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August 12, 2009 in Campaign 2010, Campaign 2012, Capitalism, Economy, Politics, socialism, Terrorism, Uncategorized | Tags: Barack Obama, Bernie Madoff, Harry Markopolos, Obama birth certificate, ObamaCare, Ponzi scheme, SEC | Leave a comment
HARRY Markopolos — the whistleblower on Bernie Madoff who proved to be much smarter than the SEC — says there are evildoers out there who will make the Ponzi scum “look like small-time.” Markopolos gave a speech to 400 of the faithful at the Greek Orthodox Church in Southampton and predicted major scandals will soon be revealed about the unregulated, $600 trillion, credit-default swap market. “To put it in simple terms, it is like buying fire insurance policies from five different insurance companies on your neighbor’s house and then burning down the house,” he said. After his lecture, Hampton Sheet publisher Joan Jedell reports Markopolos was feted at a dinner at Nello Summertimes hosted by John Catsimatidis and his wife, Margo, who were joined by Al D’Amato and Greek shipping magnates Nicholas Zoullas and Spiros Milonas.
March 14, 2009 in Campaign 2008, Campaign 2010, Campaign 2012, Capitalism, Economy, Family values, Politics, socialism, Terrorism, Uncategorized | Tags: Bernie Madoff, Cody Willard, Federal Reserve, Obama birth certificate, Ponzi scheme, Pres. Barack Obama, Timothy Geithner, US Constitution, US Supreme Court | Leave a comment
It just doesn’t seem to have an end in sight……………………. can we actually afford to wait until 2012!!!
March 13, 2009 1:15PM
The banks/Illuminati/whatever will use Geithner’s welfare to buy back the crap the Fed’s welfare is buying from the banks
By Cody Willard
Right now, the Fed’s buying assets probably for about 20-60 cents on the dollar from the Banks (I’ll play along and call them “the Banks” in this column, even though they’re actually now all outright welfare institutions) like Citigroup (C), Bank of America (BAC) and Goldman Sachs (GS), Wells Fargo (WFC) and JP Morgan (JPM).
The Fed needs to get rid of those assets but since they’re overpaying even at 20-60 cents on the dollar, there’s nobody on the planet willing to buy the stuff right now. (if they weren’t overpaying for it at the levels they’re paying for it, then, by definition, there’d be a bid for those assets right now in the natural, free market). Thus, “there’s no market for this stuff right now.” Again, why would there be a market for this stuff if the only entity willing to buy this worthless junk at 20-60 cents on the dollar is the FED.
Moreover, since the Fed’s price for this stuff is, even overpaying, at a 40-80% markdown from where the banks still have the vast majority of this crap marked on their books, and since the Banks are still levered up 10x-20x, that means they’re still insolvent. So guess what – “there’s no market for this stuff right now”.
And guess what’s coming next –
The Treasury says they’re going to lend welfare dollars at artificially low rates to the Banks to buy this stuff back from the FED now. The Banks will likely pay the actual 5-10 cents on the dollar that this stuff is actually worth.
And in the end, if this plan works – the Banks keep the profits, and if the plan doesn’t work, the banks won’t pay back the welfare loans, so the losses are socialized anyway.
The upshot: The government uses welfare dollars to overpay for junk from the Banks, which then turn right around and borrow MORE welfare money so that they can underpay for that same junk, and if it all works out they keep the profits.
Want it to stop? Tell your reps. Tell ‘em to make the FED and Treasury come clean. Tell us what’s happening. Send them this article and ask them to explain in any way, shape or form how I am wrong. Be preemptive and join the fight. Write your local newspaper. Send them this article and ask them to ask your Congressperson to explain in writing how ANY of what I’ve written above is wrong
Here’s hoping I am. Wrong about how the banks/Illuminati/whatever will use Geithner’s welfare to buy back the crap the Fed’s welfare is buying from the banks. We all know I’m not though.
Madoff Whistleblower: “I gift wrapped and delivered the largest Ponzi scheme in history to the SEC”; They had no clue what to do with it!
February 4, 2009 in Campaign 2008, Campaign 2010, Campaign 2012, Capitalism, Economy, Family values, Politics, socialism, Terrorism, Uncategorized | Tags: Bernie Madoff, CSPAN, Harry Markopolos, Obama birth certificate, Ponzi scheme, President Barack Obama, SEC, Securities Exchange Commission | 4 comments
Harry Markopolos, of Independent Financial Fraud, testified before Congress today about Bernie Madoff, his Ponzi schemes, and the research that he presented to the SEC, of which all was ignored until the economy caused Madoff’s house of cards to begin to crumble. The video, from CSPAN, shows that the SEC was not capable of handling the information that was presented to them, even as well “gift wrapped ” as Mr. Markopolos made it for them. The video is 12 minutes long, but worth listening to Mr. Markopolos.
It seems that, according to Mr. Markopolos, only the “tip of the iceberg” has been uncovered in the Madoff schemes.