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Posts Tagged ‘FOIA’

Geithner’s Crimes Through AIG – Will The Truth Come Out

Courtesy of The Daily Bail 

Geithner’s Crimes Through AIG – Will The Truth Come Out

Video – Max Keiser & Stacy Herbert

At issue is Tim Geithner’s criminal behavior in orchestrating the AIG bailout to favor Goldman Sachs through counterparty payouts at par, and then the massive cover-up.

Further reading…


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How the Fed and the Treasury Stonewalled Mark Pittman to His Dying Breath

How the Fed and the Treasury Stonewalled Mark Pittman to His Dying Breath

Courtesy of PAM MARTENS

NEW YORK - MAY 02:  Reporter Mark Pittman on stage at the premiere and panel discussion of 'American Casino' during the 2009 Tribeca Film Festival at Directors Guild Theater on May 2, 2009 in New York City.  (Photo by Amy Sussman/Getty Images for Tribeca Film Festival)

Originally published at CounterPunch

On the President’s first day in office on January 21, 2009, he issued an Open Government memo promising the American people a new era of transparency. On March 19, 2009, under the President’s orders, the Attorney General’s office issued detailed guidelines on how Federal agencies were to respond going forward to Freedom of Information Act (FOIA) requests.  The guidelines instructed the agencies as follows:

“The key frame of reference for this new mind set is the purpose behind the FOIA. The statute is designed to open agency activity to the light of day. As the Supreme Court has declared: ‘FOIA is often explained as a means for citizens to know what their Government is up to.’ NARA v. Favish, 541 U.S. 157, 171 (2004) (quoting U.S. Dep’t of Justice v. Reporters Comm. for Freedom of the Press, 489 U.S. 749, 773 (1989)…The President’s FOIA Memoranda directly links transparency with accountability which, in turn, is a requirement of a democracy. The President recognized the FOIA as ‘the most prominent expression of a profound national commitment to ensuring open Government.’  Agency personnel, therefore, should keep the purpose of the FOIA — ensuring an open Government — foremost in their mind.” 

It pains me to inform you, Mr. President, but the Treasury Department, Board of Governors of the Federal Reserve, and Securities and Exchange Commission (the trio that has been variously distracted minting trillions in currency, trading cash for trash with Wall Street, surfing for porn, or mishandling multiple voluminous tips on Bernie Madoff’s Ponzi scheme) have misplaced your memo or, as many suspect, take their marching orders not from you but from Wall Street — perhaps because they perceive that this is where you take your orders too.

On October 6, 2010, I filed three FOIA requests with the Securities and Exchange Commission (SEC).  I had come by information that the official government report on the stock market’s “Flash Crash” of May 6, 2010 was materially wrong and I wanted to buttress my investigative report to the public with documents the SEC had obtained or compiled in conducting its investigation.

I followed the SEC’s FOIA instructions and emailed the requests to foiapa@sec.gov as instructed by the web site, asking for a small amount of very…
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HOW THE GOVERNMENT RUN RALLY MORPHED INTO THE BANK RUN RALLY

HOW THE GOVERNMENT RUN RALLY MORPHED INTO THE BANK RUN RALLY

Courtesy of The Pragmatic Capitalist

In early March I turned quite bullish for the first time in 2009.  My reasoning behind the bullishness was relatively simple.  The market had overshot the mean to the downside and psychology was far too negative.  This created a market that was like a loaded spring.  All it needed was a catalyst.  That catalyst came in the form of the M2M rumors.   In other words, the government was going to directly intervene in the market and stop the bleeding.  What resulted over the ensuing months was even larger than I ever could have expected.

At the end of March I began referring to the rally as the “government run rally”.   Although the actual underlying fundamentals were not improving, the government had created a series of events and catalysts that forced the shorts out of positions and changed the psychology of the market:

spxrall HOW THE GOVERNMENT RUN RALLY MORPHED INTO THE BANK RUN RALLY

The last of these well crafted maneuvers were the capital raises and the stress tests.   This series of events created a foundation for a market bottom and helped form the most important portion of the current rally in stocks.   It would sound conspiratorial if it weren’t entirely true.  What has ensued since has confounded even the most veteran of traders.  The market has continued higher in a nearly straight line.

recession's historyThere is no doubt that the economy has rebounded sharply from the days of ISM 35 and GDP -6%.  The overshoot to the downside was extreme to say the least, but what is less clear is why the market has rallied an astounding 60% off its bottom and effectively priced in 20%+ earnings growth and 4% GDP going forward when the real underlying problems that caused this entire mess are still apparent.  We have simply implemented the failed Bank of Japan policies of the 90’s combined with the failed bank policies of Maestro Greenspan – crank up the printing press, turn on the liquidity spigot, implement quantitative easing and let the banks earn their way out of their problems.   It sounds great in theory, but Greenspan’s policies failed miserably as did the Bank of Japan’s.  Neither approach proactively attacked the root of the problems.  The results speak for themselves.

Mr. Bernanke has declared an end to the recession, but we continue to…
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BankUnited Bidders Have Green Shoot Zero Tolerance

Courtesy of Zero Hedge

BankUnited Bidders Have Green Shoot Zero Tolerance

As Zero Hedge reported previously, Florida bank BankUnited was put on dodecatuple secret probation under a "prompt corrective action directive" on April 18th to find a buyer within 20 days or face imminent shutdown. 20 days came and went, and the bank is still standing "strong," unshutdown, and unpurchased. At first glance it would seem ultimatums by the Office of Thrift Supervision carry markedly less weight than those conveyed by the "three stooges" of the U.S. Treasury Dept, the Fed and the FDIC.

A Dow Jones article sheds some light on the lack of action in this soon to be receivership. Allegedly the three likely emerging bidders for BKUNA include some of the most usual suspects imaginable: one is a consortium of Toronto Dominion Bank and… Goldman Sachs, in which the split would be: branches and deposits go to TD, while GS gets to keep all the juicy distressed assets, that subsequently will experience a miraculous short squeeze and be sold at a "bargain" to investors at just over par (the last bit is some superfluous musing on the part of this author).

The second presumed bidder – no surprise there – it is perma-acquisitive JC Flowers. As to the latter it is unclear whether it is more shocking that the former PE legend has not learned his lesson with investing in "value" financial propositions, or that he still has any capital left at all to invest in the first place.

And the last group is the Keiser Soze of the lot – a triumvirate of Wilbur Ross, Blackstone and NY kickback scandal tainted Carlyle Group.

As the new bid deadline has been extended until next Tuesday, although it seems like that day will also come and go with no fireworks. Another propagating rumor is that neither of the bidders is inclined to see the economic green shoots or mustard seeds, and would rather have the bank be put into receivership first (read: GSE woodshedding approach) before any formal action is taken. While this is bad news for any existing equity holders in the "not too big to fail" Florida bank, receivership for the roughly $14 billion company will be fabulous news for any of the three potential bidders who, in a WaMuesque, FDIC-orchestrated…
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FOIA Disclosure Busts Paulson, Geithner And Bair

Courtesy of Tyler Durden

FOIA Disclosure Busts Paulson, Geithner And Bair

Judicial Watch, which lucked out majorly on a FOIA request to the Treasury, has received several hundred pages of stunning revelations, among which are that Hank Paulson essentially used the same tactics that he used on Ken Lewis on a group of nine bankers at the October 13 meeting which apportioned government investments to the various "critical" banking institutions. The major disclosure was captured in a memo called CEO Talking Points, which delineates the continuous use of strongarming tactics by not just Paulson, but by Tim Geithner, and Sheila Bair, who were also present at the meetings. According to one of the Talking Points:

“If a capital infusion is not appealing, you should be aware that your regulator will require it in any circumstance. We don’t believe it is tenable to opt out because doing so would leave you vulnerable and exposed.”

Among the banking CEOs who were forced into a pre-envisioned arrangement were:

  • Ken Lewis (BofA)
  • Vik Pandit (Citi)
  • Lloyd Blankfein (GS)
  • Jamie Dimon (JPM)
  • John Thain (ML)
  • Robert Kelley (BONY)
  • Ronald Logue (SS)
  • John Mack (MS)
  • Richard Kovacevich (WFC)

Among the key disclosures obtained by Judicial Watch are:

  • "CEO Talking Points" used by former Treasury Secretary Hank Paulson confirming that the nine bank CEOs present at the October 13 meeting had no choice but to accede to the government’s demands for equity stakes and the resulting government control. The talking points emphasize that "if a capital infusion is not appealing, you should be aware your regulator will require it in any circumstance." Suggested edits of the "talking points" by Tim Geithner, then-New York Fed President, were withheld by the Obama Treasury Department.
  • "Major Financial Institution Participation Commitments" signed by the nine bankers on October 13. The CEOs not only hand wrote their institution’s names but also hand wrote multi-billion dollar amounts of "preferred shares" to be issued to the government.
  • Email documenting that, on the very day of the meeting, the Chief of Staff to the Treasury Secretary and other top Treasury staff did not know the names of any of the banks that would be in attendance.
  • Email showing Treasury officials wanted to use the Secret Service to help keep the press away from the CEOs arriving at the meeting.
  • Email showing


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Insider Scoop

Delhaize Group Announces Sale of Bosnian & Herzegovinian Stores

Courtesy of Benzinga.

Related DEG Why Companhia Brasileira de Distribuicao (CBD) Has A Bright Short-Term Future? - Tale of the Tape The Fresh Market (TFM) in Focus: Stock Moves 6.7% Higher - Tale of the Tape

Delhaize Group (Euronext Brussels: DELB, NYSE: DEG), the Belgian international food retailer, announces that it has signed an agreement with Tropic Group B.V. on the sale of its Bosnian & Herzegovinian stores.

Delhaize Group has signed an agreement with Tropic Group B.V., to divest all of its 39 Bo...



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Phil's Favorites

Groupthink Or Black Swan Rising? Not A Single 'Economist' Expects An Economic Downturn

Courtesy of Pater Tenebrarum of Acting-Man

A 100% Consensus

This doesn't happen very often. Marketwatch reports that Jim Bianco points out in a recent market comment that the 67 economists taking part in a regular Bloomberg survey have a unanimous forecast regarding treasury bond yields: they will be higher 6 months from now. This is a truly striking result, and given the well-known propensity of mainstream economists to guess wrong (their forecasts largely consist of extrapolating the most recent short term trend), it may provide us with a few insights.

In fact, considering that there have been only a handful of instances since 2009 when a majority of the economists surveyed predicted a decline in yields, we can already state that their forecasts regarding tre...



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Zero Hedge

#MyNYPD...

Courtesy of ZeroHedge. View original post here.

Submitted by williambanzai7.

.

Actually, it is their NYPD, not ours.

...

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Chart School

Get Ready for Europe to Print

Courtesy of Doug Short.

Summary:

  • Core Eurozone CPI inflation rate falls to 0.70%, a multi-decade low
  • This occurs at a time when the PIGS' average unemployment rate rests near 24%
  • Deflation threat in Europe real as GDP in Europe likely to peak this year
  • European hawks moving towards dovish side of the fence, opening door for more QE
  • Implications: stronger European stock market, stronger USD, weaker commodity prices, stronger global growth

Back in February I laid the groundwork for why we should expect to see the European Central Bank (ECB) massively expand its balance sheet (see article). The case for expecting to see the ECB print is only increasing as core Eurozone inflation is c...



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All About Trends

Mid-Day Update

Reminder: David 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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Market Shadows

Soy Numero Uno

Soy Numero Uno

By Paul Price of Market Shadows

Bunge Limited (BG) is the world’s largest processor of soybeans. It is also a major producer of vegetable oils, fertilizer, sugar and bioenergy.

When commodities got hot in 2007-08, Bunge’s EPS shot up and the stock followed, rising 185% in 19 months.

The Great Recession took its toll on operations, dropping EPS to a low of $2.22 in 2009.  Since then profits have recovered.  They ranged from $4.62 - $5.90 in the latest three years. 2014 appears poised for a large increase. Consensus views from multiple sources see BG earning $7.04 - $7.10 this year and then $7.83 - $7.94 in 2015.

...



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Option Review

Casino Stocks LVS, WYNN On The Run Ahead of Earnings

Shares in Las Vegas Sands Corp. (Ticker: LVS) are up sharply today, gaining as much as 5.7% to touch $80.12 and the highest level since April 4th, mirroring gains in shares of resort casino operator Wynn Resorts Ltd. (Ticker: WYNN). The move in Wynn shares appears, at least in part, to follow a big increase in target price from analysts at CLSA who upped their target on the ‘buy’ rated stock to $350 from $250 a share. CLSA also has a ‘buy’ rating on Las Vegas Sands with a $100 price target according to a note from reporter, Janet Freund, on Bloomberg. Both companies are scheduled to report first-quarter earnings after the closing bell on Thursday.

...

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Sabrient

What the Market Wants: Market Poised to Head Higher: 3 Stocks to Consider

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

Courtesy of David Brown, Sabrient Systems and Gradient Analytics

Yesterday, the market continued its winning ways for the fifth consecutive day.  The S&P 500 closed within 1% of its all-time high, and the DJI was even closer to its all-time high.  Healthcare, Energy and Technology led the sectors while Financials, Telecom, and Utilities finished slightly in the red.  All three sectors in the red are typically flight-to-safety stocks, so despite lower than average volume, the market appears poised to make new highs.

Mid-cap Growth led the style/caps last week, up 2.87%, and Small-cap Growth trailed, up 2.22%. This week will bring well over 100 S&P 500 stocks reporting their March quarter earn...



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OpTrader

Swing trading portfolio - Week of April 21st, 2014

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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Stock World Weekly

Stock World Weekly

Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

Here's this week's Stock World Weekly. Click here and sign in with your PSW user name and password, or sign up for a free trial.

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Digital Currencies

Facebook Takes Life Seriously and Moves To Create Its Own Virtual Currency, Increases UltraCoin Valuation Significantly

Courtesy of ZeroHedge. View original post here.

Submitted by Reggie Middleton.

The Financial Times reports:

[Facebook] The social network is only weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook and use it to pay and exchange money with others, according to several people involved in the process. 

The authorisation from Ireland’s central bank to become an “e-money” institution would allow ...



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Promotions

See Live Demo Of This Google-Like Trade Algorithm

I just wanted to be sure you saw this.  There’s a ‘live’ training webinar this Thursday, March 27th at Noon or 9:00 pm ET.

If GOOGLE, the NSA, and Steve Jobs all got together in a room with the task of building a tremendously accurate trading algorithm… it wouldn’t just be any ordinary system… it’d be the greatest trading algorithm in the world.

Well, I hate to break it to you though… they never got around to building it, but my friends at Market Tamer did.

Follow this link to register for their training webinar where they’ll demonstrate the tested and proven Algorithm powered by the same technological principles that have made GOOGLE the #1 search engine on the planet!

And get this…had you done nothing b...



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Pharmboy

Here We Go Again - Pharma & Biotechs 2014

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

Ladies and Gentlemen, hobos and tramps,
Cross-eyed mosquitoes, and Bow-legged ants,
I come before you, To stand behind you,
To tell you something, I know nothing about.

And so the circus begins in Union Square, San Francisco for this weeks JP Morgan Healthcare Conference.  Will the momentum from 2013, which carried the S&P Spider Biotech ETF to all time highs, carry on in 2014?  The Biotech ETF beat the S&P by better than 3 points.

As I noted in my previous post, Biotechs Galore - IPOs and More, biotechs were rushing to IPOs so that venture capitalists could unwind their holdings (funds are usually 5-7 years), as well as take advantage of the opportune moment...



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