Comments for FSA urges Global Crackdown on Shadow Banking System
CRbot says:
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CRbot Sun Mar 15 08:31:22 2009 MST #
Rob Dawg says:
"Shadow banking system."
I do not think that phrase means what they want you to think it means.
Rob Dawg Sun Mar 15 08:32:11 2009 MST #
Lucifer says:
Yep, it is not a banking system. It is just a giant ponzi scheme with no real utility to the rest of us.
//I do not think that phrase means what they want you to think it means.//
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Lucifer Sun Mar 15 08:40:04 2009 MST #
Cinco-X says:
Perhaps, but it means exactly what some of us have been talking about; a blackmarket trading scheme outside the bounds of governments and regulators, and totally out of control. Using CDOs CDS's, etc. they inflated M3-4 and helps push us into this mess, meanwhile skimming a very healthy margin off the top.
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Cinco-X Sun Mar 15 10:33:34 2009 MST #
Some Investor Guy says:
When I first watched the Princess Bride, I never thought so many of its quotes would be applicable to finance.
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Some Investor Guy Sun Mar 15 10:38:53 2009 MST #
otishertz says:
i can't wait for them to go after the pussies
otishertz Sun Mar 15 08:34:58 2009 MST #
Anonymous says:
Blah Blah Blah
Anonymous Sun Mar 15 08:35:04 2009 MST #
kuato says:
I have an idea, let's run the world's politicos through a meat grinder.
kuato Sun Mar 15 08:38:16 2009 MST #
Lucifer says:
I am shocked that people are gambling.. :-P
Lucifer Sun Mar 15 08:38:35 2009 MST #
Mel says:
Sort of like putting a chastity belt on a pregnant teen.
Mel Sun Mar 15 08:40:56 2009 MST #
Anonymous says:
A new post by London Banker - text posted at NakedCap (comment 12) or can be viewed at RGEMonitor with registration.
"It looks like this dead cat bounce is yet another set up, but I suspect the next listing of this wreck will flood steerage. The last lifeboats, well stocked with comforts for the few passengers invited, are quietly loosing themselves and rowing for safety."
Anonymous Sun Mar 15 08:42:39 2009 MST #
Cornholio says:
U.S. Representative Barney Frank, chairman of the House Financial Services Committee, said on Sunday the government needs to determine if millions in employee bonuses at troubled firm American International Group Inc can be recovered.
http://www.iii.co.uk/news/?type=afxnews&articleid=7218530&action=article
The pomous ass Barney displaying moral outrage while denying his on roll in this whole stinking mess. The Peeps will eat this up, they get back a couple of million of crumbs out of the empty vault and the 171b loaded up get away vehicle is already out of town.
Cornholio Sun Mar 15 08:46:48 2009 MST #
Counterpointer says:
Uh huh, this is from Gordon Brown, the chair of the International Monetary and Financial Committee of the IMF/World Bank for like how many years??
Bit late, mate.
C
Counterpointer Sun Mar 15 08:50:08 2009 MST #
Guest says:
“You are going to see a massive change in the supervisory system. It’s going to include tax havens and institutions where it didn’t before,” [Prime Minister Gordon Brown] said."
How are they going to get the money to be re-elected if they kill their cash cows? Does he mean to give democracy a chance where incumbents have to fight fair with first-timers. Not!!
Guest Sun Mar 15 08:52:36 2009 MST #
Anonymous says:
That comment made me laugh too. My prediction: you're going to see that pie in the sky statement come back down all over Brown's face.
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Anonymous Sun Mar 15 09:45:49 2009 MST #
alydar says:
Regulating shadows now are we?
Try chopping down a tree by taking an axe to
its' shadow. Zen like.
alydar Sun Mar 15 08:53:22 2009 MST #
Pavel says:
"by London Banker on 2009-03-15
Deja vu all over again. I wrote the following 15 months ago. It looks like this dead cat bounce is yet another set up, but I suspect the next listing of this wreck will flood steerage. The last lifeboats, well stocked with comforts for the few passengers invited, are quietly loosing themselves and rowing for safety."
But lifeboats have to land somewhere. If, in this hypothetical disaster, there is stability and security somewhere, then a refuge might be attained. But the assurance of a safe haven is only an assumption, and a global catastrophe may take many forms, some of them universal.
If I were on that exclusive list, I would want to assure the stability of the system I know, if possible, rather than rely on a notional refuge.
Pavel Sun Mar 15 08:53:51 2009 MST #
MrM says:
Pavel writes: But lifeboats have to land somewhere.
All the boats will land at the same place. However, stockpiles of food carried by various boats will be vastly different.
Just observe AIG bonuses - see how successfully bankers used powers that be asking to squeeze taxpayers for money for their bonuses.
Yes, most people, including bankers, lost a lot of wealth due to this crisis. However, the bankers are successfully replenishing their wealth by further robbing the silent tax-paying majority. Now, the bankers are redirecting the public angst toward "the shadow banking sector" hoping that will leave alone the traditional banking sector.
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MrM Sun Mar 15 09:17:08 2009 MST #
Anonymous says:
True. If the rich start out owning 90% of everything and end up with 95%, they did pretty well, even if the value in dollars is much less. It's not about money, they've got more than they know what to do with. It's about power, and they will consolidate theirs. It doesn't matter what happens to you or me or nobody peasants in Afghanistan or Columbia or anywhere else.
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Anonymous Sun Mar 15 09:52:16 2009 MST #
Mel says:
Sometimes it seems a few responders are partisan operatives, mouthing ideological bullshit without regard to circumstances--causes and effects. The trouble with all blogs is still anonymity, until we id ourselves with full names and addresses, we're reading some paid political advertising.
Mel Sun Mar 15 08:54:41 2009 MST #
Pavel says:
"Regulating shadows now are we?
Try chopping down a tree by taking an axe to
its' shadow. Zen like."
Strong image. One reads such interesting things here.
Pavel Sun Mar 15 08:55:22 2009 MST #
Anonymous says:
White House chief economist Christina Romer said the Obama administration is staging a “wonderful battle” against the U.S. recession and predicted the stimulus plan will help revive growth.
http://www.bloomberg.com/apps/news?pid=20601110&sid=ahtaIU1S0JQY
HaaaaaaaaaHAaaaaaaa where in the hell do they find these idiots?
Anonymous Sun Mar 15 08:55:27 2009 MST #
Guest says:
Remeber when Hillary took 1k and turned into 100k with no experience in the commodity markets. Democracy my ass
Repubs are no better for you equal timers
Guest Sun Mar 15 08:56:15 2009 MST #
Pavel says:
" March 15, 2009
About 40 suspected militants early March 15 attacked the Pak-Afghan Container Terminal, which is used for shipping supplies to NATO troops in Afghanistan, The Associated Press reported, citing police and witnesses. The attackers burned dozens of vehicles and shipping containers at the terminal, which is located near Peshawar, Pakistan."
Pavel Sun Mar 15 08:56:28 2009 MST #
Rob Dawg says:
“You are going to see a massive change in the supervisory system. It’s going to include tax havens and institutions where it didn’t before,” [Prime Minister Gordon Brown] said.
While it is unfair to pounce on an unfortunate choice of words I think in this case it is deserved. It is hubris and overreach to presume mere regulation can control the proliferation of "shadow banking." We need set up some arbitrary definitions so we can separate the different things people may think when they hear "shadow banking." For but two examples; there's the shadow manipulation when the LIBOR is set differently from what banks are actually charging each other. The same sort of thing when the US prime rate is set at exactly 300bps above the offical FFR. There's the dozen of shadow banking operations. The banksters want them all. The banksters need them all in order to bring new participants into the pyramid scheme that preserves their position at the top. Mr. Potter is using this crisis to take control of the Bailey Building & Loan. The more things change...
Rob Dawg Sun Mar 15 08:57:57 2009 MST #
ATM card and $19 in the bank says:
"It’s going to include tax havens and institutions where it didn’t before"
Translation: From now on, these havens and institutions will be *explicitly* exempted from regulation.
ATM card and $19 in the bank Sun Mar 15 08:58:01 2009 MST #
MW says:
I think this AIG bonus issue may be the spark the ignites the inferno.
There has been a sea change since the Daily Show takedown of Cramer and CNBC, but the outrage is far greater towards the Wall Street cabal and the Administration's enablers.
I think Joe-six-pack who is staring at unemployment and a 50%+ loss of 401K funds is about to lose it.
MW Sun Mar 15 08:58:30 2009 MST #
Lawyerliz says:
Well at least the pregnant teen won't get pregnant again while she's pregnant. (Actually this can happen. You can exude another egg the next month and get pregnant with a half sib to the first baby.)
Lawyerliz Sun Mar 15 09:02:09 2009 MST #
MrM says:
Liz, I must be too dense to understand what you meant here. I do think that a better analogy is a rape victim being raped again and again, by all those response teams who are supposed to be helping her.
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MrM Sun Mar 15 09:20:41 2009 MST #
ATM card and $19 in the bank says:
Re: half sib
Half twin, full sib? Twib?
ATM card and $19 in the bank Sun Mar 15 09:07:08 2009 MST #
Rob Dawg says:
Re: half sib
Half twin, full sib? Twib?
"Unintended consequence" of continuing to do what got you in trouble in the first place.
Rob Dawg Sun Mar 15 09:09:56 2009 MST #
Mel says:
Why not a full sib? Do all women cheat?
Mel Sun Mar 15 09:10:57 2009 MST #
Broker says:
I think we are witnessing the begining of the total collapse of Marxism. Time will tell, but remember this process will not be a peaceful one. It is scary.
Broker Sun Mar 15 09:15:05 2009 MST #
zendiet says:
http://www.youtube.com/watch?v=pJyWcUS9RIM
zendiet Sun Mar 15 09:16:41 2009 MST #
energyecon says:
Mission to be accomplished at all costs: Nawaz
LAHORE: Pakistan Muslim League-N Quaid Mian Nawaz Sharif said on Sunday that the long march would be taken to its logical conclusion.
Talking to Geo news, Nawaz said the rally would now go to Data Darbar and then leave for Islamabad. He said the program of staging rally at GPO chowk was called off due to unavailability of loudspeakers.
Responding to a question, he said the country needs a system purely based on justice. The PML-N Quaid said Pakistan is passing through a golden moment of its history which is prelude to a great revolution. Nawaz said no one has authority to defy the constitution, snub the parliament and decide the fate of people.
He asked the PCO judges to step down else the nation would throw them out. Nawaz urged the government should take saner decisions and honour mass aspirations. He said the long march aims at restoring deposed judges and ensuring justice in the country.
http://www.thenews.com.pk/updates.asp?id=71625
energyecon Sun Mar 15 09:17:03 2009 MST #
Michael says:
Sounds like what needs to be done in our country.
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Michael Sun Mar 15 10:42:01 2009 MST #
NYCityBoy says:
I love seeing that this wonderful "G-20" meeting is filled with our leading bankers and economists. Not a single one of these bums has a creative or productive bone in their body. They are all thieves and like any meeting of thieves there is no honor to be found. They spout and they spew and they collude just to steal more.
I want to see a G-20 meeting of inventors, painters, writers, musicians, craftsmen, chefs, real entrepreneurs, winemakers and other productive people. Let them discuss how best we can use the world's assets and share ideas. Let them share foods and songs, ideas and thoughts. That would be a real, productive meeting. Putting financiers in a room and acting like they represent any of our nations is just an exercise in complete bullshit.
NYCityBoy Sun Mar 15 09:18:38 2009 MST #
burnside says:
Lord Turner and the PM do at least appear to understand the financial structures they're discussing. An improvement over the pronouncements on this side of the Pond. I'd like to believe this signals a return to adult supervision, but comments below the original article indicate FSA has indulged in sabre-rattling often in the past, while failing to take action.
I'll be looking for the FSA agenda in G20 coverage.
burnside Sun Mar 15 09:19:17 2009 MST #
Broward Horne says:
Mish is the Ron Paul of finance; contrarian, usually correct and doomed to irrelevance.
Broward Horne Sun Mar 15 09:20:25 2009 MST #
REBear says:
joe shmoe,
I see the AP story as a short term diversion. AIG may be ready to divulge names but the treasury which controls 80% of AIG may not want to do it.
If AIG management tries to get smart, Timmay will hand them the pink slip and maybe even place an anonymous call to the FBI.
All the reason why i feel AIG bonus is a bait and switch to pull the topic of couterparty beneficiaries off the table.
Although, i hope you are right.
(repost from previous thread)
REBear Sun Mar 15 09:21:00 2009 MST #
Rufus the Doofus says:
You may be on to something, but this doesn't work so well if it just gives the public a second thing to be mad about.
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Rufus the Doofus Sun Mar 15 16:12:34 2009 MST #
Lawyerliz says:
We were speaking of pregnant teens. The fact that the babies were fathered at different times would be particularly obvious if one dad, was say, chinese and the other black.
Lawyerliz Sun Mar 15 09:24:40 2009 MST #
MrM says:
Liz - I see, I thought you were referring to the Times article (previous thread?), which is why I thought of a rape analogy
Parent Post
MrM Sun Mar 15 09:27:18 2009 MST #
Mel says:
"We were speaking of pregnant teens. The fact that the babies were fathered at different times would be particularly obvious if one dad, was say, chinese and the other black."
Or Tiger Woods got a hole in one twice.
Mel Sun Mar 15 09:27:19 2009 MST #
Lawyerliz says:
I was not being metaphoric. Just riffing off someone else's comment. Sometimes a cigar is just a cigar.
Lawyerliz Sun Mar 15 09:28:10 2009 MST #
REBear says:
AIG to pay $450 mln bonuses to financial-products staff: Journal
>>
I thought AP said 170m.
REBear Sun Mar 15 09:29:44 2009 MST #
burnside says:
You know, I'm wondering why I tapped out the above. It's not that regulators here don't have a grip on finance. They probably do. I like that Lord Turner's paper is pitched for a thinking, adult reader. Here we get 'as told to the children'. Default swaps are 'too difficult to understand' or CDOs are 'bewildering' or 'the administration is waging a wonderful battle'.
Third grade classroom. Again.
burnside Sun Mar 15 09:30:27 2009 MST #
Basel Too says:
The economy’s “fundamentals are sound,” though ‘we know that temporarily we’re in a bad situation,” Romer said.
who knew john mccain was so prescient?
Basel Too Sun Mar 15 09:31:25 2009 MST #
Anonymous says:
"LITTLE ROCK, Ark. (AP) — Vice President Joe Biden said Saturday that he believes there are signs the public's confidence is growing in the Obama administration's ability to tackle the financial crisis.
Biden said that he and the president have no doubt that the country will overcome its economic problems. And he feels the recent uptick in the stock markets is a result of the "Obama factor." He said people are starting to understand President Barack Obama has a plan."
http://www.chicagotribune.com/topic/wjw-bideneconomy,0,6966364.story
Anonymous Sun Mar 15 09:35:13 2009 MST #
Lawyerliz says:
Are the British, having tried everything else, now desperate enough to try doing the right thing?
Some number of threads ago, I posted that part of the problem is that it is hard to face down an alpha male.
And that must be done to get rid of these alpha jerks.
Especially since they have webs of relationships with other alphas or have control over various supporting betas.
Now sometimes mob rule overcomes this biological effect, but guillotines, no matter how deserved or tempting are really not a good idea.
I think that there is great reluctance for males to even address this because none of them wants to admit that they are not an alpha male.
Some of those best and brightest aren't so much good and smart as they are alpha and pushy.
I suggest craftiness and manuvering and sneakiness and
direct confrontation only when they are backed into a
corner. It may be that Obama is actually doing this.
It may also be that the credit derivative thing is so
awful that it is not possible to deal with it to make things better. I can't get my mind around it.
Lawyerliz Sun Mar 15 09:37:55 2009 MST #
Some Investor Guy says:
"Some of those best and brightest aren't so much good and smart as they are alpha and pushy."
I've dealt with some of these people. It's interesting how many of them were competitors of mine. Two things happened with many of them in the past couple of years. 1. Other alpha males had them at the top of their list of people to lay off. 2. Clients who ran into clear, honest, analytic people who could demonstrate better policies fired them.
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Some Investor Guy Sun Mar 15 11:03:36 2009 MST #
burnside says:
That's a perfect example, anon. That sort of reportage just . . . just . . . words fail me.
burnside Sun Mar 15 09:38:29 2009 MST #
joe shmoe says:
RE Bear
well, if Geithner handed pink slips to the a broad swath of AIG management and called the FBI on some of them, I'd say that would be one way the Obama Admn could get out in front of this issue.
I agree with MW, on this thread, in a general way. I think the latest AIG bonus scandal is likely to mark a turning point (esp against the backdrop of Madoff, Cramer v Stewart, etc).
My hunch is that the game has reached a point at which some bluffs have to be called - or, to use Warren Buffet's terms, the tide is going out and some folks are going to be left standing naked. If Obama doesn't call some of the bluffs, someone will step forward on the Repub side, or it will start to come from the public and even some of the mass media. Not all of this BS can be sustained forever. Some parts have to give, collapsing under their own weight or from contradictions with other parts. You can't fool all of the people all of the time.
Exactly how it will play out I don't know, of course. I'm going to be a little more cautious about prediciting this than I was in the past....
joe shmoe Sun Mar 15 09:38:50 2009 MST #
Anonymous says:
In what world will any Republican step forward on MEANINGFUL reform? The only chance is for some Dems to start challenging Obama from the left. Alan Grayson seems like a dark horse bet now, but at least he's making the right kinds of noises.
Parent Post
Anonymous Sun Mar 15 09:59:56 2009 MST #
Anonymous says:
About 40 suspected militants early March 15 attacked the Pak-Afghan Container Terminal, which is used for shipping supplies to NATO troops in Afghanistan, The Associated Press reported, citing police and witnesses. The attackers burned dozens of vehicles and shipping containers at the terminal, which is located near Peshawar, Pakistan."
That happens about every other week. They don't kill anybody, and it only costs money to replace the destroyed goods. It's a great deal for the military suppliers.
Anonymous Sun Mar 15 09:41:10 2009 MST #
CRbot says:
The Latest from Ritholz:
Has the Economy Hit Bottom Yet?
CRbot Sun Mar 15 09:42:15 2009 MST #
lama says:
Meanwhile, the US is loosening the leash for public accounting firms. More and more, they're getting back into consulting roles and acting as advocates for their clients in writing position papers, etc. in order to keep the money coming in a dry economy.
That's 8 years to get back to the same framwork that allowed Enron. I'll bet Congress will pass some garbage regulation of banking in the next year or so and declare a victory. That'll make people feel secure.
lama Sun Mar 15 09:42:58 2009 MST #
Jas says:
--
Every action of policymakers is consistent with a system of the Crooks... No?
Experts, including economists, play their role if they wish to be rewarded in such a system. The spoils go to crooks and their agents. Dopes are trained to pay for it all, some now and some in the future.
Jas
Parent Post
Jas Sun Mar 15 09:52:29 2009 MST #
Lawyerliz says:
My hub asked me what I thought of Bailouts II III etc.
I said I haven't the faintest idea.
Anybody know anything about RBC Wealth Management? Royal Bank of Canada? Something else?
Lawyerliz Sun Mar 15 09:42:59 2009 MST #
Jas says:
--
"FSA urges Global Crackdown on Shadow Banking System"
Why now? Why not years ago?? Crooks must be allowed a free hand until they are caught having done lot of damage?
A system of the Cooks...
Jas
Jas Sun Mar 15 09:45:41 2009 MST #
Anonymous says:
That's a perfect example, anon. That sort of reportage just . . . just . . . words fail me.
If folks haven't noticed the Obama Media Machine is back from a well deserved leave and in full operation - and the campaign website is alive and well - check out this
http://my.barackobama.com/page/content/pledgeproject
Anonymous Sun Mar 15 09:47:23 2009 MST #
ATM card and $19 in the bank says:
"Some number of threads ago, I posted that part of the problem is that it is hard to face down an alpha male."
You know who historically has been good at facing down alpha males?
Judges.
Indictments, perp walks, trials, sentencing and convictions.
Let the Wall Street alpha males become the warden's problem for 10 to 20 years. Just sayin'...
ATM card and $19 in the bank Sun Mar 15 09:50:29 2009 MST #
Tom Stone says:
Others have alluded to the question of trust.It took decades after GD1 to restore faith in the finance system despite all of the reforms.Once again,the system has been corrupted and the populace looted.Anyone who expects that 401k individuals will feel safe in making long term investments in the stock market is going to be disappointed.Gamblers? sure,there are always Gamblers.One difference this time around is that there is a great deal of uncertainty about the value of the complex financial products,and unwinding them is like trying to unscramble eggs. until there is some way to estimate risk with a reasonable degree of accuracy there are no investors,only gamblers.
Tom Stone Sun Mar 15 09:51:14 2009 MST #
Black Star Ranch says:
".......part of the problem is that it is hard to face down an alpha male. And that must be done to get rid of these alpha jerks."
You will never get rid of them. The world will always have an abundance of this 4%. "Bad guys", whether they fall into this category or not, will always exist and they will always be "bad guys" - they don't just "go away", their purpose is to breed, convince, persuade, coerce, enable others to their side- to become stronger. Unfortunately, many men (and MOST women) think this type of individual can be controlled. They can't, they know only one thing: Control & winning at ALL costs.
Black Star Ranch Sun Mar 15 09:51:32 2009 MST #
Jas says:
--
Quite true, but they are also bred in a certain culture and they must operate within the dictates of that culture to succeed. They essentially form gangs, e.g., Government Sucks, with a structure very similar to gangs. New York City has been a breeding ground for financial crooks and manipulators. They are supported by each other and promoted based on their ability to manipulate and defraud the general public using "legal" schemes because they focus on what is not illegal yet and to keep it that way, via political means, as long as practical.
There is no mystery as to what has been going on and why. Everything was deliberate and masterminded.
Jas
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Jas Sun Mar 15 10:03:03 2009 MST #
energyecon says:
Anonymous,
You are far too cavalier with respect to the impact this has on our military supply lines, this is a huge strategic challenge to our military efforts in Afghanistan (strategy and tactics observation, no endorsement or condemnation express or implied).
U.S. Seeks New Afghan Supply Routes, Even in Iran
WASHINGTON — The United States is seeking new supply routes for the war in Afghanistan that would bypass Russia, and has even had logistics experts review overland roads through Iran that might be used by NATO allies, according to military planners and Pentagon officials.
Skip to next paragraph
Enlarge This Image
The New York Times
The United States is looking for alternatives to the Khyber Pass.
The effort is aimed at developing reliable alternatives to routes through the Khyber Pass in Pakistan, where convoys have come under increasing attack by the Taliban, and to prepare for the possible loss of an important air base in Kyrgyzstan.
http://www.nytimes.com/2009/03/12/washington/12military.html?hp
energyecon Sun Mar 15 09:52:06 2009 MST #
dr munch says:
NYCityBoy: Your vision of who should run the G-20 reminds me of the Peeps who set sail for Atlantis in Donovan's song Atlantis.
dr munch Sun Mar 15 09:53:59 2009 MST #
Anonymous says:
Dr. Munch, should there even be a G-20? It sure seems like a gangster organization to me. But if there is going to be such a disaster I would rather have inventors and writers talking to each other than Geithner and Brown. I don't like these massive international organizations. Beware "entangling alliances" and the such. I don't want anybody in Zurich, London or Frankfurt making my laws and rules, anyway.
Parent Post
Anonymous Sun Mar 15 09:58:52 2009 MST #
ATM card and $19 in the bank says:
When I put sentencing before convictions, did that betray my bias...?
ATM card and $19 in the bank Sun Mar 15 09:54:21 2009 MST #
joe shmoe says:
post lost on Gretchen at NY on counterparties and Exec compensation at AIG:
http://www.nytimes.com/2009/03/15/business/15gret.html
truly worth reading, even if it is Gretchen.
Liddy at AIG is ex Goldman, big pension plan tried to push exec comp restrictions, Rep Carol Maloney pushing hard on getting the names of the counerparties . . . and apparently, supposedly, even top management at AIG does not know who the counterparties are!!!!
joe shmoe Sun Mar 15 09:57:42 2009 MST #
Anonymous says:
blah blah blah. these puppets can only do what they are told to do. the people who own the world financial system know this all too well. slaves they are and slaves they will be. useful idiots, playing the game of words. words mean nothing unless you have the power to back up your words. the power is with those who have capital. who owns the capital of the world? money is power and power is money and world leaders know this. they speak words so that the sleeping sheep will be conforted and also to delay any rebellion that is surely coming.
Anonymous Sun Mar 15 09:58:37 2009 MST #
energyecon says:
ATM,
As they said in the Old West:
Give 'em a fair trial then hang 'em!
energyecon Sun Mar 15 09:58:57 2009 MST #
Mark2Madoff says:
http://www.rbcwm-usa.com/DRP_1.0/Public_Site/Home/DRP_1.0VDynamicHome/1,73395,,00.html
http://www.rbcbankusa.com/
both subsids of RBC Canada
Mark2Madoff Sun Mar 15 10:00:58 2009 MST #
Lawyerliz says:
An alpha male isn't necessarily a bad guy. Socrates, the Buddha, Christ, were, I opine all alpha males. (yeah, yeah Pavel, his human side was alpha!) So was Churchill, who did lots of both good and bad things, and that unmentionable guy whose name begins with H (or S).
Who knows, maybe it's pheromones? Yeah, judges can be good at dealing with them, but before we get to that point, we need people like DAs (State's Attorneys) etc, to deal with them.
When you have an alpha who is really good at something, say Steve Jobs, and only a medium bad or better person, you can have wonderful things happen.
Lawyerliz Sun Mar 15 10:03:07 2009 MST #
REBear says:
Jo shmoe,
"even top management at AIG does not know who the counterparties are"
Nice point. How exactly does AIG plan to come up with the list of couterparties?
REBear Sun Mar 15 10:06:15 2009 MST #
energyecon says:
Is that an inverse Godwin if Shicklegruber is mentioned?
hat tip lliz
energyecon Sun Mar 15 10:07:15 2009 MST #
Anonymous says:
may the God of my fathers, and their fathers before them , in His goodness and mercy and grace , please support the coming American insurgency and rebellion. Amen and Amen.
Anonymous Sun Mar 15 10:07:59 2009 MST #
nova says:
Sen. Webb D. VA, has been talking about the Paki supply line problem. He does not sound happy. Airlift won't work. The other alternative is relying on the Russians. This is a bigger deal than you might think. The US Military is, and has been since WWII, a monster to supply.
nova Sun Mar 15 10:08:09 2009 MST #
fafhrd says:
I'm going to be a little more cautious about prediciting this than I was in the past...
That's a shame, Joe. Your conspiracy theories(in reverse) have provided a bounty of entertainment.
fafhrd Sun Mar 15 10:08:25 2009 MST #
mock turtle says:
"Lord Turner, chairman of the Financial Services Authority (FSA), will publish a paper on Wednesday outlining the regulator’s responses to the global financial crisis.
snip
He will launch a clampdown on the shadow-banking system — including the off-balance-sheet funding vehicles set up by banks in tax havens."
----
so i guess the shadow will go looking for another system
"Who knows what evil lurks in the hearts of men? The Shadow knows!"
mock turtle Sun Mar 15 10:08:33 2009 MST #
Lawyerliz says:
Aren't these counterparties on a computer list somewhere?
I rephrase anybody know anything bad about RBC Wealth Management? RBC has nothing, I assume to do with Royal Bank of Scotland?
Lawyerliz Sun Mar 15 10:08:42 2009 MST #
Some Investor Guy says:
Royal Bank of Canada bought what used to be Dain Rauscher.
Parent Post
Some Investor Guy Sun Mar 15 11:09:40 2009 MST #
Black Star Ranch says:
Our version of "Russia vs. Afghanistan II" will be like most sequels. USSR had an advantage - they had access - we don't. The whole resupply chain into this country is and will be a nightmare. I personally think the 10-15 years we'll be there will be curtailed by our financial crash "mid-war". This Depression won't be helped by a War but rather it will be the fatal financial arterial wound.
Black Star Ranch Sun Mar 15 10:08:49 2009 MST #
Lawyerliz says:
The hub used to use the Sh word as a cuss word.
What would an inverse Godwin be? It gets you the free
use of 2 H-ez?
Lawyerliz Sun Mar 15 10:11:21 2009 MST #
Anonymous says:
In a big change from three or four years ago, insurers are writing bigger campaign checks to Democrats, now the party of power in Washington. The insurance industry gave $10.7 million to Democratic candidates for federal office in the 2006 elections, according to OpenSecrets.org. Last year, it was $20.7 million.
The stakes are high.
If the industry's pitch succeeds, insurers will be guaranteed many more customers. The industry wants all people in the United States to be required to carry medical coverage, with government providing financial help for those who cannot afford it.
http://www.breitbart.com/article.php?id=D96UF5MG0&show_article=1&catnum=4
That's all you need to know about this little scam.
=-X =-X
Anonymous Sun Mar 15 10:13:58 2009 MST #
Anonymous says:
I can't believe this Denniger guy constantly writing all that bilge. It is a sad say when a man starts believing his own bullshit.
Anonymous Sun Mar 15 10:14:29 2009 MST #
Michael says:
Never let a good crisis go to waste. This sounds like, while well intentioned, a way to establish global central banking control, and reduce US sovereignty. NWO, get it?
Michael Sun Mar 15 10:15:50 2009 MST #
cd says:
I want to see a G-20 meeting of inventors, painters, writers, musicians, craftsmen, chefs, real entrepreneurs, winemakers and other productive people. Let them discuss how best we can use the world's assets and share ideas. Let them share foods and songs, ideas and thoughts. That would be a real, productive meeting. Putting financiers in a room and acting like they represent any of our nations is just an exercise in complete bullshit.
Nycityboy-that would please me...finance is not hard to understand, they just create lots of irrelavant content that renders the reader or j6pk clueless....finance is a trojan horse that downloads to your pc after clicking on a disney theme park ad...
cd Sun Mar 15 10:16:56 2009 MST #
Anonymous says:
Who knows, maybe it's pheromones?<<<
i tried spraying some of that on me one night a while back
before i set out for my favorite watering hole and tiddy bar. the minute i walked in i was surrounded by hot babes wanting to dance for me.
Anonymous Sun Mar 15 10:18:52 2009 MST #
dr munch says:
I am all for the G-20 being artists, chefs, scholars, farmers, mechanics, etc. That was the jist of Donovan's song.
dr munch Sun Mar 15 10:21:29 2009 MST #
Broward Horne says:
"“I can't believe this Denniger guy constantly writing all that bilge. It is a sad say when a man starts believing his own bullshit"
Denninger for President!
Broward Horne Sun Mar 15 10:23:21 2009 MST #
fafhrd says:
I suspect that a G20 meeting of productive people would be a waste of their time. They don't need consensus to do their thing. Those types of events are tailor made for parasites and hangers on.
fafhrd Sun Mar 15 10:25:21 2009 MST #
ATM card and $19 in the bank says:
"I rephrase anybody know anything bad about RBC Wealth Management?"
Here's a dozen years' of history for your due diligence delight:
Late in 1997, Dain Rauscher, was born out of its predecessor firms. In 1998, it acquired the investment banking firm Wessels, Arnold & Henderson and restructured its Equity Capital Markets unit to become Dain Rauscher Wessels.
In 2000, Dain Rauscher was acquired by Royal Bank of Canada. The firm was renamed to RBC Dain Rauscher in November 2001, and its equity capital markets division was renamed RBC Capital Markets from Dain Rauscher Wessels.
In 2002, RBC Dain Rauscher merged with Tucker Anthony Sutro. Tucker Anthony had recently completed their 2000 merger with Sutro & Co. Boston-based Tucker Anthony began in 1892 and has served clients primarily on the East coast. Founded in 1858 in San Francisco, Sutro & Co. has a long and distinguished history.
Near the beginning of 2008, our company became RBC Wealth Management, a division of RBC Capital Markets Corporation.
Edited for length (LOL) from http://www.rbcwm-usa.com/DRP_1.0/Public_Site/Common_Pages/DRP_1.0VContentIndex/1,73373,4-4-0-0,00.html
ATM card and $19 in the bank Sun Mar 15 10:26:12 2009 MST #
Fair Economist says:
Some number of threads ago, I posted that part of the problem is that it is hard to face down an alpha male.
And that must be done to get rid of these alpha jerks.
I saw a study recently on how people chose leaders to solve problems. Basically the loudest, pushiest jerk became the leader, even if he couldn't solve the problems and led the group in the wrong direction.
Fair Economist Sun Mar 15 10:30:11 2009 MST #
adornosghost says:
Socrates, the Buddha, Christ, were, I opine all alpha males.
I don't know Liz. Socrates was essentially an invention by Plato, and most historical references paint him as a crazy baffon. Christ does not appear anywhere in the historical record, by a Roman or Palestine historian at the time in the area (and the Romans were pretty meticulous historians).
The earliest record of Buddha is the Pali Cannon, written 400 years after his death, in another language, by monastics, on an island in the Indian Ocean. But he does appear in the historical record, so he probably was alpha.
adornosghost Sun Mar 15 10:33:38 2009 MST #
Broward Horne says:
"the loudest, pushiest jerk became the leader, even if he couldn't solve the problems and led the group in the wrong direction"
A lot of history makes sense now, doesn't it? :)
Broward Horne Sun Mar 15 10:39:55 2009 MST #
mock turtle says:
broward, i agree, often, alpha male is a euphemistic term for bully
Parent Post
mock turtle Sun Mar 15 10:52:52 2009 MST #
BeemMeUpTimmy says:
Never let a good crisis go to waste. Hurry the line at AIG will be long tomorrow, their bonus pot has grown until it can no longer be contained and cash will be flowing out the door.
BeemMeUpTimmy Sun Mar 15 10:40:25 2009 MST #
Some Investor Guy says:
"more coordination between regulators...to spot signs that economies are overheating". Really? I don't think this is one of the more immediate problems. Maybe that item can wait a year or two.
Some Investor Guy Sun Mar 15 10:40:57 2009 MST #
Anonymous says:
It feels like a good time to immigrate and start fresh, I was thinking of Brazil but don't really want to live in a gated community. This was just in the USA Today
Consider it the supermodel of North American cities.
http://www.usatoday.com/travel/destinations/2009-03-12-vancouver-olympics_N.htm
Anonymous Sun Mar 15 10:42:43 2009 MST #
Some Investor Guy says:
Let's see here, clamping down on hedge funds + higher regulation of banks that do risky deals + reducing off balance sheet funding = more deleveraging = higher yield on out of favor assets.
Some Investor Guy Sun Mar 15 10:44:20 2009 MST #
Anonymous says:
Consider it the supermodel of North American cities.
Vancouver = SF without quakeproofing
Anonymous Sun Mar 15 10:45:47 2009 MST #
Michael says:
Are there any good books on the Shadow banking system, how it works, how much money is hidden in it, and who owns the money there? I here it's trillions and that's where the Pentagon got a trillion from to fund black ops.
Michael Sun Mar 15 10:46:39 2009 MST #
Comrade Kristina says:
Michael, it floors me that the public accepts the existance of a "shadow" banking industry without batting an eyelash...
Comrade Kristina Sun Mar 15 10:51:40 2009 MST #
joe shmoe says:
RE BEar
I was paraphrasing Morgenson's article.
She says she wrote it on Friday and, at that time, was hearing rumors that AIG would divulge the names of the counterparties. And she also said that, accoridng to a higly placed source (anonymous, of course), the top execs did not know the names of the counterparties.
Nice puzzle, huh? Someone is cutting checks to the counterparties, but the new top management is in the dark.....
Could be bad reporting by Morgenson....
But, however you slice it, the contradictory stories virtually demand investigation and a laying out of the books so the owners of the company (us!) can see what we are doing.
I think the bonus stories work the same way: how many millions? We don't know? Time to open the books in public and find out.
Too many players overplaying their hands. Not all of them can keep juggling this much BS all at the same time. Some of them have to start to crash and burn.
joe shmoe Sun Mar 15 10:53:59 2009 MST #
nova says:
broward, i agree, often, alpha male is a euphemistic term for bully
As long as somone grooms me; I don't care
nova Sun Mar 15 10:55:39 2009 MST #
Broward Horne says:
"“any good books on the Shadow banking system"
http://www.stewwebb.com/Bush_Millman_Clinton_Lindner_Crime_Family_Flow_Chart1.jpg
Broward Horne Sun Mar 15 10:55:59 2009 MST #
Michael says:
The Brits know their country is bankrupt an going to sink. maybe this is their last best hope to extract money from the shadow banking system in order to survive.
Michael Sun Mar 15 10:57:58 2009 MST #
mock turtle says:
(pakistan nukes may fall into the hands of our nemesis)
and so our mortal enemy, bin laden, sees his plan comming together
us goes bust trying to guzzle oil and use exotic securitization in exchange for trade imbalance
and as we took our eye off of afghanistan to conquer iraq
pakistan, a nuclear state, now boarders on the edge of collapse and revolution
and who do you think will bubble up to the surface with his hands on a nuke???
never under estimate your enemy
http://www.cbsnews.com/stories/2009/03/15/world/main4866468.shtml?tag=topStory;topStoryHeadline
mock turtle Sun Mar 15 10:58:30 2009 MST #
CRbot says:
New Thread: Domestic Oil Investment to Decline Sharply in 2009
http://www.calculatedriskblog.com/2009/03/domestic-oil-investment-to-decline.html ( 0 comments ...You could be FIRST! )
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CRbot Sun Mar 15 11:01:14 2009 MST #
fried says:
In the previous thread, nova said...
"Please feel free not to include me. I am rather shallow. Except when I am at sea."
Nova, you are always in my thoughts, to include you in print would be redundant.
fried Sun Mar 15 11:03:07 2009 MST #
Florence Nightingale says:
If this has been linked before, apologies...
"We are standing on the edge of a cliff in the middle of nowhere. The hatred that spilled out of the mouth of Karl Marx has led to this battle between freedom and the control of individuals that is capitalism vs. Communism/Socialism. We must ask our politicians a very important question - Quo Vadis? (Where are you going?) To date, the answers have been more of a riddle, or in Latin – lucus a non lucendo. In other words, we get a paradoxical explanation that is of something that is the opposite of what it suggests. What we must fear the most, is also what the Romans called – lex talionis - the law of retribution. We must now also ask, quis eustodiet ipos custdes? (who shall guard the guardians?)
Laissez faire (doctrine that opposes government intervention) is dead in the current political discussion. We will not hear this again until Western Civilization collapses. The idea of smaller government and the dream of Thomas Jefferson, Benjamin Franklin, James Madison and others, has expired and vanished into the night suffering what Horace called - Pallida Moors - the pale death. Any solution that somehow excludes government, will never be even attempted. What Marx failed to realize was there was never a dramatic battle between the classes. It has always been a battle between Government and the people. No matter what happens, Government will always blame the private sector and never admit mistakes. Out of self-interest, it will hunt down those in the private sector to sacrifice in the public square."
http://www.contrahour.com/contrahour/2009/03/martin-armstrong-is-it-time-to-turn-out-the-lights.html
Florence Nightingale Sun Mar 15 11:05:27 2009 MST #
Bubblisimo Gerkinov says:
How are they going to get the money to be re-elected if they kill their cash cows? Does he mean to give democracy a chance where incumbents have to fight fair with first-timers. Not!!
This may come as a suprise to some, but the US is the only first world democracy with legalised bribary.
Bubblisimo Gerkinov Sun Mar 15 11:12:50 2009 MST #
mp says:
I have news for Wikipedia and Nouriel Roubini: the term "dead cat bounce" was in use much, much earlier than 1985.
Poor innocents.
mp Sun Mar 15 11:15:27 2009 MST #
Black Star Ranch says:
At the start of 1933, two men are walking down the street - one with a gold coin in his pocket and the other with a bottle of whiskey in his coat - the man with the coin would be an upstanding citizen and the man with the whiskey would be the outlaw. A year later, precisely the reverse was true.
Black Star Ranch Sun Mar 15 11:17:12 2009 MST #
Fair Economist says:
(re push jerks becoming leaders)
A lot of history makes sense now, doesn't it?
Oh, yes.
Fair Economist Sun Mar 15 11:19:13 2009 MST #
Lawyerliz says:
Socrates was satirized by Aristophanes and was in some other famous historian's works (Xeno?) I think he had a compeling personality. Altho Christ is mentioned nowhere but the bible, Pontius Pilate was referred to in Josephus' writings. At the time, he was an annoying nobody to the Romans. Early Christians were referred to a lot, including by Nero of starting the famous fire. The bible is of course contradictory, but a compelling personality comes through.
Ok, how about Confusius?
You actually think no alpha male is anything but a jerk?
Lawyerliz Sun Mar 15 11:46:28 2009 MST #
graingod says:
Is Maddoff an Alpha in your opin. ? =-O
Parent Post
graingod Sun Mar 15 12:48:01 2009 MST #
Markar says:
"“I can't believe this Denniger guy constantly writing all that bilge. It is a sad say when a man starts believing his own bullshit"
Specifically what bilge are you referring to? We'd be a lot better off if Denninger was Treasury Secy. instead of the loser we currently have.
Markar Sun Mar 15 12:38:04 2009 MST #
Anonymous says:
I think the proposal is a pathetic joke. the uk regulatory system is inadequate, costly and staffed with those who had and continue to have no idea what is going on. so blushed with the success of making a mess in the uk, do these muppets (thats you gordon, and obama is not far behind i am sad to say) really think this can be extended to a global construct.
ooooh we dont want people taking risk is a classic nanny statism that has wrecked the lives of the great brittish public.
i am off to zurich, they will never sign off. sking is good i hear.
Anonymous Sun Mar 15 13:29:56 2009 MST #
wally says:
The US seems to be really lagging on this issue, when it should be leading - assuming it wishes to continue to play a leading role in world banking in the future. I think the reason is the fact that the US banks own so much of the government.
However, that excuse won't cut it with the rest of the world. A lot of countries feel they got kneecapped by the US laxity and acceptance of criminal and near-criminal behavior by our biggest banks. We'll reform or we'll lose our position.
wally Sun Mar 15 14:01:03 2009 MST #
Are You Kucking Fidding Me? says:
So, let me get this straight . . . the bonus obligations are contractual and AIG doesn't breach contracts (except when you're talking about the billions of dollars of payments it was contractually obligated to pay counterparties on its derivatives contracts <sorry for the redundancy>). Wouldn't a better policy be for AIG to pay third parties what it owes them first, and if there is any money left over, then pay bonuses . . . with one exception: Anyone that sold a derivative that AIG defaulted on (or that AIG couldn't fund) gets no bonus (or, better yet, their bonus goes to pay for the economic damage they caused).
Are You Kucking Fidding Me? Sun Mar 15 14:37:18 2009 MST #
END