Archives par mot-clé : Toxic Assets

Capitalism is The Crisis: A movie about the rise of fascism and high finance organized crime

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This movie about the evolution of capitalism is a must-see. It puts into context the 2008 « financial crisis », which was in reality only a trick to defraud public treasuries and pension funds in the U.S. and around the world to benefit corporate finance. It was a plain and simple theft. And it has been used as a pretext to steal even more from the poor and the middle class by imposing on them « austerity » measures to compensate for the losses. Austerity measures don’t solve any problems but, on the contrary, exacerbate them by creating unemployment, a slowdown in consumption, decrease in investments, etc, which in turn creates even more umeployment. Among other things, the documentary takes a look at social protests held during the G20 meeting in Toronto, in Greece and Europe, and in Wisconsin.

Republican Reverse Robbing Hoods: Bob Fitrakis on the stealing of the 2004 election…among other things

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Radio host Bob Fitrakis joins Peter B. Collins on the Peter B. Collins Show to talk about election fraud in 2004. According to new evidence, Republicans would have used a computer scheme to be able to steal the election in Ohio that year. A back-up system was put in place that essentially created a « middle man », an independent autonomous program created by Mike Connell, one of Bush’s buddies, sitting between the precincts and the Secretary of State. This « middle man » had the capacity to input new data in the system. Evidence show that in certain precincts more votes were registered than voters. Votes for Bush were added during tabulation, etc.

I am just wondering: Is there anything different that Republicans can do besides stealing, cheating, robbing and encouraging mayhem and crime? If there is, it doesn’t show. That’s why I call them Reverse Robbing Hoods: They steal the poor to give to the rich. Later in this interview, Bob Fitrakis talks about the way certain people close to the Republican Party or to the Bush Administration tried to steal people’s pensions using the scheme of selling them « toxic assets ». You must be saying to yourself, if the people running these pension funds are stupid enough to buy debts (that’s what toxic assets means) too bad for them. Well, it is not that simple. First of all, it is our money, we the people. Second, if I would have been in charge of these pension funds (it happened in my area too) I would never have bought debts. Who buys debts except fools? Normally, sane people buy things that possess a positive value, not a negative one. But anyway, that’s not the point. The point is that it is the responsability of the people in charge of society to implement solutions and projects that actually help society get better. The only motivation that can exist for selling debts is evidently the intent of robbing somebody else’s property. In my opinion, all those brokers and finance clerks who sold « toxic assets » should be put in jail. One of the most basic rules of commerce is that when you sell something, you get something in exchange for its value. How come was it possible to get money in return for something that has no value, and let alone a negative one? Anyway, nothing surprises me anymore.

Listen to this show. While the first part of it is dedicated to cover a possible challenge to Obama in 2012, the second part, when Fitrakis comes in, will give you a good idea about the level of corruption, perfidy and dishonesty of our leaders. And be careful with Reverse Robbing Hoods. You will always be better off managing your own finances by yourself than to let these crooks do it for you…because they will do it for themselves. I also added an interview with an OHIO attorney, Cliff Arnebeck, if you want more details about the stealing of the 2004 election in the U.S.

Bob Fitrakis on the Peter B. Collins Show

Interview with Cliff Arnebeck on Talktainment Radio, hosted Bob Fitrakis

Lucy Komisar on Naked Short Selling and other Wall Steet gambits

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© Ivan Kmit | Dreamstime.com

Here is an interview that Lucy Komisar, an investigative reporter specialized on matters related to financial fraud and tricks, gave to Dave Emory for his show, For The Record. Being not a specialist of the financial sector, I won’t venture too far. But there are certain things that I want to draw your attention to, and these are the few tricks that have been developped recently by the crooks of Wall Street. Here they are: short selling, naked short selling and credit default swap.

Short selling happens when a broker buys shares for a client and wait for a certain period of time before transfering it to the buyer. In other terms, the broker waits for the value of the shares to rise on the market before transfering it, therefore making a direct profit in the exchange, besides his normal commission. To give an example, let’s say a broker buys shares at $10 and then waits three days, the legal period of wait, and transfers them at the new current value, for example $12. He then makes a direct profit of $2 per share, plus the commission. Naked short selling happens when a broker buys shares that don’t exist, through a mecanism of « lending » of shares that the Wall Street crooks have invented. With this scheme, the client buyer is not really the owner of the shares, even if he or she possesses papers of ownership. This scam is exposed when there is a vote of share owners and that a greater number of votes are counted than the actual number of shares that exist for that stock. But evidently, the broker gets paid by the « buyer » the value of this phantom share as if it would be real. And credit default swap happens when debts are bundled in large packages and resold in the form of derivative products. You might have heard of the expression « toxic assets ». Anyway, I remind you that I am not sure to get all the nuances for these abstract notions and financial manoeuvres, that is why I am suggeting you to listen to the interview and read the description that Emory made of it in FTR #650. Also, I have joined an article by Lucy Komisar posted on her website about AIG and their financial gambits and problems.

We are governed by crooks and liars. If it is not evident for you already, I think there is more than enough material for you here to change your mind. Welcome to Brave New World.

FTR #650

Lucy Komisar on AIG