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What Was Not Said During Jamie Dimon's Media PR Campaign
Today's Meet The Press PR damage control campaign orchestrated on behalf of Jamie Dimon by the fawning press was just another attempt at redirection, in which a faux contrite Jamie Dimon promises that as a result of being '100% wrong' about his prior "Tempest in a Teapot" description of the Bruno Iksil debacle, he has learned his lesson, and in tried and true American fashion deserves a second chance. The rest was filler. What was not said is that the entire business model of the modern US banking edifice, where due to the Net Interest Margin limitations imposed by ZIRP, is one of prop trading as being a glorified hedge fund is the only way the banks can generate a rate of return above their cost of capital.
- What was also not said was the glaring lies by Blythe Masters from a month ago who swore up and down to CNBC that JPM does not engage in prop trading: "We have offsetting positions. We have no stake in whether prices rise or decline"
- What was also not said is that contrary to "conventional wisdom" where a few prop traders have been sacked (most likely due to not taking enough risk) prop trading is alive and well across Wall Street, even if it has been largely rebranded as 'flow trading' - just as the high freaks are scrambling to come up with a new name for HFT because that will make all the difference.
- What was also not said, nor discussed, is why anyone would trust or invest in these money center banks when their balance sheets are so opaque, even their apparently clueless CEOs flip-flop within a month on what is really happening, with accounting standards so poor, that nobody can figure out what they are investing in, and why Mark-to-Market is still halted (Aren't banks finally quote unquote healthy?).
- Finally, the most important thing not said, was Glass-Steagall, the one law whose overturning allowed the commingling of deposits and hedge fund activity courtesy of Gramm-Leach-Bliley, hilarious called the Financial Services Modernization Act of 1999. If America is to have even a remote hope of returning to normalcy, Glass-Steagall has to be reinstated. Which is why nobody brought it up on MTP: neither the anchor who is accountable to an organization which needs the status quo for advertising revenues, nor the hungry for TV exposure senator, nor the DCF-expert access journalist. Nobody.
Luckily America's population - at least the part which realizes that nothing has changed for the better, and that fundamentally things have continued deteriorating, especially when removing the central planners' crutches - is becoming increasingly more educated and realizes just how much it is being lied to by prominent bankers, on prime time TV, in a process that further destroys any residual credibility of the status quo. And for those curious what happens when the last ounce of faith in a failing system disappears, we have one word: Europe.
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I just heard a rumor over the grapevine regarding bankruptcy of attorneys being brought into meetings RE JPM.. I cannot tell you if this rumor is true.. We will find out on Sunday. http://youtu.be/A9l4bN-e1T0
Oh Really!?!?!?!?!
Which one of thier counterparties went belly on whom that have a bazillion dollar CDS claim and are wooried about recovery?
Meet the Press
nah, more like
Meet the Fcking Monkey hosted by monkey man himself and his cast of chimps
"Fawning press", no shit, Friday on Bloomberg was like a fucking Jamie Dimon love fest as they paraded out one apologist after another.
Never gonna happen. JPM will be around long after mushroom clouds dominate the skyline and zombie Jamie will be feasting on glowing cockroaches.
That said - I WOULD LOVE, LOVE, LOVE TO BE WRONG.
I don't see how you could be wrong. Jamie need only pick up the phone and order up a few billion more from The Bernank. Yes, super-size it, problem solved. Oh yes, and don't forget that the replacement money will be counted as income to JPM which will end up in bonus checks in no time.
JPM was the Fed before the Fed was the Fed
And still is
Indeed.
http://www.youtube.com/watch?v=I0mhX9hpq3g
Nicely Done
A few billion from the berank won't help this one... not this time.
It does not have to come to that. It's the MSM that is the weak link. Get them off the money take, and back to looking out for the people. That would really be half the battle. No corrupted MSM, and then no more mind control of the voters.
Really tough to understand these commentators with Jamie Dimon's dick in their mouths.
I refuse to waste my time watching any of this crap (but thankful ZH does it for me and for posterity). Skip the filler and go straight for the killer -- ZeroHedge.
ZeroHedge: (n.) The financial media's 800 pound gorilla with a chainsaw for a penis.
Let er' rip baby.
Tyler Durden: [to the police chief] Hi. You're going to call off your rigorous investigation. You're going to publicly state that there is no underground group. Or... these guys are going to take your balls. They're going to send one to the New York Times, one to the LA Times press-release style. Look, the people you are after are the people you depend on. We cook your meals, we haul your trash, we connect your calls, we drive your ambulances. We guard you while you sleep. Do not... fuck with us.
http://www.imdb.com/character/ch0001854/quotes
As far as Tyler's excellent current post. That douchebag anchor (David Gregory) is married to a very high level executive at Fanny/Freddy. Everybody talks their book. and is tripple dipping.
I would not want to meet Mrs. 800 pound gorilla...
Nothing Yanks like more that a story of the "king of WS" falling from grace and his redemption.
Now if Janie Dimon found god, as part of his "second chance" they would crown him president and king of the world tomorrow.
@lizzy36
It's not just Yanks, but - like everything - we do it harder and greater than anybody else. There is very little moderation in the American character.
True.
But yanks are particularily enamoured of those who as part of their redemption tour find god.
Look at "W".....it is like as soon as someone has found the "lord" nothing counts prior to that finding.
Religion is cheaper than dope.
I beg to differ.
Not for religious addicts.
Redemption is practically required for anyone in the public eye. If you're a politician who screwed up, you find Jesus. If you're a movie star who screwed up, you go into rehab.
The American public is especially entertained by religious celebrities who fall from grace and then make a tearful, televised plea for absolution. Jim and Tammy Faye Bakker come to mind, but there have been many others.
Q: Why did they spell their last name with two K's?
A: Because three would have been too obvious.
That's God with a capital G; get that straight you heathen Cunts.
"Paris is well worth a Mass" - sorry, the French beat us to that redemptive tactic some time ago.
They already have Warren and former IMFer Johnson asking for resignation as part of the pretend control demolition of TBTF.
This strikes me as a make-over attempt so the public can have the illusion of a victory.
LOL @ Janie Dimon
Lizzy sez:
Now if Janie Dimon found god, as part of his "second chance" they would crown him president and king of the world tomorrow.
Naw lizzy - he wouldn't want to take the pay cut.
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Your site is rubbish for housewives.
That smug looking cocksucker....he better have body guards cause something bad is bound to happen to him and his kind very soon...
I'm just telling ya....
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Glass-Steagall too arcane for our modernized world. As is honesty and accountability....
Great article.. It is going to be very hard for us as a country to break apart the Good Ol Boys club that we are seeing presently in the upper echlon..
They're self-destructing on their [TBTF's] own! For God's sake - Chinas' CB is now in a race to the bottom with the FRB [ZIRP] to see who can print faster and deeper to maintain the illusive 'Hegemony Crown'. The rest of the globe knows what's happening with Americas' Fiat, except 'We the People", with Basel III being trashed here, and a`broad,... staring down from the Great Wall?
I'll put my fiat on China with 1.5bn ppl., which by the way if we turned the clock backwards are perhaps in the 3rd or top-half of the 4th inning of a 'obsolete-hard-to-let-go' 19th & mid 20th century american industrial age. Ironically, the U.S. service sector that now makes up ~75% of growth will soon metastasize into the entire exported economy.
The 'Good-ol-Boys' never left the country, they were always 'Loyalist", wearing a two-sided hat!
Ps. Fantastic Post Tyler, Thankyou :-))
This all reminds me of the great skit in "Chicago." Even if you don't like musicals or Richard Gere, please watch this. Sums up the media better than anything:
http://www.youtube.com/watch?v=SBM82Ju2kJU
Fee Jon Corzine!
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He forgot to say...."As long as I have Mr. Bo Jangles in my ass pocket, I can be the BIGGEST fraud in the world"
MF Morgan
JP Global
Jamie Dimon will renew his faith in Jesus and run for president on a constitutional promise to pass an amendment that defines marriage as a relationship between male and female homo sapiens. His prime concern is some female getting a license to marry her male dog. When he announces, all will forget his crimes against western civilization.
Fuck the Lobbyists , Banks and the SEC. Hang the bitchezz and their families.
http://www.enterprisecorruption.com/
just a thought
r
ZH bringin' the monkeyhammer for the Mourge! Live long and prosper ZH.
I agree with sentiment towards big banks taking huge positions IFF taxpayers get stuck with the bill. But regulations are made by politicians who have their agendas and don't really care about the economy. My fear is that they will screw it up AGAIN! Dodd-Frank is idiotic legislation and needs to be undone and done CORRECTLY this time. We know what to do.
http://confoundedinterest.wordpress.com/2012/05/13/regulation-jpmorgan-chase-and-the-parable-of-the-titanic-and-eastland/
Just don't over react. And letting Socialist nitwits like Trumka and Warren drive regualtion is insane.
Total reset or total fail. Screw anything in between
uh....judging the pathological, suicidal and scatalogical way the bankster fuckers have conducted themselves over the last decades, there is no such thing as "too much" regualtion. That is, unless you like watching the financial world go up in flames on a routine basis, with you getting the bill.
You can't regulate evil, they will always find another loophole to crawl through.
Every week, there is a new normal.
This was starting to unravel a month ago and reported here. See http://www.zerohedge.com/contributed/2012-15-11/bruno-iksil-jpmorgan-and....
ZH on top again!!
TECHNICALLY blythe said that there was no prop trading in the silver markets, and this situation didn't explicitly involved prop trading in the silver market.
Let's definitively force her into a corner and admit she lied. Calling her a liar too early makes us look like boys who cried wolf
Yet, the next black swann that may take down the whole fucking thing...
Got Silver?
Got GOLD?
GOT BRASS n LEAD?
The author of this article pinpoints exactly a key moment that helped make the financial catastrophe of the 2008 possible. The repeal of Glass-Steagal was a law originally enacted during the depression by lawmakes eager to avoid having greed monkey hammer BOTH the economy and the society again. Look well at the names attached to the sponsors of this bill and note the prime driver Phil Gramm a one time Democrat (when Republicans couldn't get elected in the south because Lincoln was a Republican-no kidding) who came out as a Republican later in his career as it fit more truly his conservative values.
Note where Mr. Gramm, having left the house of representatives, makes his living theses days; Vice Chairman of UBS AG Investment Bank. Curiously Gramm was for awhile also cochair of John Mcain's 2008 Presidential campaign.
Mr. Gramm's views of the populace suffering under the ill effects of a financial meltdown he helped make possible are well known and easily found on the internet. His belief that ordinary people are whiner's in a society too often coddled by government and their own cushy expectations rather than willing to confront the hard knock reality of a survival of the fitessed world he seems to prefer is typical of how those on top view those struggling on the bottom. Especially when they are partly responsible for making the experience at the bottom worse.
Phil Gramm's wife Wendy, was employed by ENRON during the "LoopHole Debacle"!
Ref: "Phil Gramm, UBS & 2 Billion" http://www.thomhartmann.com/forum/2012/05/phil-gramm-ubs-a-2-billion
Ps. Sorry, but being a forum must be googled :(
Quote: "In Sept/2011 UBS suffered a $2 Bn. loss beacause of a rogue trader". Sound familiar?
No surprise there. Runs in the family.
Wendy Gramm also former CFTC Chair Wendy Gramm
Who was mentioned in that CFTC admin judge retirement confessional
Judge Painter
(recap)
"Futures magazine had an article last week about the retirement letter that Commodity Futures Trading Commission (CFTC) Administrative Law Judge George Painter sent announcing his retirement.
In the letter, he announces that his fellow admin judge has never awarded a case to a plaintiff in 20 years, and that he did so at the urging of former CFTC Chair Wendy Gramm.
A reminder to those of you who may be unfamiliar with this particular corporate harlot: Gramm was not only the former CFTC chair, but she was an Enron board member and wife of deregulation architect Phill Gramm, who for reasons unknown to decent society, is gainfully employed as a fluffer at UBS, helping to further besmirch the reputation of that bailed out firm.
“In a notice sent to complainants and their attorneys, Judge Painter claims that Levine told him that he had promised former CFTC Chair Wendy Gramm “that he would never rule in a complainants favor”. Painter’s notice goes on to say, “A review of his rulings will confirm that he has fulfilled his vow.”
In the notice Painter recommends the CFTC request the services of an administrative law judge to be detailed to the Commission from another regulatory agency to handle the remain cases on his docket. Painter writes, “If I simply announced my intention to retire, the seven reparation cases on my docket would be reassigned to the only other administrative law judge at the Commission, Judge Levine. This I could not do in good conscience.”
http://www.ritholtz.com/blog/2010/10/judge-cftc-corrupt-wendy-gramm-crim...
Gramm was a minor tool in the repeal of Glass Steagal. It was Robert Rubin as Sec of Treasury under Bill Clinton, and Sandy Weill of Travelers / Citi at the time.
You are either not well researched or acting as a stooge for the Rubin / Weill clique.
The Masters of the Universe (Geitner, et al) have had 3 years of relative calm to unwind the montrous derivatives market and to break up these bloated TBTF's. Instead the derivatives market has expanded even more and the BAC's and JPM's have just gotten more and more bloated. The arrogance to think that it can't happen again is staggering. This may take another doubling or tripling of the Fed's balance sheet to paper this one over.
antiicipatory breach biatch
What a wanker - guys like this putz deserve a kick in the nuts so hard their eye balls shoot out. KARMA BABY - do your thing.
And those people who are willing to trade IG9 with hopes that they can kick the Morgue in the nuts...those people have got balls of steel...
Ah, just another CRIMINAL, we can't let get away!...Right?
Remember, NO PRISONERS!!
Will Blythe have to lift her silver shorts now?
They really wish you wouldn't peek up there...something smells.
In such a fragile market, it is difficult to gauge what may be THE Black Swan that interrupts any desperately planned "unwind" of the dollar. Hell, it doesn't even have to be anything really big anymore. The inability to deliver physical silver is one game-ender among a thousand other cons, but I'm partial to it because it would be nice to see the "common man's currency" be the thing that blows away all the maddening hubris.
Hopefully, the common man has protected himself with just such a currency.
The list of potential black swan events is growing at an exponential rate isn't it?
A $2 billion loss at a bank that makes billions of profits a month shouldn't even be news if times were normal.
Where is the fluttering butterfly that will cause the tsunami?
The sheer comedy is Goebbels media had to retake Dimon's original version of interview.
Jamie Dimon Retapes 'Meet the Press' Appearance
http://www.economicpolicyjournal.com/2012/05/jamie-dimon-retapes-meet-press.html
Did they pull that link/ site?.......... Disregard... I just got through
Yeah.. something made him change his mind about disclosure in a real hurry.
I have almost no clue as to how those credit indices work, and I don't understand how the basis trade on spreads between cash bonds and CDS's work either, nor how the valuation of those contracts works so that it can affect the holders, so they are hit by margin calls. Anyways, something occured to me, that I would like some community feedback on.
I assume that the IG.9 index business is just a small piece of a bigger puzzle, where JPM has been spread betting on recovery in the US, because the index relates to corporate debt of 121 US companies.
What if JPM has also been spread betting with leverage against Portugese Bonds in a big way, possibly as a hedge on Portugese bond CDS underwritten by JPM. It was mentioned in a Bloomberg article that JPM has underwritten some 206 billion more CDS than they have bought. I am thinking that, if some of that amount relates to CDS's underwritten for Portugal and Greece, it could explain this sudden need for public "laying the groundwork for further explanation". Here is why - and it is 100% pure speculation by an idle little mind:
1) Hedgefunds have smelled blood for over a month. The last month in public, but probably before that in private. Maybe they have been biting JPMs buttocks in other areas as well.
2) 4. May. ZH wrote that the Norwegian Sovereign Wealth Fund (NSWF) had completed sale of all Portugese bonds (plus other bonds). The buyer was believed to be US hedgefunds like Dan Loebs Third Point Fund. According to the article, the Portugese bonds rallied in all of April, which would have resulted in spread bet loss, if I understand it correctly.
The NSWF has given the Eurocrats a vote of no confidence with this move. Also, they did not roll over in previous months, when there was an attempt to enforce the CACs on foreign law bonds during the the Greek debt restructure. So they have not been playing nice. The Greek debt redemption is set for 15. May, according to ZH.
3) 9. May. Mr. Dimon records the first interview, but something changes his mind, so a new tape is made on the 11. May. I don't believe that it is the trades and losses alone, because they have apparently been underway for weeks. Something else... and big... has happened.
4) 9. May. The EFSF announces that they will withhold 1 billion Euros of the bailout for Greece, because Greece will not need it until June. There was a contradiction in that this was withheld until Monday, but not needed until June??? Anyways, was this a "Fuck you and go to hell" to the NSWF with "thanks" for refusing the CAC? And/or was this the excuse used and broadcast as deliberate trigger point for an outright default and Euro exit starting on the 15. May?
5) 10. May. If so, could that explain Mr. Dimons change of heart, if he has underwritten the CDS's on Greece and possibly a lot more on Portugal. If EFSF is serious about blocking the 15. May redemption, it is bound to rock the boat seriously in Portugal and hence the need for an emergency Conference Call.
Goldman and JPM apparently had meetings with Bernanke recently. Was that about opening the spigots even harder to the European offices, whose true exposure is not reported to the US comptroller?
I do not know, and I would like to hear your views. Maybe I've got above wrong, but it sure feels like something has changed... something big has changed for real.
Perhaps JPM had to sell some (most?) of its Au bullion...
Yes, that was in the back of my head too. See http://www.zerohedge.com/news/jpmorgan-estimates-immediate-losses-greek-...
You mean, nobody asked to see the "Too Big to Fail" tattoo on his right butt cheek.
So much for investigative reporting.
Special shout-out to WB7.
Everyone deserves a second chance, even the ones who didn't deserve the first one...
What about Bruno? Three other JPM's get canned. Is he still in there pitching trying to claw back his bet from the croupier?
Gregory, Levin and Dimon, the newest Joo Stooges.
who knew dimon was a jew
We were sloppy and made mistakes? LOL.
Jamie Dimon is a very bad liar.
JPM bonuses are guaranteed by the usa congress and federal reserve.
THE WORLD IS MINE YOU F***KERS!
[dr. evil]
Took the rant right out of me. I feel much better..
Another job well done.
Thanks ZH.
When do indictments begin?
Just wait until Holder, AG hears about this. He will be fuming Mad about the lies and misrepresentations
Why is that scruffy little punk Dimon still yammering about financials and why does anyone still listen to him when he is incapable of managing a coffee wagon.
The fact that he has a platform at all shows he is doing a stunning job of "managing."
Well, now we know if a tree falls in the derivative forest and we didn't hear it, the head ranger has to come out a tell us what happened.
From what I can gather, a relatively young CDX tree may have been damaged while being pruned and some blight may be spreading to other trees of the same species. The tree pruner has been slightly injured, but it is too early to say whether or not he will be able to resume his duties. The forestry service has been duly notified and stands willing and able to provide assistance and resources as needed. This incident should have negligible impact on the sustainability and vitality of the forest. However, tree pruning procedures may need to be reviewed.
We are encouraged to continue our daily festivities.
next time anyone sees jamie on an elevator, make sure to yell out loud THAT IS WHY EVERYONE HATES THE BANKS !!!
What Was Not Said During Jamie Dimon's Media PR Campaign
HOW LARGE IS THE POSITION?
IS THE POSITION LEVERED AND HOW MUCH?
IS THE POSITION STILL ON?
IS IT MOVING AGAINST YOU?
IF YES THEN GOTO TEOTWAWKI
These photos remind me of the 3 monkeys parody of separate photos of monkeys covering their respective eyes, ears and mouths, with the caption of " see no evil, hear no evil, speak no evil." That says it all.
They should rebrand George Carlin's 7 dirty words you can't say on TV to 8, because that eighth is Glass-Steagall. Whenever it somehow makes a brief appearence, it always illicits the same response as the other 7 words broadcast to a church group of the elderly in the 1970's.
You'll never hear that word out of the campaigns of Moron Mitt or Bullshit Barack either.
There's more change in the ending from your decisions in Mass Effect 3 than these 'transformational' charlatans claim to represent as a core ideal and purpose for their candidacy.
Leaders that preside over failed policies that destroy us can also be considered 'transformational', just in an inverse fashion.
They know all the 'buzz' words, but you'd have to be flat out chasing the dragon of hopium to believe them.
Glass-Steagall
Looks like Vanguard and State Street are Big Holders of JPM:
http://fundville.com/ssearch.php?s=JPM&t=JPMORGAN-CHASE-&-CO.
"reinstate mark to market..."
But.. but.. That's what *caused* the financial catastrophe!
It only takes a small crack, one minute things are fine, the next theres honesty alll over the shop, on your hands, spattering the curtains. Do you really want a return to honest accounting? Look what it got us last time... and look how great things have been since...
<lolz>
This news program and the main stream media are the equevalent of the "ushers" of the Soylent Green movie - taking us to our financial death with pleasent music and soothing drible from the lying lips of politicians and banksters.
Until these issues are rectified, you don't have to wonder about where our economy is headed.
-Mark to fantasy
-ZIRP
-OTC Derivatives
-Repeal of Glass Steagal
-Hidden/illegal swap lines from the Fed
-Fed putting $3T trash on its own balance sheet instead of AAA
All of these allow fraud and/or taxpayer backed gambling to contnue unabated. Anything else babbled by the MSM should sound like nails on a chalkboard. Do not pay any attention to them. You only have so much space in your brain.
What also Dimon never said: "I"m a scumbag thief, no different than some coke addled thug busting car windows to get the change on the floor."
What also Dimon never said: "I"m a scumbag thief, no different than some coke addled thug busting car windows to get the change on the floor."
He has really threatened his own life by his actions. The future is very uncertain for him Bankfeind and others because if things hit the fan people will go hunting the likes of him down as a matter of principle.
As a testimony that justice and law can be restored.
nt
Reminds me of an infomercial.
What a joke.
David Gregory
http://images.politico.com/global/081202_gregory_297.jpg
Howdy Doody
http://www.steveweatherford.com/images/howdy.jpg
That is all...carry on.
The fact that Dimon was on Meet the Press, a political TV show, tells you everything you need to know about whats really going on here.
There's a big part of me that's starting to not like the idea of $600 silver. I don't think the world is going to be such a nice place to live in when this hits... and its coming.
Yo web bot...it may not be a good place...but you will enjoy it better if you have stocked up on silver before it hits $600/oz.
Thank God we're not all be allowed to make mistakes costing fifty times our lifetime income and still be allowed to keep our jobs and smile on camera. Imagine where we would be if that were the case. This makes me proud of the fact that I've been fired before for much less failure.
Dimon actually referred to banking as "That Which Creates All Things." He quite literally considers himself to be God.
How does setting up a massive toll collection apparatus on society's productive capacity somehow equate to producing?
At least we have one thing straight - we know whose "work" Blankfein is doing.
Such blow-ups are inevitable, more likely today than they were in 2008. The supposed "cure" or bandaid for the problems coming to the fore in 2008 was having the Fed and Treasury take over the markets and destroy price discovery. That cure drove so many players out of the market that what is left is a low volume, easy-to-move, impossible-to-hedge group of markets populated by favored TBTFs who cannot move lest they drive the market away from their own position. In other words, the cure is worse than the disease.
Since massive banks can no longer operate in this no liquidity, Fed-manipulated environment without increasing the likelihood of these types of blow-ups, then TBTFs have even less reason to exist, or be allowed to exist, then they did in 2008 (when they already had sufficient reason not to exist).
When he should have been trying to salvage his otherwise Peter-Principle'd career, Tim Geithner stuck his thumb up his arse and tried to insure his post-Treasury career by playing lapdog.
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"There were no losses"
"We need to write a letter to the next generation - 80% loan to value."
http://fcic-static.law.stanford.edu/cdn_media/fcic-audio/2010-10-20%20FCIC%20staff%20audiotape%20of%20interview%20with%20Jamie%20Dimon,%20JPMorgan%20Chase.mp3
" Financial Services Modernization Act of 1999"
Congress seems adept at euphamisms and not much else.
math chalanged http://www.occ.treas.gov/topics/capital-markets/financial-markets/trading/derivatives/dq411.pdf your posting of the Time breast feeding picture with Bernake and Dimon was precessious.
Jamie has 70 T in swaps on the books and been printed reserves, dividends by FED.. TBTF is TBT(Exist). The propagandist on CNBS are out talking Greeks picking garbage dumps. The MSM, banking, military oligopolistic reign of terror needs trust busting. These actions IMHO are treasonous.. To quote Jon Stewart "WTF did Martha Stewart go to jail?"
The Meet the press was total propaganda on the station where GE did the exact same trades by financing everything except US businesses. Treason against natural law and humanity.
http://tinyurl.com/c62hqt
Not only do we need glass steagal back, but we need partnership ownership where managers have their own skin in the game. Absent making wall street no longer publicly traded companies, we need huge claw back provisions on compensation.