Full FHFA Statement Disclosing Suits Against 17 Banks (Including Such Dead Man Walking As SocGen)

FHFA goes hog wild and potentially full retard in suing everyone, or specifically 17 global banks, up to an including such dead men walking as Barclays, RBS and SocGen. Oddly such crony capitalist favorites as Wells Fargo are suspiciously absent: we wonder what the cost of that particular Eureka moment was to the interested party. Either way, come Monday, this will get interesting when already scarce liquidity goes... poof. Full statement is below, while the link to all the individual law suits is here.

Goldman's Dan "Shitty Deal" Sparks Sued For Selling “Junk,” “Dogs,” “Big old lemons,” and “Monstrosities”

While the FHFA has targeted lawsuits at a whole bunch of employees of the 17 banks previously disclosed, nothing gives us as much amusement and frankly pleasure, as the fact that Goldman's definition of smugness - one Dan Sparks of "shitty deal" fame, is among the accused. Perhaps, even in uber crony communist America, what goes around eventually comes around. Now, if only someone can figure out how Warren Buffett's Wells Fargo, with its several hundred billion worth of of Wachovia toxic biohazard, is not on the list of defendants...

Deja Vu All Over Again: Total US Debt Passes Debt Ceiling... In Under One Month Since Extension

Remember when one month ago the US, to much pomp and circumstance, not to mention one downgrade,  announced a grand bargain raising the debt ceiling from $14.294 trillion to something much higher, with a stop gap intermediate ceiling of $14.694 trillion, or $400 billion more. Well, as of today, or less than a month since the expansion, total US debt is at $14.697 trillion. Yep - the total debt is again over the ceiling, which means the US debt increased by $400 billion in one month. Score one for fiscal prudence. And while the total debt subject to the limit is still slightly less, at $14.652, one week of Treasury auctions and will be time for Moody's to justify again why the US is a quadruple A credit.

Gold - 4 Hour chart update

Trader Dan at Trader Dan's Market Views - 2 hours ago

Gold has solidly taken out resistance centered near $1840 - $1845 and has now moved directly to the next level of chart resistance near $1880. This is the last barrier before a retest of the former all time high near and just above $1900 is in order. That gold is doing this even as the Dollar is moving higher is evidence that it is trading primarily on currency related issues now ( currency debasement by the respective monetary authorities). We are back to looking at the same issues that have driven the metal higher in the first place - deliberate currency debasement efforts by th... more » 

Market Snapshot As 10Yr Drops Below 2%

 Market update as the BAC/NFP/WTF/QE initiated sell-off accelerates

Two Down, Many More To Go - Bank Of America Sued For $31 Billion In Mortgage Losses

And so it begins:

• FHFA Sues Barclays over mortgage securities over losses for $4.9 billion: RTRS
• FHFA Sues Merrill Lynch Bank of Americal over mortgage securities over losses for $30.85 billion: RTRS

Put a fork in Bank of Countrywide Lynch.

Bank Of America As An Analog To WorldCon And, Of Course, Horseshit

Trust Bloomberg's Jonathan Weil to put two and two together, and to remember that everything new is just well forgotten old. In this case Bank of America. And we are not talking comparisons to Lehman (or even SocGen) - those are boring. No, it is much more fun to compare the insolvent bank to another world con, in this case WorldCom. As Weil reminds us, the news that Moynihan's last stand was considering a tracking stock reported earlier by the WSJ, as a means to demonstrate to the Fed its "viability", is nothing short of the comparison of WorldCom's last ditch in kind method, which none other than a WorldCom director likened to, well, horseshit.





The Imminent Failure Of The Eurozone

Posted by : Econophile

Post date: 09/02/2011 - 15:31

You know those movies with the bomb set to a timer ticking down to øø.øø where the sweaty hero nervously cuts one wire at a time while holding his breath and then at øø.ø1 he stops the bomb? Well... 

Rickards sees explicit devaluation of dollar and flight from GLD

 

 

How exchange-traded fund GLD lets you pretend to own gold

 

Alasdair Macleod is interviewed by GoldMoney's James Turk

 

 

Money: How to Get It and Keep It

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