Posted in Max Keiser Audio, The Truth About Markets London
Tagged goldman sachs, jp morgan, madoff, magnetar, max keiser, stacy herbert
Stacy Summary: Morning y’all.
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The Stacy Summary: I think I linked to an interview of William K. Black awhile back; in case you missed it, here it is. He was one of the investigators into the S&L crisis which saw thousands of senior execs tossed into jail. Not one has gone to jail yet, unless you include the nearly SEC chairman, Bernie Madoff, when he was merely operating just one of the hundreds of ponzi schemes.
Yet, in private many lawyers, and some government officials too, seem pretty cynical about just how many jail sentences or fines these initiatives will produce. In part that is because of the sheer complexity of the financial deals in the recent crisis, and the fact that these deals were often deliberately and cleverly constructed to “arbitrage” the law (ie skirt, but not break it).
Another big issue is the sheer number of powerful parties that typically participated in complex finance deals. Few private law firms have the resources or desire to go head to head with numerous Wall Street banks at one time. And government agencies are often short of resources too, partly because some, such as the FBI, have been forced to divert staff in recent years to terrorist financing issues.
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Stacy Summary: Wow. I think Japan’s first lady should have a starring role in the feature version of Buy Love, Sell Fear.
“While my body was asleep, I think my soul rode on a triangular-shaped UFO and went to Venus,” Miyuki Hatoyama, the wife of premier-in-waiting Yukio Hatoyama, wrote in a book published last year.
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Stacy Summary: I paraphrase Madoff but the gist of the headline is correct. Of course, Madoff wouldn’t have been so successful a con-man if it weren’t for the fact that there is a sucker born every micro-second – like Temasek . . . .
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Stacy Summary: Travel across borders for humans is already severely restricted and is getting worse by the day; restrictions against the internet and free thought are increasing at an even more rapid pace; while bankers and capital are given free reign to go in and out as rapidly as they wish. Have created a MySpace page for PirateMyFilm (let’s see how long they allow us to keep it!) – go join/follow/comment while you can!!! What are your thoughts on the European elections?
Updates:
Global military spending rose 4% in 2008 to a record $1,464bn (£914bn) – up 45% since 1999, according to the Stockholm-based peace institute Sipri.
In contrast with civilian aerospace and airlines, the defence industry remains healthy.
“The global financial crisis has yet to have an impact on major arms companies’ revenues, profits and order backlogs,” Sipri said.
Stacy comment: The Global War on Terror as with the War on Drugs are just wars against competition, these alleged wars have created state backed monopolies in which those who dare to compete face multiple lifetime sentences. I know it’s obvious to anyone reading this blog but where are all the parties protesting this? There is only the Pirate Party as far as I can tell . . .
Latest update:
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Stacy Summary: Pension funds and institutional investors pile into sterling. Oh boy. These are the same passive investment funds that piled into CDO’s in 2006 & 2007 and oil in 2008. They are a great contrarian signal, imo, as they are the ponzis to which all hedge funds and big banks sell to at the top. The UK has no manufacturing base, much of its infrastructure is owned by foreigners and oil output is declining rapidly . . . that leaves money laundering and property speculation. I think there are better ‘screaming buys’ out there. What do you think?
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Rick Ackerman
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