THE DOT - if this turns orange or red be alert

Tuesday, April 20, 2010

part 2

3. The dark force gains more ground

excerpt

CFR, Trilateral Commission Member to Replace Poland’s Kaczynski?


BusinessWeek reported yesterday that Andrzej Olechowski will enter a presidential race in Poland to replace Lech Kaczynski.

“The Polish Peasants’ Party, the junior partner in the governing coalition, will probably nominate its leader, Economy Minister Waldemar Pawlak, and Andrzej Olechowski, a former foreign minister and finance minister, will run as an independent,” it is reported.

Odds on Andrzej Olechowski. He is a member of the Council on Foreign Relations and the Trilateral Commission. He was also an economist for the World Bank.

He also appears to work closely with the banksters: Olechowski sat on the supervisory boards of a number of European banks and corporations. Most notably he was on the advisory board of Goldman Sachs (see this biography on Olechowski’s personal home page; in Polish).

I am not saying Lech Kaczynski was killed in order for a one-worlder to take his place. I am saying that it is an opportunity for another bankster minion to rule a country that seemed to be at odds with the European Union and the one-world project.

4. There is no doubt at all that FED Geithner ,Bernanke deliberately or incompetently ( rather not my choice) screwed up orchestrated by Paulson and rather produced the collapse of Lehman. Mr Fuld is acted on criminal level a big deal along this failure since he brought Lehman into such a position and was hiding the truth by all means - still the FED knew all about it and did not tell the truth either and caused hundred billions of losses.

excerpt

[0420geithner] AFP/Getty Images

U.S. Treasury Secretary Timothy Geithner, Fed Chairman Ben Bernanke and SEC Chair Mary Schapiro testify before the House Financial Services Committee on Capitol Hill.

WASHINGTON—Lawmakers took aim at Lehman Brothers Holdings Inc. and federal regulators for the investment bank's collapse at the height of the financial crisis, accusing one of manipulation and the other of negligence.

"Wall Street executives continue to embellish the truth, tell half-truths and hide behind their power in the marketplace," Rep. Paul Kanjorski (D., Penn.) said at a House Financial Services Committee hearing.

Rep. Spencer Bachus of Alabama, the ranking Republican member of the panel, singled out the Federal Reserve as being either "incompetent or they concealed the facts."

"At best, regulators failed to catch the accounting manipulation that permitted Lehman to give a misleading picture of its financial health," Rep. Bachus said.

SEC Chairman Mary Schapiro acknowledged that her agency, which she didn't head at the time, could have pushed Lehman harder to improve its financial position and that there were federal missteps. "I don't think any of us would claim the oversight of Lehman was a success," Ms. Schapiro said.

The hearing comes as Washington has stepped up its focus on Wall Street. The Securities and Exchange Commission on Friday rocked markets by filing civil charges against Goldman Sachs Group Inc., and later this week the Senate could begin debate on wide-ranging legislation to overhaul regulation of U.S. financial markets.

President Barack Obama will step into the fray on Thursday in a speech in New York on proposed changes to derivatives oversight and regulation of the largest financial institutions.

Though ostensibly about Lehman, the hearing was instead used by lawmakers as a proxy for the broader debate on financial overhaul efforts.

"Lehman's unscrupulous practices illustrate exactly why the Senate needs to quickly pass ... a Wall Street reform bill," Rep. Kanjorski said.

Republicans countered that the missteps by the government in the Lehman episode argue against giving federal regulators more authority because they haven't shown a willingness to use their existing powers.

"Given their track record, giving these regulators more power will provide the markets with a false sense of security, while hampering the free market," Rep. Scott Garrett (R., N.J.) said.

Tuesday's hearing gives lawmakers a chance to examine a key moment of the financial crisis: the September 2008 collapse of Lehman. Members of the panel seized on a detailed report from bankruptcy examiner Anton Valukas that suggested Lehman's executives engaged in "balance-sheet manipulation" and masked huge losses from investors.

"These practices may not be illegal, but they are criminal," Rep. Anna Eshoo (D., Calif.) said.

Rep. Jackie Speier, also a Democrat from California, was critical of the so-called Repo 105 transactions Lehman used to make the leverage on its balance sheet look smaller than it was.

"Repo 105 is more like criminal procedure 101," Rep. Speier said.

Former Lehman Chairman and CEO Richard Fuld Jr., who was scheduled to appear before the panel, sought to defer some of the attention to missteps by regulators. The SEC and Fed "were privy to everything as it was happening," he said in prepared remarks.

"I am not aware that any data was ever withheld from them, or that either of them ever asked for any information that was not promptly provided," Mr. Fuld said.

Top administration officials, including Treasury Secretary Timothy Geithner and Fed Chairman Ben Bernanke, suggested they weren't informed of some of the more controversial decisions Lehman executives were making. They also suggested they didn't have the authority to prevent the bank's failure.

"Tragically, when we saw when firms mismanage themselves to the edge of failure, the government had limited ability to step in and protect the rest of the financial system," Mr. Geithner said.

Mr. Bernanke said the Fed didn't have a good "stick" to deal with Lehman Brothers, leaving it only with the "nuclear option" to let it fail. In his prepared remarks, Mr. Bernanke said the government had no choice but to let Lehman file for bankruptcy after the firm and federal officials were unable to arrange financing or an acquisition.

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