Posts Tagged ‘cover-up’

EXTEND & PRETEND IS WALL STREET’S FRIEND

Courtesy of Jim Quinn, The Burning Platform

“We now have an economy in which five banks control over 50 percent of the entire banking industry, four or five corporations own most of the mainstream media, and the top one percent of families hold a greater share of the nation’s wealth than any time since 1930.   This sort of concentration of wealth and power is a classic setup for the failure of a democratic republic and the stifling of organic economic growth.” - Jesse –http://jessescrossroadscafe.blogspot.com/

Source: Barry Ritholtz

“All of the old-timers knew that subprime mortgages were what we called neutron loans — they killed the people and left the houses.” - Louis S. Barnes, 58, a partner at Boulder West, a mortgage banking firm in Lafayette, Colo


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The Anniversary of 9/11

The Anniversary of 9/11

010911-M-4122I-023 The pentagon in flames moments after a hijacked jetliner crashed into building at approximately 9:30 a.m. on Sept. 11, 2001. (U.S. Marine Corps photo by Cpl. Jason Ingersoll) (Released)

Courtesy of George Washington’s Blog 

Don’t want to hear this?

Tough. Grow up.

9/11 Commissioners:

  • And the Senior Counsel to the 9/11 Commission (John Farmer) – who led the 9/11 staff’s inquiry – recently said "At some level of the government, at some point in time…there was an agreement not to tell the truth about what happened". He also said "I was shocked at how different the truth was from the way it was described …. The tapes told a radically different story from what had been told to us and the public for two years…. This is not spin. This is not true." And he said: "It’s


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Matt Simmons Says Gulf Clean Up Will Cost Over $1 Trillion

Matt Simmons Says Gulf Clean Up Will Cost Over $1 Trillion, Sees BP At $1, Says "We Have Now Killed The GoM"

Courtesy of Tyler Durden

Matt Simmons shares some startling revelations in his latest Bloomberg TV interview, in which he says none of the propaganda matters on TV 24/7 (photoshopped or not) as the ultimate clean up cost will likely be well over $1 trillion, and a result he is unconcerned about his BP short. He ultimately see the stock going down to $1. What Simmons alleges however is far more startling and audacious: that this is a joint cover up effort between the administration and BP, in which both entities keep throwing sand in the eyes of observers while distracting everyone from the matter at hand: "What we don’t know anything about is the open hole which is caused by the drill bit when it tossed the blow-out preventer way out of the hole…and 120,000/day minimum of toxic poison has now covered the floor of the Gulf of Mexico. So what they’re talking about is the biggest environmental cover-up ever. And they knew that that well, that riser, would finally deplete. And then they could say it’s over."

On blaming the catastrophe on Transocean: "For two days they kept saying it’s a rig fire. When the rig sank they could no longer call it a rig fire. It’s a riser leakBecause if they said the truth they would all go to jail." The conclusion: "Unfortunately, we now have killed the Gulf of Mexico."

On whether the well pressure should be a concern:

“No, it’s a total diversion – that’s the gas condensation that was trapped in the drilling riser which blew off the wellhead at 10:01 PM CT on April 20th, it’s a mile-long compressed natural gas."

"What we don’t know anything about is the open hole which is caused by the drill bit when it tossed the blow-out preventer way out of the hole…and 120,000 minimum of toxic poison has now covered the floor of the Gulf of Mexico. So what they’re talking about is the biggest environmental cover-up ever. And they knew that that well, that riser, would finally deplete. And then they could say it’s over. And unfortunately, we now have killed the Gulf of Mexico.”

“Some 5-10 miles away is what the NOIA research vessels have now proved is a deep…
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Prominent Oil Industry Insider: “There’s Another Leak, Much Bigger, 5 to 6 Miles Away”

Prominent Oil Industry Insider: "There’s Another Leak, Much Bigger, 5 to 6 Miles Away"

Courtesy of Washington’s Blog

Matt Simmons was an energy adviser to George W. Bush, is an adviser to the Oil Depletion Analysis Centre, and is a member of the National Petroleum Council and the Council on Foreign Relations. Simmon is chairman and CEO of Simmons & Company International, an investment bank catering to oil companies.

Simmons told Dylan Ratigan that "there’s another leak, much bigger, 5 to 6 miles away" from the leaking riser and blowout preventer shown on the underwater cameras:

I have no idea whether or not Simmons is right. The government should immediately either debunk or admit his claim.

If accurate, the bigger leak could have been caused by the destruction of the well casing when the oil rig exploded. That is Simmons’ theory.

Or it could be caused by a natural oil seep, although the odds of a seep of that size occurring right around the time of the Deep Horizon disaster is nearly zero.

There is another possibility.

It is well-known that there were previous accidents at the Deepwater Horizon rig. For example, as AP notes:

From 2000 to 2010, the Coast Guard issued six enforcement warnings and handed down one civil penalty and a notice of violation to Deepwater Horizon, agency records show.

On 18 different occasions during that period the Coast Guard cited the vessel for an "acknowledged pollution source."

It is therefore possible that there has been another ongoing leak which BP has tried to cover up.


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Geithner and the NY Fed Accused of Willfully Ignoring Fraud and Covering Up Lehman’s Bad Assets

Important (i.e. share it) article by Mish on William Black’s account of how Tim Geithner and the NY Fed covered up Lehman’s inflated asset values and lack of liquidity, long before the financial meltdown in 2008. – Ilene 

Geithner and the NY Fed Accused of Willfully Ignoring Fraud and Covering Up Lehman’s Bad Assets, by Senior Regulator During the S&L Crisis

Courtesy of Mish 

Inquiring minds are digging into a 27 page statement made by William Black before the Financial Services committee. Black is an Associate Professor of Economics and Law, at the University of Missouri.

Professor Black’s statements regarding the collapse of Lehman and the role the Fed played in that collapse are refreshingly candid.

Please consider "Public Policy Issues Raised by the Report of the Lehman Bankruptcy Examiner". Emphasis, highlighting, and subtitles are mine.

I begin with a short description of my background that is relevant to your questions. My primary appointment is in economics. I have a joint appointment in law. I am a white-collar criminologist. My research specialization is financial fraud by elites and financial regulation. I was a senior regulator during the S&L debacle (and had the honor of testifying many times before this Committee).

Valukas Report Documents Three Major Deficiencies In Lehman Governance

The [Valukas] Report documents at least three major deficiencies in Lehman’s corporate governance that need to be addressed globally. First, it points out that Lehman, and many other Delaware corporations, have eliminated the fiduciary duty of “care.”

… Alan Greenspan has admitted that he had a similar view and that events have falsified this naïve account. It is insane to withdraw accountability for negligence. Doing so encourages negligence. Congress should mandate that corporate officers and directors be subject to the fiduciary duties of care and loyalty. They will still, of course, have the very substantial protection of the business judgment rule.

Second, the same individual should not serve as the CEO and Chair of the Board of Directors of a large corporation. The imperial CEO is a consistent problem in this and prior crises.

Third, Lehman ignored its stated risk “limits” and simply increased its limits retroactively to accommodate its violations of its risk limits. In plain English, that means it had no meaningful limits. ….

I have a different view than Mr. Valukas about the overall state of Lehman’s


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Toyota And Lexus Vehicles Are Unsafe

Timothy warned me about Toyotas several months ago, and this is his previous article with updates in the comments at the very end – scroll down. See also my previous article, M-m-m-my Toyota - featuring my first attempt at song writing, for my car of all things (thankfully not on the recall list!!).  It goes to the tune of My Sharona.  (Okay, I had some time on my hands.)

Timothy was subject to one of my interviews back in October, in case you missed it.  - Ilene   

Toyota And Lexus Vehicles Are Unsafe

toyotaCourtesy of Timothy D. Naegele[1]

All Toyota-produced vehicles sold in the U.S. today—including Toyota cars and trucks, and Lexus automobiles—are unsafe.  It will take years before new models roll off the company’s assembly lines that are completely safe.  Also, millions of Toyota vehicles are on American roads already that are unsafe to drive.  Any recent-vintage Toyota product, model years 2002[2] and later, potentially can turn into a runaway vehicle at a moment’s notice.  Driving one or being a passenger is like playing Russian roulette.  Query whether Americans, especially young families with small children, will trust their lives to Toyota?

Tragically and irresponsibly, the company has lied for years and it is lying now.  First, Toyota claimed it was a floor mat problem.  Next, the problems were related to the accelerator pedal[3]; and on and on the company’s lies go.  Toyota has had 10 years to investigate these issues, and determine and implement solutions, but its management has lied repeatedly and it is still doing it.  The runaway vehicle safety problems, which are confronting the giant automaker, are of a magnitude equal to or greater than those that brought down the storied Firestone tire brand, and the same thing may happen to Toyota.  Every American needs to read about runaway Toyota-produced vehicles.  The facts are sobering.

Toyota Suspends Sales And Production Of 8 Models Involved In Recall

After the sudden-acceleration problems surfaced in Toyota and Lexus vehicles, the National Highway Traffic Safety Administration said “more motorists have died in Toyota vehicles associated with sudden acceleration in the last decade than in cars made by all other manufacturers combined.”[4] Consumer advocate Ralph Nader’s trail-blazing and Herculean efforts helped launch the automobile safety movement.  His speeches and writings on behalf of Americans (see, e.g., “Unsafe at Any Speed”) helped expose


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Toyota And Lexus Vehicles Are Unsafe

If you missed my recent interview with the outspoken D.C. attorney Timothy Naegele, it’s here.Ilene

Toyota And Lexus Vehicles Are Unsafe

Timothy D. NaegeleCourtesy of Timothy D. Naegele[1]

All Toyota-produced vehicles sold in the U.S. today—including Toyota cars and trucks, and Lexus automobiles—are unsafe.  It will take years before new models roll off the company’s assembly lines that are completely safe.  Also, millions of Toyota vehicles are on American roads already that are unsafe to drive.  Any recent-vintage Toyota product, model years 2002[2] and later, potentially can turn into a runaway vehicle at a moment’s notice.  Driving one or being a passenger is like playing Russian roulette.  Query whether Americans, especially young families with small children, will trust their lives to Toyota?

Tragically and irresponsibly, the company has lied for years and it is lying now.  First, Toyota claimed it was a floor mat problem.  Next, the problems were related to the accelerator pedal[3]; and on and on the company’s lies go.  Toyota has had 10 years to investigate these issues, and determine and implement solutions, but its management has lied repeatedly and it is still doing it.  The runaway vehicle safety problems, which are confronting the giant automaker, are of a magnitude equal to or greater than those that brought down the storied Firestone tire brand, and the same thing may happen to Toyota.  Every American needs to read about runaway Toyota-produced vehicles.  The facts are sobering.

After the sudden-acceleration problems surfaced in Toyota and Lexus vehicles, the National Highway Traffic Safety Administration said “more motorists have died in Toyota vehicles associated with sudden acceleration in the last decade than in cars made by all other manufacturers combined.”[4] Consumer advocate Ralph Nader’s trail-blazing and Herculean efforts helped launch the automobile safety movement.  His speeches and writings on behalf of Americans (see, e.g., “Unsafe at Any Speed”) helped expose and remedy auto safety defects.  Today he believes: “[The NHTSA] is a broken agency that has to be rebuilt.”[5]

The Los Angeles Times’ fine investigative reporters have been shining light into the dark recesses of Toyota—notwithstanding the company’s massive cover-up that has spanned a decade so far.[6] Rather than attempt to distill the wisdom contained in the Times’ articles, the links to the most recent ones are set forth below.  I encourage you to read them carefully now and in the future, especially if you are…
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The Ongoing Cover Up of the Truth Behind the Financial Crisis May Lead to Another Crash

Perhaps the best introduction to this terrific article by (the other) George Washington is in the comment section. So why should we care about the crimes and the cover ups?  Our freedom depends on our government enforcing and abiding by the law. It’s apparent that we are headed down the slippery slope Justice Louis Brandeis describes in Olmstead v. United States (1928):Justice Louis Brandeis

"In a government of laws, the existence of the government will be imperiled if it fails to observe the law scrupulously. Our government is the potent, the omnipotent teacher. For good or ill, it teaches the whole people by its example. Crime is contagious. If government becomes a lawbreaker it breeds contempt for law: it invites every man to become a law unto himself. It invites anarchy."

We have the Federal government’s massive and flagrant display of lawlessness, and population somewhere on the way from apathy to dependency in the Fatal Sequence cycle of civilization.  Not winning a combination if you ask me. – Ilene

The Ongoing Cover Up of the Truth Behind the Financial Crisis May Lead to Another Crash

Courtesy of George Washington’s Blog

William K. Black – professor of economics and the senior regulator during the S & L crisis – says that that the government’s entire strategy now – as during the S&L crisis – is to cover up how bad things are ("the entire strategy is to keep people from getting the facts").

Indeed, as I have previously documented, 7 out of the 8 giant, money center banks went bankrupt in the 1980′s during the "Latin American Crisis", and the government’s response was to cover up their insolvency.

Black also says:

There has been no honest examination of the crisis because it would embarrass C.E.O.s and politicians . . .

Instead, the Treasury and the Fed are urging us not to examine the crisis and to believe that all will soon be well.

PhD economist Dean Baker made a similar point, lambasting the Federal Reserve for blowing the bubble, and pointing out that those who caused the disaster are trying to shift the focus as fast as they can:

The current craze in DC policy circles is to create a "systematic risk regulator" to make sure that the country never


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Ah, The Game Is Afoot!

Ah, The Game Is Afoot! 

shell gameCourtesy of Karl Denninger at The Market Ticker

You knew it wouldn’t be that easy…..

Aug. 27 (Bloomberg) — The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot.

"Harm the companies" eh?  You mean reveal that they are and have been insolvent, and The Fed has been engaged in covering them up?

“What has the Fed got to hide?” said Senator Bernie Sanders, a Vermont independent who sponsored a bill to require the Fed to submit to an audit by the Government Accountability Office. “The time has come for the Fed to stop stonewalling and hand this information over to the public,” he said in an e-mail.

The Fed is hiding the insolvency of banks.  They, along with their handmaidens in Congress (which is where you work Mr. Sanders) even went further and twisted the arm of FASB to legalize intentional accounting distortions that I argue amount to fraud.

The truth of what has been done keeps peeking around the corner in the form of bank failures and FDIC deposit insurance fund losses, with the latest charade being Colonial Bank that was carrying assets thirty seven percent above where its acquiring bank believes is a reasonable mark on the day prior to being taken over, and which in the FDIC’s last published release was considered "well-capitalized!"

These losses and the costs of this cover-up are being forcibly extracted from The American People literally at gunpoint through the issuance of hundreds of billions of Treasury Debt which we, our children and grandchildren will have to repay – a staggering total that the CBO and Obama Administration now admit will total nine trillion dollars over the next ten years.

“Experience in the banking industry has shown that when customers and market participants hear negative rumors about a bank, negative consequences inevitably flow,” Norman Nelson, vice president and general counsel for the group, said in the document.

Experience in the banking industry has shown that when you countenance false and inflated marks on assets losses inevitably flow (to the taxpayer) and the longer and more-involved the conspiracy to cover…
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Chart School

Selecting gold stocks by relative strength

Courtesy of Read the Ticker.

Before you make your investment decisions stop and review the relative strength of the stock to the sector or index.


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NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net

Investing Quote...

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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

Merkel Rules out Assistance for Deutsche Bank, Focus Reports (Bloomberg)

Chancellor Angela Merkel has ruled out any state assistance for Deutsche Bank AG in the year heading into the national election in September 2017, Focus magazine reported, citing unidentified government officials.

A divided town in Connecticut shows that finance is ruining Ame...



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ValueWalk

10 Timeless Lessons from Bernard Baruch

By Investment Master Class. Originally published at ValueWalk.

By Investment Master Class

Known as “The Lone Wolf of Wall Street”, Bernard Baruch was one of the the world’s most famous speculators of the 20th Century.  By the age of 30, Mr Baruch had amassed a fortune.  He went on to advise US presidents and congressional leaders from 1918 to 1948.

His memoirs, “My Own Story”, written in 1957, provides a fascinating account of Baruch’s life, his insight into human psychology and the history of speculation.  His first hand account of market pani...



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Zero Hedge

Washington Mall Shooter Caught: Suspect Is 20 Year Old Turk

Courtesy of ZeroHedge. View original post here.

Following last night's shooting at the Cascade Mall in Burlington, WA mall, when an unidentified gunman killed 5 then managed to slip away from authorities for nearly 24 hours, moments ago the Washington State Patrol tweeted that the shooter has, after a daylong manhunt, been captured.

Gunman captured tonight by authorities, Details forthcoming, Press Conference tonight at 1800 Continental Pl. Time TBA

— WA State Patrol (@wastatepatrol) September 25, 2016

The m...



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Phil's Favorites

A Sunni Muslim Addresses the Question: Is "Radical Islam" the Problem or is "Islam" the Problem?

Courtesy of Mish.

In 2015, President Obama told CNN that 99.9 Percent of Muslims Reject Radical Islam. He made the comments in response to a question about the White House avoiding using the phrase “Islamic terrorists.”

Hillary Clinton says “Let’s be clear: Islam is not our adversary. Muslims are peaceful and tolerant people and have nothing whatsoever to do with terrorism.”

Are they correct?

Obama Rejects Religious War

“It’s absolutely true that I reject the notion that somehow that [Isis] creates a religious war”.

Let’s Be Clear...



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Kimble Charting Solutions

Crude Oil attempting key breakout, says Joe Friday

Courtesy of Chris Kimble.

Below looks at Crude Oil on a “Monthly Closing” basis, since the early 1980’s.

Crude Oil started tanking in 2014 and its low earlier this year, took place at dual long-term support at (1) below.

CLICK ON CHART TO ENLARGE

Two support lines, that date back over a decade, came into play at (1) and so far have held. Crude remains in a down trend and this down trend is being tested at this time.

Joe ...



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OpTrader

Swing trading portfolio - week of September 19th, 2016

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Members' Corner

Market Liquidity and Macroeconomic Bullshit

 

Market Liquidity and Macroeconomic Bullshit

Courtesy of The Nattering Naybob

STJL - "Apparently macroeconomics is all bullshit – ROFL! Paging Naybob now… Famous Economist Paul Romer Says Macroeconomics Is All Bullshit."

The Nattering One muses... Macroeconomics as practiced by academics and those in charge is pure voodoo. Better to chant over goat blood, bird feathers and scattered entrails...

As for reality, overnight CNH HIBOR (...



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Mapping The Market

Here's a Cautionary Tale of Pension Privatization From Chile

Via Jean-Luc:

"When you let the free market take over, the little people get screwed and bankers get rich. Chile tried privatizing retirement plans and surprise, surprise, fund manager ate the profits… Pretty sure the results would be the same here..."  ~ Jean-Luc

Here's a Cautionary Tale of Pension Privatization From Chile

By KEVIN DRUM, Mother Jones

Among free-market fans, Chile's privatized pension plan has long been held up as a model for us to follow. The problem, as the Financial Times notes today, is ...



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Digital Currencies

Gold, Silver and Blockchain - Fintech Solutions To Negative Rates, Bail-ins, Currency Debasement and Cashless

Courtesy of ZeroHedge. View original post here.

By Jan Skoyles

I was so pleased yesterday by the announcement that I have joined the Research team at GoldCore as it meant that I could finally start talking about it and was back in a role that lets me indulge in my passion by researching and geeking out on all things gold, silver and money.

...



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Biotech

Epizyme - A Waiting Game

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Epizyme was founded in 2007, and trying to create drugs to treat patient's cancer by focusing on genetically-linked differences between normal and cancer cells. Cancer areas of focus include leukemia, Non-Hodgkin's lymphoma and breast cancer.  One of the Epizme cofounders, H. Robert Horvitz, won the Nobel Prize in Medicine in 2002 for "discoveries concerning genetic regulation of organ development and programmed cell death."

Before discussing the drug targets of Epizyme, understanding epigenetics is crucial to comprehend the company's goals.  

Genetic components are the DNA sequences that are 'inherited.'  Some of these genes are stronger than others in their expression (e.g., eye color).  Yet, some genes turn on or off due to external factors (environmental), and it is und...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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News: If you missed it, you can probably find it in our Market News section. We sift through piles of news so you don't have to.   

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