White Shoe Boys

Major Disinformation Campaign about America’s Gold Begins

"An audit of the gold held at the New York Federal Reserve has been completed and the disinformation campaign has started. The problem is that the gold held at the New York Federal Reserve is not 'The U.S. government’s gold.' It is gold held, for the most part, by the Federal Reserve for foreign countries. Why wasn't an independent auditing firm brought in? And since the gold is held for countries like Germany, why didn't Germany and others who have gold on account get to pick the auditor? Of course, the full truth is this gold has never been audited and unlike the NY Fed, which provides tours, there are no tours of the Fort Knox gold." Continue reading →

Continue ReadingMajor Disinformation Campaign about America’s Gold Begins

Paper Claims SEC Regulation is Biased … In Other News, Sky Is Blue

"Former U.S. Securities and Exchange Commission staffers who now work in the private sector may have helped derail last year's effort to reform the $2.6 trillion money market fund industry, a report said. The case study on money market fund lobbying is part of a 60-page report by the Project on Government Oversight (POGO). It is one example within a broader review by the non-profit government watchdog that examines in detail how the 'revolving door' at the SEC may have impacted policy and enforcement decisions over a 10-year period." Continue reading →

Continue ReadingPaper Claims SEC Regulation is Biased … In Other News, Sky Is Blue

America’s Housing “Recovery”: Wall St. Buying Homes to Rent Back to Their Former Owners

"The Blackstone group, the biggest player in the new REO to rental market, has spent $2.5 billion in the last year purchasing 16,000 homes, a number that amounts to over $100 million per week. Property records show that many of the homes Blackstone has acquired in Fulton County over the last few months were purchased on the courthouse steps at the monthly foreclosure auction, or through short sales—when a lender agrees to accept less than the amount owed on a loan. The vast majority of these homes are not empty, but occupied by homeowners who fell behind during the great recession." Continue reading →

Continue ReadingAmerica’s Housing “Recovery”: Wall St. Buying Homes to Rent Back to Their Former Owners

Geithner: Bernanke the Buddha of Central Bankers

"I am not going to say anything nice about Ben Bernanke, because when I do, it just encourages those who think that we’re too close and that I’ve compromised the independence of the Fed. [laughter] But he knows what I think. He’s a hero. He’s the Buddha of central bankers…but more active." Continue reading →

Continue ReadingGeithner: Bernanke the Buddha of Central Bankers

Gov. Lawyer Invoved in the Prosecution of Rajaratnam and Gupta Leaves for Big Bucks Private Sector Gig

The powerful elitist law firm, Gibson Dunn & Crutcher, is expected to announce that Reed Brodsky will leave the United States attorney’s office in Manhattan to join the law firm as a partner in its white-collar criminal defense practice. Brodsky is most well known for his role in prosecuting hedge fund player Raj Rajaratnam for the non-crime of insider trading. Brodsky also led the prosecution of Rajat K. Gupta, the former Goldman Sachs director found guilty of leaking boardroom secrets to Rajaratnam. The two other prosecutors who tried Mr. Rajaratnam with Mr. Brodsky have already moved on to partnerships at corporate law firms." Continue reading →

Continue ReadingGov. Lawyer Invoved in the Prosecution of Rajaratnam and Gupta Leaves for Big Bucks Private Sector Gig

It Pays to Be a Bankster: Blankfein Buys $33 Million Hamptons Mansion

"Goldman Sachs CEO Lloyd Blankfein has bought a seven-bedroom home in New York’s Hamptons that was listed for $32.5 million, a person with knowledge of the deal said, reports Bloomberg. Blankfein took title to the property on Ocean Road in Bridgehampton in recent weeks, says Bloomberg. Property records reported by LexisNexis list the owner as ‘Fein, Blank.’ The home, with six full bathrooms, includes a tennis court, 'sculpted gardens,' a swimming pool, and 'a winding driveway to a home of which dreams are made,' says a real estate listing." Continue reading →

Continue ReadingIt Pays to Be a Bankster: Blankfein Buys $33 Million Hamptons Mansion

Treasury Gets a Citibanker

"There was a time when you had to be successful on Wall Street to become secretary of the Treasury. Now along comes presidential nominee Jack Lew, whose only business credential is a stint at the most troubled too-big-to-fail bank. During the darkest days of the financial crisis Mr. Lew served as the chief operating officer of Citigroup's Alternative Investments unit (CAI). CAI no longer exists. At the end of Mr. Lew's first quarter on the job, the unit reported a $358 million loss. Things got much worse after that but Citi stopped breaking out CAI results in its earnings releases. The unit was eventually shuttered and many of its assets were sold." Continue reading →

Continue ReadingTreasury Gets a Citibanker

‘Wall St.’ flees NY for tax-free Florida

"The city’s hedge-fund executives are flying south — and it’s not for vacation. An increasing number of financial firms, especially private equity and hedge funds, are fed up with New York’s sky-high city and state tax rates and are relocating to the business-friendly climate in Florida’s Palm Beach County. And they’re being welcomed with open arms — officials in Palm Beach recently opened an entire office dedicated to luring finance hot shots down south. There are other perks, too — like the fact that it was 77 degrees and sunny there yesterday." Continue reading →

Continue Reading‘Wall St.’ flees NY for tax-free Florida

The Road to Debt-Serfdom

"The road to debt-serfdom is paved by the banks and enforced by the Central State. If there is any point that is lost on ideologues, Progressive and Conservative alike, it is this: the first-order servitude and second-order tyranny of debt-serfdom can only occur if the banks' power is extended and protected by an expansive Central State." Continue reading →

Continue ReadingThe Road to Debt-Serfdom

Governor Moonbeam and Cronies at Work in California

"California Governor Jerry Brown hailed his signature tax-hike to fund education—known as Proposition 30—as a towering achievement that will ensure educational excellence in higher education and spare those trapped in poor and failing K-12 California public schools from budget cuts. But a new study by five UC Berkeley doctoral students says that millions of dollars of the freshly raised revenues won’t go to California’s school children. An increasing number of posts in top UC management and on the Board of Regents have been filled by former Wall Street bankers." Continue reading →

Continue ReadingGovernor Moonbeam and Cronies at Work in California