gedupeerde citibank

COUNTERPUNCH.ORG/MARTENS1220202010.HTML

2011-01-13T09:17:00.000-08:00

Interesting reading: counterpunch.org/martens12202010.html

WRITERS LES LEOPOLD, CHARLES MORRIS

2010-12-29T13:40:00.000-08:00

From the American writer and activist Les Leopold:

"THE LOOTING OF AMERICA : HOW WALL STREET'S GAME OF FANTASY FINANCE DESTROYED OUR JOBS, PENSIONS, AND PROSPERITY - AND WHAT WE CAN DO ABOUT IT."

U.S. writer Charles Morris:

"THE TRILLION DOLLAR MELTDOWN: EASY MONEY, HIGH ROLLERS, AND THE GREAT CREDIT CRASH."

HANS BONTE IN BELGIAN PARLIAMENT

2010-12-28T06:42:00.000-08:00

About Hans Bonte in parliament, read http://www.diekammer.be/doc/PCRI/pdf/53/IP008x.pdf

::: Advocatie.nl | In-house bij... Lehman Brothers :::

2010-12-27T08:23:00.000-08:00

::: Advocatie.nl | In-house bij... Lehman Brothers :::

New York suit charges Lehman auditor Ernst & Young with collusion in fraud

2010-12-27T08:12:00.000-08:00

New York suit charges Lehman auditor Ernst & Young with collusion in fraud

LEHMAN ASSOCIATE GENERAL COUNSEL OLIVER BUDDE

2010-12-26T07:28:00.000-08:00

Former associate general counsel Oliver Budde, who left Lehman Brothers in 2006, after 8 years on the job, says Lehman CEO Dick Fuld failed to disclose hundreds of millions in compensation, when he was questioned by the US sensators.

James Sterngold in www.businessweek.com

THE GUARDIAN - WIKILEAKS

2010-12-26T06:54:00.000-08:00

One more revelation of WIKILEAKS:

The monetary authorities of the U.K. presented a plan to save the finance sector in the US as well as the UK about six months before the actual crisis erupted...

This was two weeks ago by "The Guardian".

PROFESSOR PHEIJFFER (NYENRODE-NL.)

2010-12-24T14:58:00.000-08:00

KEIHARDE AANKLACHT TEGEN ERNST AND YOUNG, door PROFESSOR MARCEL PHEIJFFER,
hoogleraar Accountancy te Nyenrode (Nederland)

http://www.rtl.nl/(financien/rtlz/home/)components/financien/rtlz/redactie/column/2010/articles/1221_keiharde_aanklacht_tegen.xml

OBAMALOUVERTURE.COM

2010-12-24T14:28:00.000-08:00

Posted by OBAMANEWS:

on www.obamalouverture.com/barack-obama-blog.php/10806 an article of gedupeerde-citibank of Jan. 15, 2019.

NEW YORK ATTORNEY GENERAL ANDREW CUOMO

2010-12-24T14:14:00.000-08:00

On Dec. 22, 2010, New York Attorney General Andrew Cuomo, who has been chosen to be governor of New York as of Jan.1st, 2011, declared (about Ernst and Young):

"This practice was a house-of-cards business model designed to hide billions in liabilities in the years before Lehman collapsed. Just as troubling, a global accounting firm, tasked with auditing Lehman's financial statements, helped hide this crucial information from the investing public."

New York's Cuomo sues Ernst & Young over Lehman Bros. collapse - latimes.com

2010-12-22T07:07:00.000-08:00

New York's Cuomo sues Ernst & Young over Lehman Bros. collapse - latimes.com

De Standaard - De klant wil alles en hij wil het nu

2010-12-19T15:15:00.000-08:00

De Standaard - De klant wil alles en hij wil het nu

Pourquoi le jugement Citibank angoisse le secteur bancaire - Banque et finance - Actualité - Trends.be

2010-12-19T13:41:00.000-08:00

Pourquoi le jugement Citibank angoisse le secteur bancaire - Banque et finance - Actualité - Trends.be

KERST- EN NIEUWJAARSWENSEN VOOR DOLORVZW

2010-12-19T10:22:00.000-08:00

Tot mijn spijt heeft de goede wil van mijn ouwe moeder niet geholpen: voor de rust vond ze het beter het voorstel van 65% aan te nemen, maar directeur Kygnee van citibank Eeklo vond dat ik daar geen recht op had. De dading die nu "schijnheilig" terug aangewend wordt, was 10 maand geleden verlopen.
ENKEL DAARDOOR LIET IK ME BIJ DOLORVZW. INSCHRIJVEN. Dat zal mij naast een groot verlies door het wanbeleid van citibank (de rechter oordeelde), een aardige stuiver aan kosten opleveren...
Toch wens ik aan Dolorvzw, aan de "liga van slachtoffers van citibank", aan ADVOBRU van Renaat Landuydt, aan Hans Bonte, en aan allen die ons,doodnormale spaarders, verdedigen, een gelukkig kerst en nieuwjaar toe. Ik duim met jullie mee...

MORELE SCHADE

2010-12-19T09:52:00.000-08:00

CITIBANK DIRECTEUR KYGNEE IN EEKLO BELOOG MIJ EN MIJN MOEDER (79 JAAR) FLAGRANT DOOR TE STELLEN DAT DE ZGN. DADING VAN ROND NOVEMBER 2009 EEN DOCUMENT IS ZOALS BIJ ELKE FALING: ACHTERAF, ALS JE DIE NIET INGEDIENT HEBT, VERLIES JE JE RECHTEN.
NU ZE DE ZAAK VERLIEZEN OPENEN ZE DE DADING OPNIEUW ALS BIJ EEN GOOCHELTRUCK.
MAAR AAN MIJN MOEDER VERTELDE ONZE GELEEPTE BANK-"DIRECTEUR" (LEUGENAAR VOOR MIJ) DAT CITIBANK ONS SLECHTS 45% EN NIET MEER 65% KON TOEKENNEN.
NU, NA AL ONS MOREEL LEED, BIEDEN ZE OPNIEUW DE DADING AAN, NA ONS VOOR TE LIEGEN DAT WE ONZE RECHTEN HADDEN KWIJTGESPEELD DOOR TE LANG TE WACHTEN.
TEGENOVER MIJN MOEDER VAN 79 JAAR VIND IK DIT PURE MORELE SCHADE, IKZELF BEN GELUKKIG TEGEN MEER BESTAND...
IK WOU OM DE VREDE TE BEWAREN OOK INTEKENEN OP HET VOORSTEL VAN 65% ROND MIJN VAKANTIE IN BELGIE. MAAR DIE GELEEPTE "DIRECTEUR" DEED ALLE MOEITE OM MIJ TE OVERTUIGEN (DAARIN IS CITIBANK STERK) DAT IK MIJN RECHTEN KWIJT WAS, WAT EEN LEUGENACHTIG EN LISTIG BEDRIJF HEEFT MIJN MOEDER ONDER DE ARM GENOMEN OM MIJN SPAARGELD, MIJN ERFENIS EN MIJN SOM VAN DE VERKOOP VAN MIJN HUIS TE BELEGGEN.
MORELE SCHADEVERGOEDING LIJKT ME IN ZO'N GEVAL HET MINIMUM. MAAR WELLICHT ZULLEN ZE MIJ, MET HUN DURE ADVOCATEN, TRACHTEN TE TREFFEN, HET LIJKT ME DAT ZE ZO EEN MAKKELIJK SLACHTOFFER VONDEN. WANT DE MENSELIJKE ELLENDE DIE ZE VEROORZAKEN BESEFFEN DIE DURE ASVOCATEN NIET, ALS HET OVER EEN ANDER GAAT...
SCHANDE CITIBANK, MENSELIJKE ELLENDE VEROORZAAK JE BIJ OUDE MENSEN.

Hans Bonte trekt handelwijze Didier Reynders in twijfel - Gva.be

2010-12-18T15:03:00.000-08:00

Hans Bonte trekt handelwijze Didier Reynders in twijfel - Gva.be

Belgique : la Citibank reconnue coupable de publicité mensongère

2010-12-02T04:12:00.000-08:00

Belgique : la Citibank reconnue coupable de publicité mensongère

7s7 Economie - Procès Citibank: la loi Willems s'applique-t-elle? (1126611)

2010-07-10T10:35:00.000-07:00

7s7 Economie - Procès Citibank: la loi Willems s'applique-t-elle? (1126611)

HLN Economie - Burgerlijke partijen Citibank eisen geld terug (1103230)

2010-06-27T06:33:00.000-07:00

HLN Economie - Burgerlijke partijen Citibank eisen geld terug (1103230)

7s7 Economie - Les parties civiles réclament investissement et intérêts à Citibank (1103156)

2010-05-10T05:05:00.000-07:00

7s7 Economie - Les parties civiles réclament investissement et intérêts à Citibank (1103156)

LAST MOMENTS; read more on March 27, 2010.

2010-01-25T06:49:00.000-08:00

As I chose to take holidays from tonight on, it's a pity there will be no news on this blog for the next 2 months.

Just reading email-alerts, even today there were interesting articles about:

Questions about the misleading fine-print in bank- and insurance-contracts (Telegraph.co.uk)

9 bank failures in the US in 2010 till January 22.

Bankers to fight reform in Davos (Seekingalpha.com)

Barack Obama's banking plan could split the West (Timesonline.co.uk)

Forecast for GOLDMAN SACHS: PAIN!! (Seekingalpha.com)

After spending time with family and friends, and travelling in the Pyrenees for a while, I hope to be back blogging on March 27.

Since we will have to decide on the offer of Citibank and Deminor before February 19, it can be interesting to read about our motivation behind the decision (of the Belgian group of duped clients, or even Deutsche Bank clients.)

My promise: at least a phylosophical update of the facts which happened in Belgium and the rest of Europe as far as possible.

Goodbye, and sincere thanks to whoever found this blog worth reading.

In Portuguese: "Valeu" = "it was worth it!", but also used to signal the end of a conversation.

CHANCELLOR ALISTAIR DARLING (U.K.)

2010-01-24T19:41:00.000-08:00

The UK Finance Minister now calls for unity among the G20 nations.

"If everyone does their own thing we'll achieve absolutely nothing."

Ir's now 16 months after the crisis. My guess is this is loose rethoric, perhaps in view of the conference of the G20 in Canada on Feb.5 and 6. Keep an eye on that event...

TELEGRAPH.CO.UK on Jan. 24

2010-01-24T18:38:00.000-08:00

"VOLCKER RULE IS NECESSARY TO PREVENT BANK FAILURES TURNING INTO CRISIS."

In a crisis, governments must always save major deposit - taking banks. Not to risk returning an economy to the age of barter (ruilhandel).

U.S. PUBLIC WANTS WALL STREET BLOOD

2010-01-24T05:11:00.000-08:00

This article on business24-7.ae attracted my attention. (United Arab) Emirates Business, Jan. 24.

"U.S. public wants Wall Street blood."

A short extract: ...If the banks on Wall Street really are broken up, it is the bankers who have brought this down on their own heads.

....Charles Dumas from Lombard Street Research said:"President Obama probably feels he has had a bad week. But it may prove to have been a good one for world affairs."

YES (together) WE CAN (Eric)

TELEGRAPH.CO.UK on Jan. 23

2010-01-24T04:47:00.001-08:00

The Telegraph (U.K.) wrote on Jan. 23, 2010: "TRYING TO FIX A BROKER SOCIETY"

....An insider at J.P.MORGAN said normal trading could be hit: "This could mean that..."

Thae answer to most of the questions can't be found until the full details are revealed. In the meantime, banks will work on the possible outcomes, one of which is likely to be moving at least some of their operations out of the US.

On Monday, British ministers will learn more about the proposals in a pre-scheduled meeting. They must then decide whether to side President Obama or the bankers.

TELEGRAPH.CO.UK on Jan. 25

2010-01-24T04:47:00.000-08:00

Joseph Stiglitz: "Why we have to change capitalism."

Extracts from the new book of the former chief economist of the World Bank:"FREEFALL: FREE MARKETS AND THE SINKING OF THE GLOBAL ECONOMY." (copyright2010)

....We should take this moment as one of reckoning and reflection, of thinking about what kind of society we would like to have, and ask ourselves: are we creating an economy that is helping us achieve those aspirations?

....There is an obvious solution to the too-big-to-fail banks: break them up.

....The financial sector is reluctant to own up to its failings....But as we have seen, they have repeatedly worked hard to shift blame to others - including to those they victimised.

....It has become a cliché to observe that the Chinese characters for crisis reflect "danger" and "opportunity". We have seen the danger. The question is, will we seize the opportunity to restore our sense of balance between the market and the state, between individualism and the community, between man and nature, between means and ends?

....These are the opportunities. The real danger now is that we will not seize them.

MORAL HAZARD IN US BANKING!!!

2010-01-24T04:25:00.000-08:00

NATIONAL POST (U.S.A.) on Jan.23, 2010. "MORAL HAZARD IN us BANKING"

....Recent weeks have brought stories of record profits at certain American financial institutions, as well as massive bonus payouts. Ordinarily, this would not be anyone's business. But given the through the bankers are eating out of was cobbled together with taxpayers money, this is no ordinary situation. What makes matters worse is that GOLDMAN SACHS and other financial institutions took EASY GOVERNMENT MONEY aimed at shoring up the financial system, than USED THAT MONEY TO PLAY BIG ON THE MARKETS - MAKING BILLIONS THAT THEY GET TO KEEP.

Moral hazard writ at large, in other words.

AN EXPERT: EVERYBODY HATES BANKS NOW

2010-01-24T04:11:00.000-08:00

GUARDIAN.CO.UK on Jan. 23. Douglas Elliott is a non-partisan expert in financial services at Brookings-Institution (U.S.)

"Everybody hates banks now and my intuition is that bank lobbyists overplayed their hand last year. It would have been better for them to work out some compromises rather than trying to DESTROY REFORM BILLS ENTIRELY.

NEW BANKING SCANDAL

2010-01-24T03:34:00.000-08:00

Two important U.S. investment banks recently changed their statutary role officially to consumer bank: GOLDMAN SACHS and MORGAN STANLEY.

The reason: to get ACCESS TO TAXPAYER MONEY (TARP).

They benefitted in a scandalous way.

NOW, as new rules are on the table, they are believed to be in talks with the US Treasury about changing their legal status to avoid the new rules.

A scandal, if you ask me.

Express.co.uk today brings: "JP Mogran FAT CATS to cash-in with BUMPER BONUSUS."

The bank took $25 billion from the US government at the height of the meltdown...

In other news, Michael Moore's film "Capitalism: a love story", is due to open on February 26 in the UK.

The HERITAGE FOUNDATION (BLOG)

2010-01-22T17:32:00.000-08:00

Blogwriter James Gattuso on Jan. 22,2010:

"The Administration's bank war is a fairly transparent attempt to score political points at the expense of good policy.

The good news is that Americans should see through it."

THE WALL STREET JOURNAL Jan.,21

2010-01-22T17:13:00.000-08:00

Evan Newmark: "mean street (not main street):OBAMA IS KILLING AMERICA BY KILLING WALL STREET."

....Make no mistake - this war will damage the nation's psyche. Just look at today's stock market. In fact, the war's unforeseen consequences are just now beginning to appear.

It's bound to get very, very messy....

PROF. REICH, CLINTON'S SEC. OF LABOR

2010-01-22T16:52:00.000-08:00

Reich, former Secretary of Labor and now professor at the University of California, Berkeley:

"Economic populism will be in vogue for the next 10 months, as we get to the midterm elections (in mid-november) and Geithner and Summer are about as far from economic populism as you can get."

Democratic Representative of Vermont, Peter Welch, accused Wall Street of profiting from the assistance of taxpayers. "There is no question that Goldman is good at what it does. The problem is that what it does is not good for the American economy."

PREPARE FOR A FIGHT...

2010-01-22T15:26:00.000-08:00

President Obama: "If these folks want a fight, it's a fight i'm ready to have. Never again will the American taxpayer be held hostage by a bank that is too big to fail."

SEEKINGALPHA.COM January, 22

2010-01-22T14:08:00.000-08:00

Wall Street Breakfast today: The UK's Conservatives are likely to follow Obama's lead and introduce similar trading curbs for banks if elected, said George Osborne, the Shadow Chancellor.(P.S. Spanish minister confirmed the same about European Union)

JP Morgan says Obama's plan to curb bank's proprietary trading will cost Goldman Sachs, Morgan Stanley, Credit Suisse, UBS (Switserland), and Deutsche Bank, a combined $13 billion A YEAR. Biggest hit = Goldman, loosing $4.7 billion in earnings.

Felix Salmon writes: "The U.S. and the U.K. Regulators try to play better together." (16 months after the Lehman disaster, it was about time...)

His analysis: Credit Suisse thinks Barclays needs about $45 billion now.

Jim Cramer, important analyst and commentator said on TV, on Jan. 20: "I urge investors to keep in mind that Citigroup is an aircraft carrier, not a speedboat."

BLOOMBERG TODAY

2010-01-22T13:52:00.000-08:00

Bloomberg TV(New york) today:

Stocks of Bank of America down 4.4%, Goldman Sachs -5.56%, JP Morgan -4.06%, Morgan Chase -3.07%, Morgan Stanley -6.08%, American Express -9.40%.

Goldman Hedge Fund manager Litterman is to step down from his post.

Rusty Cloutier, president of association of (US)community banks, was interviewed on Bloomberg TV. He recently wrote a book called "Big Bad Banks."

Chairman of the Federal Reserve Ben Bernanke, is in a little trouble to get reconfirmation for his job next week, some US Representatives being in doubt nowadays. Most stay optimistic; some, including Senator Bernie Sanders (independent) work to block things.

PAULSON, FRIEDMAN TO TESTIFY ABOUT AIG

2010-01-22T06:43:00.000-08:00

DEALBOOK on Jan. 15,2010:

"Paulson and Friedman called to testify about A.I.G."

....The committee on Oversight and Government Reform, led by Representative Edolphus TOWNS, Democrat of New York, has asked Henry Paulson, former Treasury Secretary, Stephen Friedman, former chairman of the Federal Reserve Bank of New York, and Treasury Secretary Tim Geithner to testify at the hearing, which is now scheduled for January 27.

DEALBOOK.BLOGS.NEWYORKTIMES.COM

2010-01-22T06:27:00.000-08:00

DEALBOOK-editor and bookwriter Andrew Ross Sorkin today:

"The public outrage over Wall Street's rich bonus culture apparently had GOLDMAN SACHS so rattled that the bank had police barricades and bomb-sniffing dogs outside of 85, Broad Street (New York), tne New York Post reports.

OBAMA'S BANK PROPOSALS

2010-01-22T06:09:00.000-08:00

DEALBOOK.BLOGS.NEWYORKTIMES.COM on Jan.22:

"Obama's bank proposals help erase month's gains."

....As a result, banking stocks tumbled: JP Morgan fell 6.59%, Bank of America -6.19%, Citigroup -5.49%. Morgan Stanley -4.21%, Goldman -4.12%.

PHILOSOPHY: ALMIGHTY AMERICAN OBAMA???

2010-01-22T04:24:00.000-08:00

REUTERS, JANUARY 22, LONDON:

"The really interesting thing is what Europe is going to do, and I can only think they will copy Obama", said Helvea banking analyst Peter Thorne. "These measures are not going to be restricted to the U.S., the anger that Obama and others expressed is reflected in Europe."

This blogpost of 01.22.10 will be corrected when new ideas come to mind.

GOLDMAN SACHS in HUFFINGTONPOST.COM

2010-01-22T03:35:00.000-08:00

On huffingtonpost.com I read: GOLDMAN SACHS CHARITY RULE:

"The bank may force executives to donate part of their bonus to charity."

Mrs. Arianna Huffington's first Book Club Selection of 2010: "Shadow Elite" by Janine Wedel. About why it is so difficult to change current politics in America.

TIMESONLINE.CO.UK TODAY

2010-01-22T03:23:00.000-08:00

In the business-section of TIMESONLINE.CO.UK of today, January 22, I found:

"Bank shares tumble on Obama CRACKDOWN."

"Barack Obama DECLARES WAR on Wall Street."

NING SOCIAL NETWORK and DAVOS

2010-01-22T03:08:00.000-08:00

Remember a long time ago I rcommended NING SOCIAL NETWORK creation for our case?

Today they sent me an email: NING NOW.

It contains: WORLD ECONOMIC FORUM: Issues Spotlight.

With so much happening in the world today, we want to take a minute to reflect on what's important to you in 2010. We encourage you to join the WORLD ECONOMIC FORUM's NING NETWORK and post a comment to the blogpost titled "The growing influence of Social Networks", about how social networks are changing society.

IRISH TIMES: FINANCIAL CRISIS INQUIRY

2010-01-21T03:32:00.000-08:00

Some headlines from the "Irish Times" of January 19 and 20, 2010.

Minister of Finance Brian Lenihan said today a bank investigator will be named "in a matter of days."

The government has said it believes the role of Ministers, including Taoiseach Brian Cowen, in his four year term of Minister of Finance, will be examined...

The GREEN Minister for Communications has insisted the Government's banking inquiry will be public, amid heated exchanges with Opposition TDs.

Central Bank governor and "wise man" are to guide the inquiry.

"No one will be excluded from the Government's inquiry into the banking crisis."

HERALD.IE: Andrew Lynch: "Beware Brian. We won't forget this banking scandal."

NOBEL PRIZE STIGLITZ TO BLOOMBERG

2010-01-21T02:28:00.000-08:00

Bloomberg, September 13,2009. Joseph Stiglitz (Nobel prize economics) explains:

"In the U.S. and other countries, the too-big-to-fail banks have become even bigger. The problems are worse than before the crisis in 2007."

Stiglitz said the U.S. government is wary of challenging the financial industry because it is politically dificult, and that he hopes the Group of 20 leaders will cajole the U.S. into tougher action. (this was before the G20 gathering in Pittsburg-U.S.)

PROFESSOR AT COLUMBIA UNIVERSITY (NY)

2010-01-20T13:03:00.000-08:00

The New York Times, January 20. SPECIAL REPORT: GLOBAL FINANCIAL OUTLOOK.

"Anger over bankers' pay obscures more critical issues."

John Coffee, a professor at Columbia University School of Law in New York, pointed to the DISSOLUTION OF LEHMAN BROTHERS as a case study for the need for better solutions.

"That litigation will go on for 10 years and make many lawyers very(!remember Marsan!) rich, but the problem won't be fully resolved", he said. "That is because the problem is a cross-border one. How do you get New York and London to agree on the same course of action?

P.S. Not to speak of: Washington, Amsterdam, Dublin, Paris, Switserland, Berlin, Hong Kong, Singapore, Madrid, Warshow, and a couple of other minor players...

CHIEF MARKET STRATIGIST MR. SUMMER

2010-01-20T12:47:00.000-08:00

Mr. Summer, chief market strategist at Phoenix Capital Partners (USA) says:

"It's impossible to say just how deep the problems are for the banks.

I don't know why anyone with a thinking brain would want to buy their stock."

WASHINGTON POST - FORTUNE MAG. senior editor

2010-01-20T12:12:00.000-08:00

On January 19, 2010, the Washington Post brought this article by FORTUNE MAGAZINE'S SENIOR EDITOR AT LARGE ALLAN SLOAN: "Let Wall Street run wild, WITHOUT MY MONEY."

....but we can prevent funding bailouts only to watch Wall Street snap back and earn tremendous profits while the rest of the country continues to suffer.

First we do the obvious thing: break up giant institutions into safe and boring operations (such as taking deposits and making personal and commercial loans); and gunslinger operations (such as speculating in credit default swaps). We'll provide federal backing to the safe and boring, but not to the gunslingers.

Getting commercial banks out of the gunslingering business would also eliminate the financial arms race that led to the now-departed Bear Stearn and Lehman Brothers taking on excessive risk in order to compete with investment banks owned by commercial banks.

....We regular citizens would be off the hook for Wall Street's risky business, and the Street could do what it wanted with its own money, the way hedge funds and most buyout firms do now. There'd be a lot less whining and posing. But I think we can live with that.

REUTERS

2010-01-20T11:45:00.000-08:00

REUTERS reports that the Swedish Finance Minister has proposed to EU colleagues that the Union introduce a levy on banks similar to the one announced by President Obama in the U.S. last week.

FORBES.COM: CIRCUS FOR FINANCIAL REFORM

2010-01-20T11:32:00.000-08:00

FORBES.COM on January 12, 2010: "Circus may be needed for financial reform."

Last paragraph of this article: If the FINANCIAL CRISIS INQUIRY COMMISSION does effective work, it could help boost the effort in Congress to push through reforms like the creation of a systemic risk regulator and a consumer finance watchdog, stronger regulation of large financial institutions and reining in risk-taking and executive pay.

P.S. Not such a small result...

SEEKINGALPHA.COM ARTICLES

2010-01-20T11:02:00.000-08:00

Interesting (U.S.) seekingalpha.com email-alerts

January 19: Are big banks guilty of Short Sale FRAUD?

January 20: Bank Bonuses get delayed or slashed.( in Wall Street breakfast)

January 20: Why we need to break the banks. By Richard Bookstaber.

THE PEOPLE VERSUS WALL STREET

2010-01-20T05:26:00.000-08:00

THE PEOPLE VERSUS WALL STREET appeared in the SYDNEY MORNING HERALD on January 19, 2010.

Interesting article from far away. Bank bonusses, president Obama, TARP etc.

U.S. GOVT. GAVE BETWEEN $60 AND 80 BILLION

2010-01-20T04:39:00.000-08:00

BUSINESSWEEK, Jan. 19, 2010. Book excerpt: "Thriving in the New Economy." by Ann Larocco.

....There's a stong feeling that GM and Chrysler should have been allowed to go bankrupt in December 2008.

But the government gave them something between $60 and 80 billion.

....I know we had to do it to prevent a depression. But I am still concerned about it.

If you live in Mons, Belgium, and you saved 250.000 euros at Citibank, you should accept the loss, not bother judges, and be respectful of government spending $70 billion to save some car-factories. NO MERCY, EVEN FOR A RETIRED OFFICIAL.

"Thriving in the new economy" is what they call this.

GLASS-SEAGALL ACT

2010-01-20T04:27:00.000-08:00

Howard Swint in the Charleston Gazette (U.S.) on January 18, 2010.

....What makes Citigroup particularly blameworthy was its lead special interest role in lobbying Congress to overturn the Glass-Seagall Act, which helped pour the fundations of the financial crisis.

U.S. CONGRESS "AT WAR " WITH WALL STREET

2010-01-20T04:12:00.000-08:00

Philadelphia Business Today, January 19, 2010: "New dividing line for banks under review."

...."Congress is at war with Wall Street", said former Federal Reserve Bank Governor Lyle Gramley, now a senior economic advisor at Soleil Securities Corp. in New York.

"They perceive Wall Street as being the root source of our financial crisis, and they want to do something to make sure that doesn't happen again."

"What we need is a 21st century Glass-Steagall Act."

NEW YORK POST TODAY: PANDIT'S GAMBIT

2010-01-20T03:42:00.000-08:00

Mark Decambre in the New York Post, January 20, 2010: "PANDIT'S GAMBIT"

....But he (CEO Vakrim Pandit) and the bank (Citigroup) continue to remain weak relative to its rivals, struggling with a balance sheet FULL OF TOXIC ASSETS, a number of businesses that have proven DIFFICULT TO SHED, and a consumer lending that is very much AT THE MERCY OF AN ECONOMY ON TENDERHOOKS.

APPEAL IN CITIBANK-CASE IN MONS (BELGIUM)

2010-01-20T02:56:00.000-08:00

A judge in the city of Mons, south-west of Belgium, sentenced a reformed Notaire, (Notarial Official), Mr. Charles-Bernard Demeuze, to paying the costs of the trial he started more than a year ago against citibank and its employees. The man had 250.000 euro in his account.

This was reported the day after (January 19) by RTBF.BE , but in the last lines of the article it was mentioned the Notarial Official will enter an appeal.

The case has a delicate aspect, since it could lead to "jurisprudence", similar sentencing by fellow judges around the world.

I suppose in a small country like Belgium, this ordeal will spark heated debates. Should people just stand by when banks act irresponsably (this was proved) and tell us "another firm in the U.S. went bankrupt, taking your money with it??"

And then they themselves show proudness they were bailed out by the U.S. government, "receiving" $45 billion.

I'll follow up the story.

BBC TV COVERAGE OF DAVOS 2010

2010-01-19T14:51:00.000-08:00

I have been pleasantly surprised watching a publicity of BBC TV (World Edition) for their coverage of Davos 2010, due to occur between Januari 27 and 31.

A front view of the old LEHMAN BROTHERS BUILDING in New york was an important part of it. I guess this promises interesting debates about our case.

X-ray photographs of the human skull were the other part of this publicity-trailer. Does that refer to the human intelligence factor in the economy? (economy is what Davos is about)

Found it exciting...

BEFOREITSNEWS.COM

2010-01-19T12:30:00.000-08:00

Beforeitsnews gets it's articles from anonymous individuals, so they are difficult to trust, and somewhat extreme sometimes...

Nevertheless some headlines:

"Democrats and Republicans team up to break the back of the banksters." (Jan. 17)

"Goldman Sachs: crime watch." (Dec. 27, 2009)

"Wall Street Glass-Steagall war." (Dec. 29, 2009)

"Bend over taxpayers Citigroup loses $7.8 billion in fourth quarter (of 2009)"

"Obama: financial rescue my most important thing." Dec. 27, 2009)

"Max Keiser (Market Oracle) report - Icelandic parliament member leads revolt against banksters."

New Matt Taiibi article: Fannie, Freddy, and the new Red and Blue." (Jan. 5, 2010)

"Goldmans to tell staff: give to charity." (p.s. they were also told not to show exagerated spending)

"Hedge funders becoming paranoid." (Jan. 16, 2009)

"The coming fury of an angry American." (Jan. 17)

CITIGROUP'S FUTURE + CEO PANDIT

2010-01-19T11:51:00.000-08:00

INDUSTRY.BNET.COM, jANUARY 19, 2010.

"Citigroup's Future may be out of Pandit's hands." Blogpost by Alain Sherter.

.... the public SCRUTINY on Wall Street these days means the company has virtually no margin for error. If Citi blows another quarter or two, pressure will grow on the Treasury Department to take a scalp - CEO Pandit's.

CANADA TO G-7: REFORM FINANCIAL SYSTEM

2010-01-19T11:12:00.000-08:00

"Canada to press G7 finance ministers to FIX THEIR BANKS AND REFORM FINANCIAL SYSTEM."

Headline found in Canadian investment-magazine talking about the UPCOMING G7 MEETING IN IQALUIT - CANADA. Conference date Februari5 and 6.

"MOVE YOUR MONEY.INFO"

2010-01-19T03:11:00.000-08:00

On finance-investment.com I spotted: the founder of U.S. HuffingtonPost.com, Mrs. Arianna Huffington, appeals to the boycot of four big American banks: Bank of America, Wells Fargo, JP Morgan, and Citibank.

"MOVEYOURMONEY.INFO" is a site especially created for the case.

Several internet-informative sites like THE AMERICAN BANKER, ABC NEWS, REUTERS BLOGWRITER FELIX SALMON, NAKEDCAPITALISM, FACEBOOK, YOUTUBE(videos) and others commented this new development.

ANGELIDES + PANEL OF FINANCIAL CRISIS INQUIRY COMMISSION

2010-01-19T02:56:00.000-08:00

The panel of the Financial Crisis Inquiry Commission wrote: "The deplorable consequences to the American investing public,..., is woefully exemplified by the GOLDMAN-SACHS TRADING COOPERATION."

Chairman Angelides: "This is people moving subprime mortgages to unsuspecting borrowers. These were decisions made in audit rooms. These were decisions made in boardrooms,... This was about real human beings."

Source: izeen.com, breaking news, partly from Bloglines.

GOLDMAN AND CEO HYPOCRISY

2010-01-18T14:25:00.000-08:00

AFTER DELIBERATELY STANDING BY WHILE HIS FRIENDS WERE WRECKING SAVINGS OF MILLIONS AND INFLICTING HARDSHIP AND HEARTBREAK (LEHMAN LET $600 BILLION DEVIATE FROM THE SAVERS), GOLDMAN CEO BLANKFEIN HAD THIS TO CONFESS TO THE FINANCIAL CRISIS INQUIRY COMMISSION: "if one of his competitors were failing tomorrow, he believed the government would step in to prevent the failure, although it would most likely not be to the benefit of equity holders."

Former long-time CEO of GOLDMAN, PAULSON, former Treasury Secretary, caused the wreckage without remorse. Others were treated in Blankfein's lovely here-above suggested manner. In my opinion there's hypocrisy or bad faith in this. I remain faithful in the INVESTIGATIONS OF THE FINANCIAL CRISIS INQUIRY COMMISSION AND OTHER GOVERNMENT ORGANISATIONS.

Mr. BLANKFEIN, mr. PAULSON AND OTHERS, as U.S. responsables for this misery, prepare for a fight.

MIAMIHERALD.COM recent news

2010-01-18T13:29:00.000-08:00

This appeared on MIAMIHERALD.COM recently:

U.S. HOUSE FINANCIAL SERVICES COMMISSION Chairman Barney FRANK (D-Mass.),said he will also hold a hearing next week, about BANK COMPENSATION...

U.S. JUSTICE DEPARTMENT eyes possible FRAUD ON WALL STREET.

WASHINGTON. Turning its scrutiny to bigger fish in the subprime mortgage scandal, the Justice Department is investigating whether lenders or Wall Street firms defrauded investors in the sale of risky mortgage securities, its Criminal Division Chief disclosed Thursday (January 7 or 14, I guess)

U.S. ATTORNEY GENERAL ERIC HOLDER defends the pursuit of white-collar criminals. Holder will highlight the work of a new, interagency FINANCIAL FRAUD ENFORCEMENT TASK FORCE, created by President Obama, to coordinate efforts between the Justice Department and other agencies.

Holder told the bipartisan FINANCIAL CRISIS INQUIRY COMMISSION that the FBI is investigating more than 2800 mortgage fraud cases, and that he hopes to have 50 new FBI agents and 155 new attorneys working financial cases in the year 2010.

REVOLT AFTER BEING DUPED BY CITIBANK

2010-01-18T04:34:00.000-08:00

The return to pre-crisis behavior led late-night comedian John Steward (Daily Show, on CNN) to joke: "The only people who have recovered from the meltdown are those who caused it."

I like this man and his group of comedians-journalists on Sunday night on CNN.

POLITICSDAILY.COM FINANCIAL CRISIS INQUIRY COMMISSION

2010-01-18T03:57:00.000-08:00

"FINANCIAL MELTDOWN: ACT OF GOD OR JUST UNGODLY ACT OF BANKERS?"

This article about the FINANCIAL CRISIS INQUIRY COMMISSION appeared on POLITICSDAILY.COM on January 15,2010.

An extract:....For example, in March 2008, JPMORGAN received TREMENDOUS FEDERAL ASSISTANCE when the government agreed to provide the company with $30 billion to finance its purchase of Bear Stearns. While JP Morgan was liable for the first billion of losses, the Fed - that is, the taxpayers - would be on the hook for the next $29 billion losses. As the New York Times reported, JP Morgan's CEO James Dimon had no interest in doing the deal UNLESS the Fed provide the funding.

The importance of this guarantee became clear just a few months later when LEHMAN BROTHERS SOUGHT A BUYER in September 2008 to save it from bankruptcy. The LACK OF A FEDERAL GUARANTEE kept Bank of America and other firms (WIDELY DOCUMENTED) away.

Lehman, a bank with $600 billion in assets, that was MUCH MORE INTEGRATED IN THE GLOBAL ECONOMY than Bear Stearns, and thus much more likely to create SIGNIFICANT COLLATERAL DAMMAGE when it failed, filed for bankruptcy on September 15. The FINANCIAL CRISIS THEN EXPLODED.

EXECUTIVES CASHED OUT BEFORE CRASH

2010-01-18T03:03:00.000-08:00

"Executives cashed out before Bear Stearns and Lehman Brothers crashed." January 12,2010.

In an important paper, 3 Harvard Law School faculty members show that Bear Stearns and Lehman executives took more than $1billion out of EACH FIRM between 2000 and 2008.(stiltoday.com/blogzone)

In other news, I read that it could take until 2019 until all documents about the AIG bai-out and the counterparties (Goldman, Crédit Suisse, Deutsche Bank etc...) be allowed to become public. This is due to use and abuse of secrecy laws in their area. Aditional difficulties for inquiry and condemnation.

CHARLES R.MORRIS on POLITICO.COM

2010-01-17T13:43:00.000-08:00

Charles R. Morris is the author of "The Sages", and "The Trillion Dollar Meltdown: Easy Money, High Rollers and the Great Credit Crash."

On the site POLITICO on January 15,2010 appeared:

"On hearings: the devil is in the details." (about the hearings of the Financial Crisis Inquiry Commission)

Some extracts: ....The repeated pumping and dumping of highly toxic instruments on so-called "sophisticated" investors, like small-state pension funds and school boards, has the smell of fraud.

....The commission may have the last clear shot at digging deeply into the murk - searching through working memos, email trails, sales pitches, obvious conflicts - that might expose the actual skull duggeries, or possibly even clear the air.

....Bank files will shed light on how huge dollops of bank leverage let private equity suck money out of performing companies to enrich their partners and fatten bank bonuses, while DESTROYING JOBS AND LEAVING A TRAIL OF BANKRUPTCIES.

....The commission has plenty of power. It can issue subponeas, demand documents, review all federal agency files, make criminal referrals, and issue regulatory recommendations.

This is a golden opportunity to get at the real problems in the banks: if it is lost, so may be the last, best chance for meaningful reform.

FINANCIAL CRISIS INQUIRY COMMISSION: KRUGMAN

2010-01-17T13:12:00.000-08:00

PAUL KRUGMAN, 2008 Nobel prize economics winner,in an OPINION-article of THE NEW YORK TIMES on Friday Januari 15,2010:

"BANKERS WITHOUT CLUE."(=no idea or suggestion how to do)

....And this disaster was entirely self-inflicted. This isn't like the stagflation in the 1970s, which had a lot to do with soaring oil prices, which were, in turn, the result of political instability in the Middle East. This time we're in trouble entirely thanks to the dysfunctional nature of our own financial system. Everone understands this - everyone, except the financiers themselves.

THE SHOW MUST GO ON (NEW YORK TIMES)

2010-01-17T12:32:00.000-08:00

The New York Times brought an interesting OPINION-article yesterday, January 16,called "THE SHOW MUST GO ON." About the hearings of the Financial Crisis Inquiry Commission.

The last paragraph: Serious investigative work is the only way to counter the bank's political power and alter the course of a reform effort that is headed in the wrong direction."

In other news, I am aware of some of the reactions towards the Citibank proposal in Belgium, especially from Dolorvzw and Belgian Parliament Representative Hans Bonte. And of course of all positive points of view. The trial will go on, and we have one month to decide.

YOUNGPHILLYSPOLITICS.COM + BELGIAN THIEF

2010-01-17T07:19:00.000-08:00

As (erroneously) posted on tellthecommission.blogspot.com, after posting an extract of an article from Youngphillyspolitics.com "Geithner, the banksters and the fed" I received a reaction of the writer calling me a thief (for copying his words). See January 15,2010: "Geithner and the banksters at the fed."

Let me question the authority of someone with ideas about Treasury Secretary Geithner, the Federal Reserve Bank, and other banks, if he counts me as a thief.

LEHMAN TO BANKS NOW: BE REASONABLE OR ELSE!

2010-01-17T03:47:00.000-08:00

Current Lehman Brothers Holdings CEO Bryan Marsal said large banks making "outrageously unreasonable" claims against the bankcrupt company, will have to prove their cases in court. Lehman hopes that bringing these banks into court will make other claimants "be more reasonable", Marsal said.

MARSAL, another ARROGANT BIG WINNER. Other claimants: military veterans, police pension funds, teachers etc...All LOOSERS.

From FINANCIAL TIMES

MR. ANGELIDES TO MR. BLANKFEIN

2010-01-17T03:35:00.000-08:00

During the hearings of the FINANCIAL CRISIS INQUIRY COMMISSION, Chairman mr. Angelides asked mr. Blankfein, CEO of GOLDMAN: "Mr. Blankfein, you were actually creating these securities. As someone that has been in business for half my career, the notion that I would make a transaction with you, and then that person I made that transaction with wwould bet that the transaction would blow up, is inimical to me. How do you GO TO THE RATING AGENCIES and PERSUADE them to give those products the HIGHEST RATING - AAA - AT THE SAME TIME YOU HAVE CREDIT INFORMATION THAT LEADS YOU TO BELIEVE THOSE SECURITIES WILL FAIL?"

....Bkankfein's display of continued arrogance.

(extract from THE NATION: "Financial Crisis Inquiry Kicks Off.")

SAUDI PRINCE ALWALEED BIN TALAL

2010-01-16T06:22:00.000-08:00

BUSINESS STANDARD,New Dehli, Januari 16, 2010:

Saudi prince Alwaleed bin Talal, a major shareholder in Citigroup, after a recent meeting with CEO Vikram Pandit:

"It's very important... for the shareholders that have been patient with Citibank, that the honeymoon is now over; two years is enough and I think he will deliver in 2010", prince Alwaleed said.

Think I'd give them a little more time, honestly. Let's see...

WEBOFDEBT.WORDPRESS.COM ELLEN BROWN

2010-01-16T05:07:00.000-08:00

ELLEN BROWN on September 7, 2009:

The disastrous collapse of Lehman Brothers on 9-11-08 was the catalyst that changed the rules of the game for the big Wall Street financial players.

The banks would henceforth be bailed out by the taxpayers, no matter what the cost.

Was the bankruptcy of Lehman Brothers the result of "market forces" or was it ENGINEERED? (p.s. have read the word before...)

IF the bank was pushed over the brink by invisible hands, whose hands were they, and what goal was being served?

Read more on WEBOFDEBT.wordpress.com/articles/economic9-11.php (p.s. interesting)

ELLEN BROWN has written 11 books, and has several websites.

She refers to precious, but lengthy, comments by Gordon Brown in the above-mentioned article on the internet.

WALL STREET 2 by OLIVER STONE

2010-01-16T04:25:00.001-08:00

"Wall Street 2: Money Never Sleeps" is due out on April 23rd.

Oliver Stone is currently working on an important 10-part series for the US Showtime TV.

Stone was asked about how he thinks history books will represent the time we're living in, from Bush to Obama, and the economy.

Part of the answer: "We're locked into a national security state, and how we got there is CRUCIAL TO UNDERSTAND because that determines the whole debate in America."

Stone, 63, said he made "Wall Street 2" for his father, who was a stock broker, and as a symbol of an era of excess that only grew after the 1980s.

MICHAEL MOORE CAPITALISM LOVE STORY

2010-01-16T04:01:00.000-08:00

Michael Moore: "It's a crime story. But it's also a war story, about class warfare. And a VAMPIRE story, with the UPPER ONE PERCENT FEEDING OFF THE REST OF US. And of course it's a love story. Only it's about an abusive relationship."

STOCK SHOCK and other movies

2010-01-16T03:04:00.000-08:00

Some time ago PressRelease wrote: "Stock Shock" is the first of three films due out of Hollywood that target the US Stock Market. Michael Moore will soon release "Capitalism, a Love Story" and Oliver Stone has started shooting the film "Wall Street 2".

"I never thought in my wildest dreams I would be in a Hollywood movie telling the world about stock market corruption, says "Stock Shock" star Richard Keane, "I'm not a star, but as the narrator of the movie I am the voice of victimized military veterans, police officers, firefighters, teachers and the rest of the working class people of the world."

A star of "Stock Shock", Suzanne Trimbath, she herself an influencial player and critic in economics, was interviewed by Rolling Stone magazine columnist and writer Matt Taibbi.

"Stock Shock" is available on DVD at Amazon.com or www.stockshockmovie.com

Also see www.twitter.com/stockshockmovie

TECHNICAL HINTS

2010-01-16T02:55:00.000-08:00

Yesterday I learned that only authentic Bloggers can post a reaction on my blog.

But for all others there is vzw.research.rainbow@gmail.com (vzw = without-profit organisation in Belgium) Reactions can later on be forwarded on the blog.

Even so, it took me a long long time to discover "mycatwalk" wrote in a "reaction" that "decibel.heart-attack.be" had moved to "decibel.lunarpark.be"

In the future I will certainly stay more alert. Thanks Sandra.

JOHN PAULSON in SeekingAlpha.com

2010-01-15T13:27:00.000-08:00

Since four days ago seekingalpha sends me email-alerts.

Surprisingly, the famous hedge-fund manager Paulson, who WON BILLIONS OF DOLLARS while MILLIONS OF PEOPLE lost (sometimes everything) is the subject of two articles in the hedge-fund section.

Since seekingalpha brings critical economical information, not every analysis about him is negative. Obviously, he was just a winner...

1. John Paulson's High Risk Hubris (arrogance).

2. Paulson's latest big bet: Super Media.

BUT FACT IS THAT HE WAS QUESTIONED BY A U.S. SENATE COMMISSION, BY CHAIRMAN CALIFORNIA REPRESENTATIVE WAXMAN.

"STOCK SHOCK" , a great movie

2010-01-15T13:10:00.000-08:00

In the USA there's a movie (till now only available on DVD) about the controversial practice of "naked short selling", which supposedly helped in bringing down Lehman Brothers. A good movie, writes the reporter, but he only hopes to have it on CNBC TV soon.

Thanks to Sandra's reaction I remembered I forgot to mention that a trailer of the movie is available at www.stockshockmovie.com

Perhaps more tomorrow.

"WE WANT OUR MONEY BACK"

2010-01-15T13:04:00.000-08:00

As expected, president Obama announced his plans for a bank levy (tax) yesterday, which will bring in at least $90 billion from some 50 top financial firms over the next ten years.

Speaking of "obscene bonuses" and "twisted logic" Obama said, "we want our money back, and we're going to get it."

VOILA

ZAPATERO SPEAKS OF CORRECTIVE ACTIONS

2010-01-15T08:51:00.000-08:00

Prime Minister of Spain Zapatero says the economic plan of the EU for the next 10 years needs binding goals and corrective actions for non-compliance.

EU leaders will discuss the economic situation and the 2020 strategy on Februari 11,during an informal summit called by the European Council's new permanent president, Herman Van Rompuy of Belgium.

Zapatero said a common energy policy and a COMMON DIGITAL ECONOMY were examples of what should be included in the EU growth strategy.

Van Rompuy said the LINGERING EFFECTS OF THE ECONOMIC CRISIS could include a permanent drop in investment and higher unemployment.

P.S. By now, we heard this of every V.I.P.; hope they will ACT, not only TALK. We, the people (the loosers), are angry.

MY BELOVED SPAIN, HERE I COME...

2010-01-15T08:21:00.000-08:00

According to the daily EL PAIS, in addition to attending the prayer meeting in Washington, prime minister Zapatero was expected to discuss Obama's visit to Madrid on the occasion of a summit between the European Union and the U.S. in May.

P.S. I found US Treasury Secretary Tim Geithner looking so downcast at the photoshoot of the meeting Obama, Zapatero and Geithner. (seen on Spanish TV)

Certainly a story to follow up...

GEITHNER AND THE BANKSTERS AT THE FED

2010-01-15T04:52:00.000-08:00

On the YOUNGPHILLYPOLITICS.COM I spotted:

"TIM GEITHNER AND THE BANKSTERS AT THE FED."

As the writer of this article considers me a "THIEF" for reproducing part of his article, I decided to immediately delete it.

I could apparently not even distinguish the good part of it...

Sorry, I AM A LOOSER...

By the way, could you, almighty American, teach me what it means "to credit your source", besides mentioning YOUNGPHILLYPOLITICS.COM and the name of the article?

TIM GEITHNER AND THE BANKSTERS AT THE FED tought me a lesson...about AMBITIOUS WRITERS WHO CONSIDER THEIR STORY "REAL PROPERTY", AS IT LANDS ON THE NET.

WHY OBAMA MUST TAKE ON WALL STREET

2010-01-15T04:19:00.000-08:00

Professor ROBERT REICH is the former Secretary of Labor under President Clinton. He has written 12 books. This new article has been reproduced by the Financial Times (subscription). But you can find it also on ROBERTREICH.ORG dated January 13, 2010

"WHY OBAMA MUST TAKE ON WALL STREET."

AN EXTRACT:....Nor have lawmakers shown any enthousiasm for resurrecting the wall that used to exist between commercial and investment banking. The Glass-Steagall Act, passed in the wake of the Great Crash of 1929, separated the two after it became obvious that commercial deposits needed to be insured by government and kept distinct from the betting parlor of investment banking,

But Wall Street forced Congress in 1999 to take down the wall, enabling FINANCIAL SUPERMARKETS SUCH AS CITIGROUP to use its DEPOSITS to make ALL SORTS OF BETS. Even Obama adviser and former Fed chief Paul Volcker has argued that the two functions should be separated. (REVOLTING TESTIMONY BY GEDUPEERDE-CITIBANK)

....Yet if the president and Congress wanted to, they could help Americans understand the link between widespread job losses and the irresponsability on Wall Street that plunged America into the Great Recession. They could make tough financial reform part of the answer to sustainable jobs growth over the long term.

....A larger explanation, I am afraid, is the grip Wall Street has over the American political process. The Street is where the money is and money buys campaign commercials and television.

Wall Street firms have been uniquely generous to both parties, emerging as one of the largest benefactors of the Democrats. Between November 2008 and November 2009, Wall Street doled out $42 million to lawmakers, mostly to members of the House and Senate BANKING Committees, and House and Senate leaders. In the first three quarters of 2009, the industry spent $344 million on LOBBYING- making the Street one of the major powerhouses in the nation's capital.

MONEY IS POWERFUL. TALK IS CHEAP....

....Angry populism kurks just beneath the surface of two-party politics in America.

....Over the long term, the political stakes in reforming Wall Street are as hugh as the economical ones.

BERNANKE CONFIRMATION JITTERS

2010-01-15T03:25:00.000-08:00

On SeekingAlpha today an article by Peter Davis:"Bernanke Confirmation Jitters."

About reappointing Bernanke for the vacancy of Chairman of the Federal Reserve Bank after January 31, 2010:

"....The Federal Reserve and congressional attorneys are still debating this."

In recent history former Chairmen filled in the vacancy TEMPORARILY until finding a new, better one.

Hence the debate, fueled by US Representative BUNNING, a Republican.(see before on my blog)

PRESIDENT OBAMA'S FRUSTRATION

2010-01-15T02:55:00.000-08:00

On January 7, 2010, BLOOMBERG mentioned: "Central Bankers plan B.I.S. regulation talks with private bankers."

The talks are scheduled for next weekend (Saturday and Sunday). Shortly after another meeting in Basel, about which I wrote: citibank, HSBC and others did not show much enthousiasm...

On CBS's "60 minutes" of December 13, President Obama has already expressed his frustration with the bankers: "I didn't run for office to be helping out a BUNCH OF FAT-CAT BANKERS ON WALL STREET."

HOPE WE CAN BELIEVE IN??

THEECONOMICCOLLAPSEBLOG.COM

2010-01-14T06:43:00.000-08:00

On theeconomiccollapseblog.com I found: "How Goldman Sachs made TENS OF BILLIONS OF DOLLARS from the economic collapse of America in four steps."

Step 1: Sell mortgage-related securities that are absolute junk, to trusting clients at vastly overinflated prices.

Step 2: BET against these same mortgage-related securities and make MASSIVE BETS against the US housing market so that your firm will make MASSIVE PROFITS when the US economy collapses.

Step 3: Have EX-GOLDMAN executives in key positions of power in the US government so that bailout money can be funneled to entities such as AIG, that Goldman has made these bets with, so that they can get paid after they WIN THEIR BETS.

Step 4: COLLECT THE PROFITS - Goldman Sachs is having their "MOST SUCCESSFUL YEAR" and will end up reporting approximately $50 BILLION in revenue for 2009.

P.S. These four steps are extensively explained and documented on the blog.
Feel free to read for yourself. They bring, as the name suggests, a vast amount of articles more or less concerning the current crisis.

U.S. SPEAKER OF THE HOUSE N. PELOSI

2010-01-14T04:35:00.000-08:00

After the first public session of the Angelides Commission, US Speaker of the House Nancy Pelosi issued a Statement.

An extract: "....Americans deserve nothing less than a full accounting of the RECKLESS behavior of many in the financial industry and the failure by regulators to crack down on the industry's EXCESSIVE financial RISK.

Unchecked Wall Street risk-taking resulted in record foreclosures and losses in HARD-EARNED PENSIONS and college savings for MILLIONS OF FAMILIES.

Placing GREED above RESPONSABILITY forced an unprecedented government intervention in financial markets to prevent a slide toward economic COLLAPSE. NOW IS THE TIME FOR ANSWERS..."

HOPE...

CENTER FOR RESPONSIVE POLITICS

2010-01-14T04:18:00.000-08:00

Some data about gifts to American politicians after the year 2000 election cycle:

GOLDMAN SACHS campaign contributions $24.3 million. Lobbying expenditures $17.2 million. Totaling $41.5 M

MORGAN STANLEY totaling $35 M.

BANK OF AMERICA totaling $31.2 M.

JP MORGAN totaling $65 M.

Does this mean an UPHILL BATTLE for the Commission? Mr. Angelides doesn't think so, he told a reporter.

U.S. SENATOR PHIL ANGELIDES + GOLDMAN

2010-01-14T03:41:00.000-08:00

During the Wednesday hearings of the Financial Crisis Inquiry Commission, the Chairman Mr. Angelides pressed Mr. Blankstein (CEO of GOLDMAN) REPEATEDLY on why GOLDMAN had CONTINUED to sell mortgage-related DERIVATIVES to investors, even as the company was placing BETS that the US housing market and thus the value of these investments WAS GOING TO FALL.

In other news, I read: Angelides pressed Blankfein on Goldman's sale of mortgage -backed securities and its REQUESTS TO THE CREDIT-RATING-AGENCIES for the HIGHEST RATING while at the SAME TIME BETTING THE SECURITIES WOULD LATER FALL.

U.S. SENATOR PHIL ANGELIDES

2010-01-14T03:17:00.000-08:00

Some phrases pronounced by Senator Phil Angelides, and reproduced in the press:

"We're after the truth, the hard facts... People are angry. They have a right to be. If we ignore history we're doomed to bail it out again."

"We'll look at the GREED, the HUBRIS, and the CORRUPTION."

"It seems like you were selling a car with faulty brakes, and then buying an insurance policy on that car."

"Maybe this is like the "MURDER ON THE ORIENT EXPRESS": everyone did it."

"Acts of God we'll exempt. These were acts of men and women. These were controllable."

"There are companies that survived because they got MASSIVE federal ASSISTANCE, including GOLDMAN and other banks whose officers testified Wednesday." (only 4 testified on Wednesday...)

U.S. COURT OF APPEALS MANHATTAN + the FED

2010-01-13T09:40:00.000-08:00

NEWSTIMES.COM reports: The US Court of Appeals in Manhattan will decide whether the Federal Reserve must release records of the unprecedented $2 trillion US loan program launched after the 2008 collapse of Lehman Brothers Holdings Inc.

In August 2009, a federal judge ordered that the information be released, responding to a request by Bloomberg LP, the parent of Bloomberg News.

Bloomberg argues that the public has the right to know basic information about the "unprecedented and highly contreoversial use" of public money.

Banks and the Fed were opposed.

CITIGROUP FACES CRIMINAL PROSECUTION

2010-01-13T09:19:00.000-08:00

News.sky.com published "Citigroup faces criminal prosecution in Greece" by Anthee Carassava.

The Athens prosecutor has pressed criminal charges against Citigroup's CHIEF COUNTRY OFFICER IN GREECE.

The prosecutor summoned the bank's TOP EXECUTIVES IN THE UK for allegedly MISLEADING investors in a string of Lehman Brothers products.

The move FOLLOWS A 1 MILLION FINE that Greece imposed against Citigroup after a class action suit filed last year by 92 Greek private investors.

Chris Vassiliades, Citigroup's chief country officer in Greece, was charged with FELONIOUS FRAUD after TESTIFYING in connection with the case in April.

....Judicial officials said Citigroup's SENIOR EXECUTIVES IN THE UK will face ARREST WARRANTS if they refuse to testify.

CHINA DAILY (HONGKONG edition) with a laugh

2010-01-13T07:34:00.000-08:00

CHINA DAILY (HongKong edition) on January 8, 2010:

It was from sheer greed that the Wall Street financial were asking for enormeous salaries. For meeting their huge salary demands, the financial corporations had to come up with countless new products such as mini-bonds (in HongKong),to attract customers, promoting the incident (fall of Lehman) and allowing it to snowball until it (the entire savings system) crashed and collapsed.

"After the Lehman Brothers saga, HongKong people have become wiser, while the local banks have found it very difficult to sell their new products, so the price they have had to pay is very high", he (Mr. Liu, Senior Accountant), said WITH A LAUGH.

ANDREW ROSS SORKIN TO FIN. CRISIS COMMISSION

2010-01-13T07:07:00.000-08:00

Andress Ross Sorkin, famous writer about the financial crisis:

Questions I would like to put to Mr. Dimon, CEO of JP Morgan Chase and Mr. Moynihan, Ceo of Bank of America.(both will be questioned by the Financial Crisis Inquiry Commission)

"Your industry has VIGOROUSLY OPPOSED creating a consumer PROTECTION AGENCY. But it's clear that your MILLIONS of retail CUSTOMERS weren't adequately protected leading to HARDSHIP and HEARTBREAK across the nation. Because you oppose creating such a regulator, what should be done to ensure these problems don't happen again?"

Mr. Blankstein, CEO of Goldman Sachs, and Mr.John Mack, CEO of Morgan Stanley, will also be questioned today or tomorrow.

FIN. CRISIS INQUIRY COMMISSION: USER'S GUIDE

2010-01-13T06:20:00.000-08:00

This appeared in NEW DEAL2.0:

FINANCIAL CRISIS INQUIRY COMMISSION: THE USER'S GUIDE.

....Who I think will be most interesting to hear from on Thursday is SHEILA BLAIR, Chairman of the FDIC, and a hero of financial reform. After a long year of surviving Treasury Secretary Geithner's efforts to remove her from her office, and preventing the grossest subsidies from taxpayers to banks hidden in the Geithner's "Public/Private Prtnership Investment Program" plan from going through, she'll probably have a lot of interesting things to say.

Makes me think about an article I posted on January 11, 2009: CIA and Research Lehman Brothers. About Jami Miscik's difficulties until (hopefully) being valuable for our case. SHEILA BLAIR has been mentioned here too, but I don't remember where.

SUPERMEDIA A BET OF JOHN PAULSON

2010-01-13T04:19:00.000-08:00

Remember the guy who won BILLIONS OF DOLLARS while MILLIONS OF PEOPLE lost (sometimes everything)??

SeekingAlpha brings news about his latest portfolio movements: taking a big stake in SUPERMEDIA.

Wall Street columnist Gregory Zuckerman has detailed Paulson's amazing play during the financial crisis in his new book "The Greatest Trade Ever."

The US SENATE already summoned the guy to testify before a commission chaired by California Representative WAXMAN.

SEEKINGALPHA.COM YESTERDAY

2010-01-13T04:01:00.000-08:00

Yesterday Larry Doyle wrote:"WHAT THE FINANCIAL CRISIS INQUIRY COMMISSION SHOULD INVESTIGATE." on SeekingAlpha.com

He asks to forward his commentary to friends....