The Latest Banker Plan Would Fund Super-PACs to Sway Senate Races

The banker zombies are not content at having been bailed out at the expense of the living standards of all future generations of Americas. No.  In fact, they are fighting tooth and nail for the right to continue to steal more and more from the increasingly impoverished citizenry.

With the election right around the corner, this is what the banksters are up to now.  From a Bloomberg article:

A banking trade group is preparing to set up a political fund that would allow members to funnel money anonymously to pro-industry candidates in the final months of the U.S. election campaign.

The American Bankers Association board is set to vote tomorrow on a plan to create a nonprofit that would donate to super-political action committees, or super-PACs, that can spend unlimited amounts on TV ads and other campaign activities.

Note what that said above.  Bankers are setting up a non-profit to buy off politicians with anonymous donations.  Oh yeah, this is going to turn out well for us.  How are they able to do this?

A series of court decisions and regulatory changes in 2010 unraveled previous federal limits on political donations. The donors pool their money in nonprofits, which keep contributor names secret, and super-PACs, which have amassed $350 million through the end of July.

Also, just bear in mind the next time you read some nonsensical bankster apologist policy paper; think about how it got funded.  Also from Bloomberg:

In accord with federal rules, ABA staff members said that the fund would spend 51 percent of its money on “public-issue advocacy,” such as research, policy papers and media campaigns.

The bankers would like to thank you America.  If so many of you weren’t such ignorant, apathetic sheeple they never could have gotten away with the 2008 heist and everything they have done and continue to do to you since.  USA! USA!

Read the full article here.


Portugal Runs Out of Gold as Citizens Forced to Sell in Order to Eat

This story from Bloomberg is one of the most gold bullish items I have read in the last 12 months.  While many pundits like to get on their soapboxes and spout about how gold is in a “bubble” merely due to the fact that it has soared so much and they are bitter they didn’t see it coming, this article demonstrates quite clearly that gold is in the opposite of a bubble.  Let’s take a few quotes from the article:

Paulo Oliveira and his wife sold their wedding rings to pay the rent after he lost his job as a builder last month. They were the couple’s last pieces of jewelry.

“We have no more gold to save us from being kicked out this month,” the 46-year-old said as he stood in the area of downtown Lisbon popular with cash-for-gold stores. “Everyone I know is struggling, even the gold stores are empty because nobody has any more gold left to sell.”

“Business has gone from great to terrible in a matter of months,” Luis Almeida, whose family has owned a gold store near Lisbon’s Rossio Square for more than 40 years, said in an interview. “The sad truth is that most of my clients have already sold all of their gold rings.”

Portugal’s gold exports increased by more than five times to 519.4 million euros last year from 102.1 million euros in 2009, according to data published on the Lisbon-based National Statistics Institute’s website.

Oliveira said he now makes as little as 15 euros a day polishing shoes on a wooden stool in Lisbon’s central Barros Queiroz street, where gold traders complain competition is eating profit.

This all very much reminds me of an article I posted several months ago about how pawn shops in the U.S. were running out of gold.  Seems the U.S. serfs got fleeced a couple months earlier.  Good thing we have EBT cards and disability checks though!

The big macro point here is obvious.  Despite a depression and euro weakness, the Portuguese are not only unable to buy gold as protection, they are being forced to sell what little real wealth they have just to survive.  It is all going straight out the back door to China and others.  This is just a massive transfer of wealth away from Europe and once the metal dries up (which appears to be happening now), the gold price will resume its march toward much higher levels.  I believe this march is beginning now and will be very powerful over the next 3-6 months.

Full article here.


Computers on Wall Street are Buying and Selling to Themselves!

As if we needed another story to further solidify the running joke that has become the U.S. stock market.  In this article from Bloomberg we find out that:

High-frequency trading firms are drawing scrutiny from U.S. regulators seeking evidence that they may be distorting market prices by conducting transactions with themselves, said two people with knowledge of the matter.

But fear not America, the SEC is on the case!

The Securities and Exchange Commission and Commodity Futures Trading Commission have sharpened their focus on high- frequency and algorithmic trading since May 6, 2010, when about $862 billion was erased from stock values in 20 minutes before share prices recovered from the plunge.

Wow, that makes me feel a lot better.  Two years “sharpening their focus.”

Oh well, perhaps the CFTC will do something?

The CFTC has been considering issuing a so-called concept release, a step prior to a formal rulemaking, which could lead to new testing, supervision and oversight requirements for high- frequency and automated trading.

They are “considering a concept release!”  Must be busy working on the Jon Corzine case right?  Which beach is he laying out on this week?

Full article here.

Jaime Dimon is a Welfare Baby

There is nothing more annoying than seeing the giant “welfare baby” gangster named Jaime Dimon parade around dismissing criticism of the banks, acting as if he has skills, when in reality his entire existence would have vaporized if not for his ability to infinitely suck at the teat of the Federal Reserve.

Hey, but don’t take my word for it.  Here are some excerpts from a Bloomberg article published Monday:

To be precise, JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fund and our own analysis of bank balance sheets. The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy.

JPMorgan’s share of the subsidy is $14 billion a year, or about 77 percent of its net income for the past four quarters. In other words, U.S. taxpayers helped foot the bill for the multibillion-dollar trading loss that is the focus of today’s hearing. They’ve also provided more direct support: Dimon noted in a recent conference call that the Home Affordable Refinancing Program, which allows banks to generate income by modifying government-guaranteed mortgages, made a significant contribution to JPMorgan’s earnings in the first three months of 2012.

Read full article here.