Tag Archives: Goldman Sachs

Public Pensions Are Not The Whole Problem | ZeroHedge

While it’s the latest new thing to vilify public employees and their pensions, this little known and understood threat is doing just as much damage:

In 2002 a little-known but powerful state agency in California and Wall Street titans Morgan Stanley, Citigroup, and Ambac consummated one of the biggest deals to date involving … an “interest rate swap.” A year later the executive director of the Bay Area’s Metropolitan Transportation Commission, Steve Heminger, proudly described these historic deals to a visiting contingent of Atlanta policymakers as a model to be emulated.

Because of the economic collapse, and the decline of interest rates in 2008 to virtually zero, the MTA has been forced to pay the amazing sum of $658 million in net swap payments so far.

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Lowering interest rates to zero isn’t Fed policy, it’s Wall Street policy – Ed.

Accidentally Released – and Incredibly Embarrassing – Documents Show How Goldman et al Engaged in ‘Naked Short Selling’ | Matt Taibbi – Rolling Stone

In other words, 107% of all Overstock shares available for trade were short – a physical impossibility, unless someone was somehow creating artificial supply in the stock.

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You can read the actual motion here. Pay attention to pages 14 – 18.

You can see an amazingly accessible discussion about the practice of ‘naked short selling’ and why you should be pissed by the CEO of Overstock.com, here.

Euro Tarp – Why It Will Be A Screaming Failure | ZeroHedge

9x times a problem doesn’t make the problem smaller does it? What could possibly go wrong?

GEEK ALERT: Some technical stuff. Really scary technical stuff. -Ed

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‘Governments Don’t Rule The World, Goldman Sachs Rules The World’ | BBC

“This is not a time right now for wishful thinking that governments are going to sort things out,” Rastani said on an interview with BBC on Monday morning. “The governments don’t rule the world, Goldman Sachs rules the world.”

At first blush I thought, ‘At long last, the truth’ but it turns out that the BBC was likely punked.  -sigh-  -Ed.

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Endgame: When Debt Is Fraud, Debt Forgiveness Is The Last And Only Remedy | ZeroHedge

Productive wealth has been trapped in a web of parasitic theft, counterfeiting, liability evasion, non-regulation, and prosecutorial non-accountability. All the fundamental attributes of a functioning exchange economy have been warped to reward creative criminals.

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Groupon’s Revised S-1 Offers Hints At Its Profitable Future | Fast Company

The coverage of Groupon’s revised S-1 filing Wednesday mostly focused on the deep red numbers splashed across the company’s balance sheets. And rightly so. Because as much money as the company is bringing in, it’s still a ways from making a profit.

And yet, sprinkled among the revisions to the document were other interesting tidbits–ones that speak to where the company is going. And, if looked at in the right light, they could hint at a more promising future than some might think.

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The Obama Deception: Why Cornel West Went Ballistic – Chris Hedges | Truthdig

“He makes a bee line to me right after the talk, in front of everybody,” West says. “He just lets me have it. He says, ‘You ought to be ashamed of yourself, saying I’m not a progressive. Is that the best you can do? Who do you think you are?’ I smiled. I shook his hand. And a sister hollered in the back, ‘You can’t talk to professor West. That’s Dr. Cornel West. Who do you think you are?’

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