The fraudsters have finally been called out (well everyone but CNBS who will act the hero and turn coat to save ass I'm guessing only when the noose is firmly around the perps throat). It is beginning to get wild and woolly. Mud slinging is not only coming from the SEC, but it is now being launched across Washington as the Republicans look to counter the Democratic 3-2 SEC vote to prosecute GS. Greece, possibly this week, will most likely be proven the total disaster it really is. More banks will be brought into the fraud fray as the net widens and suits begin to pop up from here to Timbuktu.You are finally witnessing the beginning of the end.
Zero Hedge shines light on The Truth Behind The Government's Citigroup Stock Price Manipulation. TD warns, "Trade this market if you must. Just know full well that it is about as much integrity as the 3 card monte games played at the cafe of the central Moscow Politbureau. And every day that the administration is in charge makes it worse. The Dodd bill will be the nail that will seal the fate of the American decline into irrelevancy, as the cannibalism between the big financials takes on a brand new meaning, funded all the while the indebtedness of future generations of Americans. Assuming such exist in the first place." The $5.00 price is key for the institutional buyers. The volume in C is stunning, and I guess it will remain that way as long as the pump and dump is on in fill force. They are trading your retirement assets for theirs at these prices. The old bait and switch. When they are all out....
We all know they are hiding the truth. Whether under their skirt or in the closet the fraudsters do not want you to know what's real and what is not. “Who Would Not Want the Transparency [for Derivatives]? The Only Parties that Benefit from a Lack of Transparency are Wall Street Dealers.” from Washington's Blog. "The bottom line is that we are now in a system where gains are privatized and losses are socialized (and see this). The debate over CDS is really one part of the larger debate as to whether that system will continue or not.While all of the focus is on the battle over derivatives legislation, the truth is that legislation is only a small part of what is really going on." As long as they are making money from any source, no matter the source, they don't give a flip about any collateral damage and that is what has already destroyed this nation and the global financial system.
Credit Writedowns has Financial reform now being considered would not have prevented the crisis. "We, the undersigned, call on you to fulfill the responsibilities of your position by joining together in non-partisan cooperation to pass legislation that AT A MINIMUM would have prevented the crisis we just endured. Such legislation must include ALL of the following reforms or be considered incomplete:" Give this one a glance. It gives great insight to the BS Dodd is trying to pretend is financial reform.
Not much out there to really report on today, so you get a nice short post. If you want to dig into the GS fray or more on Greece visit the Hedge. They got it all. GL!