Tag Archives: White Shoe Boys

The Taper Caper

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“Under normal conditions, you’d be smart to assume that the Fed won’t taper until unemployment falls below 7% and inflation rises above 2%. But there’s a curveball: Bernanke will almost certainly step down as head of the Fed in January 2014. Rumors say that he wants to begin tapering before he leaves, for obvious reasons. Such action would increase the odds of history viewing him favorably. If Bernanke tapers, he can take credit for putting the US on a responsible path before handing the reins over to the next guy or gal. Whatever happens after that is Janet Yellen’s problem (or whoever-replaces-Bernanke’s problem).”

http://www.caseyresearch.com/cdd/the-taper-caper

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Gold Declines Trigger Brief Trading Halt

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“Exchange operator CME Group Inc. said it briefly halted gold trading on Thursday morning to prevent excessive price volatility.  Stop Logic, a type of circuit breaker that pauses trading for between five and 20 seconds, was triggered in the December-delivery gold futures contract at 2:54 a.m. EDT and lasted for 20 seconds, the spokesman said. A set of automatic sell orders were triggered as futures neared $1,350 an ounce early in European trading hours, said George Gero, a vice president and precious metals strategist with RBC Capital Markets, in a note. The sales sent gold prices as much as $10 an ounce lower in the space of a minute, triggering the trading pause.”

http://online.wsj.com/article/SB10001424127887324576304579071062783325246.html

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American Banksterism Through the Ages

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“The Bank of the United States ‘ran into grave difficulties through mismanagement, speculation, and fraud.’ — James J. Kilpatrick, The Sovereign States;  ‘[Henry Clay’s] income from this business [general counsel to the Bank of the United States] apparently amounted to what he needed: three thousand dollars a year from the bank as chief counsel; more for appearing in specific cases; and a sizable amount of real estate in Ohio and Kentucky in addition to the cash . . . . When he resigned to become Secretary of State in 1825, he was pleased with his compensation.’ –Maurice Baxter, Henry Clay and the American System”

http://archive.lewrockwell.com/blog/lewrw/archives/133592.html

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David Stockman on his Book and the Bailouts

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“The panic and bailouts that followed were really about protecting the bonuses and incomes of very wealthy and politically well-connected managers at banks and other heavily leveraged businesses that were eventually deemed too big to fail. What followed was a massive transfer of wealth from the taxpayers and middle-class savers, in the form of bailouts and zero interest rates on bank deposits imposed by the Fed, to the so-called One Percent.  As I show in my book, none of this was necessary to save the larger economy, since the losses that would have taken place as a result of the collapse would have been largely limited to Wall Street.”

http://www.mises.org/daily/6521/David-Stockman-on-his-Book-and-the-Bailouts

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Bill Bonner: Where did the US$ 700 billion go?

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“You remember TARP? It was the feds’ $700 billion program to rescue the US economy from a correction. Neil Barofsky was in charge of it. So we decided to go down and ask him how it turned out:  ‘[..] What did they do with the money? They were supposed to increase lending so as to help bring about a recovery. None of them did that. Instead, they used it to repay each other’s loans. In other words, they used it to reduce the amount of credit available…not increase it. And they bought US agency bonds…just as you’d expect. And they paid out their bonuses. In other words, they looked out for themselves…just as you’d expect.'”

http://www.equitymaster.com/dailyreckoning/detail.asp?date=05/16/2013&story=1&title=Where-did-the-US-700-billion-go

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Serious Revolving Door Move (Hedge Fund Edition)

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“Hedge fund billionaire Paul Tudor Jones has hired one of the International Monetary Fund’s most senior officials, reports FT.  Lorenzo Giorgianni, the deputy head of the IMF’s policy department (!!), will join Jones’s Tudor Investment Corporation in October according to FT. This is serious stuff. IMF and World Bank people have access to all kinds of insider data about money flows and where money is placed. Just in casual conversations with IMF and World Bank people, I have learned all kinds of very valuable information. I know for example that Slovenia is most likely the next country to experience a financial crisis, because a senior guy at one of these organizations told me.”

http://www.economicpolicyjournal.com/2013/05/serious-revolving-door-move-hedge-fund.html

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Goldman Sachs Buys Gold; Tells Public to Sell

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“Gold declined sharply in early April. That’s when Goldman Sachs issued a “sell” signal Then Goldman began quietly to buy shares of GLD, the ETF for gold. It now owns 3.7 million shares.  It looked like a great call. The rubes who believed the report shorted gold. They made money. Briefly. Gold continued downward, bottoming at $1192 in on June 28.  Meanwhile, Goldman was buying gold all the way down. Now gold is around $1400, and Goldman is sitting on a pile of shares of GLD, bought at rock-bottom prices. Watch what they do, not what they say.”

http://teapartyeconomist.com/2013/09/02/goldman-sachs-buys-gold-tells-public-to-sell/

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Morgan Stanley execs mocked value of securities before sale to Taiwan bank

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“Financial services giant Morgan Stanley may be facing charges it perpetrated a massive fraud in the sale of mortgage-backed securities, but no one can accuse the firm of lacking a sense of humor about it. Last month, e-mails surfaced in a 2010 New York civil fraud case showing that the firm’s executives sold the instruments to a Taiwanese bank for hundreds of millions of dollars knowing the impending collapse of the US housing market made the securities a hazardous investment – and they laughed about it.”

http://www.acfcs.org/emails-in-fraud-case-show-morgan-stanley-execs-mocking-value-of-securities-before-sale-to-taiwan-bank/

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Blackstone rental bonds revive fears of mortgage-backed crisis

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“The private-equity firm Blackstone and Deutsche Bank are considering selling the first bonds backed by home-rental payments. The new security shows Wall Street financial engineering, blamed for deepening the financial crisis, has become more creative. Blackstone is among the firms that have spent billions buying homes out of foreclosure, helping to bolster demand and strengthen the US housing market, the WSJ reports.  The private-equity giant has spent $5.5bn buying more than 30,000 houses to rent out. It is now working with Deutsche Bank to create securities tied to about 1,500 of the properties to form a rental bond deal worth up to $275 million.”

http://rt.com/business/blackstone-deutsche-bonds-rental-backed-898/

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The Goodfellas of Wall Street

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“If you think of the economy as this vast thing where success or failure is a matter of serving customers well, then you are deceiving yourself. (I’ve written about this before, about how America’s largest companies are basically products of state privilege.)  This perspective is good too because the reality of the thing shatters many illusions. Think Obamacare is a socialist redistribution scheme? Take another look. What it really amounts to is the largest corporate giveaway and pork-filled legislation in the history of the country.”

http://dailyreckoning.com/the-goodfellas-of-wall-street/

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