Sunday, November 27, 2011

The Stench From MF Global Gets Worse - Should James Giddens (Bankruptcy Trustee) Recuse Himself?

A few days ago I opined that the stench coming from MF Global had taken on the distinct and nauseous odor of dog shit.  Well now the smell has elevated to the level of the kennel area at the Westminster Dog Show.  It turns out that the law firm of James Giddens - who is the very highly paid bankruptcy trustee - just so happens to do legal work for both Price Waterhouse, MF Globals' audit firm, and JP Morgan, MF Global's largest creditor.  Quite frankly, I find it extremely hard to believe that the bankruptcy court would appoint and allow Gidden to be the bankruptcy trustee in this case, as the conflict of interest has the smell of dog shit all over it.

But it runs even deeper.  I find it very interesting that no one has mentioned Refco or Goldman Sachs in this whole ordeal.  After all, MF Global purchased the assets of Refco after it tanked in colossal fashion.  However, there were many questions which were conveniently swept under the rug and buried.  For instance, Refco filed for bankruptcy literally two months after Goldman Sachs took it public.  Typically, when a large company like Refco is taken public, the underwriter and audit firm involved, Grant Thornton, perform very detailed and thorough legal and accounting due diligence.  The fact that Refco filed bankruptcy literally 60 days after it went public raises all kinds of questions, all of which were neatly and conveniently dismissed.  If memory serves me correctly, Goldman threw out about $300 million in "nuisance" settlement money, thereby somehow avoiding billions in liability actions.  It also made a lot more money off of Refco and it's IPO than the$300 million in "hush" money that it coughed up.  Goldman Sachs' audit firm:   Price Waterhouse, the client of the MF Global bankruptcy trustee James Gidden.

Bloomberg writer, Jonathan Weil raises some interesting questions about the credibility of Price Waterhouse and its competence as an auditor of MF Global and ultimately Goldman Sachs.  Kudos to the commenter who provided the link, which you can read HERE

I don't know about anyone else, but I find it quite fascinating and intriguing that ultimately there is a direct connection from MF Global to Goldman Sachs that goes beyond the Jon Corzine connection.  And there is a direct connection to MF Global, Corzine and the ability of the Government to cover up a lot of this mess via Gary Gensler, Corzine's butt-buddy at Goldman Sachs and the Chairman of the CFTC, the regulatory body of the U.S. Government that was in charge of monitoring and regulating MF Global.

Quite frankly, among James Gidden and his law firm, Hughs Hubbard & Reed, Goldman Sachs, JP Morgan, the CFTC, Price Waterhouse and the ashes of Refco, there is far too much "coziness" and conflict for me to believe that there is not one massive cover-up going on here.  At the very least the Obama Administration should step in and force Gidden to step aside as bankruptcy trustee.  In addition, Attorney General Eric Holder should open up a wide-ranging inquiry into this whole dog shit show, including appointing an independent audit firm responsible for conducting a very thorough forensic audit of every party mentioned above.  Gary Gensler should also be removed at Chairman of the CFTC.  This is the very least that the President who got elected on the promise of cleaning up DC and creating a more level playing field for all should do.

Don't hold your breath on that, but make sure you keep your nose covered, because the smell of dog shit emanating from Wall Street and DC has become unbearable.
This thing stinks worse than a bunch of rotting dead bodies covered in rat shit and I find it quite appalling that the Obama Administration has issued no meaningful statements nor is it taking any meaningful actions to enforce the laws and investigate this matter. It leads me to conclude that the Obama Administration is being complicit in the cover-up.

29 comments:

  1. Go Tebow! This young man, and his faith, are a fine example for America in this troubled time. God bless.

    ReplyDelete
  2. @...fascinating and intriguing ?..are you sure they aren't already running things in the states? Hard to remove entrenched...

    Goldman Sachs Has Taken Over

    If any of the European sovereign debt fails, US financial institutions that issued swaps or unfunded guarantees against the debt are on the hook for large sums that they do not have. The reputation of the US financial system probably could not survive its default on the swaps it has issued. Therefore, the failure of European sovereign debt would renew the financial crisis in the US, requiring a new round of bailouts and/or a new round of Federal Reserve "quantitative easing," that is, the printing of money in order to make good on irresponsible financial instruments, the issue of which enriched a tiny number of executives.


    Germany, which has been browbeaten since its defeat in World War II, has been made constitutionally incapable of strong leadership. Any sign of German leadership is quickly quelled by dredging up remembrances of the Third Reich. As a consequence, Germany has been pushed into an European Union that intends to destroy the political sovereignty of the member governments, just as Abe Lincoln destroyed the sovereignty of the American states.

    Who will rule the New Europe? Obviously, the private European banks and Goldman Sachs.

    http://www.opednews.com/a/141877?show=votes#allcomments

    ReplyDelete
  3. They're counting on people to remain.....


    COMFORTABLY NUMB

    As I observe the zombie like reactions of Americans to our catastrophic economic highway to collapse, the continued plundering and pillaging of the national treasury by criminal Wall Street bankers, non-enforcement of existing laws against those who committed the largest crime in history, and reaction to young people across the country getting beaten, bludgeoned, shot with tear gas and pepper sprayed by police, I can’t help but wonder whether there is anyone home. Why are most Americans so passively accepting of these calamitous conditions? How did we become so comfortably numb? I’ve concluded Americans have chosen willful ignorance over thoughtful critical thinking due to their own intellectual laziness and overpowering mind manipulation by the elite through their propaganda emitting media machines. Some people are awaking from their trance, but the vast majority is still slumbering or fuming at erroneous perpetrators.

    Both the Tea Party movement and the Occupy Wall Street movement are a reflection of the mood change in the country, which is a result of government overreach, political corruption, dysfunctional economic policies, and a financial system designed to enrich the few while defrauding the many. The common theme is anger, frustration and disillusionment with a system so badly broken it appears unfixable through the existing supposedly democratic methods. The system has been captured by an oligarchy of moneyed interests from the financial industry, mega-corporations, and military industrial complex, protected by their captured puppets in Washington DC and sustained by the propaganda peddling corporate media. The differences in political parties are meaningless as they each advocate big government solutions to all social, economic, foreign relations, and monetary issues.

    http://www.theburningplatform.com/?p=25234

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  4. 11-24-11 Freedom Watch - The Plain Truth

    The Judge questions whether our constitution means anything anymore..

    http://www.youtube.com/watch?v=dX41SkKN0tQ&feature=colike

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  5. So really... what we are talking about here is our two tiered criminal justice system.

    The system we submit ourselves to...and the elite system that GS, the Gov, and pieces of shit like Corzine and Gensler use to escape responsibility.

    In the old days, they'd of had their necks stretched. I miss the old days.

    Nobody gets out of here alive. Thank gawd for that.

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  6. "I find it very interesting that no one has mentioned Refco or Goldman Sachs in this whole ordeal."

    Dave, I don't know how you are defining the phrase "no one", but Bruce Krasting (whose posts show up on ZH regularly) mentioned Refco in conjunction
    with this latest scandal.

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  7. Slipping Backward on Swaps

    So it is perhaps unsurprising that players in the derivatives market want to thwart one of the worthier aims of the Dodd-Frank financial regulation: to bring transparency to the huge market for instruments known as swaps. Now some in Congress, on both sides of the aisle, are trying to block that goal, too.

    Dodd-Frank focused on adding transparency to derivatives in a couple of ways. The area now under fire involves its directive that the Commodity Futures Trading Commission create rules to “promote pre-trade price transparency in the swaps market.”

    Opacity hurts customers because they can’t see a wide array of prices. But dealers can — so they have an edge that plumps up their profits. One estimate from the Swaps and Derivatives Market Association puts transaction costs in the swap markets at $50 billion annually. These costs would decline by $15 billion a year, the group recently estimated, if pricing were transparent.

    The C.F.T.C. is trying to get there. Dodd-Frank requires it to oversee so-called swap execution facilities that will trade or process derivatives transactions. Late last year, in the interest of price transparency, the commission proposed that entities applying to be S.E.F.’s must agree to provide market participants with the ability to post prices on “a centralized electronic screen” that is widely accessible. One-to-one dealings by phone would no longer be allowed.

    Those on Wall Street who favor the status quo are upset, and have found some sympathy in Washington.

    Representative Scott Garrett , a New Jersey Republican, has teamed up with Representative Carolyn B. Maloney, a New York Democrat, to introduce the Swap Execution Facility Clarification Act. It would bar the Securities and Exchange Commission and the C.F.T.C. from requiring swap execution facilities to have a minimum number of participants or mandating displays of prices. Both mechanisms promote transparency.

    http://www.nytimes.com/2011/11/27/business/slipping-backward-on-transparency-for-swaps.html

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  8. (Dave)

    Edwardo I have not seen Krasting's latest on MF and certainly he's more widely read than my blog but I'm more referencing the mainstream media - or at least Bloomberg, Fox, CNBC.

    This thing stinks worse than a bunch of rotting dead bodies covered in rat shit and I find it quite appalling that the Obama Administration has issued no meaningful statements nor is it taking any meaningful actions to enforce the laws and investigate this matter.

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  9. It's hard to imagine that the corruption is as rampant as it is and runs as deep as it does.

    Wait a minute. Hold it now! Why is it hard to imagine that?

    I laugh now when I read people's comments who say just that. That' it's hard to imagine.

    NO, IT'S NOT HARD TO IMAGINE. It's the norm now in America. Corruption is the norm. Lying and deception is the norm. And if one does not believe that, then the brainwashing program installed literally decades ago in the country, is working magnificently to the letter.

    We'd all like to think we are smart. That we have intelligence. That we have a feel for the pulse of the various social, economic worlds around us. That we can see through anyone's plan to control and manipulate us. And because we might have the various amenities that label us successful then we got our shit together. What a fucking joke. It's all a program and we've all swallowed it hook, line and sinker, and that was before we were even born. Imagine that!?!!?

    If you watch any TV then you're a slave.
    If you eat junk food, then you're a slave.
    If you are in the stock market, then you're a slave.
    If you take Rx or non-Rx drugs, then you're a slave.
    If you voted for a democrat or republican in the last presidential elections, then you're a slave.
    If you work 9 to 5 then you're a slave.
    If you have to work then you're a slave.
    If you have to set an alarm to get up, then you're a slave.
    If you think that they don't own you, then you're a slave.

    But don't worry, you're not alone. Slavery is the norm, today. And what motivates this servitude? FEAR. Fear is the contagious dis-ease that infects and forces Americans to be completely subservient to its dominating influence.

    Got balls?

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  10. We accept the corruption and dishonesty as long as the system which propagates it provides more comfort than pain.

    Pain is coming. Balls will be useful then.

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  11. QUESTION!! PLEASE HELP!!

    Can an economist explain why when the Fed prints money from nothing(guise of credit) that for the proportion that they increase the money pool, why I don't receive a similar proportional increase in my monetary worth, you know, in the same way that when a publicly list company does a stock split say 2 for 1 which halves the value of the stock, I am compensated for the dilution of value inherent in the increase of supply?? PLEASE!!

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  12. Seriously, you're calling for that incompetent Chicago street thug O'Bozo to do something about this, along with his equally slimy AG Holder? Surely you jest!

    You put too much faith in your corrupt left-wing wackos, Dave.

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  13. Is there a column for looting in gdp?

    MF Global looting can continue! Missing funds and fees likely to go higher: Guest Post by MFGFacts.com

    An abuse of a Federal Bankruptcy court?

    This discussion of the paved potential for abuse and more looting, does not even consider that is is not at all remotely in the Trustee’s interest to rapidly return customer (non-creditors) assets and liquidate MFGI. All confusion, all delays, the bigger the mess and less efficient, the more a Bankruptcy Trustee and supporting Bankruptcy industry will earn from the estate of MFGI. Now estimated to be well over $100 million or more per year! Added to this, and in spite of most recent announcements, few US customers will see a 60% recovery going into December. The requirements for a 60% recovery are so rigid; we are now finding out, few can qualify according to the Trustee rules. Who knows what additional hurdles for recovery are going to be created in the hunt for fees?

    To reiterate English’s call, it is now imperative that Judge Glenn immediately demand disclosure of all trading and intercompany transfers. Without urgent action to secure these records, protection of customers is impossible, and the integrity of the Court forever in peril.

    http://www.zerohedge.com/contributed/mf-global-looting-can-continue-missing-funds-and-fees-likely-go-higher-guest-post-mfgfac?

    ReplyDelete
  14. Well yes - its the stench of shit that makes Gold and Silver miners "test" support now all the way from 2002 - isn't that amazing. So much like the main market hasn't gone anywhere - equally some of the miners haven't either. Only a very few.

    Look at Hecla's chart, Goldfields and probably many more.

    Its this stench of shit everywhere and not so much as a result of pimply analysts. And some are downgrading - unbelievable.

    But its this stench of shit...

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  15. The country is falling apart and the sheriff of Rockridge is on the campaign trail passing out turkeys like he was Neno Brown. Don't expect anything from him, he's in a magical place right now.

    Meanwhile, the looters have gone full retard, question is how long can they control the masses. I am concerned that Niall Ferguson's outlook on the collapse of society is correct in that the fall is not gradual but swift and overwhelming. There are so many fractures in the fabric of our society, thanks to all the crooks that used a crisis as an opportunity to line their pockets, that when the dam bursts, it is going to be ugly.

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  16. SS, I'm def not an economist but short answer: it's just the system we have, to survive, system must print, protect oneself with real stuff, in particular, physical gold.

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  17. MF Glob 60% Cash Lands Frozen at Rj Obrian - Global to Apex (or Local)

    Like mystery meat, or a dog getting a bone, 60% of my cash got transferred to a third party by the MF Global Trustee in the form of RJ Obrian. Of course I cannot get my hands on my own money it being frozen, of course there is no resolution to the other 40%, of course nobody has gone to jail, of course the CME is not making me whole, of course the CFTC is out to lunch and busy backtracking itself in hindsight, of course the SIPC (security dealers) won't assure client funds. Of course I am moving money out of RJ Obrain at the first instance.

    http://www.youtube.com/watch?v=Ie_8qtjCjn0&feature=colike

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  18. No Laws Were Broken

    I mean, if all the global bailouts didn’t fix the problem, including $16 trillion pumped out by the Fed after the 2008 meltdown, what’s another $800 billion going to do? The reason why things are not going to get better is that corruption is rampant and the financial system is totally broken. Bailouts are treating the symptom, but the disease is unbridled fraud. Many people don’t realize this because the corporate controlled mainstream media will not report on crimes of the financial elite.

    According to Professor William Black, the reason why we have “recurrent intensifying crises . . . is these epidemics of fraud from the C-Street—from the CEOs and CFOs.” Professor Black holds duel PhD’s in economics and law, but he is not just some run-of-the-mill academic. Professor Black is also a former bank regulator who spearheaded the cleanup of the S&L crisis.
    Look at the latest blowup with MF Global. There is more than $1 billion of segregated customer funds missing and not a single criminal charge. Does anyone think Jon Corzine is going to get prosecuted? I’ll be shocked if he is because he has friends in high places including the White House.
    http://usawatchdog.com/wall-street-fraud-eu-imf-bailout-but-no-laws-were-broken/

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  19. Did JP Morgan Just Convert 614,000 Ounces of MF Global Clients’ Silver into JPM Licensed Vaults?

    We have been updating readers that 1,420,916 of registered silver is currently unavailable as it is nowhere to be found in the aftermath of the Corzine/ MF Global scandal.
    With today's update from The Morgue, The Doc decided to break down the numbers of the unavailable/stolen silver .

    DEPOSITORY Registered
    Brinks 210,320
    Delaware 65,706
    HSBC 793,734
    Scotia Mocatta 351,156
    Total: 1,420,916
    Now I'm not sure why I never noticed this previously, but isn't it interesting that in the wake of the MF Global client silver theft, there is registered silver missing from EVERY SINGLE VAULT EXCEPT JP MORGAN'S!?!

    http://silverdoctors.blogspot.com/2011/11/did-jp-morgan-just-convert-614000.html

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  20. Assured Guaranty files new claims against JPMorgan

    (Reuters) - Bond insurer Assured Guaranty Ltd filed new claims against JPMorgan Chase & Co over a mortgage-backed security sold by Bear Stearns, saying more than 35 witnesses have come forward to testify about how loans in the $337 million transaction were misrepresented.

    The lawsuit contends Bear Stearns and its EMC mortgage arm, acquired by JPMorgan after their collapse in 2008, knew the pool of more than 6,000 home-equity lines of credit that served as collateral for the investment was filled with defective loans.
    The lawsuit cites examples of how defective loans were approved from witnesses who said Bear Stearns valued quantity over quality in its mortgage business.

    The unnamed witnesses include former underwriters at EMC and Watterson Prime and former employees of loan originator GreenPoint Mortgage Fund, according to the lawsuit.

    All loans whose borrowers' last names began with a "Z" were to be approved regardless of guidelines, one former Watterson Prime underwriter said she was once told, according to the 171-page complaint.

    Loan applications from security guards, janitors, and barbers who claimed they earned over $8,000 or $10,000 a month also were put through, another underwriter said.
    http://www.reuters.com/article/2011/11/28/us-assuredguaranty-jpmorgan-idUSTRE7AR1ZL20111128?

    ReplyDelete
  21. MF Global Continues Speculation - So does Wells Fargo Home Equity Collateral

    According to Bloomberg Radio 1/2 of WFC tier one capital is in the form of home equity loans. These loans cannot preform as expected which thereby will make WFC insolvent in much the same manner as has been illustrated by MFG.. However, there is no illegality of commingling, instead we have fraudulent accounting, mark to model, and inadequate collateral to find yield.

    http://www.youtube.com/watch?v=ABl-QtT4g2Q&feature=colike

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  22. Anyone notice the block of pslv that traded on 5 minute chart...interesting



    James Turk - Bullish Flag Pattern to Quickly Send Silver to $70

    http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/11/28_James_Turk_-_Bullish_Flag_Pattern_to_Quickly_Send_Silver_to_%2470.html

    ReplyDelete
  23. The CME is SLIME. Look at the lot of them. You can see the swine in they're eyes - every one of them ! Speaking of swine- any soul who thinks that they're "stepping in shit " by making off with someone elses money through the egregious acts that they are comitting , the ones that we all witness going on present day , are sealing they're fate with the devil !

    It would be smart for the guilty to come clean now . As night follows day it is fast closing in where a warning won't matter and hell will be to pay.

    ReplyDelete
  24. Boy, there were a lot of quotes on this, and here is one more to add to the pile-

    I thought I lost this but here it is, a court ruling that states that fraud is A OK (or at least not technically illegal)


    http://www.law.com/jsp/article.jsp?id=1202469955659

    3rd Circuit Gives Thumbs Down to 'Fraud-Created Market' Theory
    Shannon P. Duffy
    The Legal Intelligencer
    August 17, 2010

    Quote-
    "promoting honesty and fair dealings is certainly an important concern, but it is also an exceedingly abstract concern. If we were guided mainly by the promotion of free and honest securities markets, then we would seek to expand Section 10(b) liability whenever possible to prevent fraud. But that has not been the approach taken by the federal courts."

    ..."Federal securities laws, Smith said, "are not a catchall for any fraudulent activity committed in connection with a securities offering.""

    The court said that in the first place, the parties involved in issuing a security--including the underwriter, the auditor and legal counsel--have significant interest in marketing the securities and cannot be relied upon to prevent fraud.

    …”the SEC cannot be reasonably relied upon to prevent fraud because the agency reviews the accuracy of disclosures but does not review the merits of the registration statement or actual product.”

    The whole story is on LexisNexis.com

    Substitute SEC with CFTC and it all becomes perfectly clear, unfortunately.

    ReplyDelete
  25. Can you believe this 25x revenues...money can't find its way into gold/silver because its a bubble but this shit can float to the sky...talk about a managed market...

    Facebook Targets Huge IPO
    Offering Next Year Could Raise $10 Billion, Valuing Company at $100 Billion


    Companies often explore an IPO once they have $100 million in revenue. Facebook is expected to debut with more than $4 billion in revenue, making it bigger than Web veteran Yahoo Inc.

    Read more: http://online.wsj.com/article/SB10001424052970203935604577066773790883672.html#ixzz1f3Slif3Z

    ReplyDelete
  26. MORE STENCH....you try this...your fkin head would be spinning and accounts closed so fast you would not know which way was up...all geniuses, all inside corrupt mfers...

    Treasury Secretary Henry Paulson Tipped Off Prominent Hedge Funds Regarding Fannie Mae While Telling the US Senate and General Public a Different Story

    I have on numerous occasions made the claim that Henry Paulson is guilty of coercion and fraud. For those actions, he should be arrested and criminally tried.

    However, the latest disclosure in which hedge funds say they were tipped off by Paulson while he told Congress and reporters blatant lies is allegedly not even criminal behavior.

    Who Was at the Meeting?

    Mindich, a former chief strategy officer of New York- based Goldman Sachs, started Eton Park in 2004
    Daniel Stern of Reservoir Capital Group
    Singh, a former head of Goldman’s proprietary-trading desk, also began his fund in 2004, in partnership with private- equity firm Texas Pacific Group Ltd.
    Frank Brosens, founder and principal of Taconic Capital Advisors LP, who worked at Goldman as an arbitrageur and who was a protege of Robert Rubin, who went on to become Treasury secretary.
    Non-Goldman Sachs alumni who attended included short seller James Chanos of Kynikos Associates Ltd., who helped uncover the Enron Corp. accounting fraud;
    GSO Capital Partners LP co-founder Bennett Goodman, who sold his firm to Blackstone Group LP (BX) in early 2008;
    Roger Altman, chairman and founder of New York investment bank Evercore Partners Inc. (EVR);
    Steven Rattner, a co-founder of private-equity firm Quadrangle Group LLC, who went on to serve as head of the U.S. government’s Automotive Task Force.



    What did PIMCO know and When?

    Anyone who says they do not remember a meeting like that is a liar. Anyone who says "no comment" is indeed commenting and the possible interpretation is not pretty. So what else did Paulson say?

    I would like to know who Paulson talked to outside the meeting.

    http://globaleconomicanalysis.blogspot.com/2011/11/treasury-secretary-henry-paulson-tipped.html

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  27. I used to raise rats. MF Global & Jon Corzine & their Bankster Friends have created a stench that far exceeds anything my 100 rat farm used to make. There was that one time I poured boiling water into half a cubic foot of chicken manure - that did smell pretty bad. But MF Global is still worse.

    How many of these Bankster Criminals are Jews ? Just asking.

    ReplyDelete
  28. That's not rain, they're pissing on you....


    Hank Paulson Tipped Off The Goldman-Led "Plunge Protection Team" About Fannie Bankruptcy 7 Weeks In Advance


    Today, BusinessWeek's Michael Serrill and Jonathan Neumann have released a blockbuster report based on a FOIA response by the Treasury, which proves that in America rules are only for little people, that this country has been a banana republic for years, that Animal Farm was spot on, and gives excruciating detail of how Hank Paulson tipped off a select group of Goldman diaspora hedge fund managers about the eventual failure of Fannie and Freddie 7 weeks ahead of this information becoming public knowledge.


    Where it however gets worse is when one considers the actual role of one Eric Mindich in the hierarchy of the Asset Managers' committee of the President's Working Group on Capital Markets, better known of course as the PPT: a topic we discussed first back in September 2009 when we asked "What Is Goldman Alum Eric Mindich's Role As Chair Of The Asset Managers' Committee Of The President's Working Group?" Back then we did not get an answer. Luckily, courtesy of a few answered FOIA requests, some real investigative journalism, and not reporting for the sake of brown-nosing just so one can get soundbites for their next name dropping "blockbuster" and straight to HBO movie, we are starting to get the full picture of just how high in US government the Goldman Sachs controlled "crony capitalist" adminsitration truly runs.


    http://www.zerohedge.com/news/hank-paulson-tipped-goldman-led-plunge-protection-team-about-fannie-bankruptcy-7-weeks-advance?

    ReplyDelete
  29. I'm not jewish..but don't go there..its just another divide/conquer thing...see

    "It is no measure of health to be well adjusted to a profoundly sick society."
    -Jiddu Krishnamurti

    Krishnamurti belonged to no religious organization, sect or country,
    nor did he subscribe to any school of political or ideological
    thought. On the contrary, he maintained that these are the very
    factors that divide human beings and bring about conflict and war. He
    reminded his listeners again and again that we are all human beings
    first and not Hindus, Muslims or Christians, that we are like the rest
    of humanity and are not different from one another.

    http://www.jkrishnamurti.org/about-krishnamurti/biography.php





    THIS IS THE PROBLEM...


    You Cannot Build a Financial System on Rumors and Lies

    The whole thing just reminds us of the core issue pertaining to this Crisis: values.

    This is not a monetary Crisis; it is a Crisis of values and morals. It is a Crisis caused by the notion that you can lie about virtually everything pertaining to a business deal (the quality of the assets, who owns them, whether they’re even legitimate, etc) and get away with it.

    To review how we go into this mess, Wall Street and other industries lobbied Congress to loosen regulations. However, the secondary nature of those lobbying efforts was it trained Congress to see Wall Street as the hand that feeds, thereby making it unlikely for Congress to prosecute or pursue any criminal activity on the part of the bankers.


    Take away consequence and rules and you have anarchy. And that’s virtually what we had in the Financial System leading up to the Crisis. Looking back on some of the more glaring situations (AIG, Goldman Sachs, etc) it’s simply amazing the whole mess didn’t blow up sooner.

    http://www.zerohedge.com/contributed/you-cannot-build-financial-system-rumors-and-lies?


    remember that scene in the untouchables at the table? unfortunately that's the only thing that will change their thinking!

    ReplyDelete