The AIG mess has now slammed into the Democratic Party. Senator Dodd tried to hide his many affiliations with AIG but of course, all of them are now coming out. The real problem is obvious: both parties in Congress have been utterly and totally corrupted. This collection of million and billionaires are just like the old Roman Senate: venal and self-serving. Even if they arrive, pristine and pure, they end up corrupted as their family members are enticed to become employees of not only US corporations but international corporations. Or like the Bush family, they run off to Saudi Arabia and China to do ‘business’ which is 100% about being corrupted so they will betray the US people. Let’s look into the Dodd affair:
New York Attorney General Andrew Cuomo told reporters on March 23 that nearly of half of the recipients of the largest AIG bonuses have already agreed to return the money. That is, nine of the top ten, and fifteen of the top twenty recipients are forfeiting the bonuses. So far that amounts to about $50 million. Others, many of whom live overseas outside of the New York State jurisdiction, have declined to return the money. Forty-seven percent of the bonuses were awarded to Americans….
After days of bellowing and blaming, on Friday afternoon, March 20th, Treasury Secretary Timothy Geithner confirmed that his department pushed Senator Chris Dodd to write a loophole into the Economic Stimulus Plan that would pave the way for the AIG bonuses to be paid.
Both Dodd and Geithner lied to the American people. They should resign. Better, still, arrest them. Instead, Obama is standing by both crooks. I feared this would happen. Even as Obama’s team boasted about all the little people giving him their hard-earned cash, most of his real money came from a very small, very connected group of crooks, ponzi artists—-LITERALLY—FROM MADOFF—and a host of other questionable people.
Hillary Clinton’s money came from even worse sources. A lot of it was in the form of ‘donations to charities’ run by the criminal duo, and much of Bill’s speech fees are from entities seeking to destroy all our protections and systems controlling trade and finance. Of course, starting with Reagan, the habit of running off and collecting these immense speech fees is now an open door to total and complete corruption and venality. Naturally, since all of our corrupt representatives use this immense loophole in the laws that was put there by themselves, none of them want to change anything.
Oh, the poor lambs at Daily Kos! They were told, falsely, that if only they funneled all their money to the Democrats, they would have this happy day when the sun would shine and Congress would actually listen to that queer group, the American Voters. But this day never came. Instead, the gang running DC thought this was great cover for continuing the looting expedition being run against this nation.
The fact that Geithner and Dodd lied and were not punished by Obama is due to Obama being a house slave, not a President. He has to throw off his chains and go after Massa. He has to call out the rest of us to put down these riverboat gamblers! He has to clean HIS OWN PARTY OUT. He can, he has the backing of the American Voters to make ‘CHANGE.’ Instead, he is the hat and coat holder for these creeps. How shameful.
No wonder Senator Christopher Dodd (D-Conn) went wobbly last week when asked about his February amendment ratifying hundreds of millions of dollars in bonuses to executives at insurance giant AIG. Dodd has been one of the company’s favorite recipients of campaign contributions. But it turns out that Senator Dodd’s wife has also benefited from past connections to AIG as well.
From 2001-2004, Jackie Clegg Dodd served as an “outside” director of IPC Holdings, Ltd., a Bermuda-based company controlled by AIG. IPC, which provides property casualty catastrophe insurance coverage, was formed in 1993 and currently has a market cap of $1.4 billion and trades on the NASDAQ under the ticker symbol IPCR. In 2001, in addition to a public offering of 15 million shares of stock that raised $380 million, IPC raised more than $109 million through a simultaneous private placement sale of 5.6 million shares of stock to AIG – giving AIG a 20% stake in IPC. (AIG sold its 13.397 million shares in IPC in August, 2006.)
Dodd, of course, hid this from us when he pretended to be outraged. We could see that this outrage was totally fake. Anyone using the web can find a lot of great information without going to the mainstream newspapers. Speaking of devils, here is a goofy story:
CHICAGO Newspapers perform a public service for democracy and should be allowed to operate as tax-exempt non-profits, U.S. Sen. Benjamin Cardin, D.-Md., proposed Tuesday.
Cardin introduced a bill that would explicitly include newspapers among organizations eligible for 501(c)(3) status. The non-profit status is the same that public radio and television have now.
The legislation would give a national green light for newspapers to adopt the so-called Low Profit Limited Liability Company business model, often shortened to L3C.
HAHAHA. Much of our media is owned by people swearing fealty to other nations. Much of our media’s operational purpose is to support the status quo and the very rich. This is why it nearly always sides with management and not unions when doing stories. This is why so many people go to the web for information. There is now way we can get it from mainstream news sources. They exist in order to mislead, not reveal. This is why so many scandals are floating to the surface, so fast. I remember the old days when we had to push many a news rock uphill.
I used to ask the NYT, for example, ‘What do you use to deliver news? Turtles?’ They would break news stories months or even years after we hammered them relentlessly about obvious news stories. Of course, the owners of our media, all very rich men who are now losing money, never, ever, ever report on the criminal activities of Congress or Presidents UNLESS they want someone punished or removed.
Jimmy Carter really pissed them all off because he talks about their favorite country too much. Since he insists on talking about Israel, they have put him into the same Cone of Silence I live in. We almost never see or hear him. His speeches, which make him no money, are not reported. And the speeches made by other, much more corrupt leaders, are also not reported since this would mean, talking about WHERE they give these faux speeches which are merely excuses for putting out the palm for political favors.
Now, it was no accident that the venal, corrupt little pussy cat married to Dodd, would suddenly be a vital member of a pirate operation that works out of one of Queen Elizabeth’s many pirate coves! They needed political protection and can’t give too many outright bribes. But they could hire family members of the corrupt Congressman! And they did, of course.
This is the AIG web of Power. I put all the biggest connections in the center: Goldman Sachs, who used its massive political power to get the US taxpayers to funnel tens of billions of our dollars into their treasure chests, via the AIG bail outs. More about this later. Then, there are the direct connections with the odious Federal Reserve Bank of New York, the habitat for tax cheater, Geithner. Then, there is JP Morgan, the other pirate crew who also used muscle to get the same tens of billions in bail out money via AIG’s huge funnel.
Then there is the Blackstone Group, a bunch of pirates, too. And foreign banks like Deutsche Bank. Then there are ‘seven foreign subsidary’ groups which includes the one used by AIG to get political power with Senator Dodd so he would write laws allowing outright looting. As we look at this spider web, we can’t help but get sick to our stomachs. But thankfully, this also reveals stuff these guys want hidden from view! They want us to think, they are one of us and NOT working for FOREIGN PIRATES.
As usual, I run off to see the often awful web sites of these creepy people. So here is IPC Holding’s home base:
IPCRe Limited provides property catastrophe reinsurance and, to a limited extent, aviation, property-per-risk excess and other short-tail reinsurance. Since its formation in 1993, it has created a strong presence in the marketplace and has established relationships with many of the world’s leading insurance organisations. HAHAHA….like AIG. Its business is spread evenly between clients domiciled in North America and those located elsewhere in the world, principally in the UK, Continental Europe, the Far East and Australasia. The company became publicly-held in 1996 and since that time has maintained strong ratings, currently “A” with A.M. Best and “A-” with Standard&Poor’s. Now in its fifteenth year of operation, IPCRe is enjoying continued long-term and valued relationships with its clients.
Now comes the best part: this is a FOREIGN ENTITY and runs out of a TAX HAVEN. They are now merging with another foreign hedge fund group because business has been extremely bad, lately:
HAMILTON, Bermuda—March 2, 2009– IPC Holdings, Ltd. (NASDAQ: IPCR) (“IPC”) and Max Capital Group Ltd. (NASDAQ: MXGL; BSX: MXGL BH) (“Max”) announced today that the boards of directors of both IPC and Max have unanimously approved a definitive amalgamation agreement. The combined entity will operate under the name of Max Capital Group Ltd. (“Max Capital Group”). Under the terms of the definitive amalgamation agreement, holders of Max common stock will each receive, at a fixed exchange ratio, 0.6429 IPC shares for each Max share. Upon closing of the tax- free, stock-for-stock merger, IPC shareholders will own approximately 58% of the combined company on a fully diluted basis (with Max shareholders owning approximately 42%). Completion of the transaction is contingent upon customary closing conditions, including the approvals of shareholders and various regulatory approvals and notices. The transaction is expected to close in the third quarter of 2009…. Upon closing of the transaction, the holding company will be renamed from IPC Holdings Ltd. to Max Capital Group Ltd. The combined company, Max Capital Group, will serve as the Bermuda-based holding company for the existing global specialty insurance and reinsurance operating subsidiaries of Max and for IPCRe Limited, the existing Bermuda-based property-catastrophe reinsurance subsidiary of IPC. IPCRe Limited will be renamed Max IPC Re Ltd.
What is this ‘reinsurance’ stuff? HAHAHA. The Derivatives Beast! Everyone has ‘insurance’ against each other and for the potential of losses. Only not one soul has bothered to CAPITALIZE this business so when there are losses, everyone has to find capital and there is only one place where there is ready capital to be had: have the tools in Congress steal our joint capital which is future tax revenues, and use this as the basis for doing business for these OFFSHORE PIRATES. This is one of the biggest thefts on earth.
And we have seen many a theft, too! But the hijacking of the entire finances of the world’s biggest and proudest empire certainly is a historic first. In return for working for these outright foreign pirates, Senator Dodd and his dopey wife get to live in pretty houses, multiple houses, and have a private jet and live like faux kings an faux frumpy queens. Just like the Clintons or Pelosis or a host of others. Not to mention, multi-housed forgetful McCain! And the footloose Bushes who work the hustings across the entire planet.
And look at how profitable business has been for Dodd’s wife’s buddies! In 2007, they had a profit of $368 million! Last year, it was only $75 million. And still dropping. UNLESS the US Congress bails them out. And our corrupt Congress members are madly bailing out all these extremely rich…until this year….gnomes and pirates. Now, back to the Supergnomes of Gollum Sachs:
Goldman Sachs Group Inc., once the most profitable firm on Wall Street, is talking with U.S. regulators about repaying the $10 billion it received from the government by mid-April, a person familiar with the matter said. HAHAHA!
Goldman Sachs hasn’t formally applied to give back the money, which the New York-based company received as part of the first round of the Troubled Asset Relief Program, the person said, declining to be identified because the talks are private.
Bank executives are chafing under increased scrutiny that accompanied the bailout money, as public outrage over bonuses and executive perks intensifies. The government may be reluctant to let any banks pay back the TARP money now, because it could pressure other companies that still need the cash to return it, according to Peter Sorrentino, who helps manage $13.3 billion at Huntington Asset Advisors in Cincinnati.
So long as the loot from the looted taxpayers was given over totally for the gnomes to use as they pleased, the gnomes pressed their political creatures to give them more and more and more! This was so much fun, the gnomes decided to openly use this loot to make their luxurious lives even more fun. But they forgot one thing: the people they were ripping off are very motivated to hunt down the gnomes and punish them!
It is painfully obvious now, the gnomes really didn’t need this money to stay alive. They needed it to have sex. Yes, my previous video explaining the dire needs of these ugly little creatures was spot on! For example, the cartoon of the gnome holding his own rope around his neck, demanding Miz Liberty give him all her money or he would die, comes to mind. This is why arresting these creatures for destroying the world economy is so useful: they will never come a-begging again!
The U.S. government’s plan to rid banks of toxic assets may attract investors I.e.: international criminals and tax cheats—-with financing that helps generate returns as high as 25 percent, fund managers and analysts said.
Loans from the Federal Reserve and Federal Deposit Insurance Corp. debt guarantees will bring out the bidders, said Paul DeRosa, a principal of Mount Lucas Management Corp., a $1 billion hedge fund based in Princeton, New Jersey. That can drive up prices and persuade banks to clear balance sheets by auctioning off illiquid debt and troubled securities, he said.
“The best part is that the buyers will have an advantage because of the government financing and the FDIC backstop,” DeRosa said in a telephone interview. “You can bid more. YIKES!!!!! THIS IS EXACTLY WHAT I FEARED, THEY WOULD DO! That’s what will make these assets change hands.” You bet! The gnomes will grab all the assets, once our tax dollars make them valuable. What is valuable is NOT the things being bought but the PROMISE the US taxpayers will pay up any losses due to deadbeats, not paying IOUs. Returns may be 20 percent to 25 percent if the economy thrives, he said. GNOME HEAVEN!
And this is why Geithner must be arrested! Tonight, I hope to have time to talk about wizards. He is one of these dangerous people. His magic has one purpose: to make the gnomes stronger and richer so they rule us and thus, can openly loot us. Just reading this makes my blood boil. If Geithner keeps this up, I will have to see a doctor. This news is INFURIATING.
Here is some information about the pirate who was interviewed by Bloomberg:
Company Name: Mount Lucas Management Corp Address: 47 Hulfish St Ste 510, Princeton, NJ 08542-3713 (Map)
Alt Business Name: Location Type: Single Location Est. Annual Sales: $1,800,000 Est. # of Employees: 16 Est. Empl. at Loc.: 16 Year Started: 1986 State of Incorp: DE SIC #Code: 6231 Contact’s Name: Frank L Vannerson Contact’s Title: Chairman Of The Board NAICS: Securities and Commodity Exchanges
Just a little nobody. Unlike Dodd’s wife’s pirate friends who made many hundreds of millions in profits. Note how this native organization is incorporated in Delaware but is really in New Jersey. This is to avoid taxes. At least, they didn’t swear fealty to the Queen of England!
You can bet, Bloomberg couldn’t find any of the top gnomes to chortle about what a great opportunity Geithner is handing them on a silver dish! They know now, they must crawl back into the Cave of Wealth and Death and hope to weather this storm. But this is like between a fire and a frying pan! The Derivatives Beast wants to eat every penny of faux wealth! They need us to protect them from this creature. But they don’t want us to know, they are using us. Looting us, to be exact. The failure of the politicians to do this for them is due to the internet. Otherwise, the media would assist in covering up everything, if possible.
A proposal to put the Federal Reserve in charge of market oversight is losing congressional support after its main backer, Barney Frank, said criticism over American International Group Inc. “undercuts” his proposal.
“There’s still a need for a systemic-risk regulator,” Frank, a Massachusetts Democrat who chairs the House Financial Services Committee, said yesterday. “The argument for the Fed alone has lost a lot of political support. I think that’s now got to be re-looked at.”
Senate Banking Committee Chairman Christopher Dodd and Richard Shelby, the panel’s top Republican, said March 19 they are reluctant to expand the Fed’s role, faulting the central bank for lapses leading to the financial crisis….HAHAHA!!! They want the money but NOT the oversight! Impeach both corrupt creatures and their wives!
The bonus controversy “throws open the question about how you do it,” Frank said. “It’s something we’re now all thinking about.”
Congress has to think and think and think! They need to EVADE this business, not press forwards. It is laughably simple: reinstate all the FDR rules! DUH. And they know this and this is the last thing this collection of useless, venal, criminal operatives want to do. We have to twist off their heads to get them to do the sensible thing. I hope they realize, if they don’t restore old rules, their heads will literally roll. History is absolutely clear about this: fail to reform, you die. And not metaphorically, die.
In one of the first lawsuits to dispute the Federal Deposit Insurance Corp’s authority over seized banking assets,Inc (WMI) has sued the federal agency for considerably more than $13 billion with regard to the loss of its banking operations.
The lawsuit, which could apparently have significant implications for other big, troubled banks, was filed late Friday in US District Court for the District of Columbia. WMI alleged that the agency has inappropriately deprived the failed US savings andof potentially billions of dollars in claims against its earlier banking unit….
WMI has also stated that the FDIC had improperly sold its banking assets to JPMorgan Chase for an unreasonably low $1.9 billion, instead of conducting a “straight liquidation” – a move that could have resulted in more money for creditors, including the holding company.
The sale of Bears Stearn was improper. So was this. So is EVERYTHING going on. If JP Pirates don’t benefit, if the Gollum Group don’t benefit, the organization going bankrupt is thrown to the wolves like Lehman Brothers! Forget a lawsuit. Arrest everyone.
That was the question some Wall Streeters were asking in light of the collapse of MGM MIRAGE Inc. (MGM) share value and funding needs.
Their answer came on Monday when Dubai World sued the struggling gambling giant, seeking to mitigate its obligations under a previous joint venture agreement.
A filing with the Securities & Exchange Commission by MGM saying that “there is substantial doubt about our ability to continue as a going concern” that triggered the lawsuit filed in Delaware Chancery Court.
This admission about its viability, said Dubai World, plus its obvious inability to generate enough cash to finish the project “constitutes a breach of the CityCenter joint venture agreement” since it put the development at risk.
Gambling is a disease. We hoped, it would save us. It isn’t. It is a parasitical business that eats away at the economic foundations of any country. I am 100% against massive gambling operations.
The system is convulsing, says Charles Geisst, author of “Wall Street: A History” and a finance professor at Manhattan College in New York. Most of the people who have been turned out of the banks are now, en masse, going to have to find something else to do.
“The jobs are not coming back,” he says. “This time, it’s permanent.”
The jobs have disappeared because the “transaction bubble” has burst, Geisst says.
From 2003 to ‘07, banks hustled for short-term profit through transaction-based fee businesses, including packaging mortgages into debt securities and selling them to investors. The banks built up departments such as prime brokerage, which clears trades for hedge funds. They hired thousands of people to work in those units, from bankers to back-office programmers and accountants. In London alone, industry jobs ballooned by almost 50,000 to 353,000 in 2007 from ‘02, according to the Centre for Economic and Business Research.
The job cuts began as the markets turned in mid-2007. Merrill Lynch Chief Executive Officer Stanley O’Neal and Citigroup CEO Charles Prince were ousted following writedowns on mortgage-backed securities. Since then, financial firms worldwide have shed 282,000 jobs, about 5 percent of the total industry workforce, according to Bloomberg data.
Poor little gnomes! They need not just housing but mansion housing. And not transportation but private jets and fast cars. And not just normal sex but sex with the most beautiful women on earth. Now, they must live like the rest of humanity. Oh, the horror.
And finally: THERE IS NO RISE IN SAVINGS! There are people madly paying off debts or defaulting. People see the low, low rates and are refinancing. And all of this is based on FAKE FUNNY MONEY. Not rising savings, capitalizing systems. No, the taxpayers are capitalizing the entire planet with promises to be the hyper-bank which will eat up all our future fiances if it fails. And since all the major banks are failing—DUE TO TOO MUCH EASY LENDING—now the easy lending is even easier! And it will also fail.
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