VISIT US ON FACEBOOK!

OUR FACEBOOK PAGE--EYE ON WASHINGTON

Stephen Colbert-- Here.

Our "Vintage" Video Collection Click On Image

Our "Vintage" Video Collection Click On Image
Great Political Moments Caught For Your Pleasure

Monday, November 16, 2009

God's Will Was In The Sachs

Wait. I am confused. Is it God Man Sachs? Is it Lord Blankfein? Is it a Fine Blank God Man In The Sach?

It is so hard to follow these days! We have Lloyd Blankfein, a key player in the financial-banking crime syndicate wanting all of us to believe that he believes in God, and that he is following God’s Plan. Lloyd Blankfein, the guy who has told us that his company, Goldman Sachs, really did not need to be bailed out to the tune of $12 billion by Little Boy Bush’s Treasury Secretary, Hank Paulson, and Federal Reserve Chair, Ben Bernanke under the TARP give-away program.

No. No. He was just drinking from the public trough for humanitarian reasons. His colleagues and derivatives alchemists needed raises and bonuses, so if the Congress was giving out bail out candy favors called TARP (Toxic Asset Relief Program), then Blankfein was in line with his party bag.

It was in Blankfein’s theocratic master plan to be allowed to transform from a investment corporation into a bank company so he could be allowed to receive government handouts when he really did not need them.

It was God’s Will to have Blankfein attending the infamous March, 2004 secret meeting of the five investment crime family bosses with Bennie-The Beard—Bernanke, Timmie-The G—Geithner, Hank—The Paulie—Paulson to likely discuss knocking off Bear Stearns. It has all been denied that this was the intent. When asked about this secret meeting that would affect the entire economic fabric of the country, and which was kept from the President of the United States, Geithner, acting at the time as the New York Federal Reserve chairman said, ‘It was business-as-usual.’ It was just business. Just business. Ahh. Geithner channeling Tony Soprano.

So what was behind the Bear Hunt? It was rumored that in Blankfein’s theocratic master plan he had more than likely decided to attack da’ Bear by using a powerful killing tool---Naked Short-Selling. Many called it a counterfeiting scheme, such as Matt Taibbi, in his article titled “Wall Street’s Naked Swindle” (10-14-09).

Mr. Taibbi explains, “What naked short-sellers do is sell large quantities of stock they don’t actually have, flooding the market with ‘phantom’ shares that depress a company’s share price by making the shares less scarce and therefore less valuable.”

To paraphrase Mr. Taibbi, a giant number of undelivered shares over the course of a week (3-12-08) amounted to one of the most blatant cases of stock manipulation in Wall Street history. “There is not a doubt in my mind, not a single doubt” that naked short-selling helped destroy Bear, says Ken Kaufman, a Democrat from Delaware, who had introduced legislation to curb such financial fraud.”

The article went on to further describe the scam that goes along with naked short-selling tactics.

“Thanks to the media-fueled rumors and the mounting anxiety over the company’s ability to make its payments, Bear’s share price plummeted seven percent on March 13, [2008] to $57. It still had a ways to go for the mysterious short-seller to make a profit on his bet against the firm, but it was headed in the right direction. [There was this mysterious short-seller out to manipulate the stock price who knew what was going on inside Bear.] But then, early on the morning of Friday, March 14th, Bear’s CEO, Alan Schwartz, struck a deal with the Fed and JPMorgan to provide an emergency loan to keep the company’s doors open.” The stock price rallied to $62, but it was all pipedream. The hunt of da’ Bear was closing in. The Bear was cornered and the trigger was cocked. Here is how Mr. Taibbi describes it:

“The rally was proved short-lived—Bear ended the day [Friday] at $30—but it suggested that all was not lost. Then a strange thing happened. As Bear understood it, the emergency credit line that the Fed had arranged was originally supposed to last for 28 days. But that Friday, despite the rally, Geithner and then-Treasury secretary Hank Paulson—the former head of Goldman Sachs, one of the firms rumored to be shorting Bear—had a sudden change of heart. When the market closed for the weekend, Paulson called Schwartz and told him that the rescue timeline had to be accelerated. Paulson wouldn’t stay up another night worrying about Bear Stearns, he reportedly told Schwartz, Bear had until Sunday night to find a buyer or it could go fuck itself.” And, we all know how that story ended. It was God’s Will!

Goldman Sachs has reaped billions of dollars by engaging in short-selling.

Here is another intriguing part of Taibbi’s swindle story:

“A paper presented at the American Bankruptcy Institute earlier this year report[ed] that up to a third of all notes for mortgage-backed securities may have been “misplaced or lost”—meaning they’re backed by IOUs instead of actual mortgages.”

“How about bond? Naked short-selling of stocks is nothing compared to what goes on in the bond market, says Susan Trimbath, the former Depository Trust Company staffer. [She was one of the first people to notice that there was a scam brewing around naked short-selling.] Indeed, the practice of selling bonds without delivering them is so rampant it has even infected the market of U.S. Treasury notes. That’s right—Wall Street has actually been brazen enough to counterfeit the debt of the United States’ government right under the eyes of regulators, in the middle of a historic series of government bailouts! In fact, the amount of failed trades in Treasury bonds—the equivalent of “phantom” stocks—has doubled since 2007. In a single week last July, some $250 billion worth of U.S. Treasury bonds were sold and not delivered.”

“The counterfeit nature of our economy is troubling enough, given that financial power is concentrated in the hands of a few key players---300 white guys in Manhattan---as a former high-placed executive [put] it.”

We all know that Lloyd, or is it Lord Blankfein is part of that cabal. But remember, he is doing God’s Work!

Here are more of Lord Blankfein’s theocratic marching orders from you-know-who.

Phillip Davis wrote on Seekingalpha.com, a piece called “The Global Oil Scam”, 11-11-09, that Lord Blankfein’s Goldman Sachs was engaged in, with others, an oil scam the size of 50—Bernie Madoff swindles. $2.5 trillion in size.

Here it is. “Goldman Sachs, Morgan Stanley, BP, Total, Shell, Deutche Bank, and Societe Generale founded the International Continental Exchange (ICE) in 2000. ICE is an online commodities and futures marketplace. It is outside the US and operates free from the constraints of US laws. The exchange was set up to facilitate “dark pool” trading in the commodities markets. Billions of dollars are being placed on oil futures contracts at the ICE, and the beauty of this scam is that they NEVER take delivery, per se. They just ratchet up the price with leveraged speculation using your TARP money. This year alone they ratcheted up the global cost of oil from $40 to $80 per barrel.”

There is more. “You can chart the damage done by Goldman Sachs and their gang of thieves by looking at commodity pricing pre and post ICE. Before ICE, commodities followed a more or less normal growth path that matched global GDP, and was always limited to price appreciation by the fact that, ultimately, someone had to take delivery of a physical commodity at a set price.

ICE threw that concept out the window and turned commodity trading into a speculative casino game where pricing was notional, and contracts could be sold by people who never produced a thing, to people who didn’t need the things that [had] not [been] produced. And, in just 5 years after commencing operations, Goldman Sachs and their partners managed to TRIPLE the price of commodities.”

Here is Lloyd Blankfein’s theocratic motivation. “Goldman Sachs Commodity Index funds accounted for $60 billion out of $100 billion of all formula-managed funds in 2007 and investors in the GSCI lost 15% in 2006, while Goldman had a record year. John Dizard, of the Financial Times, call[ed] this process “date rape” by Goldman Sachs…”

Mr. Phillips stated, “It is not surprising that a commodity scam would be the cornerstone of Goldman’s Sachs’ strategy.” “Before ICE, the average American family spent 7% of their income on food and fuel. Last year, that number topped 20%. That is 13% of the incomes of every man, woman and child in the United States of America, over $1T EVERY SINGLE YEAR, stolen through market manipulation.”

It is very clear to this writer, and no doubt to many others, that when Lloyd Blankfein says he is doing God’s Work, his theocratic master plan is to rip-off the American people, and United States government. His plan is to engage in fraud as a high ranking member of the financial-investment banking crime syndicate. It does not matter where in the world his evil ways are being manufactured, he always comes back to find a nice long straw to stick into the Federal Reserve’s quantitative easing trough, supplied with taxpayer dollars, to suck out zero percent cash in order to perform his work for the Lord. Hallelujah. Praise the Lord!

Thanks for reading, jerry

PS:  Thank you Spectre Of Deflation, a great friend of the blogspot, for the great refresher regarding Goldman Sachs. Last year, 2008, Goldman Sachs received a gift from the heavens, or maybe it was just from the IRS and the US tax code. They were able to drop their tax burden down to 1% because of losses. How many of you folks working hard everyday were able to drop YOUR tax burdens? Not only has Goldman Sachs been receiving bailouts, and Federal Reserve Financial Happy Meals, but they don't have to pay taxes either!!! (Read the entire Bloomberg article in the comments below.)

23 comments:

SPECTRE of Deflation said...

While I believe Lloyd Blankfein answers to a higher power, I know it's not the Lord of Hosts he serves. He like the rest is consumed with evil, and the love of money and power. We are by no means a special Empire in man's recorded history. The Roman Empire certainly comes to mind. Once a heart or a society for that matter becomes more and more depraved, it takes more and more evil and cruelty to satisfy their black hearts and the evil one they serve. Let us not confuse the evil lord Lloyd serves with our truly loving God who offers love and peace to those who seek him.

SPECTRE of Deflation said...

Jerry, here's Karl D. tearing Lloyd a new one:

Lying Sack Of Dog Squeeze: Blankfein
Sorry Lloyd: NO SALE

“We participated in things that were clearly wrong and have reason to regret,” Blankfein, 55, said at a conference in New York hosted by the Directorship magazine. “We apologize.”

But then there's this...

Goldman Sachs, the most profitable securities firm in Wall Street history, had a record profit in the first nine months of this year and set aside $16.7 billion for compensation expenses.

No they didn't. Their "profit" was entirely ill-gotten.

About $10 billion from the government via the AIG conduit, which they had a ZERO chance of collecting had AIG filed bankruptcy.

Another $21 billion financed at RADICALLY below-market rates due to government guarantees - that is, an explicit taxpayer subsidy.

That money is not Goldman's. It is ours.

Furthermore, the standard for forgiveness among Christian faiths for sins requires certain things. Specifically one must:

•Be sorry for one's sin. Lloyd professes to be. Ok.


•Forswear sin in the future. To do so one must identify the specific sin(s) for which one is atoning. So far, Lloyd hasn't done that. Exactly what things did you do that were wrong Lloyd, and why are you trying to evade whatever lawful and reasonable punishment might come from making a full account of your activity?


•Make penance where possible. In this case it is possible, since the sin involved money. Yet Goldman and Lloyd have made no penance whatsoever, despite the myriad people who got hosed as a direct and proximate cause of activities he now admits were wrong for Goldman to engage in.
Goldman may be the "most profitable" Wall Street firm but I will simply observe that it is trivially simple to be "profitable" when one does wrong, since it is always easier to make money by doing wrong than by acting with honor and propriety.

No Lloyd, your apology is not accepted, as it is insincere. You are simply trying to deflect attention from the well-deserved hit to your reputation - a reputation that, from my perspective, is somewhere south of Satan's.

Have a nice day Jackass and may you burn in Hell.

jerry, of eye on washington said...

HI Spectre,

How beautiful was Karl D's eulogy to the lying piece of crap that needs to be dropped into the outhouse's poop hole. Lily Lying Lord Lloyd is CEO of Goldman Sachs of Scat that was worth way less than what the Hank-da' Paulie-Paulson handed over to them during the big-time rescue circus act. The government could have bought the investment company for a few hundred thousand or so. But no, we gave them billions so they could hand out bonuses and expand their lines of credit, and gamble at the Wall Street Casino crap tables padding their balance sheets preparing them for a really big hit coming in the next year or so.

Obama is culpable here. He continues the fraud, as well as his "GS Boys" now working inside the government rolling out the Green Money carpet for them furthering their wealth pyramid, and priming them to become larger through bank takeovers.

Da' Paulie, a former Goldman exec, wanted to make sure his investments in that company, turned bank so they could get rescue funds, would not go sour.

Blankfein answers to only one power, and that is the power of money and greed.

thanks, jerry

SPECTRE of Deflation said...

Jerry, more outright lying from our govt., and I'm never surprised anymore. Ministry of Propaganda is what we now have. They can and will ALWAYS claim human error...how very convenient.

November 18, 2009
By Larry Bivins
Gannett Washington Bureau

WASHINGTON — The federal Web site that tracks spending from the Obama administration's $787 billion economic stimulus program reports that the program has created thousands of jobs in congressional districts that don't exist.

According to www.recovery.gov, California has seven congressional districts more than the 53 it actually has, including a 99th. In South Carolina, the site reported Tuesday evening, $40.7 million in economic stimulus funds have gone to seven spurious congressional districts, including 00 and 25. South Carolina has six U.S. House districts.

"The inaccuracies on recovery.gov that have come to light are outrageous," said Rep. David Obey, the Wisconsin Democrat who chairs the House Appropriations Committee. "The administration owes itself, the Congress and every American a commitment to work night and day to correct the ludicrous mistakes."

Republican lawmakers were more scathing Tuesday, with some accusing the administration of a cover-up. No House Republicans and only three GOP senators voted for the stimulus bill, which President Barack Obama signed into law on Feb. 17.

"The government Web site charged with reporting waste, fraud and abuse is its very own worst offender," said Rep. Joe Wilson of South Carolina. "I know we have been asking this administration to show us the jobs, but this isn't what we had in mind."

"The attempts to cover up the dismal failure of the president's trillion-dollar stimulus have gone from comical to embarrassing," said South Carolina Republican Sen. Jim DeMint.

The White House didn't respond to repeated requests for comment.

Ed Pound, a spokesman for the Recovery Accountability and Transparency Board, told ABC News that human error caused the mistakes.

"We report what the recipients submit to us," he said, according to ABC. "Some recipients clearly don't know what congressional district they live in, so they appear to be just throwing in any number."

Computer experts questioned that explanation, however, noting that many of the Web site's state links included a District 00, suggesting that there was a technical glitch in how the data was received.

http://www.wisconsinrapidstribune.com/article/20091118/WRT0101/911180685/1805/WRT01

SPECTRE of Deflation said...

A snip, mos of which was written in 1997:

The initial spark has triggered a chain reaction which has resulted in government actions which will create further emergencies. The known problems of unsustainable debt, civic rot, and global chaos have been festering for decades. They will now coalesce into a violent denouement. Strauss and Howe wrote their book, The Fourth Turning, in 1997. These are their chilling words describing the onset of the next Crisis:



“It is unlikely that the catalyst will worsen into a full-fledged catastrophe, since the nation will probably find a way to avert the initial danger and stabilize the situation for awhile. The new mood and its jarring new problems will provide a natural end point for the Unraveling-era decline in civic confidence. As the Crisis catalyzes, these fears will rush to the surface, jagged and exposed. Distrustful of some things, individuals will feel that their survival requires them to distrust more things. This behavior could cascade into a sudden downward spiral, an implosion of societal trust.



If so, the implosion will strike the financial markets – and, with that, the economy. Aggressive individualism, institutional decay, and long-term pessimism can proceed only so far before a society loses the level of dependability needed to sustain the division of labor and long-term promises on which a market economy must rest. Through the Unraveling, people will have preferred the exciting if bewildering trend toward social complexity. But as the Crisis mood congeals, people will come to the jarring realization that they have grown helplessly dependent on a teetering edifice of anonymous transactions and paper guarantees. Many Americans won’t know where their savings are, who their employer is, what their pension is, or how their government works. The era will have left the financial world arbitraged and tentacled; Debtors won’t know who holds their notes, homeowners who owns their mortgages, and shareholders who runs their equities – and vice versa.”

SPECTRE of Deflation said...

A snip, mos of which was written in 1997:

The initial spark has triggered a chain reaction which has resulted in government actions which will create further emergencies. The known problems of unsustainable debt, civic rot, and global chaos have been festering for decades. They will now coalesce into a violent denouement. Strauss and Howe wrote their book, The Fourth Turning, in 1997. These are their chilling words describing the onset of the next Crisis:



“It is unlikely that the catalyst will worsen into a full-fledged catastrophe, since the nation will probably find a way to avert the initial danger and stabilize the situation for awhile. The new mood and its jarring new problems will provide a natural end point for the Unraveling-era decline in civic confidence. As the Crisis catalyzes, these fears will rush to the surface, jagged and exposed. Distrustful of some things, individuals will feel that their survival requires them to distrust more things. This behavior could cascade into a sudden downward spiral, an implosion of societal trust.



If so, the implosion will strike the financial markets – and, with that, the economy. Aggressive individualism, institutional decay, and long-term pessimism can proceed only so far before a society loses the level of dependability needed to sustain the division of labor and long-term promises on which a market economy must rest. Through the Unraveling, people will have preferred the exciting if bewildering trend toward social complexity. But as the Crisis mood congeals, people will come to the jarring realization that they have grown helplessly dependent on a teetering edifice of anonymous transactions and paper guarantees. Many Americans won’t know where their savings are, who their employer is, what their pension is, or how their government works. The era will have left the financial world arbitraged and tentacled; Debtors won’t know who holds their notes, homeowners who owns their mortgages, and shareholders who runs their equities – and vice versa.”

SPECTRE of Deflation said...

Jerry, an interesting video:

Naomi Klein & Ryan Grim on FDL Action With Trumka, Stern & Auditing the Fed

http://www.youtube.com/watch?v=wXF6LH4b0g0&feature=player_embedded

SPECTRE of Deflation said...

Jerry, here's an oldy but goody article. Cheers and pass the cake, and remember they just set aside $17 BILLION in BONUS MONEY:

Goldman Sachs’s Tax Rate Drops to 1%, or $14 Million (Update1)
By Christine Harper

Dec. 16 (Bloomberg) -- Goldman Sachs Group Inc., which got $10 billion and debt guarantees from the U.S. government in October, expects to pay $14 million in taxes worldwide for 2008 compared with $6 billion in 2007.

The company’s effective income tax rate dropped to 1 percent from 34.1 percent, New York-based Goldman Sachs said today in a statement. The firm reported a $2.3 billion profit for the year after paying $10.9 billion in employee compensation and benefits.

Goldman Sachs, which today reported its first quarterly loss since going public in 1999, lowered its rate with more tax credits as a percentage of earnings and because of “changes in geographic earnings mix,” the company said.

The rate decline looks “a little extreme,” said Robert Willens, president and chief executive officer of tax and accounting advisory firm Robert Willens LLC.

“I was definitely taken aback,” Willens said. “Clearly they have taken steps to ensure that a lot of their income is earned in lower-tax jurisdictions.”

U.S. Representative Lloyd Doggett, a Texas Democrat who serves on the tax-writing House Ways and Means Committee, said steps by Goldman Sachs and other banks shifting income to countries with lower taxes is cause for concern.

“This problem is larger than Goldman Sachs,” Doggett said. “With the right hand out begging for bailout money, the left is hiding it offshore.”

In the first nine months of the fiscal year, Goldman had planned to pay taxes at a 25.1 percent rate, the company said today. A fourth-quarter tax credit of $1.48 billion was 41 percent of the company’s pretax loss in the period, higher than many analysts expected. David Trone, an analyst at Fox-Pitt Kelton Cochran Caronia Waller, expected the fourth-quarter tax credit to be 28 percent.

The tax-rate decline may raise some eyebrows because of the support the U.S. government has provided to Goldman Sachs and other companies this year, Willens said.

“It’s not very good public relations,” he said.

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net.

Last Updated: December 16, 2008 18:17 EST

carlandjerry said...

Spectre, thanks so much for the great stuff you have been sending our way!! I posted the Youtube, and added the Goldman Sachs government tax gift to the end of the posting.

When will this all end?

jerry

SPECTRE of Deflation said...

Jerry, it will end when they have stolen every last dime from the American Treasury. It sounds like hyperbole to many, but I truly believe these evil bastards planned the whole frigging thing from start to finish, and based on the evidence, it becomes plainer to see each day. I love Dylan's style in outright calling them thieves, crooks and liars. We are in the 4th Turning which is too nice a phrase for what we are about to endure. Lloyd, "LET THEM EAT CAKE" Blankfein is playing with fire as are all the elites.

"When a man loses everything, and has nothing left to lose, he loses it"

Keep stealing from the little man Lloyd.

SPECTRE of Deflation said...

After they steal everything, they will simply leave our bankrupt country for greener pastures elsewhere. I'm practicing on looking surprised for the next leg down.

Debt to GDP Ratios Indicate Governments Going Bankrupt

http://whiskeyandgunpowder.com/debt-to-gdp-ratios-indicate-governments-going-bankrupt/

SPECTRE of Deflation said...

Jerry, a small victory for J6P thanks to Paul and Grayson:

Rep. Alan Grayson Passes Bill to Audit the Fed

http://www.youtube.com/watch?v=Q8EKGtf_YrY&feature=player_embedded

SPECTRE of Deflation said...

Jerry, from Karl D. who lays out the victory and also those that opposed openness and transparency. Here is a list of those that sided with the bankers including Barney Fudd:

The Fed is, at present, accountable to nobody.

Each and every one of the Representatives listed below, by voting "NAY" today, has violated his or her oath of office, has committed an act of violence against The Constitution of The United States, is unfit for their office, and must resign:

NAY - Rep. Barney Frank, MA
NAY - Rep. Paul E. Kanjorski, PA
NAY - Rep. Maxine Waters, CA
NAY - Rep. Carolyn B. Maloney, NY
NAY - Rep. Luis V. Gutierrez, IL
NAY - Rep. Nydia M. Velázquez, NY
NAY - Rep. Melvin L. Watt, NC
NAY - Rep. Gary L. Ackerman, NY
NAY - Rep. Gregory W. Meeks, NY
NAY - Rep. Dennis Moore, KS
NAY - Rep. Michael E. Capuano, MA
NAY - Rep. Carolyn McCarthy, NY
NAY - Rep. Joe Baca, CA
NAY - Rep. Stephen F. Lynch, MA
NAY - Rep. Brad Miller, NC
NAY - Rep. Al Green, TX
NAY - Rep. Emanuel Cleaver, MO
NAY - Rep. Melissa L. Bean, IL
NAY - Rep. Gwen Moore, WI
NAY - Rep. Keith Ellison, MN
NAY - Rep. Ron Klein, FL
NAY - Rep. Charles Wilson, OH
NAY - Rep. Joe Donnelly, IN
NAY - Rep. Bill Foster, IL
NAY - Rep. Andre Carson, IN
NAY - Rep. Mary Jo Kilroy, OH
NAY - Rep. Jim Himes, CT


Why don't you give 'em a call and tell 'em what you think of 'em.

I'm sure they'd love to hear from you - you can find their phone and fax numbers at http://www.house.gov.

http://market-ticker.org/archives/1646-PaulGrayson-Amendment-Passes-In-Committee.html

carlandjerry said...

Spectre, Hi!

Thanks so much for posting the Denninger list of US traitors voting against protecting America from the fraud that is going on behind closed doors and openly, for that matter.

I agree 110% with you that this economic planned demolition, as Mike Whitney coined it, was all done by design. Not unlike a major bank heist, which we all have watched unfold in t.v. movies, this was planned 30 years ago by the major investment firms, and corporate royalists beginning with job outsourcing, and followed by profits moved overseas. This was all planned out. The objective was to force workers to accept lower wages, and to borrow in order to pay their bills and live beyond their means. Workers did not believe wages and jobs were not coming back. Yet the financial crime syndicate worked hard to successfully steal people's money through fraudulent financial "innovations" that went bust. At that point, these thieves went to the government, with hands out, for a rescue. Privatize the profits and then, socialize the losses.

As you said, it won't be over until it is all gone.

thanks, jerry

SPECTRE of Deflation said...

Jerry, we have talked about CAP & TRADE and the CARBON MARKET the thieves want to set up to bleed the little guy once again. Internal E-Mails that were hacked show that global warming is pure bullshit. Everywhere you look, we are being screwed by the lying thieves. Below is just one example, and there are more:
-----------------------------------Some very incrimintaing emails
fiddling the data big time!!
This is HUGE!!
For example:

Dear Ray, Mike and Malcolm,
Once Tim’s got a diagram here we’ll send that either later today or first thing tomorrow. I’ve just completed Mike’s Nature trick of adding in the real temps to each series for the last 20 years (ie from 1981 onwards) amd from 1961 for Keith’s to hide the decline. Mike’s series got the annual land and marine values while the other two got April-Sept for NH land N of 20N. The latter two are real for 1999, while the estimate for 1999 for NH combined is +0.44C wrt 61-90. The Global estimate for 1999 with data through Oct is +0.35C cf. 0.57 for 1998.


Thanks for the comments, Ray.

Cheers
Phil

Prof. Phil Jones
Climatic Research Unit Telephone +44 (0) xxxxx
School of Environmental Sciences Fax +44 (0) xxxx
University of East Anglia
Norwich Email p.jones@xxxx.xxx

[link to wattsupwiththat.com]

[link to www.examiner.com]

[link to www.climateaudit.org]

BUSTED!!!!

SPECTRE of Deflation said...

Jerry, more on the CAP & TRADE BANDITS and CLIMATEGATE:

Climategate: The Final Nail in the Coffin of 'Anthropogenic Global Warming'?

http://www.lewrockwell.com/spl/climategate.html

SPECTRE of Deflation said...

Fraud Nation
by Roger Hedgecock

11/20/2009


Though private fraud gets the bigger headline (think Bernie Madoff), fraud in federal government programs is now so pervasive that even the Obama press is taking notice. The scope of fraud in all federal programs dwarfs the corruption in the private sector the media loves to sensationalize.

Consider the fraud in the Wall Street bailout. Here's just one example.

This past week, the Inspector General for the TARP $700 billion bailout reported that taxpayers will "almost certainly" lose money on their investments in the "too big to fail" financial institutions. One reason, it’s safe to say, is contained in Neil Barofsky’s revelation that he is conducting 65 separate investigations of possible fraud involving TARP funds.


Barofsky criticized then-President of the New York Federal Reserve (and now Treasury Secretary) Tim Geithner specifically for the bailout of one of those institutions, AIG (American International Group), the largest insurance conglomerate in the world. Barofsky says that the initial $85 billion credit line given AIG came with a bailout plan designed by Geithner the terms of which “were unworkable".

That's being polite. The Barofsky report documents that credit default swaps worth 40 cents on the dollar were bought at 100 cents on the dollar under the Federal bailout terms, funneling "tens of billions of dollars of government money...inexorably and directly to AIG's counterparties"--including Goldman Sachs.

According to Bloomberg news this week, Geithner arranged for Goldman Sachs to receive full payment on credit default swaps they had purchased rather than 40 cents on the dollar AIG proposed. A Fed-run entity called Maiden Lane III was used to sell these CDSs, which cost American tax payers at least $13 billion dollars at the time. It is currently estimated that due to a continuing decline in value, this bank favoritism case could cost the American tax payer $35.6 billion.

To quote Bloomberg: "The deal contributed to the more than $14 billion that over 18 months was handed to Goldman Sachs, whose former chairman, Stephen Friedman, was chairman of the board of directors of the New York Fed when the decision was made."


Consider the fraud in the "American Recovery and Re-Investment Act of 2009"--the infamous "Stimulus Bill"

With about half of the $787 billion authorized in this bill now spent, the president is desperate to show jobs "created or saved" since over 3 million jobs have disappeared in the ten months of the Obama Presidency.

Last week, the president proudly proclaimed that 650,000 jobs had been "created or saved" and that the Great Recession would have been much worse had it not been for his leadership.

Sadly, fraud again. The Recovery Act set up the Recovery Accountability and Transparency Board ($84 million annual budget) which spent another $18 million to launch the recovery.gov website to "foster greater accountability and transparency" by tracking the "created or saved" jobs.

This is the site proudly documenting the "650,000" jobs figure and backing it up with state by state breakdowns of the projects and the jobs.

Heritage Foundation and ABC News (among others) were quick to report that thousands of jobs and millions of dollars were reported in Congressional Districts that did not exist.

New Mexico Watchdog was the first to report that the listing at recovery.gov of $26 million spent on New Mexico's 13 Congressional Districts must be a mistake--New Mexico has just 3 Congressional Districts.

Similar reports soon followed from Virginia, West Virginia, Kansas, Ohio, New Hampshire, and Minnesota.

(SNIP)

http://www.humanevents.com/article.php?id=34490

SPECTRE of Deflation said...

Jerry, Karl D. on the CLIMATEGATE E-MAILS. We are being hosed:

"Global Warming" SCAM - Hack/Leak FLASH
Apparently a "Global Climate Center" was hacked and the contents have been posted to the Internet. A ZIP file exceeding 60MB and containing a huge number of emails and other documents has been posted worldwide.

Original speculation as to whether the files posted were legitimate or some sort of spoof appears to now be confirmed as legitimate:

“It was a hacker. We were aware of this about three or four days ago that someone had hacked into our system and taken and copied loads of data files and emails.”

I have not had time to read all of the material yet (there are over a thousand files involved!) but what I have skimmed looks VERY damning. Contained within the documents are what appear to be admissions of intentional tampering with data as well as intentional falsification of results to "show" man-made global warming.

One of the emails says:

"I’ve just completed Mike’s Nature trick of adding in the real temps to each series for the last 20 years (ie from 1981 onwards) and from 1961 for Keith’s to hide the decline."

That is, to hide a decline in global temperatures.

It gets better. Another message, this one allegedly from 2000:

It was good to see you again yesterday - if briefly. One particular thing you said - and we agreed - was about the IPCC reports and the broader climate negotiations were working to the globalisation agenda driven by organisations like the WTO. So my first question is do you have anything written or published, or know of anything particularly on this subject, which talks about this in more detail?

Oh, so it's not about the planet getting warmer, but rather is a convenient means of advancing an agenda that has already been pre-determined?

Then there's this:

In my (perhaps too
> > harsh)
> > view, there have been a number of dishonest presentations of model
> > results by individual authors and by IPCC. This is why I still use
> > results from MAGICC to compare with observed temperatures. At least
> > here I can assess how sensitive matches are to sensitivity and
> > forcing assumptions/uncertainties.

(Pardon the formatting, it's text-mode email 'yanno.)

Guess who that was addressed to? Michael Mann. You know, the (infamous and now discredited) "Mann Hockey Stick"?

Guess where that email originated? NASA.

Yes, I have the file. So do a few million other people.

There's enough evidence in there, in my opinion, of outrageously fraudulent conduct to make this the scandal of the 20th and 21st century.

Sorry folks, there's no science here - this is, from what I see, a massive and outrageous fraud, and now that the documents have been confirmed as authentic it is time to pull the curtain down on this crap and start locking up all of the proponents - starting with AL GORE.

Here are some interesting "meta statistics" on the documents, and the number of times the words referenced appear:

•Fraud: 79
•Falsify: 6
•Inflate: 14
•Conceal: 5
•Hide: 19
Just for starters.

If you think that's bad, you might like this - from the file "ipcc-tar-master.rtf":

General Comments
The idea that climate without human intervention can only undergo “natural variability”, and that “climate change” can only result from human activity is false and fallacious. It is in conflict with all that we know of evolution and geology. It is simply wrong to assume that “ climate change” automatically implies human influence on the climate.



This fallacy is embraced by the Framework Convention on Climate Change, but the IPCC (Footnote to “Summary for Policymakers. Page 1) claim that they are prepared to accept “natural variability” as “climate change”. They are, however, unwilling to accept the truth, which is that climate can change without human intervention.
(SNIP)

SPECTRE of Deflation said...

Jerry, here's another bank doing the (l)ord's work which wouldn't be the same as my Lord's work. Ya won't frigging believe it, and guess how many banks will follow Well's lead? All of them, unfortunately.

By the way, with the new Hate Crime/Thought Bill as law, is it a hate crime to talk about satan badly because we might offend a satanic follower? Folks, be very careful what you ask of government because they will give it to you in ways that run counter to logic and reason.

Here's another, why in God's name do we need a civilian military which is as well armed and trained as GI Joe? Who exactly do they plan on fighting with the civilian force? Mexico? Canada? What exactly is going on internally that would give them (Obama) reason to form such a group? I imagine if you were part of the group you could get a permit for a weapon while those not in the civilian military would need to be disarmed for their own safety.

Oh, and I love the YOUTH thing for nationalistic assimilation by the way, starting at diaper age. Pampers could do a diaper that said, "change we can believe in" with the President's smiling face where Dora now resides. Like I said, just thinkin'.

Wells Fargo Says It Doesn’t Have to Reserve Against Its Off-Balance Sheet Residential Exposure Because the FHA (Meaning the Taxpayers) Will Pay For It

George Washington’s Blog
Sunday, Nov 22, 2009

Chris Whalen has a must-read essay at Zero Hedge:

In the case of WFC [Wells Fargo], the bank has taken the position that NONE of its conforming residential exposures should be brought on balance sheet despite the FASB rule change. As we discussed in The Institutional Risk Analyst this week, “Why? Because the loans inside these securitization vehicles are insured by FHA, so goes the thinking of WFC and its auditor, thus the bank has no liability to these entities or the securities they have issued to investors. Pretty neat trick, eh?”

Thus WFC is basically saying that none of the bank’s $1.1 trillion in conforming OBS [off balance sheet] exposures need to be represented or reserved against.

A “conforming loan” is one that meets lending guidelines, including loan amounts as set by the government sponsored enterprises, such as Fannie as or Freddie.

As part of the 2008 stimulus bill, Congress temporarily increased the conforming amounts available through the FHA.

Bottom line: Wells Fargo is saying that since the FHA – that is, the government, that is, the taxpayers – will bail out Wells for loans that go bad, the giant bank doesn’t have to reserve against these possible losses.

Yes, Wells is as bad as the other too big to fails. See this, this, this and this
(SNIP)

http://www.prisonplanet.com/wells-fargo-says-it-doesnt-have-to-reserve-against-its-off-balance-sheet-residential-exposure-because-the-fha-meaning-the-taxpayers-will-pay-for-it.html

carlandjerry said...

Hello Spectre,

You continue to bring into the light just how the banks have continued to believe, and it is fully warranted, that the mega-investment banks are part of the Nanny State, ie., socialize the losses and privatize the profits.

By Wells Fargo stating that they have their losses fully backed by the US government, we the taxpayers have been duped into what appears to be a Kleptocracy performed by the corporate oligarchs. Obama continues the Bush legacy of giving away the store.

Give very little to a suffering real economy. That is irrelevant.

jerry

SPECTRE of Deflation said...

Jerry, another great read from John Mauldin:

The Fed Is Bailing Out Every Bank In The World
John Mauldin|Nov. 21, 2009, 8:46 AM | 5,156 |12
PrintTags: Economy
The following is John Mauldin's weekly e-letter. You can sign up to receive it each week here >

Where the Wild Things Are is a beloved children's book and now a beautiful movie. But in the investment world there are really scary wild things lurking about in the hidden recesses of the economic landscape. Today we look at one of the unintended consequences of the Federal Reserve's low interest rate policy.

For quite some time, I have been arguing that we are faced with no good choices, not just in the US but in the entire "developed" world. I see a low-growth, Muddle Through world over the next years (with a double-dip recession just to liven things up). However, that does not mean that we will lack for volatility. Things could get volatile rather quickly. Let's quickly set the background.

It Is Not Just Japan
Let's look at today's interest rate picture. Yesterday, we had the bizarre occurrence of banks actually paying the government to hold their cash. Three-month treasuries yield a miniscule 0.01% in interest. If you opt to buy a one-year bill you get all of 0.26%. You can see the entire spectrum below.
(SNIP)

http://www.businessinsider.com/where-the-wild-things-are-mauldin-2009-11

SPECTRE of Deflation said...

This is too funny not to post. An exchange between the Obama Auto Team and people in the business. That damn Law of Physics must be done away with either by CONgress or Executive Order. ROFLMAO! WE ARE SCREWED!!

Mr. Cole's favorite story is as follows:

There was a team of Obama people speaking to Mr. Cole (engineer, automotive experience of 40+ years, and Chairman of CAR). They were explaining to Mr. Cole that the auto companies needed to make a car that was electric and liquid natural gas (LNG) with enough combined fuel to go 500 miles so we wouldn't "need" so many gas stations (a whole other topic). They were quoting BTUs of LNG and battery life that they had looked up on some website.

Mr. Cole explained that to do this you would need a TRUNK FULL of batteries and a LNG tank as big as the car to make that happen, and that there were problems related to the laws of physics that prevented them from...

The Obama person interrupted and said (and I am quoting here): "These laws of physics? Whose rules are those? We need to change that." (Some of the others wrote down the law name so they could look it up.) "We have the Congress and administration. We can repeal that law, amend it, or use an executive order to get rid of that problem. That's why we are here, to fix these sorts of issues."

..... And these are the same people who are going to fix healthcare?!

SPECTRE of Deflation said...

Jerry, God must have whispered into Lloyd's ear to arm GS, so as not to be taken by the sheeple. LOL! Ya can't make this bullshit up:

Arming Goldman With Pistols Against Public:
by Alice Schroeder

Dec. 1 (Bloomberg) -- “I just wrote my first reference for a gun permit,” said a friend, who told me of swearing to the good character of a Goldman Sachs Group Inc. banker who applied to the local police for a permit to buy a pistol. The banker had told this friend of mine that senior Goldman people have loaded up on firearms and are now equipped to defend themselves if there is a populist uprising against the bank.

I called Goldman Sachs spokesman Lucas van Praag to ask whether it’s true that Goldman partners feel they need handguns to protect themselves from the angry proletariat. He didn’t call me back. The New York Police Department has told me that “as a preliminary matter” it believes some of the bankers I inquired about do have pistol permits. The NYPD also said it will be a while before it can name names.

While we wait, Goldman has wrapped itself in the flag of Warren Buffett, with whom it will jointly donate $500 million, part of an effort to burnish its image -- and gain new Goldman clients. Goldman Sachs Chief Executive Officer Lloyd Blankfein also reversed himself after having previously called Goldman’s greed “God’s work” and apologized earlier this month for having participated in things that were “clearly wrong.”

Has it really come to this? Imagine what emotions must be billowing through the halls of Goldman Sachs to provoke the firm into an apology. Talk that Goldman bankers might have armed themselves in self-defense would sound ludicrous, were it not so apt a metaphor for the way that the most successful people on Wall Street have become a target for public rage.

Pistol Ready

Common sense tells you a handgun is probably not even all that useful. Suppose an intruder sneaks past the doorman or jumps the security fence at night. By the time you pull the pistol out of your wife’s jewelry safe, find the ammunition, and load your weapon, Fifi the Pomeranian has already been taken hostage and the gun won’t do you any good. As for carrying a loaded pistol when you venture outside, dream on. Concealed gun permits are almost impossible for ordinary citizens to obtain in New York or nearby states.

In other words, a little humility and contrition are probably the better route.

Until a couple of weeks ago, that was obvious to everyone but Goldman, a firm famous for both prescience and arrogance. In a display of both, Blankfein began to raise his personal- security threat level early in the financial crisis. He keeps a summer home near the Hamptons, where unrestricted public access would put him at risk if the angry mobs rose up and marched to the East End of Long Island.
(SNIP)

http://www.bloomberg.com/apps/news?pid=20601110&sid=ahD2WoDAL9h0