Assange or Corzine? [azizonomics]

Priorities are a bitch.

The United States won’t prosecute Corzine for raiding segregated customer accounts, but will happily convene a Grand Jury in preparation for prosecuting Julian Assange for exposing the truth about war crimes.

From the New York Times:

A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives. After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.


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Wall Street rises as central banks stand ready [Reuters]

(Reuters) – U.S. stocks jumped on Thursday after news major central banks are preparing coordinated action if the results of Greek elections this weekend generate turmoil in financial markets.

The central banks from major economies will take steps to stabilize markets and prevent a credit squeeze, Group of 20 officials told Reuters.

The news late in the trading day invigorated a market that has been highly volatile this week, whip-sawed by concerns the ballot in Greece on Sunday may set the stage for the country’s exit from the euro zone.

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Traders work on the floor of the New York Stock Exchange June 11, 2012. REUTERS-Brendan McDermid

Wall Street CEOs Got 20% Raises Last Year…Did You? [AllGov]

Even though the majority of the top firms on Wall Street did not perform well in 2011, their chief executives enjoyed a collective 20% raise.

As part of its annual ranking of top salaries, Bloomberg Markets found the compensation of CEOs of the 50 biggest financial companies increased 20.4% in 2011—“a year when most big banks and brokerages saw their revenues, profits and stock prices plummet,” according to Bloomberg News. In fact, 33 of the top 50 had negative share returns in fiscal year 2011.
The highest paid executive was Henry Kravis, head of the buyout company KKR, who earned $30 million.
Second on the list was George Roberts, Kravis’ cousin and co-chief executive officer, who made $29.9 million. Kravis and Roberts also gathered in another $64.2 million each in dividends and other distributions from companies owned by KKR.
Wall Street CEOs Got 20% Raises Last Year…Did You?

The Derivatives NIGHTMARE: A Fraud Far Beyond Fractional Reserve Banking [SGT]



Goldman: 75% chance the Fed will ease at next meeting [SoberLook]

Goldman’s latest research suggests that the Fed is likely to ease at the next meeting this month. This assesment is primarily based on their proprietary indicator called the GS Financials Conditions Index (GSFCI). As a backdrop, they point out that the US economy has slowed, as shown in the chart below. Both the nonfarm payroll growth and the CAI index (Goldman’s index of broad economic activity) have declined sharply.

At the same time the Financial Conditions Index has shown a substantial tightening.


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No Capitulation = No Bottom [FinancialSense]


Wash, rinse, repeat—that has been the script since 2010. Fading monetary and fiscal stimulus leads to a slowdown as economies can’t support themselves and then in come central banks to the rescue and off we go! We are currently in the period in which the third round of global monetary stimulus that began in 2011 is all but over and global markets and economies are weakening as a result.

According to Bridgewater Associates, the third round of monetary stimulus amounted to 2.8% of global GDP and at the end of May the remaining portion was down to 0.4% of global GDP. Unless policy makers step up for a fourth round of global monetary stimulus the path of least resistance appears down. In both 2010 and 2011 we saw major market capitulation in which investors threw in the towel and sent markets reeling. This causes central banks to spring into action and off markets go. Because we have not seen major capitulation and panic in the markets we may not see central bank action just yet, which leaves the markets in a precarious position. If we are to follow the 2010-2011 script we are likely to see lower prices ahead with less bearish participation (fewer stocks falling) which finally causes central banks to act followed by a strong market recovery. Until we see capitulation in the markets I would stay defensive and let the dust settle a bit.

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Catherine Austin Fitts : Deliberate Implosion of the U.S. Economy

Former Assistant Secretary of Housing under George H.W. Bush Catherine Austin Fitts blows the whistle on how the financial terrorists have deliberately imploded the US economy and transferred gargantuan amounts of wealth offshore as a means of sacrificing the American middle class. Fitts documents how trillions of dollars went missing from government coffers in the 90’s and how she was personally targeted for exposing the fraud.

Fitts explains how every dollar of debt issued to service every war, building project, and government program since the American Revolution up to around 2 years ago — around $12 trillion — has been doubled again in just the last 18 months alone with the bank bailouts. “We’re literally witnessing the leveraged buyout of a country and that’s why I call it a financial coup d’état, and that’s what the bailout is for,” states Fitts.



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