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| User Info | Oh, So Jefferson County Wasn't Alone? in forum [Ticker] | |||
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Genesis Posts: 71412 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1634-O....
---------- "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
2009-11-17 10:35:11
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Dashingdwl Posts: 4564 Incept: 2007-06-26 
los angeles
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Scum. Where were the regulators? Of course, some were getting promoted (Tim Geithner), but you cannot tell me there wasn't one honest regulator in our government? Someone could make a career reporting, investigating and prosecuting this bull****.
---------- Think Green Tip.
2009-11-17 10:41:07
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Mondocondo Posts: 3141 Incept: 2007-12-03
Miami
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As a lawyer who works in the industry (and has ranted about this for 20 years), my message to government officials is always "don't enter into transactions that even your lawyer can't understand and explain to you how it works." They never listen. Snake oil salesmen are always more convincing than a sober straight talking type.
2009-11-17 10:45:36
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Janedeaux Posts: 9 Incept: 2009-09-16 Mississippi
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I can't believe how ignorant I was before I found this blog, but every day it makes me sicker!
---------- "My friends, we live in the greatest nation in the history of the world. I hope you'll join me as we try to change it." Barak Obama
2009-11-17 10:51:48
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Steelhead23 Posts: 387 Incept: 2008-09-09 Portland OR
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Screw bank regulation. The banksters would just buy off the regulators. Let's put enough of these *******s in the big house, bunking with Bubba, and encourage them to talk to the media frequently about the finer points of prison life. That would scare the rest of these ****roaches straight. If I were Caesar, I-95 from DC to Wall Street would be lined with pikes, decorated with the heads of banksters and their politician friends. That would serve our desire for retribution and would incentivize both groups to do their ****ing jobs right. Barofsky as Sparticus.
---------- short em all - let God sort em out!
2009-11-17 10:59:44
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Bagbalm Posts: 979 Incept: 2009-03-19 
Just North of Detroit
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Would lamp posts do instead of pikes? Pikes are hard to find now-a-days. Some of it is greed, not ignorance. I remember a few years back my wife came home upset because the financial officer at her company was hot to invest their retirement money in mortgages instruments she didn't trust. She brought me the prospectus and I read it. Mind - I just have a high school education. Her boss had a couple high powered degrees. "What do you think she asked?" "It looks to me as if you have the money in stuff that is guaranteed. He wants to shift it to something that has no limits on the down side and only give you 1/4% more interest for that risk. I think it stinks." So of course he shifted the funds and lost all of us a big hunk of money. Was he dumb? Nope, but he was greedy.
2009-11-17 11:31:15
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Digalert Posts: 60 Incept: 2009-09-19
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Isn't Ca AG moonbeam Jerry Brown suing State Street bank for securities fraud? I think the claim includes CALPER's losses.
2009-11-17 11:38:00
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Randy123 Posts: 2005 Incept: 2008-09-24 New Jersey Online
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Disgraceful but unsurprising.
---------- Mliu is my hero. Captain melamine.
2009-11-17 11:39:39
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Blackswan Posts: 3601 Incept: 2007-11-06
Ponzi Roller Coaster
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God's work is never done. Bless those pigmen.
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2009-11-17 11:54:10
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Montysano Posts: 18 Incept: 2009-02-23
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"Where were the regulators?" Were these the type of derivatives that were outside of SEC oversight/regulation?
2009-11-17 13:45:06
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Genesis Posts: 71412 Incept: 2007-06-26
KD^2
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Monty: Yep. But The Fed could have prohibited their purchase by regulated institutions. ---------- "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
2009-11-17 13:46:25
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Dashingdwl Posts: 4564 Incept: 2007-06-26
los angeles
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And at the time of all this malfeasance, the NYFed was being run by Tim Geithner. ------------- Timothy F. Geithner became the ninth president and chief executive officer of the Federal Reserve Bank of New York on November 17, 2003. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee, the group responsible for formulating the nation's monetary policy. President Obama nominated Mr. Geithner to be the 75th Secretary of the Treasury and the U.S. Senate confirmed him to the position on January 26, 2009. -------------- The NY Fed... supervises and regulates financial institutions in the Second District. Its primary objective is to maintain safe and competitive U.S. and global banking systems. Staff in the Group assess the safety and soundness of domestic banking institutions and operations of foreign banking organizations in the District through periodic onsite evaluations and offsite financial analysis and surveillance. The Group also evaluates firms' proposals to acquire or establish additional operations, and analyzes issues and developments to identify emerging supervisory risks and develop domestic and international supervisory policy. Risk Management (at the NY Fed) ---In concert with Relationship Management, implements the supervisory plans for individual institutions, assessing their risk exposures and risk management frameworks, providing cross-institutional assessments, and assisting in developing sound practice guidelines and new examination procedures in response to the changing risks in the financial industry. ---Examiners serve as risk specialists in the following areas: operational risk, market and liquidity risk, credit risk, legal and compliance risk, or insurance risk. ---Financial analysts provide cross-institutional analyses and identify emerging risks in credit and capital markets. -------------------------- FAIL FAIL ****ING FAIL. ---------- Think Green Tip.
2009-11-17 13:59:01
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