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From The Reformed Broker: Long before Greg Smith… or the Vampire Squid… or Zero Hedge… or the Billion Dollar Global Settlement… or the repeal of Glass-Steagal, there was Sandy “S.B.” Lewis, the original Reformed Broker. Before I was even born (let alone blogging), Sandy was puttin’ the wood to ‘em and telling the truth. He became disgusted at an early time in his career, tried to do things right, got along with no [...] JEFF CHRISTIAN: There is zero chance the Fed will announce further ‘real’ easing until December at the earliest’ When The Vampire Squid and the Morgue both advised their muppets (clients) over the weekend that QE3 is a done deal for this week many rightly took it as a contrarian sign that The Bernank will majorly disappoint Thursday. We now have contrasting contrarian indicators however, as the CPM Group’s Jeffrey Christian was back [...] Independent.co.uk
The ascension of Mario Monti to the Italian prime ministership is remarkable for more reasons than it is possible to count. By replacing the scandal-surfing Silvio Berlusconi, Italy has dislodged the undislodgeable. By imposing rule by unelected technocrats, it has suspended the normal rules of democracy, and maybe democracy itself. And by putting a senior adviser at Goldman Sachs in charge of a Western nation, it has taken to new [...] After Greg Smith’s scathing indictment of Goldman Sachs, it is important to remember that the firm never has been — and never will be — a charitable organisation. The investment bank has always been in business to make money .?.?. as much as it possibly can in any given year. In the course of writing a book about Goldman, I spoke with many employees whose experiences mirrored those of Greg Smith. [...] by Linette Lopez It’s Bank of America’s turn to get chewed up and spit out by Rolling Stone’s Matt Taibbi. This month’s issue of Rolling Stone (to hit stands Friday) contains a piece called, ‘Bank of America: Too Crooked to Fail’. It’s Taibbi’s account of the bank’s most ruthless activities since its expansion in the late 1970s and 1980s. In those bad old days, Hugh McColl Jr. and Ed Crutchfield, of North Carolina National Bank (which would [...] The Economic Collapse Would America be a better place without Goldman Sachs? Of course it would. The “vampire squid” of Wall Street does not care about the future of America. Sadly, Goldman Sachs apparently does not even care much about their own clients. What Goldman Sachs is all about is making as much money as humanly possible. In the end, there is nothing wrong with making money, but there are constructive [...] Why are you camping out and banging drums? Why don’t you go after the banks?Yesterday, in San Francisco, Occupiers did just that. The entire financial district (and beyond) became the stage for OccupyWallStWest, as multiple bank shutdowns and other protests took place over the course of the day. It started out small. It was, to be fair, the most miserable day weather-wise in the Bay Area since the Occupy Movement began. Ask yourself [...] Les Leopold Who are the real villains on Wall Street? When it comes to institutionalized greed and corruption, nothing tops the too-big-to-fail banks like JP Morgan Chase, Bank of America and Goldman Sachs. But these financial giants form only one part of the financial oligarchy. Lurking in the shadows are aggressive hedge funds that are just as lethal to our economic well being. If Goldman Sachs is a vampire squid, [...] by ilene My favorite line: “In a nutshell, complex systems arise spontaneously, behave unpredictably, exhaust resources and collapse catastrophically.” I think this applies to everything, physical systems, like Universes, financial systems, ecosystems, life. ~ Ilene Complex Systems, Dysfunctional Industries, and Catastrophic Collapse Courtesy of John Rubino. Over the holidays we tempted fate by booking a multi-stage plane trip … and ended up with cancelled flights, missed connections, and blank-faced airline employees who sincerely didn’t care if we [...] (CNSNews.com) – Although an Occupy Wall Street protest group in Pasadena, Calif., tried to get a slot to march in the Rose Parade on Jan. 2, officials with the parade said no. The group now plans to march down the street behind a group of police cars that mark the end of the parade. In November, the Occupy group announced its plans to “occupy” the parade, but the Pasadena Tournament of [...] by ZH A Silver Bullet for Modern Vampires Definition of VAMPIRE 1: the reanimated body of a dead person believed to come from the grave at night and suck the blood of persons asleep 2 a : one who lives by preying on others Does the above definition of vampire by Merriam Webster remind you of anything? Yes of course it does, it reminds you of the Too Big To Fail Banks. It was extremely [...] Don’t believe me? Then what ‘country’ is the IMF below, why is it listed here? (it wants, and is aggressively pursuing, to be the ‘only’ country), it has unleashed it’s “great vampire squid” which is gobbling up country after country along with each countries sovereignty, properties, law making ability and citizens freedom. Top 15 $ Value of % of by ZH Say you are the head back office guy at MF Global, it is the close of trading on Thursday, the firm has already completely drawn down on its revolver, and all the resulting cash in addition to all the firm’s cash at your disposal in affiliated bank accounts, up to and including petty cash, has been used to satisfy margin demands due to declining collateral value, yet the collateral calls just [...] by ZH For all its criticisms, if there is one thing one can say about Goldman, is that unlike their pathetic TBTF cousins in the US financial industry (JPMorgan, Citi, and shortly Morgan Stanley and Bank of Countrywide Lynch), it can report a loss like a man. Which, in less than 24 hours, it may have to do, for only the second time since its 1999 [...] via nydailynews:
The Rolling Stone writer who dubbed Goldman Sachs a “great vampire squid” has set his sights on a couple of glamorous Wall Street wives who may also suck. In a revealing article in the new issue of Rolling Stone magazine, Matt Taibbi reports that Christy Mack, the wife of Morgan Stanley Chairman John Mack, and Susan Karches, the widow of the company’s former investment-banking division president, Peter Karches, are [...] From Michael Krieger of KAM LP A Silver Bullet for Modern Vampires vam•pire Definition of VAMPIRE 1: the reanimated body of a dead person believed to come from the grave at night and suck the blood of persons asleep 2 a : one who lives by preying on others Does the above definition of vampire by Merriam Webster remind you of anything? Yes of course it does, it reminds you of the Too [...] Tech-ticker: When FBI agents raided the offices of three hedge funds on Monday, the reacton on Wall Street recalled the famous scene in Casablanca where Claude Rain’s Capt. Renault character is “shocked, shocked to find that gambling is going on in here.” To Rolling Stone contributor Matt Taibi, author of Griftopia, there’s nothing shocking at all about revelations of possible widespread insider trading on Wall Street. (See Massive Insider Trading Probe Could Nab [...] |
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