GS Fraud Can Never See A Courtroom

Sunday, March 25, 2012 Goldman Sachs is over a barrel and has to settle this case out of court because the fraudulent aspects of CDO's would come to light and they would be literally shut-down. This has been going on for years; -make $500 Billion, pay $500 Million in penalties & walk away with $499.5 BB. Will settle out of court despite Reutplicit report. Always has, always will. Rules of the game.

Goldman loses bid to end lawsuit over risky CDO
By Jonathan Stempel NEW YORK | Thu Mar 22, 2012

(Reuters) – Goldman Sachs Group Inc lost its bid to dismiss a lawsuit accusing it of defrauding investors by selling risky debt linked to subprime mortgages that it planned to bet against.

The decision by U.S. District Judge Victor Marrero in New York keeps alive a hedge fund’s claims over a $2 billion offering of collateralized debt obligations, amid intense scrutiny over Goldman’s activities before and after the 2008 financial crisis.

Marrero said the hedge fund Dodona I LLC may pursue nearly all its claims against Goldman, including that the Wall Street bank recklessly or intentionally sold the Hudson Mezzanine Funding CDOs to offload subprime risk on unsuspecting investors.

“Goldman’s sudden — and prescient — shift to reducing subprime risk supports the inference that it possessed some unique insight” about the “bittersweet potion” of CDOs it was selling, Marrero wrote in a 64-page decision.

A Goldman spokesman, Michael DuVally, declined to comment. Richard Klapper, a lawyer for the bank and co-defendants Peter Ostrem and Derryl Herrick, who were Goldman structured finance executives, did not immediately return a call seeking comment.

Lawrence Lederer, a lawyer representing Dodona, called Marrero’s decision “extremely well-reasoned, measured, and very substantially supported. We are eager to ultimately try the case on behalf of our client and other investors in the Hudson CDOs.” More…

Roll Your Eyes

Sunday, March 25, 2012 Special rules for countries that we are not immediately screwing over. What about man's natural and inalienable right to freedom? Clinton continues her laughable role as Secretary of Hypocrisy living in some weird alter-reality of pompous self-righteousness that finds this type of favoritism acceptable. Preposterous excuse-making and crony policies that only hurt America's credibility. Who does she think she is?

U.S. Exempts 11 Nations From Iran Oil Sanctions on Banking
By Indira A.R. Lakshmanan – Mar 20, 2012 3:47 PM GMT-0300

The Obama administration is granting Japan and 10 European Union nations exemptions from new U.S. sanctions that will hit financial institutions in nations that don’t reduce their Iranian oil purchases by June 28, Secretary of State Hillary Clinton said.

The decision reflects that the countries have already “significantly reduced” their crude oil imports from Iran this year, Clinton said today in an e-mailed statement. Under a U.S. law enacted Dec. 31, the president must cut off access to the U.S. financial system for any foreign bank that conducts oil transactions with Iran’s central bank unless its country receives an exemption for reducing Iranian oil imports.

The countries exempted today are Belgium, the Czech Republic, France, Germany, Greece, Italy, Japan, the Netherlands, Poland, Spain, and the United Kingdom.

“The actions taken by these countries were not easy,” Clinton said. “They had to rethink their energy needs at a critical time for the world economy and quickly begin to find alternatives to Iranian oil, which many had been reliant on for their energy needs.” More…

Gullible Idiots

Saturday, March 24, 2012 TOTALITARIANS have fascist control of Money, Law, Morals, Fiscals & Sovereignty. The Crooks & The Crooked bend the spoon. A Matrix of LustCORP (MediaCORP), BigCORP, GovCORP, BankCORP are embedded in our thoughts, moves, fears, desires, and habits. This is nothing but a repeat of the last three boom to bust government ponzi schemes designed to keep suckering in more gullible idiots.

Too Smart to Fail
Notes On an Age of Folly By Thomas Frank

In the twelve hapless years of the present millennium, we have looked on as three great bubbles of consensus vanity have inflated and burst, each with consequences more dire than the last.

First there was the “New Economy,” a millennial fever dream predicated on the twin ideas of a people’s stock market and an eternal silicon prosperity; it collapsed eventually under the weight of its own fatuousness.

Second was the war in Iraq, an endeavor whose launch depended for its success on the turpitude of virtually every class of elite in Washington, particularly the tough-minded men of the media; an enterprise that destroyed the country it aimed to save and that helped to bankrupt our nation as well.

And then, Wall Street blew up the global economy. Empowered by bank deregulation and regulatory capture, Wall Street enlisted those tough-minded men of the media again to sell the world on the idea that financial innovations were making the global economy more stable by the minute.

Central banks puffed an asset bubble like the world had never seen before, even if every journalist worth his byline was obliged to deny its existence until it was too late.

These episodes were costly and even disastrous, and after each one had run its course and duly exploded, I expected some sort of day of reckoning for their promoters...

But what rankles now is our failure, after each of these disasters, to come to terms with how we were played. Each separate catastrophe should have been followed by a wave of apologies and resignations; taken together— and given that a good percentage of the pundit corps signed on to two or even three of these idiotic storylines mandated mass firings in the newsrooms and op-ed pages of the nation...

The day Larry Kudlow apologizes for slagging bubble-doubters as part of a sinister left-wing trick is the day the world will start spinning in reverse. Standard & Poor’s first leads the parade of folly (triple-A’s for everyone!), then decides to downgrade U.S. government debt, and is taken seriously in both endeavors. And the prospect of Fox News or CNBC apologizing for their role in puffing war bubbles and financial bubbles is no better than a punch line: what they do is the opposite, launching new movements that stamp their crumbled fables “true” by popular demand.

The real mistake was my own. I believed that our public intelligentsia had succumbed to an amazing series of cognitive failures; that time after time they had gotten the facts wrong, ignored the clanging bullshit detector, made the sort of mistakes that would disqualify them from publishing in The Baffler, let alone the Washington Post.

What I didn’t understand was that these were moral failures, mistakes that were hardwired into the belief systems of the organizations and professions and social classes in question...
[big snip]

“The main lesson we should take away from the Efficient Market Hypothesis for policymaking purposes is the futility of trying to deal with crises and recessions by finding central bankers and regulators who can identify and puncture bubbles,” announced Chicago school economist Robert Lucas from amid the ruins in 2009. “If these people exist, we will not be able to afford them.”

And the main lesson we should take away from the Efficient Market Hypothesis for our purposes is the utter futility of economics departments like the one that employs Robert Lucas.

A second lesson: if economists— and journalists, and bankers, and bond analysts, and accountants— don’t pay some price for egregious and repeated misrepresentations of reality, then markets aren’t efficient after all. Either the gentlemen of the consensus must go, or their cherished hypothesis must be abandoned. The world isn’t gullible enough to believe both of them any longer. more.

Revisionist History

Friday, March 23, 2012 When I moved to Prague after the Berlin Wall came down, one of the first things that became apparent about the history of the the east was that the leaders of Russia and its satellites had made great efforts to rewrite history and to hide the truths of their actions. Today, the whistleblower's comments that we reported on yesterday have been removed from the CFTC site. The Stalinistic regime is in Amerika.

Mergers and Acquisitions Galor in 2012

Thursday, March 22, 2012 This will be the year of Mergers and Acquisiitons because te market is not valuing these mining entities anywhere near their fair-market-value, so M&A will. Call us and get some help in educating yourself in the field.

Anglo American sees M&A as ‘strategic priority’ – Parker
By: Natasha Odendaal 16th March 2012

JOHANNESBURG (miningweekly.com) – Diversified mining group Anglo American continued to examine merger and acquisition opportunities as a “strategic priority” in driving value in core commodities, said chairperson SirJohn Parker.

Last year, the group bought the Oppenheimer family’s 40% interest in De Beers for $5.1-billion, raising its profile in diamonds. Anglo American also brought up its total stake in Peace River Coal (PRC) mine, including a number of exploration leases, in British Columbia, Canada, to 100%, following its acquisition of the 25.17% interest in PRC that it did not already own.

Anglo American in November also sold its 24.5% interest in Anglo American Sur copper assets, in Chile, for $5.4-billion to Mitsubishi Corporation.

“Our commodities help to both fuel growth in developing countries and to enable the continuing technological revolution in the developed economies,” he said, adding that growing demand for metals and minerals was fuelling mining companies exploration of regions beyond their traditional mining jurisdictions, despite infrastructural, logistical and other challenges.

“Anglo American’s diversified portfolio included material exposure to metallurgical coal and iron-ore, which both benefited from continued industrialisation in emerging economies, while also having exposure to later cycle businesses through platinum and ultimately, diamonds, as GDP [gross domestic product] per capita increases,” Parker wrote in the group’s 2011 annual report, published this week. More…

 

Bring Back Black Balling

Wednesday, March 21, 2012 Tar and feathers, black-balling, shunning, banishment... These are legendary means of removing scum from our midst. Why not make Goldman Sachs and JP Morgan's CEO's be the first of many in the 21st century to undergo one or all of these ceremonies?

 

Goldman Should Be Barred From Returning More Capital, Bair Says – Bloomberg

Goldman Sachs Group Inc. (GS) should be prohibited from boosting its dividend or repurchasing stock because Federal Reserve stress tests showed the investment bank is too leveraged, according to former regulator Sheila Bair.

The leverage ratios of four financial firms dropped below 4 percent under the stressed scenario, according to test results the Fed released this week. Two of those firms, Citigroup Inc. (C) andMetLife Inc. (MET), were prohibited from raising dividends or repurchasing shares. The central bank approved the capital plans of two others, Goldman Sachs and Morgan Stanley. More…

 

Equivalent To A Declaration Of War

Tuesday, March 20, 2012 This action may as well be a declaration of war because the effect is nuclear in terms of its affect on the sanctioned banks. Without SWIFT there is absolutely no international trade. It would be like an enemy dropping an EMP bomb over America and then you or I trying to withdraw money from an ATM. The named banks will be out of business.

SWIFT instructed to disconnect sanctioned Iranian banks following EU Council decision
Published on 15 Mar 2012

Brussels, 15 March 2012 – Following an EU Council decision, SWIFT is today announcing it has been instructed to discontinue its communications services to Iranian financial institutions that are subject to European sanctions.

The new European Council decision, as confirmed by the Belgian Treasury, prohibits companies such as SWIFT to continue to provide specialized financial messaging services to EU-sanctioned Iranian banks. SWIFT is incorporated under Belgian law and has to comply with this decision as confirmed by its home country government.

“This EU decision forces SWIFT to take action” said Lázaro Campos, CEO of SWIFT. “Disconnecting banks is an extraordinary and unprecedented step for SWIFT. It is a direct result of international and multilateral action to intensify financial sanctions against Iran.”
The EU-sanctioned Iranian financial institutions and the SWIFT customer community have been notified of the disconnection, which will become effective on Saturday 17 March at 16.00 GMT.

SWIFT has been and remains in full compliance with all applicable sanctions regulations of the multiple jurisdictions in which it operates, and has received confirmation of this from the competent regulatory authorities. As a global provider of secure messaging services, SWIFT has no involvement in or control over the underlying financial transactions that are contained in the messages of its member banks.

About SWIFT

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 210 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

 

This Is Far From Over

Monday, March 19, 2012 The Greek tragedy will be affecting our lifestyle downwards through your great grand-children's lives. If you are not taking remedial action on your financial investments then you soon will have nothing to invest.

 

IMF approves $36.56 billion funding for Greece -EU warns that painful social overhaul ahead
By Nicholas Paphitis March 16, 2012

ATHENS – The International Monetary Fund on Thursday approved $36.56 billion in funding for Greece over the next four years, while Standard and Poor’s warned that the country’s new bonds remained vulnerable to default despite this month’s massive debt writedown.

The IMF’s executive board granted the immediate release of $2.15 billion of these funds as part of the country’s second bailout, a statement said.

Greece will receive a total $226.2 billion in rescue loans from its eurozone partners and the IMF to keep it afloat until 2016, as dizzily high borrowing rates have blocked its ability to raise money on the international bond markets.

IMF Managing Director Christine Lagarde warned that risks to Greece’s austerity and reform program still “remain exceptionally high, and there is no room for slippages.’’ She said new pain lies ahead for Greeks, despite the tough measures implemented over the past two years.

“Full and timely implementation of the planned adjustment – alongside broad-based public support and support from Greece’s European partners – will be critical to success,’’ she said in a statement. More…

 

Money For Nothing

Sunday, March 18, 2012 The Italians are paying off the leg-breakers and that is that. They are paying 3.4BB to tear up the pieces of paper that JP Morgan hold. Many more to follow. He whom laughs last, laughs best.

 

Italy Said to Pay Morgan Stanley $3.4 Billion
By Nicholas Dunbar and Elisa Martinuzzi – Mar 16, 2012 8:10 AM MT

When Morgan Stanley (MS) said in January it had cut its “net exposure” to Italy by $3.4 billion, it didn’t tell investors that the nation paid that entire amount to the bank to exit a bet on interest rates.

Italy, the second-most indebted nation in the European Union, paid the money to unwind derivative contracts from the 1990s that had backfired, said a person with direct knowledge of the Treasury’s payment. It was cheaper for Italy to cancel the transactions rather than to renew, said the person, who declined to be identified because the terms were private.

The cost, equal to half the amount to be raised by Italy’s sales tax increase this year, underscores the risk of derivatives countries use to reduce borrowing costs and guard against swings in interest rates and currencies can sour and generate losses for taxpayers. Italy, with record debt of $2.5 trillion, has lost more than $31 billion on its derivatives at current market values, according to data compiled by the Bloomberg Brief Risk newsletter from regulatory filings.

“These losses demonstrate the speculative nature of these deals and the supremacy of finance over government,” said Italian senator Elio Lannutti, chairman of the consumer group Adusbef.

The transaction may prompt regulators to push for greater transparency and regulation of how governments use derivatives, said the head of the European Parliament panel that deals with market rules. More…

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