Tuesday, January 24, 2012

Buffet Spoons With Obama; Holder Spoons With Big Banks

“Whatever people bring to us, we’re ready to haul,” Krista York-Wooley, a spokeswoman for Burlington Northern, a unit of Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc. (BRK/A), said in an interview. If Keystone XL “doesn’t happen, we’re here to haul.”
I had been trying to figure out why Obama nuked the pipeline proposed by Canada's TransCanada Corp that would have transported oil from oil sands in Canada to refineries in the Gulf of Mexico.  The cover story was "environmental factors."  Hmmm.  I don't believe that I've ever in my life heard any politician or environmentalist anywhere give a rat's ass about the eco-system in Nebraska.  It turns out that Warren Buffet's railroad will potentially get the business to haul that oil now.

But check this out:  "Railroads too present environmental issues. Moving crude on trains produces more global warming gases than a pipeline, the State Department said."  The real reason is because Buffet sleeps with Obama and the CEO of TransCanada does not.  Here's the story LINK

Anyone besides me wondering why Obama has not taken on more of an activist role in going after the big banks who have been raking people over the coals with massive mortgage fraud and abuse/breach of foreclosure laws?  It turns out that Obama's hand selected Attorney General, Eric Holder, and the head of the Justice Department's criminal division, Lanny Breuer, were partners at a big law that represented a "Who's Who" of the big banks like Wells Fargo, JP Morgan and Bank of America that are the main perpetrators of the massive mortgage fraud that has engulfed our country. 

A lot of people don't even know who Eric Holder is.  But he was an assistant AG in Clinton's Justice Dept and the guy who wrote the pardon letter for tax-evader Marc Rich and put in front of Clinton to sign as Clinton was walking out of the Oval Office for the final time.  Eric Holder is about as corrupt and sleazy as they get.  Here's the story from Reuters:  LINK

Next time you read about wrist-slapping State settlements with mortgage banks, know that Obama and his Justice Department are behind this selling out of justice to the Too Big To Fail, Too Close To Obama To Prosecute big banks.  Funny, because Warren Buffet is going to benefit from both the quoshing of the oil pipeline AND the failure of Eric Holder to do his job.   Just curious, to everyone who voted for Obama and still support him:  is this what you had in mind?
As you're watching Obama read his teleprompter tonight - delivering the words with Martin Luther King verve and vigor - also keep in mind that when he turns out the lights tonight he will be spooning with Warren Buffet and his Attorney General will be spooning with Jamie Dimon.


  1. The public seems completely brain dead...both sides...

    Economic Insanity from Gingrich on Marijuana Use: Life imprisonment With No Parole; Who Benefits from War on Drugs? Big-Brother Expansionist Ideas: Gingrich Proposes "Free Radios" for Everyone in Cuba!

    “Ideas are important, especially in a presidential campaign,” said Johnson. “But some of Speaker Gingrich’s ideas over the years are nothing short of scary. Under his legislation, anyone coming home to the U.S. and caught carrying enough marijuana (2 oz.) to distribute would be sentenced to life imprisonment with no parole — or if caught twice, would be sentenced to death.”


  2. Buffett eats shit, the Kenyan eats shit, and Eric Holder eats shit.

  3. Filmmaker Oliver Stone would vote for Ron Paul over Obama

    Filmmaker Oliver Stone, known for his liberal political views, said he would vote for GOP presidential candidate Ron Paul over President Obama should Paul win the Republican nomination.

    In an interview with Rock Cellar magazine, Stone was asked if an economic collapse would lead to the fall of the American “empire.”

    “I think it’s a given,” Stone said. “There’s no way that we can continue this spending spree. In fact, I think in many ways the most interesting candidate — I’d even vote for him if he was running against Obama — is Ron Paul. Because he’s the only one of anybody who’s saying anything intelligent about the future of the world.”


  4. And Timmah gives them blowies while they are spooning.

  5. "Anyone besides me wondering why Obama has not taken on more of an activist role in going after the big banks"

    Come on Dave, why would he go after those who own his corrupt soul? They have so much "dirt" on his mulatto ass, that if he even made a peep, it would be over "that fast"!


    I know it's hard to believe, but IT's all RIGGED. ALL OF IT. Everything. Across the Board. Until we all recognize how massive and deep the manipulation is and goes, we will continue to think foolishly; "Obama has some say in the matter."

    Our picture perfect post card world is about to go bye, bye.

    But to "get it" one has to be willing to go deep down the rabbit hole. It's not very comfortable for most people to go in that direction. It's dark and unknown. Fear raises it's ugly head and most can't handle it. Most prefer to live in denial; keeping their internal fear outside (perceived) themselves. But eventually, if we want "That" which truly brings contentment to the heart and mind, we have to deal with our fear and cowardice and call it like it is.

    A vote for anyone other than Paul is a vote for WAR AND DESTRUCTION. Simple as that. Only a sick person would vote for them. When you start telling your friends that, you begin to get a taste of how isolated one can become down the rabbit hole, until you meet a fellow friend down there. THat's when life gets real. Anyone else who chooses the status quo, voting for those others is FUCKED UP, mentally, emotionally and physically. That's how sick Americans have become. 1 out of 5 on medication for mental illness.

    Getting right to the point:

  6. Sicilian Gold:

    Here is another comment on oil.

    During the second half of 2011, there was a huge price difference between Brent (spot North Sea oil for delivery in Rotterdam) and WTI (lighter crude oil for delivery at Cushing/Oklahoma). At basically all ports, the price for spot crude oil is close to Brent because you can send a tanker there and arbitrage against Rotterdam. But not so in the mid west in Cushing. Why?

    The answer is the Canadian oil sands that have been gradually coming online over the previous years. There is a pipeline from Alberta to Cushing, but the Canadians have no significant capacity to pump oil to the Pacific Ocean in order to export it.

    They have a small pipeline to Vancouver if I remember correctly, but the large supertankers cannot go there. They are even filling railway tank cars and use trains in order to get their crude oil to the coast.

    Canada is right now planning the 'Northern Gateway Pipeline' to Kitimat on the Pacific coast and to extend Kitimat to a deep water port, but completion of that project is still several years away.

    There is one pipeline, the 'Seaway Pipeline' from Cushing to the Gulf of Mexico that could be used to arbitrage WTI against Brent. The pipeline used to be owned and run by ConocoPhilips, but they kept stubbornly pumping from the coast to Cushing, increasing the price difference rather than arbitraging against it.

    In December 2011, however, Enbridge (Canadian company) acquired a majority interest in the Seaway pipeline and immediately announced that they would switch the flow to pump from Cushing to the coast. The price gap between WTI and Brent started to close.

    The Seaway Pipeline, however, is also too small in order to get all the Canadian production to the coast and to export it to overseas.

    This is why Enbridge are trying to get planning permission for a larger pipeline, 'Keystone XL' (extending their existing Keystone Pipeline from Canada to Cushing further on to the coast).

    Now think about a possible conflict with Iran and a possible partial closure of the Straight of Hormus. The USG would
    1) make Enbridge shut down or reverse Seaway
    2) refuse planning permission for Keystone XL
    and thereby keep the Canadian oil trapped inland for several years, in particular rendering WTI substantially cheaper than Brent for the duration of the conflict.

    USA 1 : ROW 0

    Victor (January 18, 2012 10:59 AM)

    Found in the comment section at: http://fofoa.blogspot.com/​2012/01/gold-must-flow.html

    ***Victor: correction: Keystone XL is a project of TransCanada, not Enbridge.

  7. Sicilian Gold:

    Here are some visible pictures of the proposed pipelines that should be viewed as you read my other post.

    Northern Gateway Pipeline

    Reversing the Seaway Pipeline

    March 11 2011:

    The Seaway Pipeline is built to carry crude oil from the Gulf Coast to Cushing, Oklahoma, but with the current price differential between crude oil at the coast and crude oil at Cushing, each barrel delivered on the pipeline loses about $10-15 of value. The Streetwise Professor does a little back of the envelope calculation to conclude reversing the flow of the pipeline would create substantial economic gains. The (part) owner of the pipeline has substantial refinery assets in the Mid-Continent region, so it benefits from the low crude oil price at Cushing and is not interested in reversing the flow. The only way to reverse the flow may be for someone to buy the current owners out. Can somebody make this deal happen?

    December 2011: Enbridge (Canadian company) acquired a majority interest in the Seaway pipeline and immediately announced that they would switch the flow to pump from Cushing to the coast. The price gap between WTI and Brent started to close.

  8. Sicilian Gold:

    Last one.

    Obama’s Keystone Denial Prompts Canada to Look to China Sales

    One has to wonder if Canada's Prime Minister is sucking up to the Indians, so he can get that Northern Gateway pipeline up and running:

    First Nations and government clash over Indian Act

    Click here for a picture to understand why he needs the support of the First Nations: http://andrewfrank.ca/​wp-content/uploads/2011/05/​YDAmap_comp1.jpg

  9. And of course Marc Rich has ties to Israel and the Mossad and Dick Cheney has investments in the Canadian oil sands but hey who keeps track anymore.

  10. So ..for the UK economy not doing well. But the big thing is that they are willing to do anything to increase inflation - So inflation targeting is really the same as "GDP targeting". They are willing to add to QE. Amazing..

    A question.. the "automatic" raising of the debt ceiling - nothing has been said about it in the mean time, wasn't the 24th Jan a d-date ... or is this also now becoming a little issue talked about seeing that the circus last year doesn't want to be repeated. Much like QE will from now on not be shouted from the rooftops.

    Any news on Debt ceiling.

  11. More Details on How MF Global Customers Got Thrown Under the Bus

    Also, and to use the words of the Sapere plea to the court, “A decision by the court that 17 C.F.R §190 applied to MFGH’s estate can, among other things, obviate the need for titan law firms representing MFGH and MFGI, respectively, to engage in battles with one another funded by “other people’s money,” i.e., at substantial costs to the estates of MFGH and MFGI.”
    The ability to use many millions of customer funds locked in the estate to pay trustees and their “titan” law firms representing MFGH and MFGI is possible because the bankruptcy was filed as a Chapter 11 for the Holdings and Chapter 11 SIPC filing for MFGI, the commodity brokerage, and not under Chapter 7 for both.
    As regular readers know, from the start of this sorry saga, MFGFacts.com has focused on the questions around why a Chapter 11 SIPC bankruptcy with almost non-existent securities accounts when neither SIPC nor Chapter 11 address brokerage liquidations. Additionally, Chapter 11 is the choice when a restructuring is planed, which is not so with MFGH.

    In short, as Melin reports, “Deciding upon a Securities industry SIPA liquidation process for an FCM over the Commodity Exchange Act (CEA) liquidation and section 7 of the US Bankruptcy Code was a legal maneuver with far reaching consequences for customers with segregated funds and property with custodial banks. The selected SIPA liquidation does not recognize fund segregation or futures industry account regulations. The process considerably favors creditors.”

    According to the report, the speculation is this: Robert Cook, SEC Director of Division and Trading and Markets is said to have been the lead regulator at the key meeting, the details of which are still not public. “Before joining the SEC, Mr. Cook was a partner at the powerful Washington D.C. law firm of Cleary Gottlieb Steen & Hamilton LLP, which represents JP Morgan, among other clients,” Melin reported. We all know that JP Morgan is the largest creditor to MF Global Holdings. Readers may reach their own conclusions about that.

    To rectify this, the CFTC then drafted rules we find under then now famous Part 190 where Corcoran writes, “In the final rules, the Commission noted that Section 7(b) of SIPA (read Securities Investors Protection Act) …proved that a trustee in a SIPA liquidation shall be subject to the same duties as a trustee in a commodity broker bankruptcy under Subchapter IV of Chapter 7 of the Code.”

    The CFTC was well prepared for a MF Global-like event. Against this background, and as Melin also reports, the choice of a Chapter 11 SIPC bankruptcy code for the liquidation of a futures broker, makes Chairman’s Genslers “give away” even more baffling.


  12. JP Morgan Chase Continues PR Blitz

    I was watching the FOX Business channel, and who did I see again–Jamie Dimon, Chairman and CEO of JP Morgan Chase. Charlie Gasparino had what he called a “no holds barred” interview with Dimon. I watched two long segments of the interview, and once again, it appeared like a PR story for the bank. In one of the segments, Gasparino said that Dimon, “. . . took every question I threw at him . . . I think he sees himself as a spokesman for the industry.” It was too bad Gasparino was throwing softballs.

    I would also love to have heard what Dimon would have said about some of the missing client assets that were reportedly transferred to JP Morgan just before MF Global went under. I think it could have done JP Morgan some good to have heard what the CEO of the bank had to say about these important and thorny issues, but what do I know.

  13. good critique of sotu....

    President Obama's State of the Union: Ten Skirted Issues

    Obama's speech was a compilation of highlights from his past ones. One part optimism, two parts repetition equals one total uninspiring. Maybe it’s so boring, because it matters so little at this point. Taking away popularity polls, our national threshold for belief in hope or change has been trampled, not just because of Obama or Romney, but of the whole political apparatus that thrives on deflection of reality and posturing. We don’t have the same energy to expend listening to politicians, the endless spin that renders fact obsolete, responsibility absent, and true accomplishment, unnecessary.


  14. Meet the Bundlers Behind the Money

    Obama has continued that practice as he revs the financial engine of his re-election campaign. Between April and the end of September, the Obama campaign released the names of 357 bundlers who had collected at least $50,000 to benefit him and the Democratic National Committee. Together, these elite moneymen (and women) raised at least $55.9 million -- or about $8 out of every $25 added to Obama's account during that time.

    Bundlers often receive special treatment because of their ability to raise big money. Obama, in fact, elevated some two dozen bundlers to serve as ambassadors during his first year in office.

    No candidate on the Republican side of the aisle has gone beyond the law and joined Obama in voluntarily disclosing information about his or her other bundlers. (Ron Paul's presidential campaign says it doesn't use bundlers, as OpenSecrets Blog previously reported).


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