Watch Live As A Recusing Gary Gensler Tries To Explain Why The CFTC Failed Massively In Its MF Global Oversight
Nothing like watching one Goldmanite explaining why he failed to prevent another Goldmanite from (allegedly) stealing hundreds of millions in customer accounts. Linked below is the live hearing by the "Continuing Oversight of the Wall Street Reform and Consumer Protection Act" in which Schapiro and Gensler are held to account for their epic failure with MF Global oversight.
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Exchange traded CDS bitchez :)
Goldman Sachs scumbag.
OT: I'd say this outdoes the "waterboarding is not torture" legal opinions from ol' Bushie even
"The government lawyers - CIA counsel Stephen Preston and Pentagon counsel Jeh Johnson - did not directly address the al-Alwaki case. But they said U.S. citizens don't have immunity when they're at war with the United States.
Johnson said only the executive branch, not the courts, are equipped to make decisions about who qualifies as an enemy."
How about that.
http://hosted.ap.org/dynamic/stories/U/US_TARGETED_KILLING?SITE=AP&SECTI...
Gensler.
Nosferatu.
Common denominator, beyond resemblance ? Vampirism upon man; extraction of the physical life in the latter, and the financial life in the former.
http://3.bp.blogspot.com/_-VLGUL60mgw/S86tjR1BWAI/AAAAAAAAAK0/YWjgqUL5wk...
Fucking Schmeagal crack head aids infested anal rat!
I'm sure if I watch it long enough that one of them will answer at least one question put to them fully, but I'm bored with it now so, no such luck...
It was not unexpected.
What was unexpected was that Gensler actually looks like a cartoon maggot...
No shit.
What is amazing is that he actually looked just like Clark Gable when before he started his career. job hazzards...
Where are the Peak Oilers? You guys claim that declining "flow" of oil is what led society to get so leveraged, right? So why aren't we hearing about Peak Oil with the MF collapse?
Because it's total nonsense?
Here's a perfect example for you to take your bogus abstractions and apply it to a real world, highly leveraged collapse of a financial institution.
Max Fischer, Civis Mundi
Max; I've (finally) concluded that you're an idiot, and thus the newest resident on my global ignore list. Adéu.
Sorry to disrupt your echo chamber, Sir.
I would rather hear the noise of reality and logic bouncing back at me , again and again , than live in a Dunce Chamber and have to listen to idiots spouting white noise and debating back and forth whilst entirely missing the point. ie the MSM and political elite.
Perhaps the human race needs to be put into a ZH echochamber until they wake the fk up. Consider yourself fortunate to be here , eventually you might learn something.
no echo chamber is a good place to be. And people here aren't waked the fuck up. They refuse to be. Too scary.
Trav thinks his dream of a racially pure world is reality, lol.
I would rather hear the noise of reality and logic bouncing back at me , again and again , than live in a Dunce Chamber and have to listen to idiots spouting white noise and debating back and forth whilst entirely missing the point. ie the MSM and political elite.
Are you a village idiot, or freelance?
For those, like Max, who just don't understand what PEAK means I'll give it one more try:
PEAK = the TOP
In the case of Peak Oil it means the TOP of production, the MOST that will ever be extracted at any particular point in time (given a rational time slice).
What CAUSES the PEAK does not invalidate that the/a PEAK occurs. Got that?
Reminds me of the stupid arguing about what the price of oil would be. It's not PRICE, it's AFFORDABILITY: little does it matter if oil is $25/bbl and you're unemployed (and stay that way); if oil is $200/bbl and you're employed, then it's also questionable whether that's acceptable.
Max, if you refuse to believe that this is a finite planet then perhaps you need to go out in pursuit of unicorns and Skittles and leave us "less informed" folks alone...
You don't need to reduce the debate to the absurd. I firmly acknowledge that the planet if finite.
However, the argument, as purported by Peak Oilers around here, is that since the rate of flow has diminished, this has led our financial institutions to become leveraged to maintain growth. Personally, I think this is PURE BULLSHIT.
So, here is a perfect opportunity to apply your diminished "flow" argument to the failure of a highly leveraged financial institution. I don't need a dictionary definition of what "peak" is.
Max Fischer, Civis Mundi
Don't start talking logic now. The Excluded Middle will get you for sure!
Oh, gotcha. I'll take this one
The decreased growth rate of net energy input pre-peak caused aggregate profitability to decline toward 0. In order to make this up, the financial institutions had to use massive leverage to cover for the incredibly meager profitability of endeavors.
Like how China tries to make 1000 more factories all producing shit that earns a fraction of a cent per unit. There's nothing for them to do to earn a higher profit, so they attempt to make the money through volume. That is how financial leverage has worked.
Net ROI of our economy has been declining for some time now; consequently, increasing amounts of leverage are necessary to extract profit.
Leverage is EXACTLY what the word describes. As the horse gets nearer to death, you have to whip it harder. As the burden gets heavier, you have to use more leverage to move it.
As oil supply now declines, there are a lot of firms trapped in positions of leverage against a DECLINING credit base, where they are having to scramble for dollars to repay. Some simply cannot. Musical chairs is an apt analogy.
The decline in net energy means a decline in all things being "done," as power is what does doing.
There are essentially two parts to the argument: (1) that peak oil caused institutions to leverage up; and (2) that peak oil caused an already leveraged system (desperately in need of growth) to slow down and begin the default avalanche.
Max, you clearly dispute the former, but do you also dispute the latter?
(and I guess I have a hankering for feeding the trolls)
For couple of years I've read your postings and they always have some massage in it, but this is forum and you cannot bllaber about something and count that somebody will understand it. Maybe you have too much propelant at the moment when you write or your brain is overwhelmed with thoughts and it's hard to put it together in coherent piece. Maybe shorter form would be useful, omitting some personal attacs, which you like, would be useful.
I think there's a wrongful causation in there.
firstly, leverage has increased because of 3 converging factors:
1. smart risk-neutral derivatives math to better price and hedge risk.
2. faster computers and networks to do the math and bring prices to markets.
3. globalisation, ie, reduction of trade barriers and greater integration of said markets.
I would say the oil and manufacturing boom (?peak? )was fueled by
leverage. transporting thinks by shipping is still one of the most
risky endeavours today, much like it was the originator of insurance
and joint stock ventures centuries ago.
mass-producing cheap goods in china only holds as long as there
is cheap oil, since by their nature, these good rely on volume,
and mass quantities are expensive compared to high quality
expensive goods per ton shipped.
imho there are very few peak-oil that argue that previous leverage
was caused by the coming oil shock. what they are saying is that the
oil shock is incompatible with a highly leveraged mechanism.
I'm not sure that's true. vIn fact I'm convinced otherwise.
surely if oil supply rarifies, each shipment will cost more to
transport, and thus will no doubt carry much higher-value goods.
note that on top of the volatility of the price of oil, the risks
inherent to merchant shipping (hurricanes, shoals, drunk captains,
pirates or what have you), are pretty much constant *per voyage*
and maybe miles travelled. this means we will have more risk,
ie we will need much more leverage, if we are to trade at all.
so if you believe in peak oil, we will now have the reverse.
increased leverage but decreasing trade tonnage and fuel use.
Just because there is a finite supply...out there.... That does not mean we have hit PEAK. It just means that at sometime in the future .. WE MIGHT.
There are new finds everyday.
But I ain't getting into all the horse shit arguements from both sides, not today.
discoveries PEAKED 47 years ago, dipshit.
There are LESS and LESS new finds going forward.
Please, do YOURSELF a favor and STFU.
False argument.
There is more and more oil being found within those fields. While the discovery of new fields has tapered, more oil is being found in/around them with better technology. The petroleum engineers are finding more oil than the geologists.
Max Fischer, Civis Mundi
How in the fuck do you know what the real oil supply is.
You are one of the biggest assholes to post on ZH, and are proud to do so.
You are as big an asshole as denigger. Go back the ticker forum and try to convince them you know anything, at all.
Trav777= dickweed supreme and loving it.
http://www.thedailybell.com/2973/Americas-New-Production-and-the-Farce-o...
Really Max? Then why is everyone so desperate to get wars started and take control of nations oil....because its SO plentiful?
Every generation needs a Holy Grail. Oil happens to be a chart-topper because most people use it.
you are in the running for the biggest idiot around here.
Even mosely-claven has STFU trying to dispute peak oil.
When 54/65 oil producing nations reached peak and entered production decline, you'd think that the reality of this would simply be undeniable. But morons like you who are clearly a combination of stupid and arrogant (Downing Effect) continue to deny it.
This is the problem with you, Max; you VASTLY overestimate your own intelligence and FAIL to comprehend others'.
A decline in flow of oil did not force society to leverage; leverage continued because it is its own exponential growth animal. The growth of net energy inputs permitted this edifice to remain upright. Now that oil is declining in production, we are seeing all of the leveraged critters implode spectacularly.
I'm not disputing that eventually "peak oil" will become reality. Not even Yergin disputes that.
You are, once again, subtly twisting the argument away from many of your original claims; that is, the flow of oil is the underlying cause of the financial crisis. I'm disputing your continued claim that there is ANY connection between diminishing flow rates/"net energy imputs" and our current financial crisis. You have been trying to link the two for years, and it's PURE BULLSHIT. Here you do it again:
Now that oil is declining in production, we are seeing all of the leveraged critters implode spectacularly.....
Total bullshit. Your white, cone shaped hat is restricting blood flow to that air-filled cranium of yours.
Max Fischer, Civis Mundi
I love how you declare victory in your mind when you are a thoroughly beaten dog in reality.
We had peak whale oil, now there are no lights on the East Coast! Eternal depression for all time! OMFG!
This is the problem with you, Trav; you VASTLY overestimate your own intelligence and FAIL to comprehend others'.
The Sephardic Vampire Squid.
I think vampires run away from this guy.
FLUSH>>>>>>>and around the bowl you go! Bastardo!
I had a sense that you would pick up on the resemblance, WB7 ! Striking and uncanny, isn't it ?
Well done !
Once you identified it it was a piece of stale cake ;-)
Speaking of resemblance. That nose. Is he possibly related to Henry Waxman?
More like this creature...
Does anyone think that claiming someone is an enemy of the USA will not be completely arbitrary ?
The tooth fairy is an enemy of the USA.
*glancing into the future*
since position of physical gold and silver has been outlawed given the confirming proof that terrorists are using it in exchange for weapons, and since we have discovered documents that prove you purchased same and have yet to turn them in. Your detention here at the federal pen will continue until such time as you remit your gold and silver to us BITCHEZZ!
I am so sad to see how low the USA is sinking, and fearful when I realise that nothing is being done to correct the decline of business morality and the rule of law.
I got junked in a previous thread for making a similar point. I still believe pm's (along with cash waddage {used 20s not crisp new bennies}) are a must, but TPTB are a resourceful and ruthless lot.
Go dark wherever Possible. Guns and ammo included... Terr'ist bitchez
Been that way for a LONG time. And, it's only taken some despot dictator to declare a hatred for communism for him to acquire all sort of favors from the US (while he slaughters his own people, in the name of anti-communism).
@redpill
At the Pentagon's 2011 commemoration of Martin Luther King Jr's legacy Jeh Johnson suggested Dr. King would understand today's war waged by America.
Responses to Johnson's statement, posted on DoD's website, almost 100% characterize his remarks about Dr. King as reprehensible, despicable and unconscionable. Encouraging so many people saw through Johnson's lie to post their comments.
King Might Understand Today’s Wars, Pentagon Lawyer Say
http://www.defense.gov/news/newsarticle.aspx?id=62448
more diversity...give them ALL a plaque for saying stupid shit
Trav wants a monoculture like Japan, where everyone will just shut up and defer to authority. If only the authority was the right one, lol.
Lord Valdemort lives. The poor guy is working for Obama.
Goldacunt, and an ugly mother fucker cocksucker, too boot.
Just unbelievable how they response to questions without actually saying anything.
FYI first they have stolen 2/3 of my MF account. The remainder was transferred to a new account at another broker. From this new account "they" again took away more funds two times. My account statement reads:
NYL_Allocation-2-ADJ
Now they seem to go on speculating with their customers' funds. They bought Italien bonds but I wanted to buy a new Ducati Panigale and a Moto Guzzi V7 Special. Where is my money?
Now that's how you do a comb over
He looks like a freakin' cadaver.
give the Squid a break! Some Tentacles Are Prettier Then Others.
All Tentacles Of The Holy Squid Are Pretty And Do His Work
He probably STILL gets beat up on the playground.
Allegedly? That dude looks like he just got squeezed out of an asshole.
I am Chumbawamba.
Judging by the shape of the head, they used either vacuum or possibly forceps.
When he was born, the doctor should have slapped the mother!
.....young Debbie was in having her annual physical and at its conclusion, he doctor asks if she has anyother questions, to which she replies, "Can you get pregnant from anal intercourse?"...to which her physician promptly replies, "Why of course Debbie, where do you think Goldmanites originate?".....
What do you expect, his handle is D. Claude Hamster
Clearly he enjoys his work
Was he on that watch screen in Men In Black, next to Oprah and Dennis Rodman?
another pointy headed blue suit, god save your people
Held to account?? Puhleeze. They would be holding this session from Rikers if they were being held to account.
Pistol whippings and curb stomping would suffice
I could make his face look like a waffle with my boots.
'Held to account'....I think that means Gensler has to bring the cocaine and the kidnapped 8 year old boys to the party tonite.
Hey, this wasn't part of the job description when I came here. I'm supposed to make a 6 or 7 digit cushy salary, not do shit, travel on the public dime, and watch midget porn when I want to. And by the looks of this maggot sweating, I'd say he can't wait until he gets back to his computer.
http://vegasxau.blogspot.com
Marvel in the Kabuki as the men who made MF Global's actions possible pretend to spank functionaries as if it weren't their fault too.
Video failed to start. Failure in government ? What's new ?
I have anger issues so I'm going to duck outta here.
was that your dog i just heard yelping?
i hear ya tho.
i bet i got chastised and fined more for the grave sin of talking on my cell phone in the car than these two crooks ever will for the blatently criminal negligence they're guilty of.
Fined $150 for smoking within 25 feet of a restaurant entry door.
In one of the most polluted citys in america. Most of the pollution from chem plants, refineries and autos.
All about the safety,
Another example of the absurdity...... ok
If you take a fishing trip out to the gulf of Mexico and return you WILL BE BOARDED by the DHS, for our safety of course.
But if you fly a helicopter out 50 miles to an oil rig to drop off\pick up workers and return, no searches, ever.
Kind of odd isn't it?
Big oil wins!
Agriculture, Nutrition and Forestry is the Alpha and Omega of the problem.
Beta being the ministry of leisure pants
Some head scratching here. Anyone know why hearings are in the AG committee? I thought the consumer affairs is in the Treasury Department? Purposely relgated to a backwater committee?
Sen. Klobachar is a marxist who wouldn't have the capacity of understanding what is required to stimulate private sector economic growth.
that f*#king corrupt f*#king midget...
Swap dealers = purveyors of fraud
Why do all these guys look vitamin d deficient?? Pistole at the TSA, all of them..WTF
being a vampire , does that to you
Close, but they're Alien Vampires! There, now That's in the open!
MF Global was pushed over a cliff on purpose
In order to burn guys like Gerald Celente, Jim Sinclair's buddies, etc.
Small price to pay, a few guys lost a lot of money
But now everyone will think twice before taking on City Hall by trying to gun gold or oil futures, shorting stocks, etc.
Too true Robo...But MF most likely had mucho toxic garbage within it as well...Bury dissenters and bury the dead bodies...Two birds...One stone...
MF served a function: to make alot of bad bets on Euro toxic debt suddenly disappear. Perhaps some MF Global buddies offloaded a little toxic junk onto MF before it closed its doors. Think about it.
It's been thunk about slaughterer!!!
Awww....LULU tights bunchin' up on ya?
44.22 - 5.48 (-11%)
And everyone will just buy physical.
And by "everyone", I mean the first 0.5% of people who transfer their holdings from paper to physical. After that, none left, sorry, have to wait on new supply from the mines, IF the governments don't demand priority purchase.
Acute observation Mosley...Thus the importance of local coin shops...The true litmus test...