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"Run!"
From Mark Grant, author of Out Of The Box
Who is Minding the Store?
Recently I sat and mused with the Chairman of the Board of one of the major international banks. One of the subjects under discussion was the oversight of risk by the Board. This included investment risk, counterparty risk and the general exposure of the bank to what various parts of management were engaged in with their businesses. He assured me that they had multiple reports that were filtered up to the Board and I asked the question about who was designing the reports and were they accurate not in terms of information but in terms of their structure. Banks, insurance companies and other managers of money typically have respected members of the business community on their Board but often lack investment professionals to help provide some guidance and oversight for their dealer operations and for their trust operations so that the oversight by the Board is, frankly, insufficient. The complexities of any large dealer operation, in particular, are far past what the CEO of some main street corporation on the Board has any real knowledge of and the consequences of not having the appropriate people providing guidance can be catastrophic.
This schematic was clearly demonstrated recently at J.P. Morgan. The Directors of the Risk Committee had virtually no Wall Street experience and, consequently, had no real knowledge of the exposure of the bank except the data that they were given but then I doubt if they knew how to make any real sense of the numbers in front of them and certainly they did not have enough experience to judge if those figures were all that they needed to make informed decisions. Now JPM is facing investigations by half a dozen Federal Agencies including the Department of Justice and this was caused, in my opinion, by not having the appropriate people in oversight positions on the Board. Smart people always learn from their mistakes but really smart people learn from the mistakes of others. Therefore I suggest to those of you in senior positions to stop and evaluate who is on your Board, who is on the Risk Committee and who is minding the store because it is the Board, in the final analysis, that is ultimately responsible for the business of your institution and while you may have great faith in your management it is the Board, not those in executive positions, that are held accountable for the risks your firm has undertaken.
When the Defendants are also the Judge and Jury
“All within the state, nothing outside the state, nothing against the state. “
-Benito Mussolini
Here is a prescription for disaster. Here is an opiate that, once seen, should be avoided at any and all costs because the hand is a losing one far past any combination of cards on the Blackjack table. Yet, this is exactly what Europe is proscribing for owners of unsecured bank debt on the Continent. The importance of Friday’s announcement was not that unsecured bank debt owners were to take losses if some bank foundered but just who would be deciding what losses were to be taken. Yes, it is true, investors for the last three years had been assured and re-assured that the sovereign nation where the bank was domiciled would be back-stopping any bank bonds or that the European Union itself would ring fence all bond holders so that the announcement was in direct contention to what we had all been told to get us to support European bank debt. Europe had claimed responsibility and now they have withdrawn it and this reason alone is enough to push yields for European bank bonds far wider than where they are currently as the charade of one more contingent liability has been officially ended. I assert, just for this reversal in position, that the yields of all unsecured bank bonds on the Continent will gap out from their current levels as what we were told is not what we are to get any longer. The new EU bank plan normalizes the losses to put them on the same plain with the American banks but the second part of the story is where disaster lies and I mean unmitigated disaster.
In America we have a formalized process for insolvency, bankruptcy that is overseen by the Rule of Law and the decisions are made by our courts. We have a functioning judicial system and all manner of statutes and regulations so that claims on assets are a matter of well-established Laws that govern this process. This also used to be the way of it in Europe but now we are being told that the legal system on the Continent is going to be irrelevant which will include, by the way, all of the nations in Europe including Great Britain. What the European Union has tossed on our plate is some sort of gruel that no one should eat for it is full of deadly poison; of that I have absolutely no doubt. The new EU bank plan states clearly and without remorse that the decisions for any bank insolvency will be made by Regulators. This would be people appointed by European politicians, this would be bureaucrats, this would be employees of the State as Europe returns to the governance of the old Soviet Union where the Rule of Law was subordinated to the designs of the nation. Let me make this clearer; unsecured bank debt owners will have no rights, no due process and no appeal. The State will decide who is to get what, how much they will get and your rights as a bond holder will be about equivalent to Russia under Stalin where the legal system operated under the thumb of the man in charge. Further the regulators can, once again, exempt the EU, the ECB, the EIB, the IMF or whomever they like from any call on assets so that the bond owner can be subordinated to whomever the Regulators so desire. Then if they will impose this system of State dominance on unsecured bond holders today who is to say that they will not impose it on other classes of assets tomorrow. When the Rule of Law is replaced by the Rule of the State then I will proclaim, unconditionally and without qualification, that the system has been rigged for the benefit of the nations and to the detriment of any private citizens. Therefore there is only one rational conclusion that can be reached which is that no one should own any European unsecured bank debt, NONE, of any bank on the Continent as the Regulators in Europe can now decide the fate of the bondholders for any political reason that they deem relevant and expedient.
If you cannot read the writing on the wall then allow me to read it for you. The European Union has abrogated the Rule of Law for the good of the State. This is the second such abrogation with the first being the exemption of certain European institutions and the IMF from the Private Sector Involvement of Greece. Greece may be a one-off exemption as they claim but we now have a second instance where jurisprudence has been overturned for the good of the nations of Europe. This is not Socialism or Capitalism but rather some sort of Fascist governance which I publically decry as the echo of the jackboots sounds across the Continent once again. The precedents have now been set and the future is clearly marked by a return to the totalitarianism of a politically controlled State. My advice is therefore succinct:
RUN!
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Wow
I kinda like Lagarde now
A breath of fresh air
Agree with you in the context of her comment,and her statement, but
My question is what has she done but FEEL sorry for them?.
The road to Hell is paved with good intentions, lets look at anyones check book and we can tell where your/their lifes priorities are, and kind of character you/they have..
did that come out of me? I'm giving myself a red arrow
If anyone has a spare corn cob, I just thought of a great place to shove it. Actually two might even be better.
I have a few, but can't spare any. I have been forced to use them for toilet paper since 2008. Sorry.
that's coming from Christine 'life-as-a-5-star-luxury-public-parasite' Lagarde???
...she's only a cats whisker from "Let Them Eat Cake"
I was thining more along the lines of ......
". Just try! I'll get you, my pretty, and your little dog, too! "
Nah. It's:
"I almost had to wait."
At least the african children didnt bring it on themselves.
Greek children are so much better off in aggregate.
My sympathy is also with the africans
clearly leftie Legarde has no respect for the fucked impoverished citizens of socialism
If there were no impoverished socialist victims she would be an aging hooker on the docks of Marseiles.
Whistle while you work
Hitler is a jerk
Mussolini bit his weenie
Now it does not squirt
Just a ditty we used to sing as kids, may want to start dusting them off.
"whistle while you work.
Obama is a punk.
Granpa sucked his weenie
but now it shows no spunk."
"whistle while you work.
Obama is a punk.
The country's in a funk.
We won't get right
til the Banks lose their might
and stop all this shite.
So whistle while you work.
"In America we have a formalized process for insolvency, bankruptcy that is overseen by the Rule of Law and the decisions are made by our courts."
You mean "we had a formalized process". That is all gone. Banker and Wall street are above the law. We only have rule of a plutocracy, where the rich and powerful make the rules as they please and everyone else must obey them retroactively. We almost have a single party system. No matter who wins in November they policy will be the same, both candidaties are affectively controlled by the financial elite.
Another key difference is that the new weapon of choice has changes from bullets to debt obligations. The people have permitted themselves to be subjugated by crushing debt. Perhaps we should call this the invisible Coup d'état, since no guns or direct violence was required to take over the gov't and to control the public.
Fortunately this is unlikely to last. Since gov't have been saddled with so much debt, central gov'ts around the world are doomed to fail and collapse. I hope that when the collapse does come, that it does no invoke another global war, as the crisis unfolds, and central gov't try to desperately to hold on to power, but using nationalism and propaganda to mobilize the public into war. (note that the US gov't is in the process of overturning the ban on promoting propaganda on the american public)
"In America we have an informal process for insolvency, bankruptcy that is overseen by the Whim of the Central Bank Elite and the decisions are made by puppet courts."
(note that the US gov't is in the process of overturning the ban on promoting propaganda on the american public)
Yes, but said ban is merely a suggestion that's largely been ignored for many years, much like the Constitution, Bill of Rights, etc....
I think 22 November 1963 was the date.
I blame..................us!
I would guess that bailing out private banks is odious debt.
"In America we have a formalized process for insolvency, bankruptcy that is overseen by the Rule of Law and the decisions are made by our courts. We have a functioning judicial system and all manner of statutes and regulations so that claims on assets are a matter of well-established Laws that govern this process"
cough corzine cough chapter 7 cough
is this news any worse than the fascism of US Law that allows banksters with worthless paper contracts (derivatives) first grab at bankrupt banks assets over and above customers own deposits?
Well, technically they simply took collateral due and they took it before the BK event happened, so no harm, no foul.
JP Morgan siphoned money out of MFG before the bankruptcy event
but Frankendodd allows banksters to clear out depositors money after bankruptcy too
"I am not sitting here worried about the ultimate loss on this thing."
Chief Executive Officer Jamie Dimon
Bloomberg may 25Alarmist, being an appologist, you're kind of a fraud, aren't you?
Moi, a fraud? Nah, I consider JPM to be somewhat close to evil, but it is good to see that they are not entirely stupid.
If I dangle a Billion $ in front of you and you think you have a legal entitlement to it, are you going to look at it while it slips away into BK, or are you going to grab it and put it to work earning money for you or plugging other gaps in your business while you wait to see if the Trustee is going to try to get it back?
Yeah, thought so.
Someone yesterday or the day before was ranting about " something wicked in the bowels of JPM." A real killer while the rest is just smoke and mirrors. The more I think about it, I could see it, maybe. I have no evidence to show, but just a nagging suspicion that the thing that is supposedly last on the shit list is presented to the public like that for a reason. The overlooked subject is the one you should start from. I dont know why, well I have some general ideas, but nothing I can put my finger on. Elusive like Obi Wan says.
You guys have a better idea than I do. Anywhoooo zh
http://youtu.be/VOZagBj8pik.
We have a functioning judicial system and all manner of statutes and regulations so that claims on assets are a matter of well-established Laws that govern this process.
lol. Two letters: GM.
GM and MFG
no different than how the USA is handling the housing fraudclosures .....200 years of property law out the window, for the good of the state
Yep, it's facism. Merger of state and corporate (monopoly banker) interests.
But our state is controlled by the Banker/Mercantilists class. Like Mercantilism 200 years ago, when the Dutch East India Company got to make up their own draconian laws around the world. Our banker monopoly owns our government and us. As opposed to Nazi or Chinese state-control that nationalizes banks and would put a bullet in a few banker heads to remind them who is in charge.
Our PTB are out of the shadows, openly acting as sovereigns. They only need us to pay their usury and fight their wars. It won't be long before they say that keeping us around is simply 'unsustainable'.
"Therefore I suggest to those of you in senior positions to stop and evaluate who is on your Board, who is on the Risk Committee and who is minding the store because it is the Board, in the final analysis, that is ultimately responsible for the business of your institution..."
I seriously cannot remember the last time a board member was held accountable for anything. Between the Delaware business judgement rule, indemnification and D&O insurance, no surprise.
Rio +20
Next month there will be a United Nations conference called Rio + 20. The intent of this with America is to take agenda 21 to the next level for the purpose of a totalitarian takeover through development and social engineering in the U.S.A., handing all control to the United Nations. The Covenant was launched at the UN Congress on Public International Law in 1995. The Covenant is intended to become a binding Global Treaty of international law. The globalists have been working on this for 16 years. I expect Obama to join America in with the implementation of the Draft Environmental Covenant on Environment and Development. If the Covenant is adapted by our government it will be the end of what remains of our Constitution and our rights. The words “must” and “shall” are directives used in conjunction with terms like; exclusive economic zones, buffer zones, interconnected corridors, and regional. Those are the tactics Agenda 21 is already using to implement the unconstitutional illegal agenda 21 in the United States, and how is that? It’s because America is already a UN Member State!!! Will the masses WAKE UP and realize we are all being conned with Sustainable Development? It’s nothing more than ruse for global government.
This video http://www.youtube.com/ watch?v=PXeoC1uMluw is a sales pitch for life under the green solution, a glimpse of what the globalist sociopaths want for your future, which is a totalitarian world government. It’s the most disgusting propaganda I have seen yet for the dumbed down masses, designed so the brainwashed citizen will not just accept this insanity, but WANT government to have control of EVERY aspect of their lives. The NWO goal is to herd all the people into mega-cities to control you under the cloak of "sustainable development" and "green solutions” where the N.W.O has total control of farming, your food choices, and water through a global food council. Not to mention total control of your career. All your activity, behavior and calorie intake would be monitored. The global elitist sociopath’s desire for control is never ending using every aspect of technology. Through the creation of unconstitutional illegal laws and secret agreements our government over the decades has embraced a globalist approved green economy as a new road map for sustainable development in America. Green technology and lowering pollution is great, but that is the smokescreen while the globalists through mega corporations, governments and the media get totalitarian control.
The controlling majority of sheeple still do not understand how the Globalization of Economies and Banks has been behind all the problems we now have, and is now more than ever the biggest threat and enemy of ALL freedom loving people in the entire world. The federal government has removed our right to know and until this government is stopped from operating like a secret society we can never become a government for and by the people. The criminal elements in our government on behalf of the globalists, elites, and mega corporations hate our freedoms PERIOD. And the main reason is our constitutional law/bill of rights would put every one of them in jail and seize their assets stolen from the people from illegal laws that legalized their criminal activity through unconstitutional laws since the creation of the Federal Reserve. Every day they continue with successful steps toward complete totalitarian control. After we declared independence from an abusive despot our founding fathers established this country as a REPUBLIC with an exceedingly effective system of checks and balances specifically to avoid consolidation of power by international banksters or any individual to prevent any future dictator like Obama from emerging. The executive branch, congress and the senate has been a runaway train for many decades operating as a government for and by the elites through executive orders, czars, career politicians in both houses, and through many progressive nation wreckers appointed to lead multiple unconstitutional departments toward a N.W.O.
Here is the 242 page Rio +20 International Covenant document:http://www.uncsd2012.org/rio20/index.php?page=view&type=400&nr=83&menu=45
Forward! Bravely! It's for the children!
and toture to anyone who will not allow us to medicate them to conform!
Supposedly, the "code" of the Illuminists is to tell you in advance what they are going to do.
The Hunger Games I believe, is what our country will look like under Agenda 21.
TPTB need a financial/war crisis to collapse the current money system and create a new one-currency fiat.
They need a crisis between Islam and the west. They need a financial tsunami never seen before.
I think the fall of Iran to fundamentalists was the first domino. One by one, secular Islamic leaders are being replaced by muslim fundamentalists: Hussein and Mubarak, now Assad.
The continued attacks on social morality, divide and conquer, are all hallmarks of the operation. The Gay President was selected to bring in I think a big turning of the page for TPTB. By selecting an individual of this pathological nature, chaos can be made to reign supreme.
If you take a large step back and look at it, it now begins to make sense. This is a dangerous time not just for The People, but for TPTB as well. As they finalize their goals, they become more visible. If the word is spread, they can be fought. They may hold immense power, but they are also human and quite capable of making mistakes.
Hitler had a plan for a "thousand year Reich."
You are the resistance.
How we are reacting:
Peoples Front of Judea, meeting to take action:
http://www.youtube.com/watch?v=YawagQ6lLrA&feature=related
Those bastards are putting fluoride in the popcorn now!
no! you are!
anyone with great ears!
yes! every enterprise of untoward power to victimize people is "risky" with avatars like us, BiCheZ!
pi-rat and bunny ears rule.
If the bad things, that has occurred in the US during last 10 years, had happened in Germany, Americans would be boycotting any products made in Germany. I am talking about Patriot Act, Homeland Security, TSA goons and arbitrary no-fly lists, Gitmo and enemy combatant infinite detensions, outright torture of POWs and US president able to give kill orders on a whim.
USA is very much flirting with fascism. It is just more subtle form of fascism than the German 1930's version. Extremists are taking over the US government, slowly but surely.
"it is the Board, not those in executive positions, that are held accountable for the risks your firm has undertaken."
BS, BS, BS. No one is held accountable anymore.
i think markG is correct about the EU, here; and also about the governance of private goobermints aka corporations
what the EU is actually about at this point is waaay not the same as what people have been conditioned to see?
i've been trying to point this out to germany since god was a little girl, it seems...
with the elections coming up, all over the place, this year, we are already seeing the arrival, here on zH of a small pod of reaganite/thacher types for the post-rPaul campaign
they don't like "socialism" and it looks like we're in 4 two earfuls and almost certainly a third, also
and then we have many, including myself, who are "educated" in political forms, their strengths, weaknesses, historical and personal stuff, and so on
but all forms seem to have been conquered by the banksters and the fiatsco bribery and lobby game has taken many nations captive; some of the "smaller traditional monachies + councils of governed seem to have remained integral
political forms and processes do not seem to matter to the giant blood-sucking vampire squididity, and here we have the venerability of jp's very own morgue getting its skirts hiked by circumstance on mainSt for what it is pulling on wallSt and in the "markets"
crisis to crisis, debt to debt is the new meaning of life on earth?
the political forms don't seem to matter; the people elected don't seem to matter; thePeople of the globe are being indebted by the ubers and what they can get the pols to legislate next, for them, against their, well, i guess victims might be appropriate somewhere along in here, eh?
is germany gonna be a victim? how do all these brilliant people like angela want this served?
let's wait and see what angela has to say next, ok? how she plays her hand, here, and how much room, if any, her goobermint has remaining in which to maneuver
apparently the banksters have been feeding all the troika and squid-governed (greece/italy) data to germany, where it is undoubtedly in cartel control (the data); this will, on paper, give angela cover to boldly go into the future of europe and a "fixed" EU
are you shitting me? this is governance? no, just another crisis and power and wealth transfer: from germany, with love, to the ubers unless angela is ready to take down the ponzi pyramid and free europe from a ww.debt-takeover.con>>>similar to carlIcahn and his debt-for-equity campaigns, basically, but now with the p.o.w.e.r. of the state behind it, which probably isn't really too fuking healthy if one were actually to stop and evaluate the situ
recall tyler's creditor-in-possession pieces and how the bonds were gonna (and did!) go down? different power got different deals; the few who actually read the prospectus, ask the questions, and know what they're doing were protected by law, by the way; in gBrit, but here we have mark saying adios to that, too?
so now,>>>they want to change the rules. again
you know, to FIX things and make them better for you
wanna buy 27 bridges?
entire nation and reguions are being taken over by this; once the debt gets about 3/4 as high as now, relative to sanity, the bankers are in defacto control; then they diddle the laws and rules (see USA) so they can't be arrested, and buy more legislators and regulators thru their lobby agents, funding all candidates b/c banksters love all their victims, equally?
so now, the party operatives try to get the mittens past the prez0 have debarked here; so we're gonna hear about the evils of socialism till we're ready to scream, which i am already doing, btw...
again, the goobermint forms and puppets-in-charge don't matter unless a blow can be struck thru them against the fiat banksters
how about it, angela? whacha gonna do, banksta BiCh?
"Socialists" as you put it (a bit mildly, I might add) are the only beneficiaries of this collapse, which is only fair considering the amount of effort and public monies they have devoted to it, aside from the opportunists, which are surely present as well. All that matters is who gets to tell the tail. They control that end of things so guess what the message will be...
Marx good, Freedom and self-determination bad....
After all, real communism has never really been tried, ya know!
again, fiat fascism can operate thru any "form" via banksters & their financials
it can not be fought effectively thru elections unless the elections themselve are approached with the fight as part of the design
rPaul showed us the template; the republicans seem to have the teaParty thing still working, too
but if mittens is part of any anti-bankster design, i'll eat everybody's shirt on this string!
ladies first, of course...
Right you are Mark. Here's the question: Who's the High Command of this Fourth Reich of the Rich?
Don Rothschild of course .... Why is the top of the Organized crime syndicate pyramid so hard to find, it is at the top?
This isn't Fascist governance. Fascism would be great compared to the deliberately bankrupted Jew run shit-pile that the world is right now.
in my understanding of political theory, M0_z_o, fascism can be of the left, center, or right; it can glom onto anything and start applying the fascia to its victims
i think you right in that party fascism or even something approaching benitoM would be preferable to this international WT0 & UN-fronted, NG0-backed, conglomeration of money, power, and marginal ideas about "rights", combined with really awesome air power, sea power, and space lasers, too
welcome to zH and if i may: be a little careful with epithets b/c there is some work here not to paint with quite so broad a brush, ok? jew, zionist, khazar, mossad, and theIsraelLobby may not all be interchangeable as you will soon begin to see b/c of your level of interest
stay tooned & bong-ho!
Running is for fugitive slaves, and walkin is for those refugees who have fallen behind the main body and simply carry on until they collapse.
Surivivors will be those who ride out the storm...and the only place to do so will be that landmass they used to call Eurasia...where folks still get lost in the vastness of it all.
Collect yur essential stuff, get yur folks together, an git movin...this whole Europe vs Merika scam is for deadenders...they're both stinkin two bit shitholes now, that mask the stench of death n decay with flush toilets and other superflous niceties that nobody serious about surviving really needs .
Our folks started out from the Asian continent on a vast journey of discovery that ended with a bunch of moneychangin hustlers stealin everything and anything of importance ...including most peoples' souls. Yu wanna be a neo-serf, by all means, stick around and watch what happens when the Kenyan gets his second term and all that latent Mau-Mau heritage of the Odingo clan gets a chance to work out in real time...Whitey won't live there no more...if yu get my drift.
Time to get outta Dodge; that means somewhere EAST of the Dardanelles. Gold. Guns. Two fresh mounts. First we get back to where we started from, then we roll back the last 400 years of satanist sabbatean shysterism.
Sarmatians!* - Saddle Up \ We got a civilization to save!
*that cludes yu ladies...Amazon warriors n all good spear arms welcome! http://youtu.be/Hm4O55ErlNA [Richard Earshaw - IN TIME!
Dude, you crack me up.
The Fascist are on the move here in the U.S. also.
The Rule of Law has been replaced by The Law of Rules.
Anyone else smell Holodomor a-brewin? So, let me guess, who are the lucky "neo-Kulaks"?
Holodomor: the secret holocaust: when Ukraine resisted Soviet attempts at collectivization in the 1920s and '30s, the Soviets used labor camps, executions, and starvation to kill millions of Ukrainians.Ask not who be yur neo-Kulaks, but rather, who be yur neo-Mahknovists...
Holdomor only happened cause the Bolshies n Fascists made common cause against the one common enemy who could stand up to either of them apart. Those flames of freedom bin smouldering long time, but they never gone out. Most awesome anarchist fighting force ever assembled.
Time we do it agin.
[for those who don't know about the greatest warrior of the C20th, http://www.nestormakhno.info - ignore all the sionist slurs against him -they feared him more than they feared any other.]
tyler's already got him nailed, but t.y.!!!
Jamie dimon shold be selling fruit on a stall in brooklyn. This is such a major skrew up............
Dump them and move your money somewhere else. I would never entrust my hard earned to a bunch of wankers.
so, what's yur point, other than slandering fruit peddlers?
It's a tough but clean way to make a living, and we've been under undue scorn ever since Gene Levy scored those cheap points offa Al Pecks schtick... http://youtu.be/fVftw267SnE
Dimon wouldn't last a ny minute in the world of real tradin...he'd be in the dumpster his first day...."like a soft grape, hardly ever been squeezed"
dear friend is a carney, but b4 he lost his bearings, he would tell me of his father, an immigrant teaching him the trade as a boy, and how to travel as part of theFunway
all his life on the road; best damn liar ya ever met, too! lotta shooters on his teams, tho; he told me whenever they pulled outa a venue there would be "bodies in the dumpsters"
The international basis for global governance is financial flows. It's just business, guys. This is what to expect when the capitalists overwhelm the nationalists. It's been coming a long time.
"Government" as some quaint concept of representing people's interests independent of their wealth peaked in the 20th century, and we're seeing the efforts to construct an entirely fiat-managed global community.
Most people here have already decided which side they want to be on. Be conscious of the choice you made.
When it comes to banks in the US a separate rule of law exists when it comes to bankruptcy. The banks law. You can be Corzined as easily as you can be wiped out as an unsecured bondholder in EU. Bulldoze the Banks and make sure the banksters are in them beforehand. The US was proportionately better off when there used to be a gas station instead of a bank on every corner. Banks are parasites. Destroy the banking system and reap prosperiety.
run to where? World Mass Destruction
Brazil, Peru, Paraguay, Isle of Man, Jersey Channel islands... New Zealand. find a place
Ahhh, those pesky two Ammendments, 1 & 2.... Thank God. We have a chance.
The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.
We are now in this momenet of time...
The price of freedom is eternal vigilance.
As the bank asks for biggest bailout in country’s history Things are getting worse in Spain. If regular folks come to realize that they have no protection from bank’s going bust, they’ll really start a run on banks. This is certainly a way to start a “run”. Imagine if it became known that the FDIC was broke and could not cover regular “Joe’s” money in the banks, what would YOU do?? Whoops… guess FDIC is broke too …. guess you have to rely on the Government to print more money to cover your deposits. At least in the USA they CAN print. In the EU ie Spain, they do not have this luxury. So, what are people going to do especially since more banks have had their Credit ratings downgraded yesterday….?
I read an article highlighting Christine Lagarde's, the head of the IMF's comments about the Greek situation, that it was "Payback Time" and the Greeks had to pony up and pay "taxes".
It has been much publicized that Greeks were notorious tax evaders, desiring all the government "handouts" and willing to give little in return.
Now the country is in turmoil, unemployment is over twenty percent, tourism is down dramatically and many businesses have shut their doors ever since the "bailout" started. Most of the money lent to the Greeks went to people money was owed, not to keep Greece open for business.
There can be many arguments made for each side of this argument, but the bottom line is this.
Ms Lagarde, if there is a choice between putting food in a belly or paying a tax, which do you think people should do?
I have no patience with bureaucrats like the head of the IMF, who has a guaranteed paycheck, retirement, travel expenses paid for. Someone who doesn't know or forgot what the "real" world is like and therefore "reason" flies out the window.
Ms Lagarde, you are no longer someone I can take seriously, nor is your organization something I want my tax dollars supporting.
If I have to quit paying taxes to prevent people like you from having control, I will happily do what the Greeks do, not pay taxes.
I was really impressed with the GM Bankruptcy in 2009 the way Bondholders were treated was exemplary.
Debra June is a small bondholder who six years ago invested $70,000 in GM bonds. She predicts that investment is now worth less than $200. She spoke to John Roberts on CNN’s “American Morning” Monday.
John Roberts: You invested $70,000 in GM bonds some six years ago. As a result of this deal, that is going to be converted to equity shares. What's that investment worth now?
Debra June: Well, what happened, John, I got this booklet at the original thing. This is a 200-page booklet and they sent this in the mail and the offering was two shares of stock for every $1,000. That's 140 shares of stock. They said originally in the booklet it was going to be 225 shares, but as you kept reading the booklet it said they were going to convert that to 101 reverse-split, which would be two shares of stock. $70,000 for 140 shares of stock.
http://am.blogs.cnn.com/2009/06/01/bondholder-furious-over-gm-bankruptcy/
And now that the US government still has $2.1 billion invested in preferred shares that pay dividends, plus a 61% share of common equity valued at about $45 billion to the U.S. and another $8.1 billion to Canada.
http://www.dailyfinance.com/2009/06/02/politics-trumps-seniority-for-bon...
Bondholders, who traditionally end up with the best deal in bankruptcy proceedings since they hold senior debt, appear to be losing out in both the Chrysler and GM bankruptcies. In an unusual twist, the government and employees will likely end up with a bigger share of the two companies as political expediency trumps traditional bankruptcy laws.
"They are rewriting law, and certainly bond markets never priced in an interpretation that you can rewrite things because it's in the best interest" of unintentional stakeholders -- taxpayers, the company's employees, and municipalities that will be affected, Kingman Penniman, president of KDP, told MarketWatch.
If, as now expected, GM's path to bankruptcy follows that of Chrysler's, bondholders will likely end up with a smaller stake in the reorganized business even though they are senior creditors. This trade off ensures employees will have a bigger stake in the new company.
In America we have a formalized process for insolvency, bankruptcy that is overseen by the Rule of Law and the decisions are made by our courts. We have a functioning judicial system and all manner of statutes and regulations so that claims on assets are a matter of well-established Laws that govern this process.
Of course you do and it is splendid to behold !
" even though they are senior creditors."
You mean victims of a crime, right? I mean, the government basically tore up the contract, perverted set law and fucked these people. Just like WAMU...
Ie., we're screwed!
Target on your cyber back: DHS has a list of words deemed ‘suspicious’Department chiefs were forced to release the manual following a House hearing over documents obtained through a Freedom of Information Act lawsuit. It revealed how analysts monitor social networks and media organizations for comments that "reflect adversely" on the government.
Weather, snow, ice, blizzard, sleet and every other possible description of the weather is included on the list.
http://rt.com/usa/news/dhs-list-suspicious-words-302/
Sounds like nothing more than a high-falutin jobs bill ... It will be a cold day in hell before I think that's a good thing, even though they say it is an ill wind that blows no good.
Hear that bell ringing? That's the sound of another intel-analyst getting his wings!
This has been happenning for decades. Nothing new except the technology gets incrementally better.
"I need ya, Decks. This is a bad one, the worst yet. I need the old blade runner, I need your magic."
Retirement party.
Banzai, pleaase do an Obamination of Obama in an african field marshall uniform with 500 medals on it, in gay rainbow colors with a nifty "O" armband like the nazis had.
standing on a barren landscape, littered with used condoms, and empty amyl nitrate bottles.
Fuck those goddamn socio-fascists!!
At least last time Germany had to fight a war to take over half of Europe.
the author is a fool if he relies on the Rule of Law in the United States. Just ask MF Global's customers, or the folks who got the shaft in the GM bankruptcy.
He might be right on the dangerous developments in Europe of the rule of law being replaced by EU rule. But I think the author is highly delusional about the rule of law in the US. Did anyone got convicted for the 2008 crash? For robosigning mortgages? For any other corruption or stealing that went on (apart from Madoff and some small fish)? I think not.If you hold up a liquor store, they will send you away for 30 years. If you ruin the economy and the livelihoods of millions of peope, they give you a bonus. In the US big business is in bed with government and actually dominates it. In Europe governments try to dominate their businesses. Both systems have in common that they dominate the citizens.
Joe A: Yes those things happened and no one has been investigated, indicted, tried, or jailed, but that suggests the article is right: TPTB thieves NEVER will be punished. (remember Savings & Loan swindle and all the others that was precursors to the BIG GRAB THAT IS TO COME. Government makes the laws wanted by TPTB who are puppetmasters of those in government SO THAT TPTB CAN STEAL. When those laws made for TPTB no longer suit TPTB, the laws are ignored or changed. THAT IS WHAT HAS BEEN AND STILL IS HAPPENING.
Wrong. Fascism=National Socialism=SOCIALISM.
See, it is about socialism after all.
BTW, Socialism es muerte:)
Wrong. Socialism ALWAYS becomes facism...it's the camel's nose under the tent....
Who says? Hayek says!
"In America we have a formalized process for insolvency, bankruptcy that is overseen by the Rule of Law and the decisions are made by our courts. We have a functioning judicial system and all manner of statutes and regulations so that claims on assets are a matter of well-established Laws that govern this process. "
Rule of law in USA was over when Obama took over GM bondholders' shares. No more contracts either.
Rule of Law? Try Rule of Lawyers.
''Run', ...very interesting, ''the writing on the wall''.
http://www.biblegateway.com/passage/?search=Luke%2021:20-22&version=ESV;KJV
The Lion of Babylon defines the portion or Lion's Share, which was always greater. The Lion of Babylon now defines the corrupt ''(g)ods work'' of the Lloyd void (black hole mentality) and market Whore of Babylon among all nations and tongues riding the beast, which is fallen and under judgment. http://www.google.com/search?q=Lion+Of+Babylon&hl=en&prmd=imvns&tbm=isch&tbo=u&source=univ&sa=X&ei=o7_CT6j2DMmv6gGkopTNCg&ved=0CGUQsAQ&biw=1280&bih=675
To remind everyone, this generation is defined as the last generation, which is the image of Babylon, that being all the nations now.
Babylon; a real city and real historic fact, for those people that may actually not know or think the scriptures are false, was taxing people to the same point of failure, so that labor was enslaved, and the ''want'' of the kingdom or state became a black hole. The same pattern of destruction and corruption was recently defined in Carmen Reinharts graph presentation at the Simpson Bowels Committee on debt, going back to WW1. She showed the same ''want'' pattern that always occurs before the fall or war.
The writing on the wall was ''Numbered Nummbered Weighed and Divided'' and the meaning was the kingdom was found ''wanting''. Outside the walls of Babylon was the image of our modern day uprising against this same corruption. The people inside were drunk and partying without any ''care'' at all for the reaction caused by the ''want'' of Babylon. Cyrus spent years digging up the Euphrates, so it would dry up and the judgment of Babylon would come in the form of an army able to cross the river and go under the wall of Babylon. That happened the night of the writing on the wall. So, the message is clear, sudden ''change'' is coming upon our generation now. This time the Euphrates is the image of the nations illiquidity making way for the armies we now see in the Middle East, all the usual suspects. http://www.biblegateway.com/passage/?search=Revelation%2016:12&version=NKJV
It is obvious that Iran http://articles.timesofindia.indiatimes.com/2012-05-26/middle-east/31860659_1_uranium-enrichment-centrifuges-uranium-hexafluoride is the tool being used as the wall of the New World Order Babylon, in combination with the market beast upon all of us, and the so called globalist ''king(s) are building their image of a man liken to Cyrus. Of course this is a graven image that nobody is buying, accept those whom have accepted the market offer and continue to buy sell and trade Hal 9000's ''Face'', which is not written in the ''Book'', lol, but remains in the darkness of ''short term gains'' which divert the Euphrates, painting the prophetic strong delusion picture. LMAO. I can't hear you http://bible.cc/2_thessalonians/2-11.htm Jamie Picasso Dimon, too much Wormwood (prophetic strong delusion) in your Great Wal Mart of China Big Apple BTFD Cup of Fornication has made your voice sound like Rosemary's Baby claiming his (g)od is a homosexual Suicide Vampire Squid and the Earth is a 2012 Year of the Dragon Drag Queen risen from the black hole. LMAO, not a pretty painting, time to quit your day job. Lol. http://www.biblegateway.com/passage/?search=Revelation%208:%2011&version=KJV This combination defines the wall and river of debt etc... that makes way for the armies and the coming global offer of peace that shall rise after the coming event(s) play out, resulting in the sealing of the mark of the beast and then the start of the great tribulation. http://bible.cc/revelation/17-15.htm 2012-13 will prove to everyone watching what time it is, have no doubt. That is clear enough to see now, or at least it should be at this point.
The message is clear enough, stand fast and do no harm, the gains of this market are evil and go against all of us, as do the armed forces in place, from the local (government employeee) police to the foreign and domestic armies gathered in and around Israel. How evil and ridiculous it is to see arms being placed in Syria etc... and the children getting blown up because of the pathetic East West U.N. New World Order chess game that is slaughtering our fellow man in order to claim dominion on behalf of the new borderless one world drive to build a global fascist prison system of drones and a 24 7 SkyNet to control man. Pathetic.
Here we are, able to count the ''numbered'' portion of the ''want'' of nations and the ''numbered'' portion we as individuals are marked with as a tax by the market system binding the nations. We are able to weigh and count the number of the beast and conclude the future judgment that shall come upon this generation. That is certain and it defines the prophetic vision for everyone, if not in principle agreement with the Spriritual claim in agreement with the sustaining law or revelation of mercy, which defines real growth and a rate of return defined by what has been established for the future. In our case, it's bad, very bad. That is the writing on the wall.
http://www.youtube.com/watch?v=xt2Z-DqiKGM
...of course it's not bad if you have accepted the revelation of the law of mercy, which is risen, in agreement with our Father in Christ. Amazing, people actually claim ''Truth'' does not exists, lol, and thereby the image of the Suicide Vampire Squid claim of ...um ''dominion'', lol, is declared without foundation and cause. Lol. The Truth is not a choice ...bitchez. Lol.
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