RollingStone.com: Matt Taibbi | Taibblog Thu 2010-09-23 09:37 EDT

Bob Rubin Cuddles

Matt Taibbi

...No man's behavior looks attractive when he's cheating on his wife, but this little tell-all by a woman who had a sort-of fling with former Goldman chief and Treasury Secretary Bob Rubin is more than unusually embarrassing...The most disgusting (and revealing) part of the story is, to me, this part of Iris Mack's narrative... A multi-multi-millionaire giving a homeless guy a dollar on the way to the Ritz...if that isn't the perfect metaphor for the modern ``Third Way'' Democratic Party, I don't know what is...Bob Rubin's main job at Citi was to hang around and be available for his political connections. His job, as I understand it, was a sort of permanent, ongoing bribe...

Bob Rubin cuddle; com; Matt Taibbi; rollingstone; Taibblog.

Jesse's Café Américain Wed 2010-05-05 16:22 EDT

Market Manipulation, Systemic Risk and Fraud, Pure and Simple, And It Continues Today

Jesse

This article by the Financial Times should remove any doubt in anyone's mind that Goldman Sachs was willfully selling fraudulent financial instruments. It appears that they were working in conjunction with Ratings Agencies, Mortgage Origination Firms, and Hedge Funds to cheat investors...Tom Montag, then a senior Goldman executive and now head of corporate and investment banking at Bank of America, was quoted as describing the deal in an e-mail as follows: ``Boy that timeberwof (sic) was one shi**y (sic) deal,'' according to the Senate subcommittee...Within five months of issuance, Timberwolf lost 80 per cent of its value...

continued; fraud; Jesse's Café Américain; Market Manipulation; Pure; simple; systemic risk.

Jesse's Café Américain Mon 2010-04-12 14:18 EDT

NY Post: Trader Blows Whistle On Gold and Silver Price Manipulation

Jesse

...The crux of the scandal is that the Banks and hedge funds have been selling what they do not have in order to manipulate the price and cheat investors, in this market as they have been shown repeatedly to have done in other markets...the players filed a motion claiming immunity because they were acting in partnership with the Treasury and the Federal Reserve...Thanks to the NY Post [whistleblower commodities trader Andrew Maguire testimony]

gold; Jesse's Café Américain; NY Post; Silver Price Manipulation; Trader Blows Whistle.

Jesse's Café Américain Tue 2010-03-09 17:51 EST

Russia Continues to Build Its Gold Reserves Ahead of the SDR Discussions

Jesse

Thanks to friend Dave at Golden Truth for this updated chart.As you know, Russia, India, China and some of the BRIC-like countries will continue to push hard for a gold and silver content in the new formulation of the SDR this year. The US and UK are vehemently opposed...One cannot have a common currency with uncommon fiscal policies and laws. While there is some room for discretion, it is sorely tried in changing economic conditions and social attitudes...This is why a one world currency, except for international trade only and at the discretion of trading partners, is so dangerous. One cannot maintain their sovereign freedom when someone else controls the supply of their money: either you cheat or you submit. All serious economists understand this; too few of the voting public do...This is the fallacy of the US dollar as the reserve currency for the world. It 'worked' as even Mr. Greenspan noted, as long as the US dollar was able to demonstrate the objective stability of an external gold standard relative to other currencies. That lasted for a few years, and the rest is foreign policy and currency wars. The time for its replacement is long past. The BRIC's understand this, and are playing their hands accordingly...

building; gold reserves; Jesse's Café Américain; Russia continues; SDR Discussions.

The Economic Populist - Speak Your Mind 2 Cents at a Time Mon 2009-12-28 18:57 EST

Pricing a CDO - Not only Bad Math, Bad Computation too

A working paper, Computational complexity and informational asymmetry in financial products, Sanjeev Arora, Boaz Barak, Markus Brunnermeier, Rong Ge. sheds some light on the complex mathematical models upon which credit default obligations and other derivatives are based. What Arora et al. prove is not only are many derivative mathematical models impossible to compute, never mind in real time, because they require more computing power than the world possesses, the missing information to run a mathematical model is a very good place to cheat with.

Bad Computation; bad math; CDO; economic populist; Mind 2 Cents; Price; speaking; Time.

Jesse's Café Américain Fri 2009-10-23 08:54 EDT

Preparing for the Next Crash: Now Is the Time

Jesse

The Extinction of Ethics in Finance -- The Fallout, by Greg Simmons: ...I could probably write an entire thesis about the utter abandonment of morality by today's so-called investment community. I mean, does everybody have to cheat each other to make a dollar? The subject literally brings into question the human thread that binds our social fabric together...

Crash; Jesse's Café Américain; prepared; Time.

zero hedge Sat 2009-09-19 16:59 EDT

Guest Post: Damien Hoffman Exclusive Interview With Alan Grayson

Exclusive Interview: Congressman Alan Grayson Talks Fed Transparency and Missing Money, from Damien Hoffman, of Wall St. Cheat Sheet...[The Fed is] performing a truly remarkable, surreptitious transfer of wealth from public to private hands. They are taking their ability to print money and shore up failed banks. They are simply stuffing money into the pockets of private interests...the Federal Reserve continuously puts all of us on the hook for decisions they make to play favorites with private interests to the tune of trillions of dollars.

Alan Grayson; Damien Hoffman Exclusive Interview; Guest Post; Zero Hedge.

Tue 2009-04-21 00:00 EDT

naked capitalism: On Traders Behaving Badly and Cognitive Bias

``traders will cheat to maximize their bottom line, which makes sense, since they are screened and incentivized to be the sort that will seek aggressively to extract as much as they can''

cognitive biases; naked capitalism; Traders Behaving Badly.

Mon 2008-12-15 00:00 EST

Mish's Global Economic Trend Analysis: Madoff Madness: "I knew he was cheating, That's why I used him"

Cheats; knew; Madoff madness; Mish's Global Economic Trend Analysis; use.

Thu 2007-12-13 00:00 EST

Money Matters: G7 Dwarves Try To Increase Debts

by Elaine Meinel Supkis; Fed auction plan; saving system collapsed; "these tax cheats...will work with our government to continue the destruction of America"

G7 Dwarves Try; increasing debt; money matters.