I'm not gonna address or rehash any of the GS soap opera. We all know what the bottom line is. What the heck you think I have been bitching about here since the early days of the blog? Fraud, cheating, stealing, greed, and cronyism are the buzzwords of the day. Now we have the SEC coming down on GS as the result of a narrow vote. Don't count your chickens. I'm willing to bet the SEC is deep in crisis mode bowing to Blankfein and his servants like Obama does to foreign leaders.
I'll be totally surprised if the SEC can mount any sort of credible case against GS (even with enough evidence available in the public sector to put them under the jail forever). Hell, they have most likely gone after the one part of the syndicate that is most difficult to prove that will be drawn out the longest in court and involve the smallest penalty just to blow smoke over all the 1,000 other indictable offenses. Folks, remember this is an election year. Care to place a date on some sort of trial or conviction (mid-November maybe?), and yes the vote in the SEC was 3 for the democrats and 2 for the republicans. Don't be a moron. See this act for what it is, BS. Apparently the market does not give a hoot either. Let's the games go on.
naked capitalism has Who is Next in the SEC’s Crosshairs? Some Possible (and Heretofore Overlooked) Suspects I would treat the list as a buying opportunity personally. Think of all the bad publicity these banks will get. In this market nothing works better. "Invest in us! We're doing debt offering to assist in our bonus structure cause we're insolvent. Please give generously cause all we have ever done is good things for you! Pay no attention to that stuff marked to fantasy on our balance sheets"
The one thing I saw today that made me smile was former President Clinton saying he made a mistake. “I mean, that was a mistake I made.” Oops. Sorry. My bad! Glad to see Denninger pick up the ABC news interview. In Clinton Once Again Redefining The Word "IS" you get the former head of the universe discussing his big boo boo allowing Summers, Rubin and Greenspan to deregulate the universe. You all know I linked the Frontline Brooksley Born show in many posts and if you did not watch it shame on you. To learn more about ground zero of this crisis hit the link and go read. Thank you Mr. Clinton.
Folks, something large is coming. My "external event" is not far off. I do not know what it will be, but they are still clearly in control as long as the carry trade is alive and well. I do not know if the top is in or not. I'd say I'm 85% it is in. I wanted one more higher high and I got it. I don;t think I can call for another, but a nice double top would sure be pretty.