Stacy Summary: I’m thinking that the crisis to end all crises will emerge from one of these ‘dark pools’
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Stacy Summary: I agree; but first we should remove all subsidies and cheap funding to the Friends of Timmy. Then, we should take back what is ours. And then, we should tar and feather them. Or should that come before the windfall profits tax?
During World War II, we imposed an excess profits tax. We should impose a 95% excess profits tax—or windfall profits tax—on certain financial institutions (including Goldman Sachs) enriching themselves with ongoing low-cost Fed funding and debt guarantees.
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Stacy Summary: I’m afraid this has about as much chance of being looked into as Sibel Edmonds’ assertions of treason by Richard Perle and Douglas Feith.
I think it’s time for Congress to look into this cozy arrangement between the people who run the country.
Until that happens, nobody who plays the stock market — and “play” is a good word for it — can be sure that the game isn’t rigged.
Stacy: The markets are rigged?? Sounds like something we said in oh 2007 . . .
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Stacy Summary: Good morning y’all. What’s up in your part of the world?
No commercial vessel has ever successfully travelled the North-east Passage, a fabled Arctic Sea route that links the Atlantic Ocean and the Pacific far more directly than the usual southerly cargo route. Explorers throughout history have tried, and failed; some have died in the attempt.
But early next week the German-owned vessels, Beluga Fraternity and Beluga Foresight, are scheduled to dock in the Dutch port of Rotterdam. It is the culmination of a two-month voyage from South Korea across the perilous waters of the Arctic, where an unprecedented ice-melt has at last made the previously impassable course a viable possibility.
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Stacy Summary: I recommend you follow all the related stories on ZeroHedge about Sergey’s lawsuit against Goldman. I think there is the makings of a thriller in this story . . .
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Stacy Summary: Afternoon headlines. Will add more as I find them. (By the way, due to lost emails, we will not be interviewing Mike Morgan until the end of summer; so, instead, we will be interviewing Dmitry Orlov and Dr Housing Bubble. We have loads of good ones lined up for after summer break, including Barry Ritholtz, Mike Morgan, Eric Janszen and more!)
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Stacy Summary: A week or two ago I posted a piece by Frank Rich regarding the absence of justice. I think the headlines today show the consequences of zero justice for the financial fraud and the bankers that committed the fraud. Back to business as usual, as the first article points out, so one can only expect the next crash down will be even bigger . . . and by the end I imagine the population at large will have meted out the justice that Government Sachs / Obama Admin refuses to.
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Posted in Headlines
Tagged bear stearns, gambling, goldman, mobius, profiteering, speculating
Stacy Summary: Actually, it was the US attorney who said it, but as Durbin says “bankers own the place.” Maybe this ‘theft’ is actually just a shock and awe type sales pitch? Or maybe they want to blame someone else for the next leg down? We know via ZeroHedge that Goldman was, afterall, 50% of the program trading market. Though, conveniently, the NYSE issued a new rule last week that makes it impossible for the public (or bloggers) to know who is manipulating markets.
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said, according to a recording of the hearing made public today. “The copy in Germany is still out there, and we at this time do not know who else has access to it.”
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Stacy Summary: Bit tip of the hat to @Mike2liverpool. And finally, go join the conversation about yesterday’s OTE at DemocraticUnderground, if you would like to. Oh, and email [email protected] if you want to send some comments to them!
We reject the assertion that we are inflators of bubbles and profiteers in busts, and we are painfully conscious of the importance of being a force for good.
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Stacy Summary: So, the entirety of Twitter has been hypnotised by green while Goldman Sachs transfers trillions in toxic waste to the balance sheet of those very same green iconed twitterers calling for others to be free! And yet they themselves are being imprisoned by intergenerational debt! While Goldman walks away with the biggest bonuses in their 140 year history!! This is just too awesome to be true. I am still uncertain whether to laugh or cry. Well, first let me try to appeal to the Iranian people to turn their twitter icons gold in support of those of us oppressed by the dictatorial Fed which has consolidated its power in the past week. If I can’t get them to go gold in support of financial freedom fighters, then my suggestion is go long oligarchy and short the peasants! Tomorrow!
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Rick Ackerman
Karl Denninger – Market Ticker The Big Picture Mish David Morgan King World News SmartKnowledge GoldCore Michael Krieger’s libertyblitzkrieg
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