Hello.

I don't even recognize my country anymore. In the old days at least they used to try to hide or cover it up. Today they rub our nose in it with an implied "WTF ya goin' to do about it?". Everybody's too busy sucking on one gov teat or another to care anymore. The machine to too big to stop. It's just going to have to run it's course. And to think it's the flower children of the 60's who are most responsible. Franz Kafka couldn't make this **** up.

For the last 100 years the elites of this nation have dedicated themselves to the destruction of honorable men and societies and have turned dishonor into a virtue.

You know Bush did it.

The Obama administration was merely too stupid to put someone in there smart enough to read an audit manual. I would suspect the dates were correct. The first thing you do is check the bank accounts, then the records. If they didn't check the bank accounts, I wonder how the records look?

If the guy really attempted suicide as reported earlier, it was probably because he had run out of customers money to cover his tracks. Wonder which politicians he raised money for and which ones received some of the money in the account?

Well said.Last

Now would be a good time to find a good way to bring back justice.
But how?
Given a clean slate what kind of controls could be put in place that would stick? Long term.

Where are the auditors? Are they not liable for false representation of solvency?

Quote:

what kind of controls could be put in place

Can't be controlled. Stupid can't be fixed; it has to be marginalized. Same with amorality. Shame must make a comeback; and people who know what's right need to right what's known to be wrong.

Liberty must be re-earned from time to time. And for those who re-earn it--actually more likely the future generations of said re-earners--the lessons will be burnt into their collective psyche for generations to come through history, family lore, etc.
Who knows if anything at all will be re-earned; or even if an attempt will be made. But that is probably the only way out, at this point.

From England:
http://www.ft.com/cms/s/5a29bf74-ca2c-11....

Quote:

The NFA’s discovery of shortfalls dating back more than two years may also add to scrutiny of futures market regulation. “How does this go on year after year and you don’t find out?” said one longtime lawyer for the futures industry. “The regulators need to be held responsible.”

LONDON--Former Barclays PLC (BCS) Chief Executive Robert Diamond will receive up to GBP2 million in severance pay from the bank, according to a person familiar with the matter.

The details are set to be outlined by Barclays Chairman Marcus Agius during a hearing with U.K. lawmakers Tuesday, this person said.

Mr. Diamond left the bank last week after regulators in the U.S. and U.K. found that Barclays had sought to manipulate several interest rate benchmarks. The investigations, which Barclays paid around $450 million to settle, proved the latest in a long line of scandals to hit the bank. Mr. Diamond had angered some U.K. politicians who felt that his large pay packets were unwarranted.

According to Mr. Diamond's contract he is entitled to six months' salary and continuation of medical and pension benefits while an employee. He isn't automatically entitled to a bonus when leaving. In 2011 Mr. Diamond received GBP474,000 in benefits and a salary of GBP1.35 million. He can also cash around GBP15 million in long-term awards given to him in previous years. However these payments can be clawed back by the bank. It is currently unclear whether the Barclays' board will exercise this option.

I share your outrage. I would like to share this post with others, if it weren't for the four letter words.

typo

that libor was bring fudged

being

??

@Morla

Quote:

In other words, it's not your job to fix this world, just get your heart right, that's all you can do. The rest are going to do what the rest are unfortunately going to do. If it makes you feel any better, they know not what they do.

A man who sets out to change the world best know his own heart first. There's been damn few of them in history and most are swallowed by what they seek to change or crucified by it.

Yes this can be fixed. It will require three things to start:
1 Torches
2 Pitchforks
3 Rope

After that first step, for those left, we will need plenty of...Handcuffs.
Send them to visit Bubba.

Nothing about this on Yahoo this morning. In order to stop the corruption something drastic must occur.

There is no news about this anywhere but here and Zerohedge.

FDAAG

Fraud Days Are Always Green..

This is an easy one and will be prosecuted. If the dude would have sent the money to London where it went through a churn and then disappeared, he could have joined Corzine on the celebrity fund-raiser tour. Instead, since he admitted guilt through attemoted suicide, he will be prosecuted.

KD or others - what brokerage companies would be safer than others? Are their ones that don't trade their own book and thus would not have a risk of taking your money to cover their losses?

Serious question. Schwab?

Ann Barnhardt says that some MF Global clients actually had their funds transferred to PFGBest...and Mr. Botched Suicide begged for a share of the MF Global accounts. Those folks got screwed TWICE!!!:

http://barnhardt.biz/


"What this PFGBest situation tells us is that the auditors were NOT independently verifying the bank account balances and were instead using internal, falsified, forged documentation provided not by the bank, but by the firm itself.

Oversight by the auditors? Mistake by the regulators? Oopsie? No flipping way, Jack.

Try: Premeditated fraud. Try: Conspiracy. Try: Full knowledge, complicity and cooperation by the regulators in covering the stolen customer funds, and all within mere WEEKS of MFGlobal.

Try: Capital Economic Treason.

Try: Life in prison or execution.

Some of the MF Global******victims were actually bulk transferred to this firm back in November. The owner (who attempted suicide this morning) pitched a fit back in November and got about 700 of the MFG accounts bulk transferred over to PFGBest.

So, yes, there are now people, many of whom are agricultural hedgers, who have now been raped by having their equity stolen TWICE in nine months."



Un-freakin'-believable.

And as significant as this event is to anyone with half a brain or more in indicating that there may not be a single brokerage that can be trusted, there isn't word one about it on Marketwatch.com. Your mainstream market pumpers at their worst.

90% of add revenue for all the financial networks comes from the brokerages. They are not about to shoot the goose that lays the golden eggs.

That was my question..are any of them safe? If not, I have funds I'm not trading anymore that need to come out and go into FDIC accounts. And of course if that trends starts and more companies are hiding the same issue, it will snowball like a bank run so you need to be first out the door.

KEY FACT:


NO ONE IN .GOV AGENCIES DID ANYTHING UNTIL CAT WAS OUT OF THE BAG

This is a small time player too. Few hundred million in assets, not Gods-Work-Like cash. Still, agencies took the falsified paperwork, and checked NOTHING for long periods of time! They willing turned the other eye.

They WILL NOT protect your money. They will only ENFORCE THE LAW to a standard they see fit, and whether or not it benefits them.

TRUST NOTHING ELSE.


GET OUT

Quote:

GET OUT

Already did 6+ months ago.

All my investments (except SS and my state pension) are in cash and cash equivilants.

These crooks will have the best lawyers STOLEN MONEY can buy!

Guillotines indeed! But hey, I've only been saying that for over 3 years.

Here's a very interesting scholarly article on a socialist site. I disagree with its Krugmanesque conclusion, but there are many valid insights and interesting history along the way. Keynes, Marx, Minsky, et al, have significant input into this analysis:

http://monthlyreview.org/2010/10/01/the-....

The Financialization of Accumulation

"In the way that even an accumulation of debts can appear as an accumulation of capital, we see the distortion involved in the credit system reach its culmination." - Karl Marx

Excerpts:

"Hidden within the general formula for capital, M-C-M', Marx argued, was a tendency of capital to try to transform itself into a pure money (or speculative) economy; i.e., M-M', in which money begat money without the intermediate link of commodity production. In M-M', he wrote, “the capital relationship reaches its most superficial and fetishized form.”(19) If M-M' originally referred simply to interest-bearing capital, it metamorphosed in the course of capitalist development into the speculative demand for money more generally. “Credit,” Marx explained, “displaces money and usurps its position.” Capital more and more took on the “duplicate” forms of: (1) “real capital,” i.e., the stock of plant, equipment and goods generated in production, and (2) “fictitious capital,” i.e., the structure of financial claims produced by the paper title to this real capital. Insofar as economic activity was directed to the appreciation of “fictitious capital” in the realm of finance rather than the accumulation of real capital within production, Marx argued, it had metamorphosed into a purely speculative form.(20)

[snip]

"This rise of the modern credit system vastly changed the nature of capital accumulation, as the ownership of real capital assets became secondary to the ownership of paper shares or assets—leveraged ever higher by debt. “Speculation about the value of productive assets,” Minsky wrote in his book on Keynes, “is a characteristic of a capitalist…economy. The relevant paradigm for the analysis of a [developed] capitalist economy is not a barter economy,” but “a system with a City [that is, London’s financial center] or a Wall Street where asset holdings as well as current transactions are financed by debt.”(21)

Richardebel,
Yes, Lord prevent anyone from seeing 4 letter words.

Oh my ****ing God.