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Genesis Posts: 71432 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1564-I....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-11-02 07:08:57
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Schwantz Posts: 5077 Incept: 2007-11-12 
Monkey Do
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People come to blogs like yours for the 'true scoop'. When it comes to investigative journalism, mainstreammedia is dead. They can't even scan the blogs efficiently for ideas it seems.
---------- Dives sum, si non reddo eis quibus debeo Smash the Keynesian idiocracy!
2009-11-02 07:27:52
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Snowman Posts: 1040 Incept: 2009-03-09 
avoiding yellow snow
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nostalgic look at Ben Stein's NYT article from Dec 2, 2007 when he pieced 2 and 2 together after reading Goldman's economist's Jan Hatzius's article about the MBS impending implosion. Ie he was puzzled why would Goldman's own economist dark cloud the exuberant MBS market (when of course they were shorting the mess in the first place)!! Needless to say Stein was fired by the NYT in August for critizing BHO. "More thoughts came to me as I read a recent piece in Fortune by my colleague Allan Sloan, a veteran financial writer. Mr. Sloan traces the life and death throes of a Goldman Sachs-arranged collateralized mortgage obligation. He shows how truly toxic waste was sold to overly eager investors who now have major charge-offs, and he also points out that some parts of the C.M.O. were indeed safe and were either current or had been paid off. But what leaps out at me from this story is that Goldman Sachs was injecting dangerous financial products into the world’s commercial bloodstream for years. My pal, colleague and alter ego, the financial manager Phil DeMuth, culled data from a financial Web site, ABAlert.com (for “asset-backed alert”), that Goldman Sachs was one of the top 10 sellers of C.M.O.’s for the last two and a half years. From the evidence I see, Goldman was doing this for years. It might have sold very roughly $100 billion of the stuff in that period, according to ABAlert. Goldman was doing it on a scale of billions even when Henry M. Paulson Jr., the current Treasury secretary, led the firm. The Goldman spokesman would not comment on this except to note that other firms sold C.M.O.’s too. The point to bear in mind, as Mr. Sloan brilliantly makes clear, is that as Goldman was peddling C.M.O.’s, it was also shorting the junk on a titanic scale through index sales — showing, at least to me, how horrible a product it believed it was selling. The Goldman Sachs spokesman said that the company routinely shorts the securities it underwrites and said that this is disclosed. He noted candidly that Goldman is much more short in this sector than usual. Here is my humble hypothesis, even after talking to Goldman: Is it possible that Dr. Hatzius’s paper was a device to help along the goal of success at bearish trades in this sector and in the market generally? His firm says his paper, like all of its economists’ work, was not written to support any larger short-trading strategy. But economists, like accountants, are artists. They have a tendency to paint what their patrons, who pay them, want to see."
2009-11-02 07:30:42
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Bogey Posts: 728 Incept: 2008-03-12
Montana Online
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Bravo, Chief! It's all right there in black, white ... and most importantly, purple. Your first Pulitzer surely awaits. Thanks.
2009-11-02 07:32:42
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Throxxofvron Posts: 2672 Incept: 2009-02-17
The Land of Bilk & Money
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I Gotta hand it to You, Karl; You've been way way out in front the whole time. I wonder if Ben gives a damn that He is being forced to pile this crap onto His balance sheet to save Blankfien and Friends or if it is just a minor rub between old Friends. I guess some more Foreign Currency Swaps and a bit of Data entry will solve this more easily than tying up the Judicial System with some unnecessary Witch Hunt and Media Circus... ---------- DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
2009-11-02 07:37:00
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Schwantz Posts: 5077 Incept: 2007-11-12
Monkey Do
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Yet the Fed and Treasury have obviously been following Goldman Sachs command for several years now. Beware: GS wants the Fed to backstop $10 trillion. http://www.zerohedge.com/article/manhatt.... ---------- Dives sum, si non reddo eis quibus debeo Smash the Keynesian idiocracy!
2009-11-02 07:53:28
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Karlmarxghost Posts: 2641 Incept: 2009-01-26
Stealing Your Property
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Securities/Investment Fraud-"Securities/Investment fraud, also known as stock fraud and investment fraud, is a practice in which investors make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements. Securities fraud includes outright theft from investors and misstatements on a public company's financial reports. The term also encompasses a wide range of other actions, including insider trading and front-running and other illegal acts on the trading floor of a stock or commodity exchange. According to the FBI, securities fraud includes false information on a company's financial statement and Securities and Exchange Commission (SEC) filings; lying to corporate auditors; insider trading; stock manipulation schemes, and embezzlement by stockbrokers." http://en.wikipedia.org/wiki/Investment_.... Police? FBI? Secret Service? Anyone? ---------- My views are my view and mine alone. Karl or ticker forum does not endorse or necessarily agree with my views. DO not trade on my views or take them personally. Last modified:
2009-11-02 08:03:47 by tjeffersonsghost
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Throxxofvron Posts: 2672 Incept: 2009-02-17
The Land of Bilk & Money
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Hiyah, TJ! Feelin' feisty this mornin'? Shall We stroll in and make a Citizens Arrest? 
---------- DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
2009-11-02 08:08:08
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Bluebird Posts: 524 Incept: 2008-05-02
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Actually, McClatchy and Knight Ridder (now absorbed into McClatchy), have always had investigative journalists. Being a smaller organization than New York Times or Washington Post, McClatchy doesn't usually get as much recognition. I'm sure if Greg Gordon was Googled, you would find he has been researching the big banks, Geithner, etc. for quite some time. More McClatchy articles by Greg Gordon http://www.mcclatchydc.com/146
2009-11-02 08:34:11
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Megatoxic Posts: 31 Incept: 2009-08-05
usa
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TJ: This is why some of our ancestors resorted to lynch mobs and other forms of frontier justice. Our corrupt system is not capable of rendering justice when it comes to the TBTF *******s. Last modified:
2009-11-02 08:43:09 by megatoxic
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Jal Posts: 47 Incept: 2009-03-25
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Quote:... Now, pension funds, insurance companies, labor unions and foreign financial institutions that bought those dicey mortgage securities are facing large losses,... Quote:... in fact may be worth zero ... Who is going to tell grandma that her investment advisors took large commissions and bonuses on illusionary investments and that she is now destitute? Little Timmy is not going to tell her! He's doing everything he can to replace the money, (from tax payers), that the bankster have taken to line their own pockets. Last modified:
2009-11-02 09:01:54 by jal
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Mondocondo Posts: 3143 Incept: 2007-12-03
Miami
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The article was on the front page of the Sunday Miami Herald. As soon as I read the first two paragraphs, I thought: "This is old news. Why are they bringing it up again?" Then I remembered it was old news TO ME because Karl has been on top of this for at least two years, and has mentioned it so many times since then that it seemed to be a well-known fact. Truly, it is pathetic how bad investigative journalism has become. Kudos to you Karl. You should win the Pulitzer prize for journalism rather than these so-called mainstream journalists.
2009-11-02 09:18:47
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Realist Posts: 95 Incept: 2009-07-14 Pennsylvania
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I see a problem for any future criminal or civil actions against the perpetrators of these fraudulent loans. The problem is the subsequent conduct and actions of the Federal Government after these loans were made. Not only did the Federal Government permit these practices to continue, they endorsed them. Just look at Barney Frank's statements. ------------------------------------------------- A trillion here, a trillion there and pretty soon you're talking about real money ************************************* Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist. - Kenneth Boulding, economist
2009-11-02 11:01:52
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Laura Posts: 3153 Incept: 2008-05-05
Florida Space Coast
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which brings us right back to what megatoxic said and TF discussions are beginning to have characteristics of endless loops... ---------- Karl's just a shill for Big Math. 1LumpSum Honey, where's the AK ? Tyler Durden My Ford focus can get me from point A to point B just as good Tigger's Cadillac. And my back door window is not broken. Mliu
2009-11-02 16:25:22
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