Posted by seumasach on December 21, 2008
Jim Kirwan
20th December, 2008
The Dictator announced his relief-package for the Big Three yesterday: The media is calling it “a Christmas-gift.” This is a LOAN-agreement: Gift’s do not come wrapped in razor wire. This too-little-too-late proposal is meant to bring an end to the problem of having to pay anyone, for whatever they do on-the-job in the United States.
Posted in Financial crisis | Tagged: bailout industry not finance, financial collapse, financial fraud | Leave a Comment »
Posted by smeddum on December 19, 2008
The Fallen Natures of Men Took Control Of The Economy And Destroyed It
November 12 2008
International Forecaster Weekly
Summary: some still wonder how it could have happened, we have a crony capitalist system, whole world now cutting back on spending, joblessness on the rise, banks now doing very little lending, a new head treasurer to choose, inequality in US cities may boil over, an impossible balancing act in the economy, an increase in the federal debt ceiling is also coming Read the rest of this entry »
Posted in Financial crisis | Tagged: economic collapse, financial fraud | Leave a Comment »
Posted by smeddum on December 18, 2008
Posted in Uncategorized | Tagged: financial fraud, maddoc, ponzi scheme | Leave a Comment »
Posted by smeddum on December 18, 2008
16/12/10
by Jim Willie
The principal missing piece in the grand American mosaic of banking destruction, corrupt collusion, fraudulent bonds, Wall Street control, suppressed regulators, compromised ratings agencies is JUSTICE. Foreign entities are aghast as the lack of prosecution, remedy, and removal from positions of power, as policy continues to be set by the participants responsible for the structural failure and prevalent fraud. Their actions are reaching climax levels. The climax of the Wall Street strangehold is the confiscation of the TARP funds to date. However, whatever has not been nationalized is subject to lawsuits. The pattern of human behavior indicates that lawsuits can spawn additional lawsuits, and quickly control is lost. It is open season on Citigroup, Bank of America, and perhaps other lesser players. Two major lawsuits have the potential to change the landscape.Curiously, neither receives much publicity. Then again, the press seems somewhere between subservient and compromised anyway. They have failed to shine many lights on much of any developments until after the damage is done. Odd court cases, missing people, factional politics, and border patrols seem more important on their agendas. Much of the US media & press seem a graduation of National Inquirer to television. Read the rest of this entry »
Posted in Financial crisis | Tagged: financial fraud | Leave a Comment »
Posted by seumasach on December 16, 2008
Brad Willet
16th December, 2008
With the financial markets already in a state of panic and the global recession expected to worsen in 2009, we can ill afford to allow the financial institutions, charities, and rich idiots that entrusted Bernard Madoff with their money to go bust. As for the widespread contention that since Mr. Madoff committed fraud he deserves to go to jail, do not think of Madoff as operating a ponzi scheme so much as a Strong Armed Perception Fund (SAP Fund), and don’t think of him as breaking the law so much breaking new ground in the arena of fictitious returns.
Posted in Financial crisis | Tagged: financial collapse, financial fraud | Leave a Comment »
Posted by smeddum on December 15, 2008
Posted in Uncategorized | Tagged: financial fraud | Leave a Comment »
Posted by smeddum on December 14, 2008
Bernie Madoff’s alleged $50bn fraud may be just a foretaste of what’s to come
First come the losses and the stupidities committed by bankers working for their own self-interest.
By Rob Cox, breakingviews.com
Dec 2008
Then come the rogue traders, who are unable to ‘fess up on market bets gone wrong. The last to arrive is the “bezzle”.
That was economist JK Galbraith’s word for the outright frauds built up when markets are good. These can be kept hidden for as long as the lies hold up. But the truth will out.
The first big outing in the current financial crisis is an alleged scam that may cost investors as much as $50bn. Read the rest of this entry »
Posted in Financial crisis | Tagged: financial fraud | Leave a Comment »
Posted by smeddum on September 24, 2008
The great bailout: U of M expert on mortgage crisis says Paulson plan is ‘reverse criminal action’
By MOLLY PRIESMEYER 9/23/08 12:27 PM Minesota independent
For some consumer-rights advocates, the great Wall Street bailout is starting to look like a heist for the ages. Prentiss Cox, a professor of law at the U of M and former assistant attorney general, calls Treasury Secretary Henry Paulson’s bill “outrageous.” Wall Street was the cause of the problem, he says. “And now they want a bailout completely on their terms? It serves the very wealthy and completely ignores the homeowners victimized by this. It is appalling.” Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial fraud, mortgage crisis, Paulson | 3 Comments »
Posted by smeddum on September 24, 2008
Good ideas and lies New York Times
Daniel Davies, in one of the great blog posts of this era, laid down a key principle:
Good ideas do not need lots of lies told about them in order to gain public acceptance.
He was talking about the selling of the Iraq war, but it applies more generally.
So, this morning Hank Paulson told a whopper: Read the rest of this entry »
Posted in Financial crisis | Tagged: bailout, economy, failing banks, financial fraud, Paulson, wall street | Leave a Comment »
Posted by smeddum on September 23, 2008
Let’s Stop the Greatest Theft in the History of Humankind
By Otto Spengler, Asia Times
Posted on September 23, 2008, Printed on September 23, 2008
http://www.alternet.org/story/99895/
Why should American taxpayers give US Treasury Secretary “Hank” Paulson a blank check to bail out the shareholders of busted banks? Why should the Treasury turn itself into a toxic waste dump for their bad loans? Why not let other banks join the unlamented Brothers Lehman in bankruptcy court, and start a new bank with taxpayers’ money? Or have the Treasury pay interest on delinquent mortgages, and make them whole? Even better, why not let the Chinese, or the Saudis or other foreign investors take control of failed American banks? They’ve got the money, and they gladly would pay a premium for an inside seat at the American table. Read the rest of this entry »
Posted in Financial crisis | Tagged: failing banks, financial fraud, Paulson | Leave a Comment »
Posted by smeddum on September 21, 2008
Paulson Bailout Plan a Historic Swindle
by WILLIAM GREIDER
September 19, 2008
Financial-market wise guys, who had been seized with fear, are suddenly drunk with hope. They are rallying explosively because they think they have successfully stampeded Washington into accepting the Wall Street Journal solution to the crisis: dump it all on the taxpayers. That is the meaning of the massive bailout Treasury Secretary Henry Paulson has shopped around Congress. It would relieve the major banks and investment firms of their mountainous rotten assets and make the public swallow their losses–many hundreds of billions, maybe much more. What’s not to like if you are a financial titan threatened with extinction? Read the rest of this entry »
Posted in Financial crisis | Tagged: bail out swindle, failing banks, financial fraud | 3 Comments »
In These New Times 