Today Government Sachs announced it is a Financial Holding Company so in following the Bribes err I mean campaign contributions from Open Secrets...
4 Goldman Sachs $31,183,662 64% 35%
You will note 64% of the Bribes went to DemocRATS! According to their own research they seem to apportion some of the cause of the meltdown to bank holding companies and the way they can shift losses around taking by advantage of differing sets of rules and regulatory oversight:
This year Cost of Government Day fell on August 12.
American workers slaved and toiled an average of 224 days out of the
year to meet all costs mandated by the government. That’s 26 days
longer than last year.
These are all stories you should read on the Economic Policy Journal site. After clicking on the link and reading the first story just click on the top and it will return to the home page for the other two stories.
The S&P 500 is up 50 per cent from its March lows. The financials, retail, materials and industrials are leading the pack. It's a "Green Shoots" bear market rally fueled by the Fed's Quantitative Easing (QE) which is forcing liquidity into the financial system and lifting equities. The same thing happened during the Great Depression. Stocks surged after 1929. Then the prevailing trend took hold and dragged the Dow down 89 per cent from its earlier highs. The S&P's March lows will be tested before the recession is over. Systemwide deleveraging is ongoing. The economy is resetting at a lower rate of activity.
No one is fooled by the fireworks on Wall Street. Consumer confidence is still falling. Everyone knows things are bad. Everyone knows the mainstream press is lying. The restaurants and malls are empty, the homeless shelters are bulging, and even the big-box stores have stopped hiring. The only "green shoots" are on Wall Street where everyone
Days after directing Americans to report "fishy" speech opposing his controversial health care policies, President Obama plans to reverse a longtime federal policy banning the use of web technologies to track and compile personal information that can easily be utilized to invade privacy.
A 9-year-old policy forbids the U.S. government from implementing methods on federal internet sites that track an internet user’s every click, often identify the person and even build a database of each user’s viewing habits. This poses a serious threat to Americans’ personal information, according to the Obama cheerleading squad better known as the American Civil Liberties Union (ACLU).
The notoriously liberal and world renowned civil rights organization has blasted its precious commander-in-chief for this “major shift in policy,” that was never the less covertly introduced in a vague, single-page announcement in the federal register. “This is a sea of change in government privacy policy
On Aug 8,2009, Sibel Edmonds gave a sworn deposition in which she testified to her knowledge of treasonous crimes and corruption involving current and former members of Congress and State and Defense Dept officials.
Obviously the old ones did not pay to play the chi town way!!
Chrysler's sudden firing of 789 dealerships was more than a strategy to cut the store roster. The company used bankruptcy to shed dealerships it considered underperforming.
So Chrysler has begun appointing new dealers in some of the 140 open locations left behind after bankruptcy. The new dealerships anger some rejected Chrysler dealers, who lost their stores just two months ago.
South Carolina Gov. Mark Sanford justified his use of state
planes for personal trips in which he often brought along his wife and
four sons, saying his taxpayer-funded travel was no different than that
of his predecessors.
It pays to pay close attention to what the President says, it can mean money in your pocket. John Crudele explains:
President Obama tipped the world off to the Friday [jobs] number well ahead of time.
But the president appears to have helped people who weren't in that crowd break the laws against insider trading.
The White House and the Treasury Department get the jobs report one hour after the financial markets close on Thursday. But the rules are that these numbers are confidential, and they are supposed to stay secret for a reason.
Tremendously under-reported this weekend was the story of how some
members of Congress have been under investigation for getting
“sweetheart” VIP loans from Countrywide Financial — the home mortgage
company that led the pack of other financial institutions to the
housing bubble last year.
The network that gets credit for doing their job is CBS News, which
reported on Friday that the list of “influential” Democrats and
Republicans that received VIP loans from Countrywide continues to grow.
The latest congressman being investigated is Edolphus Towns, a democrat
from New York.
Let me start by saying I have no information that Goldman Sachs had anything whatsoever to do with the Chinese Drywall issues plaguing home owners, but I want to make a point, how ignoring signs, signals, warnings and Americans crying out for help . . . will turn into something that we cannot fix without a huge cost. In fact, with Goldman Sachs, it is more like Humpty Dumpty. We will NOT be able to fix the damage they have done and continue to do to our financial system and our futures. So here is something I posted this morning on my real estate blogs about Chinese Drywall . . . and how it reminds me of how we are letting Goldman Sachs get away with whatever they want, because just like the home builders had politicians and regulators in their pockets, Goldman Sachs owns Washington and just about every Governor in the United States.
Now we are talking about a bailout for the home buyers of these homes, which will indirectly bail out the home builders. Nonsense. Once again, we want
One-sentence reduction: We legalized accounting fraud and have and are sending the taxpayer the bill to the tune of hundreds of billions of dollars.
Gee, more truth-telling this morning!
In its latest assessment of the $700 billion financial system bailout, the Congressional Oversight Panel warns that banks still hold many risky loans of uncertain value. If unemployment rises sharply or the commercial real estate market collapses -- as many economists fear -- the banking system could again lose its footing, the panel says in a report to be released Tuesday.
"Uncertain value"?
Oh do come on.
Let's look at the actual information that the COP put out, minus the usual media spin job:
The Panel's report raises several questions about the program, including whether accounting rules that allow banks to carry assets at higher valuations will diminish their willingness to sell.
English: We still have banks that are engaged in what amounts to accounting fraud when looked
The University of Illinois, which employs communist terrorist Bill Ayers as a professor, has been hit by an admissions scandal which has forced the resignation of the chairman of its board of trustees. An investigation by the Chicago Tribune found that more than 800 undergraduate applicants received special consideration from 2005 to 2009 because "they had powerful patrons, including elected officials, trustees and donors." It added that "Dozens more law and graduate school applicants also got preferential treatment."
But how did Bill Ayers get his job? All signs point to his rich father, Thomas Ayers, who was CEO of Commonwealth Edison and a major power player in the Chicago establishment.
The former mistress of John Edwards arrived at a federal courthouse in Raleigh where a grand jury was meeting Thursday -- an appearance that comes as federal investigators examine the two-time presidential candidate's finances.
Edwards has admitted to an affair with Hunter that he says ended in 2006. That year, Edwards' political action committee paid Hunter's video production firm $100,000 for work. Then the committee paid another $14,086 on April 1, 2007.
Edwards, a North Carolina senator from 1998 until his vice presidential bid in 2004, acknowledged in May that federal investigators are looking into how he used campaign funds.
The Securities & Exchange Commission (SEC), concerned about the exponential growth of hyper-frequency trading, announced on Tuesday, Aug. 4, that it was considering a ban on one form of this activity, known as flash trading. But it has said nothing about an even bigger element of high-frequency trading, known as co-location, even as the New York Stock Exchange (NYSE) is building two new facilities to house such traders.
I highly recommend this article think Cap and Tax and the money the residents favorite banker JP Morgan and Government Sachs not to mention gore, pelosi stand to make off your misery of being forced to pay for this nonsense.
It was because in his bio is a stark reminder of what happens when we collectively ignore a major scandal and move on to the next bull market. Arnold, now managing partner of the $5 billion Centaurus Advisors hedge fund had worked for Enron Corp. back in the day.
The disastrous and ultimately useless Sarbanes-Oxley law on accounting disclosure was rushed through. A handful of CEOs were tossed in country club jails. And the usual bunk about greater corporate governance was debated at conferences.
Yet only seven years after Enron went down in a flaming pile of management hubris and false accounting -- taking corporate America's reputation with it -- small investors and savers found themselves again at the mercy of a Wall Street-induced scandal, this time one
Warren's statements both at the time and later one made clear that he had every expectation, and perhaps even inside information, that the government would not allow these firms to fail. That is, he didn't make a bet - he jumped in front of the taxpayer, a form of legal "front running", to garner a guaranteed profit.
Last month, Congressional appropriators ordered three $65 million corporate jets (at a total cost of nearly $200 million), just a year after calling out Detroit executives for taking their own planes to testify on the health of the auto industry.
But wait -- it gets better.
Former Louisiana Congressman William Jefferson was convicted Wednesday for bribery schemes aimed at enriching him and his family.
Former Louisiana Rep. William Jefferson and his wife, Andrea, leave federal court in Alexandria, Va., on Aug. 5.
A federal jury in Alexandria, Va., convicted him on 11 of 16 counts.
Prosecutors had said Mr. Jefferson was driven by greed, using his political post to carry out business deals that financially benefitted his family. The most notorious scheme involved $100,000 cash that they said Mr. Jefferson intended to deliver to the vice president of Nigeria to grease a telecom deal that would have been lucrative for him as well as family members. Most of that cash was found wrapped in foil and tucked inside veggie burger containers in his freezer after an FBI sting.
The richest man in the world doesn’t need $95 billion dollars.
But apparently, the companies he invests in did. According to a new report, companies in which Warren Buffett owns sizable minority stakes received a whopping $95 billion in Troubled Asset Relief funding, as Buffett was shilling for investments in common stocks.
To be fair, his holding company, Berkshire Hathaway, has received no government aid. In fact, Berkshire became a major lender in the wake of frozen US credit markets, injecting $5 billion into General Electric, Goldman Sachs and even motorcycle-maker Harley Davidson at hefty interest rates.
Matthew Goldstein, the Reuters blogger who broke the Aleynikov story, is reporting:
It looks like federal prosecutors may be trying to cut a deal with alleged Goldman Sachs high-frequency trading code stealer Sergey Aleynikov.Today was the day for prosecutors to indict Aleynikov, who was arrested on July 3 on the theft charges.
But in a court filing, prosecutors told the presiding magistrate judge that they need another 14 days to continue discussions with Aleynikov’s lawyer about a “possible disposition.”
In the legal world, a “possible disposition” means a deal.
After exposing federal prosecutor Joseph Facciponti's fraud upon the court in his prosecution of Aleynikov, we wrote on July 23, 2009:
Aleynikov will be given a super-sweet plea bargain. If his case proceeds towards trial, the world will learn about Goldman Sach's high frequency trading program. Sure, AUSA Joseph Facciponti will try to keep the case under seal. Too many people are paying attention. Reporters a
It would be one thing if earnings were flying off the charts and stocks looked cheap. That is not the case. Make no mistake. This is a hope filled rallied not guided by the fundamentals.
It was reported today by the New York Post that Goldman told their boyz to tone it down. They should have told Tax Cheat Timmy about his behavior too although maybe they did and figured he would just get away with it oh excuse me Timmy doesn't work for Government Sachs (snicker) he works for the Resident my apologies although you can't trust BO and his boyz either. Anyway with all the Flash Trading now coming under scrutiny because it gives guys like Goldman an advantage it reminded me of this scene from Goodfellas...
By engineering a 50% rally off the bottom in March while revenues continue to tank, personal income is in the toilet and tax receipts are in freefall they have exposed the equity markets for what they have turned into - a computer-trading rigged casino
For years, aides to Mayor Michael R. Bloomberg
routed hundreds of thousands of dollars in city money to at least two
politically connected nonprofit groups in violation of government
contracting rules, according to records and interviews.
On Saturday, July 4, the nation’s Independence Day, the U. S. District Court in Manhattan convened for a bail hearing in a criminal case before a magistrate judge. During the hearing, an Assistant U. S. Attorney divulged information to the magistrate which, in an open society, would produce inch-high headlines screaming scandal. But not in the U. S. A. Three weeks later, mainstream media ignore the incident as no more than business as usual and hardly worth mentioning.
Manipulative Software Codes
“The incident” was revelation that Goldman Sachs has created and is using computer software secret codes capable of manipulating prices and trading in financial markets worldwide. Goldman has used the secret codes to take gains of hundreds of millions of dollars out of financial markets. Goldman’s computers may actually intercept trading data – real-time buy and sell orders in financial markets – so the secret codes can react in micro-seconds to “front-run” those orders in ways profitabl
"Goldman kind of occupies a sort of grey area between public and private that no company maybe in American history since Standard Oil really, they have an enormous amount of influence with government"...
Oh My God.
I write two Tickers on The FDIC and banks' refusal to take their marks, and gee, you'd think someone over there might have read them!
SAN FRANCISCO (MarketWatch) -- The Federal Deposit Insurance Corp. said late Monday that banks should recognize losses on home loans promptly and warned that failure to do so could delay efforts to mitigate the financial impact.
Institutions must analyze the collectibility of the loans they hold for investment at least every quarter, the FDIC said in a statement on its Web site.
Banks then have to keep an appropriate allowance for loan and lease losses, covering estimated credit losses on individually evaluated loans that are deemed to be impaired, and on groups of loans with similar risk characteristics, the regulator said.
