"There are two ways of exerting one's strength; one is pushing down, the other is pulling up."
Booker T. Washington
Presto, Change-O, 3.8 Cents-O!
Monday, February 13, 2012 Good content in this clip including Auditor Francine McKenna; a credible perspective on the MF Global theft. She used to work for Price Waterhouse Coopers which are the auditors of record of MF Global. This theft is undoubtedly a dry run for systemic failure which we will be paying for. BigCORP, BankCORP, MediaCORP and GovCORP are "Doing Miracles with Other People's Money". Voila! Presto, change-o, 3.8 cents-o!
Monday, February 13, 2012 The poor Wall Street Icons whom feel that their names have been besmirched may enlighten in Numbers 14:18 "The Lord is slow to anger and abounding in steadfast love, forgiving iniquity and transgression, but he will by no means clear the guilty, visiting the iniquity of the fathers on the children, to the third and the fourth generation.’
NEW YORK -(Dow Jones)- Foreclosures in the housing market have become a national crisis, a regional Federal Reserve president said Friday, noting however that the drop in property value in her particular region is more deeply rooted.
Federal Reserve Bank of Cleveland President Sandra Pianalto spoke before a housing services audience in Cleveland, encouraging the community to work together in improving the appeal of living in older, more industrial cities.
These older cities have suffered housing foreclosures like the rest of the nation, but Pianalto says the high vacancy and abandonment rates are the more troubling issues.
"Our challenges with vacant and abandoned housing are immediate, but they are the result of forces that have been at work long before the recent financial crisis and recession," she said.
The official, who recently rotated into a voting slot on the Fed’s policy-making committee, made no mention of her outlook on the broader U.S. economy nor her position on the current monetary policy. More…
False Gods & Prophets
Monday, February 13, 2012 The herald harks of another bill of goods. Social Systems have the tendency to put people and things on a pedestal. Once on it, untouchable! Deities feasting on their own words. Reigning Monarchy.
Worshipping Ph.D.'s, MBA's, Laureates, CEO's, Hollywood, The Establishment and its Institutions; -simply for coined importance is inflated and over-valued. These are just brands.
Many a Wiseman has been badged; - undecorated, poor, or crazy yet proven to be unusually sage. A world where a mogul is no more given a 'buy' on his integrity than a poor Wiseman, is a world striving to be better.
Some educated in the Ivy League did not get their money's worth and dancers can be intellectuals. That anyone deserves the Nobel Peace Laurel is a farce.
The media sells 'goods', not "unvarnished truth". Anchors are pretty faces you can't say no to. The White House since Kennedy, has been a daily gala which showcases iconic spokespersons. I don't want to spoil a happy passage, but how much do we really know about the facade? One could not deny, the notoriety and fame would be intoxicating, lest they not be human. I just want to make the point that if you are making life decisions based on these tokens, you might consider that we are nearing a spiritually Roman Age.
Do corporate moguls and disciples do anything more for their countryman than they take in bailouts and tax write-offs or are they False Gods & Prophets?
(Reuters) – Rating agency Standard & Poor’s downgraded 34 Italian banks on Friday, including heavyweights UniCredit (CRDI.MI) and Intesa Sanpaolo (ISP.MI), citing a reduced ability to roll over their wholesale debt and expected weak profitability.
The move follows S&P’s downgrade of Italy’s sovereign rating last month to BBB+, part of a mass downgrade of nine euro zone countries.
In a statement, S&P said its so-called Banking Industry Country Risk Assessment had worsened to group 4 from group 3 — out of 10 groups — reflecting its more negative view on Italy’s banking system.
"Italy’s vulnerability to external financing risks has increased, given its high external public debt, resulting in Italian banks’ significantly diminished ability to roll over their wholesale debt," it said.
"We anticipate persistently weak profitability for Italian banks in the next few years, and a risk-adjusted return on core banking products that may not be sufficient for banks to meet their cost of capital. More…
Guillotine Vogue 2112 A.D.
Monday, February 13, 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. Power 101. The bankers have tweaked the derivatives market. A covetous lot.
The Bankers won't be happy until they have taken everything for their personal fiefdoms. Your great grand-children will die in squalor. The good news is their descendants might live in a time where they rise up out of desperation and relive Louis XVI and Marie Antoinette. I wonder if they will use Solar, Nuclear, or Old-School powered laser guillotines in 2112? So many questions; Did the green movement take root? Is the Occupy Camp the new 1%?
EU Agrees Rules for $700 Trillion Derivatives Market
Published: Friday, 10 Feb 2012 | 4:41 AM ET
European Union diplomats and the European Parliament agreed on Thursday to overhaul regulation of the roughly $700 trillion derivatives market, a move that will make it easier to control one of the most opaque areas of finance.
The new regime, which could be largely in place by the end of 2012, will overhaul a market that boomed in the decade before the economic crash and was blamed for amplifying the crisis by hiding risks from regulators.
Under new EU laws, banks, hedge funds and other buyers and sellers of derivatives will be encouraged to move away from the unregulated ‘over-the-counter’ market, which accounts for almost 95 percent of all trades.
"The era of opacity and shady deals is over," said Michel Barnier, the European commissioner in charge of writing these and other new rules to reform finance.
"It is a key step in our effort to establish a safer and sounder regulatory framework for European financial markets." In the past, it has been common for multi-million-euro contracts to be recorded by no more than a fax, with only the parties involved aware of the details.
This will change under the new law, which would standardize most trading so it happens on open exchanges. Settlement of such deals will be cleared centrally, making them easier to monitor. More…
"I believe there are more instances of the abridgement of freedom of the people by gradual and silent encroachments by those in power than by violent and sudden usurpations."
Sheriff of Nottingham Finance
Monday, February 13, 2012 Unless you are relatively wealthy, a lawsuit to protect yourself or obtain damages from the Man is out of the question. No rule of law exists when brokers can waltz away without justice. How can a sentient being claim we are the greatest? A new Robin Hood franchise is due from Hollywood to keep the second-half dream alive. Profits won't halt the kvetching for censorship because there is money in that racket.
Why the Foreclosure Deal May Not Be So Hot After All
Matt Taibbi Rolling Stone Magazine February 9, 2012
So the foreclosure settlement is through.
A few weeks back, I was optimistic about it – I had been worried that it was going to contain broad liability waivers for all sorts of activities, and I was pleasantly surprised when I heard that its scope had essentially been narrowed to robosigning offenses.
However, now that the settlement is finalized, and I’ve had time to think about it and talk to people who know far more than I do about this, I’m feeling pretty queasy.
It feels an awful lot like what happened here is the nation’s criminal justice honchos collectively realized that a thorough investigation of the problem would require resources they simply do not have, or are reluctant to deploy, and decided to accept a superficially face-saving peace offer rather than fight it out.
So they settled the case in a way that reads in headlines like it’s a bite out of the banks, but in fact is barely even that. There will be little in the way of real compensation for struggling homeowners, and there are serious issues in the area of the deal’s enforceability. In fact, about the only part of the deal we can be absolutely sure will be honored in full is the liability waiver for the robosigning offenses.
With the rest of it — collecting on the settlement, enforcement of the decrees, all the stuff put in there to balance the deal in the consumer’s direction — there will be an uphill battle from this point forward to get the banks to comply. The banks meanwhile have no such uphill battle. They will get the full benefit of the deal (a release from costly litigation) from the moment the ink is dry. More…
Sunday, February 12, 2012 Things are rarely what they appear to be. This story is of a Victoria Secret Model that has given up her career for Jesus. This is the kind of chink in the glass that gets people thinking about morality. She is certainly a leader and I know others will follow. "I Do Not Believe In A Fate That Will Fall On Us No Matter What We Do" said Ronald Reagan.