I first heard of William K. Black over 20 years ago as the regulator who had stood up to the “Keating 5″ and come out the hero of the S&L crisis (in which I gained some early experience: hence my awareness of him). Later, as a professor of law and economics at University of Missouri in 2005, Black wrote a book about control fraud, “The Best Way to Rob a Bank is to Own One,” available here. You should read it.
Yet I had never heard Black speak until one night in April, 2009, when he appeared on Bill Moyers. How refreshing it was to see the tabloid analyses be at last replaced with discourse about the system itself (and remember that while the following claims now seem barely controversial, in 2009 most were still heretical): Banksters. Fraud versus trust. Moral hazard and pathological incentives in the financial system (e.g., lending firms’ Ninja Loans + investment bankers pooling mortgages + captured ratings agencies = toxic waste = systemic risk). FBI warned on mortgage fraud in 2004, but the Machine failed to react. Bank lobbyists. Glass Steagall. Brooksley Born and Credit Default Swaps. Bailout of the elites. Bank CEOs. Cover-up. Strategy to keep the public from understanding how bad the problem is. Prompt Corrective Action Law: Nationalize zombie banks. WHERE IS OUR PECORA COMMISSION? Scared of insolvent banks being revealed. Mimicking the strategies of Japan’s Lost Decade. AIG-to-Goldman bailout. Increasingly horrific give-aways of taxpayer money. Stop hiding the losses. The current bleak numbers still vastly underestimate the fraud problem.
Black had me at “control fraud.” I leave it to the community of readers to judge the familiarity of the other claims he made:
Alas, Bethany McLean and I are not so sympatico, and in fact have had a challenging relationship. Her side of the story is told here:
DeepCaptures’ side, here:
Bethany McLean: your benefit of the doubt is hereby revoked
Rocker Partners and Bethany McLean: the smarmiest guys in the room
David Einhorn, Cheryl Strauss, and the “Unavailable” Bethany McLean
One interesting aside: in the last year I have had numerous journalists bring up to me Bethany’s emails wherein she schemes with a hedge fund (emails obtained by DeepCapture from a New Jersey courthouse and published in Bethany McLean: your benefit of the doubt is hereby revoked). These journalists have told me that they know about it and see it as a tremendous breach of journalistic ethics. So there it sits, an open secret, although not, apparently, a secret anymore, but just something about which one whispers. In a similar fashion, Jim Cramer’s video sat on DeepCapture for a couple of years drawing no comment, until Comedy Central confronted Cramer with it.
In any case, this week on CNBC Maria Bartiromo invited William Black and Bethany McLean on as guests to discuss the Justice Department’s decision not to pursue criminal charges against Goldman Sachs for its role in the financial crisis in general, and for selling financial products from whose specific failure Goldman profited. Truly remarkable performances were delivered by all, albeit in different ways.
Black responds to Maria’s opening by stating the obvious: Generating liar loans and packaging them for resale is fraud. There is no evidence that there was a significant federal investigation, or that a grand jury was convened. There is an absence of accountability. Goldman has been given a pass by Obama and Bush.
Bethany responds with bromides delivered with a dulcet confidence intended to suggest that she knows what she is talking about. Her analysis: I don’t think anybody is giving Goldman Sachs a pass to be honest. I think this is a tough case to make. I do think integrity needs to be restored to the financial system, but you don’t do that by bringing a case that shouldn’t be made. Goldman Sachs didn’t make liars’ loans - they actually among the Wall Street firms were not on the ground making mortgages. So if you can’t bring a case against Countrywide how can you possibly bring a case against Goldman Sachs? … From an overall perspective Goldman Sachs as a firm lost money in the mortgage business. Awfully tough to bring that case to a jury and win, I think… I’m not giving Goldman a pass or any of Wall Street a pass. I think I’m with Bill on that. But I don’t think this was a criminal case. I think Goldman’s customers should make the call: Do we want to do business with this firm? …
These vapid apologetics draw Maria Bartiromo’s stammering, nodding approval: As you said earlier, stupidity does not mean criminality.
Bethany: Greed and venality do not make a criminal case.
There are two remarkable items about Bethany’s performance. First, note the air of confidence she exudes when in fact (as will become clear) she has essentially no idea of what she is talking about (hence the expression “a journalistic understanding”). Second, note that Bethany is apparently unaware that the man she is debating on-air, Professor William K. Black, knows a lot about what she is talking about. In fact, he is perhaps the nation’s foremost expert on precisely the issue she and Maria are trying to spin to Goldman’s behalf: the federal prosecution of white collar crime at financial institutions.
Professor Black continues like a gentle professor with two weak students: Critical area here…. First, I’m the type of person that was involved in training the FBI agents, the assistant US attorneys, serving as the expert witness in these successful prosecutions where we had a 90% successful rate. Um, clearly people are not understanding fraud mechanisms. In accounting control fraud, the firm – loses – money. Indeed that is one of the defining elements because the way you maximize it is by making bad loans. And Goldman did make liar’s loans, it did it through subsidiaries, and Goldman purchased loans that it knew to be fraudulent, and it packaged them and sold them as if they were good loans. This belief that this is the first virgin crisis in which fraud was not driving it is amazing. Nobody believes it about the savings and loan debacle. No one believes it about the Enron era fraud. And given what you’ve seen in the last three weeks, how can you believe it out of the current…”
Bethany appears to panic slightly then, unable to respond substantively to a single one of Black’s arguments, simply locks into a repetitive, droning regurgitation of the talking points she just delivered a moment earlier (which amplifies my suspicion that some Goldman PR flack gave them to her to memorize). Behold Bethany McLean’s verbatim analysis of legal culpability in the greatest financial collapse of our lifetime (so far):
Maria, I think there was a hue and a cry and a lot of political pressure to bring charges in this case. And I think that if they could have, they would have. And I don’t think that any of our interests are served… I think it’s just as dangerous to bring a case that shouldn’t be made as to not bring a case that should be made. Neither one helps with the integrity of the financial system. I agree – peoples’ behavior during this crisis was unethical, it was abhorrent, it was every word you can come up with for ‘wrong.’ But if you are going to bring a case against Goldman Sachs you have to bring a case against every single other Wall Street firm as well as every mortgage originator as well as every home owner who lied on his or her mortgage application. You cannot single out one firm and say we are going to charge Goldman and we’re not bringing charges against everybody else. That’s wrong.
Maria Bartiromo: That’s a great point.
William Black (like a professor exasperated with dull students he can no longer humor): No, it’s not a great point. It’s a terrible point. You’ve got to start with somebody. Your first prosecution is always your first prosecution. And you can always say where there’s been an epidemic of fraud…”
Bethany’s nails-on-a-chalkboard apologetics have received a fair bit of shocked attention this week:
Columbia Journalism Review: “Bill Black goes on CNBC and shreds Maria Bartiromo and Bethany McLean on whether Goldman Sachs (and others) could and should have been prosecuted for fraud related to the financial crisis…”
Bill Black vs Goldman Sachs Apologists
WATCH: Bill Black On CNBC Debates Wall Street Fraud-Deniers Maria Bartiromo, Bethany McLean
Bethany McLean Demonstrates her Profound Lack of Understanding of Control Fraud, Gresham’s Dynamics, and Justice: “In this painful CNBC segment, former Goldman Sachs employee Bethany McLean provides a heartfelt apologia for her much-maligned former employer. Bethany says it is time for us all to move on for the good of confidence in the economy…In the process of prostrating herself for GS, she demonstrates her complete lack of understanding of control fraud, Gresham’s Dynamics, and how white collar crime can be pursued.”
I think this interview was unusual in that her panic drew Bethany into baring her biases incautiously (though frankly, the first sentence she uttered the first time she called me in 2004 conveyed to me that she is a shill and a Mean Girl). Asserting without argument that political pressure supported bringing charges against Goldman, Bethany appears literally incapable of considering the possibility that net political pressure ran in the opposite direction, and that in fact were it not for “political pressure” Goldman Sachs would have been prosecuted years ago.
But personally, I think Bethany is not really incapable of considering such a possibility, and that her adamancy thus has other motive.
Daily headlines disappoint with lack of prosecution, making clear that this will go down as history’s “first virgin financial crisis” (in Professor Black’s phrase) in which fraud played no role. When you read these headlines, imagine Bethany McLean, or someone very much like her, standing in an oak-paneled room in Washington, DC, droning through the same set of talking points to some senior decision-maker, and that decision-maker slowly getting snowed in under the same dulcet non sequiturs as appear in this remarkable exchange.
Anon, you speak with Forked tongue. Patrick and Deepcapture are not constrained by anything. Are you trying with these childish antics to illicit some sort of response? If so “Very Weak” on you.When has Patrick or D.C. ever asked for any donations of any kind to shine a light on u/these roaches? The D.C. team is painting a masterpiece, and it is not quite done yet. When it is you will know and trust me you and your cohorts will rue the day you went up against this man and his company.One other thing I don’t this Patrick is the kind of individual that can be “Constrained” by anyone, let alone these miscreants. Just my honest opinion and observation. Peace and lets continue enjoying watching the house of cards fall apart as predicted by the good Dr. on CNBC years before it began. LOL!! Peace ANON!!!! p.s. If I am wrong about you, my apologies in advance.
Hey Sean,
This is the same Anon.
1. The Rocker settlements had agreements. Patrick can’t (legally) talk about some of the things, he mentions this in his interview with Gnostic Media, peace revolution podcast.
Patrick honors verbal agreements too, he is a very nice guy. Probably too nice.
2. It’s my opinion that DC should ask for people’s time, and direct some user contributed projects.
3. DC has many masterpieces that no one knows about, and I think a regularly updated website would help “spread the word”
4. You are probably completely wrong about me, but that’s OK. You are a “watcher” and “observer” type… there are other users that are/would be/want to be contributors.
5. I don’t think the word hermit/recluse is insulting. The Doug Fabrizio interview on UtahNOW spends the most time discussing Patrick’s introverted personality type.
http://online.wsj.com/article/SB10001424127887324712504578137300622922348.html?mod=djemalertNEWS
Bits and pieces.
That’s all we ever see, never the whole picture, just bits and pieces.
Has something turned?
Deepcapture 1
CNBC 0
http://dealbook.nytimes.com/2012/11/26/schapiro-head-of-s-e-c-to-announce-departure/
Is something finally happening?
Hi Patrick.
Do you think Mark Cuban is right by calling this a scam product?
———————————————
Mark Cuban rips NBA over bracelets
Updated: November 26, 2012, 4:17 PM ET
By Tim MacMahon | ESPNDallas.com
Dallas Mavericks owner Mark Cuban believes that one of the NBA’s marketing deals is “a scam,” and he said Monday that he banned the product from the team’s locker room.
Cuban made his opinion clear in a video he posted to YouTube last week in which he criticized Power Balance bracelets before throwing the display case that was in the Mavericks’ locker room in the garbage.
“See this stuff?” Cuban said on the video, grabbing the display. “It was a scam when they were on ‘Shark Tank.’ It’s still a scam. I don’t care if the NBA was dumb enough to sign an agreement; this is going where it belongs.”
At that point, Cuban put the display case in a trash can.
“But have no fear, we do recycle,” Cuban said. “What are you thinking, NBA?”
The NBA declined comment Monday afternoon.
The rubber bracelets have a distinctive hologram that is “based on Eastern philosophies of health and wellness,” according to the company’s website. Power Balance bracelets featuring NBA team logos in the hologram are available for $32.99 on the league’s official website.
However, Cuban said via email Monday that he will not allow the product in the Mavs’ locker room.
In November 2011, Power Balance LLC reportedly agreed to a $57 million settlement to a class action false-advertising lawsuit by some customers who alleged that the company intentionally exaggerated its products’ ability to improve balance, flexibility and strength.
Cuban hastily dismissed a similar product when watches with holograms were pitched on “Shark Tank,” the ABC entrepreneurial reality show on which he stars.
“No, I’m allergic to scams,” Cuban said on the February episode of “Shark Tank.” “Seriously, this is not new. It’s been disproven. What you saw is the placebo effect. There’s athletes that wear it. It’s a joke. It’s a scam. It’s not real.”
Finally….SAC(ked)
http://www.businessweek.com/videos/2012-11-28/sac-wells-notice-doesnt-name-steve-cohen#r=lr-fs
Goodbye SAC.. Hello Bubba. And please note SAC is not the only Major Hedge fund Cheating.Thanks to Patrick, Mark and Judd for the heads up about these crooks years ago. The wheels of justice may turn slow…but they are finally turning with major proof!!!
http://www.bloomberg.com/news/2012-11-27/harvard-doctor-turns-felon-after-lure-of-insider-trading.html
Just a matter of time…Stevie baby. Miliken could be the Piece de resistance in all of this. Remember the Miscreants ball and the Master Manipulator. Its all coming to fruition.
http://www.nypost.com/p/news/business/eating_his_words_YZtwTSaT2WVaiEfZmoEfCJ
The jig is up and the criminals are being exposed one by one.
http://www.cnbc.com/id/100001182
Is’nt it a thing of beauty when a plan comes together…
http://www.bloomberg.com/news/2012-12-03/dream-insider-informant-led-fbi-from-galleon-to-sac.html
Fast and Furious does’nt even begin to describe how fast the news and exposures are ocurring, It is incredible. Let the jail terms begin..
Creditors are asking for a court order entitling them to investigate Goldman Sachs’ trading activities for evidence of naked short selling.
http://www.foxbusiness.com/news/2012/12/03/wamu-trustees-seek-goldman-probe/
The cover-up and take-over continues. These miscreants would’nt want the world to see the trades and shennigans that really went on inside Knight on their behalf now would they?
http://www.reuters.com/article/2012/12/04/us-knightcapital-cerebrus-idUSBRE8B303620121204
WaMu Trust Alleges Naked Shorting By Goldman, Seeks Probe
By Lisa Uhlman
Law360, New York (December 04, 2012, 5:34 PM ET) — Washington Mutual Inc.’s liquidation trust asked a Delaware bankruptcy judge Friday to let it investigate Goldman Sachs & Co. for potential breach of contract claims, saying new evidence shows Goldman betrayed its client by driving its stock price down through a naked short-selling scheme.
The WMI Liquidating Trust asked U.S. Bankruptcy Judge Mary F. Walrath for authorization to conduct a limited examination of Goldman and its affiliates, arguing that evidence recently developed by its litigation subcommittee suggests that breach of contract and other claims could be a source of substantial value to the trust’s remaining creditors and WMI’s former equity holders.
Goldman served as WMI’s investment bank before its bankruptcy, underwriting several of its securities and assisting it in raising capital and identifying investment partners, according to the motion. Those services became increasingly important as the financial crisis worsened and turbulence in the mortgage markets threatened WMI unit Washington Mutual Bank.
WMI relied on Goldman’s expertise and reputation to bolster market confidence in WaMu and prevent a collapse as the parent sought a reliable source of liquidity, and it paid the company millions of dollars in fees to assist it, the motion says.
“Instead of providing this promised support to WMI, it appears that Goldman Sachs may have decided it could make more money by betraying its client,” the motion said.
“In this motion, WMILT seeks evidence of Goldman’s participation in a scheme to drive WMI’s stock price down as a way of generating massive profits for Goldman and its favored investor partners,” it added. “Such conduct, if it occurred, was directly contrary to the obligations Goldman undertook in its investment advisory agreement with WMI.”
The trust argues that in the final months before WMI filed for bankruptcy protection, major investors participated in a scheme to drive down its share price through a so-called bear raid, or a slew of short sales and other securities transactions that weakened its share price.
Investors betting against a stock through short sales can generate huge profits by “fomenting a self-perpetuating cycle of panic,” the trust says, noting that financial institutions are especially susceptible to bear raids because their value depends on public perception of their strength. Stock crashes can cause bank runs, further dropping the stock price and continuing the cycle — exactly what happened with WaMu, it says.
In naked short sales, investors seeking to profit from a bear raid will agree to sell stock short without first finding shares to sell, the trust says. Large amounts of naked short sales can artificially depress a stock’s price by increasing the supply of shares, and naked short selling is recognized as abusive market manipulation that is almost always illegal.
The trust says there is overwhelming evidence that WMI’s stock was subjected to naked short selling and that the decline in its value is largely due to naked shorting, not to any weakness in WaMu.
“This potentially unlawful trading activity created a classic death spiral for the bank,” the trust said.
It asks the court to allow it to conduct discovery to determine if Goldman participated in or facilitated the shorting and naked shorting of WMI’s stock, arguing that if evidence of that behavior exists, there would be a basis for a breach of contract claim and possibly market manipulation and other securities-related causes of action against Goldman.
It argues that the trading records it needs to determine Goldman’s involvement are solely within the investment bank’s possession, but that even without them there is good reason to believe the bank participated. Goldman’s involvement in other bear raids and naked shorting has been widely reported, and it’s been named as a defendant in several suits over alleged naked short-selling, the trust says.
It wants to conduct discovery of certain trading records, arguing that the request shouldn’t put a significant burden on Goldman because of its limited scope.
“On the other hand, the potential benefit to WMI’s creditors and other stakeholders is substantial given the magnitude of the damages at issue,” it said. “Granting this motion will facilitate WMILT’s efforts to fulfill its fiduciary obligation to its constituents to identify and liquidate all claims that it received from the estate.”
The trust is represented by Scott D. Cousins, Paul D. Brown and Mark D. Olivere of Cousins Chipman & Brown LLP and Edgar Sargent and Justin A. Nelson of Susman Godfrey LLP.
Counsel information for Goldman was not immediately available Tuesday.
The case is In re: Washington Mutual Inc. et al., case number 1:08-bk-12229, in the U.S. Bankruptcy Court for the District of Delaware.
–Editing by Richard McVay.
http://www.inthesetimes.com/issue/26/10/feature1_1.shtml
Deutsch Bank making headlines again..More fraud and their former General Counsel is now Head of Enforcement at the SEC. You cant make this sh/stuff up!!
http://www.zerohedge.com/news/2012-12-05/bombshell-deutsche-bank-hid-12-billion-losses-avoid-government-bail-out
I am getting dizzy watching the spin the ‘major news outlets’ are trying to put on this one!!!
Humpty dumpty getting ready for that big fall. Stevie is about to join Rocker and Samberg for the Hedge Funds that just go POOF in the night!!!
Citi Tells Clients To Avoid Steve Cohen
Submitted by Tyler Durden on 12/05/2012 12:59 -0500
CitigroupCohenFBIGETCOSACSteve Cohen
If the beginning of the end started two years ago as we predicted, is this end of the end?
•CITIGROUP PRIVATE BANK SAID TO PUT SAC CAPITAL ON `WATCH’ LIST
•CITIGROUP SAID TO ADVISE CLIENTS AGAINST ADDING MONEY TO SAC
•CITIGROUP PRIVATE BANK ALLOCATES CLIENT MONEY TO HEDGE FUNDS
Next up: all other private wealth groups halt capital allocations to SAC? Redemptions of all non-employee funds and liquidations? FBI raids, but only after orderly winddowns? It sure gets interesting…
And without Stevie Cohen running stops 24/7 in ES and every other stock that is still widely traded, what then? Will GETCO run the entire market?
Average:
http://www.zerohedge.com/news/2012-12-05/citi-tells-clients-avoid-steve-cohen
Silver Manipulation Update: The unavoidable attention that will attach to the termination of the silver manipulation is also one of the main forces delaying the coming resolution. If ever there was a can that needed to be kicked down the road by important insiders, the sudden end to the silver manipulation is surely that can.
JPMorgan and the CME, as well as the various federal agencies involved, are dreading the resolution of the silver manipulation, probably as much as informed silver investors are cheering for it. In a nutshell, this is why it has taken so many years to put a wooden stake through the heart of the silver manipulation; those who should be ending it know that in its termination they will be exposed for not ending it sooner.
After all, there is a documented 25 year history of the CFTC being continuously alerted to the silver manipulation with the agency always rejecting the allegations. There’s no way any termination of the silver manipulation won’t be connected to the clear prior public warnings. No one rushes to their own funeral. Postponing the shame is particularly relevant in the case of many at the CFTC, as an oath of office was taken to protect the public and the public’s pleas for relief were ignored. – Silver analyst Ted Butler…05 December 2012
(http://www.caseyresearch.com/gsd/edition/bbcs-panorama-killed-report-exposing-silver-market-manipulation)
They’ve completed their objective.. screwing over the investors and protecting their future employers. Now its time to collect those (or return) to those cushy jobs that they’ve been promised as a reward!!
By JESSICA HOLZER
WASHINGTON—The Securities and Exchange Commission’s top markets official is leaving the agency, the latest top staffer to head for the exits as SEC Chairman Mary Schapiro prepares to step down next week.
Robert W. Cook has been atop the SEC’s markets and trading division since 2009, a period marred by the 2010 “flash crash” and several other stock-market glitches.
Enlarge Image
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Zuma Press
SEC Chairman Mary Schapiro confers with Robert W. Cook at a Senate hearing in May. Mr. Cook, the agency’s top markets official, is leaving
.
A handful of Ms. Schapiro’s lieutenants have left the agency over the summer amid speculation that her tenure was coming to a close. She said last week that she would leave the agency next Friday. The Obama administration named SEC Commissioner Elisse Walter to take over for Ms. Schapiro as chairman but signaled that the choice was temporary and it was looking for a permanent chairman.
Also Wednesday, the SEC said the agency’s general counsel, Mark Cahn, would step down.
The departures of Ms. Schapiro’s top staffers may complicate the job for her close friend and successor, Ms. Walter, who may find it difficult with so many vacancies atop the agency.
Any new chairman could have a difficult job attracting talent to the SEC, said former SEC Chairman Arthur Levitt, Jr., who said the “constant harassment” of regulators by Congress has made public service less appealing at many federal agencies. Still, Mr. Levitt said Ms. Walter is well-suited to recruiting key people to the agency because “she has been so involved in the fabric of the commission for so many years.”
Mr. Cook plans to leave the SEC after helping with his successor’s transition to the new role, the SEC said Wednesday. One possible successor is Mr. Cook’s deputy, James Burns, who had been a member of Ms. Schapiro’s staff since March 2010.
Mr. Cook led the SEC’s review of the causes of the flash crash, when hundreds of stocks plunged in a matter of minutes, and he oversaw the implementation of some pieces of the 2010 Dodd-Frank financial-overhaul law. He also played a role in building a framework for a new computer system to help the SEC track stock trading across markets.
Under Mr. Cook’s watch, the SEC turned its attention to the dominance of high-speed traders, though critics said the agency has done little to rein them in.
On Tuesday, the SEC announced that Meredith Cross, a close adviser to Ms. Schapiro and the head of the division that reviews companies’ public offering documents, would leave at the end of the year to return to private practice.
Robert Khuzami, the SEC’s enforcement director, is an outside contender to take over from Ms. Schapiro. But he could also leave the agency as part of a change in leadership, people familiar with the matter said.
Mr. Khuzami, whom Ms. Schapiro recruited in 2009, has led the agency in bringing a record number of cases but faced criticism over the perceived leniency of some of the deals reached with Wall Street firms.
—Scott Patterson contributed to this article.
Write to Jessica Holzer at jessica.holzer@dowjones.com
http://www.reuters.com/article/2012/12/08/us-hedgefunds-sac-insidertrading-idUSBRE8B700020121208
Closing in Stevie.
Does Reed Hastings know that Netflix is being completely manipulated by criminals and the SEC investigations are a result of it?
Financial criminals Icahn, Loeb, Einhorn continue their move on Silicon Valley
http://timesofindia.indiatimes.com/tech/tech-news/internet/Facebook-post-lands-Netflix-CEO-in-spot/articleshow/17529095.cms
http://timesofindia.indiatimes.com/topic/Netflix-vs-Icahn
It’s getting hot in here.
http://www.dispatch.com/content/stories/business/2012/12/09/insider-trading-dwarfs-earlier-era-officials-say.html
Why not go for a swim Stevie, you have no reason to fear the sharks.
Patrick gifting 263,000 shares of Overstock — any guesses?
Knowing Patrick,
Most likely charity I would guess?
Recent lecture by Patrick at Rutgers:
Praxis, Praxis, Praxis: How Entrepreneurship, Philosophy and Libertarianism Made Me 2007′s “Most Hated Man on Wall Street”
Patrick M. Byrne, who holds a Ph.D. in philosophy from Stanford University, is Chairman and CEO of Overstock.com, Inc. The billion-dollar business, which has 1,300 employees, was named the best retailer to work for in America by Forbes in 2010. At the time, the magazine noted that Byrne’s 92% employee approval rating was the highest of any CEO in the nation. So why is Byrne so much less popular among investment bankers, traders, and analysts? Find out by watching this video of the lecture he gave at Rutgers, The State University of New Jersey on October 16, 2012
Mr. Byrne spoke before an audience of Rutgers School of Arts and Sciences and Business School students at the Scholarly Communication Center, Alexander Library, College Avenue Campus, Rutgers-New Brunswick, at the invitation of Ernie Lepore, Professor of Philosophy.
http://www.youtube.com/watch?v=oWg_b59Cktk
Patch’s website is down
http://www.investigatethesec.com/ — any guesses?
Stevie Cohen going to Jail…when? Any guesses?
“Just sayin”
I will guess exactly 441 days.
Any other places on the web have the Elgindy transcripts?
What goes around eventually does come around..
http://www.propublica.org/thetrade/item/from-bernie-madoff-to-steven-cohen-enabling-suspiciously-high-returns
Look at all these idiots embarrassing themselves. Patrick is a whiny CEO who is mad his company is barely worth 300 million. People keep shorting his stock and hurting his personal wealth and he cries about it. He claims to be an “SEC expert” when his head is stuck up his ass.
Oh, and hey Patrick, a monkey can run this company better than you. And great job claiming Allied Capital is a “victim.” By your definition, apparently people running pyramid schemes are victims. Did Bernie Madoff pay you off?
No one cares about you.. Patrick won’t dignify your stupidity with and answer but I will. I know that Patrick and Deepcapture have cost you and your ilk a crapload of money and some serious anticipated jailtime but fear not, there are unpleasant suprises coming your way. Just be patient, Karma (sp) is a bi-ch and so are you and your just deserts are being served.. if you don’t believe me just ask Stevie Cohen and other..many more to come.Really is this the best you can come at Patrick with, name calling. LOL!! Too funny.
When cornered and about to be killed RATS can be dangerous.
I think the desperation level is at a all time high amongst the rats.
Please be careful all you rat hunters.
We may be coming to the end of the Hunt.
Do NOT waver in our efforts, as if even a single RAT escapes we will have to hunt RATS again sooner than we would like to think about.
Continue to be strong, smart and wary.
Remember as well all those who have fallen to the RATS and the systemic diseases they spread.
It is not so much how much the RATS take from us in our hard earned resources, but the diseases they spread doing so.
IE: Plague and corruption.
We cannot survive with RATS among us.
Nobodycares(about you) here is some more wood for the Cohen fire!!!LOL!!!
http://www.bloomberg.com/news/2012-12-17/sac-e-mails-show-steve-conen-consulted-on-key-dell-trade.html
In jail..in jail without the bail!!! LOL!!! Apparantly the Regulators do care!!
NCAU more wood for the fire. Its getting hot in here huh big guy?
http://dealbook.nytimes.com/2012/12/17/2-former-hedge-fund-managers-found-guilty-in-insider-trading-case/
How about some more name calling? LOL!! You’re toast big boy!!!
Ha ha ha NoOneCares — your paymasters must care, otherwise you would not come to DeepCapture to mouth off party lines written on their cocks.
Bethany McLean leaves Goldman Sachs and starts immediately shilling for criminal Manuel Asensio (John Paulson’s roommate). Then onto shilling for Chanos, Rocker, Einhorn, SAC, Ackman, Goldman Sachs.
How is a hedge fund planting journalists in the media “capture”?
Silver Manipulation Update: Lost in the weekly observations of COT changes is the enormity of the size of JPMorgan’s COMEX silver short position. It would be impossible for any one entity to hold a short position equaling 23.4% of the world annual production of most food or industrial commodities (like corn or crude oil) because such a position would require a size well in excess of current total open interest levels in most markets. For instance, someone holding 23.4% of world annual oil production would have to hold 7 million NYMEX contracts; a neat trick for a market that has a total open interest of 1.5 million contracts. The record still indicates that JPMorgan added more than 100 million oz of COMEX short positions since the summer, making the bank the only real silver short seller during that time. When there is only one buyer or seller in any market, that market is manipulated. –
by Silver analyst Ted Butler…15 December 2012
(http://www.caseyresearch.com/gsd/edition/noting-markets-have-been-destroyed-chris-martenson-earns-his-tinfoil-hat)
My Worst Fear – Theodore Butler | December 17, 2012 -
Recently, I have received a good number of emails containing conversations between readers and CFTC Commissioner Bart Chilton about the allegations of a silver price manipulation because of the large concentrated COMEX short position held by JPMorgan. Chilton had previously led the move to begin the current silver investigation in September 2008 and has always been quick to respond to those writing to him, a rarity for high officials. I couldn’t help but notice that Commissioner Chilton had recently begun to say things that seemed to try to explain away the allegations of a silver manipulation, much different from his former stance of promising to look into it. I found this change disturbing and it has influenced my thinking that the CFTC would never do anything about the silver manipulation… CONTINUED AT LINK…
(http://www.silverseek.com/commentary/my-worst-fear-8306)
Judd Bagley featured on Wired
http://www.wired.com/wiredenterprise/2012/12/mahout/
Great work Judd!
http://www.cnbc.com/id/100325213
Under estimated fraud, price of business fines, no admissions of guilt, more too big to jail [the criminals] too small to matter [the little people who were victims of this CRIME].
Where is the JUSTICE ?
Now we’re cooking with grease right NBCAU???? LOL!!
Cramer’s TheStreet.com Charged With Accounting Fraud
Submitted by Tyler Durden on 12/18/2012 – 13:03 Counterparties Mad Money Securities and Exchange Commission
Over two years ago, while scouring through TheStreet.com’s filing we stumbled upon something interesting: “As a result of the need for the Company and its independent registered public accounting firm to focus attention on matters related to the Company’s previously-announced review of the accounting in its former Promotions.com subsidiary, which subsidiary the Company sold in December 2009 — including matters related to the preparation and filing by the Company in February 2010 of a Form 10-K/A for the year ended December 31, 2008, a Form 10-Q/A for the quarter ended March 31, 2009 and Forms 10-Q for the quarters ended June 30, 2009 and September 30, 2009, respectively, and matters related to an investigation commenced by Securities and Exchange Commission in March 2010 — the Company requires additional time to prepare its financial statements, assess its internal controls and file its Form 10-K for the year ended December 31, 2009 (“2009 Form 10-K”).” Oops. We can’t wait to see how Mr. Cramer will explain to the Mad Money faithful this particular twist on the hangover of the show’s five year birthday bash. Also, we wonder if CNBC will finally cancel the ludicrous Jim “truth” Cramer campaign once this news breaks. We doubt it- in the quest for evaporating eyeballs, all is fair.” This was in April 2010. Today, we got resolution on the matter, as the SEC finally has put the matter to close.
.
.
Comments: 125Reads: 12,528
NBCAU.. Tic Toc…Tic Toc
http://www.bloomberg.com/news/2012-12-19/sac-indictment-deadline-may-show-u-s-hand-on-cohen-deal.html
Night can only last for 12 hrs (or so) before day catches it!!! LOL!!!
“TheStreet.com and three former executives settled a Securities and Exchange Commission probe into accounting fraud at the company yesterday.
The SEC said the fraud occurred from 2008 to 2009 while slapstick CNBC stock picker Jim Cramer served as chairman of the financial website.
…”
http://www.nypost.com/p/news/business/street_com_settles_an_sec_fraud_DyPNPdi8EUSC69YW3suZuM?utm_medium=rss&utm_content=Business
The New York Post!
Proud alumni include shill, hack and criminal lapdog:
“Roddy Boyd. @BoydRoddy. Financial muckraking for the public interest”
CEO’s are mad as hell and they are not gonna take it anymore. Watch CNBC shill for there Hedge Fund masters AGAIN!!
http://www.cnbc.com/id/100328657
Overstock.com should start selling shares of stock for small businesses under “Main Street Revolution”, have the product description as the business valuation. Make a big deal out of it publicly when the government comes in.
Companies in silicon valley are silently moving to sharespost.
http://welcome.sharespost.com/companies-on-sharespost
No worst CEO of the year from CNBC for Patrick?
http://www.cnbc.com/id/100331461
Secret Santa for Stock Pickers
Dana Blankenhorn
My third present is Overstock.com. This has long been a laggard in the e-commerce space, but founder Patrick Byrne, who is most-often blamed for its problems, is slowly stepping away. He’s no longer OSTK’s biggest shareholder.
More important, the company has figured out how to get value from “big data,” using an open source program called Apache Mahout to deliver customized gift recommendations that actually make sense.
Since April, when a U.S. Securities and Exchange Commission investigation of the company’s operations ended with no action, the stock is up about 170 percent. The company is now a prime takeover candidate for any brick-and-mortar operator, and its shareholders are in a receptive mood to hear the pitch.
-End-
That’s it? What happened to the Worst CEO of the Year awards? Dana’s writing is triple bogey. Bring back Herb Greenberg’s ghost writer.
WORST CEO OF THE YEAR GOES TO PATRICK BYRNE.
Even Trading Algorithms Think Overstock CEO Patrick Byrne Is A Failure.
“Share price sunk early 2012 after trading algorithms adjusted to 2011 year end LOSSES. 2012 also witnessed Byrne’s gross incompetence. His legal team LOST racketeering and price fixing lawsuits against Goldman Sachs and Morgan Stanley on location technicalities despite evidence so obvious that even Rolling Stone readers understand the crime. We see this LOSER as the best short of 2013.”
More about the lawsuit on Daily Caller:
http://dailycaller.com/2012/05/18/goldmans-blunder-exposes-shorts/
is the founder and principle owner of the hedge fund shaking in his shoes?
http://www.justice.gov/usao/nys/pressreleases/December12/MathewMartomaIndict/Martoma,%20Mathew%20Indictment.pdf
December 21 CHARGING DOCUMENT: U.S. v. Mathew Martoma (Indictment)
U.S. v. Mathew Martoma Indictment
conflict of interest & a federal pay to play rule re einhorns
http://www.jsonline.com/business/einhorns-contribution-to-walker-could-trigger-paytoplay-rule-t57t0k7-182683161.html
Hello Anon and NC(AU) It would seem that SAC can’t afford the press anymore.. remains me of the soon to be fate of the NRA.
Comments: 512
Reads: 19,811
Tyler Durden’s picture
SAC Loses Anchor Investor As Noose Tightens Some More
Submitted by Tyler Durden on 12/22/2012 – 13:44
First it was Citi, then SocGen, now a third key investor has decided to pull their money from SAC – the once vaunted hedge fund which now everyone is now avoiding like the plague, and for which the only question now is “when” – when will Stevie close down shop, and will this happen before or after the paddywagons finally arrive at 72 Cummings Point road. The WSJ reports: “Titan Advisors LLC recently told clients that it had decided to withdraw its entire investment from SAC, said clients who received phone calls from Titan. “They’ve told us they still think SAC is a good firm but Titan doesn’t need the headline risk, and we sure don’t,” said Tom Taneyhill, executive director of the Fire & Police Employees’ Retirement System of the City of Baltimore, on Friday. Société Générale SA, which has client money in SAC through its Lyxor asset-management arm, also decided to pull its money from SAC, The Wall Street Journal reported earlier this month. At the time, an SAC spokesman declined to comment. Titan’s departure is significant given SAC’s long-standing relationship with one of Titan’s founders. Titan co-founder George Fox began investing in SAC in the mid-90s, several years after Mr. Cohen started what became the firm in 1992.”
Man its going to be a rough couple of months for ole Stevie boy. Patrick told him this would happen 4 years ago!!!
First it was Citi, then SocGen, now a third key investor has decided to pull their money from SAC – the once vaunted hedge fund which now everyone is now avoiding like the plague, and for which the only question now is “when” – when will Stevie close down shop, and will this happen before or after the paddywagons finally arrive at 72 Cummings Point road.
floyd use to write about sunday calls. were journalists hooked into those sunday calls too?
http://www.nytimes.com/2012/12/23/business/steven-cohen-of-sac-is-fascinating-to-investigators-too.html?pagewanted=all
Go to 5:11.
http://www.youtube.com/watch?v=ixurN0e5oo4
The idea of avoiding the counterfeiters that run this country and letting the government and companies control the value of money and shares by limiting the real amount they issue.
The current situation is that a criminal cartel controls the DTCC, but they also control the media, the police and the politicians and that’s why nothing is ever done, other than bailing them out and sticking the taxpayers with the bill in 2008.
Jail they told Stevie
Pa rum pum pum pum
Arrests at S.A.C
Pa rum pum pum pum
Anon…NC(AU) do you guys feel that noose tighening..if not I feel it for you!!LOL!!!
http://www.bloomberg.com/news/2012-12-26/rejection-of-intermune-s-drug-told-early-to-fda-advisers.html
If it walks like a duck, quacks like a duck and looks like a duck… then I guess, its must be a Duck!!!! LOL!!! Thanks Patrick and D.C. it took a long time coming, but I think a “Change gonna come”
Linked to Herbalife:
Barry Minkow
Jim Chanos
David Einhorn
William Ackman
Whitney Tilson
“Herbalife Hires Moelis as Adviser”
“Herbalife is working with law firm Boies, Schiller & Flexner LLP”
Moelis is a New Yorker and CNBC regular.
Boies defended Rocker
Looks like the criminals have moles inside Herbalife.
Herbliafe would be better off with:
Attorneys: James Wesley Christian
http://www.csj-law.com/attorneys/jchristian.html
Stein&Lubin
http://www.steinlubin.com/
Silver Manipulation Update: “The danger of a further sharp silver sell-off still exists because JPMorgan’s concentrated short position still exists. Based upon physical market considerations, there is also a danger that JPMorgan could lose control and silver could explode. That’s what’s wrong with a concentrated position and manipulated market in the first place. Through the cut-off date, JPMorgan was still short 34,000 contracts, down 1500 for the reporting week. Remarkably, this is still a third of the entire net short side of COMEX silver (minus spreads) and represents more than 22% of annual world mine production. Here’s another tidbit – the 170 million oz of equivalent silver that JPMorgan is short on the COMEX is more than 20% of the all the visible silver bullion in the world (817 million oz – source http://www.sharelynx.com).
To give you a sense of the dimensions of holding a paper short position of this magnitude in gold, silver’s precious metal sister, please consider that if one entity held 20% of the two billion oz (minimum) of all visible gold bullion in the world short on the COMEX, it would require a short position of 4 million COMEX contracts, nearly ten times the current total open interest. (2 billion oz gold oz X 20% and then converted into 100 oz COMEX contracts). My point here is that the more you compare JPMorgan’s concentrated silver short position to other markets, the more you are amazed at the audacity of their silver manipulation.”
by Ted Butler
(http://www.tfmetalsreport.com/blog/4401/very-early-monday)
The WaMu bankruptcy court filings may shed light on a Goldman Sachs naked short-selling scheme while efforts are made by the trustees to collect a damage award. Overstock.com should contact WaMu trustees to share details. Maybe they could compile enough information for a solid class action lawsuit too. http://www.foxbusiness.com/news/2012/12/03/wamu-trustees-seek-goldman-probe/
All evil requires to succeed it for fear to cause good to do nothing.
In the big picture if cheaters are allowed to win then SOMETHING OR SOMEONE WILL end the whole game. There is more to heaven and earth than can be seen by our physical perceptions, and I am sure the reason we exist does not have anything to do with letting the cheaters intimidate us and ‘win’.
Have faith and fight for what you know to be right.
We do no favors to those we ‘save’ from harm if all we save them for is to be future slaves.
Unless we all live by the same laws then there is no law.
Unless we all have the same rights then there are no rights.
Like sands through the hourglass, so are the days of Wall street’s riskiest trades
http://www.forbes.com/sites/nathanvardi/2013/01/03/wall-streets-riskiest-trade/
The SAC fall-back strategy is working as planned. By the time law enforcement actually knocks on SAC’s door, the investors who made illicit returns from its trading tactics will be gone with their money. As with Rocker/Copper River. The insider trading profits are such a minute portion of the total loot taken by naked short selling, the designed-to-blow MBS, the credit default swaps, and on and on.
It’s been too long since a Deep Capture, but thanks for the continuing comments to keep us somewhat up to date, at least about what shows up in the news.
Mid february redemption notice deadline ie sac capital
http://www.propublica.org/thetrade/item/from-bernie-madoff-to-steven-cohen-enabling-suspiciously-high-returns
Does Eisinger the Easter Bunny hunter have a new target?
Former SAC Analyst Cooperates in Insider Trading Case
By PETER LATTMAN
January 8, 2013, 7:42 pm
http://dealbook.nytimes.com/2013/01/08/former-sac-analyst-cooperates-in-insider-trading-case/?ref=business
A former analyst at SAC Capital Advisors, the hedge fund owned by the billionaire investor Steven A. Cohen, has given federal agents the names of about 20 people he said had engaged in insider trading, according to a court filing.
The disclosure of the extraordinary cooperation by the former SAC analyst, Wesley Wang, emerged in a pleading filed by federal prosecutors. In a letter to a judge, the government credited Mr. Wang with substantial assistance in its broad insider trading crackdown.
In addition to the 20 names, the government said information provided by Mr. Wang had contributed to the criminal convictions of more than 10 people.
The letter, which was filed in connection with Mr. Wang’s sentencing, named 12 individuals who have already been charged or identified in public as part of the investigation. But the section that gave specifics about Mr. Wang’s help – and named other people, according to a person with knowledge of the letter – was heavily redacted.
Prosecutors emphasized that Mr. Wang’s help was still yielding fruit.
“The full extent of Wang’s information and cooperation remains to be fully realized,” the government said in the filing. “Even taking into account what has been developed to date, it is exceptional.”
Prosecutors praised Mr. Wang’s assistance in advance of the sentencing, which is scheduled for Wednesday afternoon in Federal District Court in Manhattan. They urged Judge Jed. S. Rakoff to hand down a lenient sentence. Government cooperators have been vital to prosecutors in the insider trading investigation, which has resulted in the guilty pleas or convictions of more than 70 individuals since mid-2009.
A lawyer for Mr. Wang, Michael Celio, declined to comment.
Mr. Wang is one of a number of former traders and analysts previously associated with SAC Capital, which manages $14 billion and has one of the best investment track records on Wall Street. At least six former SAC employees have been tied to insider trading while at the fund, which is based in Stamford, Conn. The most recent case – an indictment of a former SAC portfolio manager, Mathew Martoma – connects Mr. Cohen to questionable trades.
Mr. Cohen and SAC have not been charged with any wrongdoing, and Mr. Cohen has told his employees and clients that he believes he and the firm acted appropriately at all times. The Securities and Exchange Commission has warned SAC that it may file a civil action against the firm in connection with the Martoma case.
The case against Mr. Wang, a journeyman hedge fund analyst who spent just a couple of years at SAC nearly a decade ago, has largely gone unnoticed.
A native of Taiwan, Mr. Wang, 39, of Berkeley, Calif., worked as a technology stock analyst at the SAC unit Sigma Capital from 2002 to 2005. The F.B.I. first learned about Mr. Wang’s insider trading in 2008 from another cooperator. Agents approached him in early 2009 and he almost immediately began cooperating, agreeing to wear a wire in meetings and also recording telephone conversations with his Wall Street and corporate contacts.
“While these meetings caused Mr. Wang considerable stress, he nonetheless maintained his composure throughout them,” the prosecutors wrote in the sentencing letter.
Last summer, Mr. Wang appeared in a federal court and entered a guilty plea, admitting to leaking confidential information about technology stocks to a former Sigma portfolio manager, Dipak Patel, and to the former head of Whitman Capital, Douglas F. Whitman.
A jury convicted Mr. Whitman in August. He has yet to be sentenced. The government has not charged Mr. Patel.
Mr. Wang testified at Mr. Whitman’s trial. He said that he obtained inside information about Cisco Systems and passed it on to Mr. Whitman, who in turn shared secret data about other companies.
In the sentencing letter, prosecutors said the information provided by Mr. Wang led to their being able to approach certain other people who then also agreed to cooperate. They included Karl Motey, a crucial figure in the government’s extensive investigation into expert network firms – middlemen connecting traders to public company employees – that led to dozens of convictions.
Prosecutors emphasized that they still had plenty of work to do with all of the information supplied to them by Mr. Wang, and requested that his continued cooperation be made a condition of his sentencing.
“Wang has also identified a number of individuals involved in insider trading whom the F.B.I. has not yet approached and/or whom the government has not yet charged,” the letter said.
http://dealbook.nytimes.com/2013/01/08/former-sac-analyst-cooperates-in-insider-trading-case/?ref=business
DEEP PENETRATION OF SAC BY UNDERCOVER WANG.
WIRED WANG TAPS SAC
WANG’S PENETRATION OF SAC “STILL YIELDING FRUIT”
WANG’S PENETRATING SAC “STILL YIELDING FRUIT”
Extent of Wang’s penetration yet to be fully realized.
Antar and Minkow started the spiel
http://dealbook.nytimes.com/2013/01/09/loeb-counters-ackmans-bet-against-herbalife/?smid=tw-nytimesdealbook&seid=auto
“weirdest question I’ve ever been asked:
“If the Kool Aid character were to fall down, causing his juice to completely spill out, would he die?”
the employer? The Securities and Exchange Commission.
speaks volumes about that agency”
SEC DRINKS THE KOOL AID
It must suck being a SAC client knowing it will take a year to redeem your investment by being limited to 25% quarterly.
http://dealbook.nytimes.com/2013/01/11/client-redemptions-loom-for-sac-capital/
Is Goldman Sacs really side stepping the Volcker rule?
http://www.businessweek.com/articles/2013-01-10/a-goldman-sachs-trading-team-sidesteps-the-volcker-rule
Looks like Bethany’s career has come to this:
http://www.vanityfair.com/culture/2013/02/zumba-alexis-wright-prostitution
writing stories about small town New England prostitution.
How the mighty have fallen.
Bethany Blowjob writing a sympathetic piece for a fellow prostitute.
Anon, just thought I would add this to ur postings!! LOL!!
http://www.cnbc.com/id/100381465
4 more years baby !!!I’m sure he is singing or has sung like a canary. Hello STEVIE!!!
Keep articles coming Sean!
Kinnucan “shadow of himself”, loses 35 pounds, and becomes depressed: Regret after squandering chance to probe other males.
Gives a new meaning to broadband network
http://www.fbi.gov/newyork/press-releases/2013/oregon-based-research-consultant-john-kinnucan-sentenced-in-manhattan-federal-court-to-51-months-in-prison-for-insider-trading-scheme
The wife claims to have only spoken to him once since the arrest and his aggresive posturing was highlighted by one of his court appointed lawyers. If he keeps growing that beard, he’d potentially be able to get a Santa Claus job after serving that 4 year sentence but he will have to stop refusing to bathe.
http://online.wsj.com/article/SB10001424127887323596204578243761272761842.html
“In the end, everybody breaks, bro…”
- Zero Dark Thirty
Time to break up this pump and dump in the making that the SEC doesn’t seem to acknowledge happening.
http://money.msn.com/now/post.aspx?post=46ad0c9c-1276-4867-b491-2026cd31a930
bahaha, good one Anon!
Was the “flying saucer landing in the hood” comment a coded message to Roddy Boyd?http://www.nytimes.com/video/2010/11/23/business/1248069367931/cnbc-interview-with-john-kinnucan.html
Whole Foods’ Mackey Says Employees Should Come Before Investors
By Brooke Sutherland – Jan 18, 2013 12:01 AM ET Facebook Share
Whole Foods Market Inc. (WFM) Co-Chief Executive Officer John Mackey said employees, not shareholders, need to be the first priority for businesses.
“I really don’t think shareholders should come first, I think it’s fundamentally a bad strategy,” Mackey said yesterday at a Captains of Industry series interview with Norman Pearlstine, chief content officer of Bloomberg News. “Happy team members result in happy customers, happy customers result in happy investors. If you put shareholders first, you won’t get there.”
The event at the 92nd Street Y in New York was sponsored by Bloomberg Businessweek.
Mackey, 59, a self-styled “conscious” capitalist and longtime nonconformist, has written a new book in which he criticizes companies that focus solely on maximizing profit. The book, “Conscious Capitalism,” was released this week.
In the book, Mackey and his co-author, Raj Sisodia, a Bentley University marketing professor, discuss ways to create value and lift people from poverty. Mackey’s bottom line: making money need not be a zero-sum game.
“Business has got to rediscover its higher purpose,” Mackey said in the interview.
The college dropout co-founded a natural-foods store in Austin, Texas, in 1978 with his then-girlfriend, Renee Lawson Hardy. The store was called Safer Way, a spoof on the Safeway Inc. (SWY) chain, which operated supermarkets nearby. Two years later, Mackey and Hardy merged their company with two other grocers to form the original Whole Foods.
Sales Growth
The company began expanding beyond Austin in 1984 and acquired regional grocery stores and chains in the 1990s. Sales rose 16 percent to $11.7 billion in the fiscal year ended in September, the third straight year with revenue growth of at least 12 percent. Since the grocer went public in 1992, the shares have soared more than fivefold.
Mackey says he practices what he preaches at Whole Foods by capping executive pay at 19 times the company’s average hourly wage. For the four years through 2011, he earned $1 in salary and received no bonus. Whole Foods has no corporate jet.
In the book, Mackey and Sisodia write that Costco Wholesale Corp. (COST), Google Inc. (GOOG) and Southwest Airlines Co. (LUV) also practice conscious capitalism.
To contact the reporter on this story: Brooke Sutherland in New York at bsutherland7@bloomberg.net
To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net
Anon.. don’t forfet this please! Is a Wells Notice a bad thing? LOL!!!
http://video.cnbc.com/gallery/?play=1&video=3000132039
“Without daily feed coming from SAC, Blowjob Becky looks like ass in newscast.”
I WILL EXPLAIN BECKY… DEEPCAPTURE IS PATRICK’S WEBSITE, HE IS BEHIND IT!
Sorry.. forget
believing in the honesty and reliability of others.
The Apartment (1960)
Jack Lemmon/Shirley MacLaine.
Good movie.
betting on truth.
Peeping Tom TSA spies Patrick’s 4 inch barrel
http://www.kutv.com/news/top-stories/stories/vid_3503.shtml
Silver Manipulation Update: “It’s just a fact of life that we can’t usually see the full picture on any significant silver development at the time. That’s because all the details aren’t available or visible when we first learn of something new. The best example I can give you was of JPMorgan’s takeover of Bear Stearns in 2008. I even wrote an article about it back then titled “Life After Bear Stearns” [http://www.investmentrarities.com/ted_butler_comentary/03-18-08.html] in which I talked about many of my usual themes, COMEX, COT, SLV and the first sell-out of Silver Eagles by the US Mint. I stand by everything I wrote in that article, but I admit that I had no clue at the time that Bear was the big COMEX silver short. Nor did I know that Bear Stearns most likely failed because of its giant silver short position and its inability to meet a $1 billion margin call on silver. It was only when the August 2008 Bank Participation Report was released and subsequent correspondence from the CFTC that the full facts became known.”
“I feel similarly about the big SLV deposit [Jan. 16, 2013 – SLV Adds Record 572 Tons Of Silver In One Day, More Than In All Of 2012 – http://www.zerohedge.com/news/2013-01-17/slv-etf-adds-record-572-tons-silver-one-day-more-all-2012 in that we know it is significant, but all the details are missing. At this stage of the game, I feel confident that if and when the full story is known it will parallel and confirm the silver manipulation story to date, just as the real story on Bear Stearns did. The central conclusion of just about everything that comes out in silver is that this has been a manipulated market that is destined to end at some very high final price, no matter what is thrown at it in the interim.”
(— by Ted Butler —-)
Ted mentioned the August 2008 Bank Participation Report in silver in the above commentary. Here’s Nick Laird’s chart of that monthly report in silver going back twelve years. A cursory glance at the red bars on charts #4 and #5 for August 2008 shows the sudden appearance of Bear Stearns’ mega-short position…now on the books of JPMorgan Chase. Bear Stearns didn’t have to report this position to the CFTC on a monthly basis, because it wasn’t classified as a bank. It was, in fact, an investment house. But that certainly wasn’t the case for JPMorgan. They are a bank…and they had to report. And they did.
Chart Image Link: (http://www.caseyresearch.com/gsd/sites/default/files/Bank%20Participation%20Report_2.png)
(The above is From:
http://www.caseyresearch.com/gsd/edition/forget-germany-its-turkeys-central-bank-we-should-be-watching)
The rabbit hole gets deeper and the crooks continue to protect Wall Street and hurt and rip-off main street!!
Deepcapture and Gary Aguirre remember this miscreant protector very well.. do you Anon?
http://www.bloomberg.com/news/2013-01-24/tough-as-nails-prosecutor-white-to-tackle-sec-policy-stalemates.html
Title for sean’s link:
“Obama nominates participating member of organized crime Mary Jo White to head the SEC.”
Mary Jo White
Mary Jo White, employee of Debevoise & Plimpton, instrumental in helping bankers buy off SEC regulator Paul Berger
Mary Jo White instrumental in protecting the criminal activities of Morgan Stanley CEO John Mack and Pequot Capital(trading on inside information).
Mary Jo White connected to corrupt SEC leaders fired American hero Gary Aguirre for investigating the suspected criminal activity of Stanley CEO John Mack and Pequot Capital.
Mary Jo White connected to corrupt SEC leaders who turned a blind eye to Bernie Madoff.
Mary Jo White was President Bill Clinton’s U. S. Attorney for the Southern District of New York (Manhattan).
Mary Jo White reviewed Clinton’s pardons of (Marc Rich, et al.) for President Bush and she found no problems.
Apparently Mary Jo White finds nothing wrong with Marc Rich making his fortune illegaly trading with Iran and Libya while they were taking Americans hostage and killing GI’s in Berlin nightclubs.
Apparently Mary Jo White finds nothing wrong with Marc Rich fleeing America to become a fugitive and hiding out in Zug, Switzerland rather than face legal consequences for his actions.
Apparently Mary Jo White finds nothing concerning about Marc Rich being ineligible for a pardon as he never took responsibility for his actions or served any sentence for his crimes.
Apparently Mary Jo White finds nothing wrong with March Rich being a traitor to the United States of America
And apparently President Obama finds nothing troubling about this either.
http://www.time.com/time/nation/article/0,8599,99302,00.html
http://en.wikipedia.org/wiki/Gary_J._Aguirre
Do not pick your butt or pick your knows or pick on people.
pick up pennies.
http://www.cnbc.com/id/100408608
fOR ABOVE cnbc link:
Icahn, Ackman in Epic Showdown of Billionaires
Icahn usually stays in the shadows to buy whats left of companies after bear raids from Einhorn, Ackman, et al. Setting himself up this time as an antagonist to Ackman to win over Herbalife to manipulate the company later on.
Who is parking stock for Michael Milken this time around?
Reference article: Notes on David Einhorn the predator in a cute t shirt.
Anon. I notice u post anything negative that u can find about this Websites’ owner Patrick Byrne but u neglected to put out and links or mention the stellar earnings report this quarter.. any reason for that? (Let’s pretend we don’t already know) LOL!!!
Also congratulations to Patrick, and Overstocks staff!! U guys just cost some shorts a lot of money!!
I think there are two or three regulars that post as Anon, there was one posting Overstock news regularly before the comment section got axed. Are you buying more Sean?
Anon.. read this article carefully and see if this opinion of Stevie baby sounds familiar like we have heard here at D.C.
http://mafiatoday.com/tag/hedge-fund/
At the center was a photograph of Steven A. Cohen, the billionaire owner of SAC, according to two lawyers briefed on the meeting who requested anonymity because they were not authorized to discuss it publicly. The agents compared Mr. Cohen to a Mafia boss who sat atop a criminal enterprise, the lawyers said.
What’s your opinion on why the FBI is sticking him with insider trading rather than all the other crimes?
More news outlets are picking up.
“Is Steven Cohen the Lance Armstrong of Wall Street?”
http://www.minyanville.com/business-news/editors-pick/articles/Is-Steven-Cohen-the-Lance-Armstrong/1/18/2013/id/47484?page=full
Silver Manipulation Update: With this extremely concentrated silver short position, we still must remain vigilant for further engineered price drops…but the short position is also so extreme as to represent a real danger to JPMorgan and other big shorts. I think it instructive to recall that JPMorgan got into big trouble on the London Whale derivatives position because they kept adding to a bloated position going the wrong way. Added to the growing pressures from the physical market and the attention that the silver short position has garnered (is there any commentator not talking about the silver short position?), I get the feeling something will break soon. More than ever, I am mindful of Izzy Friedman’s “full pants down” circumstance.
I think we are at the point where nothing should surprise us, except perhaps that calm price patterns will break out. It looks like it could get very interesting, especially considering the recent changes in the COT market structure. Regardless of short term price changes, the big move in silver must inevitably be to the upside. I still think that may come sooner than most expect.
— Silver analyst Ted Butler…02 February 2013 —–
http://www.caseyresearch.com/gsd/edition/no-one-selling-european-central-banks-seen-letting-gold-sales-limits-expire
Silver Manipulation Update: A Manipulation Timeline
by Theodore Butler | November 26, 2012 – 10:28am
“…
While the commercials learned to behave collusively when dealing with the technical funds, there was an additional requirement that there would be one large commercial standing ready to be the short seller of last resort to backstop the combined commercial effort. Without a “Mr. Big” standing behind and guaranteeing that the combined commercial effort to trick the technical funds would never get overpowered, the long term silver manipulation would not have been possible. Over the past 30 years, there have been a series of Mr. Big’s that have been the paper silver short sellers of last resort. Therefore, the history of the silver manipulation can be recorded along the lines of who was the big short seller at any particular time.
In 1983, the big COMEX silver short seller was Drexel Burnham Lambert, although the origination of Drexel’s short position began earlier at J. Aaron and A.C. Leon Israel (ACLI). After Drexel went bankrupt in the late 1980’s, the Drexel Trading operation was taken over by AIG Trading. Around 2004, the big silver short position was transferred to Bear Stearns. I believe AIG was forced to dispose and transfer their big short silver position on the COMEX due to pressure from then-NY Attorney General Eliot Spitzer who in turn was pressured by public petitions to crack down on the concentrated short position. Nine years ago, I wrote a number of articles (available in the archives) which focused on AIG as the big COMEX silver short. I couldn’t know it at the time, but it appears most likely that the transfer from AIG to Bear Stearns was due to Spitzer….”
… CONTINUED AT LINK…
http://www.silverseek.com/commentary/manipulation-timeline-7831
Silver Manipulation Update: JPMorgan held 96% of the total commercial short position of 24,000 contracts in the latest COT report…..
by Silver analyst Ted Butler…30 March 2013
I would now calculate JPMorgan’s net short position to be 23,000 contracts as of the cut-off. While down 12,000 contracts from their large short of 35,000 contracts on Feb 5, simple math shows that JPMorgan held 96% of the total commercial short position of 24,000 contracts in the latest COT report. I doubt such an extreme measure of concentration has ever occurred in any other regulated futures market. On this measure alone, it is safe to conclude that JPMorgan has manipulated the silver price, as there would be virtually no commercial short position in COMEX silver without this crooked bank.
That the CFTC and the CME Group can sit by and allow such an unnatural concentration to exist shows how inept and corrupt the regulators have become.
http://www.caseyresearch.com/gsd/edition/fed-shorting-gold-to-support-the-dollar-former-assistant-treasury-secretary/
Good day! I could have sworn I’ve been to this website before but after browsing through some of the post I realized it’s new to me.
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