Oh Blighty

June 2, 2009

The expense scandal in the UK has resulted in a few token resignations:

First, Jaqui Smith:

Most damagingly, she faced the humiliating disclosure that her husband claimed for pay-per-view pornographic films on her Commons expenses.  It has also been revealed that she claimed for items including a barbeque and a butt-plug.



Now for the rest:

  • Two government ministers also say they’re going
  • Two more Labour MPs are to step down
  • Private prosecution threat for Chaytor and three others
  • Cameron: Election essential to ‘cleanse’ Parliament
  • The axe is also still hanging over Chancellor Alistair Darling
    [Daily Mail]

Penny-ante sneak thieves claiming phantom expenses for as little a few pounds. Tsk-tsk.

You know your country is FUCKED when even crooked politicians have no outsize ambition.

Give me Huey Long any day over these pikers.

“In a time of universal deceit, telling the truth becomes a revolutionary act.” — George Orwell

Organized crime

April 21, 2009

Sen. Feinstein’s Husband Cashes In on Crisis

California senator sought $25 billion for a government agency that had awarded her husband’s real estate firm a lucrative contract to sell foreclosed properties.

On the day the new Congress convened this year, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to a government agency that had just awarded her husband’s real estate firm a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms, the Washington Times reported on Tuesday.

Mrs. Feinstein’s intervention on behalf of the Federal Deposit Insurance Corp. was unusual: the California Democrat isn’t a member of the Senate Committee on Banking, Housing and Urban Affairs with jurisdiction over FDIC; and the agency is supposed to operate from money it raises from bank-paid insurance payments – not direct federal dollars.

Documents reviewed by The Washington Times show Mrs. Feinstein first offered Oct. 30 to help the FDIC secure money for its effort to stem the rise of home foreclosures. Her letter was sent just days before the agency determined that CB Richard Ellis Group (CBRE) – the commercial real estate firm that her husband Richard Blum heads as board chairman – had won the competitive bidding for a contract to sell foreclosed properties that FDIC had inherited from failed banks.

About the same time of the contract award, Mr. Blum’s private investment firm reported to the Securities and Exchange Commission that it and related affiliates had purchased more than 10 million new shares in CBRE. The shares were purchased for the going price of $3.77; CBRE’s stock closed Monday at $5.14.

Spokesmen for the FDIC, Mrs. Feinstein and Mr. Blum’s firm told The Times that there was no connection between the legislation and the contract signed Nov. 13, and that the couple didn’t even know about CBRE’s business with FDIC until after it was awarded.

Senate ethics rules state that members must avoid conflicts of interest as well as “even the appearance of a conflict of interest.” Some ethics analysts question whether Mrs. Feinstein ran afoul of the latter provision, creating the appearance that she was rewarding the agency that had just hired her husband’s firm.

We the People to Wall St.: Drop Dead

March 26, 2009

Special guest diatribe courtesy of Something Awful:

The following is a fucking letter sent right fucking now to the New York Goddamn Times, another dying newspaper that is spending its final years ignominiously lurching between the rotten crotch of Wall Street and the ghastly juice pit of its political patrons. The Fourth Fucking Estate lives on the Internet now, you simpering whores and charlatans!This is a response to an actual publicity stunt of a letter puked out by the biggest dickbag in recent history, Jake DeSantis, and then published by America’s paper of dumb fucking record. This ass polyp DeSantis worked for the patient zero of the ebola currently running rampant through the rupturing vessels and blown veins of our country’s financial circulatory system. This is a dude who helped us move a couple clicks closer to some Road Warrior 12 Monkeys shit and now he’s crying because he didn’t get his prostate massaged thoroughly enough by the taxpayers. When I address this shit to Wall Street, I mean specifically Jake DeSantis, formerly of A.I.G., but also all of the rest of these dumbfucks who just don’t fucking get it.

DEAR Wall Street,

What a bunch of whiny fucking babies. John Galt would be puking blood for 200-pages over this load of shit, you bunch of sobbing welfare queens. You fucked up. You ruined everything. You broke it, and we fucking bought it, because big baby was too big baby to fail.

We get it all ways from you motherfuckers. You’re robbing us of our present and future now, but first you stepped on our throats on your way to the top. You raked in the money with a bunch of made up fantasyland bullshit that wouldn’t fool a counting horse on America’s Funniest Home Videos, but somehow suckered in every major bank in the world.

Credit default swaps.

Those things are so fucking dumb that when you explain them to somebody and they laugh about how dumb they are you’ve got to act like ooooh they’re so magical and complicated. Far too complex for the plebes to get. No! Wrong! Go into OTB and put fifty dollars on Rambo’s Beautiful Blood. You just bought a credit default swap. Whoaaa you’re blowing my simple pea brain with your fancy Wall Street talkin’. You sadsack fuckers.

So everybody bought into your big scheme, even when they didn’t know they were playing, and now the whole thing has come crashing down because too many people won the fucking unbelievably obvious bet that a million illegal immigrants were going to default on million dollar home loans. Suddenly all your stupid fake money is gone, but if it’s gone the whole system of bullshit lies collapses and you look like dickheads. So whoopty-doo, now we gotta make the fake money turn real or else the house of shitty cunt cards comes crashing down, only there isn’t enough real money to cover all the fake money, so we’re making more real money.

Then there’s A.I.G., the bad seed, the carbuncle on our anus, the weeping wound in our tit, the sorry source of all our misery and woe. This is the monster garage full of miscreants that dreamed up the fire-breathing nitro-gulping predicament we’re in right fucking now. Their financial products division created the derivatives market from lies and their executives raked in billions in bonuses and easy money. While they were peddling bad bets, median wages in the US stagnated and poor working schmucks leaned increasingly on credit to get by. Prices on everything were going up, but credit was easy to come by what with all that bullshit money to throw around.

Read the rest of this entry »

Bitch done set us up

February 20, 2009

But now, the government’s plan to “save” the economy is to “save the banks,” along similar lines to the West trying to save its banks from their adventure in the post-Soviet economies. This is the basic neoliberal economic plan, after all. The U.S. economy is about to be “post-Sovietized.” The U.S. giveaway to banks, masquerading as “help for troubled homeowners”

The Obama bank bailout is arranged much like an IMF loan to support the exchange rate of foreign currency, but with the Treasury supporting financial asset prices for U.S. banks and other financial institutions. Instead of banks and oligarchs abandoning the dollar, the aim is to enable them to dump their bad mortgages and CDOs and get domestic Treasury bonds. Private-sector debt will be moved onto the U.S. Government balance sheet, where “taxpayers” will bear losses – mainly labor not Wall Street, inasmuch as the financial sector has been freed of income-tax liability by the “small print” in last fall’s Paulson-Bush bailout package.

The Treasury will take on the bad debt that banks are stuck with, and will permit mortgagees to renegotiate their monthly payment down to 38 per cent of their income. But rather than the banks taking the loss as they should do for over-lending, the Treasury itself will make up the difference – and pay it to the banks so that they will be able to get what they hoped to get. The hapless mortgage-burdened family stuck in their negative-equity home turns out to be merely a passive vehicle for the Treasury to pass debt relief on to the commercial banks.

In the mean time, bad private-sector debt will be shifted onto the government’s balance sheet. Interest and amortization currently owed to the banks will be replaced by obligations to the U.S. Treasury. Taxes will be levied to make up the bad debts with which the government is stuck. The “real” economy will pay Wall Street – and will be paying for decades!

Calling the $12 trillion giveaway to bankers a “subprime crisis” makes it appear that bleeding-heart liberals got Fannie Mae and Freddie Mac into trouble by insisting that these public-private institutions make irresponsible loans to the poor. The party line is, “Blame the victim.” But we know this is false. The bulk of bad loans are concentrated in the largest banks. It was Countrywide and other banksters that led the irresponsible lending and brought heavy-handed pressure on Fannie Mae. Most of the nation’s smaller, local banks didn’t make such reckless loans. The big mortgage shops didn’t care about loan quality, because they were run by salesmen. The Treasury is paying off the gamblers and billionaires by supporting the value of bank loans, investments and derivative gambles, leaving the Treasury in debt.”

Prof. Michael Hudson

Who does he work for?

November 15, 2008

Hank Paulson is a MUCH bigger criminal than OJ Simpson

October 4, 2008

So to everyone celebrating his conviction, FUCK YOU, you’ve been paying attentionto this while the CRIME OF THE CENTURY was being committed right over there —> (you just had to look).

You’ve just been screwed outof TRILLIONS of dollars which will overseen by the very person most responsible for the creation of the financial crisis- the former CEO of Goldman Sucks.

You are gloating that some broken-down athlete finally got his comeuppance, as if THAT had some importance or bearing on YOUR life.

Well, congratulations, YOU are about to experience what PAYBACK IS A BITCH really means.

“Payback, but for what?” you might well ask. For taking your eye off the ball. For dereliction of duty.

For being distracted. For being stupid.

See, that’s the problem with bread and circuses.  Under the guise of a “bailout” (more like a down-payment) when it was in fact nothing more than a government-backed MONEY-LAUNDERING SCAM as well as an UNPRECEDENTED giveaway of national wealth (i.e., your taxes are about to increase by 100%), most of you were distracted by the irrelevance of OJ, American Idol, Sarah Palin, 99.9999% of television, bombast radio, Faux Nooze, et al.

Talk about fiddling while the empire is burning!

Are you prepared? Of course not, you’re an idiot who voted in crooks.

Here’s your reward for not paying attention:

“There is no constitutional authority for the government to bail out private enterprise at taxpayer expense.” –Mike Shedlock

“It may well turn out to be the largest war profiteering in history.”

June 11, 2008

It’s a story not being reported here, so let’s turn to the BBC:

“A US gagging order is preventing discussion of the allegations.

“The order applies to 70 court cases against some of the top US companies.

“While George Bush remains in the White House, it is unlikely the gagging orders will be lifted.

“To date, no major US contractor faces trial for fraud or mismanagement in Iraq.”

Your tax dollars magically transformed into McMansions and Bentley’s for the politcally connected. The next war should be on corruption in politics, doncha think?