Art Cashin On Bernanke's Secret Banker Meeting To Keep Europe Afloat

Tyler Durden's picture

Last week Mario Monti, like a good (ex) Goldmanite, did his best to buy what Goldman is selling, namely telling anyone gullible enough to believe that the "European crisis is almost over." Funny then that we learn that just as this was happening, Ben Bernanke held a secret meeting with the entire banker caretel, in which discussed was not American jobs (seasonally adjusted or otherwise), nor $5 gas, but... helping European with its debt crisis. But, but... Mario said. In the meantime, European spreads are back to late 2011 levels.

From UBS Financial Services

Consorting With The Other Side - Fortune broke an interesting story on a private lunch that Bernanke had with some key bankers. Here’s a bit:
FORTUNE -- After completing a series of public lectures in Washington, D.C. last week, Federal Reserve Chairman Ben Bernanke quietly slipped into New York City for a private luncheon on Friday with Wall Street executives.

Fortune has learned that attendees included Jamie Dimon (J.P. Morgan), Bob Diamond (Barclays), Brady Dougan (Credit Suisse), Larry Fink (Blackrock), Gerald Hassell (Bank of New York Mellon), Glenn Hutchins (Silver Lake), Colm Kelleher (Morgan Stanley), Brian Moynihan (Bank of America), Steve Schwarzman (Blackstone Group) and David Vinar (Goldman Sachs).


Sources say Bernanke spoke at length about monetary policy, in an apparent effort to persuade attendees that they needed to take a more active role in helping to deal with the European debt crisis. He spent virtually no time discussing regulation, although that mantle got taken up by both Dimon (domestic regulation) and Schwarzman (global regulation).

I find it absolutely fascinating that he concentrated on the problems in Europe and not on U.S. lending or jobs. Is there more connectivity and concern with Europe than we think? We’ll watch more carefully.


Well, it was either a discussion of Europe, or Bernanke was getting his semi-annual evaluation from his bosses.

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Colombian Gringo's picture

The big Bankster dick is  always waiting for your asshole. With Austerity, however, there is no money for vasoline and no time for kisses.

Coming to America at a location very close to you

Chief KnocAHoma's picture

He must have been absent from law school the day they taught law.

j0nx's picture

Law is for the people. Law is not for big bankers. I thought this was understood by now.

Divided States of America's picture

Next time, someone find the 'location' of these secret meetings and go postal there. That would solve most of the world's problems in one fell swoop.

Oh regional Indian's picture

Look at those names, tell a story, Dimon, Dimona (!!!), Diamond, Hustler, Crashkari, Fink.....I added a couple for good effect, but they might as well name themselves: Draco 1, Draco2 etc.

Also interesting, some names like Blackstone...Banker? All in all, very shady. Not slim, but verrrrry shady. Todays "feel" is trouble is around ze corner.

And there is naught that 1 can doo.



bernorange's picture

Bernanke isn't the only one pre-occupied with imminent Euro pain:

"IMF managing director Christine Lagarde implored the United States to help back-stop debt-ridden European countries Tuesday, wading neck-deep into bubbling US political waters.

Speaking in the US capital, Lagarde said the 187-nation International Monetary Fund needed more firepower to tackle financial crises raging around the globe, arguing it was in the US interest to pitch in and help Europe.

Badabing's picture

FORTUNE -- After completing a series of public lectures in Washington, D.C. last week, Federal Reserve Chairman Ben Bernanke quietly slipped into his ass for a private dildo on Friday with Wall Street executives.

Fixed it!

Debt-Is-Not-Money's picture Michael Corleone excuses himself and goes into the restroom...

Gene Parmesan's picture

Yep. This story is further proof that Bernanke is acting way outside of his mandate and has fully assumed the role of Global Puppeteer.


Debt-Is-Not-Money's picture


And this:

  "We are the hollow men
    We are the stuffed men
    Leaning together
    Headpiece filled with straw. Alas!"

T.S. Eliot



Widowmaker's picture

What mandate?  Those meaningless syllables?  Lies, nothing but lies (both).

My guess is that he told them Obama loses if they print, music is about to end, and time for a sock puppet Paulson to f-f-f-fuck the p-p-public!

In other words collusion at it's corrupt finest so that the HNW's get to the lifeboats.


jcaz's picture

Yep- remember the good ole days, when the Fed Chairman would wander across the street alone to weigh in on the Fed decision?    Play briefcase thickness games, because at the end of the day, he was nothing more than a $62K/yr bureaucrat just marking time until retirement....

Now he's running the freaking world.....  Is this REALLY what Congress invisioned back in the day?

Lednbrass's picture

Seems like some are beginning to realize they have gone too far. Ive been trying to figure out just how much this new proposed legislation would alter anything if it somehow passed, seems like it would cut down some of the shennanigans if it passed but still lets them monetize if I read it correctly. S.2247 was proposed this week:

I dont expect anything to come of it, but it seems a good sign that at least some are beginning to realize that things are amiss.

Manthong's picture

He was getting instructions from the representatives of his boss.

mess nonster's picture

But with European spreads back to 2011 levels, maybe they're worried that the term "spread 'em" may soon apply to them.

tempo's picture

New HARP2 supports another economic illusion. This program is for homeowners who have no equity or assets and poor credit. They refinance at low rates and are allowed to miss 2 payments. The estimated $500 billion unpaid mortgage payments represents the total personal spending. This plus the trillion dollar US deficits is the current economic illusion. HARP2 is designed to carry the illusion through the election. Imagine the Federal refi program for people w no assets or credit and house that is underwater. Is this an illusion? BTW some colleges will not issue a transcript to graduates who default on their student loans requiring parents to co sign.

mushi's picture

Ready the guillotine again, (bitchez)!

Chief KnocAHoma's picture

The Bernank was blowing them in exchange for debt swaps.

TuesdayBen's picture

The modern guillotine takes the form of a pick-up truck with about 10 well-armed pissed-off Libyans [insert nationality here] hanging all over it...

101 years and counting's picture

or, simply asking his bosses how much money they would like for him to counterfeit.  and at what level on spx he should begin.  my guess is 900-950. 

disabledvet's picture

Actually that's what the missive read on SA. "Seeking private sources of funding for the EU." of course nothing happens unless the IMF signs off on it--and that's the United States Senate. Some type of "strategic arms limitation treaty for financial weapons of mass destruction" would be my advice.

Bwahaha WAGFDSMB's picture

Like the curious incident of the dog in the night.  So who's not on the list this time?

Bwahaha WAGFDSMB's picture

Citi, Wells Fargo, or any one of a dozen or so European banks.

Did Bob Diamond and Brady Dougan just happen to be in town or did they fly in for the meeting?

LawsofPhysics's picture

Right, the U.S. senate (which is fully broke) agreeing to bailout more broke sovereigns.  I still don't see why a military take over of America can not occur, especially once austerity is forced upon retired vets and vets returning home to the domestic job market.

ThisIsBob's picture

To big to fail.

sudzee's picture

The meeting was called by FED owners. The Bernank only showed up to get his marching orders.

Lord Blankcheck's picture

Remeber the lunch on Feb.11,2008 when Bear Sterns was the only big bank not invited?Then that afternoon the massive naked shorts began to take them down.Hmm...


Everybodys All American's picture

Bernanke is a fraud and needs to be removed immediately.

JohnKozac's picture

Ben is just the puppet. Read The Creature of Jekyll Island ....the author states the Fed routinely handed (and still hands out) billions of American taxpayer money to other countries under the table and without their consent.

gamera9's picture

Obama relocating the G-8 from Chicago is a tell, glossed over by media.

GeneMarchbanks's picture

I find it absolutely fascinating that he concentrated on the problems in Europe and not on U.S. lending or jobs. Is there more connectivity and concern with Europe than we think? We’ll watch more carefully.


Connectivity? As in the Periphery of Empire being more in need of 'funds' than the average American? How cam you possibly be surprised Art?


azzhatter's picture

but....but... Bob Pissani said we've decoupled

SwingForce's picture

Not a new idea, CREATURE FROM JEKYLL ISLAND describes history in detail, great book 5th edition.

Marco's picture

Once the ball starts rolling on sovereign debt deleveraging it's not going to stop at any borders ... all the trade deficit nations are going down (or to war).

tony bonn's picture

bernanke and his fellow 1%ers are citizens of the world - america means nothing to these traitors....same is true of the bush crime syndicate and rockefeller axis of evil...

fuu's picture

Bernanke = Max Fischer?

Sudden Debt's picture

Yep, on this pictures it's becomming clear that Bernie is starting to have a receding hairline...



nabi's picture

So that's where he keeps that big brain...