Friday, June 10, 2011

We May Get To See Just How Cozy Geithner Has Been With Wall Street...

before Obama gets voted out of the White House, as this was reported yesterday on Fox Business News: 
Geithner could step down after getting debt ceiling deal done -- Gasparino, Fox Business News - Gasparino reports that there are rumors that Treasury Secretary Geithner could leave after a deal is reached regarding the debt ceiling. He also reported that the Treasury Department will not deny the rumor.
I especially like the comment that the Treasury Dept would not deny the rumor.  This rumor has been floating around since Obama's first full year and now maybe it's really true this time. 

What will be even more interesting to watch is whether or not Geithner will land a cushy, highly paid position at one of the Too Big To Fail Banks, to which he's been funnelling $100's of billions in Taxpayer money in order to keep them from collapsing and to enable the continuation of $billions in excessive compensation to the architects of this country's systemic demise.  Imagine what it says about what a stooge your Treasury Secretary is if he doesn't land a "payback" job at a TBTF...

In case you missed this, Taxpayer/Government-owned GMAC/Ally Financial is pulling its initial public offering for now.  LINK  The excuse is a weak stock market.  But what it tells us is that investors are looking "under the hood" all GMAC and looking at the crappy auto and mortgage assets it has underwritten with massive Government support and running the other way, especially after the dismal performanance of AIG's stock after the Government called in favors to the banks and unloaded a lot stock on Wall Street, which in turn has been flipping out to the market.

It's starting to get ugly out there in the markets.  And the markets are reflecting an accelerating deterioration in the condition of our finacial and economic system.  It may not seem like it now, but I expect that gold and silver will take many by surprise and soon stage an aggressive price rally in terms of dollars and euros.  For sure, demand from India has not slid into its traditional seasonal lull - at least not yet - and the Chinese seem to have an insatiable appetite for the physical metals.


  1. Where does that leave the miners down like everything else?

  2. (Dave)

    That's the 65k question, isn't it? LOL

  3. Full List Of 2011 Bilderberg Conference Attendees


    Alexander, Keith B., Commander, USCYBERCOM; Director, National Security Agency
    Altman, Roger C., Chairman, Evercore Partners Inc.
    Bezos, Jeff, Founder and CEO,
    Collins, Timothy C., CEO, Ripplewood Holdings, LLC
    Feldstein, Martin S., George F. Baker Professor of Economics, Harvard University
    Hoffman, Reid, Co-founder and Executive Chairman, LinkedIn
    Hughes, Chris R., Co-founder, Facebook
    Jacobs, Kenneth M., Chairman & CEO, Lazard
    Johnson, James A., Vice Chairman, Perseus, LLC
    Jordan, Jr., Vernon E., Senior Managing Director, Lazard Frères & Co. LLC
    Keane, John M., Senior Partner, SCP Partners; General, US Army, Retired
    Kissinger, Henry A., Chairman, Kissinger Associates, Inc.
    Kleinfeld, Klaus, Chairman and CEO, Alcoa
    Kravis, Henry R., Co-Chairman and co-CEO, Kohlberg Kravis, Roberts & Co.
    Kravis, Marie-Josée, Senior Fellow, Hudson Institute, Inc.
    Li, Cheng, Senior Fellow and Director of Research, John L. Thornton China Center, Brookings Institution
    Mundie, Craig J., Chief Research and Strategy Officer, Microsoft Corporation
    Orszag, Peter R., Vice Chairman, Citigroup Global Markets, Inc.
    Perle, Richard N., Resident Fellow, American Enterprise Institute for Public Policy Research
    Rockefeller, David, Former Chairman, Chase Manhattan Bank
    Rose, Charlie, Executive Editor and Anchor, Charlie Rose
    Rubin, Robert E., Co-Chairman, Council on Foreign Relations; Former Secretary of the Treasury
    Schmidt, Eric, Executive Chairman, Google Inc.
    Steinberg, James B., Deputy Secretary of State
    Thiel, Peter A., President, Clarium Capital Management, LLC
    Varney, Christine A., Assistant Attorney General for Antitrust
    Vaupel, James W., Founding Director, Max Planck Institute for Demographic Research
    Warsh, Kevin, Former Governor, Federal Reserve Board
    Wolfensohn, James D., Chairman, Wolfensohn & Company, LLC

  4. The well capitalized ones with real assests in the ground churning cash flow I expect will do well

  5. Isn't everyone just sick and tired how every one begs for your vote, swears up and down how things will change when they get elected, and then the status quo continues...and you're's all ...

    Saturday, June 11, 2011
    Bullsh** and Goldman Sachs

    Yesterday, I was reading the July issue of Harper's Magazine and came across a delightful essay by Mark Kingwell called "The Language of Work." Kingwell teaches philosophy at the University of Toronto. Here's the paragraph that jumped out at me and made me think of Goldman Sachs: