JP Morgan's Q2 earnings statement will be released tomorrow and it is expected to report a $5 billion CIO trading loss, a loss larger than the bank initially announced. Meanwhile, a press report revealed the New York Fed made major changes to its examiners at JP Morgan in mid-2011. The changes took place during a crucial time for policing risk-taking. We have plenty of evidence of the failure of regulators. However, it doesn't appear anyone is losing the appetite for fraud, so what is the solution? We talk to Chris Whalen, senior managing director at Tangent Capital Partners.
Thursday, July 12, 2012
Ponzi Overdose 'UK Screwed by Traitors Gordon Brown and the BBC' - Max and Stacy Keiser with Ian Fraser
The London Daily Telegraph’s new young City whistle-blower Thomas Pascoe has encouraged the longstanding band of gold manipulation spotters by writing this piece today. It is pretty much a vindication of what The Slog’s been saying for six years: that gold sales, auditing, location, price, market size and mining statistics are a load of old bollocks – a feast that moves in mysterious ways to suit the Sovereign agenda of the hour.
My my my, how the global worms are wriggling out of the multiply-kicked cans these days. Just to tot them up for those of us in the Squeezed Middle:
2. Using QE to negate Bear Notes
3. Raising the cost of credit by manipulating Libor up
4. Indirectly lowering the rate on deposits by manipulating Libor down
5. Pauperising every 55+ investor via Zirp
6. Taxing the insured by passing on flood costs to the consumer
7. Artificially supporting the euro by ECB purchases of its own toytown money
8. Gratuitously reducing the maximum use of drawdown pensions for income
9. Doubling the national debt to bail out useless wazzocks without controlling their bonuses.
10. Slashing local services to help balance the Exchequer after those at 9 had finished emptying it.
Altogether, these criminal frauds have slashed my disposable income by 70% since 2005.
Thomas Pascoe: The new media and the 24-hour news cycle have a great deal to answer for, not least encouraging a political class which would otherwise be happily engaged expensing duck houses into the belief that it should demonstrate perpetual action on our behalf – hence the endless stream of badly drafted legislation from the corridors of Whitehall.
It does, however, reveal things that would otherwise be ignored. The issue of manipulation in the gold market which I wrote about last week is a case in point. The ball of half-truths and downright lies which have surrounded the issue for a long time is beginning to unspool in an issue internet activists kept alive long before it was acknowledged by the mainstream media.
People ask why the issue is important at a time of naked market manipulation of the Libor rate. The answer is simple: the Libor manipulation scandal can be seen as the thin end of the wedge in terms of government market manipulation.
Although Libor manipulation affects the interest rates we pay on all number of credit products, gold market manipulation is more serious still.
The price of gold is traditionally a proxy for the value of money. A soaring bullion price is indicative of a lack of faith in fiat currency.
'Settlers violence reflects Israeli brutality' - Ralph Schoenman, author, "Hidden History of Zionism"
Israeli settler violence against Palestinians in the occupied West Bank and East al-Quds (Jerusalem) has increased sharply since 2009, says a group of UN agencies and NGOs.
"Last year, the number of settler attacks resulting in Palestinian casualties and property damage increased by more than a third; since 2009 it increased by nearly 150 percent," said a July 11 joint statement issued by the UN High Commissioner for Human Rights, the United Nations Children's Fund (UNICEF), the Ecumenical Accompaniment Program in Palestine and Israel (EAPPI), the Palestinian NGO Al-Haq and the Israeli NGOs Yesh Din and B'Tselem.
Westbound I-8 in Southern California (an East-West highway that NEVER intersects the international border). Source
How Your Bank Account Could Disappear - “rehypothecation.. there is no one in the world whom you can trust less with your money than a banker."
By Jeff Nielson: On the same morning we hear that ¼ of Wall Street executives think that fraud is a necessary part of “doing business” in the financial sector, we hear of a second “MF Global”. The U.S.’s so-called regulators are now reporting that somewhere around $220 million in customer funds is “missing” at a financial institution known as PFGBest; once again closing the barn door after all the cows have run off.
With at least one out of every four bankers at U.S. Big Banks (that’s how many admitted to being crooks in the survey) thinking that stealing is part of their job descriptions, it’s very important for people to realize how little protection there now is between these thieves and your bank accounts. Based on the writing of a number of other individuals with more expertise in these markets, it is apparently an inherently fraudulent banking process known as “rehypothecation” which is allowing the mass-plundering of accounts at U.S. financial institutions, with other Western financial regulatory authorities also rubber-stamping this relatively new form of bankster crime.
By Madison Ruppert: In a recently declassified Pentagon Inspector General report (embedded below) obtained originally by Truthout via Freedom of Information Act (FOIA) request, It was revealed that detainees at Guantanamo Bay were forced to take “mind altering drugs.”
Unfortunately, this is not the only horror story which has emerged from the Guantanamo Bay military detention center. One of the more disturbing cases involved the alleged suicide of three detainees which became highly questionable after a soldier came forward with testimony completely contradicting the Pentagon’s story.
However, this latest report, which was originally published on September 23, 2009 and just obtained on June 28, 2012, portrays some truly disturbing practices like making prisoners take psychoactive drugs without even being told what they were given.
Only one drug was explicitly named in the report: Haldol, the actual name of which is Haloperidol. Haldol is an anti-psychotic drug originally put on the market in 1967 to treat schizophrenia, severe psychotic states and delirium.
Interestingly, it seems that the interrogators over at Guantanamo Bay might have taken a page out of the Soviet “punitive psychiatry” handbook in choosing to use this drug in their military detention facility.
In fact, medical staff and Soviet dissidents have reported multiple times that Haloperidol was used on detainees either as a punitive measure or in an attempt to “break” the prisoners.
Anwar Al-awlaki: What the media and government won't show you + Would You Believe A US Teenager Who Grew Up In Denver Was Executed WITHOUT TRIAL With A Drone
An Israeli government committee has affirmed the country’s self-proclaimed right to build settlements throughout the occupied West Bank and recommended the legalization of dozens of settler outposts that have not received government authorization. The International Court of Justice has already ruled that all of Israel’s West Bank settlements are illegal, but Israel has said it would only consider dismantling scattered outposts that it has not officially approved. The settlers have used the outposts to seize even more Palestinian land than has already been taken. Source