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« Talking Pictures | Main | Only a Few Short Years »

November 30, 2011

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Indeed it is getting to be "desperate times" and your links only underscore the tip of the iceberg as the worldwide collapse in population starts to take hold (read Bottleneck by Wm. R. Catton, jr. - emeritus professor of sociology at Washington State U.). It's going to get much worse and real soon since climate change has been ignored for decades and will soon become irreversible in its damaging effects on food production while resources like potable water, oil, and top soil grow scarce. i believe we're at the end of our run as a species, and it turns out we weren't very "sapient" at all.

Eliot Spitzer: “In retrospect, I wish we had put more people in handcuffs.”
ELIOT SPITZER: There was an amazing piece of journalism that came out yesterday which analyzed the magnitude of the loans that have been made by the feds to the banks. The six big banks in particular got over $400 billion of secret loans, most of which we had not heard about. Now, at the time these banks were getting these loans, they were claiming to be in great financial shape. So why were the loans made? Is there a tension between the public statements being made by the CEO’s of the banks–
ELIOT SPITZER: The answer is no. And if you or I did that, if you or I went to a bank –
ELIOT SPITZER: Or made any public statement, knowing it to be false, we’d be in handcuffs. So the question I have is, look, we don’t know a lot of these facts. Let’s predicate — there are 100 uncertainties, but where is the inquiry right now about all the statements being made by the CEO’s, CFO’s none of which revealed these enormous loans.
http://www.ritholtz.com/blog/2011/12/eliot-spitzer-more-people-in-handcuffs/?

“MF Global – Hoisted on a Petard of Arrogance” by Sydney M. Williams

Wall Street has a maze of rules and, despite the hoots and hollers from “occupiers” and populist politicians, most are designed to protect investors. Perhaps the most fundamental of these is thou shalt not comingle customer cash with company cash. MF Global, which traces its roots back 228 years and which for the last 19 months had been run by Jon Corzine, former CEO of Goldman Sachs and a former U.S. Senator and Governor of New Jersey, allegedly did just that, according to James Giddens, trustee for the firm that filed for bankruptcy on October 31.

How complicit Mr. Corzine actually was in what would be a criminal act of using client funds for the firm’s purposes will be determined by the courts. But the act also highlights the too-cozy relationship – cronyism – between politicians and Wall Street. MF Global’s chief regulator, the Commodity Future’s Trading Commission (CFTC), which obviously did not perform the oversight they should have, is run by Gary Gensler, a former Goldman Sachs partner. Last February, MF Global was named as one of twenty-two primary dealers by the New York Federal Reserve, joining a select group that includes banks such as BNP Paribas, Goldman Sachs, J.P. Morgan and UBS Securities. The head of the New York Fed is another former Goldman partner, William Dudley. This smacks of crony capitalism at its worse, benefitting a small contingency at the expense of the people.

http://commoditycustomercoalition.org/?p=736

David vs. Goliath

This is just more evidence that is piling up which points the fact that
this country is deteriorating into a large-scale banana republic. I can
vividly recall in the 1970's reading countless stories about the way in
which Governments and businesess operated in Central and South American
"banana republic" countries. If you were wealthy and owned your own
politician, you could essentially operate your enterprise with
absolutely no regard for the laws or fear of prosecution. All it took
was big "donations" to the politicians. How is that any different from
what is now happening in this country? Seriously. Why does Jon Corzine
get wait a month before he has to appear before Congress to answer
questions about MF Global? Why is he not in District Court right NOW
answering questions from a judge? He hasn't even issued any public
statements? Leads me to wonder if he's hiding in the closet of his good
buddy Barack Obama and peeling bananas to feed to the politicians...

http://truthingold.blogspot.com/2011/12/david-vs-goliath.html

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