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Wall Street Criminals - Are the convictions starting ?


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#61 callmejoe

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Posted 04 February 2012 - 12:28 AM

I understand that it's perfectly legal for US Senators to act on inside info.



But perhaps this situation may change
http://online.wsj.co...=googlenews_wsj


After years of delay, Congress took a big step toward approving new rules to ban lawmakers from trading stocks based on information they pick up in the halls of Capitol Hill—a move aimed in part at helping repair the institution's low approval ratings.

The Senate voted overwhelmingly, 96-3, to pass the legislation, called the Stop Trading On Congressional Knowledge Act, or Stock Act. The bill now moves to the House, where Republican leaders said they would vote on it next week.



#62 DrBubb

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Posted 04 February 2012 - 01:30 AM

But perhaps this situation may change
http://online.wsj.co...=googlenews_wsj

I wish they could apply it retroactively, and put people like "Princess" Pelosi in jail, where she belongs. There maybe she could be made to mind her own knitting rather than ruining the country with her over spending and misguided ideas of government.
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#63 DrBubb

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Posted 05 February 2012 - 01:15 AM

THIS is still too much money (for what they "add" to society):

Deutsche Bank Cuts Investment Bankers’ Pay as Earnings Slump
February 02, 2012,


Feb. 2 (Bloomberg) -- Deutsche Bank AG cut pay for employees at the corporate and investment bank by 15 percent in 2011 after income at the division plunged, following Wall Street competitors in reducing remuneration.

Germany’s biggest bank set aside 5.05 billion euros ($6.7 billion) for compensation and benefits compared with 5.91 billion euros in 2010, according to company filings today. That was enough to pay an average of 332,785 euros to the 15,184 employees at the division, which includes transaction banking, down from 378,659 euros a year earlier, the documents show.

The world’s biggest lenders are curbing pay as they grapple with shrinking revenue. Morgan Stanley, Credit Suisse Group AG and Citigroup Inc. have all reduced senior investment bankers’ pay for last year as revenue slows. The Frankfurt-based lender’s corporate and investment banking division posted a 138 million- euro loss in the fourth-quarter as income from fixed-income and equities trading shrank.

/more: http://www.businessw...ings-slump.html
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#64 DrBubb

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Posted 06 February 2012 - 05:35 AM

Per WSJ:
Goldman Sachs cuts Blankfein's ... Bonus
"Reduced stock payout reflects overall retrenchment in financial services amid lower profits, falling shares."

The bonus was $7 Billion, down 44% from $12.6 million in 2010.
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#65 G0ldfinger

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Posted 07 February 2012 - 05:55 PM

UBS Cuts 2011 Bonus Pool 40%
http://www.bloomberg...sts-losses.html

I mean, certainly, "bonus" is only ever paid when:

(1) The bank made a good profit.
(2) A dividend has been paid to shareholders.
(3) Risk is very well managed.

Right?
You can't tax deflation.
“Currency Induced Cost-Push Hyperinflation” vs “Demand-Pull (non-hyper) Inflation.”
The "no income --> no inflation"-thesis is as wrong as the "price control --> inflation control"-thesis.
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#66 THEBIGMAN

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Posted 08 February 2012 - 03:35 PM

That is why this is the future:
https://www.simple.com/

We can not sit back and allow communist infiltration, communist indoctrination, communist subversion and the international communist conspiracy to sap and impurify all of our precious bodily fluids.


#67 Plastic Elastic

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Posted 09 February 2012 - 03:54 PM

Bill Black on Financial Fraud Investigations

More here (link)

Riley: It sounds like you don’t think this new working group is going to get the job done. Last week, Schneiderman said that he thinks he has the resources (particularly the IRS and the Consumer Protection Unit) and the political will to pursue the investigation in a meaningful way. Why do you disagree?

Black: First, the “investigation” will not investigate what was by far the largest and most destructive fraud — control frauds — the origination of millions of fraudulent loans. Second, the working group’s resources to investigate secondary market fraud are ludicrously inadequate.

Let me provide specifics on scale.

The total staffing of the working group (once completed in several months) is 55. At peak, there were roughly 1000 investigators (and hundreds of prosecutors) assigned to the S&L prosecutions 20 years ago. The current crisis caused losses far exceeding the S&L debacle and involves frauds that are massively greater than the frauds that drove the S&L debacle.

But the issue of resources is not where the discussion needs to begin. The keys are information, expertise, understanding of control fraud, and prioritization of investigations and prosecutions. Absent criminal referrals from the financial regulators and whistleblowers, absent dozens of banking regulators being “detailed” to serve with the FBI as their internal experts, absent training of the investigators and prosecutors on how to detect and prosecute control frauds (the Justice Department uses the mortgage lending industry’s “definition” of mortgage fraud — and, surprise, it defines the lenders and their CEOs who made millions of fraudulent liar’s loans as the good guys/victims of mortgage fraud rather than the perpetrators), and absent the immediate reversal of the current system of making smaller mortgage frauds our top criminal justice priority — absent all of these things there can be episodic prosecutorial successes, but continued systemic failure is certain.

We will know that there is a real commitment to prosecuting the elite frauds when the Justice Department takes these essential, foundational steps — and the Department quadruples the number of FBI agents assigned to investigate mortgage fraud.

Riley: What would you like to see happen?

Black: We have descended too fully into the cesspool of crony capitalism when our most elite banks can commit what SEC investigations find to be fraud and still claim in filings to the SEC that they have “a strong record of compliance with securities laws” — and the SEC buys such a preposterous claim hook, line, sinker, rod, reel, and the canoe they paddled into the swamp.

Where are the “soft on crime” conservatives when you need them? This is the perfect story for Republicans to use in attacking President Obama’s policies. Why are they so silent?

I want the elite criminals who ran the control frauds to be prosecuted and imprisoned if found guilty. Under President Bush, the Justice Department’s prosecution of financial frauds was pathetic. Even though financial fraud reached unprecedented levels, the Bush administration prosecuted fewer than one-half as many financial frauds as during the S&L debacle. The bad news is that the Obama administration has proven even more disgraceful failures in holding elite criminals accountable than did the Bush administration. The Obama administration has convicted a few bankers from non-elite banks and it may eventually convict a token elite banker, but it will continue to fail systemically to hold elite bankers accountable for their frauds.


Doesn't look like much is on the way in terms of fraud prosecution.
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#68 callmejoe

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Posted 10 February 2012 - 06:55 PM

But perhaps this situation may change
http://online.wsj.co...=googlenews_wsj


http://www.presstv.i...ail/225892.html

US Congress passes bill to ban insider trading by lawmakers



#69 DrBubb

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Posted 11 February 2012 - 03:29 AM

That is why this is the future:
https://www.simple.com/

Safe-to-Spend™
Know what you can spend today without hurting yourself tomorrow.


One card
Use your Simple Visa® card to access all your funds at our bank partners.
ATMs everywhere
Enjoy the largest nationwide ATM network, Allpoint, with over 40,000 fee-free ATMs.


==== ====

Great!
Now bankers should apply this to Bonuses also!

F--- the F---ers !
Reciprocity is needed for the damage that they have done to the world

The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#70 DrBubb

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Posted 11 February 2012 - 03:31 AM

Bill Black on Financial Fraud Investigations
More here (link)
Doesn't look like much is on the way in terms of fraud prosecution.

Someone like Black, who has a passion for Truth and Justice,
should be put in charge of chasing the "bad guys".

Posted Image

There's a forest of crimes out there, that need cutting down
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#71 DrBubb

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Posted 15 February 2012 - 03:22 AM

Calling their bluff - that's what banks are doing

The End of Wall Street As They Know It

Before the crash, when compensation slid, the banks risked seeing their top talent run for the doors to rival firms or hedge funds. Now, with a glut of hedge funds and an industry-wide belt-tightening, bank chiefs are calling their star traders bluffs. "If youre really unhappy, just leave," Morgan Stanley CEO James Gorman bluntly told Bloomberg TV a few days after his bank announced its meager bonus numbers.

"Among the many dislocations Wall Street has suffered since 2008, none may have been more destabilizing than the headlines that flashed across Bloomberg terminals on the afternoon of January 17, when news leaked that Morgan Stanley would cap cash bonuses at just $125,000. A week later, Bank of America announced that it would be cutting the cash portion of its bonuses by 75 percent, giving the rest in stock. All across Wall Street, compensation is crashing. Goldman Sachs, coming off a lackluster fourth quarter, slashed compensation by 21 percent"

"For New York’s bankers and traders, the new math suddenly reordered their assumptions about their place in a post-crash city. “After tax, that’s like, what, $75,000?” an investment banker at a rival firm said as he contemplated Morgan Stanley’s decision. He ran the numbers, modeling the implications. “I’m not married and I take the subway and I watch what I spend very carefully. But my girlfriend likes to eat good food. It all adds up really quick. A taxi here, another taxi there. I just bought an apartment, so now I have a big old mortgage bill.” “If you’re a smart Ph.D. from MIT, you’d never go to Wall Street now,” says a hedge-fund executive. “You’d go to Silicon Valley. There’s at least a prospect for a huge gain. You’d have the potential to be the next Mark Zuckerberg. It looks like he has a lot more fun.”

Read More: http://nymag.com/new...-street-2012-2/

"F the F-ers"
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#72 THEBIGMAN

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Posted 15 February 2012 - 10:15 AM

Calling their bluff - that's what banks are doing


LOL! A mere two years after the bleedin' obvious started gaining traction amongst Joe Sixpack and the (somewhat) mainstream media:

http://www.moneyweek...of-talent-00115

Two years to start thinking about implementing the obvious. Better late than never, I guess. Anyone want to make a punt on what the net effect of such actions will be on profitability? My bet is a big fat zero, implying that all these ridiculous bonuses always were a total waste. Oh well, you live and learn. Time to draw a line under it and move on. Looking forward. Challenging business climate and all that.

Assuming this to be the case, Gorman et al will eventually conclude that they have made massive improvements in operational efficiency through their shrewd management acumen... What's the odds that Gorman et al will end up being awarded vast sums of money every year on top of their salary, for, uh.... ending the bonus culture?

Now there's an idea so stupid, you'd have to be an unmitigated fool and a communist to think it up.

EDIT: I agree. "F the F-ers".

We can not sit back and allow communist infiltration, communist indoctrination, communist subversion and the international communist conspiracy to sap and impurify all of our precious bodily fluids.


#73 THEBIGMAN

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Posted 15 February 2012 - 10:40 AM

A monument to the nauseating hubris of "the masters of the universe" :

http://www.badidea.c...te-is-still-up/

We can not sit back and allow communist infiltration, communist indoctrination, communist subversion and the international communist conspiracy to sap and impurify all of our precious bodily fluids.


#74 DrBubb

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Posted 15 February 2012 - 03:39 PM

LOL! A mere two years after the bleedin' obvious started gaining traction amongst Joe Sixpack and the (somewhat) mainstream media:
http://www.moneyweek...of-talent-00115
Two years to start thinking about implementing the obvious. Better late than never, I guess.

The GFC knocked the market down, and the Fed handed out Billions,
so the banks could buy on/near the lows, so they made huge profits.

That allowed them to pay big bonuses. But the opportunity is now well behind them.

I reckon we could see another big selloff sometime this year.
But the banks may not get the handouts at the Lows this time,
so they may not be able to "gorge" themselves a second time.

The period from 1986 to 2007 may have been a once in a lifetime boom:

From 1986 to the middle of the last decade, Wall Street’s earnings grew from 19 percent of all U.S. corporate profits to 41 percent. And the talent followed. “The big banks of the world have dramatically outcompeted industry in recruiting top graduates from the top schools,” a Goldman veteran said.

After the big investment banks went public, the sense of restraint that sometimes could hold back private partnerships from taking on too much risk—it was their own money—was removed. Bank earnings and ever-rising asset values allowed them to borrow ever-larger amounts of money, which in turn juiced ever-greater profits. Banks, which had previously made their money advising corporations and underwriting securities, essentially became giant hedge funds (in 2007, Morgan Stanley held $1.05 trillion in assets supported by just $30 billion in equity). The triumph of the Wall Street system was the exploitation of the real-estate boom: Real estate enabled the biggest credit bubble ever conceived—and a bust of similar magnitude, which some shrewd traders also took advantage of. “The mortgage mess is the biggest financial mess we’ll see in our lifetime,” Jamie Dimon told me.

And without real estate to fuel growth, many on Wall Street know it’ll be a long time before there is ever a profit center like it again. “The number of houses being sold is 25 percent of what it was,” a former Lehman trader says. “You don’t have the mortgages behind it. Essentially the pump has stopped working. All the IPOs, the mergers—everything is slowing down. And the number of new homes will never jump back to what it was. If you look at history, the past 50 years have been incredible. Never has there been a period of time of so little disease and so few wars and such growth of such absurd wealth.”

The implosion of the credit bubble destroyed Wall Street’s business model. Now regulations are kicking in that will sap its ability to create the next bubble.


/source: http://nymag.com/new...2-2/index3.html
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#75 callmejoe

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Posted 17 February 2012 - 07:38 PM

http://www.zerohedge...-crumbling-pt-2

The Triumvirate of Wall Street/ the Fed/ and US Politicians is Crumbling Pt 2

Months ago, I warned that a tsunami of litigation was going to be coming to Wall Street and Washington. At the time I noted that Goldman Sachs CEO Lloyd Blankfein had recently hired a mega-defense attorney, as well as the fact that the Fed had gone into damage control mode....

I also noted in a recent article that the triumvirate of Wall Street/ the Fed/ and US Politicians would be crumbling in the future as these three groups tried to shift the blame for what happened during 2008 from one to another in an attempt to divert public outrage.

Indeed, the only reason this process hasn’t already reached a fever pitch is because the benefits of not talking for most of those who were in on the corruption still outweigh the consequences of keeping their mouths shut.

This process has already changed for some players in the financial game: we have recently seen some minor players get taken down, but those have primarily been insider trading cases involving expert networks, hedge funds, and corporate directors.

The main issue or question is: when do we start seeing the real power players at the heart of the Financial Crisis come under scrutiny....

By the look of things, it’s coming sooner rather than later:

Lehman Brothers Subpoenas Geithner In J.P. Morgan Fight

...........

If you’ve yet to take steps to prepare for this, I can show you how: my Surviving a Crisis Four Times Worse Than 2008 report is chock full of information on how to not only survive but thrive during the months to come.

Best of all, this report is 100% FREE. To pick up your copy today simply go to: http://www.gainspainscapital.com and click on the OUR FREE REPORTS tab.



#76 callmejoe

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Posted 18 February 2012 - 12:24 AM

http://www.myspace.c...han_intel/blog/

World Financial Collapse Imminent, Part 1 of 2

Tonight we bring you an exclusive timetable for the Greek default, along with the collapse of the European Union (EU), as well as the EURO currency.

This financial occurrence could easily lead to the decapitation of major U.S. banks.

Note: Both Goldman Sachs and JP Morgan (soon to be downgraded) are totally exposed in derivative debt tied to the forthcoming Greek default.

Folks, we are dealing with TRILLIONS of dollars of backended derivatives that Obama, Geithner and Bernanke will not be able to bail out.

P.S. Do not be fooled by Bloomberg News stories claiming that Greek officials have reached a deal with the European Union on a Greek bail out.

Bloomberg News sources are nothing more than Greek bankers whose loyalty is to Goldman Sachs, JP Morgan and ... Deutsche Bank.

Today, 02-16-12, .... Bernanke used an appearance on Bloomberg News at 9:00 a.m. EST (the same time the Federal Reserve's call window opened) to conduct a massive assault on the U.S. dollar as, once again, to protect the EURO currency derivative holdings of Goldman Sachs and JP Morgan, which are dollar denominated.

...Bernanke provided a three hour bridge loan to JP Morgan's secret Isle of Man hedge fund accommodating the purchase of EURO currency, Australian dollar, precious metals and stock index futures.

... the bridge loan is based not on real cash but cross-collateralized, compounded derivatives (counterfeited) linked to the London LIFFE Exchange.

Clearly Bernanke knew in advance of the bogus Bloomberg News story that was leaked by the two crooked Greek bankers for the purpose of a massive insider trading scam orchestrated by ... Bernanke along with .... Timothy Geithner.


http://www.myspace.c.../blog/545316559

2of2 World Financial Collapse Imminent

... we ... ask the PATRIOTIC elements of the U.S. military led by General Petreaus to IMMEDIATELY ARREST:

... Barack Obama ... Hillary .. Clinton, along with ... George Herbert Walker Bush, and his ... son,... George W. Bush ... and ....Timothy Geithner, along with ...'Hank' Paulson.
... Alan Greenspan and ... Bernanke.

BERNANKE HAS TO BE ARRESTED IMMEDIATELY!!!

He allowed $1.575 TRILLION of funds tied to the Wanta-Reagan-Mitterrand Protocols (due the U.S. and French Treasuries) to be removed from a call account at Bank of America and laundered through none other than Goldman Sachs!

... Bernanke continues to use these funds for his crooked financial 'Black Ops'.

Now, folks, here is the timetable for financial Armageddon:

GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT
http://hat4uk.wordpr...athens-default/


I've already posted that last link on the Greek default thread
http://www.greenener...ic=15927&st=140
Message # 147

#77 DrBubb

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Posted 18 February 2012 - 12:44 AM

UBS Cuts 2011 Bonus Pool 40%
http://www.bloomberg...sts-losses.html

I mean, certainly, "bonus" is only ever paid when:
(1) The bank made a good profit.
(2) A dividend has been paid to shareholders.
(3) Risk is very well managed.
Right?

How very old fashioned you are, GF.
Didn't you know that bankers are higher level beings, and deserve to be paid ahead
of shareholders, depositors, etc. ?

Posted Image
Bankers wives discussing the reduced bonus pool
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#78 BradleyWong

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Posted 19 February 2012 - 08:26 AM

I found this on one of the sites with a link in the Fringe section -

Is Any of that “Stuff” that’s Supposed to Happen Really Happening Out There? Look at these Bank Resignations…
by kauilapele
I found this on an "unrelated" site (seemingly unrelated, but thanks to that person who uncovered this in-the-public-domain news). I did verify the links. Now, I absolutely spend extremely NO time watching banks. And the most I've ever read about the "banking system", is with David Wilcock's Financial Tyranny articles (article 1, article 2). But this series of articles, none of which I fully read, but the titles give the gist, indicates to me that there really is a lot happening along the lines that David (and others) have talked about. Whether it's arrests or resignations, it appears to be a pulling apart at the seams of the old (cabal) system.
So I am just going to list these articles. No particular order. Date of publication, then the title (with link). So here goes. (I'm leaving comments open 2 days on this one; feel free to add your own links and comments)

2-15-12: World Bank President Zoellick Resigns
http://business.time...ellick-resigns/
2-16-12: CFO of ANZ Bank Resigns Amid Turmoil
http://www.proformat...ns-amid-turmoil
2-14-12: Nicaragua Central Bank Head Quits Amid Row
http://www.bloomberg...s-amid-row.html
2-17-12: Credit Suisse’s Private Bank Chief Asian Economist Tan Resigns
http://www.businessw...an-resigns.html
2-18-12: Embarrassment for Merkel as German president resigns in disgrace after trying to bag the press (okay, not a bank president, but a president, noetheless)
http://www.dailymail...ced-resign.html
2-16-12: Andrew Chick to lead Royal Bank of Scotland's Australian arm
http://www.theaustra...j-1226272513981
2-13-12: Kuwait central bank chief resigns amid political tensions
http://www.washingto...rOAR_story.html
2-15-12: Slovenia’s Two Biggest Banks’ CEOs Step Down as Woes Mount
http://www.bloomberg...os-resigns.html
2-06-12: Dhanlaxmi Bank CEO Amitabh Chaturvedi quits
http://www.livemint....mitabh-Cha.html
2-10-12: Tamilnad Mercantile Bank MD resigns
http://www.business-...resigns/464259/
2-17-12: Blankfein out as Goldman Sachs CEO by summer? (not an actual resignation, but a possible pending one)
http://finance.fortu...n-goldman-sachs

#79 DrBubb

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Posted 20 February 2012 - 05:00 PM

Ben Fulford, Getting more specific

The $6 trillion fraud case in Italy is noteworthy because it is the one of the first such cases major corporate propaganda media outlets have reported worldwide.
This means that people who were hitherto above the law and above institutions like the Vatican and the UN are no longer immune from arrest.
The announcement in the UK Upper House by Lord Blackheath that $15 trillion had been stolen from a member of the “Indian-Chinese” royal family by [FRB's] Bernanke... Geithner and “Yusuke Horiguchi”... is a another sign of big change.
...“Lord Sassoon.” The Sassoons are one of the families that profited from both the Opium wars and the colonization of Japan... He is expected to be arrested and questioned soon.
Particular attention is going to be directed at the Pharmaceutical and chemical companies as well as satanic corporations like Microsoft and Monsanto, according to the Pentagon sources.
Rahm Emmanuel, Karl Rove, Paul Wolfowitz, Donald Rumsfeld, J. Rockefeller, the Bushes and the various “Neocons,” are also due for arrest, according to multiple sources.
. . .
The Italian case is especially noticeable because one of the people arrested was former Prime Minister Silvio Berlusconni. In addition a meeting is scheduled this week between a White Dragon Society representative and a representatives of the dragon family in mainland Asia to discuss the creation of a meritocratically staffed economic planning agency.

It can also now be disclosed that Ireland, Portugal, Greece and Spain have all told the banks they are not going to pay back any of their loans because the loans were made illegally. This is one of the reasons why Moody’s downgraded 114 financial institutions including Citibank, Goldman Sachs, Bank of America, Deutschebank etc. These are the institutions that own the Federal Reserve Board and the Federal Reserve Board is going to be shut down soon, according to Pentagon sources. In other words these countries are going to “default,” and for a change it will be the bankers and not the average citizens, who will pay the price.


/more: http://nesaranews.bl...march-31st.html
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#80 THEBIGMAN

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Posted 21 February 2012 - 09:41 AM

"Life after Wall Street"

http://www.ft.com/cm...l#axzz1mihiSwIA

He left the bank without his 2011 bonus. On his own now, he gets no salary and relies on the state for his healthcare, like millions of other British citizens. He explained: "One of my ex-clients described it thus: 'Yours is the finest denouement I have witnessed in 30 years of being in the City,' while another expressed it somewhat differently: 'You've gone from working for a bunch of knobs to working with a bunch of dicks!' Viva la revolution."


We can not sit back and allow communist infiltration, communist indoctrination, communist subversion and the international communist conspiracy to sap and impurify all of our precious bodily fluids.





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