Meanwhile, Dylan Ratigan and Professor William Black - a former lead prosecutor and investigator of the Resolution Trust Corp. that unwound the titanic Bush-1 era S&L scandals - explain the basic facts of American financial life: far from simply letting Rahm Emanuel waltz into the sunset (with his Wasserstein-Perella or other Golddamn-Sachs/JP Morgan-Chase front-group multi-million dollar payoff waiting), President Obama should - AND MUST -
...FIRE TIM GEITHNER, LARRY SUMMERS, and "the heads of EVERY BANKING REGULATORY AGENCY _and_ the SEC, get people in who BELIEVE IN PROSECUTING...create a top-100 priority list [for prosecutions] so you go after the most significant cases, instead of the most trivial cases;Got that, President Obama? The Neo-Con financial swindlers in YOUR SEC, YOUR DoJ, YOUR Treasury, and "your" Fed Reserve Chairman, are party toTITANIC FRAUD and CORRUPTION in U.S. financial markets and and wealth exploitation - and THEY are going to HELP Republicans and the atrocious NY-DC Neo-Con press/media, PAINT YOU with the blame, just as soon as they can.
Get rid of Attorney General Holder, who has been UNWILLING to prosecute and bring the tough actions, and, look, use the federal banking agencies under new leadership, to take a scientific samples of the underlying mortgages, on all of this toxic waste, and find out the REAL losses, WHICH ARE BEING HIDDEN by THE FEDER RESERVE RIGHT NOW, to the tune of TRILLIONS of dollars."
part 2 of several: Prof. William Black discusses the incompetence & dereliction of duty of Obama's SEC, DoJ, and financial markets regulators.
http://www.msnbc.msn.com/id/3096434/#39445686
part 1 of several: Dylan Ratigan show 1'st segment, Sept. 30, 2010
http://www.msnbc.msn.com/id/3096434/#39445631
Below, just a small taste of torrent of articles in today's financial press that confirms Professor Black's contentions - CORRUPTION, FRAUD, and deceit are THE defining characteristics of US equity markets, capital markets (including Treasuries), and financial funds under Obama's AWOl oversight:
#1. - Obama's "STIMULUS" dollars are being SHIFTED, by Wall Street fraudsters, from "stimulating" America's economy, to SPECULATING in foreign markets! Mary Schapiro and Obama's SEC __complicit__ in this DEFRAUDING of funds intended to "stimulate" THE AMERICAN economy!
#2. THOUSANDS of mortgage FORECLOSURES MAY BE ILLEGAL - from ONE bank, alone! Obama's FBI, Department of 'Justice,' SEC, and Treasury are all CRIMINALLY NEGLIGENT, if not CRIMINALLY CORRUPT, for letting the thousands of other potentially ILLEGAL foreclosures having proceeded up to now!
#3. Obama's FAILURE to REIGN IN Wall Street's automated "HFT" "churning" ("High Frequency Trading" - the computers bying and selling among themselves), and Goddamn-Sachs' 'FLASH TRADING" software, are creating a situation where American investors MAY NOT BE ABLE TO EXIT their stock holdings (using "automatic stop" or "sell" orders) until they have unwound to zero - this instance was clearly a test-run for the GS market riggers to LEAVE small investors holding WORTHLESS paper.
#1. Capital Controls eyed as Global Currency Wars Escalate
Stimulus leaking out of the West's stagnant economies is flooding into emerging markets, playing havoc with their currencies and economies.
By Ambrose Evans-Pritchard, 29 Sept. 2010
Brazil, Mexico, Peru, Colombia, Korea, Taiwan, South Africa, Russia and even Poland are either intervening directly in the exchange markets to prevent their currencies rising too far, or examining what options they have to stem disruptive inflows.
Peter Attard Montalto from Nomura said quantitative easing by the US Federal Reserve and other central banks is incubating serious conflict. "It is forcing money into emerging market bond funds, and to a lesser extent equity funds. There has truly been a wall of money entering many countries," he said.
#2. It's Really On: JPM Tells CNBC It Is Systematically Reviewing Foreclosures
#2. It's Really On: JPM Tells CNBC It Is Systematically Reviewing Foreclosures
Submitted by Tyler Durden on 09/29/2010
http://www.zerohedge.com/article/its-really-jpm-tells-cnbc-it-systematically-reviewing-foreclosures
Update: BN *JPMORGAN ASKS JUDGES TO DELAY RULINGS IN `PENDING MATTERS'.
http://www.zerohedge.com/article/its-really-jpm-tells-cnbc-it-systematically-reviewing-foreclosures
Update: BN *JPMORGAN ASKS JUDGES TO DELAY RULINGS IN `PENDING MATTERS'.
We predict that within a week, all banks will halt every foreclosure currently in process. Within a month, all foreclosures executed within the past 2-3 years will be retried, and millions of existing home sales will be put in jeopardy.
And like that, mortgage fraud goes global. JPM stock down on the news, as the American foreclosure process is now effectively shut down. More as we get it....
#3. From $44 To $4 In Less A Second: Today's Flash Crash Brought To You Courtesy Of The Nasdaq And A Clueless And Corrupt SEC
And like that, mortgage fraud goes global. JPM stock down on the news, as the American foreclosure process is now effectively shut down. More as we get it....
#3. From $44 To $4 In Less A Second: Today's Flash Crash Brought To You Courtesy Of The Nasdaq And A Clueless And Corrupt SEC
Submitted by Tyler Durden on 09/27/2010
http://www.zerohedge.com/article/44-4-less-second-todays-flash-crash-brought-you-courtesy-nasdq-and-broken-circuit-breakers
Today's reverse engineered HFT algo strategy: if price drops more than x% in a millisecond, then enter order y% below bid, else pull all bids, especially when price is 90% below most recent NBBO posted a mere second earlier. Which is precisely what happened to Progress Energy (PGN), which dropped from $44 to $4 in less than second, but not in quantized fashion (i.e. fat finger), but in a gradual, than exponentially accelerating manner, as an algo took out all the bids. We can't wait for this week's 21st sequential outflow from equity funds: luckily investors are now all too aware that holding a stock, any stock, is dangerous to one's sanity, not to mention stop loss orders. And where the hell was the circuit breaker on this one? The market is and continues to be a miserable joke, especially courtesy of Nasdaq and the 160 trades in PGN that occurred at ridiculous, HFT-exaggerated prices. And of course, all those lucky fools who bought the stock at a 90% discount are about to be DKed, because it is Nasdaq's prerogative to protect its HFT paying clients, and not investors....
