Tuesday, March 10, 2009
Sunday, March 8, 2009
Are Federal Regulators To Blame For The Crash?
It seems that a good way to survive the economic crisis is to abuse your position in government, and then retire with full benefits.
...Dochow was removed from his job in December after an internal investigation found that he had allowed IndyMac Bank to backdate a transaction, yielding a falsified report that let it be rated as "well capitalized." As we now know, IndyMac subsequently collapsed, making it the second-largest failure to date...The Washington Post reported at the time: "It is the second time Dochow has been removed from a position as a senior thrift regulator."...Now Dochow has been allowed to retire apparently with his full pension based on a $230,000 annual salary -- as opposed to being fired for cause -- according to an ABC News report this week....
Full Story:
CBS
FAA levels record $10.2M fine against Southwest
The agency transferred an FAA supervisor who had been overseeing Southwest to another job and has "taken appropriate action" against an unnamed employee, spokeswoman Laura Brown said.
Full Story:
USA Today
...Dochow was removed from his job in December after an internal investigation found that he had allowed IndyMac Bank to backdate a transaction, yielding a falsified report that let it be rated as "well capitalized." As we now know, IndyMac subsequently collapsed, making it the second-largest failure to date...The Washington Post reported at the time: "It is the second time Dochow has been removed from a position as a senior thrift regulator."...Now Dochow has been allowed to retire apparently with his full pension based on a $230,000 annual salary -- as opposed to being fired for cause -- according to an ABC News report this week....
Full Story:
CBS
FAA levels record $10.2M fine against Southwest
The agency transferred an FAA supervisor who had been overseeing Southwest to another job and has "taken appropriate action" against an unnamed employee, spokeswoman Laura Brown said.
Full Story:
USA Today
Goldman, Deutsche Got Funds From AIG Bailout, Journal Reports
March 6 (Bloomberg) -- Goldman Sachs Group Inc. and Deutsche Bank AG were among at least two dozen financial institutions that were paid $50 billion from the bailout funds received by American International Group Inc., the Wall Street Journal reported, citing a confidential document and unidentified people familiar with the matter.
Full Story:
Bloomberg
Full Story:
Bloomberg
CNBC, The Wall Street Journal, and Silver
In case you missed the Daily Show March 4th, Jon Stewart mocked CNBC for their awful reporting during the economic downturn:
In February, the Wall Street Journal put out a video attempting to debunk the "silver conspiracy." Naturally, they left out some important details that might lead a reasonable person to come to a different conclusion.
Click here to watch the video
First, the concern is not that producers are shorting the market. It is that two banks are the majority short position holders. Here is the actually conspiracy theory, along with the government report from which it is derived.
Second, they failed to mention that the Commodities Futures Trading Commission was recently forced by the public to open yet another investigation into the matter and that the paper did a story on it back in September.
Third, they make no mention of the silver shortage in the physical market, or that the silver will eventually have to be removed from the COMEX to meet that demand - once again previously reported on by none other than the WSJ.
Finally, as usual they fail to discuss the mass sums of money being "printed" these days, and how that will affect the price of silver.
Perhaps the WSJ and CNBC came from the same mold. They somehow gathered the facts over years of reporting, but are still putting out nonsense like this video.
In February, the Wall Street Journal put out a video attempting to debunk the "silver conspiracy." Naturally, they left out some important details that might lead a reasonable person to come to a different conclusion.
Click here to watch the video
First, the concern is not that producers are shorting the market. It is that two banks are the majority short position holders. Here is the actually conspiracy theory, along with the government report from which it is derived.
Second, they failed to mention that the Commodities Futures Trading Commission was recently forced by the public to open yet another investigation into the matter and that the paper did a story on it back in September.
Third, they make no mention of the silver shortage in the physical market, or that the silver will eventually have to be removed from the COMEX to meet that demand - once again previously reported on by none other than the WSJ.
Finally, as usual they fail to discuss the mass sums of money being "printed" these days, and how that will affect the price of silver.
Perhaps the WSJ and CNBC came from the same mold. They somehow gathered the facts over years of reporting, but are still putting out nonsense like this video.
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