Cronies, lies, and O’corruption

It pays to be rich, powerful and a Democrat with friends in Washington. While Anna Gristina, a Connecticut mother accused of being a New York “madam” sits in a cell on Riker’s Island, Jon Corzine, the former CEO of MF Global sits at home in his New Jersey mansion. MF Global had been a publically traded securities firm with $40 billion in assets, but with liabilities even larger, filed for bankruptcy late last year, after being accused of co-mingling customer funds with its own, a flagrant violation of securities law.

As we all know, prostitution is illegal. Ms. Gristina has been charged with providing attractive young women to testosteronic men for money — a crime, but largely victim-less. Nevertheless, she has already spent two months on Riker’s Island, awaiting a June 21st hearing. Bail for her was set at $2 million in a bond, or $1 million in cash. Despite the misappropriation of an estimated $1.6 billion, Mr. Corzine has yet to be charged. Yet 36,000 clients had their money appropriated under his watch. It is hard not to believe that his status as a former Senator from and Governor of New Jersey, and major bundler for President Obama’s campaign has not provided him special privileges. Is not justice supposed to be blind?

It is hard to imagine that Ms. Gristina, whose business was to introduce consenting adults, could be an enormous risk to society. On the other hand, a wealthy and powerful man who appears to have cheated his clients is a fraud and a menace. MF Global was a public company, until it became the nation’s 8th largest bankruptcy when it filed last October. Thus, not only are customers, for whose funds Mr. Corzine had a fiduciary responsibility, out their money, but shareholders of MF Global lost their investment as well. Of course, it is perfectly possible that the morally challenged Mr. Corzine was unaware that embezzling is a crime. However, as CEO he is responsible for financial transgressions within his firm. It is unfortunate that he is not man enough to admit it.

Mr. Corzine testified before Congress, and claimed not to have been aware that anything amiss was going on. “I simply do not know where the money is.” What a whopper! Keep in mind this is a man who had been senior partner of Goldman Sachs, so not a naïf when it came to financial matters. Until the bankruptcy, Mr. Corzine was on President Obama’s short-list to replace Timothy Geithner as Secretary of Treasury. He was not only the CEO of MF Global, Mr. Corzine, according to some reports, was chiefly responsible for the bets on European bonds that got them into trouble in the first place. An e-mail from MF Global’s assistant treasurer appeared to implicate Mr. Corzine in the wrongful transfer of $200 million to JP Morgan, a transfer which included customer funds. But when Ms. O’Brien was asked questions at a Congressional hearing she pleaded the fifth. Why? Was she afraid of Mr. Corzine? Did she feel threatened by the prosecutors? Surely she did not transfer funds of that amount without some higher-ups’ approval. A lot of us would like the answer to a question recently asked by a reporter for The Financial Times: why wasn’t she granted immunity from prosecution, in exchange for her testimony? Are the prosecutors concerned as to where the answers might lead?

Now I ask you, who really F#(ked over more people and to a much greater extent?

In my mind it took TWO filthy criminal groups; The corzine corruption and the laughably referred to as “regulators”. Lamp posts for all of them!

Don’t know florida…

I just can’t hear what you’re saying!

Scruffy @ 8:38 am

I think #1 is  eyesight !  

So # 1 is eyesight and #3 is memory -  now what could #2 be???  Oh what could it be?  I will have to think on that…..

Goldboom and Silverboom also

out pushing today…as a team. More power when you push together….

The third thing to go..

As we age, we lose things. The third thing to go is memory but I can’t remember the first two. So I have this request for help…

Does anyone remember the details of the useless CFTC dictate regarding when all derivative positions have to be disclosed? Specifically it was JP Moron that was whining about having to expose its derivative positions and I thought it was 1 July this year. If so….

It would explain some of the motivation (other than criminal stupidity and the ego centric, self belief, that the feeeeeelth is more important than the rest of the universe combined) for the obvious, illegal, unbelievable, criminal, egotistic, self serving, record setting, slimy, disgusting… (you get the picture) hammering of gold since last September.

Anyone?

Coffee is on

Good morning Kentucky

I’ll be out pushing today also. Either myself or Ms scruffy has been pushing every day except Wednesday. Damn tough work, but we gots 2 do what we gots to do!

It broke into the 90′s yesterday. The heat was tough  for this early in the year.

Lets end this week on a high note!  Say, where’s that rally monkey!?

Good Morning Tent

Will be out pushin today.  Will be heading out early to the range to figure out what is going wrong.

Even though we have two up days I am still negative.  These kinds of things happen in bear markets.  We always retest and this is the time for the summer blues.  Licking my wounds.

winedoc –yes a 50% fibo of the overall long term move

is a wonderfull buy position. a hand over fist a back up the truck a fill the boat wonderfull buy position. a shame i’m broke! :mrgreen: wj

fully 20:00 now wait just a minute

you can do all the pulpotomies you want but the lobotomies are the exclusive contract of ‘clean cuts r us’.wj

JPMorgan unit has $100 billion in risky bonds…wj

www.ft.com/intl/cms/s/0/8ef035de-a043-11e1-88e6-00144feabdc0.html

Silver’s Retracement

Thoughts…….

Last time,  before the last time  :)  …….  that silver retraced nearly 50% of its move,  there seemed to be bare shelves, little inventory,  Sold Out messages from dealers.

Seems no trouble  acquiring  these, or anything else silver  right now.

Joe public is not buying …….

Beautiful Valcambi 1 Kilo bars

Winedoc

Coffee Time

Could we ever have a 2% follow through day

Morning Friends

Winedoc

safe harbor

Hollywoodgold and wife are safe and sound in bed at Goldtent south ……they will get on a plane more often for 35 dollar days……

Midas’ Bill H

Bill H has been on this case for days now. His latest…

QE4ever!

To all; what happened? The Dollar is up, stock markets here and abroad are down and oil is stable to down…as they have been for the last couple of weeks. But Gold and Silver are up 2.5% and 4% (Gold breaking the 2% collar?). What changed? In one simple word, nothing. Yes, yes, the metals are severely oversold and merely “due a bounce” in what the media was telling you yesterday is a Bear Market. Bounce? I doubt it, this is more like the “beach ball” scenario where it just can’t be held “under water” any longer.

The reality is this, QE4 is obviously on its way because 1, 2, LTRO and Twist did not work. Please understand that these programs were announced and finished DURING an already extraordinarily easy monetary policy. It’s not like central banks have even “tugged on the reigns” once since 2007, it has been pure ease with “programs” of ridiculous ease interspersed. I think we have hit the inflection point where investors understand that the banking systems in Europe and here are screwed to the point where runs are but one straw away. Economic numbers, even fudged and massaged can no longer hide the weaknesses. “Austere” politicians (is there such an animal other than Ron Paul or Nigel Farage?) are being kicked out everywhere and the herd is stirring to the point where even those with their heads in the sand can sense it.

Isn’t it obvious what HAS happened? Gold and Silver absolutely 100% HAD to shot publicly BEFORE the admission of further easing. A “hole” had to be dug so they wouldn’t be breaking out to new highs on the announcement of QE4. Think of it as a handicap race where the faster car is set back so that at the finish line it appears to be a close race. The only problem is that “they” cannot set the metals far enough back to compensate for the amount of money supply that needs to and will be created.

Please understand that as “credit” of all sorts (including sovereign debt) gets downgraded and “evaporated”, the central banks have no choice but to “re”fill the banking system up with new money to compensate for monies already lost. Each and every day, new “money” is entering the system to “support” old and exiting devalued credit (money). THIS is why over the long term Gold nor Silver can not possibly go down in fiat terms. THIS is the reason that every time that “they” push your beach ball under water, not only do you not need to fret, you need to have the courage of your convictions and buy more if you have the capital. Understand that official policy is and can only be “QE4ever”!

THE best investment strategy with the metals in my opinion is this, when your stomach is turning and you are scared…buy more. When you feel good, smarter than most and want to buy more…wait. Is there, will there,… be a time to “sell”? Well, no, not for Dollars, Yen, Euros or Pounds. Once new currencies are introduced and I assure you they will, then and ONLY THEN do you consider exchanging any precious metal holdings for currency. You will need to know “what” these new currencies “represent”, currently, the existing currencies “represent” nothing. When I say “nothing” I mean that a “collateraless” (a word?) debt is in reality worth zero which is exactly what the current fiats are. So, buy, wait to buy, but never ever exchange your precious metals until you are sure that you are getting something in return. Easy stuff huh? Relax, have a nice weekend and regards, Bill H.

interesting post about GORO ftd z

finance.groups.yahoo.com/group/goldresourcecorp/message/18362

bank houses

The way it looks to me:
1 they make loans to anyone, escalating house prices, package and sell’em
2 they change the paperwork to make sell’in em legal.
3 they often can’t come up with the right paperwork when
foreclosure happens
3 they hire a paperwork fraudulator to make the paperwork
4 get busted doin it
5 collect insurance on the foreclosure, above actual home value
6 get bailed out in separate gov arrangement
7 receive money to help with home refinancing
8 release very little of it
9 get paid so well making loans that they carry them on the books indefinitely
10 don’t pay property tax, while they hold them
11 don’t maintain them
12 don’t care because they make the most money repossessing them
13 waiting to see but, it’ll be good.

Looks Like Sir Issac Newton was right about

Apples….and ….Gravity

:)

Fullgoldcrown @ 20:00 pm

uh, YEAH!  they pulled it, it was a BABY TOOTH! 

Well, if you say all that stuff is really the way they do things today, I guess it is because you would know.  But why would you cheap the kid out and not give him a FULL GOLD CROWN so he could start his gold hording at an early age?  :-)

Floridagold

Its not uncommon to do a Pulpotomy on a 4 year old

It used to be very common in my rural area…

When you were a kid…they would just yank em

But we try to be more civilized now and a Pulpotomy …which takes seconds to do…is just a “partial root canal ”

We even sometimes do that on an adult who cant affor a root cana…it works a suprising % of cases

And yes if you have a baby tooth bombed out with decay you often put metal crown on it (stainless steel preformed crown)…not a Full gold crown

:)

The story was….the mom said the Kid didnt have cavities….so thats bad !

I am hoping to get a chance to be like the Dentist in marathon man…when they take the Banksters

To Guantanimo

will do Pulpotomies all day with no freezing of course

…..Lobotomies too if they will ask me !

:)

Rambus Update on The Morgue !

Public

www.rambus1.com

Fullgoldcrown @ 18:49 pm

I might not win, but if I had a kid that they did that to, we would be in court for a long, long time.  How many root canals have you done on 4 year olds????  Things done today are FREAKING UNBELIEVABLE.

Smiley

Floridagold

Geez i hope not

$USD

OH Fully! do they have anything like this up there?

Dental Abuse Seen Driven by Private Equity Investments

Isaac Gagnon stepped off the school bus sobbing last October and opened his mouth to show his mother where it hurt.

She saw steel crowns on two of the 4-year-old’s back teeth. A dentist’s statement in his backpack showed he had received two pulpotomies, or baby root canals, along with the crowns and 10 X-rays — all while he was at school. Isaac, who suffers from seizures from a brain injury in infancy, didn’t need the work, according to his mother, Stacey Gagnon.

www.bloomberg.com/news/2012-05-17/dental-abuse-seen-driven-by-private-equity-investments.html?utm_campaign=X&utm_medium=twitter&utm_source=twitter

Kentucky2 @ 17:33 pm

RSI’s above 80 and below 20 get me thinking the move for whatever it is – is over very shortly!  Of course, with Europe, and all that is going on there, things can get over bought and over sold and stay there longer than in the normal world.

Get out there and PUSH!  :-)

Floridagold

Don’t you like those high RSI’s?  With these guys in charge who knows?

It was nice to have a breather today even if it was a one day wonder.  The interview with Goldfields CEO is worth watching.

www.bloomberg.com/news/2012-05-17/gold-fields-says-first-quarter-profit-fell-beats-estimate.html

$USB

new high

who makes this stuff up

Utah School Fined $15,000 for Accidentally Selling Soda During Lunch

A Utah high school is learning the hard way that the government is serious about nudging students away from food it doesn’t want them to consume. Davis High School in the Salt Lake City area is having to fork over a whopping $15,000 in fines to the Feds because it accidentally sold soda through a vending machine during lunch.

Federal law requires the school to turn off its soda machines during the lunch period, which is 47 minutes a day. And Davis High school did turn off the machines in the lunch room. However, the school didn‘t realize that there was another machine in the school bookstore that wasn’t being turned off. And when the food police realized it, the school was hit with a $0.75 fine per student for the duration of the offense.

Now the school is going to have to cut money to fine arts programs to make up the cost.

KTVX-TV has the report:

But here’s where things really get nutty, so to speak. Davis High School Principal Dee Burton said that the law is disingenuous. For example, while students can’t buy soda, they can buy sugar-loaded sports drinks and even Snickers bars because they contain, you guessed it, nuts. In addition, students can buy soda earlier in the day before the machines get turned off and drink it during lunch.

And simple economics is at play, too. The ban isn’t forcing students to stop drinking or eating the sugar-laced food and drink. It’s just driving them to places where they can get it.

“The misconception is if we don’t let kids buy candy and pop, we drive them to the cafeteria, it doesn’t drive them to the cafeteria it drives them off campus,” Burton told KUTV.

One commenter on the KUTV website picked up on that.

“The principal is right, the kids will leave campus. What are you going to do? Close Walmart and Quick Trip for 47 minutes every day?” the commenter wrote.

Don’t give them any ideas.

floridagold @ 16:06 pm

Not a bad day at all! Now … two days in a row … that would really be an achievement! :mrgreen:

rainbows and unicorns!