SPXBearish long day (opening marubozu). Confirmed evening star pattern. Stayed above the 1.786 fibo (using low) of 1190.89 (next is the 1.8276 at 1218.63). Midpoint above 10 SMA (uptrend still intact). Daily 3LB reversal (down) with reversal now 1211.67. QE2infinity.
DXYBullish spinning top day. Closed below 21 SMA and 10 SMA. Closed back above the 55 SMA (go figure). Midpoint below 10 SMA. No daily 3LB changes. Now trading back above the weekly 3LB reversal at 80.44.
VIXBullish LONG day. Traders needed new underwear after today. Blew through the 61.8% fibo ext (support). Midpoint is well above 10 SMA. Five days of indecision...decided. Daily 3LB reversal (up) with reversal now 15.58.
GOLDBearish long day. Still above all SMA's. Tested the 14.6% and 38.2% fibo ext. Failed both. Daily 3LB reversal (down) with reversal now 1161.60.
EURUSDBearish short day. Midpoint above the 10 SMA. Closed below the 55 SMA. Next fibo level of 1.2935 is still a target in case of weakness (don't worry it's coming...yup yup). Daily 3LB reversal (down) with reversal now 1.3658.
57 comments:
today was a very satisfying day in more ways than one could imagine. Cramer clip, Buffett questioned (OMG!), Goldman pounded......it's gonna be a good weekend
then Monday....
what I miss-
lol-
my SDS and QID that I bought on Wednesday- did rather nicely(-:!!
Ben
Any readers digest version of EWT that would not infringe on copyright laws?
wow-
the CNBC interview- what a show!!!
that dude Sylvain Raynes looked like a super smart dude- genius level maybe- but I'm not sure if it was just because he was on the same show with Cramer-
who looked like a complete moron- the contrast clouding my vision- lol
Whats even more funny is that CNBCs website traffic over that video clip is probably getting more hits than it has since the LEH debacle.
Happy Friday!
For as much delicious insanely hoppy craft beer that I drink, there are times when nothing on the planet tastes better than a fresh out the cooler budweiser on a sunny friday afternoon. Damn straight better than any trade I've ever seen.
Printed off CEF, SPX, DXY, DBC, and TLT for a little weekend perusal. We'll see what happens.
For now I'm partying it up for mi lickle bwai's birthday and enjoying the finer things.
Peace yall-
-I
I-Man-
little boy???
happy b-day little squirt! How young. Breaks my heart seeing my kids gettin' all "growed" up.
speaking of beer- I am going to fetch some myself-
kicking it up a notch-
Pabst- the best $ can buy
ahab,
I just watched the finale of spartacus. Wow.
b22-
that's not on until ten- am I wrong? And don't tell me anything-
is it longer than the usual hour?
Ben
Spartacus comes on Monday nights in Canada. I'll be checking it out Tuesday. Talk next week. Don't ruin it for me!
ahab, McHappy,
you can actually play the new one via comcast 'on demand' before it comes on. I wont' give anything away but it was real good.
I think it was just an hour, but they don't waste any time.
Goldman Sachs, Fabrice Touree and the complex Abacus of toxic mortgages -www.telegraph.co.uk/finance/newsbysector/banksandfinance/7599970
Fabrice Touree, 31, GS employee in London. Here is part of the incriminating e-mail, "More and more leverage in the system. The whole building is about to collapse anytime now...Only potential survivor, the fabulous Fab(rice Touree)...standing in the middle of all those complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstrousities(sic)!!!"
Wow, he thought he could get away with this. Calls himself Fab.
Why the SEC splapped civil lawsuit? Why not criminal negligence. Lot of old folks, widows and orphans lost their shirt in this market.
wow-
Spartacus- awesome finale! thanks for the head up b22- on demand- as promised-
also- I will have to read up on anon's post-
the gist is Enron style disregard for humanity
. . .and a thought-
this was probably discussed in the previous thread- but I wonder if the GS accusation is the turning point-
total mistrust of Wall Street- but maybe that was already going on- with only the mutual funds, pensions and market players being the players-
I wonder if this marks the point where the air is let out- people seeing it for the big scam it is?
I am sure it won't stop the government "welfare" banks from trying to keep the charade going-
but I think the general public is vindicated- their distrust being legitimate- and their disgust well founded
From last night's sole comment:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Andy T said...
I've been wrong at certain price levels for short periods of time this last several months (i.e. 950 and 1150), for sure. And, I might be wrong again at this "zone," but I'm incredibly bearish right now.
Tomorrow I'm looking at going "all in" on the 1200 puts....getting asshole-short this market...
Maybe I'll regret it all, but I'm feeling sort of "giddy."
April 15, 2010 11:34 PM
~~~~~~~~~~~~~~~~~~~~~~~~~
Today was a VERY GOOD day for me and my accounts....
Saw a 35% rally in those 1200 puts. God Bless leverage (when it works).
The action in GS after the puke should be disappointing to bulls. There was no BOUNCE. None. Nada. Just a flat line.
That was not a good day....
Maybe these paper gains will evaporate on Monday, but I'm staying max short.
Good Luck everyone.
"BR: ZH is a blogger who covers Wall Street.
I am a Wall Streeter who blogs.
So while he was typing, I was speaking to our clients, doing a Tech Ticker interview for Yahoo, a radio interview, and then making arrangements with NBC World News Tonite."
Wonder if BR realizes that those sorts of comments are the ones that turn people off...BIG TIME.
The make him sound like an asshole.
Indices
S&P 500 1,192.13 -.19%
DJIA 11,018.66 +.19%
NASDAQ 2,481.26 +1.11%
Russell 2000 714.62 +1.66%
Wilshire 5000 12,318.83 +.02%
Russell 1000 Growth 530.95 +.17%
Russell 1000 Value 615.98 -.42%
Morgan Stanley Consumer 716.77 -.31%
Morgan Stanley Cyclical 935.10 +.58%
Morgan Stanley Technology 617.88 +1.30%
Transports 4,645.75 +3.06%
Utilities 379.46 -1.42%
MSCI Emerging Markets 42.83 -1.75%
Lyxor L/S Equity Long Bias Index 1,009.40 +.41%
Lyxor L/S Equity Variable Bias Index 870.15 +.45%
Lyxor L/S Equity Short Bias Index 843.21 -.70%
Sentiment/Internals
NYSE Cumulative A/D Line +91,474 +3.55%
Bloomberg New Highs-Lows Index +1,208 +421
Bloomberg Crude Oil % Bulls 44.0 +46.67%
CFTC Oil Net Speculative Position +113,364 -11.53%
CFTC Oil Total Open Interest 1,392,323 +3.64%
Total Put/Call .85 +23.19%
OEX Put/Call 1.31 +10.08%
ISE Sentiment 107.0 -18.32%
NYSE Arms 3.01 +267.07%
Volatility(VIX) 18.36 +13.75%
G7 Currency Volatility (VXY) 10.94 -1.08%
Smart Money Flow Index 9,790.37 +1.73%
Money Mkt Mutual Fund Assets $2.913 Trillion -1.7%
AAII % Bulls 48.48 +13.11%
AAII % Bears 29.70 -2.17%
Futures Spot Prices
CRB Index 276.29 +.06%
Crude Oil 83.06 -2.19%
Reformulated Gasoline 227.60 -.64%
Natural Gas 4.05 -1.0%
Heating Oil 221.51 -.49%
Gold 1,137.40 -2.14%
Bloomberg Base Metals 234.71 +2.91%
Copper 354.50 -1.76%
US No. 1 Heavy Melt Scrap Steel 351.67 USD/Ton unch.
China Hot Rolled Domestic Steel Sheet 4,698 Yuan/Ton +2.62%
S&P GSCI Agriculture 309.99 +4.13%
Economy
ECRI Weekly Leading Economic Index 131.20 -.46%
Citi US Economic Surprise Index +28.0 -14.2 points
Fed Fund Futures imply 86.0% chance of no change, 14.0% chance of 25 basis point cut on 4/28
US Dollar Index 80.82 +.39%
Yield Curve 281.0 -1.0 basis point
10-Year US Treasury Yield 3.76% -12 basis points
Federal Reserve's Balance Sheet $2.322 Trillion +1.39%
U.S. Sovereign Debt Credit Default Swap 36.0 -12.19%
Western Europe Sovereign Debt Credit Default Swap Index 91.33 +9.27%
10-Year TIPS Spread 2.34% unch.
TED Spread 15.0 unch.
N. America Investment Grade Credit Default Swap Index 84.46 -1.48%
Euro Financial Sector Credit Default Swap Index 78.43 -.78%
Emerging Markets Credit Default Swap Index 211.33 -2.65%
CMBS Super Senior AAA 10-Year Treasury Spread 226.0 -21 basis points
M1 Money Supply $1.707 Trillion -.75%
Business Loans 614.10 +3.77%
4-Week Moving Average of Jobless Claims 457,800 +1.7%
Continuing Claims Unemployment Rate 3.6% +10 basis points
Average 30-Year Mortgage Rate 5.07% -14 basis points
Weekly Mortgage Applications 484.60 -9.64%
ABC Consumer Confidence -47 -4 points
Weekly Retail Sales +3.30% -60 basis points
Nationwide Gas $2.86/gallon unch.
U.S. Cooling Demand Next 7 Days 36.0% below normal
Baltic Dry Index 3,001 +2.70%
Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 67.50 +3.85%
Rail Freight Carloads 203,549 +3.72%
Iraqi 2028 Government Bonds 82.38 +.89%
Best Performing Style
Small-Cap Growth +2.04%
Worst Performing Style
Large-Cap Value -.42%
Leading Sectors
Semis +5.09%
Education +4.48%
Defense +3.83%
Disk Drives +3.79%
Networking +3.01%
Lagging Sectors
Agriculture -2.77%
REITs -3.46%
Coal -3.68%
Steel -4.15%
Gold -5.13%
oops... above is the weekly scorecard
Thanks Ra! & anon for the stats.
Hidden in the GS noise on Friday ...
FDIC seized 8 more banks on Friday bringing the total so far this year (one short of the record 9 seized in one day in October):
http://www.reuters.com/article/idUSN1618660920100417
@Ben
Thanks for the heads up but I am a man of simple pleasures. My wife and I PVR it on Monday and watch it Tuesday evening. One of the highlights of my week.
andy-
dude- I brought up the same point and the same quote of BR's on the same thread-
but you know those Wall Streeter's- also busy w/ important media events(-:!!
My favourite Saturday morning reads:
It's not just Goldman its the Clients:
http://ow.ly/1zEBP
Bond Girl on Goldman:
https://self-evident.org/?p=794
The Economist; China/America bottoming out:
http://ow.ly/1zEDf
Dutch Banks says Merrill Committed Same Fraud as SEC Claims Goldman Did:
http://ow.ly/1zEGi
Bruce Krasting, Charging a fair price for TBTF (V Good idea): http://ow.ly/1zEHF
Ratigan's take:
http://www.msnbc.msn.com/id/21134540/vp/36604057#36604057
Finally well done to those who snapped up GS 170 puts at 2c yesterday except, errm, it probably was GS:
http://finance.yahoo.com/q?s=GPY100417P00170000
I finally got around to watching that Ratigan video. He is basically saying what I've been tring to explain to people but he does it in such a dumbed down informative way that ANYONE could understand. Most of us here are in such the minority on knowledge of these events it is sad. At what point do people flip out? When does the anger boil over? Are people that pre-occupied with American Idol and iPads? Jesus it is sad there is a lack of anger and it is sad executives have still have not been criminally charged.
@Ahab, re Matt Trivisonno's post at BR's:
He used BR's place to lure some business his way. If you check out his blog, this is what he wrote," I could have published my critique on my own blog, but it makes a bigger splash on Barry's blog. The bigger the splash, the more people that come my site. It's just good business..".
This WTF, after the fact dis., from his site also," I will also have you know that I was short the market this morning, while I was posting about the tarp gap( bullish)".
He calls Zero Hedger, Zero edgers.
Just in it to get free exposure.
Jack Ass!
x10 McHappy
Simon Johnson is very good today.
http://baselinescenario.com/2010/04/17/pecora-moment/
Well, if there is a P3 there will be no going back for BR at this point, he's going to get called out when it comes, and that dumb ass morgan stanley chart he put(s) up, of the "typical bear market", that will go where it belongs, in the trash.
I don't know what that quote is in reference to from him but isn't that the exact type of "reasoning" that he is so very against. I read that as
"I'm a Wall Streeter, (whatever that means) and since Zero Hedge isn't, I'm right"
I loved the little chart and "technical" call on Goldman. lol.
Nic-
thanks for the links- been busy this morning- but I will give them a peek a bit later-
have a great morning- I wonder if CV is going to put up a weekend thread?
anon-
thanks for the inside info- wasn't that schooled on the "ins and outs" of the ZH controversy-
just a comment by BR cracked me up- as CNBCS use to say- Mr. Big Head
Boy, you guys sure are cocky.
Ahab:
I have lost my interest in BR. Too many posts about sports cars, and new office digs, and still fighting the last election. Too make matters worse, he's lost share to both Mish and CR, and his readership is declining. I find when I visit his site many of his topics are uninteresting to me, a little esoteric for my taste.
I think he's still trying to prove something to himself. Just not my cup of tea.
It's not what a man does that determines if his work is secular or sacred; it is why he does it. The motive is everything. ~Lecrae~.
BnT speakin the trut.
@All
Sorry... But I'm a little out of pocket, at least until tomorrow...
At that point, Andy T will be up with his Sunday chart thoughts, and that ought to be food enough for thought carrying us into next week...
Please treat Amen Ra's Candle Wrap as an OPEN THREAD in the interim...
As you have been doing (just want to make it official...
CV
"Well, if there is a P3 there will be no going back for BR at this point"
I think he'll at least try to BS his way through it, just like he did in 2009. He quite obviously called the bottom way to early in late 2008. But when he later claimed to have caught the bottom in March 2009, he conveniently failed to mention that it was because he'd already been long for months.
At least, that's what I gathered from his posts. It's not as if he ever actually discloses anything about his performance. And yet he still has the nerve to call out Mish on deflation, even though Sitka Pacific posts historical returns right on their website. How about putting your data where your mouth is, Barry?
Dylan Ratigan's take on the Goldman lawsuit- may have been posted already- but if you haven't watched it- worth a look-
http://www.msnbc.msn.com/id/21134540/vp/36604057#36604057
very interesting this lawsuit- may have very wide ramifications-
b22- like that 10:34 post(-:!!
@ahab
Nic had it posted and someone yesterday as well (maybe another site???) but you are right it is definitely worth a look. Everybody should be forced to watch it - "We interrupt American Idol for something you've been ignoring for far too long *cut to Dylan*".
Nic also posted this:
http://baselinescenario.com/2010/04/17/pecora-moment/
Very good read as well plus the hyperlinks throughout the article are good reads.
mchappy-
thx for the head's up- had not gotten to Nic's links until about an hour ago-
I assumed someone had posted the Ratigan link already-
my read is that the floodgates may open- and the folks who were sold these securities are going to pursue vigorous legal action against GS
regarding the risk based FDIC insurance- I am not sure that that would cover the expenses of putting a super large entity like Citi out to pasture-
but it may limit the sizes of banks in the future
Great thread above!! I need to get to the links later.. Loved the candlewrap AR! a bit run off my feet today, as well, CV : )
Hoping to get my heirloom tomato plants in before dark (pls don't sneer you seed-starters.. doing the best I can!)
This is too good: now GS may be in more hot water for failing to warn investors that they were in already hot water.
Back when Blankfein made that absurd remark about doing "God's work," I wondered whether GS was preparing to symbolically sacrifice themselves on the altar of public disapprobation. I mean, if the SEC were serious about prosecuting this kind of fraud (as opposed to just putting on a good show for an irate public) they would have indicted hundreds of perpetrators, not one.
Ruh roh:
http://www.bloomberg.com/apps/news?pid=20601080&sid=auFNiiN1tB7Y
"April 17 (Bloomberg) -- China’s central bank pledged to immediately implement new lending rules to cool real-estate speculation and one of its policy advisers said the market is having its “last madness.”
The central bank commented in a statement on its Web site last night. Li Daokui, a newly appointed academic adviser to the monetary policy committee, spoke in an interview broadcast by state television on April 15.
Asset-price bubbles inflated by a credit boom could derail the recovery of the world’s fastest-growing major economy, which expanded 11.9 percent in the first quarter from a year earlier. China’s cabinet, the State Council, announced higher mortgage rates and down-payment ratios for second homes on April 15 after property prices jumped by a record in March.
Investors “don’t realize how strong and resolute the political will is among top leaders to curb price gains,” Li said on Central Television. The market is having its “last madness” and speculation may dissipate in a year or 18 months on extra action by local authorities and an increased supply of low-price, so-called policy homes, Li said."
...and Mish notes that JP Morgan is probably gonna get the Goldy treatment. Could be an interesting week.
Seems like the GS charges might be the start of something more Reuters are also suggesting this morning:
http://www.reuters.com/article/idUSTRE63G21Z20100417
And the FSA in the UK are conducting similar probes: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7100848.ece
I am sure trhe ECB eurocrats who Hugh Hendry publicly battles over short selling won't be doing the same.
It's interesting because the Magnetar story wasn't widely known and Hedge Funds had been perceived not to have caused the crisis. This is not a good news story for hedge funds at all.
In other news China is hot news this weekend -
Bloomberg - China rules to curb real estate will take effect now:
China’s Rules to Curb Property ‘Madness’ Will Take Effect Now
http://www.bloomberg.com/apps/news?pid=20601087&sid=auFNiiN1tB7Y&pos=4
Business Insider - Why China's "Document Number 10" Will Cause A Brutal Monday In Stocks And Real Estate
http://www.businessinsider.com/chinese-document-number-10-real-estate-2010-4#ixzz0lSK9Dbk0
News that the volcanic ash cloud from Icelenad might persist for months won't be good for european airlines but might be very good for rail companies.
Great minds think alike Bruce ;)
re the China story-
at lease they're not saying- "there is no housing bubble"- like our very own BB-
even when the FBI said in Sep 2004 that there was a mortgage fraud epidemic- in the detective world that is known as a clue-
but maybe in a democracy it's a little tougher to curtail such speculative bubbles- like Charles Prince- the former CEO of Citi said- "gotta dance while the music is playing"
interesting to see how it effects the Asia Market tonight
"my read is that the floodgates may open- and the folks who were sold these securities are going to pursue vigorous legal action against GS"
Absolutely ahab. Mish has a post today to this effect:
http://globaleconomicanalysis.blogspot.com/2010/04/merrill-lynch-accused-of-same-fraud-as.html
Quote from article in Mish's post:
“When one major firm becomes aware of the creative instrument of others, there is historically an effort to replicate them,” said Jacob Frenkel, a former SEC lawyer now in private practice in Potomac, Maryland"
This could very well be the tip of the iceberg - and I for one hope it is because there will be no recovery until the debt is out of the system and the fraud is stopped.
mcHappy, there is(was) not fraud in Canadian mortgage industry? There was a CTV documentary(W5 ?) several years ago. Canadian banks, here, are happy to replicate their brothers south of the border.
All under the rug.
In light of other recent news, this commentary is a little more interesting:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aX1CAxJtU6X4&pos=2
Geithner says economy growing faster than expected
http://news.yahoo.com/s/ap/us_geithner_economy
1 hr 34 mins ago
WASHINGTON – Treasury Secretary Timothy Geithner says the economy is growing faster than the Obama administration expected.
He tells NBC's "Meet the Press" that the country is on the way to sustained job creation. But he acknowledges that unemployment may remain high, close to 10 percent.
Geithner says there's more confidence in the business world, and he says the private sector is growing. He also says people are spending more.
He said he sees encouraging signs that should make Americans confident the country will emerge stronger.
---
So there you have it people... Enjoy your Sunday... Go back to buying stocks on Monday...
CV loves comedy :-)
@McF
I'm supposed to stand up and applaud Clinton?
"Well people I opened Pandora's Box by not nipping this thing in the bud, but it was Bush's FAULT (as every problem that plagues society is) that he failed to shove BACK IN the box the hell on Earth my lack of consideration of something (because I was busy getting a blowjob) unleashed...
Can we just ship ALL THESE PEOPLE to another planet?
CV is starting a poll...
Worst technological invention... EVER?
A microphone
2nd worse?
A camera
Skip BR's post and click the actual article of the post. It is long but a good read. This gives me hope for criminal charges later.
"Simpson effectively baited certain members of the Antar family into testifying and lying in the civil case, rather than exercising their right against self-incrimination under the 5th Amendment to the US Constitution. The lies told by the Antars were later used as the foundation for the successful criminal case brought to trial by US Attorney Michael Chertoff. I am certain that the Justice Department is watching the SEC investigation and litigation against Goldman Sachs, too."
@anon
So? What is your point? There is fraud in any system because there will always be participants in any system who will lie, cheat, or steal to make a contract or situation work to their benefit. The question is the extent of the fraud. I do not believe the fraud and unethical behaviours have been as extreme as witnessed at the TBTF or European institutions, this is only my opinion though.
What you will find in Canada is the big banks are usually quite strict with their lending/mortgage requirements *if you go directly through the bank*. If you go through a broker things get murky and if you are using a non-big 5/6 bank AND a broker, things can get a little murkier again.
There is no doubt there is a property bubble in Canada. There is no doubt people have been purchasing homes at ridiculous values. There is no doubt there has been irresponsible lending due to the CMHC backstop. There is no doubt if interest rates rise there will be a gigantic pop. There is no doubt if commodity prices crash again there will be a gigantic pop. There is no doubt lending standards have been far too low for far too long coupled with 0% down payments, 40year amortizations, cash back mortgages on 0% down, Prime minus 1 variable rates, and I'm sure you'll find more. When the housing bubble pops in Canada, we'll find out how solid the Canadian banking system is. Comparing Canada to the US right now is comparing apples and oranges because they are in different situations. HOWEVER, I have been saying to anyone who would listen that Canadians are at just as bad a point or WORSE than Americans at the peak in 2006. Personal debt loads in Canada are at ridiculous and unsustainable levels - something like 135%.
I'm still missing your relevancy in this thread regarding GS though. GS (allegedly) sold a product they knew to be defective and would make a tonne of money from if the product imploded, underwrote the whole transaction for another party who stood to gain as well, sold the product to yield crazy fools but did not mention the bets placed against to the purchasers (their own clients) they stood to gain more if the products crashed. Suggestions are being made GS is not the only American bank to develop and sell such products, European banks too. Have Canadian banks done this? I am not aware, but would be shocked and disgusted if they did.
I can only assume your use of the word fraud was misplaced. Lax lending standards - which are set by the federal government - might be more to blame than outright fraud.
@McHappy
The most "compelling" thing to CV is the idea that...
THERE'S NEVER ONLY ONE COCKROACH
Which basically means that as stories like this filter their way into the MSM, eventually the WEIGHT of them can cause a catalyst...
Put it this way... Everyone KNOWS there are bugs and cockroaches in their kitchen (but it's more pleasant to ignore that fact)...
Until one shows up on your dinner plate...
Bon appetit!
@ anon
I assume this the story you were talking about:
http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/1111179528163_16/?hub=WFive
This article is all about individuals robbing other individuals.
"In Dehmoubed's case, two years after buying the house, he discovered there was a lien on the property and his house was for sale. It was his first house, and it was seemingly chosen at random.
Here's how it happened: First a conman made up a story about Dehmoubed owing him money. He then filed phony documents and took them to court to prove his claim.
"They had forged my signature to register a false lien on the house and because I wasn't aware of it, they just enforced it," Dehmoubed says.
The courts enforced the lien by handing the house over to the conman to cover the phony debt. The conman immediately put the house up for sale. Dehmoubed, meanwhile, had no idea this was happening until the sign went up on his front lawn."
AND
"In Edmonton, one of the most common scams is "the Oklahoma flip." In simple terms, it's about buying a cheap, sometimes rundown house, and flipping it several times, selling it back and forth to yourself or your friends, or in most cases a numbered company you control. No money changes hands, but it allows the con men to inflate the value of the house and get mortgages for well over the value of the property, and then just disappear.
Hal Wright, a building inspector with the City of Edmonton, believes it's a growing problem – houses on the verge of collapse, picked up for next to nothing, slapped with a few cosmetic repairs, and then over-inflated in value by a crooked appraiser. With the flaws disguised, the false appraisal is taken to the bank, and the con man walks away with the profits."
AND
Notice the banks are getting defrauded and then sticking it to the individual who was defrauded:
"While Pervez claims to have an eye for a good deal, he is facing more than a dozen civil lawsuits, many from the Bank of Montreal which claims it was defrauded of more than $1 million. Pervez maintains he's done nothing wrong."
AND FINALLY
"In the U.S., the major banks are required by law to report suspected cases of mortgage fraud. But that's not the case in Canada. Swecker believes mortgage fraud can't be combated unless the banks are required to report to the police. "If you don't know about the crime you can't work it," he says."
The issue in this case in Canada seems to be a lack of regulation causing the fraud VERSUS regulations being evaded to perpetrate a fraud.
http://whitecollarfraud.blogspot.com/2010/04/did-clever-sec-bait-goldman-sachs-into.html
I cannot tell you enough how this will be the best 10 minutes of reading you'll do this weekend.
@CV, your 1:25
Exactly, my point!
Thanks!
"Fraud charge deals big blow to Goldman's image" - Yahoo Finance
This headline cracks me up- I mean really- outside of their doing God's work (douche bag statement if ever there was one)- has anyone outside of Cramer commented on the GS stellar reputation-
everyone knew what was going on- it's just that now a government entity has weighed in w/ the same conclusion-
but I guess now "it's official"- they are top rate scam artists
**** and more importantly- has everyone seen the season finale for Spartacus?
if not- stop what you are doing and watch it on on-demand-
it'll be interesting to see what's in store for next season- Ilythia (smokin' by the way) and Asher live!!!
. . . and also- this is really cool- from ZH- click on the chart and it shows the ash diffusion from the Volcano in Iceland- pretty amazing- damn near in Newfoundland already-
http://www.zerohedge.com/article/eyjafjallajokull-ash-diffusion-indicates-why-europe-panicking-84-european-flights-cancelled
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