Tag Archives: Too Big To Succeed

Ex-Goldman Sachs trader charged with $118 million trading fraud

Posted on by

“A former trader with US banking giant Goldman Sachs was arrested Wednesday on criminal charges of fraud linked to a scheme to hide an $8 billion futures bet, officials said.  The federal prosecutor’s office in Manhattan said Taylor was due to appear before a judge on the charges ‘in connection with a scheme to accumulate and conceal an unauthorized $8 billion position in a trading account that he managed at Goldman, Sachs & Co.’  In November, the Commodities Futures Trading Commission filed a civil suit accusing Taylor of defrauding his employer ‘by intentionally concealing… the true huge size, as well as the risk and potential profits or losses associated.'”

http://www.rawstory.com/rs/2013/04/03/ex-goldman-sachs-trader-charged-with-118-million-trading-fraud/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Dead Letter Office: Even U.S. Government Doesn’t Use the U.S. Postal Service

Posted on by

“How bad is the United States Postal Service? In order to get a straight answer on this, ask the federal government. The federal government uses the Postal Service 2% of the time.  Here is an agency that is so utterly incompetent that the United States government will not use it. How’s that for a testimonial? Here is an agency run by the government that the rest of the agencies regard as so utterly unreliable and expensive, that they refuse to use it.  The Postal Service has had a monopoly over first-class mail ever since the time of Benjamin Franklin. That is the longest monopoly in American history. Yet it cannot persuade the federal government to use it.”

http://teapartyeconomist.com/2013/03/29/dead-letter-office-u-s-government-doesnt-use-the-u-s-postal-service/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Why the Government Is Desperately Trying to Inflate a New Housing Bubble

Posted on by

“Many people claim the Federal government and Federal Reserve are trying to inflate a new housing bubble to trigger a new ‘wealth effect,’ i.e. people seeing their home equity rising once again will feel encouraged to borrow and blow money like they did in 2001-2008.   But if we look at current income (down) and debt levels (still high), there is little hope for a renewed wealth effect from housing. That leaves us with this conclusion:  The Federal government and Federal Reserve are trying to inflate another housing bubble to save the ‘too big to fail’ banks from a richly deserved day of reckoning.”

http://charleshughsmith.blogspot.com/2013/03/why-government-is-desperately-trying-to.html

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

US Infrastructure’s Disastrous Solution

Posted on by

the-daily-bell-top-logo52

“It is a US scandal that the country’s infrastructure is not just degrading but seriously degraded. While this is not a regular topic for mainstream reporting, every now and then it rises to the surface.  Of course, the real issue is seldom dealt with, which is how the combined US government can spend trillions and more trillions while the country’s infrastructure continues to collapse. There are accidents big and small as the result of this evolving condition, often never reported unless they rise to the level of serious injury or even death.”

http://www.thedailybell.com/28873/US-Infrastructures-Disastrous-Solution

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

CIA’s big data mission: ‘Collect everything and hang onto it forever’

Posted on by

“‘It is really very nearly within our grasp to be able to compute on all human generated information,’ he added, explaining that nearly all mobile phones now contain a camera, a microphone, a light sensor, an accelerometer and GPS, among other sensors.  The prevalence of sensors has led to a whole new world of biometric information, Hunt said, listing off a variety of ways the sensors in a mobile device can be used to identify the person carrying it. He pinpointed the most effective method as gait analysis, or watching the way a person walks and creating a complex data profile based upon their movements.”

http://www.rawstory.com/rs/2013/03/21/cias-big-data-mission-collect-everything-and-hang-onto-it-forever/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Cyprus and the reality of banking: Deposit haircuts are both inevitable and the right thing to do

Posted on by

“My sympathies for Cypriot depositors is somewhat limited. If you are a depositor in a Cypriot bank, whether of deposits of more or less than €100,000, who did you think was guaranteeing your deposit? The Blue Fairy? Did you really think that in such a small place with such a bizarrely bloated banking system – one that for years and, by now, very publicly had been investing in Greek government bonds! – your government had the resources to protect all depositors? The bailout of Cyprus’ two largest banks will cost the equivalent of 60% of GDP! And after what happened in Greece, did you really think that the Germans were willing to cover the whole bill?”

http://detlevschlichter.com/2013/03/cyprus-and-the-reality-of-banking-deposit-haircuts-are-both-inevitable-and-the-right-thing-to-do/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Has the bull market in stocks become ‘too big to fail’?

Posted on by

“Officially, the Federal Reserve isn’t supposed to worry about keeping stock prices flying high.  But when Fed Chairman Ben S. Bernanke was asked about the market’s outlook last week on Capitol Hill, he sounded like a lot of bullish Wall Street investment strategists.  ‘I don’t see much evidence of an equity bubble,’ he told the Senate Banking Committee in his semiannual testimony on Fed policy. Stocks ‘don’t appear overvalued given earnings and interest rates.’  More important for the markets, Bernanke pledged to continue the Fed’s policy of pumping colossal sums into the financial system to support the economic recovery.”

http://articles.latimes.com/2013/mar/03/business/la-fi-0303-bull-market-20130303

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Private equity crash could trigger next wave of financial crisis, Bank of England warns

Posted on by

“The Bank of England warned on Thursday that the next phase of the UK’s six-year financial and economic crisis may be triggered by the collapse of debt-laden companies bought by private equity firms in the boom years before the crash.  In its latest quarterly bulletin, Threadneedle Street said the need over the next year to refinance firms subject to heavily leveraged buyouts posed a systemic threat.  The Bank added that it would use its new role as the watchdog of the City to monitor private equity deals in future ‘episodes of exuberance’ to prevent a repeat of the debt-driven takeover boom in the run-up to the banking crisis.”

http://www.guardian.co.uk/business/2013/mar/14/private-equity-financial-crisis-bank-of-england

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Fed Injects Record $100 Billion Cash Into Foreign Banks Operating In The US In Past Week

Posted on by

logo3

“Those who have been following our exclusive series of the Fed’s direct bailout of European banks (here, here, here and here), and, indirectly of Europe, will not be surprised at all to learn that in the week ended February 27, or the week in which Europe went into a however brief tailspin following the shocking defeat of Bersani in the Italian elections, and an even more shocking victory by Berlusconi and Grillo, leading to a political vacuum and a hung parliament, the Fed injected a record $99 billion of excess reserves into foreign banks.”

http://www.zerohedge.com/news/2013-03-09/fed-injects-record-100-billion-reserves-foreign-banks-operating-us-past-week

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Bank of England Says Government Should Split Up RBS, Accept Loss

Posted on by

“Bank of England Governor Mervyn King urged the government to split up Royal Bank of Scotland Group Plc (RBS) and speed up the return of Britain’s biggest publicly owned lender to private ownership following its bailout in 2008.  ‘We’re four and half years on and there’s no sign of it going back to the private sector,’ King told the Parliamentary Commission on Banking Standards at a hearing in London today. ‘That indicates we’ve not been sufficiently decisive in recapitalizing or restructuring it.’  RBS has been criticized by lawmakers for failing to boost lending to the economy, even though the taxpayer owns more than 80 percent of the lender.”

http://www.bloomberg.com/news/2013-03-06/boe-s-king-calls-on-government-to-decisively-restructure-rbs.html

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet