These guys are funny.
RussiaToday — April 27, 2010 — This time Max Keiser and co-host Stacy Herbert look at a handful of the many Goldman Sachs fraud metaphors; the scandals of what the US bankers, regulators and government knew about Repo 105 before it helped take down Lehman Brothers, and of President Clinton’s big mistake on derivatives. In the second half of the show, Stacy interviews Max Keiser, in virtual Hollywood, about the box office futures market.
These Renko Charts are pretty cool.
I must give proper credit to where it is due. These guys website has some pretty good renko stuff.
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WASHINGTON – Senior staffers at the Securities and Exchange Commission spent hours surfing pornographic websites on government-issued computers while they were being paid to police the financial system, an agency watchdog says.
The SEC’s inspector general conducted 33 probes of employees looking at explicit images in the past five years, according to a memo obtained late Thursday by The Associated Press.
The memo says 31 of those probes occurred in the 2 1/2 years since the financial system teetered and nearly crashed.
It was written by SEC Inspector General David Kotz in response to a request from Sen. Charles Grassley, R-Iowa.
The memo was first reported Thursday evening by ABC News. It summarizes findings of past inspector general probes and reports some shocking findings:
The rest of the story here. http://www.msnbc.msn.com/id/36725550
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Here’s Goldman’s latest press release on the subject of those SEC fraud charges.
‘We are disappointed that the SEC would bring this action related to a single transaction in the face of an extensive record which establishes that the accusations are unfounded in law and fact.
We want to emphasize the following four critical points which were missing from the SEC’s complaint.
• Goldman Sachs Lost Money On The Transaction. Goldman Sachs, itself, lost more than $90 million. Our fee was $15 million. We were subject to losses and we did not structure a portfolio that was designed to lose money.
• Extensive Disclosure Was Provided. IKB, a large German Bank and sophisticated CDO market participant and ACA Capital Management, the two investors, were provided extensive information about the underlying mortgage securities. The risk associated with the securities was known to these investors, who were among the most sophisticated mortgage investors in the world. These investors also understood that a synthetic CDO transaction necessarily included both a long and short side.
• ACA, the Largest Investor, Selected The Portfolio. The portfolio of mortgage backed securities in this investment was selected by an independent and experienced portfolio selection agent after a series of discussions, including with Paulson & Co., which were entirely typical of these types of transactions. ACA had the largest exposure to the transaction, investing $951 million. It had an obligation and every incentive to select appropriate securities.
• Goldman Sachs Never Represented to ACA That Paulson Was Going To Be A Long Investor. The SEC’s complaint accuses the firm of fraud because it didn’t disclose to one party of the transaction who was on the other side of that transaction. As normal business practice, market makers do not disclose the identities of a buyer to a seller and vice versa. Goldman Sachs never represented to ACA that Paulson was going to be a long investor.
Background
In 2006, Paulson & Co. indicated its interest in positioning itself for a decline in housing prices. The firm structured a synthetic CDO through which Paulson benefited from a decline in the value of the underlying securities. Those on the other side of the transaction, IKB and ACA Capital Management, the portfolio selection agent, would benefit from an increase in the value of the securities. ACA had a long established track record as a CDO manager, having 26 separate transactions before the transaction. Goldman Sachs retained a significant residual long risk position in the transaction
IKB, ACA and Paulson all provided their input regarding the composition of the underlying securities. ACA ultimately and independently approved the selection of 90 Residential Mortgage Backed Securities, which it stood behind as the portfolio selection agent and the largest investor in the transaction.
The offering documents for the transaction included every underlying mortgage security. The offering documents for each of these RMBS in turn disclosed the various categories of information required by the SEC, including detailed information concerning the mortgages held by the trust that issued the RMBS.
Any investor losses result from the overall negative performance of the entire sector, not because of which particular securities ended in the reference portfolio or how they were selected.
The transaction was not created as a way for Goldman Sachs to short the subprime market. To the contrary, Goldman Sachs’s substantial long position in the transaction lost money for the firm’.
For the article of origin go to Here In The City
reposted here by Francisco Martinez from www.RousTech.com MT4 Bridge and MAM Solutions for Banks and Brokers.
These traders have what it takes do you? Check out these people who are being interviewed on CNBC.
One traders said the success is in the holding on to the position long enough.
Another even said that he does not follow fundamentals that much. He is mostly technical.
They like trading gold and other metals.
reposted here by Francisco Martinez www.RousTech.com the best mt4 bridge and mam for brokers and banks and the best execution that all traders who traded on our partner platforms say is the best they have experienced.
The Best MT4 Bridge/Mam Solution for Brokers and Banks
This tax on banks – not you or I - has the power to raise hundreds of billions every year. It could give a vital boost to the NHS, our schools, and the fight against child poverty in the UK – as well as tackling poverty and climate change around the world.
Not complicated. Just brilliant.
The Robin Hood Tax is a tiny tax on banks, hedge funds and other finance institutions that would raise billions to tackle poverty and climate change, at home and abroad.
It can start as low as 0.005 per cent – and average 0.05 per cent . But when levied on the billions of pounds sloshing round the global finance system every day through transactions such as foreign exchange, derivatives trading and share deals, it can raise hundreds of billions of pounds every year.
And while international agreement is best, it can start right now, right here in the UK.
That can help stop cuts in crucial public services in the UK, and aid the fight against global poverty and climate change.
reposted here by Francisco Martinez Rous Technology LLC MT4 Support Tools for Risk Management
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The Internal Revenue Service has launched a new global program to target what it calls “high wealth individuals,” IRS Commissioner Douglas Shulman (left) said Monday. “Through our new global high wealth operating unit we are taking a unified look at the entire web of business and economic entities controlled by high wealth individuals so we can better assess the risk such arrangements pose to tax compliance,” Shulman said at the National Press Club on Monday. Shulman said the IRS is using “our robust and evolving enforcement program that ensures that everyone pays what they owe.” – CNS New
Douglas Shulman
Dominant Social Theme: Fairness needs to be enforced.
Free-Market Analysis: This is a very interesting development in that it would tend to confirm the perception of the Daily Bell that the US has been engaged for quite some time in the projection of its influence beyond its borders not to support regulatory democracy or for general purposes of aid, but to position itself to enforce governance worldwide. Perhaps Mr. Shulman is planning a name change for the IRS to a more suitable description such as the “International” Revenue Service. Heck, they could even keep the same acronym.
The Best MT4 Bridge/Mam Solution for Brokers and Banks
One of the biggest stories in the financial today was the Treasury’s decision over the weekend to delay their semi-annual Currency Report which was set to be released on April 15th. Twice a year, the Treasury looks at how countries around the world manage their exchange rates to decide if anyone has been manipulating their currency. As we mentioned on Friday, the outcome of this report is driven more by politics than economics. It is certainly not a coincidence that this delay comes ahead of a visit to Washington by Chinese President Hu Jintao. Although a few members of Congress may have hoped that the Treasury would officially brand China as a currency manipulator. It is no secret that China is artificially depressing the value of their currency, but to officially brand them as a currency manipulator could spark a more overt currency war. Instead, the Obama Administration has opted for a more conciliatory move to give the Chinese the flexibility that they need to revalue their currency on their own terms. With Treasury Secretary Geithner pledging to press Chinese leaders on currency revaluation during their meetings in June, it has become increasingly possible that China could concede by appreciating their currency. Delaying the currency report is a small price to pay to achieve the U.S.’ end goal of decreasing the competitive edge that China gets from a weak currency. China could even take it upon themselves to engineer praise instead of criticism in the upcoming meetings by proactively strengthening their currency – a strategy that they have used often. If China widens their trading band, it should have a negative impact on the U.S. dollar initially because it would imply that the country no longer needs to buy as many U.S. dollars to offset a rising Yuan.
More of the report Click Here
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