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Posts Tagged ‘goldman sachs’

The Hunt for MF Global’s Missing $700 Million

Posted by Admin on November 1, 2011

http://news.yahoo.com/hunt-mf-globals-missing-700-million-133012682.html

By Rebecca Greenfield | The Atlantic Wire – 2 hrs 43 mins ago

MF Global, headed by former New Jersey Senator and Goldman Sachs CEO Jon Corzinefiled for bankruptcy yesterday, but reports that $700 million is missing has spooked creditors and others on Wall Street,  reports DealBook’s Azam Ahmad. Best case scenario, the “missing money” is just sloppy “internal controls,” but worst case scenario, the financially unstable MF Global diverted customer funds to back its own trades. Either way, the news has made MF Global’s chance for survival dim, report DealBook’s Ben Protess, Michael J. De La Merced and Susanne Craig. “Customers’ funds must be kept separate from company money,” they write. “One of the basic duties of any brokerage firm is to keep track of customer accounts on a daily basis.” For now, neither Corzine or MF Global have been accused of anything, but the firm has been suspended from trading on the London Mercantile Exchange and futures market CME Group, reports the San Francisco Chronicle.

Related: How Jon Corzine Bankrupted His Firm

Yesyerday the market closed down 276 points, on fears that the trouble at MF Global would spread to other firms, explains Ahmad. “With MF Global filing for bankruptcy on Monday, investors pummeled many financial stocks, fearful that problems were lurking on the books of other Wall Street firms,” he writes. “It was a crisis of confidence, not unlike in 2008 when the markets punished stocks on mere speculation of trouble.” But it might not be as bad as 2008, MF Global’s rocky status didn’t have the same effects as the Lehman Brothers debacle, explain The Wall Street Journal‘s Mike Spector, Jacob Bunge and Aaron Lucchetti. “The ripple effects from MF Global’s collapse were far less dire, though customers and traders who buy and sell stocks, commodities and other investments through the New York company scrambled to move their business elsewhere.”

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Rajat Gupta’s trial set for April 9

Posted by Admin on October 28, 2011

http://in.news.yahoo.com/rajat-guptas-trial-set-april-9-043623343.html

By Indo Asian News Service | IANS – 12 hours ago

New York, Oct 27 (IANS) A New York court has set April 9 as the tentative date for the trial of Rajat Gupta, former Indian American director of Goldman Sachs after he pleaded not guilty to insider-trading charges.

India-born Gupta, 62, who had surrendered to the FBI Wednesday morning, was freed after posting $10 million bond, secured by his home in Westport, Connecticut. But he was ordered to surrender his passport and not to travel outside the United States.

As Gupta appeared before Magistrate Kevin Fox wearing a navy blue suit and red tie, he remained silent except when asked if he understood his rights. ‘Yes I do, your honour,’ he replied.

Gupta, who also served as a board member at Proctor & Gamble, faces one count of conspiracy to commit securities fraud and five counts of securities fraud, according to the indictment filed in the court. The criminal charges could land him in prison for 105 years.

Gupta, has previously been accused of tipping convicted hedge fund manager Raj Rajaratnam with inside information about the quarterly earnings of both Goldman Sachs and Proctor & Gamble. Additionally, when Warren Buffett readied his $5 billion investment in Goldman Sachs in 2008, the SEC said Gupta called Rajaratnam before it was publicly announced.

Gupta’s lawyer Gary Naftalis, of the firm Kramer Levin, called the government’s criminal case ‘flawed’ and based on ‘unreliable evidence being used in an attempt to bring down a man of sterling reputation.’

‘The facts demonstrate that Gupta is an innocent man and that he has always acted with honesty and integrity,’ Naftalis said in a statement Wednesday.

Laying out the accusations against Gupta, Manhattan US Attorney Preet Bharara said: ‘Rajat Gupta was entrusted by some of the premier institutions of American business to sit inside their boardrooms, among their executives and directors, and receive their confidential information so that he could give advice and counsel for the benefit of their shareholders,’

‘As alleged, he broke that trust and instead became the illegal eyes and ears in the boardroom for his friend and business associate, Raj Rajaratnam, who reaped enormous profits from Gupta’s breach of duty.’

‘The conduct alleged is not an inadvertent slip of the tongue by Gupta,’ FBI Assistant Director-in-Charge Janice Fedarcyk said in a statement.

‘His eagerness to pass along inside information to Rajaratnam is nowhere more starkly evident than in the two instances where a total of 39 seconds elapsed between his learning of crucial Goldman Sachs information and lavishing it on his good friend. That information (captured by the FBI) was conveyed by phone so quickly it could be termed instant messaging.’

On Wednesday, the Securities and Exchange Commission also filed a civil complaint against Gupta and Rajaratnam, alleging an ‘extensive insider trading scheme.’

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There’s No Way In Hell We’re Making It To Nov 2012

Posted by Admin on September 30, 2011

http://beforeitsnews.com/story/1152/460/There_s_No_Way_In_Hell_We_re_Making_It_To_Nov_2012.html

Tue Sep 27 2011 19:41

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Adding to last night’s BBC spot of Mr. Rastani’s truth-telling, we have yet another experienced market trader telling the full-monty of truth:

Here is a piece from ZeroHedge.com that hopefully will make you all understand, once and for all, that this ain’t the 1930′s, and that there is absolutely no way in hell that this Republic is going to make it to November 2012.

Five Banks Account For 96% Of The $250 Trillion In Outstanding US Derivative Exposure; Is Morgan Stanley Sitting On An FX Derivative Time Bomb?

Summary: The five largest banks in the U.S. (JP Morgan Chase, Citibank, Bank of America, Goldman Sachs and HSBC) are carrying $238 TRILLION dollars in derivative exposure. JP Morgan alone is carrying $78 TRILLION in derivative exposure BY ITSELF.

Okay, what the hell is derivative exposure? What this is referring to are over-the-counter non-exchange traded forward delivery (or “futures”) contracts of various kinds. I am a futures broker, but I only execute futures contracts on the futures exchanges, namely the Chicago Mercantile Exchange and the New York Mercantile Exchange. About ten years ago a new “novelty” emerged in the futures business – the so-called “over-the-counter” contracts. There was a kid in the office I worked in who got wind of this and had all kinds of stars in his eyes about making a killing off of these “OTC” contracts because the brokers’ commissions were not a flat fee but a percent of the contract value. Here’s the problem with OTC contracts: there is no exchange standing between the buyer and seller as a guarantor.

In my business, when a customer executes a trade on a futures or options contract, it makes no difference who the other guy is on the other side of the trade, be it executed electronically or in the pit. None of us have to worry for a second about the counterparty on our executions because the EXCHANGE ITSELF stands between ALL transactions as the ultimate guarantor. The exchange then enforces the financial requirement rules with the Clearing Houses, the Clearing Houses enforce the financial requirement rules with the brokers, and the brokers enforce the financial requirement rules with the customers. That is the chain of financial responsibility. So, even if a customer bugs out and fails to financially perform on a contract, the contract WILL BE MADE GOOD by extracting the money from the broker, then the Clearing House and finally the Exchange.  This massive enforcement buffering is what gives the system integrity.

OTC contracts have no exchange. They are a flipping free-for-all. If someone bugs out on a contract, the poop hits the fan. The counterparty has their pants around their ankles and the broker is caught in the middle. That’s why when that kid in my office years ago got all starry-eyed, I thought to myself, “I wouldn’t do that OTC crap if you put a gun to my head – no matter what the commissions were. It would be Russian Roulette. Eventually someone would default and it would financially destroy the broker instantly, and perhaps the counterparty as well.”

Let’s take my business – cattle futures. One contract is 40,000 pounds of live cattle. The spot contract settled at $119.725 per hundred pounds today. So, 40,000 pounds X $1.19725 (shift the decimal) = $47,890 total value of the contract. Since this is an exchange traded instrument, the customer doesn’t really don’t have to worry about default and can go ahead and book that $47,890 today, and it will be offset at a later time, and the net of the entry and exit will be the P&L. The contract isn’t going to default, so the derivative exposure is limited.

Okay. These banks are carrying these OTC futures contracts with NO exchange to guarantee anything. And they are carrying these contracts largely WITH EACH OTHER. So JP Morgan might be the long and Goldman Sachs, or some insolvent bank in Europe is the short on the other side. If these banks default, which is now a mathematical certainty because they are not only insolvent, but insolvent multiple times over and there isn’t enough money in the world to bail them out, there is going to be a cascading default on all of these OTC contracts.

Now look at the value and exposure of these OTC derivatives again: the top 5 banks in the US alone have exposure of $238 TRILLION dollars.

The total GDP of the United States is $14.5 Trillion.

The total GDP of China is $6 Trillion.

The total land mass on earth is 36.8 billion acres. If every acre of land on earth was “sold” for $6467 per acre, that would total $238 Trillion.

JP Morgan BY ITSELF has derivative exposure equal to over FIVE TIMES the value of the entire US GDP.

And no, there will not be a 1:1 offsetting in a collapse, because the collapse will be asymmetrical, and the bankrupt party will first pursue FULL payment on its “longs” (think of these as accounts receivables) while its “shorts” (accounts payable) will only pay out 20 cents on the dollar OR LESS. In other words, these entities will tear each other apart in a mad dogfight and this dogfight will take the entire world down with it.

TWO HUNDRED AND THIRTY-EIGHT TRILLION DOLLARS.

AND THAT IS JUST FIVE BANKS.

AND THE MASSIVELY CORRUPT AND INCOMPETENT SECURITIES REGULATORS, BOTH GOVERNMENTAL AND PRIVATE, SAT BY AND WATCHED THIS HAPPEN. That is what happens when you let a group of criminals run a bureaucracy of affirmative action hires to “audit” the financial industry. Scroll down and read my post titled “There Must Be A Reckoning.”

It’s over. There is no coming back from this. The only thing that can happen is a total and complete collapse of EVERYTHING we now know, and humanity starts from scratch. And if you think that this collapse is going to play out without one hell of a big hot war, you are sadly, sadly mistaken.

Ann Barnhardt – Barnhardt Capital Management, Inc.

I’m going to add to what Ann has explained so well:

By the end of 2007, all the Too-Big-to-Fail (TBTF) banks were writing these things hand-over-fist because they already knew they were in doo-doo.  All this did was put massive leverage into the system…..debt, leveraged upon debt, with no asset value behind much of it.   And here is where it gets truly ugly for my conservative friends who refuse to look at Wall Street as the criminals they are: THEY DID THIS KNOWING FULL WELL THE MAJORITY OF THE DERIVATIVES THEY WERE CREATING WERE FRAUDULENT AND BACKED BY NOTHING.   How do I know this?  A myriad of lawsuits filed all over the country with a literal shitton of depositions on discovery.  These are not lawsuits filed by merely disgruntled foreclosure victims; these are lawsuits filed by large insurance companies like Allstate and MetLife, and even The Federal Housing Finance Agency (FHFH) because they all realized far too late that they’d been sold worthless crap.  This is not to mention how adamantly the TBTFs have lobbied against any whiff of the idea of forcing these things onto an exchange where they would be made transparent.  That’s pretty much a tipoff that they’re hiding something very bad.  If the used car salesman won’t let you look under the hood, you can be pretty sure there’s something there you won’t like much.

The idea Wall Street had here with creating these fraudulent pieces of toxic waste was that if even a fraction of these ‘paid out’ for them, they could ‘save themselves.’  Unfortunately this doesn’t work when Wall Street runs out of suckers; you know, pension plans, insurance companies, retail investors and other places they could sell these things to without anyone understanding what they were buying.  Most importantly, when they ran out of suckers they could put into home loans they couldn’t afford, this was the beginning of the end and the whole scheme began to unravel.

Even better, our government not only looked the other way when they were made aware of what was going on, they began to aid and abet the criminal activity….because the TBTFs convinced the government that ‘economic meltdown could be avoided’ if they were just given time for the ‘asset values to come back.’  THIS whole game was facilitated by none-other than Hank Paulson.  You know, ‘Mr-I-Have-A-Bazooka.’

Our entire global economy is a giant Ponzi Scheme.  Makes Social Security look like a rounding error.  This also gives one a better perspective on the stock market movements.  (Yeah, 400 point Dow Jones Industrial ranges in a day is a ‘stable market’.)  What the market is now is merely the TBTF banks chasing government cheese.  Where is the next bailout coming from?  Wherever they THINK it is (and since they push for it, they have a good idea), they front run it and pile in, using HFT to try to position better than the next TBTF.  Who is going to get the next ‘exemption from the law’?  Wherever they think THAT is coming next, again, they go ‘all-in’ – thus providing the massive swings in the market with both bonds (treasuries and corporate debt) and stocks.   Any idea that there is ANYTHING left of a ‘free-market’ is a LIE.  Wake up and smell the Ponzi conservatives, and stop defending the criminals with your cries of ‘it’s anti-capitalist to protest against Wall Street.’  It’s not about your neighbor getting a free house, it’s about massive, global, legalized financial rape.

Wall Street a/k/a the Too-Big-To-Fails are chasing corruption.  They’re chasing legalized theft sanctioned by our government and you can watch it in real-time every day….just pull up a stock chart.  Any stock chart.

Have a nice day.

Perhaps now you will start screaming STOP THE LOOTING & START PROSECUTING!

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Goldman Suchs, truly…

Posted by Admin on April 23, 2010

Goldman Sucks

Goldman Sucks

Something truly extraordinary has happened. The Securities and Exchange Commission (SEC) has charged Goldman Sachs, the greedy, grasping, Midas heart of the Old World Order, with fraud, prompting an immediate slump of over 12% in their share price.

For once, the victims of the evil empire of Goldman Sachs were not the ordinary people, but their own big clients, including the German bank IKB.

This is a momentous hour. Like rats in a sack, the Old World Order have viciously turned on each other. Their united front is disintegrating.

How did it come about? What did Goldman Sachs do that was so outrageous that the SEC could no longer turn a blind eye to the myriad of transactions performed by Goldman Sachs that should have attracted the most serious scrutiny long ago?

What happened was that the hedge fund Paulson & Co, one of the most spectacular beneficiaries of the Credit Crunch, earning billions of dollars while so many other were losing billions, put together a complex portfolio of subprime-mortgage-backed investments that it fully expected to slump in value i.e. it was actually assembling a collection of what it thought were the highest risk, most dubious investments available, and anticipating maximum downside on this portfolio. Its explicit strategy was to bet heavily against this portfolio i.e. to “short” it to the fullest extent. In other words, Paulson & Co regarded this portfolio as utterly toxic, a disaster in the making. This portfolio was “dead man walking” if ever there was one.

Paulson & Co arranged for Goldman Sachs to structure, market and sell this portfolio to its prestigious clients. Goldman Sachs gave it the full, glossy treatment, indicating to many clients that they would be sitting on a potential goldmine if they invested in this portfolio. They completely omitted to mention to all would-be clients that Paulson & Co regarded this portfolio as a collection of the walking dead – a zombie fund heading for the graveyard. Isn’t this a critical piece of information about which every potential client ought to have been made aware? It’s a bit like selling a house for full market value when you know it’s sitting on the edge of a crumbling cliff, a fact that you deliberately fail to tell the purchaser.

In fact, they didn’t mention Paulson & Co at all. They claimed instead that ACA Management, an objective, independent third party with expertise in analyzing risk, had assembled the portfolio. They must have known that if they had admitted the involvement of Paulson & Co, investors might have viewed it entirely differently, given the reputation of hedge funds.

The Goldman Sachs “vice president” at the heart of the scandal is a Frenchman called Fabrice Tourre. In an email sent to a friend a month before he helped to structure the toxic portfolio, Tourre said, “More and more leverage in the system. The whole building is about to collapse anytime now … Only potential survivor, the fabulous Fabrice Tourre … standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implication of those monstrosities!!!”

Tourre was described as a “well-mannered, handsome guy from a very refined family.” He had a reputation for throwing noisy parties in his fashionable block of flats. He was a ‘straight-A’ student at the Lycee Henri IV, one of France’s most elite schools, housed in an exquisite 6th Century abbey in Paris. He then studied mathematics at the Ecole Centrale Paris, a top French university, before completing his elite education with the obligatory trip to the USA where he obtained a master’s degree from Stanford. He worked in a luxurious office in a prime location in London.

Read the rest of this entry »

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Goldman Sachs FRAUD Charges Filed By SEC Over Subprime Mortgage Securities

Posted by Admin on April 21, 2010

Huffington Post

Goldman Sucks

Goldman Sucks

April 16, 2010

http://www.huffingtonpost.com/2010/04/16/sec-goldman-sachs-charged_n_540377.html

The government has accused Goldman Sachs of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was faltering.

The Securities and Exchange Commission announced Friday civil fraud charges against the Wall Street powerhouse and one of its executives. The agency alleges Goldman failed to disclose that one of its clients helped create — and then bet against — subprime mortgage securities that Goldman sold to investors. In essence, Goldman is accused of pushing a mortgage investment that was secretly devised to fail.

Investors in the mortgage securities are alleged to have lost more than $1 billion, the SEC noted.

The SEC claims Goldman Sachs and one of its top officers misled investors by not disclosing that hedge fund manager John Paulson, who made billions betting against the housing market, selected the assets that went into a complex security called “Abacaus.”

Paulson & Co. is one of the world’s largest hedge funds, and paid Goldman roughly $15 million for structuring these deals in 2007.

“The simultaneous selling of securities to customers and shorting them because they believed they were going to default is the most cynical use of credit information that I have ever seen,” finance expert Sylvain R. Raynes told the New York Times about such deals. “When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone else’s house and then committing arson.”

Goldman Sachs shares fell more than 10 percent after the SEC announcement.

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The Battle of the Titans: JP Morgan Versus Goldman Sachs

Posted by Admin on February 8, 2010

The Battle of the Titans: JP Morgan Versus Goldman Sachs
Or Why the Market Was Down for 7 Days in a Row
Global Research, January 29, 2010
Web of Debt – 2010-01-28

We are witnessing an epic battle between two banking giants, JPMorgan Chase (Paul Volcker) and Goldman Sachs (Geithner/Summers/Rubin). Left strewn on the battleground could be your pension fund and 401K.

The late Libertarian economist Murray Rothbard wrote that U.S. politics since 1900, when William Jennings Bryan narrowly lost the presidency, has been a struggle between two competing banking giants, the Morgans and the Rockefellers. The parties would sometimes change hands, but the puppeteers pulling the strings were always one of these two big-money players. No popular third party candidate had a real chance at winning, because the bankers had the exclusive power to create the national money supply and therefore held the winning cards.

In 2000, the Rockefellers and the Morgans joined forces, when JPMorgan and Chase Manhattan merged to become JPMorgan Chase Co. Today the battling banking titans are JPMorgan Chase and Goldman Sachs, an investment bank that gained notoriety for its speculative practices in the 1920s. In 1928, it launched the Goldman Sachs Trading Corp., a closed-end fund similar to a Ponzi scheme. The fund failed in the stock market crash of 1929, marring the firm’s reputation for years afterwards. Former Treasury Secretaries Henry Paulson, Robert Rubin, and Larry Summers all came from Goldman, and current Treasury Secretary Timothy Geithner rose through the ranks of government as a Summers/Rubin protégé. One commentator called the U.S. Treasury “Goldman Sachs South.”

Goldman’s superpower status comes from something more than just access to the money spigots of the banking system. It actually has the ability to manipulate markets. Formerly just an investment bank, in 2008 Goldman magically transformed into a bank holding company. That gave it access to the Federal Reserve’s lending window; but at the same time it remained an investment bank, aggressively speculating in the markets.  The upshot was that it can now borrow massive amounts of money at virtually 0% interest, and it can use this money not only to speculate for its own account but to bend markets to its will.

But Goldman Sachs has been caught in this blatant market manipulation so often that the JPMorgan faction of the banking empire has finally had enough. The voters too have evidently had enough, as demonstrated in the recent upset in Massachusetts that threw the late Senator Ted Kennedy’s Democratic seat to a Republican. That pivotal loss gave Paul Volcker, chairman of President Obama’s newly formed Economic Recovery Advisory Board, an opportunity to step up to the plate with some proposals for serious banking reform. Unlike the string of Treasury Secretaries who came to the government through the revolving door of Goldman Sachs, former Federal Reserve Chairman Volcker came up through Chase Manhattan Bank, where he was vice president before joining the Treasury. On January 27, market commentator Bob Chapmanwrote in his weekly investment newsletter The International Forecaster:

“A split has occurred between the paper forces of Goldman Sachs and JP Morgan Chase. Mr. Volcker represents Morgan interests. Both sides are Illuminists, but the Morgan side is tired of Goldman’s greed and arrogance. . . . Not that JP Morgan Chase was blameless, they did their looting and damage to the system as well, but not in the high handed arrogant way the others did. The recall of Volcker is an attempt to reverse the damage as much as possible. That means the influence of Geithner, Summers, Rubin, et al will be put on the back shelf at least for now, as will be the Goldman influence. It will be slowly and subtly phased out. . . . Washington needs a new face on Wall Street, not that of a criminal syndicate.”

Goldman’s crimes, says Chapman, were that it “got caught stealing. First in naked shorts, then front-running the market, both of which they are still doing, as the SEC looks the other way, and then selling MBS-CDOs to their best clients and simultaneously shorting them.”

Volcker’s proposal would rein in these abuses, either by ending the risky “proprietary trading” (trading for their own accounts) engaged in by the too-big-to-fail banks, or by forcing them to downsize by selling off those portions of their businesses engaging in it. Until recently, President Obama has declined to support Volcker’s plan, but on January 21 he finally endorsed it.

The immediate reaction of the market was to drop – and drop, day after day. At least, that appeared to be the reaction of “the market.” Financial analyst Max Keiser suggests a more sinister possibility. Goldman, which has the power to manipulate markets with its high-speed program trades, may be engaging in a Mexican standoff. The veiled threat is, “Back off on the banking reforms, or stand by and watch us continue to crash your markets.” The same manipulations were evident in the bank bailout forced on Congress by Treasury Secretary Hank Paulson in September 2008.

In Keiser’s January 23 broadcast with co-host Stacy Herbert, he explains how Goldman’s manipulations are done. Keiser is a fast talker, so this transcription is not verbatim, but it is close. He says:

“High frequency trading accounts for 70% of trading on the New York Stock Exchange. Ordinarily, a buyer and a seller show up on the floor, and a specialist determines the price of a trade that would satisfy buyer and seller, and that’s the market price. If there are too many sellers and not enough buyers, the specialist lowers the price. High frequency trading as conducted by Goldman means that before the specialist buys and sells and makes that market, Goldman will electronically flood the specialist with thousands and thousands of trades to totally disrupt that process and essentially commandeer that process, for the benefit of siphoning off nickels and dimes for themselves. Not only are they siphoning cash from the New York Stock Exchange but they are also manipulating prices. What I see as a possibility is that next week, if the bankers on Wall Street decide they don’t want to be reformed in any way, they simply set the high frequency trading algorithm to sell, creating a huge negative bias for the direction of stocks. And they’ll basically crash the market, and it will be a standoff.  The market was down three days in a row, which it hasn’t been since last summer. It’s a game of chicken, till Obama says, ‘Okay, maybe we need to rethink this.’”

But the President hasn’t knuckled under yet. In his State of the Union address on January 27, he did not dwell long on the issue of bank reform, but he held to his position. He said:

“We can’t allow financial institutions, including those that take your deposits, to take risks that threaten the whole economy. The House has already passed financial reform with many of these changes. And the lobbyists are already trying to kill it. Well, we cannot let them win this fight. And if the bill that ends up on my desk does not meet the test of real reform, I will send it back.”

What this “real reform” would look like was left to conjecture, but Bob Chapman fills in some blanks and suggests what might be needed for an effective overhaul:

“The attempt will be to bring the financial system back to brass tacks. . . . That would include little or no MBS and CDOs, the regulation of derivatives and hedge funds and the end of massive market manipulation, both by Treasury, Fed and Wall Street players. Congress has to end the ‘President’s Working Group on Financial Markets,’ or at least limit its use to real emergencies. . . . The Glass-Steagall Act should be reintroduced into the system and lobbying and campaign contributions should end. . . . No more politics in lending and banks should be limited to a lending ratio of 10 to 1. . . . It is bad enough they have the leverage that they have. State banks such as North Dakota’s are a better idea.”

On January 28, the predictable reaction of “the market” was to fall for the seventh straight day. The battle of the Titans was on.

Ellen Brown developed her research skills as an attorney practicing civil litigation in Los Angeles. In Web of Debt, her latest book, she turns those skills to an analysis of the Federal Reserve and “the money trust.” She shows how this private cartel has usurped the power to create money from the people themselves, and how we the people can get it back. Her eleven books include Forbidden MedicineNature’s Pharmacy (co-authored with Dr. Lynne Walker), and The Key to Ultimate Health (co-authored with Dr. Richard Hansen). Her websites are www.webofdebt.comwww.ellenbrown.com, and www.public-banking.com.

Ellen Brown is a frequent contributor to Global Research. Global Research Articles by Ellen Brown

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