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- FDIC Declares 'War' on Wall Street Oligarchs
- Jeff Nielson submits: On a sporadic basis, FDIC chairman Sheila Bair has shown signs of being the one and only important U.S. regulator to have more devotion to her public duty than in serving the Wall Street criminals. In a Bloomberg article yesterday, Bair again revealed another “flash” of integrity...
- External links 2009-05-06
- Government Grossly Underestimates Fannie and Freddie's Capital Needs
- Jeff Nielson submits: The U.S. “Office of Management and Budget” released a grim report on the capital requirements of Fannie Mae FNM and Freddie Mac FRE: at least $92.2 BILLION next year, alone. The one thing we know for certain regarding any and every budget projection...
- External links 2009-05-14
- Judgment Against Scrushy: A Hint of Wall Street's Future?
- Jeff Nielson submits: This week, a U.S. judge levied a judgment of $2.88 BILLION in damages against HealthSouth Corp.'s HLS founder, Richard Scrushy. The judgment is a class-action suit seeking to recover shareholder losses after fraudulent misrepresentations by Scrushy. Without any doubt, this will be a model...
- External links 2009-06-19
- Another Citigroup Scandal: Business as Usual for Wall Street
- Jeff Nielson submits: Yet another scandal was announced Monday regarding Citigroup C. Last week, Citi announced it was temporarily suspending its mortgage securitization unit – after management “discovered” that it had never stopped buying and packaging fraudulent mortgages (i.e. mortgages lacking appraisal and/or income documentation). I suppose we should applaud...
- External links 2009-07-01
- Goldman Sachs Insiders Dump $700 Million in Company Stock
- Jeff Nielson submits: What should we infer from a Financial Times article, reporting that Goldman Sachs GS executives dumped $700 million of their own stock between September of 2008 and April of this year? Supposedly, Goldman Sachs executives are smarter than their peers. This has always...
- External links 2009-07-15
- CIT's Collapse Shows Warped Government Priorities
- Jeff Nielson submits: When the U.S. government raced in to prop up its Wall Street masters in 2008, the “justification” was that these institutions were “too big to fail”, and represented “systemic” risk. Both the banksters and government officials pointed out that this “systemic risk” extended into the broader economy...
- External links 2009-07-16
- Second U.S. Bank-for-Businesses Faces Bankruptcy
- Jeff Nielson submits: The struggle for CIT bank to remain out of bankruptcy, the largest bank specializing in financing of U.S. businesses, has grabbed a lot of headlines – since its failure would leave a devastating gap in access to financing for small and medium-sized U.S. companies. Now, another of...
- External links 2009-08-05
- Judge Rejects Bank of America / SEC Settlement
- Jeff Nielson submits: In the relationship between U.S bankster-oligarchs and their corrupt regulators, the banksters have been able to count on the regulators to protect them from liability rather than punishing them for their misdeeds. Indeed, even when one of Wall Street's lies or scams draws so much public attention...
- External links 2009-08-06
- Colonial Bank Failure Highlights the Problem
- Jeff Nielson submits: The bankruptcy of Colonial Bank CNB was the largest bank-bankruptcy in the U.S. since several large, U.S. financial institutions collapsed last year – with the most recent being Washington Mutual, last fall. However, there is one huge difference between the mega-bankruptcies of last year and the collapse...
- External links 2009-08-23
- A Derivatives Myth Exposed
- Jeff Nielson submits: It is common knowledge that Western banksters operate their own private “casino” - known as the global derivatives market. This unregulated “playground” for the most reckless generation of bankers the world has ever seen finally attracted wide-spread attention as the “notional value” of this casino/market soared...
- External links 2009-09-16
- U.S. Ratings Fraud Continues
- Jeff Nielson submits: It becomes increasingly obvious each day that it is “business as usual” for the U.S. financial crime syndicate. Bankster “bonuses” have returned to their obscene levels. Most of the “too-big-to-fail” banks have actually been allowed to get bigger. And ratings-fraud continues unabated with respect to the so-called...
- External links 2009-09-25
- Morgan Stanley Sued Over a Bad Derivative Bet
- Jeff Nielson submits: An intriguing news item this week was the announcement that Citigroup C is suing Morgan Stanley MS for $245 million, alleging non-payment from Morgan Stanley regarding a “credit default swap” (i.e. default insurance) which Citigroup purchased from Morgan Stanley. Apart from the vicarious joy...
- External links 2009-09-28
- SEC Ignored Warnings of Ratings Fraud
- Jeff Nielson submits: In a recent commentary (“U.S. ratings-fraud continues”), I pointed out how (according to a Moody's insider) at least one of the ratings agencies who were the principal facilitators of Wall Street's massive Ponzi scheme was still rubber-stamping fraudulent ratings on “toxic” Wall Street securities. ...
- External links 2009-10-01
- Central Banks Shift Reserves Away from U.S. Dollar
- Jeff Nielson submits: The problem with trying to specify why the U.S. dollar is currently having its worst collapse in two decades is that one would wear out their fingers on their keyboard before they ran out of reasons. Let's start with economic fundamentals. The U.S. is...
- External links 2009-10-14
- Who Were the Winners on Interest-Rate Swaps?
- Jeff Nielson submits: In recent months, we have been hearing about institutions and municipalities all over the world who are suffering huge losses on the interest-rate swaps negotiated by U.S. big-banks. Jefferson County, Alabama, is set to become the largest municipal bankruptcy in U.S. history – due...
- External links 2009-10-21
- U.S. Bank Failures: Nine in One Day
- Jeff Nielson submits: Another Friday night salvage-operation by the FDIC netted a big haul this week: nine U.S. banks were officially declared insolvent – all part of a large, banking chain, bringing the total this year to 115 banks. The remnants of these corpses have been absorbed into other financial...
- External links 2009-11-02
Additional Resources
- U.S. State Finances Negate Talk of a Recovery
- Jeff Nielson submits: There are many ways to totally refute “Helicopter” Ben's 5th prediction of a U.S. “economic recovery.” Perhaps the most straightforward way to do so is to look at the crumbling financial picture for virtually every state in the U.S. For the first time in...
- External links 2009-06-08
- A Reality Check on U.S. 'Economic Recovery'
- Jeff Nielson submits: U.S. equities are rallying again today, and as usual it is a rally with no basis in reality. Most of the enthusiasm comes from another string of corporate quarterly results which “beat expectations”. I had hoped that the sheep were starting to clue-in to this silly game,...
- External links 2009-07-30
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