Stacy Summary: I’m going to try something new which is just a daily ticker tape of headlines on markets, finance and scandal as they come in throughout the day. Tags: european debt · greek working hours · trichet66 Comments Stacy Summary: Yes, because the UK was suffering such a shortage of entitled ponces. This is a massively illiberal step to take,” he said. “The single largest simultaneous act of political patronage probably since Charles II came to the throne in 1660 . . . “ Chris Bryant, Labour MP Tags: lib-cons · lords · peers57 Comments Stacy Summary: h/t @marietta for the verbiage! Tags: asia market · bankers · euro · eurozone · finland· france · germany · monetary union27 Comments Stacy Summary: Last night, Max and I had dinner with Bob Moriarity of 321gold. On the walk back, we all passed under the Eiffel Tower. While it was pleasant, it certainly was not as exciting as this time Bob flew under the Eiffel Tower: Tags: bob moriarity · eiffel tower33 Comments Guest post from David DeGraw of AmpedStatus: Max & Stacy have invited me to make guest posts here. I hope to live up to the standards of this vibrant online community. The comments on this site kick ass, so I’m honored to contribute. Before jumping into my first news roundup for you, here’s a quick note: I am working on a follow-up to the High Frequency Terrorism report that I wrote w/ the help of Max. For now, here’s my brief comment: Commodity Futures Trading Commissioner Gary Gensler’s claim that the “Flash Crash” was caused by a “lone trader” is the most ridiculous official story I have heard since Lee Harvey Oswald was “fat-fingered” as the “lone gunman.” The mainstream media has gone from pointing blame at the “fat-finger” to the scary sounding Nassim Taleb, author of “Black Swan: The Impact of the Highly Improbable,” and has now landed on Waddell & Reed’s e-mini futures. What will ex-Goldmanite Gary “I wrote the laws that exempted oversight of the derivatives market” Gensler come up with next? Real quick recap of Gensler’s career as a “regulator” after leaving Goldman: he supported the housing bubble when, in 2000, he turned loose the $58 trillion credit default swap market, and has been sleeping through the multi-trillion manipulations of the InterContinental Exchange oil futures market and the silver/gold PM market. This is the last person we want in charge of investigating this latest act offinancial terrorism! Much, much more to come… Here’s your Rigged Market News Roundup: James K. Galbraith: Why the ‘Experts’ Failed to See How Financial Fraud Collapsed the Economy Insights From An Ex-Wall Street CEO On Market Manipulation How Bankers Are Gaming the US to Get Richer Than God Daily Show: Rigged Market Hoarders [video] Tags: david degraw · gary gensler · nassim taleb ·rigged market news69 Comments Stacy Summary: Hope you enjoy. Here is the latest rumored trader, Waddell & Reed, involved in the 1000 point plunge (I got some of my numbers slightly wrong when discussing, so should cross check with the article). For more download & listening options, visit Archive dot org Stacy Summary: On the Edge with Revere Award winner,Steve Keen. (By the way, next week’s guest will be Gerald Celente if you have any questions for him). Tags: deflation · max keiser · On the Edge · steve keen73 Comments Stacy Summary: The CEO of BP uses the same argument that ‘financial engineers’ used – all those derivatives and debt spills happened in such a big ocean of the US & world economies that the little spills weren’t supposed to matter. Tags: bp · imf · US62 Comments Stacy Summary: The almighty market speaks. And it says, “Aaaarrrrggggghhhh!!!!” I think we are going to need some new words for ‘tumble’ and ‘plunge,’ getting a bit overused these days. UPDATE: Tags: euro · pound189 Comments Naked shorting is illegal in the US, and for very good reasons. On a larger scale, it is used for price manipulation, and is the equivalent of counterfeiting. The removal of theuptick rule by the SEC on July 6, 2007, which had been created in 1938 as part of the New Deal regulatory reforms, cleared the way for its more heavy handed uses and control frauds. [Read more →] Stacy Summary: This week we look at the scandals of lying children, probing banks, Wall Street barbarism and German fantasies. In the second half of the show, Max interviewsJ.S. Kim, Chief Investment Strategist forSmartKnowledgeU, about systemic fraud in the Wall Street casino scam and a return to the gold standard.**UPDATE** - Iceland news reporting on Max’s offer of one ounce of gold as reward for information leading to arrest of former Kaupthing chairman & co-CEO. **UPDATE 2** - J.S. Kim’s latest blog entry, “Bangkok Now, Who’s Next?” Stacy Summary: Max appeared on South African radio yesterday, 19 May 2010. Here is the Archive dot org pageor you can download . . . Stacy Summary: Good morning! The US is looking a whole lot like Europe this morning. Carry trade unwinding and debtors restructuring (as should happen with all bad but payable debts or written down for those debts that are unpayable). Stacy Summary: Never swim naked with the big boys. Stacy Summary: The ban on naked short selling in European government bonds and Germany’s 10 largest banks is apparently in place until March 31, 2011. Via @NicAbbo77 here is text of German ban on naked short selling. Regardless, the turmoil doesn’t seem as bad as post Lehman as many were warning yesterday and gold is off its all time euro high. It seems to me the argument from bankers is that we are in an Afghan poppy like corner – we have to let the warlords grow poppies or else there will be Taliban chaos! Failed states, failed markets. Or as Max says, “Without fraud there would be no markets” **UPDATE**: The final headline is from Denninger; and he says that there is also a ban on naked shorting of gold. Stacy Summary: We look at the scandals of real time fraud as quoted on the ticker tape; the more ‘perfect quarters’ and even more ‘missing records’ as the US government hands out tens of billions to TARP banks. In the second half of the show, Max interviews Jim Rogers about the euro, naked short selling, and gold. **UPDATE**: Merkel introduces ban on naked short selling from midnight tonight**UPDATE 2** – There are $250 billion in naked CDS outstanding; they have 4 hours to unwind . . . Stacy Summary: Good morning, y’all. Here’s the show from down under. For more download and listening options, visit Archive dot org Your Latest Amped Roundup: Rigging, rigging and rioting… the reform process, the market and “rollin’ down Rodeo…” Rigging the Reform Process Rigging the Market Riots Coming to California? Isn’t it Sublime? Shades of April 29, 1992 Coming to a city near you!Ticker Tape of Fraud: 17 May 2010
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Lib-Cons to create more than 100 new Lords
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RespondAsia Craters, Euro Bellyflops, Germans Fantasize & Bankers Try to Blend In
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RespondThe Infamous Moriarity Flight Under the Eiffel Tower!
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I write to you from a disgraced profession… the study of financial fraud received little attention. Practically no research institutes exist; collaboration between economists and criminologists is rare; in the leading departments there are few specialists and very few students. Economists have soft- pedaled the role of fraud in every crisis they examined, including the Savings & Loan debacle, the Russian transition, the Asian meltdown and the dot.com bubble. They continue to do so now…
I cannot come up with any explanation for market activity for last 15 months other than treasury intervention. Probability of other explanation is nonexistent. Who knows…it could have even been Timmy who set the Thursday action into motion, but for the first time he did it simultaneously with other large sellers… We have met the enemy and he is us. It’s a inside Ponzi game and I am using my winnings to keep it going…
Because the US government is lending money to the big banks at near-zero interest rates. And the banks are then turning around and lending that money back to the US government at 3%-4% interest rates, making 3%+ on the spread. What’s more, the banks are leveraging this trade, borrowing at least $10 for every $1 of equity capital they have, to increase the size of their bets. Which means the banks can turn relatively small amounts of equity into huge profits–by borrowing from the taxpayer and then lending back to the taxpayer…
The big banks make money by taking the bailout money we gave them and lending it back to the government with interest…[1127] The Truth About Landmines & Landfills – 15 May 2010
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Respond[OTE54] On the Edge with Steve Keen
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RespondSarko Speaks! Euro Plunges! Tory Splits! Pound Tumbles!
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[KR44] Keiser Report – Markets! Finance! Scandal! – And The Gold Standard with J.S. Kim!
Max Keiser on “Straight Talk,” Radio 786 in South Africa – 19 May 2010
Arizona Threatens, Dubai World Restructures & the Aussie Freefalls
Bear Raids and Delinquents
‘Acts of Desperation’ & Hyperinflation Trades
[KR43] Keiser Report w/ Jim Rogers – Banks! Bailouts! Scandals!
Max Keiser Interviewed on Athens International Radio – 17 May 2010
[1128] The Truth About Markets – Christchurch – 18 May 2010
Shadow Lobbying, Loopholes & Super Majorities: Rigging the U.S. Reform Process
Thursday 20 May 2010
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A “shadow bank lobby” has played a prominent role in shaping the financial reform process, pushing amendments that will weaken consumer protections, water down regulation of the Wall Street casino, and increase the likelihood of continuing fraud and future bailouts…
If parties to a swaps contract — a type of derivative that involves regular payments over a specified time period — do not trade via a clearinghouse when they’re supposed to, there’s no penalty. Also, those swaps can’t be deemed invalid because of this evasion. Furthermore, even though federal regulators may require that a swap be cleared, they can’t mandate a clearinghouse to accept it…
FT notes, “the political mood is such that a straight vote on derivatives would be close and the Volcker Rule would be likely to pass.” Should the Volcker Rule pass, this will be the beginning of the end for the current casino capitalism system that has gripped Wall Street. And don’t be surprised to see a 10% drop in the market as a last ditch self defense mechanism by the primary dealers…
A 60-vote threshold would benefit opponents of Levin-Merkley and became seriously discussed as a possibility only over the past week, as support for it surged…
We find out that just like Tradebot, which as “one of the biggest high-frequency traders around, had not had a losing day in four years” that Goldman, and all the other big banks who reported a flawless Q1, are now nothing but one large HFT prop shop: they push the market higher on no volume, and when the selling in size commences they all just shut down. So much for providing liquidity when it is needed. And as for that 4 year track record… What did Madoff go to jail for again?
Nassim Taleb author of “The Black Swan: The Impact of the Highly Improbable,” talks with Bloomberg’s Erik Schatzker about the May 6 stock market selloff and his investment strategy. Taleb also points the finger at the real financial terrorists: Geithner, Bernanke and Summers.
Schwarzenegger’s plans involve, in his own words, “absolutely terrible cuts” to vulnerable sections of the poor and working class…
“There was a riot on the streets,
Tell me where were you?
You were sittin’ home watchin’ your TV,
While I was paticipatin’ in some anarchy.
Cause everybody in the hood has had it up to here,
It’s getting harder and harder and harder each and every year.
It’s not written on the paper, it’s on the wall.
National guard
Smoke from all around,
Oh, Riots on the streets of Long Beach and San Francisco…
Riots on the streets of Fountain Valley, Eureka, Vista View…
Riots on the streets of Santa Barbara, San Diego…”
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