy League WASPs and tokens to choose from.

Jews no longer head the SEC or Office of Management and Budget.  But they have the CFTC, IRS, Fed, FDIC, Sec of Treasury - and every single under secretary and the deputy sec of treasury, CBO, Council of Economic Advisors, National Economic Council*

Bureau of Economic Analysis  {within Commerce), the US trade representative [and deputy!]

As well as a number of other agencies like the FCC and FDA and Federal Election Commission

 

I mean - what bothers me isn't so much the wild, wild, CRAZY over-representation, it's the fact that a] no one, not even ZH, would write an article about it - but too many white guys at the firehouse is fair game for the press, and 2] Abe Foxman would maintain with a straight face that Jewish control of the Fed etc. is an "antisemitic canard."   He's currently in Israel meeting with other "Jewish leaders" from Israel and the rest of North America, periodically criticizing the US government for trying diplomacy with Iran.

 

What the fuck, man??  I mean - just what the fucking fuck?? 

 

https://en.wikipedia.org/wiki/List_of_federal_agencies

 

*

Past chairs include:

 

Tue, 11/12/2013 - 12:11 | 4146117 Darth Mul
Darth Mul's picture

And yes, Virginia, Jews really do {mostly} run the Fed

 

http://www.globalresearch.ca/the-federal-reserve-cartel-the-eight-families

 

Maybe 'canard' means ' a true thing you can't say because we don't fear pogroms, but we fear the loss of our unrivalled power of the US economy, foreign policy, admission to the Ivies, etc etc.

 

It's fucking ridiculous we can't talk about this without being smeared as "antisemites."  What a fucking magick trip.

Tue, 11/12/2013 - 16:48 | 4147343 Deathrips
Deathrips's picture

See Ezra Pound and Eustace Mullins for some clarity.

 

Damn story spinning bastards...they are.

 

RIPS

Tue, 11/12/2013 - 12:25 | 4146141 Randoom Thought
Randoom Thought's picture

Ummm, just FYI, the actual ethnic jewish population is MUCH higher. However, since they somehow got a law passed many years ago to make it illegal for the census to count their numbers, people tend to quote the number provided by the jewish authorities themselves. Does it not seem to be beneficial to hide ones numbers when one is trying to inobtrisively conquer a nation?

Tue, 11/12/2013 - 16:46 | 4147335 optimator
optimator's picture

Remember, if you can't talk about someone they own you.

Wed, 11/13/2013 - 04:39 | 4149086 kurt
kurt's picture

This and the following are lining up for their polonium sandwiches.

Tue, 11/12/2013 - 12:10 | 4146112 Randoom Thought
Randoom Thought's picture

... Or NOT regulating as the case may be.

If based simply on actions, instead of words, it seems that the CFTC (and SEC) are simply there to provide cover for the banks that "own" the government.

Tue, 11/12/2013 - 12:10 | 4146113 Atlantis Consigliore
Atlantis Consigliore's picture

I leave you regulators to it,   and a one and a two.

I christen thee TINY TIM,   a one anda two:

Tiptoe, thru the Derivatives, thru the Bullshit, Through the Opaque positions,

Tiptoe thru the Derivatives with me.....ahhhhhhhhaaaaaaaaa

 http://youtu.be/skU-jBFzXl0      

Tue, 11/12/2013 - 12:10 | 4146114 NoWayJose
NoWayJose's picture

Glad to see him in there.  We are well past the point to no return toward an economic collapse and a re-set of the country and economy.  If they would put someone effective into the job, it would only serve to delay that collapse - not prevent it.  This way, the collapse will happen sooner and we can move forward from there.  As soon as one big bank bets on the wrong side of a huge leveraged derivative trade, it will take down everything.

Tue, 11/12/2013 - 12:27 | 4146179 Randoom Thought
Randoom Thought's picture

Lol .. the future is being planned at a much higher level than this. One complicit toady or another does not make a difference. They are put into a position to make sure that nothing unexpected happens. That is all.

Tue, 11/12/2013 - 12:13 | 4146124 Calculus99
Calculus99's picture

Is it possible to get a juicy government job in the US without being a member of the Law cabal?

From a non-Americans view, it doesn't look likely.

What a circle jerk/wank.

Tue, 11/12/2013 - 12:14 | 4146127 RaceToTheBottom
RaceToTheBottom's picture

I think that we should review the rules for getting this policeman, and that is what this chap should be, a financial policemen. 

When is it OK to have an EX Criminal (not even going to try and talk about getting a repentant ex Criminal), manage the criminals?  WE are so fucked it is not even funny.

 

This from a country that chooses presidents by them being "guys we would like to have a beer with",

This country deserves this....

 

Tue, 11/12/2013 - 12:16 | 4146135 y3maxx
y3maxx's picture

President Alfred E. Neuman Leading America's Bread and Circuses,
...Two Gulf Oil Wells leaking
...At least two Nuclear Power Plants leaking
...Cities and related Pensions going BK
...University Loan Bubble approaching $150 Billion
...Green Programs Ethanol and Solar...profited only by Cronies
...50% of children receiving Govt Food Aid
...100 million Adults unemployed
...50 million on Food Stamps
...Millions of High School Students Homeless

Approaching our Planet is one "Mother of All Wars, World War".

Tue, 11/12/2013 - 12:19 | 4146143 No Euros please...
No Euros please we're British's picture

He needs to change those glasses for ones that black out at the first sign any manipulation in the markets, Joo Janta sunglasses would seem appropriate.

Tue, 11/12/2013 - 12:20 | 4146146 Save_America1st
Save_America1st's picture

his last name is Massad?  Kinda coincidentally creepy: #Mossad

lol

Tue, 11/12/2013 - 12:22 | 4146156 Seasmoke
Seasmoke's picture

Free Francis Sawyer !!!!

He is the messenger , just as much as Snowden is.

Tue, 11/12/2013 - 12:30 | 4146191 Yen Cross
Yen Cross's picture

     All the ALGOs are partying their asses off over this one... JFC > CFTC= Corrupt Fucking Thugs Club.

Tue, 11/12/2013 - 12:34 | 4146211 yogibear
yogibear's picture

Hide, stuff the bad stuff somewhere and deny,

Tue, 11/12/2013 - 12:42 | 4146230 Quinvarius
Quinvarius's picture

He found nice government burial plots for the skeletons in the banker's closets.  Probably dug up some Revolutionary War veterans or Thomas Jefferson or something to find space.

Tue, 11/12/2013 - 12:50 | 4146271 Debt Slave
Debt Slave's picture

Another member of the tribe. Color me surprised.

Tue, 11/12/2013 - 12:51 | 4146276 pupdog1
pupdog1's picture

He looks like his hobbies are barbecueing orphans, and breaking into show tunes for no apparent reason.

Tue, 11/12/2013 - 15:27 | 4146963 W74
W74's picture

Moloch.  Isn't that the diety to which these heebs sacrifice children?

Tue, 11/12/2013 - 16:50 | 4147353 it aint easy
it aint easy's picture

That's where that famous line "doing God's work" came from..

Tue, 11/12/2013 - 12:57 | 4146287 CHX
CHX's picture

Tim of Mossad to oversee the "weapons of financial mass distruction". How ironic.

Tue, 11/12/2013 - 12:55 | 4146294 novictim
novictim's picture

Hey, it's not like he will be doin' all this " supervisen' 'an ensuren' " just on his own!  

His secretary will be helpin' him.  She makes a mean cup of coffee, too!

Everything will be just fine.  This time it's different.

Tue, 11/12/2013 - 13:05 | 4146344 tony wilson
tony wilson's picture

no anti semenism intended.

no anti masonic satanism in tended.

no racialismo in it but

is this ugly fucker jewish?

just askin.

Wed, 11/13/2013 - 04:34 | 4149082 kurt
kurt's picture

Tony, Tony, Bubie, somebody's gonna put you on a list... just sayin'

Tue, 11/12/2013 - 13:15 | 4146345 tony wilson
tony wilson's picture

double post burp

Tue, 11/12/2013 - 13:26 | 4146420 Shadow750
Shadow750's picture

So he will tell the Mint to make 234 One Trillion Dollar coins and then all is good?

 

No worries.....

Tue, 11/12/2013 - 17:04 | 4147415 CHX
CHX's picture

Make that a 1000 coin order, and it's probably still gonna be tight.

Tue, 11/12/2013 - 13:42 | 4146464 moneybots
moneybots's picture

 “Nobody ever wants to see TARP repeated. But the fact is, TARP is a program that did its job,” Massad said Sept. 30 at the Brookings Institution. “It has worked faster, better, and cheaper than most people ever thought possible.”

 

Or is TARP just another fraud that won't be exposed until the next crash?

 

Tue, 11/12/2013 - 14:09 | 4146547 falak pema
falak pema's picture

the derivative world looks like the chess world now scheduled at Chennai. There is an awesome and "devil take hindmost" type opening play called "Dracula vs Frankenstein"...funny things happen when you get into that derivative tit for tat. 

Tue, 11/12/2013 - 14:51 | 4146684 NuYawkFrankie
NuYawkFrankie's picture

Was Chertoff's head cloned?

 

Anyway - the Govt that can't put a freekin web-site together wants you to believe that it can control/regulate the already gone-supernova quadrillion$ derivative market?

OKaaa...y,  Sure thing, Why not...

 

Wed, 11/13/2013 - 04:33 | 4149078 kurt
kurt's picture

I see more Paulson without the hinky pinky

 

We're doomed

Tue, 11/12/2013 - 15:09 | 4146872 loveyajimbo
loveyajimbo's picture

Obongo hates jews... so this one came direct from Rothschild central control.  Barry gets his choom and crack and personal backdoor lubricant...  we get another mega-corrupt heeb. (no offense)

Tue, 11/12/2013 - 17:56 | 4147597 Lost Word
Lost Word's picture

Obama likes anyone with millions of dollars to give to him.

Tue, 11/12/2013 - 15:32 | 4146983 Serfs_Up
Serfs_Up's picture

Joo's and Dykes and Negroids on the front line for the TPTB...always looks like a freak show, where's my bread, I didn't want crumbs

Tue, 11/12/2013 - 17:41 | 4147527 conspicio
conspicio's picture

Some of the  more interesting bullets from Mr Massad's resume:

  • Past Acting President of the NY Citizen's Utility Board (CUB)
  • Michael Dukakis Campaign - Connecticut State Chairman
  • Norwalk Redevelopment Agency - Commissioner
  • Partner - Cravath Swaine & Moore LLP (Landed there post Harvard Law)
  • US India Business Council Board of Directors
  • Shakespeare on the Sound - Norwalk CT - Secretary (a true man of culture, no doubt)
  • Organizer for Anti-nuclear rally attended by 70K people in 1979, Washington DC.
  • Congressional Oversight panel on TARP - Legal Adviser (The panel was headed by Lizzy Warren)
  • Chief Counsel and Chief Reporting Officer of the Treasury's Office of Financial Stability

He has never supported a Republican campaign, no shocker there. He is from the Clinton camp, though.

 

And then, just to peek into an unmolested virgin mind, a bit from his undergrad days writing in the Crimson:

http://www.thecrimson.com/article/1977/5/3/battling-the-modern-sweatshop...

 

We are in the best of hands, kids.

 

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