The proprietor of GiftHub.org has his next comment for us:
Read the full article here.
Archive for May, 2008
Tonight, Dennis Bernstein and I are going to be back on Flashpoints helping Dennis switch from his existing bank, Wells Fargo, to a local credit union.
Here are some links that we will be using during the show:
Banking: Going Local Tools to help you make the switch.
Do You Know What Federal Reserve District You Are In?
The San Francisco Federal Reserve Bank With Branches in Los Angeles, California / Portland, Oregon / Salt Lake City, Utah / Seattle, Washington
Norwest purchased Wells Fargo in 1998.
Mayor and City Council of Baltimore vs. Wells Fargo
Here is a copy of Wells Fargo’s 2008 Annual Shareholder Proxy:
List of Wells Fargo Board of Directors from their March 2008 Proxy Statement.
Catherine recommends this documentary on predatory lending:
Oh, my.
Terrorizing honest government regulators and their contractors in life threatening ways, seizing and stealing their software tools and databases providing public access to transparency regarding government mortgage programs so you can engineer a housing bubble and fraudulent mortgage securities to systematically destroy neighborhoods for profit is now called “not regulating.”
“It is a scandal, and I think you can blame [former Federal Reserve chairman Alan] Greenspan for not regulating the mortgage industry. - George Soros in The Telegraph.
Mr. Soros also says that markets are amoral, not immoral. Not so. Markets without transparency and the rule of law are indeed immoral. If I have to compete against enterprises with powerful, invasive surveillance tools who are free to use covert physical, financial and legal violence against their competitors without accountability, that is not a market. That is madness.
Evil is the cause of the recession, just as it was the primary cause of the bubble. Good hearted people have more sense than to invest their faith, their time and money in madness. They are withdrawing.
Thank heavens.
If you are curious to know more about the headlines regarding losses on auction rate securities, here is a new lawsuit filed against UBS that outlines some of the background and issues.
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For a sense of investor’s surprise, see our latest top pick:
A False Sense of Security
At RegisteredRep.com
and prior blog entries on the Maher Brothers’ losses:
Maher Brothers Make $1.1 Billion Claim Against Lehman
American Shipper
Lehman Brothers Recent Stock Price
Yahoo Finance
Mad Finance Must Not Rule Us
By Jacques Delors, et al - Truthout.org (21 May 2008)
The Pentagon’s $1 Trillion Problem
By Scot Paltrow - Portfolio.com (May 2008 Issue)
Asian Countries Begin to Burst the Oil Bubble
By Ambrose Evans-Pritchard - London Telegraph (29 May 2008)
Frederic Mishin Resigns from the Board of Governors of the Federal Reserve System
Debt Markets Again Flash Warnings
By Ambrose Evans-Pritchard - London Telegraph (29 May 2008)
Banks Launch Central Clearer For Derivatives
By Hal Weitzman - Financial Times, London (28 May 2008)
A False Sense of Security
At RegisteredRep.com
With Builder in Bankruptcy, Buyers Are Left Out
By David Streitfeld - New York Times (3 Jan 2008)
Foreclosures in Military Towns Surge at Four Times U.S. Rate
By Kathleen M. Howley - Bloomberg.com (27 May 2008)
Segway - Ultra Efficient Mobility
At PeakOilDebunked Blog (27 May 2008)
Future Scenarios - Mapping the Cultural Implications of Peak Oil and Climate Change
Bush Claims More Powers Than King George III
Press Release: Massachusetts School of Law - Scoop Independent News (27 May 2008)
Briton Leaps Off Tallest Tower and Lands in Dubai Court
By Lin Noueihed - Reuters (28 May 2008)
Taking the Initiative
By Carl Pope - Sierra Club (19 May 2008)
Spain’s Drought: A Glimpse of Our Future?
By Elizabeth Nash - The Independent (24 May 2008)
Oil Crisis Triggers Fevered Scramble for The World’s Seabed
By Ambrose Evans-Pritchard - London Telegraph (27 May 2008)
Memorial Day: 48% Will Take Time to Honor Those Who Have Given Their Life
Rasmussen Reports (25 May 2008)
1-Child Policy Has Exceptions After China Quake
By Cara Anna - Associated Press (26 May 2008)
May 19, 1780: Darkness at Noon Enshrouds New England
By Randy Alfred - Wired.com (19 May 2008)
Kirby’s Letter to WSJ
Rob Kirby wrote to the Wall Street Journal earlier this week:
Kate Kelly:
Congratulations on your article, “Fear, Rumors Touched Off Fatal Run on Bear Stearns.
Quite a story you’ve written there. I especially liked all the details you paid to “lunches” – as in:
“Trays of grilled chicken and sandwiches were laid out on one side of the room, but all eyes were on Mr. Schwartz when he began speaking at about 12:45 p.m.”
and,
“Back in Mr. Molinaro’s sixth-floor conference room, he and Mr. Schwartz, who hadn’t had time for dinner, ate slices of cold pizza out of the box under a picture recalling flush times:”
Since you are so good at getting the nitty-gritty details of ‘lunch’ the right-way-around – I was amazed to see that you forgot to mention another lunch?
Bernanke Lunched With Dimon, Rubin Before Bear Rescue
Bloomberg.com: Exclusive
By Scott Lanman
May 12 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke lunched on March 11 with a Who’s Who of Wall Street leaders, including JPMorgan Chase & Co.’s Jamie Dimon three days before the central bank rescued Bear Stearns Cos. from bankruptcy.
Perhaps your pen didn’t have enough ink to write up that little detail, eh?
And since you’ve demonstrated such a penchant for detail, let us not forget this rather tiny issue which you have omitted from your laborious in-depth investigative effort:
Bear Stearns Buy-Out… 100% Fraud:
“This article is about how Bear Stearns stock was artificially collapsed so that illegal insider traders would make billions and J.P. Morgan would be paid $55 billion of US tax payer money to shore up themselves and buy Bear Stearns at bankruptcy prices.”
Anyhow, I just wanted you and all the folks over the Wall Street Journal to know just how much “we all” appreciate your timely and in-depth recounting of this tragic event.
Keep up the good work!
All the best,
Rob Kirby
Proprietor – Kirbyanalytics.com