Updates: These short positions GS took are the AIG CDS’ we lost billions on?! Golden Slacks getting hammered by SEC fraud charges…

Update: Oh shxt! I didnt realize the short positions they are talking about are the damn AIG CDS!!! Oh snap! These are the frakkin CDS we lost BILLIONS on via AIG! h/t doc holiday:

Skeptical CPA: December 2008Re: “Some of AIG’s speculative bets were tied to a group of [CDOs] named ‘Abacus,’ created by [GSG]. … In what amounted to a side bet on the value of these holdings, AIG agreed to pay [GSG] if the mortgage debt declined in value and would receive money is it rose. … The plan has resulted in banks in North America and Europe emerging as winners: They have kept the collateral they previously received from AIG and received the rest of the securities’ value in the form of cash from Maiden Lane III. … It also has been a double boon to banks and financial institutions that specifically bought protection on now shaky mortgage securities and are effectively being made whole on those positions by AIG and the [Fed]”, my emphasis, Serena Ng, Carrick Mollenkamp & Michael Siconolfi at the WSJ, 10 December 2008.”

Update: Cramer is all over CNBC saying his confidential high sources say GS had a position , long, in the CDO, really laying it on shilling for Golden, really sad. Saying its caveat emptor the German bank who took losses is responsible, while he is saying GS was long the position. Shill Jim shill. wow some guy(silvan raines, sp?) says Cramer takes money from GS to his face on the air just now, heh.

Update: Here is Boehner stmt, he calls GS Pres Obamas top Wall St Ally, oohhh, nice:

“These are very serious charges against a key supporter of President Obama’s bill to create a permanent Wall Street bailout fund.  Despite President Obama’s rhetoric, his permanent bailout bill gives Goldman Sachs and other big Wall Street banks a permanent, taxpayer-funded safety net by designating them ‘too  big to fail.’  Just whose side is President Obama on?

“Instead of permanent bailouts for President Obama’s Wall Street allies, Republicans believe the best way to protect taxpayers is by reforming Fannie Mae and Freddie Mac, the government-sponsored companies that sparked the meltdown by giving high-risk loans to people who couldn’t afford it.”

NOTE: Goldman Sachs was President Obama’s top Wall Street contributor during the 2008 election cycle, donating nearly $1 million to his campaign.

Update: John Boehner GOP minority leader House, just put a wicked spin on that ball, his statement said these charges against GS a partner in Pres Obamas Fin Reg Plan are very concerning, that the FIn Reg Reform Bill will protect GS as too big to fail, Boehner said, whose side is President Obama on? oooooohhhh!! ^5 to Boehner

Update: So I was thinking the Volcker Rule is gonna make a BIG comeback off this, ya know? I mean WSJ was just declaring it dead, again, this week and I do not see how the banks are gonna fight Volcker Rule and the Consumer Protection Thingy in the face of the headlines the lamestream put together off this. And it is things like this that kill the markets for everyone, thanks GS you frakkers.

12:51pm EST: DOW down 153 now, back under 11k, like Spinal Tap, it goes to eleven..that’s about all that number was worth…S&P back under the big 1200 the traders were so excited about…GLD, OIL, all down…

Update: Steve Liesman – Paulson’s right hand man, Pelligrini,  was source of confirmation for the fraud charges in re his selection of the ‘lousy’ subprime securities that went into the CDO. He left Paulson in 2009. Steve says what Paulson did is likely not illegal, the issue is disclosure and that is all on GS…

Paging Andrew Cuomo, will Andrew Cuomo please file an indictment on the white courtesy phone….

Update: WSJ has the SEC complaint up in pdf here

Update Q/A Adam Schapiro of FoxBiz asks other fin firms did this, on synthetic CDOs like Deutsche Bank, are they facing charges?

ongoing investigation is the answer

DOW is tanking, down 75 now, GS down 20 (12%)

Q- Why Paulson not charged?

A- Paulson didnt make the representation to the long investors, GS did.

Update:11:11 am est:  SEC conf call LIVE on CNBC now!

they chose which MBS would make up this CDO, J Paulson had significant role in building product, had incentive to choose worst rated MBS to put in the CDO and then they took a short position against it

the prospectus for the long investors in the CDO revealed none of this including Paulsons role..

long investors lost $1b, paulson made $1b

Sing with me!

Karma chameleon baby

CNBC Chyron: SEC charges GS with FRAUD ON SUBPRIME SECURITIES

Muhhuuuuhaaaaa!!!!!

SEC: GS misstated, omitted key facts related to subprime products

SEC: (John) Paulson & Co had hand in structuring CDO in question

SEC grew a pair, hoocodanode!

April 16, 2010. Tags: , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Wall St. Comments off.

Update: CNBC reports Lewis to step down by end of year; Cuomo/BofA Smackdown: It’s On! (again)

Update 09/30: Charlie Gasparino is reporting that Ken Lewis has been pushed out (the stmt says he stepped down but I call BS)!! This is HUGE! WOTS was he had TOTAL BACKING OF THE BOARD! Recall BofA is centred in Charlotte, NC far from the Wall St shenanigans but Lewis got sucked into the ‘eeeevil banker’ canard PLUS the added bonus of ‘hide the bonuses’ with Thain. I for one would never want Andy Cuomo on my trail if I had a blessed thing to hide!

Vodpod videos no longer available.

(Reminder FD- MiM are shareholders in both BofA and were MER shareholders as well pre merger)

CNBC:

Bank of America’s CEO Ken Lewis, the embattled head of the nation’s biggest bank, told the board he plans to step down by the end of the year.

Lewis wasn’t asked to step down and the decision was not the result of any regulatory action, sources told CNBC. No successor has been named yet….

Original post after the break:

(more…)

September 16, 2009. Tags: , , , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Wall St. Comments off.

Hank Paulson on the Hill…

Reminder, here is where we were almost a year ago now, the world was ending and Hank was in a sea of flotsam and jetsom trying to keep us afloat..do I like what he did, hell no, am I glad TOTUS and Timmeh werent alone at the reins then? Hell yes!

Update: Video as it is available…

Watching them grill Hank on the Hill

Live feed here

IMO this is bad, very very bad..

This is what they would do with a CIA investigation of ‘Torture’…go back and question shxt they knew about and never opened their mouths about before to look good….

They are going back and questioning every aspect of decisions they KNEW at the time were being madem, that they rolled over for..

After 9/11, after the collapse of Lehman, things were not ‘normal’

Never thought I could feel bad for Hank but I do..

This is a witch hunt and a kangaroo court and a clusterfark all rolled into one…

These people have NO CLUE about the financial system, and the things they are allowing Team TOTUS to do RIGHT NOW IMO far outweigh what Hank did with TARP and BofA and Merrill…

Shit Chrysler Senior Debtholders were threatened a few months ago, none of these Congress critters made a peep..

Pelosi and Paulson and Reid, Oh My!

These are the same tools who LOVED them some Hank in October of 2008…

Hank does not look well….

The Critters are frankly really interrogating him at this point…cutting him off…beating him up and bullying him in fact with emails he has never seen…this is a guy they schmoozed like crazy, a guy who like it or not saved the system form collapsing, I do not agree with everything they did and didnt want TARP but we HAVE A FINANCIAL SYSTEM TODAY b/c Hank did something, unlike the Congress who was clueless and led by Nancy who was busy interfering with national elections and not minding the store….

Dennis Kucinich has bene on a MISSION to get Ken Lewis fired and BofA shareholders a nifty lawsuit, he is on CNBC now attacking Paulson….

July 16, 2009. Tags: , , , , , , , , , , , , , . Politics. Comments off.

Breaking: US Regulators to announce OTC Derivative Regulations at 4:00pm EST….

Derivative regulation, what a concept!!!

Markets on their lows DOW now down 191…Gold at 926.30 now….

Kucinich ripping AIG CEO Ed Liddy on the Hill right now…

May 13, 2009. Tags: , , , , , , , , . Economy, Finance. Comments off.

Update: Market Movers Roundup…

Clips of Geithner before Senate Budget Cmte today:

nice day for the markets, Bear Market rally continues

DOW up 191 to 7121

S & P up 22 to 743

Nasdaq up 39 to 1410

Markets happy on retail sales numbers, February drop less than expected and January revised up

Mary Schapiro of SEC said she is amenable to revising the manner in which mark to market is applied on assets in distressed/frozen markets..

Geithner chatting to Critters on the Hill, again, and the comments from Dems like Byron Dorgan and Kent Conrad on the wires suggest the Obama Budget will face some resistance on ther cap and trade and health care funding, good news for the markets..

Here our Unbiased media calls refers to this as the Dems ‘raising their ugly heads’ Niiiice

Jamie Dimon single-handedly brought spirit back to the street last night in his address to the US Chamber of Congress, we will post it..

Madoff is in custody…

GM tells the Auto Task Force it wonlt be needing the 2 billion for Marc h after all (sounds like they got a load of the task force at their big auto plant tour and are running like crazy from the strings they will put on them, good move)

Ken Lewis is also giving a speech and speaking forcefully against nationalizing banks…

March 12, 2009. Tags: , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Taxes, Uncategorized, Wall St. 1 comment.

Breaking Update: Another one! Nominee for Intl Undersecretary drops out also…Nominee for Deputy Treasury Secretary steps down….

UPDATE: 7:20pm EST: CNBC reporting Caroline Atkinson who was nominated for International Undersecretary of Treasury has also withdrawn..

Apparently no one can pass the new vetting process…

________________________________________________

Another one under da bus!

Annette Nazareth steps down from consideration, WSJ reports (top bar, developing) (once more leaving Timmeh all alone at Treasury)

They cite her role in the SEC. Hmmm bad mojo for Geithner..like that 70s marble game…he is, the sole survivor….we are never going to get this financial rescue plan if he can’t even staff up properly…

March 5, 2009. Tags: , , , , , , , , , . Cabinet, citigroup, Economy, Entertainment, Finance, Music, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized, Wall St. 1 comment.

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