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Archive for April, 2010

More From Jeff Nielson: The Fed’s April Fools Day Joke

23 Apr

Understanding how deeply overleveraged the entire US economy is, (not just the banks and their off-balance accounting tricks) should drive the point home to any reader that the US is in serious financial trouble, the likes of which are unrecedented – and the ‘solution’ cannot be to simply pile more debt on top of the […]

 

Jeff Nielson: More US Mortgage Fraud

23 Apr

More U.S. Mortgage-Fraud Written by Jeff Nielson Sunday, 04 April 2010 11:24 Articles & Blogs – US Commentary In the world of fraud in which U.S. banksters operate, one of their greatest liabilities is the sheer quantity of those frauds. Performing any act countless times increases the likelihood of careless blunders. This was illustrated by […]

 
 

Is Goldman’s Hardball Stance a Big Mistake?

23 Apr

Goldman pointed avoided discussing its pending SEC lawsuit directly on its conference call earlier today, but other reports suggest it is taking an even more pugnacious stance than its initial press released indicated. From Politico: Goldman’s crisis strategy…is already clear: An attempt to discredit the Securities and Exchange Commission by painting the case as tainted […]

 
 

Geithner and the NY Fed Accused of Willfully Ignoring Fraud and Covering Up Lehman's Bad Assets by Senior Regulator During the S&L Crisis

23 Apr

“The FRBNY acted shamefully in covering up Lehman’s inflated asset values and liquidity. It constructed three, progressively weaker, stress tests – Lehman failed even the weakest test. The FRBNY then allowed Lehman to administer its own stress test. Surprise, it passed.”

 
 

Deutsche Bank’s Josef Ackermann To Testify In IKB Trial As France Mulls Goldman Probe

23 Apr

The bottom is about to fall out for Goldman. First Reuters reports that Deutsche CEO Josef Ackerman will be asked to testify in relation to the near-collapse of German IKB, a bank that has gained sudden notoriety for being implicated in the alleged Goldman CDO fraud as a dumb buyer of anything pitched to it. […]

 
 

The Guy Who Stole All Our Money Now Wants to Steal Our Paycheck, Too

23 Apr

Ben Bernanke has funneled trillions of dollars worth of bailouts, guarantees and sweetheart deals to U.S. (and foreign – and see this) banks. This money was pickpocketed from you and me, directly (through government spending) and indirectly (increasing debt costs, future inflation, etc). Bernanke is now calling for tax increases and raising the possibility of […]

 
 

A Banana Republic With No Bananas

23 Apr

Experts on third world banana republics from the IMF and the Federal Reserve have said the U.S. has become a third world banana republic (and see this and this). Are they right? Well, let’s look at Wikipedia’s description of the four factors which make a country a banana republic. Profits Privatized and Debts Socialized The […]

 
 

Mandelman, Mandelman – How RIGHT You Get It! How RIGHT!

22 Apr

How many ways can we say we like this guy? We LIKE THIS GUY! It is such a great thing to have someone out there that can really write and can really THINK and can put it all together so that everyone can see it. The banks *gasp* caused the crisis by breaking the bond […]

 
 

Oh… Really? The Press Still Missing the Biggest Point in the Magnetar/Goldman Stories

22 Apr

Another excellent post from Naked Capitalism – Taking the Pieces Apart on the Magnetar and Goldman Stories – and How to Learn from the Information That is Revealed. Everyone Keep Reading, Please! We are only just starting to get all the pieces here, and it will take a little time to get them all put […]

 

Yves Smith’s “ECONned” Trailer – Buy the Book & Get Smarter!

22 Apr

We’ve been following the Naked Capitalism blog for many months and highly recommend it to all our readers. We also highly recommend Yves Smith’s book, ECONned for anyone who is seriously interested in knowing exactly what just happened in this most recent (and arguably largest in recorded history) global financial ‘crisis’. As more and more […]