Lobbying Firm Warns Bankers: Beware Of Occupy Wall Street

[conner700]

A £516 trillion derivatives ‘time-bomb’
Not for nothing did US billionaire Warren Buffett call them the real ‘weapons of mass destruction’


By Margareta Pagano and Simon Evans
12 October 12 2008

The market is worth more than $516 trillion, (£303 trillion), roughly 10 times the value of the entire world’s output: it’s been called the “ticking time-bomb”.

It’s a market in which the lead protagonists – typically aggressive, highly educated, and now wealthy young men – have flourished in the derivatives boom. But it’s a market that is set to come to a crashing halt – the Great Unwind has begun.

Last week the beginning of the end started for many hedge funds with the combination of diving market values and worried investors pulling out their cash for safer climes.

Some of the world’s biggest hedge funds – SAC Capital, Lone Pine and Tiger Global – all revealed they were sitting on double-digit losses this year. September’s falls wiped out any profits made in the rest of the year. Polygon, once a darling of the London hedge fund circuit, last week said it was capping the basic salaries of its managers to £100,000 each. Not bad for the average punter but some way off the tens of millions plundered by these hotshots during the good times. But few will be shedding any tears.

The complex and opaque derivatives markets in which these hedge funds played has been dubbed the world’s biggest black hole because they operate outside of the grasp of governments, tax inspectors and regulators. They operate in a parallel, shadow world to the rest of the banking system. They are private contracts between two companies or institutions which can’t be controlled or properly assessed. In themselves derivative contracts are not dangerous, but if one of them should go wrong – the bad 2 per cent as it’s been called – then it is the domino effect which could be so enormous and scary.

A £516 trillion derivatives ‘time-bomb’ « Did You Know

Not to minimize your wonderful explaintation of the situtation: Do you think future historians will be able to explain how AIG sold insurance that private persons would default on their home mortage? And how AIG went out of its way to ensure their clients buying these insurance policies would not fail by underwritting insurance claims that they should have known were triple d's yet were rated triple a's?

 

[conner700]

Now tell me these brave young American patriots aren't making a difference! Gooo OWS!!!!!

The Fat Cats are getting nervous...

These Fat Cats are so nervous...Millionairs and Billionairs are begging Congress to tax them. But the Rep will not listen to them either.

Even the Rich know to give alittle now or it will be taken by the Revolution for redistribution.

I agree! However, I don't believe it's those "asking" to be taxed more that are causing the problem. It's the filthy rich wingnut puppet masters who are squealing like pigs - the Ebenezer Scrooges.

I guess my point is that when those millionairs and billionairs not in working in congress went to congress to ask to be taxed more...congress wouldn't not listen, because the Rep in congress are wingnuts puppet masters who are Ebenezer Scrooges.

Also, the group of millionairs and billionairs who asked congress to tax them more now...know that if the OWS has its way they may not have any wealth at all. That they would like to give more now than have nothing later and still congress doesn't listen.

 

[Lakhota]

These Fat Cats are so nervous...Millionairs and Billionairs are begging Congress to tax them. But the Rep will not listen to them either.

Even the Rich know to give alittle now or it will be taken by the Revolution for redistribution.

I agree! However, I don't believe it's those "asking" to be taxed more that are causing the problem. It's the filthy rich wingnut puppet masters who are squealing like pigs - the Ebenezer Scrooges.

I guess my point is that when those millionairs and billionairs not in working in congress went to congress to ask to be taxed more...congress wouldn't not listen, because the Rep in congress are wingnuts puppet masters who are Ebenezer Scrooges.

Also, the group of millionairs and billionairs who asked congress to tax them more now...know that if the OWS has its way they may not have any wealth at all. That they would like to give more now than have nothing later and still congress doesn't listen.

I generally agree with you; however, I have a couple slight differences. The Tea-Tards in Congress are NOT the wingnut puppet masters I was referring to. They are simply grunts. The real wingnut puppet masters are people like the Koch brothers.

 

[conner700]

Now tell me these brave young American patriots aren't making a difference! Gooo OWS!!!!!

The Fat Cats are getting nervous...

They should be.

They destroyed the world economy, and now the light is being shinned on them.

Left leaning idiot Politicians Destroyed the World Economy. People just like you.

Chris: My Father was is the United States Navy for twenty years and the entire time my family was on foodstamps. It is people like me and my family---the left leaning ... who destroyed the world economy your so wrong on so many levels.

While my father worked hard protecting your and others Fat Cats as children we went without food, clothes, bus trips to school, and medical services. My parents belived until the United States turne on them...like you are now on your fellow citizens and as they did on others.

Greed and money became more important than feeding children and ensuring window stayed in their homes. Law after law was passes criminalizing the poor including, but not limited too military families. Socioeconomic thresholds made one a criminal and one exempt in the law. ALL Three Branches of the Constitution turned a blind eye to poverty.

Today Herman Cain spits out of his disgusting mouth the words...if one does not have a job they are to blame themselvess.

Enough is Enough...I know better now. That excuse is not an excuse that is tolerated in the public general concenus.

Rightwig nut jobs are just that..nut jobs who will soon have no job. American's say by-by to the Fat Ugly Greedy Congress who live in La La land.

Those OSW lefties out every day and everynight fighting for the United States Constitution deserve your Respect! And if you don't have any then crawl back under the rock in which you came from.

OWS will ensure your SSI will be there when you turn 65.
OWS will ensure you have a unbiased judge when you go to court.
OWS will ensure college will a goal the youth will see in their future.
OWS will ensure unions will not be destroyed by Rep like Scott Walker.
OWS will ensure that the greedy in this country who try to undermine the People will be called out for their crimes!!!

 

[Lakhota]

Militarization of Campus Police

By Bob Ostertag: Composer, historian, journalist, and Professor of Technocultural Studies and Music at UC Davis

Yesterday, police at UC Davis attacked seated students with a chemical gas.

I teach at UC Davis and I personally know many of the students who were the victims of this brutal and unprovoked assault. They are top students. In fact, I can report that among the students I know, the higher a student's grade point average, the more likely it is that they are centrally involved in the protests.

This is not surprising, since what is at issue is the dismantling of public education in California. Just six years ago, tuition at the University of California was $5357. Tuition is currently $12,192. According to current proposals, it will be $22,068 by 2015-2016. We have discussed this in my classes, and about one third of my students report that their families would likely have to pull them out of school at the new tuition. It is not a happy moment when the students look around the room and see who it is that will disappear from campus. These are young people who, like college students everywhere and at all times, form some of the deepest friendships they will have in their lives.

This is what motivates students who have never taken part in any sort of social protest to "occupy" the campus quad. And indeed, there were students who were attacked with chemical agents by robocops who were engaging in their first civic protest.

More: Bob Ostertag: Militarization of Campus Police

 

[Lakhota]

Apparently cops remember nothing from the old Vietnam protest days. Berkeley will not take this lightly...

The New York Times: Poet-Bashing Police

 

[Lakhota]

OWS: From Building Awareness To Maintaining Momentum

Mohamed A. El-Erian, CEO and co-CIO, PIMCO

From disrupter to builder -- this is one of the most difficult transitions to make. It has tripped many promising popular movements in the past. And it is the critical challenge that faces the OWS Movement today (or, to be more exact, the Occupy Movement given that it has successfully spread to so many cities around the world).

This peaceful grassroots movement has succeeded in raising awareness about growing income and wealth inequality and, more generally, a system that seems better at serving the privileged few than enabling jobs and income growth for the many.

Indeed, whether you agree with the core messages or not, the fact is that the movement has triggered lots of important discussions about the balance between rich and poor, capital and labor, current and future generations, and the financial sector and the real economy.

By striking a chord with many people in America and across the world, it is a movement that cannot, and should not be dismissed. Indeed, it will resonate even more as western economies continue to struggle with sluggish growth and very high unemployment.

More: Mohamed A. El-Erian: OWS: From Building Awareness To Maintaining Momentum

 

[editec]

It really wouldn't matter whether OWS was out there protesting, the BANKING LAWS will change, anyway.

Not because the meltdown is hurting the working classes, and certainly not because regulating banks is the best interests of the working class, either.

Banking laws are going to tighten up because far too many very wealthy people were ALSO FINANCIALLY hurt by this system.

 

[Lakhota]

It really wouldn't matter whether OWS was out there protesting, the BANKING LAWS will change, anyway.

Not because the meltdown is hurting the working classes, and certainly not because regulating banks is the best interests of the working class, either.

Banking laws are going to tighten up because far too many very wealthy people were ALSO FINANCIALLY hurt by this system.

The problems run much deeper and wider than "banking laws"...

 

[Lakhota]

I love this one...

'Occupy The SEC' Scrutinizes The Volcker Rule For Loopholes

 

[WatertheTree]

Now tell me these brave young American patriots aren't making a difference! Gooo OWS!!!!!

The Fat Cats are getting nervous...

They dont need to worry about Republicans changing rhetoric, they need to be worried about real changes in policy. If the people cant have the real changes in policy demanded then its time to elect a new continental congress, by the people and for the people. As authorize in the constitution.

We have the power of the internet, it would not be a difficult task. Then we simply stop paying taxes to the Oligarchy in control now. Thats how easy the revolution will be.

 

[California Girl]

LMAO. Seriously, the left wing borg getting its communal orgasm is very fucking funny.

 

[Katzndogz]

There is no revolution. At best its becoming a necessary civil war. I'd like to see the entirety of Wall Street close, leave, go to China. Turn the whole place into empty buildings and unemployed.

How did bank transfer day turn out?

 

[California Girl]

There is no revolution. At best its becoming a necessary civil war. I'd like to see the entirety of Wall Street close, leave, go to China. Turn the whole place into empty buildings and unemployed.

How did bank transfer day turn out?

They don't need to go to China. Europe would welcome them with open arms. They'll take the jobs. And America can become a third world nation, relying on the charity of others. The Founders would be so proud.

 

[Seawytch]

There is no revolution. At best its becoming a necessary civil war. I'd like to see the entirety of Wall Street close, leave, go to China. Turn the whole place into empty buildings and unemployed.

How did bank transfer day turn out?

Pretty well actually. $4.5 BILLION shifted from big banks to CUs since September 29th.

Bank Transfer Day - How Much Impact Did It Have?

Credit Unions are the way to go if you can't get into USAA!

 

[Lakhota]

Gooo OWS!!!!! Thank you for your service!!!!!