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Governor Knew About Flint Water Poisoning for Nearly A Year, Tried To Shift Blame

“Somebody needs to go to jail for this, man” Redacted emails released Wednesday by Michigan Gov. Rick Snyder show that his administration was informed of problems with Flint’s water almost a year ago, many months before the embattled governor or his staff begrudgingly admitted to bearing any responsibility for poisoning a city – or for fixing the problem. “They’re poisoning an entire community. A generation of kids will never recover from this. And it’s all just to save a few dollars. They played a game of chess with our lives and we lost.”

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Rod Serling’s Twlight Zone Poignant Words On Prejudice And Suspicion

A great Twlight Zone episodes ever, called The Monsters Are Due on Maple Street. After a weird meteor/space ship type occurrence makes the power go out on Maple street, the neighbors in the area slowly begin to turn on each other, because of fear and scapegoating:

Tommy, a local boy who catalyzes the situation, urges him not to leave the street. Tommy has read a story of an alien invasion causing similar controversy, and says that the monsters don’t want anyone to leave the street. Furthermore, in the story, the aliens are living as a family that appears to be human. The power outage is meant to isolate the neighborhood.

This broadcast aired on March 4, 1960, but you could hear Serling’s voice giving the same speech on CNN today.

Sterling: The tools of conquest do not necessarily come with bombs and explosions and fallout. There are weapons that are simply thoughts, attitudes, prejudices to be found only in the minds of men. For the record, prejudices can kill and suspicion can destroy. And a thoughtless frightened search for a scapegoat has a fallout all of its own. And the children, and the children yet unborn. And the pity of it is, these things cannot be confined to the Twilight Zone.

The enemy is us…

http://crooksandliars.com/cltv/2015/12/rod-serlings-poignant-take-donald#startat=103.36

 

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NEWS Layoffs Watch 2016: If You Work At A Bank, Gird Your Loins

The bankster layoffs and nickeling and diming reminds me of a Verizon commercial that I saw years ago about a boss who tries to cut back by subleasing some of his office space to a Japanese rock band. The band is called High Teen Boogie:

 

Deal Breaker:

 

According to the Financial Times, Barclays and BNP Paribas will lead the way with big cuts, the news of which they’ll put out there in the next few months. So, mark your calendars.

At Barclays, the axe will fall on March 1 when chief executive Jes Staley unveils a fresh strategy with the bank’s annual results. The announcement will include Barclays’ plans to move more quickly to shrink its investment bank, which employs about 20,000 people…BNP Paribas’s new corporate and institutional banking chief Yann Gérardin will announce a new cost cutting plan in February.

But it’s not the Brits and the French who get to have all the fun. Stateside investment banks will reportedly be doing some house cleaning of their own.

Analysts believe 2016’s misery could be more widespread than just those two banks. New regulations mean all banks must hold more equity, and that means they have to earn higher profits to keep return on equity at the levels investors demand. “I don’t think we can rule out the end of job cuts until RoEs recover to acceptable levels,” said Jon Peace, London-based banks analyst at Nomura…Mike Mayo, New York-based banking analyst at CLSA, said that even though US banks announced fewer cuts than European lenders this year, their employees are still at risk in 2016.

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Rehypothecation – Distorting Legal Principles By Risking Mortgage Loans – Nemo Dat!

Deadly Clear

By Sydney Sullivan and Kenneth Dost

rehypothecation hijackIT’S 3:00 p.m., DO YOU KNOW WHERE YOUR COLLATERAL IS? An enlightening paper every homeowner should read. Written by Christian A. Johnson, Assistant Professor of Law, Loyola University Chicago School of Law. B.A.; MPrA, Utah; J.D., Columbia, 1990

It was Saturday afternoon when a group of us were teleconferencing about foreclosure issues. The focus was on the late assignment of mortgages, when one person said, “…think about it, the Plaintiff Trust says it became the owner of the loan over 3 years after the trust closed… how could it sell certificates to investors for something it did not own?” Great question!

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NY AG’s Complaint Against Barclays In Connection With Marketing And Operation Of Its Dark Pool

The complaint alleges Barclays has dramatically increased the market share of its dark pool through a series of false statements to clients and investors about how, and for whose benefit, Barclays operates its dark pool. Contrary to Barclays’ representations that it has implemented special safeguards to protect clients from “aggressive” or predatory high-frequency traders, Barclays is accused of operating its dark pool to favor high-frequency traders.

“The facts alleged in our complaint show that Barclays demonstrated a disturbing disregard for its investors in a systematic pattern of fraud and deceit,” Attorney General Schneiderman said. “Barclays grew its dark pool by telling investors they were diving into safe waters. According to the lawsuit, Barclays’ dark pool was full of predators – there at Barclays’ invitation.”

The complaint alleges that Barclays falsified marketing material purporting to show the extent and type of high frequency trading in its dark pool. For example, Barclays removed from a marketing document intended for institutional investors the dark pool’s then-largest participant – a high frequency trading firm Barclays knew engaged in predatory behavior in the dark pool. In response, one employee stated: “I had always liked the idea that we were being transparent, but happy to take liberties if we can all agree.”

Barclays heavily promoted a service called Liquidity Profiling, which Barclays claimed was a “surveillance” system that tracked every trade in Barclays’ dark pool in order to identify predatory traders, rate them based on the objective characteristics of their trading behavior, and hold them accountable for engaging in predatory practices.

Contrary to those promises, the complaint alleges that:

Barclays has never prohibited any trader from participating in its dark pool, regardless of how predatory its activity was determined to be;
Barclays did not regularly update the ratings of high-frequency trading firms monitored by Liquidity Profiling;
Barclays “overrode” certain Liquidity Profiling ratings – including for some of its own internal trading desks that engaged in high-frequency trading – by assigning safe ratings to traders that were otherwise determined to be toxic.
The complaint further alleges that, contrary to Barclays’ representations that it protects clients from aggressive or predatory high-frequency trading in its dark pool, Barclays in fact operates its dark pool to favor high-frequency traders and has actively sought to attract them by giving them systematic advantages over others trading in the pool. As alleged in the complaint, this included:

Falsely underrepresenting the concentration of aggressive high-frequency trading in its dark pool;
Misrepresenting its “Liquidity Profiling” service – which Barclays claimed protected investors from predatory behavior – by failing to provide many of the benefits marketed with the service; and
Claiming that Barclays does not favor its own dark pool when routing client orders to trading venues, while in fact doing just that. As alleged in our Ccomplaint, Barclays falsified an analysis of how it routed a major client’s orders.
…….
A copy of the complaint can be viewed  here.

http://www.ag.ny.gov/press-release/ag-schneiderman-announces-fraud-charges-against-barclays-connection-marketing-and

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Senator Warren on illegal foreclosures (video)

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What Have We Learned From The Banking Crisis? (video)