Posts Tagged ‘Chris Dodd’

SIGTARP Calls Out Tim Geithner On Various Violations Including Data Manipulation, Lack Of Transparency, “Cruel” Cynicism, And Gross Incompetence

SIGTARP Calls Out Tim Geithner On Various Violations Including Data Manipulation, Lack Of Transparency, "Cruel" Cynicism, And Gross Incompetence

Neil BarofskyCourtesy of Tyler Durden

SigTarp Neil Barofsky has just released the most scathing critique of all the idiots in the administration, with a particular soft spot for Tim Geithner.

On the failure of TARP to increase lending:

As these quarterly reports to congress have well chronicled and as Treasury itself recently conceded in its acknowledgement that "banks continue to report falling loan balances," TARP has failed to "increase lending" with small businesses in particular unable to secured badly needed credit. Indeed, even now, overall lending continues to contract, despite the hundreds of billions of TARP dollars provided to banks with the express purpose to increase lending.

On TARP’s sole success of boosting Wall Street bonuses:

While large bonuses are returning to Wall Street, the nation’s poverty rate increased from 13.2% in 2008 to 14.3% in 2009, and for far too many, the recession has ended in name only.

On TARP’s failure in general:

Finally, the most specific of TARP’s Main Street goals, "preserving homeownership" has so far fallen woefully short, with TARP’s portion of the Administration’s mortgage modification program yielding only approximately 207,000 ongoing permanent modifications since TARP’s inception, a number that stands in stark contrast to the 5.5 million homes receiving foreclosure filings and more than 1.7 million homes that have been lost to foreclosure since January 2009.

On the Treasury’s scam in minimizing publicized AIG losses, and on Geithner as a Wall Street puppet whose actions are increasingly destroying public faith in the government:

While SIGTARP offers no opinion on the appropriateness or accuracy of the valuation contained in the Retrospective, we believe that the Retrospective fails to meet basic transparency standards by failing to disclose: (1) that the new lower estimate followed a change in the methodology that Treasury previously used to calculate expected losses on its AIG investment; and (2) that Treasury would be required by its auditors to use the older, and presumably less favorable, methodology in the official audited financials statements. To avoid potential confusion, Treasury should have disclosed that it had changed its valuation methodology and should have published a side-by-side comparison of its new numbers with what the projected losses would be under the auditor-approved methodology that Treasury had used previously and will


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The Road to World War III – The Global Banking Cartel Has One Card Left to Play

The Road to World War III – The Global Banking Cartel Has One Card Left to Play

By David DeGraw (h/t ZH)

The following is Part I to David DeGraw’s new book, “The Road Through 2012: Revolution or World War III.” This is the second installment to a new seven-part series that we will be posting throughout the next few weeks. You can read the introduction to the book here. To be notified via email of new postings from this series, subscribe here.

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Editor’s Note: The following is Part I to David DeGraw’s new book, “The Road Through 2012: Revolution or World War III.” This is the second installment to a new seven-part series that we will be posting throughout the next few weeks. You can read the introduction to the book here. To be notified via email of new postings from this series, subscribe here.

I: Economic Imperial Operations

The Road to World War III - The Global Banking Cartel Has One Card Left to PlayWhen we analyze our current crisis, focusing on the past few years of economic activity blinds us to the history and context that are vital to understanding the root cause. What we have been experiencing is not the result of an unforeseen economic crash that appeared out of the blue with the collapse of the housing market. It was certainly not brought on by people who bought homes they couldn’t afford. To frame this crisis around a debate on economic theory misses the point entirely. To even blame it on greedy bankers,…
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The Larry Summers hall of shame

The Larry Summers hall of shame


By MAXWELL STRACHAN, Salon 

This week’s announcement that Larry Summers will be stepping down as director of President Obama’s National Economic Council may have been most notable for the passionate reaction it prompted from his critics. "Good riddance," wrote the Progressive’s Matthew Rothschild, adding that "Summers has a resume of disaster."

The outpouring shouldn’t have been surprising. If nothing else, Summers, in his stints at Harvard, the World Bank and in two presidential administrations, has emerged as an accomplished lightning rod for controversy. As he prepares to decamp Washington for Harvard Yard — he’s going to be a professor — we remember the 10 most shameful moments that Larry has brought us.

10. Asking Chris Dodd to remove post-recession caps on executive pay: Summers ran into a bit of trouble after it leaked last year that he had received free rides on Citigroup’s corporate jet while working for the Obama White House — a major no-no. More appalling, however, was his subsequent decision to exempt Citigroup, a stimulus recipient,  from caps on executive pay.

9. Gambling away $1 billion of Harvard’s money:  Sure, it was unlucky that Summers’ stint as president of Harvard from 2001 to 2006 overlapped with the derivative craze of the mid-2000s, but he pushed to invest $3.5 billion in the complicated financial instruments — even though he knew the risks better than most. Only after Summers was fired did the market crash, taking $1 billion of Harvard’s money with it.

Read the rest here. > 

Photo courtesy of Jr. Deputy Accountant 


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Reform We Can Believe In

Reform We Can Believe In

Courtesy of John Mauldin at Thoughts from the Frontline 

New York Mets Opening Day at Citi Field in New York

It’s Time for Reform We Can Believe In 
The Fed Must Be Independent 
Credit Default Swaps Threaten the System 
Too Big To Fail Must Go 
And This Thing About Leverage 
What Happens If We Do Nothing? 
New York, Media, and La Jolla

Casey Stengel, manager of the hapless 1962 New York Mets, once famously asked, after an especially dismal outing, "Can’t anybody here play this game?" This week I ask, after months of worse than no progress, "Can’t anybody here even spell financial reform, let alone get it done?" We are in danger of experiencing another credit crisis, but one that could be even worse, as the tools to fight it may be lacking when we need them. With attacks on the independence of the Fed, no regulation of derivatives, and allowing banks to be too big to fail, we risk a repeat of the credit crisis. The bank lobbyists are winning and it’s time for those of us in the cheap seats to get outraged. (And while this letter focuses on the US and financial reform, the principles are the same in Europe and elsewhere, as I will note at the end. We are risking way too much in the name of allowing large private profits.) And with no "but first," let’s jump right in.

Last Monday I had lunch with Richard Fisher, president of the Federal Reserve Bank of Dallas. Mr. Fisher is a remarkably nice guy and is very clear about where he stands on the issues. My pressing question was whether the Fed would actually accommodate the federal government if it continued to run massive deficits and turn on the printing press. Fisher was clear that such a move would be a mistake, and he thought there would be little sentiment among the various branch presidents to become the enabler of a dysfunctional Congress.

federal reserveBut that brought up a topic that he was quite passionate about, and that is what he sees as an attack on the independence of the Fed. There are bills in Congress that would take away or threaten the current independence of the Fed.

I recognize that the Fed is not completely independent. Even Greenspan said so this past week: "There’s a presumption that …
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Senator Richard Durbin (D-IL): “Frankly, the Banks Own Congress” and You’re Getting Screwed Again

Senator Richard Durbin (D-IL): “Frankly, the Banks Own Congress” and You’re Getting Screwed Again

Courtesy of Larry Doyle at Sense on Cents

I wrote extensively in 2009 as to How Wall Street Bought Washington. Well, it would appear that the purchase and sales agreement between these two entities remains in place.

A recent press release highlights developments on Senator Chris Dodd’s proposed Financial Regulatory Reform along with a recent assessment by Washington insider and Illinois Senator Richard Durbin.

DEMOCRATIC FINANCIAL REFORM BILL EXITED SENATE BANKING COMMITTEE WITHOUT RESTORING KEY INVESTOR LEGAL RIGHT TO HOLD KNOWING AIDERS AND ABETTORS OF FRAUD ACCOUNTABLE 

Senator Durbin Says:  “Frankly, the banks own Congress,” as Investigation of Lehman Brothers Found Its’ Accountants and Lawyers Helped “Cook the Books”

March 24, 2010:   The Senate Banking Committee financial reform bill was voted out of committee on Monday afternoon.  On the previous Friday Senator Jeff Merkley (D-OR) offered an amendment to include the restoration of the legal rights of investors to hold accountable those who knowingly aid and abet fraud, a critical component of financial reform. The first draft of Senator Dodd’s bill, which was on the Committee Web site for months, contained this provision.

Chairman Dodd apparently dropped that important investor protection measure in a failed attempt to gain Republican and Wall Street support and the Democratic bill exited his Committee without it. As a result, Senator Merkley’s amendment was never even considered.  Therefore as it now stands the legislation heading to the floor of the Senate does not restore the lost right of investors to hold knowing aiders and abettors accountable to the investors they help rob.

As Senator Dick Durbin (D-IL) said (prior to Chairman Dodd’s mark-up): “Hard to believe in a time when we are facing a banking crisis, that many of the banks created, that the banks are still the most powerful lobby on Capitol Hill. They frankly own the place.“  Senator Durbin said this in a radio interview on Monday, March 15 (WJJG-AM: “Mornings with Ray Hanania,” a big Chicago area political call in show).

Separately, also on March 15, in a Senate speech, Senator Ted Kaufman (D-Del) said:  “Lehman Brothers was cooking the books.  Fraud and potential criminal conduct were at the heart of the financial crisis.”

Senator Kaufman was referring to the 2,200 page report issued last week on the investigation into Lehman Brother’s spectacular failure.  It documents in-detail how Lehman’s banking counterparties, lawyers and accountants knowingly structured faux


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Stupidity Bites HARD: Dodd and Frank

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Stupidity Bites HARD: Dodd and Frank

Chris Dodd and Barney FrankCourtesy of Karl Denninger at The Market Ticker


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Phil's Favorites

Beirut explosion: the disaster was exceptional but events leading up to it were not - researchers

 

Beirut explosion: the disaster was exceptional but events leading up to it were not – researchers

A trade in waste flows from Europe to Asia. Avigator Fortuner/Shutterstock

Courtesy of Scott Edwards, University of Bristol and Christian Bueger, University of Copenhagen

At the time of writing at least 100 people have lost their lives and a further 4,000 have been wounded following an ...



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Zero Hedge

UConn Becomes First Major College In The US To Cancel 2020 Football Season

Courtesy of ZeroHedge View original post here.

UConn's 2020 football season will forever remain the year that could have been.

The Connecticut flagship state university set a nationwide precedent on Wednesday when its athletic department announced that it would cancel its upcoming football season over fears tied to the coronavirus pandemic.

...



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The Technical Traders

Walk Through the Gold and Silver Charts to See What to Expect

Courtesy of Technical Traders

Check out the analysis of this morning’s Gold and Silver charts by our own Chris Vermeulen, Chief Market Strategist and Founder of TheTechnicalTraders.com, to see what is in store for precious metals. Make sure you check out our Gold and Silver article from August 4th, 2020 for additional context behind our predictions and rationale for continued price appreciation.

Learn more about our ...



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Biotech/COVID-19

What the huge COVID-19 testing undercount in the US means

 

What the huge COVID-19 testing undercount in the US means

Health care workers use a nasal swab to test a person for COVID-19 in Pembroke Park, Florida. Joe Raedle / Getty Images News

Courtesy of Melissa Hawkins, American University

Researchers from the Centers for Disease Control and Prevention and other institutions recently published a study which estimated that the true number of people infected by COVID-19 could be six to 24 times high...



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ValueWalk

Beyond Meat Has Not Disclosed Its Environmental Effects

By Jacob Wolinsky. Originally published at ValueWalk.

A recent S&P Global Market Intelligence Trucost analysis found that Beyond Meat Inc., the maker of plant-based meat alternatives, has not disclosed the full extent of its environmental impacts. This includes the amount of greenhouse gases emitted or the volume of water discharged.

Q2 2020 hedge fund letters, conferences and more

Beyond Meat Has "0" Disclosure Of Environmental Impacts

Key insights from the analysis include:

  • Beyond Meat’s weighted environmental disclosure ratio, which shows what percentage of its environmental impacts it discloses...


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Kimble Charting Solutions

Is the US Dollar Nearing Bottom? Or Is It Different This Time?

Courtesy of Chris Kimble

The U.S. Dollar ran into a perfect storm in 2020: a pandemic (Coronavirus), an easy Federal Reserve, and trillions of dollars in government stimulus.

The result has been a steep decline in the greenback.

Looking at today’s chart, however, suggests that the US Dollar may be nearing a bottom. That is if recent history proves true.

The Dollar is testing its 9-year bullish up-trend support at (1) and US Dollar bulls are disappearing. In fact, investors are the least bullish the US Dollars (20% bulls) since 2011 at (2). Notice that each ...



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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Sunday, 29 March 2020, 07:00:37 PM

Click for popup. Clear your browser cache if image is not showing.


Comment: Silver Shorts Are In a Bind | Ted Butler youtu.be/qQc0AoJp-Q8



Date Found: Monday, 30 March 2020, 05:21:45 PM

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Comment: 5 Questions From You for Luke Gromen youtu.be/nVZD_fuxbQE


...

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Digital Currencies

Twitter Says "Human Error" And "Spear-Phishing Attack" Responsible For Massive Bitcoin Hack

Courtesy of ZeroHedge

Twitter suffered from a major hack about two weeks ago and has now said that its staff was tricked by "spear-phishing", which is a targeted attack to trick people into simply handing out their passwords. 

Twitter staff were targeted through their phones, according to a new report from the BBC. The attacks then allowed hackers the ability to Tweet from celebrity Twitter accounts. Twitter has said it was "taking a hard look" at how it could improve its permissions and processes.

"The attack on July 15, 2020, targeted a small number of employees through a phone spear phishing attack. This attack relied on ...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

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Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

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Mike will show off the TradeExchange's new platform which you can try for free.  

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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