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Re: How The West Was Looted

Thanks, great stuff, passing it on.

Re: How The West Was Looted

Ah f$ck it all to hell bunny...this country is finished...Im moving to Zimbawbe and opening a kool aid stand.....

Re: How The West Was Looted

The idea of selling the same mortgages over and over again as reported here would be hard to believe except that we know it has been going on in the Securities Market. The accounting must be very tricky to keep it all straight.. unless those doing it are doing a hit and run with huge salaries and kick-backs to the regulators. Hummm. When an honest person figures it out, she gets a visit from those who have determined to keep it all a secret, take her records.... and tell her she can't keep those records. Names... extortion keeping the regulators in line.

Those who follow thesanitycheck will find this very easy to understand as they have heard the same fraud before in the securities market. It is just a different worthless counterfeit or counterfeits being sold. Making the taxpayer bail out the GSE's is the only way to keep the fraud from coming out... but it is too late. The money is gone and the taxpayer is on the hook with having to back the bonds that were sold with no collateral.

Re: How The West Was Looted

******

Bobo..... Catherine's got all the segments neatly available at her blog site. Folks can comment there as well, and she responds.

http://solari.com/blog/?p=1407

******

Re: How The West Was Looted

How much farther or lower can they go, now they are killing people just for money.

By: AlanC - Signalife Sues Vianale & Vianale and Twelve Brokerage Houses For Injunctive Relief Against...
September 03, 2008
Press Release Source: Signalife Inc (AMEX: SGN)


Signalife Sues Vianale & Vianale and Twelve Brokerage Houses For Injunctive Relief Against Naked Short Selling and Market Manipulation; And For Losses Caused to Citizens Who Have Been Harmed As A Result of Their MisConduct


LOS ANGELES CA -- Signalife, Inc. -- (Amex: SGN) -- and families yet to be named but known by Signalife who at this time chooses to protect their privacy – has sued Kenneth Vianale and his wife Julie, as well as the nation’s largest brokerage houses, for conspiracy to knowingly violate the federal securities laws. In addition, for the damages caused therewith including, tragically, in many cases extraordinary injuries caused to persons who have therefore not been given access to the Companies’ revolutionary technologies. The Securities and Exchange Commission has released data that the April selling of Signalife securities was not “a sell off” (as the defendants have lied about) but a planned naked bear attack determined to coincide with a web cast at which the bona fides of the device were not discussed at all. The alleged unlawful taking of stock of Signalife’s corporate treasury is believed to have cost innumerable families extensive physical injury – an intended consequence of naked short selling of a start-up company attempting to market and sell its revolutionary heart machine. While Signalife has nonetheless saved documented lives throughout this period and thereafter, it does not have the financial and “regulatory” resources of Merrill Lynch, Smith Barney and other brokerage houses – nor is Signalife calculating to destroy the life-saving machine it provides patients – in the way the defendants Kenneth and Julie Vianale and other defendants have injured lives in order to pay their car notes, to pay for clothing and to pay for haircuts, beauty expenses and personal goods.


The CEO of Signalife, business legend Rowland Perkins, commented: “Well, one thing is salutary. Every single short sale will be looked at with a fine-tooth-comb by regulators, by my friends and colleagues at Congress, by Signalife and by others. Every life that Signalife cannot access with its revolutionary heart machine as a result of the Vianale defendants, and others’, misconduct, is a life who will sue everybody responsible if they are unfairly injured by not having proper access to cardiovascular screening: Because if these naked short sellers would stop breaking the law, Signalife would have the funds to distribute the machine to the masses on a scale of scanning every man, woman and child by 2012.”


The lawsuit is subject to no conditions precedent, injunctive relief is planned, and the suit will be expanded to include families who were victimized by the injurious conduct of the defendants and their leaders as alleged in the complaint.


For a copy of the lawsuit, actual shareholders or members of the press are invited to contact Signalife’s counsel. Of course, all lawsuits are public record in any event.

About Signalife


Signalife, Inc. is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. Signalife uses its patented signal technology to design and develop medical devices, therapies and/or technologies that simplify and reduce the costs of cardiovascular disease.


Signalife, Inc. is traded on the American Stock Exchange under the symbol SGN. More information is located atwww.signalife.com . Clear Data. Trusted Results.


Caution Regarding Forward-Looking Statements


Statements in this release that are not strictly historical are "forward- looking" statements. Forward-looking statements involve known and unknown risks, which may cause the companies’ actual results in the future to differ materially from expected results. Factors which could cause or contribute to such differences include, but are not limited to, failure to complete the development and introduction of heart monitoring and other biomedical devices incorporating the companies’ technology procure market acceptance for these products, failure to obtain federal or state or governmental or international regulatory approvals governing heart monitoring and other biomedical devices incorporating the technology, failure to obtain import and export capabilities in the various countries containing buyers and resellers and hospitals and clinics and doctors for the devices, inability to obtain physician, patient or insurance acceptance of or for heart monitoring and other biomedical incorporating of the technologies, and the unavailability of financing to complete management's plans and objectives, including the development of heart monitoring and other biomedical and information solutions incorporating the companies’ technologies. There is no guarantee that Signalife will win these lawsuits, and lawsuits involve risks. These risks are qualified in their entirety by cautionary language and risk factors set forth and to be further described in Signalife's filings with the Securities and Exchange Commission.

Media Contact:
John Woodbury, Counsel
403-217-5332

________________________________________
Source: Signalife, Inc.

Re: How The West Was Looted

The door to THE story of corruption, greed, and market manipulation, en masse, is finally opening. NSS became the most identifiable tool of the powers that be. The fed, shockingly similiar to the SEC ( almost symbiotic entities), being the 1st captured regulator in this 30 year plague on the American people was led by one Alan Greenspan until he resigned(as did most of the SECOND heirarchy as they realized the lid was coming off their can and exposure would be lessened as their time out of the limelight lenghtened.

In their places stand Ben Bernanke (tomato/tomoto) and Chris Cox(certainly a step down from his predessor). The man, of some character, who's job was taken away due to his understanding of the FED and SEC action, or might I say inaction, and his outspoken opinion against the policies of the powers that be..."How much fraud are you willing to tolerate in the name of liquidity?"

Cox was appointed by the same man as was Bernanke. The S E C commisioners were also appointed by this same man. He has p penchant for keeping things all in the family as evidenced by the marital connection between an s e c commissioner and her ex wallstreet power broker turned fed governor.

I must seem to be rambling, but there is a point to the madness!

Here it is as best as I can put it in short order. I wrote a hypothesis to become a thesis just before going to DC w Rod Young. In it I elaborated on this point as a major part of, if not the creator of the NSS epidemic.

Greenspan was always 'Me First.' He allowed himself to be captured as the payment for the Long Term Capital bailout. The funds of which were to foreign banks, most of which are in deep trouble either legally or financially now due to the NSS among ither items of greed and corruption.

This process of capture, and deep it has truly become, happened to the same man who appointed both Cox and Bernanke, the fed governors, and counted on them to run the economy in his mental absence as he could think no further than the mid east.

Greenspan also had profit motive-not being required to place his assets in a blind trust he chaose bonds for nearly his entire portfolio. We know the multiples of return he must have garnered via his manufacture of ever lowering interest rates on his investment. Few fail to question why he raised rates to kill the economy every time it became 'prosperous,' as if prosperity was a four letter word.

I could rant for pages but will spare you! I believe that in light of E.B.'s current poignant article this would be germane evidence to support his author's claims about the sad state of affairs in DC and on wall street.

In further support of the above I have attached an article from today's press calling into question the integrity of those determining our country's financial fate. It seens most of the powers that be are planning to take the money and run...to a protected off shore account and secure lifestyle while we remain imprisoned till death and beyond via our kids and grandchildren to pay back the money we owe the world for living so long with our heads in the sand. Hwh

CNBC TOP STORIESFed Mandate Leads to Temptation: Ex-C.BankerCNBC.COM | September 04, 2008 | 8:15 AM EST The dual mandate of the Federal Reserve is "too complicated a job for central banks to do, where the temptation to act opportunistically becomes almost irresistible," while inflation-targeting is the right objective for a central bank, former MPC member Professor Willem Buiter told CNBC Europe in a television interview.Last month, Buiter sparked a fierce debate during the Jackson Hole conference for criticizing the Federal Reserve’s handling of the credit crunch, suggesting that the Fed was too close to the leading financial institutions to act in the best interests of the economy.Buiter, currently a Professor at the London School of Economics, also said he was not as convinced that the "disinflation that is in the works is going to be as sustained or spectacular as all that… as soon as the world economy picks up, commodities will go up again." Meanwhile he believes that there is "no chance at all" for a rate cut anytime soon from the ECB, despite the fact that the economy has weakened quite considerably, as the ECB most likely wants to "put fingers in the wounds before doing so and wants to see headline inflation come down first." In the UK, where the Bank of England also has an inflation-targeting mandate, Buiter believes that the slide in sterling in recent weeks will counteract the decline in commodity prices and the fact that the UK economy is "tanking"."The weakness of the sterling must be a source of concern for the people who have the official mandate in mind," he said.However, "in the short term it (sterling's weakness) will also probably be the salvation for the real economy," Buiter added. 

Re: How The West Was Looted

I posted the following link written by Catherine Austin Fitts over a year ago and more than one person accused me of being a conspiracy theorist.

http://www.narconews.com/narcodollars1.html

The instant reaction is one of disbelief as it is hard TO believe, but when you think of it, it makes sense for cash laundering businesses to go public to make that 10 times PE multiple and that these businesses will drive out the legitimate ones or that overvaluing property and getting government guaranteed loans on it is a good way to launder money.

The one that stuck with me was to stop on an exit in the middle of nowhere on the interstate and count the number of customers at the brand name public company cash businesses there and ask why they don't go bankrupt.

It's an extremely good read. Scroll down to the picture of Grasso soliciting drug money and read about Hillary's good fortune in the commodity's market.

My best understanding is there is an octopus where Wallstreet counterfeits securities including commodities, foreign currencies, equities and debt and they launder money for the drug and arms cartels who use rogue elements of the military intelligence apparatus.

There's a lot of money in looting the US treasury - more than enough for the bad guys to get their guys elected and for them to control the regulators.

Re: How The West Was Looted

The SEC should not have allowed this transaction. This is definetely a conflict of OUR interest!!

Citadel took a 20% equity stake in E-Trade, lent the discount broker money at an interest rate of 12.5%, and bought its $3 billion asset-backed securities portfolio for $800 million. E-Trade also agreed to funnel a lot of its trading through Citadel.

Since these deals, E-Trade shares have languished.



Citadel hiring spree pauses as Russell leavesFont size: A | A | A
1:39 PM ET 9/5/08 | Marketwatch
RELATED QUOTES


2:30 PM ET 9/5/08
Symbol Last % Chg

JPM 39.19 3.38%

MER 26.25 0.15%

CS 45.22 0.65%

ETFC 3.25 1.25%
Quotes delayed at least 15 minutes


SAN FRANCISCO (MarketWatch) -- Citadel Investment Group's hiring spree this year took a breather as executive Joe Russell left the hedge fund firm after a recent unprofitable run, according to a person familiar with the situation.

Russell, who joined Citadel in 2005, ran the Fundamental Credit group, one of three credit strategies at the Chicago-based firm. The other two groups focus on structured credit and convertible debt.

Fundamental Credit, which invested in highly leveraged companies, was the only one of these three strategies to be unprofitable this year and was also the smallest, the person said on condition of anonymity.

After Russell leaves, the strategy will be folded into the other two, the person said.

His departure is in contrast to Citadel's rash of hiring this year. In March, the firm brought on Kaveh Alamouti from Louis Bacon's Moore Capital. Alamouti is helping Citadel launch a new global macro hedge fund, and the firm is currently trying to raise capital for the project from existing investors.

Also in March, Citadel hired Patrik Edsparr from J.P. Morgan Chase (JPM) to run its global fixed income business.

In April, it hired David Noh from Merrill Lynch (MER) to help it expand in Asia. In the same month, Nick Taylor joined from Credit Suisse (CS), and Derek Kaufman came over from J.P. Morgan.

At the end of May, Citadel hired another J.P. Morgan banker, Bill King, to run securitized products for the firm.

E-Trade dealings

While Russell's departure runs counter to Citadel's expansion efforts, he was intricately involved in the hedge-fund firm's deals with E-Trade Financial (ETFC) in November.

Citadel took a 20% equity stake in E-Trade, lent the discount broker money at an interest rate of 12.5%, and bought its $3 billion asset-backed securities portfolio for $800 million. E-Trade also agreed to funnel a lot of its trading through Citadel.

Since these deals, E-Trade shares have languished.

Meanwhile, the performance of one of Citadel's main hedge funds has been pressured by the credit crunch. The firm's Kensington fund is down roughly 6% so far this year.

But Citadel has two other funds -- Market Making and Tactical Trading -- that are up about 20% this year. The Market Making fund is where a lot of E-Trade's trading is housed.

Re: How The West Was Looted

http://cryptogon.com/

The government would be assuming vast obligations it has historically disavowed, potentially using taxpayer money to make up for private business decisions gone wrong.

Boy Doles Out Hundreds of Fake $20 Bills at School

Re: How The West Was Looted

http://tinyurl.com/6l7cb5

Re: How The West Was Looted

So this is how the program works... The Shorters pick out their victim company e.g. Bear Stearns and begin shorting @ $171 all the way down to $60 at $60 they they send the captured media in a hunt and persection raid which will lead to the end of the end down to $30 finally the Sect. of Treasury comes in and put the final Kabosh $2.00 a share and a govt. bailout paid for by taxpers. Shorters and NAKED SHORTERS (who never have to cover or pay taxes on the proceeds they have made) make out like bandits and the individual investors and pension plans /programs lose their shirts. Now rinse and repeat Fannie Mae and Freddie Mac. Whose next??? I think LEH.

Re: How The West Was Looted

DTC Proposed Rule Change SR-DTC-2008-11

The Depository Trust Company

CATEGORY: Compliance
FROM: General Counsel's Office
ATTENTION: Managing Partner/Compliance Officer/General Counsel’s Office
SUBJECT: DTC Proposed Rule Change SR-DTC-2008-11
implementing a new service (“Security Holder Tracking Service”)

The Depository Trust Company ("DTC") filed a rule change with the Securities and Exchange Commission to implement a new service which will allow issuers, either themselves or through an issuer-designated administrator, to track and limit the number of beneficial owners for an individual CUSIP (the “Security Holder Tracking Service” or the “SH Tracking Service”).

In order to support the settlement and asset servicing of these securities within DTC without exceeding the issuer’s limit of beneficial owners, DTC was asked to build a mechanism which would allow issuers to track and limit the number of beneficial owners of its securities (“Tracked Securities”).
In order to facilitate the book-entry settlement and asset servicing of Tracked Securities, the SH Tracking Service was developed.

The eligibility process for a Tracked Security to be made and remain DTC-eligible will remain the same. In addition to the traditional process, DTC must be instructed in writing to set up a specific CUSIP for tracking.1 At the same time, the issuer must instruct DTC as to whom will perform the function of the administrator for the CUSIP within the SH Tracking Service.2
1 It is anticipated that this instruction will come from the underwriter at the time of the initial distribution at DTC.
2 It is anticipated that the Administrator will typically be the transfer agent for the issue.

Upon receipt of all of the aforementioned documentation, DTC will make the CUSIP DTC-eligible and will activate the tracking indicator on its security master file. Additionally, once it is made eligible, DTC will perform asset servicing for the issue.

The administrator appointed by the issuer (the “Administrator”) will control movements of the particular CUSIP for which it has been appointed. Once the tracking indicator has been activated on the master file and the Administrator has been appointed, no transfer of the securities shall take place in the Tracked Security without the approval of the Administrator through the Inventory Management System (IMS). The Administrator, based on requirements of the issuer, shall be solely responsible for determining whether a transaction should be effected in DTC. Once approved by the Administrator, DTC may perform centralized book-entry settlement.

IMS will only allow an Administrator access to view and approve transactions for CUSIPs for which they have been appointed Administrator as reflected in DTC’s records.

As DTC is relying solely on the instructions of the Administrator in order to effect settlement in Tracked Securities and has no knowledge of the number or character of the underlying beneficial owners, use of the SH Tracking Service by any party will constitute an agreement that DTC shall not be liable for any loss or damages related to the use of the SH Tracking System. Each user of the SH Tracking Service agrees to indemnify and hold harmless DTC and its affiliates from and against any and all losses, damages, liabilities, costs, judgments, charges, and expenses arising out of or relating to the use of the SH Tracking Service.

The Tracked Securities will not be held as part of a Participant’s general free account nor will they be considered eligible collateral in DTC’s settlement system.

Although the SH Tracking Service was developed to address the specific concerns of closely held Rule144A issues, in practice it could be utilized for other types of securities for which the number or character of the beneficial owners requires some level of control by a third party administrator.

Fees
In an effort to recover the costs of building the SH Tracking Service, the following fees shall be introduced:
•$25,000 fee per CUSIP for SH Tracking Services
•$5 per delivery and receive for Tracked Securities
•$5 per receive and delivery for reclaims of Tracked Securities

The full text of the rule change is available at our website, www.dtcc.com. Questions or inquiries regarding this proposed rule change may be directed to Sheila Candler, Vice President and Senior Counsel at scandler@dtcc.com, (212) 855-3281 or Daniel Thieke, Product Manager of Security Holder Tracking Service at dthieke@dtcc.com, (212) 855-4162; any such comments will be forwarded to the SEC. Written comments may also be addressed to the Secretary of the Commission, Securities and Exchange Commission, 100 First Street, N.E., Washington, D.C. 20549. We request that you provide DTC with a copy of your comments.

http://www.dtcc.com/downloads/legal/imp_notices/2008/dtc/com/3792-08.pdf

Re: How The West Was Looted

The same ole same ole...

Did Lehman fall on inside information of failed Korean investment?
Posted Sep 9th 2008 11:20AM by Peter Cohan
Filed under: Major movement, Lehman Br Holdings (LEH)

On Monday, Lehman Brothers Holdings (NYSE: LEH) fell 13% after announcing a management restructuring. Some speculated that investors were disappointed because the management changes suggested that Lehman's well-publicized talks to sell a stake to Korean financial interests had failed. CNNMoney confirms this morning that those talks have ended.

CNNMoney interviewed the chairman of Korean Development Bank (KDB), which "sent a proposal to Lehman to buy 25% of [Lehman] for as much as $5.3 billion," who confirmed that talks had ended but did not make it clear why. (Such a deal would have been a 116% premium to its current market value). As CNNMoney wrote, "The two companies have been discussing the possibility of KDB taking a stake in Lehman but Korean regulators had been cautious about the deal. Jun told Dow Jones Newswires that the talks were now over, but he declined to say what conclusions, if any, had been reached."

CNNMoney also reports that no other Korean financial institutions wanted to join KDB. It reported that "all major financial institutions in South Korea - Kookmin Bank, Woori Finance Holdings, Shinhan Financial Group and Hana Financial Holdings - said that they weren't interested in joining a consortium to invest in Lehman due to economic uncertainties on the local front."

But yesterday, the failure of those talks had not been announced yet. They were only inferred. Did someone trade on the knowledge that the talks had failed? It might be worth investigating.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned.

Re: How The West Was Looted

Another CEO taking the mantle.. Read this people.. Companies are mad as hell and they are not taking it anymore...

Excerpt from the press release. Full story at link below.


<<<< Rowland Perkins , Signalife's Chief Executive Officer, stated, "One of the
principal reasons for the consolidation is to address the continued illegal
short-selling in the company's common stock. It is believed that a
significant reduction in the company's public float will reduce or minimize
the ability of illegal short sellers to manipulate the market price of the
common stock. To address this situation, Signalife has engaged lawyers
nationwide in order to assure that every naked short sale (4 days of
non-delivery after sale) will be answered instantaneously by a lawsuit in the
jurisdiction relevant to the brokerage house. If short sellers wish to get
sued, and subject themselves to discovery, every four days, we have lawyers
who will oblige them on contingency bases and will move for injunctive relief
immediately. The only exceptions will be those persons who unilaterally send
a letter to the company that outlines who they are, that they are making a
market in the securities, and that they are not conducting any long-term short
selling more than 13 days (the SHO threshold list). These must be in writing
in order to avoid being sued. Because there will be less than 100,000 shares
outstanding after the reverse split, it will be extremely easy for the
company's lawyers to track the naked short sales and the company has engaged
several service providers who access SEC information to confirm such facts."
Signalife reserves the right to not sue anybody who it reasonably
believes -- in its own discretion -- is innocent of "mens rea" and Signalife
reasonably believes acted without "scienter." >>>>

http://www.earthtimes.org/articles/show/signalife-announces-reverse-stock-split,535152.shtml

Re: How The West Was Looted

They probaly made 1 billion in profits ad had to pay 575K in fines, what a joke. This is ridiculous!!!

Recs: 1 Deutsche unit to pay record fine for short sales
Wednesday September 10, 12:07 pm ET
By Karey Wutkowski


WASHINGTON (Reuters) - Deutsche Bank Securities Inc has agreed to pay a $575,000 fine for short-selling violations in the largest penalty to date from NYSE Regulation.
NYSE Regulation, the watchdog arm of the New York Stock Exchange (NYSE:NYX - News; Paris:NYX.PA - News), said on Wednesday that Deutsche Bank Securities made a significant number of short sales in securities that were not on the firm's easy-to-borrow list between January 2005 and October 2006.

It said the firm completed the sales without borrowing the securities or having reasonable grounds that they could be borrowed

http://biz.yahoo.com/rb/080910/deutsche_citigroup_penalties.html?.v=1

Re: How The West Was Looted

Bunny, you and the author lost much credibility by mentioning the increase debt without mentioning the increase of 5 trillion in assets. This is indeed a tax payer bailout with the beginnings of fraud, but it will end up costing billions, not trillions. The consequences of not doing this prolonged systemic risk. The management and shareholders of FRE and FNM had little to lose by assuming additional risk, but the U.S. government had much to lose by letting this continue. I thought NSS was the pinnacle of fraud, but it looks like housing may have been worse. That does not imply that the actions of the U.S. government this week were not in the country's best interest.

Re: How The West Was Looted

NEW YORK (MarketWatch) -- In less than two weeks, Wall Street will pass a milestone that on the surface probably doesn't seem to have much relevance today: the 10th anniversary of the bailout of Long-Term Capital Management.
But the LTCM near-collapse and rescue set in motion Wall Street's unchecked rush to risk during the decade by signaling to the market that the government would ultimately come to the rescue.
Wall Street is a kids' game, so let's refresh our memories. Everyone born before 1990 can skip ahead a couple of paragraphs.
LTCM was a hedge fund run by former Salomon Brothers bond whiz John Meriwether and a half dozen other traders. They raised $1.01 billion in 1994 and ended up with derivative positions of about $1.25 trillion, built on leverage, when the bets turned bad and lenders started asking for their money in the summer of 1998.

Bush Family Looting US Public Land & Resources

I can only post a portion of this report as it is a "subscription only" website. This should be sufficient to convey what the Bush Crime Family is doing and has been doing since Prescott Bush's collaboration with Hitler.

XXX has learned from a senior Democratic congressional source that the Bush family, most notably former President George H. W. Bush, is reaping windfall profits from the transfer of title of public federal and state lands to private hands. The elder Bush, according to our sources, has a vested financial interest in land title companies that specialize in the transfer of public lands to private interests.

The revelations represent the first evidence that the elder Bush has benefited from the transfer of public lands to private hands in a giant scheme to defraud federal and state governments, as well as the American taxpayers and native Americans.

The land-grabbing scheme primarily involves the transfer of federal lands, including Native American lands and national forest system lands, in the Rocky Mountain West, state lands Texas, and both federal and state lands in California, Mississippi, and Florida to private entities. The scheme is also at the center of he scandal surrounding jailed GOP lobbyist Jack Abramoff who conspired to privatize federal lands and assets around the country to benefit his corporate clients.

In 2003, California law enforcement concluded that a number of devastating fires that destroyed 718,000 acres in the state were the result of arson. Some within the Bush administration suggested that "Al Qaeda" terrorists could be behind the blazes. It now appears that it was the Bush administration that was the actual terrorists in carrying out the arson to enrich their friends in the real estate, Indian gambling casino, mining, and other exploitation industries.

Re: How The West Was Looted

I am going to go out on a limb here and make this statement” I think someone at CNBC is finally getting it and saying it like it should be said”. Please watch and listen to the following videoclip. I hope someone can archive it immediately.

Recs: 0 They Ought To Go To Jail Blurts Mark Haines
http://www.cnbc.com/id/15840232?video=853178471&play=1

Re: How The West Was Looted

Bobo, I guess Jim is saying iit depends on what the definition of" insolvent" is. LOL!!
Some people just do not want the severity of this information to be exposed. ALL of our Major banks are insolvent. ALL.Period end of conversation. I am truly ASTONISHED by how bad this has become so quickly. I think all those40 bill (per year) bonuses that were distributed amongst the Wall street elite over the last 3 years were done so under fradulent results and some upstanding attorney should pull a Millberg Weiss and class action to get those monies back. What say you on this trinkett? Again thanks for all you guys do. It has not gone un-noticed.

Re: How The West Was Looted

Gentlemen, turn your engines off!!! Only one person's opinion but....you do the math!!!

Recs: 1 Re: Monday is looking like a bloodbath. This as of 6:47pm WSJ.....................
This is even worse...
---------------------------------------------------------------
"Here is what we know:

1. Fannie, Freddie and the FHLBs all failed and were effectively nationalized last Sunday.

2. On Monday, the ISDA released a tersly-worded statement that reluctantly admitted that there was a "credit-event" triggered by #1 above. The NY Fed also was involved in this situation and had hastily called for a conference call among the destroyed CDS players.

3. "Coincidentally", this last week LEH fails outright. AIG stock starts trading like pets.com at the end of the Internet boom and Merrill's stock is right behind AIG in the "dropping-like-a-stone" department. Perhaps unrelated, WaMu [stock price] also collapses. So does Wachovia. And others as well.

4. In the meantime, ISDA offers another less-tersly-worded statement that it is working with the destroyed CDS players to figure out who owes what to whom, who owns the underlying $1.4 TRILLION in Fannie/Freddie debt and the actual the size of the CDS positions (which I have made an irrefutable case for their being many multiples of CDS to underlying debt), yet doesn't reveal any of the players or the positions.

5. On Friday evening, the Federal Reserve, the Treasury, the SEC, and EVERY FRIGGIN' LARGE INVESTMENT BANK IN THE WORLD begins meeting to ostensibly discuss "ONLY" the dismemberment of Lehman.
....
Last Sunday's GSE nationalization triggered THE LARGEST DERIVATIVES EXPLOSION IN THE HISTORY OF MANKIND!!!

Yet, now we are being told that the tiny-by-comparison Lehman failure is causing all sorts of problems with parties and counterparties to Lehman debt and derivatives.

And furthermore, every Big-Shot goverment agency AND every major investment bank has been meeting in panic sessions to supposedly discuss ONLY the Lehman autopsy, and NOT the afore-mentioned GSE triggered, multi-TRILLION dollar CDS implosion?

Yeah, right.

For those few readers who need things explicitly spelled out for them, I will oblige:

This AIN'T just about Lehman, folks. It's about what Fannie and Freddie's demise triggered:

THE MASSIVE, UNPRECEDENTED, WORLDWIDE IMPLOSION OF TRILLIONS OF DOLLARS OF DERIVATIVES POSITIONS!!!

And the collapse of Leh, of AIG, of Mer, and of probably all the other banks and hedge funds and other gamblers involved in this "Casino from Hades".

(Ras Conclusion): Sorry to be the bearer of bad news so early on a Sunday morning, but we're scroomed. These guys have REALLY hosed the poodle this time.

http://boards.prudentbear.com/bbs_read.asp?mid=725332&ti...

Re: How The West Was Looted

It doesn't get any more blatant than this.

http://tinyurl.com/625q4m

NYTimes 9/15/08: Merrill Lynch Acquired by Bank of America and Lehman says, "Good night Dick!

How does this stuff happen when we have the best and brightest financial wizards running these companies. LOL It's called GREED!!! You will notice very little will be reported in the mainstream press about the executuves of these financial giants receiving and keeping their HUGE bonuses this past year for their superb accomplishments. Hummmmm.
We have got to fix this wagon! The wheels have already fallen off.

http://www.nytimes.com/2008/09/15/business/15lehman.html?_r=1&hp&oref=slogin

Re: How The West Was Looted

Gee, ya think it's finally time for the DTCC to "promptly settle" all trades?

Re: How The West Was Looted - Banks Panic over Naked Shorting

U.S. banks put heat on SEC to curb illegal shorting
Tue Sep 16, 2008 4:41pm

WASHINGTON (Reuters) - A U.S. banking group increased the pressure on securities regulators to clamp down on the illegal short-selling as declines in shares of major financial companies accelerated this week.

The American Bankers Association said many of its members have seen precipitous declines in their stock, high trading volumes and huge spikes in so-called failures to deliver, leading them to conclude that their stock is being manipulated.

The U.S. Securities and Exchange Commission is expected to strengthen rules against abusive short selling before the end of the week. However, the banking association said it was not enough.

"We are concerned that the commission's forthcoming action will not go far enough to protect banks and bank holding companies from these abusive and manipulative practices," the ABA said in a letter to banking regulators.

Re: How The West Was Looted

What a long strange trip it`s been. But we are there. NSS is mainstream news. Where do we go from here is the question.

Re: How The West Was Looted

The horses must have all been stolen now the theives have just shut the barn door.
As of thursday stocks purchased must be delivered by the settlement date.
Yeah, right like that is really going to happen.

Re: How The West Was Looted

Your insinuation that my lack of a crystal ball does not allow me to comment intelligently on the situation is way off base. I do not know where you get your information that Lehman's mortgage portfolio is worth nothing, and that it is the same as FNM and FRE mortgage portfolio making them effectively worth nothing. You have often demanded people back up their assertions, so I will back up mine.

Here is a quote from the Financial Times regarding the likely costs of recent bailouts.
"It is also true that despite the increasingly tough stance of US regulators, the financial crisis has probably already added at most $200bn-$300bn to net debt, taking into account the likely losses on nationalizing the mortgage giants Freddie Mac and Fannie Mae (NYSE:FNM) , the costs of the $29bn March bail-out of investment bank Bear Stearns, the potential fallout from the various junk collateral the Federal Reserve has taken on to its balance sheet in the last few months, and finally, yesterday's $85bn bail-out of the insurance giant AIG. "

http://us.ft.com/ftgateway/superpage.ft?news_id=fto091720081421070962&referrer_id=yahoofinance

Logically, it does not make sense that 5 trillion in assets disappeared overnight. Yes, I cannot tell you exactly what they are worth, but I can tell you they aren't worth 0 and you have to consider both assets and liabilities when calculating the cost. Your position, further posited in your rebuttal post, that 5 Trillion is the cost of this bailout is absurd, untrue, and takes away from the credibility of your otherwise well researched and thought out positions on NSS.

V/R
Jim

Re: How The West Was Looted

I'd also like to make two other points. If you have 5 trillion in assets, and 5 trillion in liabilities, you could still need a bailout because there is that little thing known as regulatory capitalization so that you do not have infinite leverage.

On the topic of leverage, two firms can have exactly the same assets (mortgage paper) each with a different value due to leverage. If I hold a bond worth 100 and it falls 10% to 90 with no leverage, I have 90 dollars. If I hold a bond worth 100 and it falls 10% with 10x leverage, I have zero. Implying the mortgage portfolios of two companies is equivalent because they hold the same assets is a non-sequitur.