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How Goldman Controls The New York Fed: 47.5 Hours Of "The Secret Goldman Sachs Tapes" Explain
When nearly a year ago we reported about the case of "Goldman whistleblower" at the NY Fed, Carmen Segarra, who alleged she was wrongfully terminated after she flagged "numerous conflicts of interest and breaches of client ethics [involving Goldman] that she believed warranted a downgrade of Goldman's regulatory rating" and which were ignored due to the intimate, and extensively documented on these pages, proximity between Goldman and either one-time NY Fed Chairman and former Goldman director Stephen Friedman or current NY Fed president and former Goldman employee Bill Dudley, we said:
as everyone knows, both Bill Dudley and Stephen Friedman used to be at Goldman, and as we noted Dudley and Goldman chief economist Jan Hatzius periodically did and still meet to discuss "events" at the Pound and Pense.
So while her allegations may be non-definitive, and her wrongfful termination suit is ultimately dropped, there is hope this opens up an inquiry into the close relationship between Goldman and the NY Fed. Alas, since the judicial branch is also under the control of the two abovementioned entities, we very much doubt it.
There was hope, but as we said: we doubted it would lead to much more. It didn't: in April, the NY Fed won the dismissal of her lawsuit:
U.S. District Judge Ronnie Abrams in Manhattan ruled that the failure by the former examiner, Carmen Segarra, to connect her disclosure of Goldman's alleged violations to her May 2012 firing was "fatal" to her whistleblower lawsuit. Abrams also said Segarra could not file an amended lawsuit.
"Congress sought to protect employees of banking agencies ... who adequately allege that they have suffered retaliation for providing information regarding a possible violation of a 'law or regulation,'" the judge wrote. "Plaintiff has not done so."
Segarra's findings that Goldman's conflict-of-interest practices may have violated merely an "advisory letter" that did not carry the force of law did not entitle her to whistleblower protection under the Federal Deposit Insurance Act, Abrams said.
The fact that the judge on the case was conflicted, and had a close relationship to Goldman which was represented by her husband also a lawyer, clearly was "irrelevant":
In her ruling on Wednesday, Abrams also rejected a move by Stengle for greater disclosure by the judge about her husband's relationship with Goldman Sachs. Abrams disclosed on April 3 that she had just learned that her husband, Greg Andres, a partner at Davis Polk & Wardwell, was representing Goldman in an advisory capacity.
Stengle said at the time she would not seek Abrams' recusal, the judge said, and went ahead the next day with scheduled oral arguments on the defendants' bid to dismiss the case.
But on April 11, Stengle made a written request for a "more complete disclosure" of Andres' relationship with Goldman, and Abrams' own working relationship with another defense lawyer.
Abrams said that was too late, given that Segarra by then would have had a chance to "sample the temper of the court" and perhaps anticipate she would lose unless Abrams recused herself. "The timing of plaintiff's requests suggests that she is engaging in precisely the type of 'judge-shopping' the 2nd Circuit has cautioned against," Abrams wrote, referring to the federal appeals court in New York. "Such an attempt to engage in judicial game-playing strikes at the core of our legal system."
One has to either laugh, or weep, because that statement alone merely confirmed what we said a year ago when we said that "the judicial branch is also under the control of the two abovementioned entities", namely the NY Fed and Goldman.
In any event, the Segarra case disappeared from the public eye, and was promptly forgotten by the just as corrupted media and the public.
At least until this morning, when ProPublica's Jake Bernstein revealed something quite stunning: "Segarra had made 46 hours of secret audio recordings to bolster her case about what was happening at Goldman and with her bosses.
In a partnership with This American Life, Bernstein dissects the tapes, which portray a New York Fed that is at times reluctant to push hard against Goldman and struggling to define its authority. For example, in a meeting recorded the week before she was fired, Segarra's boss asks her at least seven times to change her finding that Goldman was missing a policy to handle conflicts of interest, saying, "Why do you have to do this?"
The full ProPublica story can be found here.
And for those who are time-constrained, and would rather just read the Cliff Notes (the ending should be known to everyone by now), here is Michael Lewis with an op-ed in Bloomberg summarizing the banker-controlled farce the entire US system has devolved to:
"The Secret Goldman Sachs Tapes"
Probably most people would agree that the people paid by the U.S. government to regulate Wall Street have had their difficulties. Most people would probably also agree on two reasons those difficulties seem only to be growing: an ever-more complex financial system that regulators must have explained to them by the financiers who create it, and the ever-more common practice among regulators of leaving their government jobs for much higher paying jobs at the very banks they were once meant to regulate. Wall Street's regulators are people who are paid by Wall Street to accept Wall Street's explanations of itself, and who have little ability to defend themselves from those explanations.
Our financial regulatory system is obviously dysfunctional. But because the subject is so tedious, and the details so complicated, the public doesn't pay it much attention.
That may very well change today, for today -- Friday, Sept. 26 --- the radio program "This American Life" will air a jaw-dropping story about Wall Street regulation, and the public will have no trouble at all understanding it.
The reporter, Jake Bernstein, has obtained 47½ hours of tape recordings, made secretly by a Federal Reserve employee, of conversations within the Fed, and between the Fed and Goldman Sachs. The Ray Rice video for the financial sector has arrived.
First, a bit of background -- which you might get equally well from today's broadcast. After the 2008 financial crisis, the New York Fed, now the chief U.S. bank regulator, commissioned a study of itself. This study, which the Fed also intended to keep to itself, set out to understand why the Fed hadn't spotted the insane and destructive behavior inside the big banks, and stopped it before it got out of control. The "discussion draft" of the Fed's internal study, led by a Columbia Business School professor and former banker named David Beim, was sent to the Fed on Aug. 18, 2009.
It's an extraordinary document. There is not space here to do it justice, but the gist is this: The Fed failed to regulate the banks because it did not encourage its employees to ask questions, to speak their minds or to point out problems.
Just the opposite: The Fed encourages its employees to keep their heads down, to obey their managers and to appease the banks. That is, bank regulators failed to do their jobs properly not because they lacked the tools but because they were discouraged from using them.
The report quotes Fed employees saying things like, "until I know what my boss thinks I don't want to tell you," and "no one feels individually accountable for financial crisis mistakes because management is through consensus." Beim was himself surprised that what he thought was going to be an investigation of financial failure was actually a story of cultural failure.
Any Fed manager who read the Beim report, and who wanted to fix his institution, or merely cover his ass, would instantly have set out to hire strong-willed, independent-minded people who were willing to speak their minds, and set them loose on our financial sector. The Fed does not appear to have done this, at least not intentionally. But in late 2011, as those managers staffed up to take on the greater bank regulatory role given to them by the Dodd-Frank legislation, they hired a bunch of new people and one of them was a strong-willed, independent-minded woman named Carmen Segarra.
I've never met Segarra, but she comes across on the broadcast as a likable combination of good-humored and principled. "This American Life" also interviewed people who had worked with her, before she arrived at the Fed, who describe her as smart and occasionally blunt, but never unprofessional. She is obviously bright and inquisitive: speaks four languages, holds degrees from Harvard, Cornell and Columbia. She is also obviously knowledgeable: Before going to work at the Fed, she worked directly, and successfully, for the legal and compliance departments of big banks. She went to work for the Fed after the financial crisis, she says, only because she thought she had the ability to help the Fed to fix the system.
In early 2012, Segarra was assigned to regulate Goldman Sachs, and so was installed inside Goldman. (The people who regulate banks for the Fed are physically stationed inside the banks.)
The job right from the start seems to have been different from what she had imagined: In meetings, Fed employees would defer to the Goldman people; if one of the Goldman people said something revealing or even alarming, the other Fed employees in the meeting would either ignore or downplay it. For instance, in one meeting a Goldman employee expressed the view that "once clients are wealthy enough certain consumer laws don't apply to them." After that meeting, Segarra turned to a fellow Fed regulator and said how surprised she was by that statement -- to which the regulator replied, "You didn't hear that."
This sort of thing occurred often enough -- Fed regulators denying what had been said in meetings, Fed managers asking her to alter minutes of meetings after the fact -- that Segarra decided she needed to record what actually had been said. So she went to the Spy Store and bought a tiny tape recorder, then began to record her meetings at Goldman Sachs, until she was fired.
(How Segarra got herself fired by the Fed is interesting. In 2012, Goldman was rebuked by a Delaware judge for its behavior during a corporate acquisition. Goldman had advised one energy company, El Paso Corp., as it sold itself to another energy company, Kinder Morgan, in which Goldman actually owned a $4 billion stake, and a Goldman banker had a big personal investment. The incident forced the Fed to ask Goldman to see its conflict of interest policy. It turned out that Goldman had no conflict of interest policy -- but when Segarra insisted on saying as much in her report, her bosses tried to get her to change her report. Under pressure, she finally agreed to change the language in her report, but she couldn't resist telling her boss that she wouldn't be changing her mind. Shortly after that encounter, she was fired.)
I don't want to spoil the revelations of "This American Life": It's far better to hear the actual sounds on the radio, as so much of the meaning of the piece is in the tones of the voices -- and, especially, in the breathtaking wussiness of the people at the Fed charged with regulating Goldman Sachs. But once you have listened to it -- as when you were faced with the newly unignorable truth of what actually happened to that NFL running back's fiancee in that elevator -- consider the following:
1. You sort of knew that the regulators were more or less controlled by the banks. Now you know.
2. The only reason you know is that one woman, Carmen Segarra, has been brave enough to fight the system. She has paid a great price to inform us all of the obvious. She has lost her job, undermined her career, and will no doubt also endure a lifetime of lawsuits and slander.
So what are you going to do about it? At this moment the Fed is probably telling itself that, like the financial crisis, this, too, will blow over. It shouldn't.
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In a way, that was a good thing as it demonstrated precisely the jackboot we are all under.
Woke up a few folks.
"Our government, robbing the public treasury and the public, at the behest of bankers. "
NOT 'Our Government' ebwothen; THEIR Government.
The Untied States is an OCCUPIED TERRITORY.
. .
0
"The only reason you know is that one woman, Carmen Segarra, has been brave enough to fight the system. She has paid a great price to inform us all of the obvious. She has lost her job, undermined her career, and will no doubt also endure a lifetime of lawsuits and slander."
I suspect she will be paying a higher price in the future. If I was her I'd stay away from tall buildings and nail guns.
Wow! These look like they have the potential to leave a mark.
Zerohedge should host a chipin for this woman. Screw the banksters.
its all over Bloomberg and CNBC as we speak...
not.......
now it is on CNBS...for real...
shocking.
If I were Ms Segarra I'd get over to Russia. I'd try to reach Snowden if I could.
This continent is home to slaves and cowards. She has integrity and courage, so we have no place for her here.
A toast to you, Carmen. I wish I could do more than hope you have support and protection. The ''west'' is run by criminals and administered by their puppets (Barky, Cameron, Abbott, Harper, Lagarde, the putrid EU cartel), and we have no time for the likes of you here. Our tickertape parades are for criminal scum like Blankfein, Dimon, Bush, Clinton. In the "west", heroes are for hunting down.
Perhaps Russia will take her in and give her bodyguard protection.
Half of Obama's staff are ex-Goldman.
Whaddya think will happen?
That rug has gotten really, really bumpy. Even with all the holes drilled in the floor underneath it.
The Department of Justus will take care of this.
s'funny...two black velvets and i'm already reading- dept. of jes ew its.
Snowden part Deux
Stuff like this really shows the importance of anonymity on the internet. Without it, people risk losing everything, including their lives, when they uncover this crap. The world would be a much better place if the biggest leaks came from some dude named SquirrelPenis6969.
Sounds a lot like Batman, actually.
Bring back Timmy Geithner as this clandestine incriminating evidence would never have seen the light of day. US Legal System is the envy of North Korea.
"WHY DO YOU HAVE TO DO THIS?!?"
ROTFLMFAO. Read it again because those are exactly the words that will be said when these fucks are about to get dropped.
All those Ivy League diplomas yet no secret handshake? Someone seriously fucked up vetting her.
the ironic thing is she was probably considered an HR box-ticking 'catch' because of her gender!
She's Hispanic too. I suppose they thought she was one of "them" because she attended Ivy League schools.
The Secret Handshake is Limited to Males only.
Curiously, some colleges are beginning to require male fraternities be open to membership to females.
Probably would result in deeper underground fraternities.
Here's the schedule:
http://www.thisamericanlife.org/radio-archives/episode/536/the-secret-re...
About time this kind of story came out. It is a common problem among regulators and not just the Fed. Other regulators whose budgets are under the control of Congress are subject to political pressure, and their management teams "get along to go along." That drives the culture to the little guys who are the front-line examiners with little authority.
NPR has this story also, but I heard nothing this morning about Turbo Timmy until I got online. NPR, if they wanted to, could make a multi-week expose of our so-called regulators and the culture of "don't make waves." But if they won't even interview people like Nomi Prins or Catherine Austin Fitts then I doubt they will get into such a deep story.
Edit: I hopt This American Life is willing to go deep into this story. We'll see if they skim or do a good job.
You mean it's a problem common to all "command and control" systems. Hence the imperative to keep the size of the state and its corrosive influence on our lives as miniscule as is possible. Or less.
Based upon my Engineering experience in the US Nuclear Power industry,
before being fired for whistle-blowing,
the US NRC is clueless about corruption and cover-ups in the Nuclear Utilities,
presumably similar to Japan,
which will lead to something similar to Fukushima.
Banks and Nukes. They will kill you one way or another.
I read the article and listened to the podcast. With 47 hours of tapes, obviously they could only skim it. They chose to tell the story of just one "legal but shady" (the words of Santerra's boss) Goldman deal with Banco Santander from start to finish. Doubtless there were other deals they could discuss also. Santerra has notes from various meetings and copies of emails and other documents as well as the recordings.
The podcast relates what happened at a meeting of Fed regulators following a meeting with Goldman. Before the regulators' meeting had even started, one of the regulators present chimed in to say that he had been impressed with how thorough Goldman had been and what a good presentation they had made. That regulator is now employed by Goldman Sachs.
Goldman has slandered Santerra by stating that she had applied for a job with them 3 times in the past. Had she acted like her colleague at the Fed, she might have found that the 4th time was a charm.
The podcast says that "in the aftermath of the financial crisis, the Fed has tried to fix some things, and in its statement to us, it says that it's always trying to improve." It ends, however, by saying that "We don't know if the culture at the New York Fed is improving. And since such it's such a secretive place, we probably won't know. Unless someone comes out with more secret recordings, or Congress forces them to answer some questions. Or there's another financial crisis."
Conspiracy theory becomes conspiracy fact, again.
oh my this will be interesting.
I am shocked...
i am not. It was pretty obvious
duh
This is why I basically have zero tolerance for any asshole out there who says that US gov runs the show. All that nonsense about Congress holding the purse strings is just that, nonsense. On certain domestic policies, maybe but not in decisions when the rubber hits the road. If you don't suck bankster dick your political career will be very short lived even if you do jump the monetary hurdles to get (s)elected. Anyone can view the youtube vid of Greenspan on the talk show 20+ years ago that says the Fed answers to NO ONE. Thus the member banks answer to NO ONE. It's been posted here on ZH hundreds of times.
At least we had the joy of watching them all get in a panic watching Dr. Ron Paul enter the Republican primary last election!
I guess I missed that. What reason would they have to be nervous about him? His role was controlled opposition, nothing more.
Controlled by forces beyond the control of Ron Paul.
I don't think Ron Paul was willingly controlled.
This will get no media coverage and will be immediately forgotten.
So now we know why Eric Holder decided not to go after ANY TBTF banks!
He would have had to nail Bernanke in the process!
we need to hang them, there is no sense to judge them, they're all war criminals, murderers and traitors, not only in the United States but also in the entire world
There would be time for a short trial while the scaffolds were being errected.
Short trials would be really fun to watch. Those should be televised, with continuous close-up sidebar screens monitoring the perps.
Well, they're terrorists, holding the economy hostage, and as Lindsey Graham says, terrorists don't deserve lawyers or trials.
And just think, Hillery Clinton may be president in 2016. Doesn't that ring of confidence, honor, justice and ...
Just woke up after saying that. We are SO screwed.
I can't see that Shillary is any more competent than Barky. Bill, she ain't. (Is there anything she has ever tried, that she has NOT cocked up?)
Shill wouldn't worry me too much. That pathetic cow is nothing but more of the same, everyone knows it, and she has less international respect even than Barky.
Now, if it were someone smart like Bill, or competent like Daddy Bush, then I'd be more worried. I expect Putin will steamroll Shill as easily as he rolls over Barky.
(Then again I don't expect to see that sad thing as prez - she is too unpopular and unreliable. But what do I know? God knows I'm not American so hardly qualified to judge. Maybe she'll be "elected" in a Diebold landslide.)
You're right about the "Diebold landslide," but even more, if TPTB have selected that harpy to be the next president, then the Republicans can be counted on to cooperate by nominating someone guaranteed to lose, as they did with McCain and Romney.
We need a few more Snowden's to massively expose and embarass these cosksucking motherfuckers...for starters I'd like someone managing their Gold/USD manipulation scheme to come forward...now THAT would definitely be bigger than what Snowden did. Now don't get me wrong - he did good and he did a lot - but he didn't get anywhere near close to the root of the problem.
It is impossible to embarrass a sociopath.
They have no regard for anyone but themselves.
Instead you should work to identify all the key players, make their misdeeds known to the point of undeniability - along with their current locations - and let nature take its course.
Names...locations...misdeeds.
Sounds like a do-able list. Distributing such list might be a problem that recedes over time.
Compiling it would be the tough part. You`d need some financial and legal smarts, especially to identify the major criminals as distinct from the small fry.
So why is Everyone Still paying those fraudulent mortgages.... notes ????
STOP IT....ENOUGH !!!!!!!!
HANG CORZINE. HANG PAULSON. HANG BLANKFEIN.
heh - lots of people have stopped, as you request, and will be stopping over the next few years as shrinking $$ reduce their ability to buy time. This of course puts the banks - not the homedwellers - in a situation.
In future econ classes this chapter of the textbook will be titled "Solvency 101: When your bank's balance sheet cannot afford a lower asset price".
That's a start.
Yep. Start with the small fry and work your way up the chain.
The Fed OMC and the Treasury are only technically government employees. The larger Fed organization - the Fed Banks - are private, and owned by the very banks the Fed pretends to regulate.
Asking the Fed to regulate banks is like asking Buick to regulate GM.
The concept of "ownership" assumes 'rule of law'.
There is no rule of law right now.
Whichever lobby or special interest is CAPABLE and ready to physically threaten and ultimately assassinate other lobbies will end up controlling the Fed.
This is world history and nothing ever changes with human nature.
That's one way to look at it. Another way is to say that the owner of an asset is the person who controls and enjoys the asset. The control may be open and direct, or it may be hidden and indirect. You own your car and have title to it; that's open. Harry Reid doesn't own all the land in Nevada publicly, but the head of the BLM is Neil Kornze, Reid's former aide, so Reid controls most of the land in Nevada, and his son enjoys the ability to sell the land to the Chinese for a solar array based on his father's control of it. Hence Reid is the true, though secret, owner of Nevada.
Bank lobby will be decimated.
There are strong forces warring against them. World no longer cares about them.
Military hates them.
All they got are a SUICIDE BELT called OTC Derivatives.
Eventually US Military will pull the trigger of the belt
Bank lobby will be dead soon. Their enemies are too strong now. Bank lobby has no Military friends any longer to defend them.
They are almost done.
I used to think you were crazy....now I understand....although I may now be crazy too.
Everything and anything comes down to ....guns and willingness to use guns.
That is how the world works, by use of guns.
Any lobby which is not in good terms with Military ends up being decimated.
Protection of assets is needed and if Military is not well paid, then we are all screwed
Or knives.
Look at what's being suppressed.
Historically, whether we are talking Rome or Zimbabwe, the soldiers got paid in sound money (well, in Zimbabwe's case, USD) right up until the day they couldn't be paid any more, and that was the beginning of the collapse. You go from having a standing army to a 'pay as you go' army, and of course, they will ravage the land in lieu of payment...
Gotta agree. No way this gets allowed to leak via the biggest podcast in the country if that weren't the case. Someone "gunning" for the big bankers for sure. Wasn't sure about Charles Hugh Smith deep state theories at first, but stuff like this makes me heavily consider.
Every country with large military has a deep state, and that is the Military
Nothing unusual
"Any lobby which is not in good terms with Military ends up being decimated."
Obama has another plan: "We cannot continue to rely only on our military in order to achieve the national security objectives that we've set. We've got to have a civilian national security force that's just as powerful, just as strong, just as well-funded."
And that's what he's been creating. 1.6 billion rounds of hollow-point ammo for the Department of Homeland Security. MRAPs, body armor, automatic weapons, and night vision equipment for dozens of local police departments and government agencies from NOAA to the Department of Agriculture. Fusion centers controlled by DHS to integrate local police departments under federal control. All for "national security." Which nation? Whose security?
Meanwhile the military is reduced, sent overseas, its resources depleted. Top officers are replaced. Obama and the banksters he works for know the risk the military poses. Too loyal, and to the country, not the banksters. They are being neutralized.
LOL
Please, show me the bodies, just fucking one...
Your optimisim is appreciated and I trust your judgment, still waiting for verification...
Well. Bank lobby may surrender..........
Debt Jubilee OR Nothing.
Surrender MUST be complete and by complete I mean COMPLETE with Debt Jubilee and Executions of the Treasonous WHOEVER They may be and whatever position in finance, government or coroporations that hold or have held.
Is this WAR?
This IS WAR?
Then I demand a Nagasaki vapor cloud and ash rain style ending to IT.
We've actually seen a fair few bankster bodies, of late... I still find nailgun guy the most creative example.
Zero big fish. The people who orchastrated the main fraud (MBS) are well known and still in power. These "arsonists" (hit tip to Tim Geithner) need to be publically hung, period.
Yes, Geithner is still smirking, Yellen is still printing, Blankfein is still doing (his) god's work.
LoP, exactly. The whole 'Bank Lobby vs MIC' sounds like wishful thinking to me, a desperate wish that somehow, somewhere, someway, justice and retribution will be visited upon the criminal banking class. I see no evidence of that.
Staged suicides of lower level execs already occurred.
Small fry, with knowledge of embarrassing secrets, more probably knocked off by the bankers themselves.
Ekm1,
wish you were right, but ...
the military is paid by the Banksters,
the Banksters own all the Defense Contractors, (and DC too),
and the military loves their expensive military toys.
The military was part of the JFK assassination and cover-up,
etcetera,
and part of the 9/11 conspiracy and cover-up.
All the top officers are vetted for compliance and complicity.
"The military was part of the JFK assassination and cover-up,"
Try CIA. Link it back to the Bush crime syndicate. Centralization in all power structures with lower levels only having ANY knowledge on a need to know basis. This is how the military, corporate & all power structures are formed to keep the plebes in the dark.
Very effective I might add.
ekm1, you state:'Bank lobby will be dead soon. Their enemies are too strong now. Bank lobby has no Military friends any longer to defend them.
They are almost done.'
At least 19 people agree with you. I'm sorry to inform you all that you are wrong. The military works for them, and so do the police. Your wishful thinking is alike to pulling your blanky over your head because you are scared to be alone in the dark. Thinking somebody else is going to change things for you will not change a thing but keep the status quo going and you deluded.
Does this make God an Accomplice to all the crimes ???
Depends on which God, doesn't it?
I think if Putin decided to nuke these COCKROACHES on Wall Street tomorrow, it would make 99.9% of the GLOBAL population much much happier. I think that's probably the one part of the US that even the Americans wouldn't mind getting nuked. I'd vote for him to become the President of the entire fucking world just for this one act. These Wall Street BANKSTERS are the ones labelling everyone else as a "terrorist" when in fact THEY are the terrorists.
Blue Team, Red Team, the same team,
Putin is just part of the Red Team,
nothing more.
The Purple Team = Banksters.
If only she had one of the Fed managers' semen stained ties with Goldman management DNA all over it. Then we might get somewhere.
I think the Fed managers swallow, so no point looking for that kind of evidence.
What are YOU going to do about it Tyler? How about coordinating a worldwide Goldman bank account closure movement on a particular day? Or would their demise give you less to write about? Not busting balls; just wondering when TRUE change will spark!
einhorn is finkle finkle is einhorn, einhorn is finkle finkle is einhorn !
The only way you cannot believe this is because you DON'T WANT to believe it.
Big $Money on one side. A Gentile on the other side. Who is (always) in the middle...?
Let me have this one:
JEWS? Do I get a prize?
a happy Pierre?
Man, I was watching Saturday Night Live and the jewish people were ridiculing so many different cultures.
Perhaps Carmen Segarra will become a new Tyler? Maybe she already has?
I hope when she does get somewhere safe, she considers submitting here.
I changed the channell to a movie, Adventureland with Jesse Eisenburg. This little freak troll is such a nice sensitive young man that he has 2 lovely young woman chasing him. Women really go for short guys with crazy eyes, small dicks, and rapid nerdy movements.
His face, somehow, really makes your fist horny to punch it.
Surprised he's not cast in the new Brad Pitt ww2 movie... cast is mostly Jewish. Not about the Holocaust per se but I have a funny feeling they'll work it in though no one had heard of it at the time of the alleged action taking place....
Still waiting for that movie about how the Bolsheviks starved about 20 million peasants and burned down hundreds of churches, etc.
XRAYD: So now we know why Eric Holder decided not to go after ANY TBTF banks!
He would have had to nail Bernanke in the process!
No shit.
How many different ways to people need this spelled out to them.
Greenspan on the interview...
O-Bomb-A here...
"Obama to Bankers: I’m Standing ‘Between You and the Pitchforks"http://abcnews.go.com/blogs/politics/2009/04/obama-to-banker/
I mean for fucks sake. when someone TELLS you they're gonna assrape you, and then they go ahead and assrape you, don't be surprised if you get assraped.
The entire Federal Second Circuit is corrupt. The assignment of cases by the court clerk is corrupt. Schumer controls all appointments to the bench. Schumer collects cash from the Street, which he distributes to other Senators, which disconnects them from the corruption. The Fed is not regulated as a bank and acts without any controls, other than a paid off Congress which covers for it.
The delusion by Ms.Segarra and most Americans is that our courts "may" grant justice, or that we can trust in our Fed bankers. Our courts and its judges are the cloak behind which our banker cabal plots and profits. The Senate is bought and paid for. Trust is the salve of fools.
Bingo!
New york shitty is little Israel and if your not in the club then your not in the club period.
Your knot? Or my knot?
Nothing will change. Period.
The people of this country are too fucking dumb and/or apathetic.
Sometimes, I truly think I need to get on the same fucking happy pills everybody else around me is on. Ignorance is bliss, I guess.
Things WILL change, but you have to do something about it, personally. If you sit around and complain to yourself, YOU are on the happy pills.
The problem is that I see little use in trying to affect social change. The masses are simply too placated and need to feel some real pain before they wake the fuck up.
Instead, I've bought a chunk of land in Costa Rica, built a house, dug a well, and am working on greenhouse, barn, etc. Fuck this place. I'll watch the fallout from the sidelines.
Right!!!
Where ignorance is bliss, 'tis folly to be wise.
"once clients are wealthy enough certain consumer laws don't apply to them."
And that is why (which we already knew about too big to jail) the 99.99% will not get justice by legal means.
This statement should be broadcast far and wide to show that psychopaths are in control and draw back the veil on the true state of the cancer that lies beneath
Gotta wonder why they're letting this leak on the biggest podcast in the US...
No single snowflake ever thinks it is responsible for the avalanche, eh?
This is damning in and of itself. Even worse, it illustrates the more insidious power of Goldman to steer it’s adversaries into meaningless conflicts among themselves, thus diverting attention from the real problems at Goldman. The point is, a Judge had already cited Goldman for a conflict of interest. But, the Fed wasn’t even concerned with that. Instead, it ended up in an internal brawl over the mere existence of Goldman’s Conflict of Interest Policy. Which suggests that even if there had been a policy at Goldman, and it stated that “advising a client without full disclosure of conflicting self-interests was O.K., in some circumstances”, the Fed would have been all O.K. with that too.
It’s all a big circus, and the amazing freak squid with nine heads and 10,000 arms is the main attraction in the center ring.
DTL, I wanna mark you up (still can with the tab keys) but you keep starting with italics.
Just in case you were wondering why you seem to get so little agreement (or disagreement) on your comments.
Just start with a non-italics space, or enclose with <<>>, or something...
A couple of items that everyone should bookmark for future use.....
http://www.wikihow.com/Build-a-Gallows
http://www.wikihow.com/Build-a-Guillotine
This is damning in and of itself. Even worse, it illustrates the more insidious power of Goldman to steer it’s adversaries into meaningless conflicts among themselves, thus diverting attention from the real problems at Goldman. The point is, a Judge had already cited Goldman for a conflict of interest. But, the Fed wasn’t even concerned with that. Instead, it ended up in an internal brawl over the mere existence of Goldman’s Conflict of Interest Policy. This suggests that even if there had been a policy at Goldman, and it stated that “advising a client without full disclosure of conflicting self-interests was O.K., in some circumstances”, the Fed would have been all O.K. with that too.
It’s all a big circus, and the amazing freak squid with nine heads and 10,000 arms is the main attraction in the center ring.
great comment, wish i could thumbs-up, but bug in the software or something.
Yup a blog bug. You can't rate a post that starts out with italics.
d
You essentially summed up the argument that Segarra's boss made. Goldman had 3 paragraphs on their website that discussed conflicts of interest. It in no way resembled an actual conflict of interest policy as defined by the Fed's guidance letter, and Goldman execs had admitted to Segarra that Goldman did not have a company-wide policy. Some departments had no policy at all. Segarra's boss claimed that the statement on Goldman's website constituted a policy, though it was a bad one that needed much improvement, and he sought to have Segarra say so in her report so that there would be no finding of noncompliance and no embarrassment for Goldman Sachs.
If "regulation" is a circus, then the Fed is a dancing monkey.
47.5 hours of reading
Get the book on tape.
The broadcast interveiw is lessw than an hour and you can read along since they provide the transcript. They don't all 47 hours. It's an hour well spent.
The broadcast interveiw is lessw than an hour and you can read along since they provide the transcript. They don't all 47 hours. It's an hour well spent.
"Despite the swap scandal of 'fixing' the Greek deficit by Goldman Sachs, for which the Greek government paid the bank at least 300 million euros, (http://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted...), Goldman Sachs is included in the Primary Dealers list, in order to continue providing 'valuable services - advice' to the Greek government. Another two banks, Merrill Lynch and Citigroup, are included in the Primary Dealers list, despite that according to the US Financial Crisis Inquiry Commission (FCIC) report, together with Goldman Sachs, are those responsible for the "creation" of 30% of the destructive financial 'tools' known as CDOs during 2004-2007, which contributed significantly to the creation of the housing bubble in US. Two more banks which had significant presence in CDOs that time are Deutsche Bank and UBS, which also continue to be two of the twenty two Primary Dealers."
http://failedevolution.blogspot.gr/2013/11/an-example-of-how-banking-car...
"This means that, for at least 10 years there was no problem with interest, despite that everyone knew the real deficit figure, but the problem suddenly appeared in 2009 when, 'accidentally', the Greek government rejected Goldman Sachs' proposal for a new 'financial product'. Within a short time, rating agencies downgraded Greece skyrocketing her lending cost."
http://failedevolution.blogspot.gr/2013/11/a-short-story-of-how-country-...
LOLS. You might just as well have written an article about walking outside on a sunny morning and exclaiming the sky is blue. Tell me something I didn't already know.
What saddens me is the masses clinging to the hope that the fed will eventually represent the interests of the people. Friends, the fed was created in secret for the express purpose of protecting the banking interests. Period! All the b s about employment and inflation is just fluff. One need only separate the fed's words from it's actions as confirmation.
The only way to correct this abomination is to return the control of the issuance of currency to the people. Good men have died for this cause.
Save the Fed. Federalize it!
You should have left out the last line.
I used to be in the " End the Fed " camp. Then I realized that expecting the masses to end something they don't understand is a game of futility. Why is offering to save it offensive when saving it entails removing it from private bankster control and returning it to the people? I'm just playing their game. Like naming the " removal of inalienable rights act " as the " patriot act ". How do you propose we remove these bankster cock suckers?
Granted, shifting this control to .gov may be meaningless since .gov is as corrupt as any private bankster. We have to start somewhere. Again, what is your realistic option? Keep whining?
I don't think you understand the death of fiat, because that's what this is really all about.
"Options" are now very, very limited. People just don't know it yet.
Options are limited for sure. Death of fiat as we know it is certain. It's like juggling though: if you're good it lasts a while but eventually you tire and something falls.
No different here. We are dealing with humans even if bots do the trading.
No adults in charge anymore. What a shame. A true shame.
Still have direct deposit?
Direct depoist is irrelevant. We have a strong revenue generating business and turn profits into hard assets on a regulat basis. have been for 20+ years.
My tribe (farming co-op) is strong, healthy, and mostly veterans who are armed and shoot straight. We understand what real wealth is, fuck the paper script.
I'm on the same page as you friend and agree that fiat is in it's death throws. My question is who will control the "new and improved" version of currency? The same cartel of private banksters, or?
Likely that the 'New and Improved' version has been set up and is ready for transition.
All they need to do now is jump from one trapeze to the next, which may require some........ smoke and mirrors. And maybe a little collateral damage along with it.
Your second paragraph is the explanation of why the proposal in the first paragraph is pointless. The government and the bankers are essentially one and the same.
I don't have a solution, I think we're fucked, the people have lost, and a new feudalism is fast approaching. How about (as an option) 'try to stay in the 'nobility class' for as long as possible, because once you get relegated to serf you're fucked forever'.
Fuck the Fed, return to the American Dollar, issued by the United States Treasury. Hold the Fed, their management, and their owners accountable, take their wealth and try them all for treason. Execute those found guilty publically.
Nothing changes otherwise.
restore the
"Full FAITH and credit" of the U.S.
The Fed needs to be pounded into submission. We need people on the streets soon. We need a classic "10 million" man march ON THE FED!!!
The puppets might get caught,
the owners who are the puppet masters will escape.
"Fuck the Fed, return to the American Dollar, issued by the United States Treasury."
JFK tried by issuing US Notes and his head ended up on the 1964 Kennedy Half Dollar, the last year 90% silver coins were issued.
The Feds can't run anything efficiently or correctly. Are you nuts?
Somewhat nuts yes. Guess we have to over throw .gov simultaneously with dispatching the private fed.
I'm still waiting for some insider to break out the date-time phone records of all calls to Geithner, and compare them to the AIG trades Goldman was making in late 2008 and early 2009. Goldman magically made money in BOTH directions on the AIG debacle, but we're supposed to believe they had NO inside information on the coming bailout of AIG or the bad innards of AIG pre-drop?
When someone compares the GS (heads of GS, CEO etc...) to US Gov't (Geithner), and compares to trading record on AIG and derivative AIG trades, it will become incredibly easy to see how GS made all that money. And Warren Buffet's phone number should be included too. Remember that sorry apology thank-you letter editorial in the WSJ after he was forced to admit he was bailed out of all those horrendously stupid banking investments?
We the people will find out the truth, and when we do, heads will role. This whistle-blower is but the first in a long line. Integrity and Truth ALWAYS win in the end, and cheaters always pay, somehow, no matter how shiny (see Paterno) and bright they polish their image to the media.
trades sept 10, 2001 would be a little more effective.
looks like holder is jumping ship at the right time
You have to consider that Holder got out for a few reasons and this being one of them. It begs the question, what does he know and how did he find out, from whom?
Holder is nop longer neccessary because the statute of limitations is seven years which probably will expire the day he leaves.
Thank you Carmen Sagarra. I hope she is starting a legal defense fund. I would contribute. Its one thing to wink and nod and pretend something doesnt exist, but to record the wrong doing is the hard work that needs to be done if we are going to get out of this alive.
goldman is the government, just as microsoft is (or was) the government. the occassional wrist slapping is no worse than what the head of the VA gets after his agency is defunded. at least goldman and microsoft don't depend on government funding to operate. they (GS) could take over the fed if they wanted, but why should they. they couldn't write a more generous charter for themselves, but again why would they want the job of being federal reserve bank. however if the political campaign finance system continues on present course they would gain some advantage of ruining the present oligarchy and installing on of their own, perhaps even a system of candidates who listen to their constituents. the irony goes deep when the vampire squid offers you more sustenance than the president from the socalled progressive party who has outgolfed every one of this republican predecessors.
Something tells me if I front run a client or engage in insider trading like Goldman did in this case, I will be more than rebuked, whether or not I have a written Conflict of Interest Policy.
My understanding was always that JPMorgan was the U.S. government and Goldman Sachs was the Fed. Did I get that right?
There will be no revolt, this data will be buried deep under 98 channels of cable pop TV, one paragraph on page 9 in the 'newspapers' and it will get a mention behind the cute squirrel stories on the evening news, the general public does not care for a 'story' of corruption that has come to the light of day. The facts will be ignored by the public who are wilfully ignorant about these matters, our collective slavery is endorsed, welcomed and voluntary by the greater public.
Sadly true. At least 65% of the populace is brain dead. Either just plain stupid, drugged or depressed by anymore "facts" they can't control.
Where does it go from here? I think about that daily. There is still the 35% that's a force to be reckoned with no?&
35 % is optimistic.
5 % ?
The general public doesn't matter in this case, the investing public does. People who matter will be interested.
I thought "confidentiality clubs" were designed to address this sort of issue. At least they have their own Wikipedia page.
Looking Forward to it!! Thumbs Up Ladies and Gentlemen!!
Hang on a second...........Was someone expecting the fed to regulate banks? A.) The fed is not a government regulatory agency B.) Goldman is a member of the federal reserve cartel. Anyone who thinks otherwise has no clue who the fed is or what they do. I realize most don't but I don't expect Zerohedge readers to be the least bit phased by this. Maybe if the public knew what the fed is and is not their outrage would be more appropriately directed.