S&P Board Fires CEO For Telling The Truth, To Be Replaced With COO Of Citibank

Following years of pandering to client demands, and assigning trillions of dollars in fixed income securities with whatever rating money bought (among other things, a factor to the credit bubble and its subsequent implosion) S&P finally tried to do the right thing and tell the truth. However in this case it picked if not the worst, then certainly the most hypocriticial credit in the world to expose - the US itself. Sure enough two weeks after the downgrade, someone made the phone call and the CEO Deven Sharma is no more. As for the kick square in the gonads: Sherma will be replaced with the COO of...you know it... the bank which demanded tens of billions in secret Fed bailout loans itself, Citibank. The only question left in this entire farce is how long before S&P issues the following upgrade of the US: "Great service, AAA+++ rating, immediate payment, would do business again!!!"





UBS to Cut 3,500 Staff; 45% to Come From Investment Bank Division (click for story)





Did the Fed Buy the Market to Stop the Collapse?

Posted by: Phoenix Capital...

Post date: 08/22/2011 - 21:51

This is a rather odd turn of events… a former Fed official urges the Fed to step in and buy the stock market… just three hours before the markets mysteriously reverses and rallies hard on no real...

Monthly Gold Chart with some Price Projection levels

Trader Dan at Trader Dan's Market Views - 1 hour ago

Gold has shown continued strength going into the Asian session this evening. In the process of so doing, it has reached the upper limits of the pitchfork extensions shown on the chart. I have chosen the monthly upon which to do some analysis so as to get the long term picture and point out several things which merit mentioning. Notice that the dark green center line has acted as the upper boundary for the entire move since the reaction that occured in the gold price in late 2009, early 2010. All subsequent rallies met this line and held below it until this month when price exploded ... more » 

Visualizing How Bank Of America's Reserve Accounting Errors Are One Giant "Subprime CDO "

About a month ago we penned an article titled (and asking) "Is Brian Lin The Next Incarnation Of Joe Cassano?" in which we sought to demonstrate just on what flimsy ground Bank of America has based its litigation reserve assumptions: a topic that since then has become the biggest sticking point in the BAC bull thesis. Considering that since then, Bank of America default risk has exploded by over 150% and the stock price has plummeted by half, at least some have grasped the severity of a situation when incremental flawed assumptions are magnified level after level, until we finally get what, as Manal Mehta terms it, is a Bank of America "Subprime CDO." Since this issue is extremely important to the future of the financial system (a bankruptcy of Bank of America would be hundreds of times more severe than Lehman's), below we present in visual, and thus easy to comprehend, format what we previously explaining in a narrative and which once again brings us to our question: will the man behind the BAC litigation reserve fraud be responsible for the next iteration of an AIG-type implosion?

Japanese PM Naoto Kan Is Out August 30

The latest update in this news-heavy night is that Japan's unpopular Prime Minister is out, after tellng his cabinet ministers that they have about one more week before packing up and looking  for new jobs. As Reuters reports "The ruling Democratic Party of Japan is planning to pick a new leader on Aug. 29, setting the stage for parliamentary confirmation of a new premier and the selection of a new cabinet." We hope for the sake of the G7 that there is no massive crisis in the next 10 days, as a leaderless Japan will hardly provide confidence that any crisis can be circumvented. As for the Yen, it is hardly troubled and at last check was trading at 76.75 to the dollar. Not an all time record... but pretty close.

Gadaffi's Supposedly Arrested Son, Very Much Free, Hobnobbing With Reporters At Tripoli's Rixos Hotel

When we said yesterday, while presenting live video of the "alleged" Libyan revolution, that "Since everyone is blatantly lying, on both sides of the conflict, we leave it to readers to decide what is actually happening." Which is why we can understand why some may have gotten the impression that Gadaffi's son Saif al Isam was arrested, after the Libyan rebel movement first reported this, and the ICC subsequently confirmed. Because it turns out he is anything but. According to Reuters, "Saif al Islam, the son of Libya leader Muammar Gaddafi who rebels and the International Criminal Court had been arrested, arrived in the early hours of Tuesday at the Tripoli hotel where foreign reporters have been staying." The following live blog from SkyNews merely confirms what we said yesterday: namely that Libyans on both sides of the divided have taken to doing what the developed (and for now, far less revolutionary) world does so well on a daily basis - lie to everyone about everything.





Despite Economy, Ohio, U.S. Gun Sales Defy Gravity





Social Security disability on verge of insolvency

Shoppers will see higher prices for back-to-school shopping, but stores aim to disguise them





The economic worries of a regular American consumer  

 Will Hugo Chavez Touch Off an Epic Short Squeeze in Gold?

Outlook: Gold, Stocks, Volatility, Euro & Bonds

All US Mint Numismatic Gold Coin Sales Suspended.

Unemployment in July Rose in 28 States, Fell in 9. 





World Stock Markets Plunge as Fears of Recession Intensify





UK:  Pensions Crisis as Shares Collapse 





Economists Refuse To Recognize the New Great Depression





Thousands Show At Job Fair as Jobless Rate Rises

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