New Merrill Lynch Disclosure Shines A Perjurious Light On Ben Bernanke's Sworn Testimony; JP "Fed Lite" Morgan Also Dabbled In Repo 105-type ScamsIt seems it was just yesterday that Bernanke was on the edge of committing perjury and lying that the Federal Reserve of New York knew nothing about Lehman's "more peculiar" off balance sheet transactions. Oh wait, it was: as a reminder in his cross by Scott Garrett, the New Jersey representative asked whether the "Fed was aware of the Repo 105 and the accounting irregularities going on?" Bernanke answers "No - they were hidden." Oops. Because a story just released by the Financial Times seems to indicate otherwise, and unless Merrill Lynch is lying out of their derriere, Mr. Bernanke should be immediately investigated for potential perjury before the American people. "Securities and Exchange Commission and Federal Reserve officials were warned by [Merrill Lynch] that Lehman Brothers was incorrectly calculating a key measure of its financial health months before its collapse in 2008...In the account given by the Merrill officials, the SEC, the lead regulator, and the New York Federal Reserve were given warnings about Lehman’s balance sheet calculations as far back as March 2008." Amusingly, the sole purpose why Merrill would rat out Lehman is to make its own disastrous situation more agreeable, as often happens when the rats realize the sinking of the ship is inevitable. Well, unlike Merrill, whose liquidity situation was equally as disastrous on the weekend of September 14th, which found a pressed suitor in the form of BofA (and its Fed/Goldman-puppet CEO Ken Lewis), Lehman was not quite so lucky (one wonders why). Yet the bigger issue is why does the Fed keep on lying to the American public without any trace of consequence? When will someone finally wake up and sue the Federal Reserve (and we don't mean FOIA), or at least slap a racketeering lawsuit on "those people?" Oh yeah, the market is up, American Idol is on TV, G-Pap has done all that was needed to (not) be bailed out, so all shall be well. This is better known as "if the other Ponzi dude was thrown in jail, you must acquit" defense.
2. what was it again mr prodi said about greece and feldstein, goldman and some other deliberate morons who keep constantly misleading the public. the asymetric strategy of controlling peoples minds as the evil forces - rockefeller , rothschild - game of distractions is to ochestrate both sides in variations to create the illusion of free speech and democracy in a world where words do not count anymore as they have made people believe that liars are just a normal thing up to the post of the president.
excerpt some thoughts of people who want to undermine the chinese by being allies
Jim O'Neill Mea Culpa: "Hey I Was Dead Wrong On The Whole Yuan Thing, But... Hey Look Over There, Stocks Are Up"
Permabull Jim O'Neill of Goldman Sachs surprises everyone by issuing yet another missive after being dead wrong on the Renminbi a month ago, and very vocally so. The surprise is not in his persistent frothiness (the man is a singularly male version of an undoubtedly female A. Joseph Cohen after all), or his attempt at mea culpa'ing (we wonder what sport instrument Roach would recommend using on Mr. O'Neill), but that Jim is still at Goldman after the entire Red Devils fiasco. Oh, and speaking of sport, O'Neill joins the Krugman-Schumer team in providing most unwelcome policy advice to China.
Either way, on February 11th, Jim had the following things to say.I have returned with a rather dangerously strong feel that China might be close to doing something of note on the CNY. It has been my rising view since the inflation evidence picked up in early January, that the circumstances were starting to change, and in the weeks before this trip, the evidence has built, and a couple of bits and pieces I have thought through, as well as chatting with some interesting people on my trip, I think something is getting closer. Moreover, contrary to our formal forecast of a 5pct rise of the CNY versus the $ starting in a few months time, I have a hunch that as and when they move the exchange rate, it might involve something different, possibly a one off revaluation followed by a broader band. I emphasise that this might just be what I think they SHOULD do, as oppose to will do, but the two have merged in my jet lagged mind
following he said recently - guess we will have correct that error by him on that one as well in a few weeks
5. Equities. Fresh highs in the major markets as some of the grizzlies start to back pedal…………. Lets see how far us bulls can travel before you all find something else to worry about…