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 Post subject: Re: wallst
PostPosted: Tue Sep 11, 2018 9:59 pm 
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Joined: Tue Jun 07, 2011 12:07 am
Posts: 16519
why rock the money pit.


https://www.rawstory.com/2018/09/mormon ... documents/
Mormon missionaries admitted to sexually abusing children — but the church didn’t refer them
to police: leaked documents

_________________
Who are these...flag-sucking halfwits fleeced fooled by stupid little rich kids They speak for all that is cruel stupid
They are racists hate mongers I piss down the throats of these Nazis Im too old to worry whether they like it Fuck them.
HST.


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 Post subject: Re: wallst
PostPosted: Fri Sep 14, 2018 8:10 pm 
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Joined: Tue Jun 07, 2011 12:07 am
Posts: 16519
theyre all shorting the markets again. its why the DOW "looks" good, however there its nothing
but bullshit, no there there.


https://www.rawstory.com/2018/09/trump- ... tastrophe/
The Trump economy is rocketing towards another massive financial catastrophe---
...
So we’re all good, right? Wrong, says Greenberger.

The banks may have turned away from the business of insuring bundles of mortgages, but now they’re bundling and betting other kinds of debt, like credit card debt, student loans, auto loans, corporate loans — you name it. It’s the same casino games: they make asset-backed securities which turn into CDOs, then come the “naked” credit default swaps, and so on. Once again, people who are not making the loans are betting that those loans won’t be paid off.

And guess what? While everybody was relaxing, the banks figured out a way to do their swaps deals outside of the jurisdiction of Dodd-Frank. They snuck the risky business overseas where the U.S. regulators can’t watch them.

One thing they didn’t move overseas: the risk to you.

The shady scheme went down like this: In 2013, the CFTC put out guidelines about how Dodd-Frank would apply to swaps executed outside the U.S. The CFTC said that “guaranteed” foreign subsidiaries to U.S. bank holding companies that traded swaps were subject to Dodd-Frank regulation. Since the standard swaps agreement for over two decades included a guarantee that the U.S. bank would back the deal if things went south for a foreign subsidiary, there was no reason to worry if risky swaps were traded by that subsidiary. Everybody understood if you were the counterparty to one of these deals, you counted on the bank to stand behind the foreign subsidiary.

So far, so good. Except for the matter of a tiny footnote.

Deep in the fine print of hundreds of footnotes in the CFTC guidelines, the major swaps dealer trade association found a little item saying that in a contract, you could, if you really wanted to, choose not to guarantee deals made in a foreign subsidiary. If you did not guarantee them, then Dodd-Frank would not apply.

The swaps dealers association pounced. They said to their members, like Bank of America and Citigroup: Let’s do it! Just put a note in the contract that you won’t stand behind the subsidiary if it fails. We’ll move as many swaps as we want to our newly “deguaranteed” foreign offices so we can forget all about Dodd-Frank. Under cover of darkness, without notifying the CFTC, they got rolling. The banks got so cocky that some swaps dealers just started doing their deals in New York and then, after they were done, “assigning” them to foreign subsidiaries. Presto! No more pesky regulation.
....
To this, Greenberger says, “Who are they kidding? Just look at the EU. Deutsche Bank is hanging on by its fingernails. Many Italian banks are failing. Turkey is in terrible trouble. The financial markets in those countries are teetering, and we’re going to rely on them to regulate this stuff?”

There’s another catch: U.S. regulators can’t get information on these “foreign” deals, so nobody knows the full extent of the trading. But you can think in terms of many trillions of dollars.
Basically, we’re right back to a non-transparent market with boatloads of money sloshing around everywhere. Just like last time.

American students are amassing huge piles of debt. If students stop paying off their loans, there will be a lot of defaults. Actually, it’s already starting to happen. On Wall Street, people have been betting on these defaults and buying naked credit default swaps to guarantee that they will be paid if the students can’t pay.

By the way, wonder why it’s so hard to get out of student debt once you’ve got it? Because the Wall Street casino guys with the naked credit default swaps want their insurance money, that’s why.
Casino games are also rolling with credit card debt. Same thing with auto loans. Corporate-debt, too. We’re talking trillions of dollars in defaults. Sound familiar?

If this continues, what happens to the credit defaults swaps that have been assigned to an office in Frankfurt? Who pays if the foreign subsidiary goes under? Not the citizens of Germany, says Greenberger. You can be sure of that.
...
It’s 2007 all over again.

Greenberger says that if big financial firms fail because they can’t pay each other off, it’s not going to be a recession, but more like the Great Depression. A worldwide economic meltdown with everybody trying to get their money out of the banks and institutions failing everywhere you turn. The only way to stop it would be to bail the banks out.
...
Political Chaos on the Horizon

It would be hard to exaggerate just what a political crisis this would be. The Tea Party, you’ll recall, emerged as a response to anger at the bank bailouts. Bitterness over the injustice of what happened in 2008 may well be a key reason why Trump is president.

“Everybody else went through trauma, except the big banks,” Greenberger observes. “Dick Fuld of Lehman has got houses all over the world, sitting pretty. The head of Merrill Lynch got a golden multi-million dollar parachute. The rest of us were losing jobs or flipping hamburgers at McDonald’s. If something goes wrong again and there’s wind that these four big banks are somehow going to be rescued in spite of their recklessness, there will be political hell to pay for that.”

Remember, another systematic bank failure leaves two ugly possibilities: a bailout or a depression, with perhaps a third of the country out of work.
....

_________________
Who are these...flag-sucking halfwits fleeced fooled by stupid little rich kids They speak for all that is cruel stupid
They are racists hate mongers I piss down the throats of these Nazis Im too old to worry whether they like it Fuck them.
HST.


Top
 Profile  
 
 Post subject: Re: wallst
PostPosted: Fri Sep 14, 2018 9:09 pm 
Offline
Board Emeritus

Joined: Mon Jun 06, 2011 10:27 pm
Posts: 8180
Location: miles from nowhere
theyre all shorting the markets again. its why the DOW "looks" good, however there its nothing
but bullshit, no there there.


https://www.rawstory.com/2018/09/trump- ... tastrophe/
The Trump economy is rocketing towards another massive financial catastrophe---
...
So we’re all good, right? Wrong, says Greenberger.

The banks may have turned away from the business of insuring bundles of mortgages, but now they’re bundling and betting other kinds of debt, like credit card debt, student loans, auto loans, corporate loans — you name it. It’s the same casino games: they make asset-backed securities which turn into CDOs, then come the “naked” credit default swaps, and so on. Once again, people who are not making the loans are betting that those loans won’t be paid off.

And guess what? While everybody was relaxing, the banks figured out a way to do their swaps deals outside of the jurisdiction of Dodd-Frank. They snuck the risky business overseas where the U.S. regulators can’t watch them.

One thing they didn’t move overseas: the risk to you.

The shady scheme went down like this: In 2013, the CFTC put out guidelines about how Dodd-Frank would apply to swaps executed outside the U.S. The CFTC said that “guaranteed” foreign subsidiaries to U.S. bank holding companies that traded swaps were subject to Dodd-Frank regulation. Since the standard swaps agreement for over two decades included a guarantee that the U.S. bank would back the deal if things went south for a foreign subsidiary, there was no reason to worry if risky swaps were traded by that subsidiary. Everybody understood if you were the counterparty to one of these deals, you counted on the bank to stand behind the foreign subsidiary.

So far, so good. Except for the matter of a tiny footnote.

Deep in the fine print of hundreds of footnotes in the CFTC guidelines, the major swaps dealer trade association found a little item saying that in a contract, you could, if you really wanted to, choose not to guarantee deals made in a foreign subsidiary. If you did not guarantee them, then Dodd-Frank would not apply.

The swaps dealers association pounced. They said to their members, like Bank of America and Citigroup: Let’s do it! Just put a note in the contract that you won’t stand behind the subsidiary if it fails. We’ll move as many swaps as we want to our newly “deguaranteed” foreign offices so we can forget all about Dodd-Frank. Under cover of darkness, without notifying the CFTC, they got rolling. The banks got so cocky that some swaps dealers just started doing their deals in New York and then, after they were done, “assigning” them to foreign subsidiaries. Presto! No more pesky regulation.
....
To this, Greenberger says, “Who are they kidding? Just look at the EU. Deutsche Bank is hanging on by its fingernails. Many Italian banks are failing. Turkey is in terrible trouble. The financial markets in those countries are teetering, and we’re going to rely on them to regulate this stuff?”

There’s another catch: U.S. regulators can’t get information on these “foreign” deals, so nobody knows the full extent of the trading. But you can think in terms of many trillions of dollars.
Basically, we’re right back to a non-transparent market with boatloads of money sloshing around everywhere. Just like last time.

American students are amassing huge piles of debt. If students stop paying off their loans, there will be a lot of defaults. Actually, it’s already starting to happen. On Wall Street, people have been betting on these defaults and buying naked credit default swaps to guarantee that they will be paid if the students can’t pay.

By the way, wonder why it’s so hard to get out of student debt once you’ve got it? Because the Wall Street casino guys with the naked credit default swaps want their insurance money, that’s why.
Casino games are also rolling with credit card debt. Same thing with auto loans. Corporate-debt, too. We’re talking trillions of dollars in defaults. Sound familiar?

If this continues, what happens to the credit defaults swaps that have been assigned to an office in Frankfurt? Who pays if the foreign subsidiary goes under? Not the citizens of Germany, says Greenberger. You can be sure of that.
...
It’s 2007 all over again.

Greenberger says that if big financial firms fail because they can’t pay each other off, it’s not going to be a recession, but more like the Great Depression. A worldwide economic meltdown with everybody trying to get their money out of the banks and institutions failing everywhere you turn. The only way to stop it would be to bail the banks out.
...
Political Chaos on the Horizon

It would be hard to exaggerate just what a political crisis this would be. The Tea Party, you’ll recall, emerged as a response to anger at the bank bailouts. Bitterness over the injustice of what happened in 2008 may well be a key reason why Trump is president.

“Everybody else went through trauma, except the big banks,” Greenberger observes. “Dick Fuld of Lehman has got houses all over the world, sitting pretty. The head of Merrill Lynch got a golden multi-million dollar parachute. The rest of us were losing jobs or flipping hamburgers at McDonald’s. If something goes wrong again and there’s wind that these four big banks are somehow going to be rescued in spite of their recklessness, there will be political hell to pay for that.”

Remember, another systematic bank failure leaves two ugly possibilities: a bailout or a depression, with perhaps a third of the country out of work.
....

As the rest of the economy depends upon consumption fueled by debt, production EVERYWHERE will be heavily hammered should the scenario come to pass. The PRC depends upon GDP growth to keep a rein on potential social instability. Damage infecting consumption of Chinese goods will have the potential to cause political over-reaction to the detriment of the Chinese people. All economies, real economies, are dependent upon consumption of goods and services. This consumption drives the need for finance. Without finance consumption would drop precipitously. The danger lies in a couple of things. Finance for finance sake, making money by moving money, does not underpin consumption significantly in terms of facilitating it. It does have the potential as we have seen of damaging consumption. The second issue is age-old and likely infinitely debated which is the, imo, flawed concept that land, labor and money are commodities. Capital commoditizes them because capital can. That there are purposes beyond commoditization is lost on capital and most economists.

_________________
bird's theorem-"we the people" are stupid.

"No one is so foolish as to choose war over peace. In peace sons bury their fathers, in war fathers bury their sons." - Herodotus

The new motto of the USA: Unum de multis. Out of one, many.


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 Post subject: Re: wallst
PostPosted: Sun Sep 16, 2018 9:07 pm 
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Board Emeritus
User avatar

Joined: Tue Jun 07, 2011 12:07 am
Posts: 16519
by the 16th, todays date, workers were walking their boxes of personal stuff out the glass entrance door(s).

Image

https://www.fool.com/investing/2018/09/ ... lehma.aspx
Lehman Brothers' Bankruptcy--
Ten years after Lehman Brothers filed for bankruptcy, the investment bank's failure is a reminder of some of the dysfunctions in the financial and regulatory apparatus that brought the world to the edge of the abyss -- and of dysfunctions that still exist today.
Alex Dumortier, CFA
(TMFAleph1)
Sep 16, 2018 at 9:32AM
Sept. 15 marked the 10th anniversary of Lehman Brothers' bankruptcy filing -- by assets, the largest bankruptcy in the history of corporate America.


3. Bankruptcy can be highly lucrative -- to the tune of more than $2 billion!

By the fifth anniversary of Lehman's bankruptcy filing, the total fees paid to professional advisors (lawyers, accountants, bankruptcy advisors) involved in the bankruptcy and liquidation had exceeded $2.2 billion. One firm alone, bankruptcy consultancy Alvarez & Marsal, had then earned more than $650 million, while lawyers Weil, Gotshal & Manges had raked in more than $480 million.

4. Lehman Brothers continues to file quarterly reports to this day.
The most recent balance sheet for Lehman Brothers Holdings Inc., dated April 5, 2018 and filed with the U.S. Bankruptcy Court for the Southern District of New York, shows the shareholders' equity account with a deficit of $129 billion, and related and controlled entities bring the total to nearly $175 billion. Five days before filing for bankruptcy, Lehman published a preliminary earnings release, including a balance sheet that showed positive stockholders' equity of $29 billion.

_________________
Who are these...flag-sucking halfwits fleeced fooled by stupid little rich kids They speak for all that is cruel stupid
They are racists hate mongers I piss down the throats of these Nazis Im too old to worry whether they like it Fuck them.
HST.


Top
 Profile  
 
 Post subject: Re: wallst
PostPosted: Mon Sep 17, 2018 2:16 pm 
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Board Emeritus
User avatar

Joined: Tue Jun 07, 2011 12:07 am
Posts: 16519
basically the only ones deeply harmed by this wallst lunacy were the small homeowners.
the ones who expanded the grid for wallst via banksters 30years mortgages, and, less than ten years
later wallst called up the loans, and dumped those living In the homes.

then, to make it even better, they raffled off all the housing to foreign hedgie fundies
who prolly own utility rights now.

a clean sweep.

_________________
Who are these...flag-sucking halfwits fleeced fooled by stupid little rich kids They speak for all that is cruel stupid
They are racists hate mongers I piss down the throats of these Nazis Im too old to worry whether they like it Fuck them.
HST.


Top
 Profile  
 
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