Lloyd! 8==>
Apparently, Goldman Sachs would be in trouble if it were a Vegas casino.
The issue deals with things called front-running and derivatives trading against its own investors. For the rest of us, "derivatives" is a general term used on Wall Street to describe any kind of securities trading that is done off the market and is consequently unregulated.
Oh, and these are always the types of deals that cause market crashes.
The Securities Act of 1934 specifically defines a class of “qualified” investors who are supposed to have enough assets and enough savvy to make their own mistakes, God bless ‘em. Yet in Vegas, where there is a sucker born every minute and capitalism is at least as popular as it is in New York, section 465.070 of the Nevada Gaming Law makes it a felony “to place, increase or decrease a bet or to determine the course of play after acquiring knowledge, not available to all players, of the outcome of the game or any event that affects the outcome of the game or which is the subject of the bet or to aid anyone in acquiring such knowledge for the purpose of placing, increasing or decreasing a bet or determining the course of play contingent upon that event or outcome. ”
US super-rich get five times more income than in 1995
The incomes of the very rich in the US grew phenomenally between 1992 and 2007, while their tax rates plummeted, according to recently uncovered IRS statistics.
Whoops – China taps more Saudi crude than US
Saudi Arabia’s oil exports to the US last year sank below 1m barrels a day for the first time in two decades just as China’s purchases climbed above that level, highlighting a shift in the geopolitics of oil from west to east.
via FT.com / Global Economy - China taps more Saudi crude than US.
Sovereign-debt theories: Domino theory | The Economist
Dubai’s sovereign credit-default-swap spreads soared to their highest level in a year this week, amid concern about the terms of a debt restructuring by a state-owned conglomerate. There is increasingly shrill commentary arguing that Greece is the start of a far bigger problem. “A Greek crisis is coming to America”, blared the headline on a recent Financial Times article by Niall Ferguson, a financial historian.
Wall Street’s Bailout Hustle : Rolling Stone
God bless MATT TAIBBI. He got it right again!
This is the most important issue in America right now and the only magazine to deal with it right is Rolling Stone?
Goldman Sachs and other big banks aren't just pocketing the trillions we gave them to rescue the economy - they're re-creating the conditions for another crash.
I have to admit, I do have a soft spot for Jann Wenner.
Incidentally, America's ruling class should be hopping mad they're getting fleeced by this corrupt executive compensation system. The bankers run their businesses into the ground because their bonuses are based on year-on-year performance.
That is to say, the easiest way for me to double profits from one year to the next is to crash the company first. Then I can do a mediocre job and look like a rockstar.
Seven things about the economy that everyone should be more worried about than they are
Seven things about the economy that everyone should be more worried about than they are
Global market turmoil hints that U.S. recovery may founder | McClatchy
Awww, man.
Conflicting U.S. jobs data and mounting concerns about debt defaults abroad that threaten global economic growth triggered a worldwide wave of stock-market volatility Friday amid fears that the improving U.S. economy could unravel.
A mixed jobs report from the Labor Department, including a revision that showed that 2009 job losses were far greater than thought, called into question the strength of the U.S. recovery.
via Global market turmoil hints that U.S. recovery may founder | McClatchy.
Funds flee Greece as Germany warns of “fatal” eurozone crisis – Telegraph
The yield on 10-year Greek bonds blasted upwards by over 40 basis points to 7.15pc in a day of wild trading. Spreads over German Bunds reached almost four percentage points, by far the highest since Greece joined the euro, and close to levels that risk a self-feeding spiral. Contagion hit Portuguese, Spanish, Irish, and Italian bonds.
via Funds flee Greece as Germany warns of "fatal" eurozone crisis - Telegraph.
Secret Banking Cabal Emerges From AIG Shadows
Hot potato!
If you don't stop reading out of anger, this is actually a very good synopsis of what's gone down -- in broad strokes -- and why you're going to want to pick up one of these.
Seriously, that this comes out late on a Friday should only reinforce the significance of this revelation. Crazy damaging news that must be revealed is always done at the start of a weekend or holiday (if possible). It wouldn't surprise me if they'd hoped for this to come out at the start of the Washington's Birthday three-day weekend.
In fact, we ought to watch out for more damaging information to show up right around then.
The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all.
I remember reading about stuff like this back in the 90s; it was all fringe stuff back then. Not so much, any more.
via Secret Banking Cabal Emerges From AIG Shadows: David Reilly - Bloomberg.com.
