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lunar 27.10.2008 10:27

1 Anhang/Anhänge
http://www.drs.ch/www/de/drs/themen...und-folgen.html

lunar 27.10.2008 10:46

6 Anhang/Anhänge
:schwitz:( .

lunar 27.10.2008 11:42

Now What ?

-> Posted by Fullgoldcrown @ 6:27 am on October 27, 2008
www.youtube.com/watch?v=kyBaxm2oIHk

Lou Dobbs: Major Public Concerns Of Martial Law In The U.S. & Army Denies Claims




BUSH'S "MARTIAL LAW" (07)- PREPERATIONS FOR- (2008) ...(wolf n sheeps clothing)




:rolleyes:(:schreck <-----:biggun-:biggun:biggun

lunar 27.10.2008 16:31

27 October 2008

I'm Proud to be an Okie Who Is Brokie..

It was a tossup this morning between this story and the one about how J.P. Morgan has virtually destroyed the New Castle school district through dodgy swaps with enormous undisclosed fees, now being investigated by the fraud unit of the FBI. New Castle is in western Pennsylvania near the Ohio border. McCain country. We'uns don't want any of that commie socialism here, unless it is for the good of the country and the bankers what ripped us off. Its a nice area actually, one of our old haunts, having had a weekend fishing cabin a few miles north up at Pymatuming Lake.

This one about Oklahoma State seems to have more pathos since at one point they were actually ahead 70%, borrowed it all and spent it, and then went bust. And they were not really defrauded it appears, just recklessly foolish and badly used badly by an egotistical windbag.

Maybe they can get a co-signer loan from the Aggies.


FanIQ
Oklahoma State Is Officially Screwed

You probably heard a few years ago that T. Boone Pickens, who chairs the hedge fund BP Capital Management, gave Oklahoma State a $165 million donation to be used all for helping the school's athletic program. And the largest portion of it was going to be used to beef up the school's football stadium and football facilities.

Well, there was one problem with Boone's donation. He left the donation in the hedge fund, which initially seemed to be a good idea as oil prices soared in a post Katrina economic climate, swelling the initial gift to over $300 million. That was before things began to turn in 2007, as international demand for oil failed to meet projections, causing the fund to come to a sudden standstill, and then dropping on mistakes made by fund managers, who were managed by Pickens.

Anyway, Pickens resisted pleas by some OSU Regents to bank a good deal of the balance out of the fund when it exceeded $300 million, which was only 14 months ago. Instead Pickens decided on borrowing almost $200 million needed to expand and renovate Boone Pickens Stadium on the Stillwater campus, despite the fact that the donation was dropping in value.

Now, here's the bad news. Yesterday all indications were that OSU Regents had been told last Friday afternoon that a large portion of the Pickens donation in the BP Capital hedge fund was virtually wiped out by margin calls on the funds investments in the third quarter.

Well, that's not actually the case. It seems that ALL of the money is gone (the link provided is for a members site, but you can read the full article here).

Officials were told that actually, the entire $ 165 million donation, and the earnings, which once inflated the gift to over $300 million, had recently been eliminated by margin calls due to drastically falling oil prices.

As of Monday OSU's gift had flat-lined completely and was declared 'gone.'

And just so you know, the school has already made a lot of those improvements to the football field . That's because the school borrowed almost all funds used in the stadium expansion plans using the $300 million balance in BP Capital as collateral.

Yikes. So, um, Oklahoma State is now in debt of close to $300 million dollars.

I have no idea how in God's name they're going to get out of this. State schools don't exactly have an extra $300 million sitting around.

Has a college ever actually declared bankruptcy? I'm not sure, but we're probably about to find out.

It can only get better, it can't get any worse...


Posted by Jesse at 10:39 AM :verbeug

lunar 27.10.2008 17:02

1 Anhang/Anhänge
Zitat:
Zitat von max147852

...VW macht gerade 395! Punkte im Dax aus....Grüßle;)

:wirr :wirr :wirr

lunar 27.10.2008 18:38

1 Anhang/Anhänge
...und zum dritten :eek:eek:eek

...zur Ergänzung:
Zitat:
Zitat von pablo

dpa
Spekulanten machten Milliardenverluste mit VW-Aktien

Dienstag 28. Oktober 2008, 07:23 Uhr Frankfurt (dpa) - Die Kursexplosion der VW-Aktie soll Spekulanten geschätzte Verluste von 10 bis 15 Milliarden Euro beschert haben. Betroffen seien vor allem Hedgefonds, die auf fallende Kurse spekuliert hätten, berichtet die «Financial Times». Die VW-Aktie war gestern um spektakuläre 146 Prozent gestiegen. Sogenannte Leerverkäufer, die auf sinkende Kurse gesetzt und geliehene VW-Aktien verkauft hatten, wurden kalt erwischt
http://de.biz.yahoo.com/28102008/3/...-vw-aktien.html


lunar 27.10.2008 19:12

1 Anhang/Anhänge
....nicht alle freuen sich über einen stärkeren $ :rolleyes

Crimminal action by Dr Bernanke & the FED stooges
(KeyserSoze) Oct 27, 14:03 For every 1% rise in the US dollar, the DOW tanks 2.5%

WAKE UP DR BERNANKE & THE FED STOOGES !!!!!!!!!!!!

A dollar too dear is bad for business and terrible for Wall Street, which means 99% of all Americans have lost 35-50% of their savings and pensions.

DR BERNANKE are you so oblivious to their pain?
This amounts to depraved indifference...sir, you are liable to us all for your passive ignorance and indecision!

Dr Bernanke my family has lost over 50% of their savings for our retirement. IMHO you are liable for your indifference ignorance and indecision!

lunar 27.10.2008 21:46

October 27, 2008
US government 'foils plot to assassinate Barack Obama'


(Jason Reed/Reuters) Barack Obama

The US government tonight revealed it had foiled a plot to assassinate Barack Obama and 102 black people.

The Bureau of Alcohol, Tobacco and Firearms said the plan was to kill the Democratic presidential candidate and shoot or decapitate 102 black people in a Tennessee murder spree.

In court records revealed today, agents said they disrupted plans to rob a gun store and target an unnamed but predominantly African-American high school by two neo-Nazi skinheads.

More soon...


http://www.timesonline.co.uk/tol/ne...icle5026432.ece

....na ich weiss nicht :schwitz

lunar 27.10.2008 22:53

1 Anhang/Anhänge
:dumm :mad

High steaks 27.10.2008 23:19

Das verstehe wer will :confused. Eventuell wird ja der Minenbetrieb demnächst untersagt, oder alle Minen verstaatlicht.

lunar 28.10.2008 08:27

A Clearer Perspective

-> Posted by sckpak @ 3:02 am on October 28, 2008
I read hundreds of editorials in a month and view / listen to numerous videos and audio presentations and I guess I’m fortunate to have the time to do so. What I have found is that this series of editorials is not only well written and thought provoking, but this series is IMO one of the best thus far in 2008.

Because I understand and appreciate the time constraints that many people face, I tend to only post links to viewpoints that I believe are worth the time and effort to go to. This happens to be one I believe people should be made aware of and for that reason I am providing the links to the series.

http://www.financialsense.com/fsu/e.../2008/1003.html

http://www.financialsense.com/fsu/e.../2008/1013.html

http://www.financialsense.com/fsu/e.../2008/1027.html

:verbeug

lunar 28.10.2008 09:12

Re AIG…Bix from Midas

October 28th, 2008 AIG on the ropes…

Hi Bill
It’s time to keep an eye on AIG. As of this moment it is trading at $1.40 down from $63/share.

www.stockwatch.com/swnet/utilit
/utilit_snapsh_result.aspx

It is important to understand that AIG is the heart and lungs of the Banking cabal and when they fall - the Cabal falls with them!

There are many exposes on the internet about AIG and their links to the CIA and market rigging operations.

onlinejournal.com/artman/publish/article_3777.shtml

The biggest issue here is that AIG is counter-party to many of the hidden metal derivative transactions….especially SILVER as outlined by Ted Butler over the years. A counter party default is at the eye of the financial storm at the moment.

The way it is trading, AIG could go down any day taking EVERY scrap of toxic paper with it!

We are there.
Bix





Special Reports Last Updated: Sep 23rd, 2008 - 00:42:36
AIG is a ‘special case’
By Wayne Madsen
Online Journal Contributing Writer

Sep 23, 2008, 00:18

(WMR) -- The U.S. government’s bail out of insurance giant American International Group (AIG) comes as no surprise to intelligence community insiders. In fact, AIG has been at the center of a number of CIA operations for decades.

The federal government’s $85 billion “bridge” loan to AIG essentially makes the United States government an 80 percent stakeholder in AIG, a move that will prevent external players from peering into AIG’s myriad intelligence operations on behalf of the CIA, according to an insider who has followed AIG’s overseas operations for a number of years.

As attorney general of New York State and as governor, Eliot Spitzer made AIG a prime target for his investigations. That ended when Spitzer was brought down in a sex scandal involving a prostitution ring.


AIG’s chairman, before he was forced to resign amid scandal, was Maurice “Hank” Greenberg. In 1962, Greenberg was hired by AIG’s founder, Cornelius Vander Starr, the uncle of President Bill Clinton prosecutor Kenneth Starr, as the chief of AIG’s North American operations. Greenberg eventually took over as AIG’s chairman, as well as assuming the chairmanship and CEO position of Starr’s other firm, C. V. Starr and Company. Greenberg retained control of C. V. Starr and Company after having stepped down as AIG’s chairman in 2005.

Greenberg, a close friend of Henry Kissinger, was considered a potential CIA director in 1995 after James Woolsey resigned. Perhaps it was Greenberg’s past connections to Whitewater Independent Counsel Starr’s uncle Cornelius that dissuaded Clinton from giving Greenberg the keys to Langley’s top executive washroom.

However, Greenberg and AIG had a long association with the CIA, according to WMR’s sources. AIG’s intelligence operations in Asia even pre-date the CIA and its predecessor, the wartime Office of Strategic Services (OSS).i Greenberg has served as a member of the National Intelligence Council.

Cornelius V. Starr started AIG as “American Asiatic Underwriters” in 1919 in Shanghai. Starr moved AIG from Shanghai to New York after the Communists came to power in 1949. Ironically, AIG is back in China through its ownership of People’s Insurance Company of China. AIG also owns AIG Korea Insurance.

Ever since the days of Ken Starr’s uncle, Cornelius, AIG has, on behalf of U.S. intelligence, kept tabs on rising players on the Asia political scene, particularly in China, Japan, Korea, Singapore, Hong Kong, Taiwan, and other countries. The quid pro quo for AIG is that it has weathered the storms generated by Spitzer and the global financial meltdown with the strong support from the U.S. government in return for permitting the mining of data from AIG’s insurance files by the CIA.

Greenberg has maintained close relations with the Beijing leadership over the years. However, his dealings with the CIA are also well known to the Chinese intelligence services. In fact, Chinese intelligence is aware that Greenberg has allowed AIG to be used as a major “placement” operation for a number of the CIA’s Asia-based non-official cover (NOC) officers.

The CIA’s analysts who concentrate on Asia have also enjoyed routine access to a huge AIG database maintained in San Francisco. AIG’s new building in Hong Kong was intended to be a major outpost for CIA agents assigned the China “beat.” However, Chinese intelligence succeeded in thoroughly wiring the building with surveillance systems and AIG’s China operations were blown. Chinese intelligence could not believe how sloppy Greenberg and the CIA were in handling the Hong Kong operation.

With the U.S. government now in control of AIG, the Bush family will breathe particularly easier. On June 20, 2005, WMR reported the following concerning the connection between Greenberg and the Bushes:

“The investigations of the secret Bush money tranches are coming to the fore as New York Attorney General Eliot Spitzer focuses in on the scandal involving Maurice “Hank” Greenberg and the inflation of the worth of American International Group (AIG) through shady affiliates, including AIG reinsurer Coral Re of Barbados. Greenberg was the CEO of AIG but was forced to step down amid the Spitzer probe. AIG was founded from Asia Life/CV Starr, a Shanghai-based international import/export and insurance firm founded in 1919 by Cornelius V. Starr, an Office of Strategic Services (OSS) operative in Southeast Asia during World War II. AIG’s largest shareholder is Starr International Company (SICO), an off-shore corporation incorporated in Panama with headquarters in Bermuda. Kenneth Starr, the independent counsel who prosecuted President Clinton, is the nephew of Cornelius Starr. Greenberg inherited the CEO job and Chairmanship from Starr as well as the $3.5 billion Starr Foundation.”


Previously published in the Wayne Madsen Report.
Copyright © 2008 WayneMadenReport.com
http://onlinejournal.com/artman/pub...icle_3777.shtml


....ein Dreckspiel nach dem andern :bad
wie wird sich ein neuer Präsident schlagen in diesem unendlichen beschi$$enen Dickicht - ob ein Obama überhaupt gewählt werden "darf" :rolleyes

lunar 28.10.2008 09:37

Mon 27 Oct 2008

Marc Faber Blames Governments For Selloff

Posted by alyx under cnbc



Dr. Doom is in the room. Dr. Marc Faber appeared on Squawk Europe this morning, with his usual bear market hardline:
“Now that deposits are guaranteed, basically I as an investor have no incentive to hold equities so I sell them and put my money in bank deposits,” Faber told “Squawk Box Europe” by telephone. “The interventions, they actually have increased volatility. It’s impossible to forecast market movements when you have interventions,” Faber said.

Not sure I necessarily agree on the first point - the only thing the bank deposit guarantee really does is ensure that people keep their copious quantities of cash in bank deposits instead of under the bed (and when you look at the desperate things the banks in the US have done to shore up their deposit base, e.g., buying Wachovia, maybe the guarantees are not so bad).

However, he may be on to something regarding overstated book values, and inflation:
The next stage of the crisis may be that companies may have to adjust their book value as it happened during the bear markets of the 70s and 80s, when book value was overstated. “If the global economy slows down by as much as I think it will… then a lot of book values will have to be adjusted downward quite substantially,” he said.

“I think first we’ll have a bout of deflation that will actually be quite substantial… but then the budget deficits will go through the roof and the Fed will print even more money … and then later on we’ll have very high inflation,” he said.

Insane volatility caused by alternating cash injections and flights to safety… book values being written down and significant cuts to earnings estimates… and a deflationary period followed by an inflationary period? Chaos and DOOM! Oh, how I’d like to see a Larry Kudlow vs. Marc Faber, goldilocks-vs-permabear cage match. That would be good theater.

---> Full CNBC interview here.

lunar 28.10.2008 09:44

2 Anhang/Anhänge
....es wird ja in Trader's Edge gezeigt - aber diese Auswüchse möchte ich doch festhalten :rolleyes:eek:schreck

740,00 EUR +270,00+57,45%

ein paar Minuten später :schwitz ....oooooooops - das geht ja ab :eek:eek:eek:eek:eek:eek

eine Erklärung: http://www.stock-channel.net/stock-...6&postcount=245

lunar 28.10.2008 11:00

....man sollte das wirklich durchlesen - obwohl :bad:bad:bad
es ist kaum zu glauben, dass diese kriminelle Vereinigung nie zur Rechenschaft gezogen wird :mad

FBI Probe of JPMorgan Fees Focuses on Swaps Roiling Muni Debt

By William Selway and Martin Z. Braun


Oct. 27 (Bloomberg) -- Joseph Ambrosini says the deal looked so easy. JPMorgan Chase & Co. bankers told him there was really no risk. All he had to do was sign a public financing contract, and the bank would give $280,000 to his school district in New Castle, Pennsylvania.....

full story: http://www.bloomberg.com/apps/news?...G40&refer=home#

lunar 28.10.2008 12:08




ANTI- TERROR- AKTION AN GRENZE ZU IRAK

Wieso die USA plötzlich Syrien attackieren

Von Ulrike Putz, Beirut Ein US-Blitzangriff auf Syrien schockiert den Nahen Osten. Insidern zufolge wurde bei der Attacke ein irakischer Qaida-Führer getötet - doch es ging um mehr: Die Regierung Bush wollte nach Pakistan jetzt auch den Machthabern in Damaskus zeigen, dass ihr Anti-Terror-Kampf kaum Grenzen kennt. mehr... [ Forum ]

:mad

lunar 28.10.2008 14:16

IMF may need to "print money" as crisis spreads

The International Monetary Fund may soon lack the money to bail out an ever growing list of countries crumbling across Eastern Europe, Latin America, Africa, and parts of Asia, raising concerns that it will have to tap taxpayers in Western countries for a capital infusion or resort to the nuclear option of printing its own money.



By Ambrose Evans-Pritchard
Last Updated: 10:46PM GMT 27 Oct 2008

Comments 47 | Comment on this article


IMF's work in countries such as Turkey is only just beginning


The Fund is already close to committing a quarter of its $200bn (£130bn) reserve chest, with a loans to Iceland ($2bn), Ukraine ($16.5bn), and talks underway with Pakistan ($14.5bn), Hungary ($10bn), as well as Belarus and Serbia.

Neil Schering, emerging market strategist at Capital Economics, said the IMF's work in the great arc of countries from the Baltic states to Turkey is only just beginning.

"When you tot up the countries across the region with external funding needs, you get to $500bn or $600bn very quickly, and that blows the IMF out of the water. The Fund may soon have to start calling on the West for additional funds," he said.....

......"The IMF can in theory create liquidity like a central bank,"
said an informed source. "There are a lot of ideas kicking around."......

......Romania's central bank has taken drastic steps to defend the leu, squeezing liquidity so violently that overnight rates shot up to 900pc. But there are growing doubts whether this sort of shock therapy can obscure the fact that economic booms are now turning to bust across the region......

full story: http://www.telegraph.co.uk/finance/...is-spreads.html

print print print :rolleyes

lunar 28.10.2008 15:55

2 Anhang/Anhänge
...ich bekenne mich schuldig der Schadenfreude :o sollte es sich bewahrheiten - dann :bang:bang:bang

vom GS-Yahoo-Board:

Re: What's the rumor on GS 5 minutes ago David Faber (CNBC) just said the rumor was caught short Volkswagen. He couldn't confirm it of course.
Re: What's the rumor on GS 1 minute ago The rumor is they are short Volkswagen.

GS must die - Hope greedy W.Buffet
lose his azzzzzzzzzz this time for supporting a crooked ...
precision77... (2 Ratings) 5 minutes ago wall street whores........
usa_in_big_... Not rated 4 minutes ago Re: GS must die - Hope greedy W.Buffet
Amen!!!

GS dementiert ....allem Anschein nach soll es doch nicht so sein :( nicht einmal eine kleine Schadenfreude wird einem gegönnt :(;):hihi

lunar 28.10.2008 16:23

Tue 28 Oct 2008

Volkswagen Ist Siegreich

Posted by Jason under Uncategorized




Good news, hippies! ExxonMobil is no longer the largest company in the world, by market value. That honor now falls to Volkswagen, which uses gas, so Exxon still wins.

Porsche, which has been slowly digesting the company its founder started with Hitler way back in the day, announced two days ago that it would be increasing its share in VW to 42 percent. Then today Porsche upped that to 75 percent, awesomely screwing traders who had shorted VW - the most-shorted stock in Germany’s chief index. No, really. Almost 13 percent of VW’s stock was on loan. Some traders are even going so far as to beg regulators to investigate, because they are whiny Germans who forgot that shorting is, in fact, an inherently risky behavior.

Naked German shorts sounds kind of sexy, doesn’t it?

lunar 28.10.2008 16:27

28 October 2008

In 2009 the US Will Be Forced to Selectively Default and Devalue Its Debt

We have seen estimates that next year the US will have to finance a $2 Trillion annual deficit. They may be able to push it forward into the next Administration by the forbearance of the world, but not by much.

It should be obvious to anyone that we are approaching the apogee of the Treasury bubble, with the credit bubble having broken already.

When the Treasury says they are facing unprecedented challenges in financing the US public debt next year that is an understatement.

Once the deleveraging of the markets subsides, the dollar and Treasuries will drop, perhaps with some momentum, as the rest of the world realizes that the US has no choice but to default. This can be resolved in several ways, including continued subsidies from foreign sources in the form of virtual debt forgiveness, devaluation of the dollar, raising of taxes, and higher interest rates on debt.

The problem now is that the US has breached the point where it can service its debt out of real cash flows, and turning this around will require a severe devaluation of the US dollar.

Devaluation and selective default are the only foreseeable systemic alternatives. There are other exogenous paths of a more political nature such as consolidation and war that may color the default a slightly different color, but a selective default it remains.

This is the fundamental situation. Everything else is speculation and commentary.


Bloomberg
Ryan Says Treasury Faces `Unprecedented' Financing Needs in '09

By Rebecca Christie

Oct. 28 (Bloomberg) -- The U.S. Treasury faces historic demands to fund a growing budget deficit and raise money for a $700 billion Wall Street rescue program the department's top domestic finance official said today.

``This year's financing needs will be unprecedented,'' said Anthony Ryan, the Treasury's acting undersecretary for domestic finance, at a Securities Industry and Financial Markets Association conference in New York, where he was a last-minute substitution for Treasury Secretary Henry Paulson.

To raise the necessary funding, the Treasury is looking at selling more long-term debt and possibly bringing back three- year note sales at the Nov. 5 refunding, Ryan said. The Treasury also is raising money to address ``many different policy objectives'' and reduce bond market disruptions and will try to keep its borrowing patterns as regular as possible, he said.

``We firmly believe that investors value greatly and pay a premium for Treasury's predictable actions,'' Ryan said. ``To the very best of our ability, we intend to stay the course.''

Ryan also said the U.S. government now ``effectively guarantees'' debt issued by mortgage companies Fannie Mae and Freddie Mac, the government-sponsored enterprises placed into government conservatorship on Sept. 7. The preferred stock agreement included in the government takeover means the U.S. now backs ``both existing and to be issued'' GSE debt.

``The U.S. government stands behind these enterprises, their debt and the mortgage-backed securities they guarantee,'' Ryan said. The GSEs have almost $6 trillion in outstanding debt and mortgage securities.

U.S. equity and credit markets remain under ``considerable strain'' and face ongoing challenges, he said. That said, Federal Reserve efforts to backstop commercial paper are ``helping'' to stabilize markets, he said.

To contact the reporter on this story: Rebecca Christie in Washington at Rchristie4@bloomberg.net;

Last Updated: October 28, 2008 10:47 EDT


Posted by Jesse at 11:06 AM :verbeug

lunar 28.10.2008 17:25

1 Anhang/Anhänge
...kleine Erholung zwischendurch :)

lunar 28.10.2008 17:38

All in Good Fun (or is it?) Department

Letter of the Day

A reader - we'll just call him Wild Bill in Tennessee" just cc'd me on a letter to his bank:
"Dear Sirs,

In view of what seems to be happening internationally with banks at the moment, I was wondering if you could advise me correctly…

You have marked my check "insufficient funds," How do I know whether that refers to me, or to you?" :rolleyes:cool;):D



lunar 28.10.2008 19:08

1 Anhang/Anhänge
;).

lunar 28.10.2008 19:19

Sen. Sanders on Wall Street :supi

Sen. Bernard Sanders (I-VT) is calling for Treasury Secretary Paulson to halt bonuses and dividends at banks recently propped up by taxpayer money.

http://www.cnbc.com/id/15840232?video=908503317&play=1

...dieser CNBC Fritz ist unmöglich - total :dumm

lunar 28.10.2008 21:13

Judge rules Ohio homeless voters may list park benches as addresses

Tuesday, October 28, 2008 1:32 PM

COLUMBUS, Ohio (AP) - A federal judge in Ohio has ruled that counties must allow homeless voters to list park benches and other locations that aren't buildings as their addresses. U.S. District Judge Edmund Sargus also ruled that provisional ballots can't be invalidated because of poll worker errors.

Monday's ruling resolved the final two pieces of a settlement between the Northeast Ohio Coalition for the Homeless and Secretary of State Jennifer Brunner.

The coalition agreed to drop a constitutional challenge to Ohio's voter identification law until after the Nov. 4 election. In return, Brunner and the coalition agreed on procedures to verify provisional ballots across all Ohio counties.

The coalition was concerned that unequal treatment of provisional ballots would disenfranchise some voters.

http://dispatch.com/live/content/lo...le.html?sid=101

:rolleyes:(

lunar 28.10.2008 21:23

1 Anhang/Anhänge
:eek :eek :eek

Dow9,065.12+889.35+10.88%

^HUI4:12PM ET172.69 21.12 13.93% ...endlich auch wieder mal ^huuiiiiiiiiiiii :)

lunar 28.10.2008 21:26


DOW RALLY: UP 889

lunar 29.10.2008 09:22

Tue 28 Oct 2008

JP Morgan: Soon To Repossess Your Airport, Sewer System, And Soul

Posted by alyx under subprime




OK, while stuck in traffic today I read what was about a nine page article on the FBI probe of JP Morgan’s fee structure for certain swaps on municipal debt. It’s a great article, but I know most of you won’t find yourself trapped in a tin can for an extended period of time with nothing to do but read financial articles on your phone so I am going to attempt to summarize it.

Basically, after the feds relaxed Glass-Steagall in 1987, and continuing through the early half of this decade, JP Morgan realized they could make a hell of a lot more money if they were to sell exotic instruments to municipalities instead of taking trivial commissions on weaksauce issuance of boring old municipal bonds.

JPM, more than any other brokerage, issued these deals. And, supposedly, the deals weren’t competitive, JPM failed to declare their fees and took the authority to decide whether or not agencies would enter future swaps, with taxpayer funds. The end result is that a lot of municipalities that bought into these floating-rate bonds and interest-rate swaps are in a lot of trouble. Some examples:


  • Jefferson County/Birmingham, Alabama - you can read all about this one in this week’s Fortune mag - missed an $84 million interest payment on Oct 1. JPM and company gave the county a month to rework. Clock’s ticking.
  • Philadelphia International Airport issued $6.5 million in floating rate bonds on which they have recently been paying anywhere from 7-10% interest, buffetted by a swap on which JPM is paying them a measly 1.8%.
Several Pennsylvania school districts have similar sordid tales, of bad deals for the municipality and massive fees paid to JPM for the setup, many of which are under investigation for being 10 times normal. You’re probably wondering by now - why didn’t these counties hire a financial adviser who would be able to tell them these deals would blow up in their face? Oh, they did, but the handful of advisers competent to discuss these things were on JPM’s payroll:
Local officials didn’t recognize the conflicts of interest created by the relationships between the advisers and the banks. Banks routinely pay these advisers and often refer them to government issuers.

In Erie, JPMorgan recommended Pottstown, Pennsylvania- based IMAGE to be the school district’s independent financial adviser. During a Sept. 4, 2003, meeting of the Erie City School District’s board, JPMorgan banker David DiCarlo praised the firm.

“There’s only probably three or four firms in the world that do these things, and IMAGE is probably the premier firm,” DiCarlo said, according to a transcript of the meeting… IMAGE never disclosed JPMorgan’s fee. Neither did the bank. In a written statement, IMAGE said it could only estimate the bank’s fees, which it described as normal for the industry.

No one knew what JPM stood to make, and it’s debatable they knew what they were getting into at all. An exchange from the Erie school board that would be laughable if it weren’t so sad:
Erie school board member Eva Tucker asked DiCarlo how much JPMorgan would make in the deal.

“Everybody has asked, and it is a reasonable question, what does JPMorgan, what do we get on this transaction?” DiCarlo said, according to minutes of a school board meeting.

“I can’t quantify that to you,” he said. “What this transaction is, is a financial transaction that is put into a huge hedge fund that JPMorgan controls. There’s a trillion dollars of investments in that hedge fund. There’s some other issuer in Tokyo or somewhere else who’s got an opposite bet and they’re going to offset each other.”

Exotic instruments, indeed. The other side of this swap is held in a foreign land! The land of PROFITS!

What.

I don’t feel like going on and on about the investigation because I get tired of typing “alleged” over and over again and hell, I don’t know how to price out swaptions and most of the people reading this know much better than I do. All I can tell is that, taxpayers, you’ll be eating the crow from this mess for a while, in the form of higher sewer rates, higher airport taxes, and, one wonders, in the form of your children attending what is soon going to be known as J.P. Morgan Elementary School. Hey, at least the math classes will probably be pretty solid there.




...die JP Morgan story stösst vielen auf - ob sie mal zur Rechenschaft gezogen werden :rolleyes es wäre wirklich ein Lichtblick in diesem unendlichen Sumpf - nur von wem :confused haben ja alle die Hosen voll oder werden zum Schweigen gebracht :mad

lunar 29.10.2008 09:38

Zitat:
Zitat von raetze

29.10.2008 09:04
VW startet mit -44%! DAX Einfluss mehr als -500 DAX Punkte.

----------

TRADING: Heute zu Ihren Schutz erneut kein DAX Trading! Die Dt. Börse reagiert auf die DAX Verwerfung erst ab Montag.
Wir weichen erneut aus auf Eurostoxx50.


VW - Verzerrungen im DAX werden per Montag korrigiert, STOXX relativiert auch in den DJ Stoxx Indices. Fonds verlieren bisher 44 Milliarden Franken (!), viele Hedge Funds auf dem falschen Fuss erwischt.

....zur (hoffentlich) abschliessender Erklärung :rolleyes

lunar 29.10.2008 10:00

1 Anhang/Anhänge
http://www.nzz.ch/nachrichten/panor...true&imageNo=10 :rolleyes

lunar 29.10.2008 11:06

richiedoc Post subject: No more charts
Posted: Wed Aug 27, 2008 12:46 pm

Joined: Sun May 04, 2008 5:43 am
Posts: 14 It was a fun experience the last two years. I am out of ideas. I am out of charts. I am out of money. The Futures market bankrupted me in two months. What a way to end it.

Good luck. Looks like we are headed back up. Looks like I'm going to miss all the fun. It's poetic justice, really, and I knew this would happen. The Silver God Himself jettisoned from the very market that made him known to strangers across the world...just when the market was about to make him the money he desperately needed.

Like I said. I knew this would happen. It was supposed to happen. This has been the pattern of things for me my whole life. Fate baby. It has you by the balls and there's nothing you can do about it. Enjoy the ride folks.


.....es geht leider vielen ähnlich :(

lunar 29.10.2008 13:48

4 Anhang/Anhänge
...das ist zwar nicht scary ;) Berlin-Tempelhof nach Frankfurt war der erste Flug in meinem Leben :supi:) ....war etwas später als die Rosinenbomber :rolleyes;)

Aus für Zentralflughafen

» Tempelhof ist Geschichte «

von Jens Tartler (Berlin)

Am Donnerstag wird der mythenumrankte Berliner Flughafen Tempelhof geschlossen. Jetzt, bevor der letzte Flieger abhebt, gibt der Bau aus der NS-Zeit Einblick in seine dunklen Geheimnisse......

http://www.ftd.de/unternehmen/hande...hte/431969.html

lunar 29.10.2008 14:32

Burg 7 Schloss'gespenst




Zitat von dohanics
seit dem die ZB's quasi Selbstbedinungsladen geworden sind spielt LIBOR keine rolle mehr. Interessanter aber was in ZB's eigentlich los.

Die FED hat den weltweiten Zentralbanken Anfang Oktober 2008 die TAF /Term Auction Facility/ zur Verfügung gestellt.
Durch die TAF werden USD in die jeweiligen Währungen getauscht [SWAP].
Die "wundersamen" Erholungen in den vergangenen 36 Stunden an der FOREX und Equity Märkten in Asien haben mit der TAF zu tun.

Mittlerweile wurden die USD SWAPS auf insgesamt !10! Währungen ausgeweitet.

4 Währungen können grenzenlos in USD getauscht /SWAP/ werden...

- EU EURO ---> SWAP Volumen: kein Limit
- England GBP ---> SWAP Volumen: kein Limit
- Schweiz CHF ---> SWAP Volumen: kein Limit
- Japan YEN ---> SWAP Volumen: kein Limit

- Brasilien BRL ---> SWAP Volumen: unbekannt
- Suedkorea WONG ---> SWAP Volumen: unbekannt
- Australien AUD ---> SWAP Volumen: $30 billions USD
- Neuseeland NZD ---> SWAP Volumen: $15 billions USD

- HongKong HKD ---> REVERSE SWAP USD/YEN/HKD Volumen: unbekannt
- Indonesien RUP ---> REVERSE SWAP USD/AUD/RUP Volumen: unbekannt

Ich kann mich nur wiederholen: Stahlhälme auf!


Weltwährung durch die Hintertür - FED hat damit bewiesenermßen schon die Kontrolle über die Geldschöpfung weltweit.

:rolleyes:gruebel

lunar 29.10.2008 15:35

Consumers Feel the Next Crisis: It’s Credit Cards

By ERIC DASH
Published: October 28, 2008
First came the mortgage crisis. Now comes the credit card crisis.

After years of flooding Americans with credit card offers and sky-high credit lines, lenders are sharply curtailing both, just as an eroding economy squeezes consumers.

The pullback is affecting even creditworthy consumers and threatens an already beleaguered banking industry with another wave of heavy losses after an era in which it reaped near record gains from the business of easy credit that it helped create.

Lenders wrote off an estimated $21 billion in bad credit card loans in the first half of 2008 as more borrowers defaulted on their payments. With companies laying off tens of thousands of workers, the industry stands to lose at least another $55 billion over the next year and a half, analysts say. Currently, the total losses amount to 5.5 percent of credit card debt outstanding, and could surpass the 7.9 percent level reached after the technology bubble burst in 2001.......

full story: http://www.nytimes.com/2008/10/29/b...r=1&oref=slogin




....wurde jetzt schon öfters prophezeit :rolleyes dann wird's wohl noch kommen :schwitz

lunar 29.10.2008 15:50

Demeter (1000+ posts) Wed Oct-29-08 08:04 AM
Response to Original message 30. Wall Street's 'Disaster Capitalism for Dummies'
http://www.marketwatch.com/news/story/14-reasons-main-s...

14 reasons Main Street loses big while Wall Street sabotages democracy

By Paul B. Farrell

...I fear we're on the edge of a dangerous line between Wall Street's version of disaster capitalism and a toxic "merger of state and corporate power." The wolf is in sheep's clothing. Wall Street pretends we're a democracy. Yet America more closely resembles the kind of "corporatism" that Laurence W. Britt wrote about five years ago in Free Inquiry magazine.

We adapted his historical analysis of 14 key traits for today's discussion. Notice how they have a huge impact your investments and retirement:

1. Wall Street rich get first priority

Think "bailout." Wall Street's greedy con game spins out of control globally. Millions of homeowners misled, lose. Who gets hundreds of billions first? Wall Street's con men.

2. National security obsession

Think of the expansion of executive powers in the name of national security: Preemptive wars, wiretapping private citizens, Gitmo, torture; driven by a dark wealthy neocon elite.

3. Superpower with massive military

Think of our $3 trillion Iraq/Afghan War. Disaster capitalists love the thrill of military power. We outspend all nations, over half the federal budget to strut before the world.

4. Extreme nationalism

Signs are everywhere: Flags, lapel pins, "support the troops" slogans, all to get huge military budgets passed. Challenge them and you're un-American and unpatriotic.

5. Rally the masses by scapegoating enemies

Think "axis of evil," mushroom clouds, "Islamofascists," more terrorist attacks on the homeland. Propaganda creates "enemies" in the public's mind and distracts from real issues.

6. Corruption and cronyism

Think earmarks, no-bid defense contracts, paid mercenaries outnumbering military in Iraq, superlobbyist Jack Abramoff, biofuels, bridge to nowhere, millions donated to campaigns.

7. Obsession with crime

Think of prison-building as just another investment opportunity, rather than focusing on reforming our criminal justice system. Stoke irrational fear of criminals and extremists.

8. Labor and low wages

Think corporate earnings versus the wages paid to workers. No "trickling down," leaves more for tricklers: Rich insiders, stockholders. Wages dropping as CEO salaries skyrocket.

9. Contempt for human rights

Think of abuses of habeas corpus, loss of right to trial, bogus charges, plus "demonizing" the victims, all in the name of national defense and homeland security.

10. Mass media manipulation

Think of leaking false information, Joseph Wilson, Valerie Plame, Scooter Libby, Colin Powell's United Nation's testimony, Condoleezza Rice's mushroom clouds, WMDs, all to suppress the truth.

11. Obsession with sexism

Think of paternalism, antigays, antiabortion, subordinate women -- then codify the system as the law of the land reinforcing a male-dominated society, punish violators.

12. Disdain for intellectuals

Think of conservative intellectuals Francis Fukuyama and Bill Buckley. Contrast them to Sarah Palin and Joe Sixpack conservatism, Bush's funding cuts for arts and science education.

13. Religion in government

Think of all the faith-based programs versus antiscience in drug approvals, creationism vs. evolution, Ten Commandments enshrined in public buildings, public money to churches.

14. Fraudulent elections

Think of police and prosecutorial intimidation and threats to voters, challenging minority voters, ballots disappearing, party election officials committing outright fraud.

Yes, officially America is still a democracy. We have enough signs and rituals to support that illusion. But the truth is America has become a plutocracy run by and for the wealthy. And since Wall Street's Disaster Capitalism coup de grace, we are rapidly morphing into a dangerous new government.

lunar 29.10.2008 18:53

Russia begins to refuse credit cards in worsening global financial crisis :rolleyes

Russian businesses have begun to refuse credit cards as the global financial crisis worsens.


By Charlotte Bailey
Last Updated: 9:15PM GMT 27 Oct 2008


Several Moscow city centre restaurants are now refusing to accept cards in a move not seen since Russia's last financial crisis almost a decade ago.

Some automated teller machines at Sberbank, the country's biggest state-owned bank, have also stopped accepting cards from other banks.

Several electronics and mobile phone stores said they no longer accepted credit card purchases.

Over the weekend, Aeroflot, the biggest Russian airline, announced it had stopped taking credit cards payments for flights except from a handful of banks.

Meanwhile, the International Monetary Fund (IMF) and the US government announced two large bailouts as financial markets remain volatile.

The IMF said it was to offer a $16.5 billion (£10.4 billion) loan to the Ukraine and has agreed an undisclosed package with Hungary.

As news of IMF's bailout comes to light, it has also emerged nine major US banks will receive $125 billion (£80 billion) in capital injections this week from the US government.....

full story: http://www.telegraph.co.uk/finance/...ial-crisis.html

lunar 29.10.2008 19:23

1 Anhang/Anhänge
....ja vielleicht - eines Tages :)

lunar 29.10.2008 21:27

2 Anhang/Anhänge
....und nochmals VW zum letzten :rolleyes;):D

http://www.stock-channel.net/stock-...5&postcount=405

und der Dow zum Schluss noch schnell einen Abflug :rolleyes trotz Zinssenkung

lunar 29.10.2008 22:17

spend spend spend

-> Posted by puptent @ 17:02 pm on October 29, 2008
Reuters reports that The U.S. Treasury Department on Wednesday confirmed that it has purchased $125 billion preferred shares in nine leading banks under its financial rescue package. Bank of America (BAC), Wells Fargo (WFC), CitigroupJPMorgan Chase (JPM), Goldman Sachs (GS), Morgan Stanley (MS), Bank of New York Mellon Corp (BK), State Street Corp (STT) and Merrill Lynch (MER) have all received money under the program, the Treasury said.

*********************************************


DealZone * Behind the deals and deal-makers


October 29th, 2008
Goldman $ach$ names partner$

Posted by: Joseph Giannone
Tags: DealZone
It’s not all bad news on Wall Street, at least not for those at the top of the heap.

Goldman Sachs, who pays out the most in bonuses each year, on Wednesday named 94 new members to its elite club of partner managing directors. This group of 443 men and women typically share a fifth of the firm’s bonus pool, which is nothing to sneeze at, even if compensation is down this year.

Below is the memo and the list:

October 29, 2008
Goldman Sachs Announces the Partner Class of 2008
We are pleased to announce that the following individuals have been invited to become partners as of November 29, 2008, the start of our next fiscal year. These appointments recognize the contributions and potential of some of the firm’s most valued senior professionals.

Paul R. Aaron Sean J. Gallagher David M. Marcinek Heather K. Shemilt Sanggyun Ahn Gonzalo R. Garcia Blake W. Mather Magid N. Shenouda Philip S. Armstrong Paul E. Germain John J. McCabe Suhail A. Sikhtian Charles Baillie Paul Graves John J. McGuire Jr. Gavin Simms Philip R. Berlinski E. Glenn Hadden Milton R. Millman III Marshall Smith Robert A. Berry Jonathan J. Hall Christopher Milner John D. Storey Oliver R. Bolitho Jan Hatzius Christina P. Minnis Patrick M. Street Patrick T. Boyle Martin Hintze Takashi Murata Ram K. Sundaram Stephen Branton-Speak Todd Hohman Todd G. Owens Robert J. Sweeney Anne F. Brennan James P. Houghton Craig W. Packer Michael J. Swenson Samuel S. Britton Paul J. Huchro Gilberto Pozzi Jeffrey M. Tomasi Jason G. Cahilly Hidehiro Imatsu Lora J. Price David G. Torrible Martin Cher Alan S. Kava Lorin P. Radtke Frederick Towfigh Denis P. Coleman III Dimitrios Kavvathas Richard M. Ramsden Greg A. Tusar Kevin P. Connors Larry M. Kellerman Michael J. Richman Andrea A. Vittorelli James V. Covello Hideki Kinuhata Michael Rimland Paul Walker Jeffrey R. Currie Michael E. Koester Luigi G. Rizzo Alasdair J. WarrenAlbert F. Dombrowski J. Christopher A. Kojima Scott A. Romanoff Dominic A. Wilson Thomas M. Dowling Michiel P. Lap Julian Salisbury Steve Windsor L. Brooks Entwistle Brian J. Lee Paul D. Scialla Martin Wiwen-Nilsson Stephan J. Feldgoise David A. Lehman Peter E. Scialla Denise A. Wyllie Benjamin W. Ferguson Deborah R. Leone Peter A. Seccia Han Song Zhu* Wolfgang Fink John S. Lindfors Rebecca M. Shaghalian Timur F. Galen H.C. Liu Devesh P. Shah
* Employee of Goldman Sachs Gao Hua Securities Company Limited

We congratulate all of those selected and wish them continued success in their careers. These decisions are extremely difficult and we would like to acknowledge the contributions of those who were not selected this year. We are confident that many of them will be selected in the future.
Lloyd C. Blankfein Jon Winkelried Gary D. Cohn


lunar 30.10.2008 09:39

1 Anhang/Anhänge
...nicht nur Börsen spinnen :rolleyes:(

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