Tag Archives: FRAUD

THE STATE OF NEW JERSEY IS GIVING GOLDMAN SACHS $1MILLION A MONTH OF TAX PAYERS MONEY FOR INSURANCE ON BONDS THAT DON'T EXIST

GREETINGS,

 

  YEP YOU READ THE HEADLINES RIGHT.I GUESS ITS A CASE OF FAT CATS HELPING FAT CATS UNTIL OUTRAGE REACHES A PEAK?…….AND THIS IS TAKING PLACE WHILE THEY CONTINUE TO SUFFER BUDGET GAPS AND SERVICES AND PAY CONTINUES TO GET REDUCED.BUT THAT REALLY DOESN’T MATTER BECAUSE…..THEY CAN ALWAYS FIND A LITTLE CHANGE IN THE COUCH FOR GOLDMAN SACHS!

Goldman Sachs Still Paid for Swaps on Redeemed Bonds (Update2)

 

By Dunstan McNichol

Oct. 23 (Bloomberg) — New Jersey taxpayers are sending almost $1 million a month to a partnership run by Goldman Sachs Group Inc. for protection against rising interest costs on bonds that the state redeemed more than a year ago.

The most-densely populated U.S. state is making the payments under an agreement made during the administration of former Governor James E. McGreevey in 2003, when New Jersey’s Transportation Trust Fund Authority sold $345 million in auction-rate bonds whose yields fluctuated with short-term interest costs. The agency finances road and rail projects.

“This vividly shows the risk of entering into interest- rate swap agreements,” said Christopher Taylor, former executive director of the Municipal Securities Rulemaking Board in Alexandria, Virginia. “The world’s got to see what stupidity even the sophisticated investors like the transportation fund can get into.”

While New Jersey replaced the debt with fixed-rate securities in 2008 after the $330 billion auction-rate bond market froze, the swap — in which two parties typically exchange fixed payments for ones based on floating interest rates — isn’t scheduled to expire until 2019. Continue reading

AN ANGLO ECONOMIST VIEW ON THE SO-CALLED ECONOMIC RECOVERY

GREETINGS,

HERE IS AN INTERESTING READING BY AN ANGLO ECONOMIST WHO HAS DOUBTS ABOUT AMERICA’S SO-CALLED ECONOMIC RECOVERY……
“A second Great Depression is still possible
October 11, 2009 4:37pmby FT
By Thomas Palley

Over the past year the global economy has experienced a massive contraction, the deepest since the Great Depression of the 1930s. But this spring, economists started talking of “green shoots” of recovery and that optimistic assessment quickly spread to Wall Street. More recently, on the anniversary of the Lehman Brothers crash, Ben Bernanke, Federal Reserve chairman, officially blessed this consensus by declaring the recession is “very likely over”.
The future is fundamentally uncertain, which always makes prediction a rash enterprise. That said there is a good chance the new consensus is wrong. Instead, there are solid grounds for believing the US economy will experience a second dip followed by extended stagnation that will qualify as the second Great Depression. Some indications to this effect are already rolling in with unexpectedly large US job losses in September and the crash in US automobile sales following the end of the “cash-for-clunkers” programme. Continue reading

THE FINANCIAL CRISIS UNPLUGGED

GREETINGS

 

“The stated objective of the bank bailout programs is to alleviate the banks’ burden of bad debts and non-performing loans. Continue reading

A SIGN OF WHAT'S TO COME

GREETINGS,

 

I NOTICED HOW A MAN OR A WOMAN WHO IS FORCED TO STEAL A LOAF OF BREAD OR A COUPLE OF DOLLARS TO FEED HIS/HER FAMILY OR PAY A BILL IS NOT GIVEN ANY MERCY AND GETS HAULED OFFED TO JAIL WITH STIFF PENALTIES,BUT THOSE WHO DEFRAUD THOUSANDS TO STEAL MILLIONS OR BILLIONS GET NOTHING.

 THERE IS NO WAY A COMPANY WITH OVER 100 STORES AND THOUSANDS OF EMPLOYEES CAN TELL ME THAT THEY ALL OF A SUDDEN CAN’T PAY THE EMPLOYEES OR CAN PAY THEIIR HEALTHCARE OR CAN’T GIVE THEM A FEW WEEKS NOTICE OF TERMINATION OR CAN’T GIVE THEM THERE FINAL PAYCHECK THAT IS DUE TO THEM . THAT IS THEFT ON A GRAND SCALE.THAT IS FRAUD ON A GRAND SCALE.THAT IS STEALING ON A GRAND SCALE. Continue reading

COMPUTER GLITCH IN CANADA LEAVES MILLIONS IN U.S. BROKE

GREETINGS,

 

TD Bank Says U.S. Account Processing Is Delayed (Update3)

 

By Sean B. Pasternak and Jamie McGee

Oct. 1 (Bloomberg) — Toronto-Dominion Bank, Canada’s second-biggest bank by assets, said technical glitches delayed the processing of bank transactions at some U.S. branches today.

Toronto-Dominion converted some of its branches in the U.S. from Commerce Bancorp Inc. to its TD Bank brand over the weekend, spokesman Nick Petter said. The Toronto-based bank acquired Commerce in March for about $7.1 billion, giving it about as many branches in the U.S. as in Canada. Continue reading