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Hedge Funds and the Global Economic Meltdown (Part 1)

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The financial bulldozer is in full throttle as it crushes us beneath its blade. The patients cannot be resuscitated. Your money, your children and grandchildren's money, is now theirs, never to be seen again.

Those who orchestrated the devastation, are sitting pretty in multimillion dollar homes, far from the madding crowd, munching hor d'oevres served on silver trays while sipping Appletinis on lush terraces overlooking beautiful sandy beaches. What? You didn't get your invitation? Many of the politicians were there, bought and paid for by these same crooks who robbed us.

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Short selling hedge funds lit the spark that led to the global economic meltdown. Now they want to help craft the laws Congress will pass to fix our broken regulatory system. That's just insane. ~Judd Bagley

Judd Bagley of AntiSocialMedia.net has put together a must see video depicting the firestorm that is taking place in our global financial markets. It takes a little over 20 minutes to view it. I urge you to try to make the time. Then send it to everyone you know, including your Congressional representatives. Much kudos go out to Judd for donating the time and energy to put together this monumental effort.

There are several ways to view it. You can also click the videos attached to this story.

Here are other links.

YouTube
Vimeo
Yahoo Video
Google Video
Antisocialmedia.net

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The  unwashed masses take a tour through Connecticut's hedge fund alley.

‘‘We’re going to be peaceful and lawful in everything we do,’’ said Jon Green, the director of Connecticut Working Families. ‘‘I know there’s a lot of anger and a lot of rage about what’s happened. We’re not looking to foment that unnecessarily, but what we want to do is give folks in Bridgeport and Hartford and other parts of Connecticut who are struggling and losing their homes and their jobs and their health insurance an opportunity to see what kinds of lifestyle billions of dollars in credit-default swaps can buy.’’

A.I.G. executives face scorn, even at their homes

By James Barron and Russ Buettner

Published: March 20, 2009

Read the article here>> http://iht.com/articles/2009/03/20/business/seige.php
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Of approximately 5,000 naked short selling compaints received by enforcement@sec.gov only 123 (2.5 percent) were forwarded for further investigation.  NONE resulted in enforcement actions.

http://www.sec-oig.gov/Reports/AuditsInspections/2009/450.pdf

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Thanks David, for all you have done and continue to do to shine the light on the roaches.

David Patch of Investigate the SEC writes to the Office of the Inspector General(OIG) about the SEC

Inspector General Kotz,

I would like to personally thank you and your staff for investigating the SEC’s response to naked short sale complaints. Your team’s analysis of the situation coincides directly with that which has been perceived to have been happening for decades. That being, the SEC’s Division of Enforcement has neglected their responsibilities in responding to investor concerns when it involved short sale abuses. It is because of this perception that there exists such a lack of interest in investigating investor complaints that most complaints never get filed in the first place. This is not limited to just issues involving short sale abuses but fraud in general.

The SEC wants the case handed to them and if it is not, they ignore the complaint.

I would like to welcome you and your staff to the “small but vocal cadre of advocates” whose intent it was to expose not only the mechanics of fraud but the very individual preconceptions and acts of negligence taking place within the agency responsible for investigating such fraud. I would suspect that soon you too will be dismissed by agency staff as a nutcase just as quickly as the SEC staff dismissed your most recent report on short selling investigations. Please do not fret however, it is a badge of honor to be considered out of touch by a staff of SEC attorneys who have lived their lives being out of touch with the public and captured by the very people they regulate – the industry.
At this time I would like to debunk the SEC’s response back to you if I may and try to use the very data they fail to recognize when dismissing these claims.

Continue reading here >>http://www.sec.gov/comments/s7-30-08/s73008-104.pdf

and

Whistleblower exposes insider trading program at JP Morgan

From Wikileaks

http://www.investigatethesec.com/drupal-5.5/?q=node/623

Excerpt

Legal insider trading in three easy steps, brought to you by JP Morgan and the SEC

KEVIN WILSON, MARIA CHRISTINA PADRO, JULIAN ASSANGE & staff
March 16, 2009

A confidential memo obtained by Wikileaks shows that not only has the U.S. Securities and Exchange Commission created an insider trading loophole big enough to drive a truck through, but that Wall Street is taking full advantage of it, establishing 'how-to' programs and even client service divisions to help well-heeled clients circumvent insider trading regulations.

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Destroying Companies for Profit (10 minutes)Overstock.com CEO Patrick Byrne"The SEC is completely captured."

Overstock CEO Patrick Byrne

View it here >> http://current.com/items/89439340/destroying_companies_for_profit.htm

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Naked Short Sales Hint Fraud in Bringing Down Lehman

Gary Matsumoto, Bloomberg, March 19 2009

March 19 (Bloomberg) -- The biggest bankruptcy in history might have been avoided if Wall Street had been prevented from practicing one of its darkest arts.

Continue reading here >>  http://www.bloomberg.com/apps/news?pid=20601109&sid=aB1jlqmFOTCA&

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Who is zooming who

Open Secrets . org

OpenSecrets.org is your nonpartisan guide to money’s influence on U.S. elections and public policy. Whether you’re a voter, journalist, activist, student or interested citizen, use our free site to shine light on your government. Count cash and make change.

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The Deck is Stacked

http://deepcapturenotes.wordpress.com/

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The next phase of this financial credit crisis may be take down the US Bond and the dollar. That is what is known as a financial heart attack.

Read the article here >> http://jessescrossroadscafe.blogspot.com/2009/03/feds-decision.html

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Is Goldman Sach's the mother ship?

Goldman Sachs' Alumni and JP Morgan Potentially Conspire to Bring Down Washington Mutual

Published 11/20/2008 - 11:55 a.m. EST (PressMediaWire) Houston TX- It has been discovered after an in-depth investigation that there is reason to suspect a number of Goldman Sachs' alumni in potentially instigating the seizure of Washington Mutual bank along with Sheila Bair and JP Morgan.

Read the article here >> http://pressmediawire.com/article.cfm?articleID=19691
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Another journalist falls down the rabbit hole. We are gaining traction folks. Spread the word near and far.

Guest column: Phantom stocks tale scarier than Madoff’s ponzi scheme

PATRICIA FORSTER

Guest commentary,

Initially, I was curious about the many letters to the editor expressing the same fears regarding President Obama’s stimulus package in much the same language. It has been my experience (with witnesses) that when disparate people use the same phrases to express a sentiment that can be uniquely worded, then the phrase is from a single source. The media would appear to be the common source, in this instance. In following this trail of who’s saying what, I found a tale as wild as Mr. Toad’s ride that is being bantered about the Internet. It is about the “Easter Bunny” (alias) and “a rabbit hole with no bottom” and “captured” journalists in the mainstream media concealing the roles they played in manipulating the stock market in “phantom stock” schemes. The cherry on top of this frothy concoction is, of course, organized crime. Yes … ordinarily I would discount what the DailyKos has to say about “Deep Capture” were it not for the highly respected Bloomberg Special Report about “phantom shares” that gives the story credibility.

Read the article here >> http://www.nrtoday.com/article/20090320/NEWS/903209956/1055&title=Guest%20column%20%20Phantom%20stocks%20tale%20scarier%20than%20Madoff%92s%20ponzi%20scheme

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http://www.counterpunch.org/martens01212008.html

January 21, 2008

How Wall Street Blew Itself Up

By PAM MARTENS

Read it here >> http://www.counterpunch.org/martens01212008.html

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Hot on the trail.

Payoff for Jill for her brilliant stonewalling at the DTCC? The DTCC is our stock settlement and clearing system. The system that has failed us and instead of settling the trades, aided and abetted the crooks by allowing them to "naked short" stocks, creating countless millions of counterfeit shares in the market.

You can read more about the DTCC here >> Short, Naked, Crooked, & in Charge

Jill Considine

Excerpts

Fulcrum Group, a leading global administrator for the hedge fund
and alternative asset management industry, today announced that Jill
M. Considine, Former Chairman & CEO of the Depository Trust & Clearing
Corporation (DTCC) in New York, has been named Chairman of the Board
of Directors.

"Fulcrum is at a turning point in its evolution and is poised for
further expansion in existing and new markets," said Akshaya Bhargava,
Fulcrum's Chief Executive Officer. "Jill's leadership and extensive
experience as the head of the DTCC during a pivotal time in the
securities industry will serve to provide invaluable stewardship as
Fulcrum focuses on its strategic initiative of building the gold
standard administrative platform for the hedge fund industry." Background on Jill M. Considine

Jill M. Considine has served as a consultant and Senior Advisor to
The Depository Trust & Clearing Corporation (DTCC) and its
subsidiaries since stepping down as Chairman in August 2007. Between
1999 and 2006, she served as Chairman and Chief Executive Officer of
DTCC. She relinquished the CEO title in 2007 as part of a planned
succession plan that she initiated. Prior to joining The Depository
Trust Company, Ms. Considine served as the President of the New York
Clearing House Association, L.L.C. from 1993 to 1998. Ms. Considine
served as a Managing Director, Chief Administrative Officer and as a
member of the Board of Directors of American Express Bank Ltd., from
1991 to 1993. Prior to that, Ms. Considine served as the New York
State Superintendent of Banks from 1985 to 1991. Ms. Considine also
serves as a director of the Atlantic Mutual Insurance Companies, The
Interpublic Group of Companies, Inc. and Ambac Financial Group, Inc.
Ms. Considine recently completed a six year term as a member of the
board of the Federal Reserve Bank of New York where she served as
Chairman of the Audit and Operational Risk Committee. Read Article here >> http://www.reuters.com/article/pressRelease/idUS115684+08-Jul-2008+BW20080708

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A MUST READ

The Big Takeover

It's over — we're officially, royally xxxxx. no empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced to admit that he was once again going to have to stuff billions of taxpayer dollars into a dying insurance giant called AIG, itself a profound symbol of our national decline — a corporation that got rich insuring the concrete and steel of American industry in the country's heyday, only to destroy itself chasing phantom fortunes at the Wall Street card tables, like a dissolute nobleman gambling away the family estate in the waning days of the British Empire.

Liddy made AIG sound like an orphan begging in a soup line, hungry and sick from being left out in someone else's financial weather. He conveniently forgot to mention that AIG had spent more than a decade systematically scheming to evade U.S. and international regulators, or that one of the causes of its "pneumonia" was making colossal, world-sinking $500 billion bets with money it didn't have, in a toxic and completely unregulated derivatives market.

....

So it's time to admit it: We're fools, protagonists in a kind of gruesome comedy about the marriage of greed and stupidity. And the worst part about it is that we're still in denial — we still think this is some kind of unfortunate accident, not something that was created by the group of psychopaths on Wall Street whom we allowed to gang-rape the American Dream. When Geithner announced the new $30 billion bailout, the party line was that poor AIG was just a victim of a lot of shitty luck — bad year for business, you know, what with the financial crisis and all. Edward Liddy, the company's CEO, actually compared it to catching a cold: "The marketplace is a pretty crummy place to be right now," he said. "When the world catches pneumonia, we get it too." In a pathetic attempt at name-dropping, he even whined that AIG was being "consumed by the same issues that are driving house prices down and 401K statements down and Warren Buffet's investment portfolio down."

Nor did anyone mention that when AIG finally got up from its seat at the Wall Street casino, broke and busted in the afterdawn light, it owed money all over town — and that a huge chunk of your taxpayer dollars in this particular bailout scam will be going to pay off the other high rollers at its table. Or that this was a casino unique among all casinos, one where middle-class taxpayers cover the bets of billionaires.

Read article here (warning x rated language) >>http://www.rollingstone.com/politics/story/26793903/the_big_takeover

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On the lighter side here is a 2 minute video on AIG by comedian Jimmy Kimmel.

http://www.thehopeforamerica.com/play.php?id=608

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Tiger, tiger, burning bright
In the forests of the night,
What immortal hand or eye
Could frame thy fearful symmetry?

In what distant deeps or skies
Burnt the fire of thine eyes?
On what wings dare he aspire?
What the hand dare seize the fire?

And what shoulder and what art
Could twist the sinews of thy heart?
And when thy heart began to beat,
What dread hand and what dread feet?

What the hammer? what the chain?
In what furnace was thy brain?
What the anvil? What dread grasp
Dare its deadly terrors clasp?

When the stars threw down their spears,
And water'd heaven with their tears,
Did He smile His work to see?
Did He who made the lamb make thee?

Tiger, tiger, burning bright
In the forests of the night,
What immortal hand or eye
Dare frame thy fearful symmetry?

The Tiger by William Blake http://www.bartleby.com/101/489.html

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And please consider digging Judd's video. tia.

Hedge Funds and the Global Economic Meltdown >>  http://digg.com/business_finance/Hedge_Funds_and_the_Global_Economic_Meltdown

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Permission is granted to disseminate all the information contained in this story everywhere.

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