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Posts Tagged ‘Great Recession’

Will Britain Exit From EU Before Greece?

November 19, 2012 1 comment

It is unclear what benefit EU derives from British membership. But British expulsion from EU will surely simplify EU politics & debates

Britain is the cussed slow-driver on the Euro-bahn who will not let the Euro-truck overtake  |  Cartoon By Tom Janssen, The Netherlands - 12/12/2011 12:00:00 AM; source & courtesy - caglecartoons.com

Britain is the cussed slow-driver on the Euro-bahn who will not let the Euro-truck overtake | Cartoon By Tom Janssen, The Netherlands – 12/12/2011 12:00:00 AM; source & courtesy – caglecartoons.com

Britain – EU’s Fifth Column?

At each stage of the European Union, Britain has been a reluctant member. In the last few decades, with its manufacturing in deep decline, Britain has been working on propping up its multinationals.

Vodafone is one such example. It has become the world’s largest telecom operator using tax-loopholes (provided by the British Govt.) and massive debt underwritten by British banks. Vodafone has nothing – no manufacturing, no technology, no R & D with which it has become the largest operator.

Is the EU going to be such a push-over? US would definitely hope so.  |  Euro-loser cartoon By Taylor Jones, Hoover Digest  -  4/24/2012 12:00:00 AM; source & courtesy - caglecartoons.com

Is the EU going to be such a push-over? US would definitely hope so. | Euro-loser cartoon By Taylor Jones, Hoover Digest – 4/24/2012 12:00:00 AM; source & courtesy – caglecartoons.com

The Anglo-Saxon Bloc

Britain derives much greater power and influence by coordinating policy and finance within the four Anglo-Saxon countries – Australia, Canada, US and Britain itself.

The Anglo-Saxon Bloc is

  1. Top producer of
    • Oil
    • Gold
    • Defence
  2. Controls world production in
    • Media
    • Microchips
    • Academia
  3. Regulates
    • Global finance and banking
    • Money production

It is unclear what benefit EU derives from British membership – but British expulsion from EU could surely simplify EU politics and debates.

Compared the colossal debt that Britain is carrying, the EU budget is smaller issue.  |  Cartoon on  EU Budget cut row by Paresh Nath, The Khaleej Times, UAE  -  11/4/2012 12:00:00 AM; source & courtesy - caglecartoons.com

Compared the colossal debt that Britain is carrying, the EU budget is smaller issue. | Cartoon on EU Budget cut row by Paresh Nath, The Khaleej Times, UAE – 11/4/2012 12:00:00 AM; source & courtesy – caglecartoons.com

Bite the Bullet

EU officials have begun work on a plan to create a long-term budget without the UK in a move that reflects mounting frustration that Britain’s demand for a spending freeze cannot be reconciled with the rest of the bloc.

Both EU officials and national diplomats have been studying the legal and technical feasibility of devising such a budget, according to people familiar with the discussions, ahead of a two-day summit beginning on Thursday in Brussels, where the EU’s 27 heads of government will try to reach an agreement on the long-term budget.

The prospects for that meeting have darkened in recent days as several diplomats have come to the conclusion that it will be impossible to accommodate the UK’s demands, and are now predicting failure.

“Because of the British stance people are looking, both in national capitals and in Brussels, for a solution at 26. It’s being looked at from a financial and legal point of view,” one official said.

The plan may be a negotiating ploy to try to put more pressure on David Cameron, the UK prime minister, to compromise. The budget talks will resume on Monday evening when Herman Van Rompuy, the European Council president, hosts a dinner of European ministers.

Officials acknowledge that such an approach – if pursued – would be rife with complexities. It could also have grave consequences for the UK’s already fragile relationship with the rest of the EU. “There are people talking about this,” a diplomat said, but added: “There are huge questions.”

Downing Street on Sunday said it was “sure” the idea was being discussed in Brussels but rejected the idea of a budget deal without Britain as “not acceptable”.

“Ultimately we have to agree to spending this money,” a spokesman for Mr Cameron said. “We make a significant net contribution and parliament has a strong view on this.”

Mr Cameron has staked out the most aggressive position in the debate over the long-term budget, which will cover roughly €1,000bn in spending from 2014 to 2020, calling for a real-terms freeze from 2011 levels.

Sweden has taken a similar position to the UK and other countries could yet thwart a deal. France’s President François Hollande said on Saturday that “above all, spending on the common agricultural policy must be preserved”.

via EU makes budget plans without UK – FT.com.


Corruption – The American Method

October 8, 2011 12 comments

Not just multinationals that have globalized. People living with a globalized form of socialistic governments also face the same globalized problems. Corruption is one of them.

A study in collusion and corruption  |  Text in the cartoon - How do you want you want your bailout? Billions, Trillions. Please take your bailout, Thank You  |  Cartoon by David Horsey; source and courtesy - spokesmanreview.com  |  Click for larger image.

A study in collusion and corruption | Text in the cartoon - Small screen asks - How do you want you want your bailout? Billions, Trillions. Big display says - Please take your bailout, Thank You | Cartoon by David Horsey; source and courtesy - spokesmanreview.com | Click for larger image.

Obama administration’s mortgage modification program is more than two years old. From the beginning, it’s been apparent that the participating banks and mortgage servicers were breaking the program’s rules. The administration has long argued it has little power to do anything about it. But now, after millions of homeowners have been rejected, the government has decided it’s finally time to crack down.

On Thursday, the Treasury Department announced it would be withholding government subsidies to the country’s three largest mortgage servicers, which are also among the U.S.’s largest banks: Bank of America, Wells Fargo, and JPMorgan Chase. The banks won’t be getting more money until they show “substantial improvement.” (via Eye on the Bailout – ProPublica).

Maya of democracy

Behind the corruption problem, is the ‘modern’ system of governance. Giving unlimited powers to the State is cause for ultimate corruption.

Given a choice of two candidates, selected from some 2,000 collusive politicians, we have been lulled into believing that democracy is greatest thing since sliced bread. Can’t stand either.

Both give me indigestion.

Too big to fail is too big to control also. |  Cartoon dated October 27, 2009  |  By David Horsey  |  Source and courtesy - sfgate.com  |  Click for larger image.

Too big to fail is too big to control also. | Cartoon dated October 27, 2009 | By David Horsey | Source and courtesy - sfgate.com | Click for larger image.

Greed and pain

After taking bailout worth hundreds of billions in US$ (that would be more than Rs.50 crore crores, yes 5 and 16 zeroes), to help homeowners affected by the Great Recession, these banks simply kept the money.

And kept evicting distressed homeowners.

Why did the Government drag its feet for more than 2 years – after serious protests, and clinching evidence?

Corruption? Yes, definitely. Was bribery involved? Don’t know. Is this collusion? Definitely.

Does Shri Bhagwati want to bet anything, that no one is going to jail?

Small guys are statistics

Small business failures is statistics – but big business failure is in ‘national interest’.

This concentration of power at the top, creates a collusive system, where Big People help each other – and the rest of us are statistics.

This pattern has been seen in Communist China and Russia, Socialist countries everywhere (everyone is a socialist now)  – and in Capitalist England and America earlier.

The key

India has been a rich country for most of recorded history

Yet, after 1500 years of recorded history, Indian kings have not left behind fortunes, palaces or monuments. Unlike Rome, Greece, Egypt, China, Babylon, Persia – and everywhere else.

Now that is clean administration. How did India get clean administration for 1500 years?

भारत-तंत्र Bharat-tantra gives you that.


What is भारत-तंत्र Bharat-tantra – The classical Indian system of polity worked on ensuring

4 freedoms

– धर्म (dharma – justice)
– अर्थ (arth – wealth and means)
– काम (kaam – human desires)
– मोक्ष (moksha – liberty)

and

3 rights

– ज़र (jar – gold)
– जन (jan – human ties)
– जमीन (jameen – property)

for all.

Racial attacks on Sikhs in USA continue

June 16, 2011 5 comments
Legal or illegal immigrants - Xenophobia Rules ("Illegal Immigrants" Named "Texan Of The Year" by Dallas Morning News; Cartoon by Daryl Cagle; courtesy - cagematch.dvorak.org). Click for larger image.

Legal or illegal immigrants - Xenophobia Rules ("Illegal Immigrants" Named "Texan Of The Year" by Dallas Morning News; Cartoon by Daryl Cagle; courtesy - cagematch.dvorak.org). Click for larger image.

A Sikh Metropolitan Transportation Authority (MTA) employee was sucker-punched by a man in Brooklyn who accused him of being related to Osama Bin Laden.

Jiwan Singh, 59, an Indian immigrant, was riding a Brooklyn train from his home in Richmond Hill, when the incident took place, the New York Daily News reports.

“He said, “You are the brother of Osama, and I replied, “I am not Osama. I have nothing to do with him,” said Singh, who lost three teeth from the blows. (via Sikh loses three teeth in ‘Osama’s brother’ racial attack in New York – Times Of India).

West – Thy middle name is freedom

In the Land of The Free, Home of the Brave, in the years after 9/11, more than 200 attacks occurred in the US. Among 500,000 Sikhs, in an US population of 30 crores (300 million).

I am not even counting attacks on ‘guilty’ Arabs and other Muslims. Let us not even talk about the Afghan and Iraqi invasions by the US – after 9/11.

Truth of prejudice is stranger than fiction of freedom. (Cartoon By Joe Heller, Published by Green Bay Press-Gazette  -  4/26/2010 12:00:00 AM; courtesy - caglecartoons.com). Click for larger image.

Truth of prejudice is stranger than fiction of freedom. (Cartoon By Joe Heller, Published by Green Bay Press-Gazette - 4/26/2010 12:00:00 AM; courtesy - caglecartoons.com). Click for larger image.

West does not need immi-grunts – for now

A serious problem is many believe that the Western world is about freedom, choice, individual rights, et al. After all even Kasab wants to go to Yumm-rika!

When the West wanted cheap labour from the Rest of the World they changed laws – and made a charade of change. During the Great Recession, with economic stagnation – they no longer need immi-grunts.

If this was not bad enough

These attacks are worse than the 1984 Sikh riots in India – which were not spontaneous, but engineered by political elements. These incidents in the US are obviously spontaneous. Osama was on the opposite side of the world. What could a New Yorker – of any race, colour, have to do with him?

Melting pot, eh?

PS – Thanks for the story, Poonam.

Why does Gujarat-Godhra riots get special treatments from the Supreme Court? Cartoon courtesy - churumuri.wordpress.com). Click for larger image

Why does Gujarat-Godhra riots get special treatments from the Supreme Court? Cartoon courtesy - churumuri.wordpress.com). Click for larger image

News related to 1984 Anti-Sikh Riots

The Hindu : News / National : Anti-Sikh riots: Supreme Court to give verdict on Sajjan’s appeal

CBI had filed two chargesheets against Kumar and others on January 13 in the riots cases registered in 2005 on the recommendation of Justice G. T. Nanavati Commission which inquired into the sequence of events leading to the riots.

1984 anti-Sikh riots: Trial to continue against Sajjan Kumar, says Supreme Court | The India Daily

The Supreme Court today refused to quash the charges of murder and other offences against senior Congress leader Sajjan Kumar and said the trial will continue against him in a 1984 anti-Sikh riots case.

Show details of compensation to 1984 Sikh riot victims: HC – Times Of India

The high court on Friday summoned the secretary concerned, dealing with the payment of compensation to victims of Sikh riots of 1984, on December 22 with records, inquiry reports and list of persons to whom compensation has been paid. The court also appointed a local government lawyer as amicus curiae to extend assistance to it in the matter.

The order was passed by a division bench of Justice D P Singh and Justice S C Chaurasia on a petition of victim, Amar Singh Virk. The petitioner was aggrieved by the meagre payment of compensation to the member of the family, who had died in riots that had occurred in 1984.

A nation of immigrants hates 'immigrunts'! (Cartoon By Dario Castillejos, Dario La Crisis  -  6/9/2010 12:00:00 AM : courtesy - caglecartoons.com). Click for larger image.

A nation of immigrants hates 'immigrunts'! (Cartoon By Dario Castillejos, Dario La Crisis - 6/9/2010 12:00:00 AM : courtesy - caglecartoons.com). Click for larger image.

Related Posts – Racial Attacks on Sikh in USA

Sikh youth brutally assaulted in ‘racial’ attack in US : World: India Today.

A Sikh student was “racially abused” and brutally assaulted after being thrown into a swimming pool in west Texas, the Sikh Coalition, an advocacy group for the community in the United States, said.

Four men brutally assaulted the unnamed graduate Sikh student, who works as a part-time pizza delivery person, the advocacy group said.

US: FBI to probe attack on two elderly Sikhs – Rediff.com India News

A troubled Sikh community shocked by the shooting of their two elderly members on Monday offered a reward of US $ 30,000 for any information leading to the culprits, as the local police said they suspected it to bea hate crime and have called in the Federal Bureau of Investigation to join the manhunt.

The West Sacramento Police in California said they suspect that the tradition turbans worn by the Surinder Singh, 68, and Gurmej Atwal, 78, could have become beacons for an attack on them.

NY Sikh Victim of Brutal Racial Attack May Lose Vision

Jasmir Singh, a 21-year-old Sikh college student was savagely attacked and stabbed in his left eye during an unprovoked attack on Sunday outside a grocery store in Queens, New York by three young men wielding a glass bottle. Jasmir sustained injuries to his left-eye, head, face, and back, and has not regained his vision after undergoing a five hour surgery where he received 18 stitches to his eye.

Police arrested two of the suspected attackers nearby, but the third remains at large. The two arrested have been charged with assault in the first degree and robbery in the first degree, both serious felony charges. United Sikhs is working with the NYPD Community Affairs Liaison to urge police to charge the attackers additionally with hate/bias crime charges.

Abbottabad does not quite add up

May 11, 2011 2 comments
The difference between 'civilized' West and 'barbaric' Islamic world. (Cartoon by John Cole; courtesy - caglecartoons.com). Click for original image.

The difference between 'civilized' West and 'barbaric' Islamic world. (Cartoon by John Cole; courtesy - caglecartoons.com). Click for original image.

Things go bump in the night

In the early hours of 2nd May, 2011, an obscure twitter-user started tweeting  about the US raid on Osama Bin Laden’s safe-house – 35 km from Islamabad, 200 miles south of the Afghanistan border, in Abbottabad. In a city, which houses Pakistan’s equivalent of Indian Military Academy.

But Pakistan’s police, para-military, military forces claimed ignorance, showed surprise, feigned outrage. Par for the course. Was it abject failure or a cover-up in Pakistan , by the powers-that-be?

US triumphalism is misplaced. But then Osama's death will surely get Obama many votes. (Cartoon courtesy - http://jeffreyhill.typepad.com). Click for larger image.

US triumphalism is misplaced. But then Osama's death will surely get Obama many votes. (Cartoon courtesy - http://jeffreyhill.typepad.com). Click for larger image.

Afraid of the mullah-madrasa-mujahid combine, predictably, Pakistan started denying any role in the killing of Osama Bin Laden. Truly Pakistan ‘doth protest too much, methinks’. Secret deal or not, in the past or post-facto, a deal around killing Osama could have been easily hammered out between Pakistan and USA.

It suited both the leaderships.

It is election time in USA

Pakistan was not alone in using Osama. Osama alive was source of US funds for Pakistan. Osama dead is an election ticket and a feel-good factor for the a USA being battered by the Great Recession. As Rajiv Dogra points out, on the opposite side of the world,

The timing suited Obama well. It had long been speculated that Osama would be killed around the time Obama’s re-election campaign kicked off.

Predictably, the US made a song-and-dance about the annual aid of US$3 billion that they dole out to Pakistan. Compared to the US$3 trillion that the US Department of Defence is unable to account for, this talk of US$3 billion makes for poor form.

Pakistan's soldiers patrolling the tribal area of Ditta Kheil in North Waziristan for militants and al-Qaida activists in March.| Photograph by Mohammad Iqbal/Associated Press | Picture courtesy nytimes.com /Click for original image.

Pakistan's soldiers patrolling the tribal area of Ditta Kheil in North Waziristan for militants and al-Qaida activists in March.| Photograph by Mohammad Iqbal/Associated Press | Picture courtesy nytimes.com /Click for original image.

On a lighter – and logical side

Famous for the song केम छे ‘kem che, kem che’ from the film जिस देश में गंगा रहता है Jis Desh Mein Ganga Rahta Hain, a Bollywood songwriter confidently predicted, soon after 9/11, that Bin Laden would be found near the White House or Islamabad!

Coming to India

Memories dimmed, history forgotten, India draws wrong conclusions from these Western adventures in our neighbourhood.

After WWII, as British, French and Dutch colonialists were being thrown out of Asia, in country after country, the West was in real danger of losing markets and raw material sources.

To make war palatable, Desert Bloc invented religion. (Image  source - loonpond.com; artist attribution not available at image  source)

To make war palatable, Desert Bloc invented religion. (Image source - http://loonpond.blogspot.com; artist attribution not available at image source).

A new power, fueled by a growing migrant population, USA, took the place of tired, old powers – Britain, France and the Dutch. Instead of the openly exploitative system of European powers directly running colonial governments in these Asian countries, the US installed an opaque system – which is equally exploitative. To impose its writ on the newly independent Asian countries, the US simply destroyed their  economies by war. The USA, then instituted the innovative USCAP Program and ‘helped’ these countries. These countries (Taiwan, Singapore, Japan, South Korea, Indonesia, Malaysia, et al) were now ruled by overtly independent regimes – but covertly, client states of the USA.

US multinationals and home-grown oligarchs (keiretsus, chaebols, etc.) took over the economy – and sidelined British, French and Dutch companies. To impose this economic model, US armies, using nearly 1 million troops, killed 50 lakh Asians. The takeover of European colonial possessions by the USA was handled over 3 regimes of Eisenhower-Kennedy-Johnson seamlessly.

Between a rampant USA, behind biggest terror spots of the world, and a nuclear-armed, imploding Pakistan, India’s choices are difficult – and reactive policies inadequate.

Once more, Osama’s death and Obama’s antics bring out India’s policy inadequacy in sharp relief.

A ‘caring’ state is a ‘foolish’ mistake

The 'development' paradigm

The 'development' paradigm

The state government caught flak for using words such as “rustic” to describe tribal girls in official documents … Minister, Padmakar Walvi, apologised on behalf of the government …

… 95 adivasi girls had undergone a year-long training in Pune (for) the aviation hospitality sector … Legislators had taken on the government, saying it had “embarrassed these girls” by failing to get them placed. “The government encouraged these girls to become air hostess, but couldn’t provide them with jobs.”

Walvi informed … that the government has so far assisted 37 adivasi girls—who were denied jobs as air hostess—in getting placements in the tourism and hospitality industry. Six of them have been absorbed in airline companies, he added. “The remaining are likely to be recruited in various government departments if they do not get jobs of their choice,” he added. (via State says sorry for calling tribal girls ‘rustic’).

In Mumbai

In 2007, with surging liquidity, with no signs of The Great Recession, the Government of Maharashtra, decided that the fruits of the ‘sunshine’ sectors should also go to the ‘adivasis‘ and ‘dalits‘. So, they decided to spend Rs.1.crore. Said, Dr Vijay Gavit, state tribal development minister to TOI,

“Under the Centre’s welfare scheme for education of tribals, we (the state tribal development department) proposed that our boys and girls be trained in the sunshine sectors. Our proposal for air hostess and pilot training were readily sanctioned by them,’’

Girls from the backward pockets of Nandurbar, Thane and Nagpur are already undergoing the training programme at the privately-run Air Hostess Academy in Pune. The Centre is bearing over Rs 1 crore for the programme.

Presently the Centre pays Rs 1 lakh towards the one year air hostess course which includes tuition fees, hostel and uniform costs.

The minister said it was essential to keep up with the changing times so as to bring the socially and economically backward tribal community with the mainstream. Instead of making the tribal students go through some course which have lost all relevance in present times, we decided that they be trained to meet challenges in the modern era.

Is this the ‘development’, the ‘modern’ careers, that the ‘caring’ Government wishes on the ‘Adivasis‘!

In New Delhi

Two years after Mumbai, the next great ‘revolution’ in Indian economy after the BPO ‘thing’ was ushered by the ILO and GoD (Government of Delhi) under Chief Minister, Sheila Dikshit. ILO-GoD are going to train domestics and ‘upgrade their skills. With this ‘revolution’ India’ can become the global source for ‘true’ coolie labour – a source for domestics, for any country in the world. The New Delhi State Government

launched the programme for skill development of domestic workers, a programme to turn out trained housemaids for the rich and the burgeoning middle class. And in this endeavour, it had impressive sponsors: the International Labour Organisation (ILO) no less, the Union Ministry of Labour and Employment and the Delhi government, all under the umbrella of the high-sounding National Skill Development Programme. (via Latha Jishnu: The commons and the classes).

‘Caring’ Governments … ‘foolish mistakes’

I forgot to charge my cell phone! Foolish mistake, right? Everyday mistakes are usually foolish! And to believe that Governments can be caring, is a ‘foolish’ mistake! Apparently, colonialism never died. We now seem to just have Brown masters instead of White masters!

What a waste!

Of course, like Latha Jishnu (the author) of the article points out, no one is really interested in ensuring that all Indians go to equally good and high quality schools. Because then where will and “how would one get the endless flow of domestic helpers”. A dubious policy by the Government that cynically feeds on a trusting (gullible?) population!

To become domestics and air hostesses.

SEC to sue Goldman Sachs

April 20, 2010 1 comment

The gentle art of suing Big Guns

SEC’s decision to sue Goldman Sachs, brings to an end, a long drama.

In August and September of 2008, 2ndlook was calling for investigations into the collapse of Bear Sterns, Lehman, et al. When the Great Recession was not real – and only a fear. While Preet Bharara was busy building a flimsy case against Rajarathnam? When Bharara should have been investigating Hank Paulson, the Former Treasury Secretary, under whose watch many bankruptcies happened. Conveniently in favour of JP Morgan and Goldman Sachs. Even now, this investigation,

To say that it comes at an awfully convenient time for President Barack Obama’s Democrats is a colossal understatement.

With mid-term elections just a few months off and the U.S. Congress set to debate a massive financial regulatory reform package — one that Wall Street lobbyists and their pals in the Senate have been fighting every step of the way — the suit offers tailor-made reformist ammo for Obama & Co.

Birds of feather

Khuzami tells us that Goldman Sachs is cared. Tell that to the birds!

Khuzami tells us that Goldman Sachs is cared. Tell that to the birds!

By sending a notice to Goldman Sachs, in July 2009, SEC gave enough time to Goldman Sachs to enable them to prepare adequately for an extended court-room battle. Businessweek  writes about three issues,

Robert Khuzami, shortly after becoming the Securities and Exchange Commission’s enforcement chief last year, told Congress the agency must be willing to fight big cases to show it poses a “credible threat.”

Does Khuzami think that SEC scares Goldman Sachs? With the kind of money power that Goldman Sachs has, it can manage a battle with SEC for an entire generation. What SEC’s action will do is scare the likes of the co-accused in the Rajarathnam case. Extremely small fry. Even Rajarathnam was  not scared of SEC. Minions – that is who Khuzami is trying to scare.

European regulators are following the SEC’s case. Britain’s Financial Services Authority said today it will start a formal probe of Goldman Sachs’s London unit. BaFin, Germany’s financial-services regulator, is requesting information from the SEC about the case.

Big Business loves regulatory overload. It kills competition!

Big Business loves regulatory overload. It kills competition!

Win over voters. Avoid charges of collusion. Shake the money tree. Gordon Brown has a tough election to win. In the middle of the Great Recession, the German Government needs to show ‘resolve.’ In the meantime, AIG has also decided to try a shakedown.

The SEC’s Republican commissioners, Kathleen Casey and Troy Paredes, opposed the lawsuit against Goldman Sachs, which was approved in a 3-2 vote, two people with knowledge of the matter said yesterday.

Nobody’s ‘tellin’ but everybody knows. Big business and Big Government. That is the axis on which ‘progressive’ economies of the world are being built – and depend on. Or become a large public-sector enterprise – like Europe has become. This is the regulation gambit.

Government’s impose regulation to eliminate the small players – who cannot bear the regulatory overload and compliance costs. More regulation helps the big players – and big players have the financial and bureaucratic muscle to manage excess regulation.

The trouble with Hank

Was Hank Paulson making it easier for his ex-employer Goldman to buy up competitors? Was he helping out JP Morgan with WaMu and Bear Stearns? It was well-known that JPMorgan Chief, Jamie Dimon had long drooled over WaMu. While a lot of stressed organizations were getting support, Hank Paulson allowed Lehman to go under! JPMorgan was being blamed for Lehman collapse.

US bank JPMorgan Chase stands accused of precipitating the collapse of American investment bank Lehman Brothers by freezing Lehman assets days before it filed for bankruptcy protection, the Sunday Times reported.

After 60 Days

Was Paulson looking at his own future, while deciding on the future of Bear Stearns, Lehman Brothers, WaMu? How 60 days later, when he would need a new job! Was the collapse of Lehman, a deal for a job with Goldman – or was it JP Moran Chase? While a lot of people were getting support, Paulson allowed Lehman to go under!

I wonder why?

Transparency International does not call this corruption. But then, that is par for the course!

Been there and done that

In a democracy, people have choice!

In a democracy, people have choice!

This is very similar to Joseph Kennedy’s shorting the market before The Great Depression. It has always been a source of wonder to me how could Joseph Kennedy, a bootlegger and a friend of the mafiosi become SEC Chairman? And after that, could the Great Depression not follow?

It was always 2ndlook’s suspicion that Hank Paulson’s behaviour in the Lehman collapse is similar to Bootlegger Kennedy’s behaviour. And this now coming out all in the open!!

The biggest bankruptcy in history might have been avoided if Wall Street had been prevented from practicing one of its darkest arts.

As Lehman Brothers Holdings Inc struggled to survive last year, as many as 32.8 million shares in the company were sold and not delivered to buyers on time as of September 11, according to data compiled by the Securities and Exchange Commission and Bloomberg. That was a more than 57-fold increase over the prior year’s peak of 567,518 failed trades on July 30.

The SEC has linked such so-called fails-to-deliver to naked short selling, a strategy that can be used to manipulate markets. A fail-to-deliver is a trade that doesn’t settle within three days.

“We had another word for this in Brooklyn,” said Harvey Pitt, a former SEC chairman. “The word was ‘fraud.’” (via Naked short sales hint fraud in bringing down Lehman).

Back then in 2008, first, the world was hit by Big Oil at US$150 per barrel. As though that  was not enough, came the Big Banks! After Big Oil and Big Banks, we will have the pleasure of getting the The Big Lie!

Goebbels is alive, well and kicking. All of us.

European banks growing bigger

December 6, 2009 Leave a comment
Each time the music stops. there are fewer players
Each time the music stops. there are fewer players

European banks are emerging from the credit crisis bigger than before, posing more risk to their national economies. BNP Paribas, Barclays and Banco Santander are among at least 353 European lenders that have increased in size since the beginning of 2007. Fifteen European banks now have assets larger than their home economies, compared with 10 lenders three years ago. (via European banks growing bigger, sowing seeds for the next crisis).

Concentration of power

What this has done is increase the concentration of power, risk, capital, manipulation into the hands of a few people. With Europe, USA and Japan dominating the Fortune 500 listing, with Super-mega corporations, the  outlook for dilution of power and risk seems bleak and remote.

The other risk is again the full-employment economic model. Mega corporations, which can be easily controlled at arm’s length by the State, dominate the economic sphere. Power is concentrated in the hands of less than 0.1% of the population. Less than 300,000 people control the US economy of more than 30 crore people (300 million).

Jobs for everyone

So, what happens to the 99.9% people who do not control the economy?

They are given jobs. They become employees, associates, apprentices, trainees, understudies, etc – who will fulfill the purpose of these 300,000 people-in-power. From the media and academia, public and private sector, NGOs and Government, bureaucrats and business managers.

Sleight of hand

And while our attention diverted by war, crisis, threats, the real game is being played somewhere else – out of sight and out of bounds.

Self employment, independence, small business are driven out of business by channeling increasing amounts of debt to organizations controlled by the O.1% of the powerful people.

This growth in banks beyond the size or the home economies signifies greater concentration of wealth – and not less. The world would do well to remember that East India Company was after all a company, a private company!

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