Archive for February, 2010

Citibank cuts off credit to company with “questionable” website

Sunday, February 28th, 2010

Full story here from HuffingtonPost. Man, why don’t they start with HBO’s site? That damn thing has so much flash crap on it, my dual core CPU and 4 GB of RAM choke on that frickin’ thing. But for the rest of us who cringe at the thought of our banker becoming the great moderator of free speech…

“Jason Goldberg, the CEO of fabulis, says that Citi issued “a good and sincere apology” to the company this afternoon. Here’s an excerpt from the apology letter:

Whatever statements that were made by any Citi representative related to the content of your website were inappropriate and made in error, and I will review in detail what happened. You have my firm commitment on this point.

Now, Goldberg has one last issue to resolve: will fabulis keep its account at Citi or move its money somewhere else?

Update 3:46 PM ET

The CEO of fabulis reports that Citi has retreated from its request that the web start-up terminate its account at the bank. The three Citi employees who each separately told fabulis that the account was blocked because of “objectionable” material on its website were all, Citi now says, mistaken. (more…)

Bonuses for Wall St. and unemployment for the rest

Friday, February 26th, 2010

Full story here from The International Forecaster.

People should not underestimate the rational of those in high places because their agenda may be totally different then what they say it is. That includes the predicament of Dubai and Greece and a host of other nations that include the US and UK. The credit crisis, borne of the subprime crisis just didn’t happen; it was planned that way. Are we supposed to believe that the Fed took interest rates close to zero and that they flooded the monetary system with money and credit, because they were incompetent or stupid, hardly? The Fed, banking and Wall Street knew subprime loans were not AAA, but triple BBB. They all knew the syndication of these bonds were a fraud, which they allowed and which kicked off the credit crisis. Again, all is not as it seems to be. Thus, those of you who believe it was greed and incompetence are wrong. Up until four years ago it was Sir Alan Greenspan who sold his soul out to the Illuminists, now it is Ben Bernanke. (more…)

Democrats: what do they know and why are they leaving?

Friday, February 26th, 2010

I already commented on a spate of Democrat senators and congressmen who are voluntarily giving up their seats. This is while they enjoy a majority in both Houses. Tho it is the only form of unemployment I can support. Spock shakes his head and says, “It’s illogical, Captain.” Now this twofer:

Gov. David Paterson, who repeatedly and defiantly said he would let voters decide if he should run the state, abruptly quit his nascent election bid Friday amid a stalled agenda, faltering popularity and criticism of his handling of a domestic abuse caseinvolving one of his most trusted aides.

White House Social Secretary Desiree Rogers told me Friday she will step down next month, after presiding over 330 events in the White House in 14 months. [Of course, Mrs. O still has 22 other staff, but I'll take it]

Thai ex-prime minister is stripped of $1.4 billion

Friday, February 26th, 2010

Full story here. Thieving billionaire politician receives serious public paddling. But is still a billionaire, just less so. At least there’s some adjustment for outright thievery.

Thailand’s Supreme Court has ruled that former PM Thaksin Shinawatra’s family should be stripped of more than half a contested $2.3bn fortune.

The court said $1.4bn (£910m) of the assets were gained illegally through conflict of interest when Mr Thaksin was prime minister.

The funds were frozen after Mr Thaksin’s elected government was overthrown in a military coup in 2006.

Mr Thaksin, who is living abroad, has denied any wrongdoing.

The Supreme Court said “to seize all the money would be unfair since some of it was made before Thaksin became prime minister”. (more…)

Irregularities in the gold market

Wednesday, February 24th, 2010

Full story here from Zero Hedge. Not like we haven’t harped on this topic before, but I reserve the right to do so until I see some positive changes. It annoys me no end that gold is now “fractional reserve” (i.e. made up out of thin air).

“Paul Mylchreest submits the following exhaustive Thunder Road report (from October 15, 2009), which is a follow-up to the previously posted Redburn Partners report. A detailed analysis on some of the less discussed aspects of the gold market, this is another must read for all who have even an incipient interest in the gold market. (more…)

Is the SPY getting a jump at key areas from a quant algo?

Wednesday, February 24th, 2010

Full story here from Zero Hedge. For those of you not hep on the lingo, “quant algo” is short for quantitative algorithm. Short pictorial evidence:


Submitted by SellPuts

I am growing more and more tired of seeing what appears to be a very “helpful” algorithm running in the SPY. I am using the term “helpful” very lightly. I relate this algorithm to a jumper cable, your car will run once you get the jump if your battery is running low right?

Now lets say volume in our market is equivalent to a discharged but not quiet a dead battery yet. Symptoms of the market being a “dead battery” are sluggish movement through key pivot levels on a daily 1 min chart, along with violent price spikes within the 1 min candle.

So how do we fix a market which does not have the Umph it needs to stay liquid and trade while not remaining flat all day after the initial 30 min opening volatility? A quant algo of course! (more…)

The plot to kill Social Security

Wednesday, February 24th, 2010

Full story here from CounterPunch.

“In Washington each new day brings a fresh call to “reform entitlement programs” — Social Security, Medicare, etc., (in Congress, the word “reform” now means to eliminate, or drastically reduce). Tackling Social Security has been on the to-do list of the corporate elite for years, and they’re not waiting any longer. After years of promoting this cause, conservative think tanks have now garnered solid support from the political establishment as a whole, which includes the Republican and Democratic parties.

The newest liberal recruit to the destruction of Social Security is Thomas Friedman, the influential columnist for The New York Times, who wrote recently: (more…)

Geithner’s Gotta Go

Wednesday, February 24th, 2010

Full story here from Mike Whitney via CounterPunch.

“Would it be wrong to take out a $1,000,000 policy on your wife and then put strychnine in her double-tall nonfat mocha?

Not if you are Goldman Sachs it wouldn’t. In fact–according to an article on today’s Bloomberg News–that’s exactly what they did. They slapped together $17.2 billion in garbage CDOs and then insured the hell out of them with credit default swaps (CDS) issued by AIG. As soon as the CDS blew up, G-Sax collected 100 cents on the dollar for their ingenuity. (G Sax received $14B altogether) (more…)

Davos – the bomb shelter

Tuesday, February 23rd, 2010

Full story here from Darryl Schoon.  

 Predators and parasites recently gathered in Davos to discuss the mounting problems of their prey. All present agreed the problem needed urgent attention.

Historian David Hackett Fisher describes this passing era as the period of Victorian Equilibrium. England’s Victorian Equilibrium, however, was built on banker’s credit, a foundation of sand; and like the story of Cinderella where the carriage turns into a pumpkin at midnight, the banker’s credit has now turned into defaulting debt and the fairy-tale world it built is collapsing. (more…)

Dead files for 23 Feb – 1 Mar 2010

Tuesday, February 23rd, 2010

Feb 26th: (more on last week’s small plane into an IRS bldg)

Austin suicide pilot Joe Stack kept some very interesting company as far as the client list for his software programming company is concerned, including a defense contractor with NSA and Homeland Security connections that ironically dealt with air defense systems…

L-3 Avisys is a defense contractor with its main headquarters based in Austin Texas which sells products and works closely with the Department of Defense and unnamed “U.S. Government intelligence agencies”…L-3 was also a key client for Stack’s software programming business. Stack helped develop a GPS-based Fight Management System for IEC, which is a wholly owned subsidiary of L-3…The blog also highlights transponder flight tracking records of Stack’s plane which show that its last journey took place on August 6, 2009, and not on February 18 last week when the aircraft was slammed into the Echelon building.

Feb 23rd:

Well, we thought we had one here. Apparently Cheney handed over 500,000 Greek CDSs to the devil in exchange for a little more party time on earth.