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LIBORGATE REVEALS GLOBAL FINANCIAL GAME IS RIGGED
Allen L Roland
Pete Bagley / Salt Lake Tribune
To the global banking elite it’s always heads they win and tails you lose but the recent LIBOR scandal moves that rigged financial game to a global scale which could and should result in multibillion dollar fines ~ unless Obama continues to protect Wall Street abuse.
Anyone who has worked on Wall Street, as I have, knows that the game has always been rigged but never to the extent that it is now with high frequency trading and trillions of dollars being traded in virtually unregulated derivatives.
Before Glass–Steagall was dismantled by the Clinton administration, the Wall Street Casino was fairly benign but that soon changed when the Banksters took advantage of the lack of regulations and it was only a matter of time before everything from sub-prime mortgages to commodities to the current LIBOR interest rate conspiracy offered direct evidence of the rigged global financial game.
Rupert Watch, Murdoch Faces Shareholder Rebellion in UK
By Michael Collins
News Corporation is facing an investor rebellion in Great Britain that parallels a similar rebellion occurring in the United States. (Image)
"A consortium of 18 heavyweight investors is calling for Mr Murdoch to stand down as chairman in the interests of good corporate governance and be replaced by an independent figure who is seen to be acting in the best interests of shareholders." The Independent, July 20
The investors have filed a resolution to remove Murdoch from power at the October News Corp shareholders meeting. The resolution will accompany those already filed by large investors in the United States.
What upsets the 18? Murdoch and his family have too much control. That control serves the family well, but not the shareholders. Specifically, recent scandals have hurt News Corp performance.
Border Collies TGIF
By Robert Singer
All five of my border collies have access to my bedroom. Some sleep on the bed, others on the floor and Bart always sleeps outside.
They have a morning routine that begins at a different time every day.
Therefore either they don’t know how to tell time or their routine begins when they can sense I am about to wake up.
Yes, I agree it could be a coincidence that each morning at that exact moment when I come out of a deep sleep and am about to open my eyes, the routine begins.
Bart after being outside all night comes in the bedroom. And regardless of how many other border collies are strewn about the room he makes his way to the head of the bed and puts two paws right up next to my face and makes a combination whine, howl and growl.
If I had to express the sound in words it would be: "It’s time to get up.. I am bored. How much sleep do you need?, let’s get this day going."
This morning I wasn’t ready to get up and most of the time it works to just ignore him or tell him I was up all night working on my latest article (The "ings").
I usually can go back to sleep but not today, FRIDAY.
Bart’s whinehowlgrowl is especially intense and now all of the dogs are in a frenzy.
They are all jumping on the bed and whining.
"Bart’s right, let's get going".
I now have to cover my face with the sheet or risk getting an eye gouged out with a flying paw because they are all too close for comfort.
Finally Bart gave up, left the room and the chaos subsided.
What was different?
We go herding sheep on FRIDAY.
US Cities Going Bankrupt
by Stephen Lendman
In past decades, many US municipalities declared bankruptcy. Since 1981, 42 cases were filed. Ten came in the past four years.
Given hard times getting harder, what's happening now is unprecedented since the Great Depression.
Cities occasionally declare bankruptcy. In America, they're coming more often. Others in dire financial straits may follow.
San Bernardino, CA is the latest. On July 11, The New York Times headlined "Third City In California Votes to Seek Bankruptcy," saying:
Officials have no choice. They can't meet payroll obligations through summer.
"Faced with a budget shortfall of $45 million and city coffers that have already been drained, the San Bernardino City Council voted on Tuesday to file for bankruptcy."
Interim city manager Andrea Travis-Miller said:
"I am concerned about our ability to make payroll, not only in the next 30 days but also in the next 60 to 90 days. A major restructuring of this organization is needed."
The Real Bain Capital Story
By Numerian posted by Michael Collins
Originally published in The Agonist
Is the Bloomberg news service turning into The Agonist? Or at least The Agonist, circa 2005, when what was written here was so out of the mainstream that most writers had to hide behind pseudonyms if they wanted to keep their day job? I ask this because I was surprised to see the type of article that is now passing for ordinary on Bloomberg. Here are the Top 5 most popular articles on the news service today, according to their website: “Hardheaded Socialism Makes Canada Richer than U.S.”, “The Secret Behind Romney’s Magical IRA”, “China’s GDP Hit Tells Story of Hubris Run Amok”, “Romney’s Bain Yielded Privatized Gains and Socialized Losses”, and “Do Business Schools Incubate Criminals?” (Image)
The title of that last article is pretty much rhetorical, which says a lot about how times have changed if major business publications are giving credence to claims that business schools churn out criminals. It is the two Mitt Romney articles that really interest me, given how unfavorable they are to the champion of capitalism that the Republicans have put forward as their presidential nominee.
The Great Transformation: From the Welfare State to the Imperial Police State
James Petras
Introduction
The United States has experienced the biggest political upheaval in its recent history: the transformation of a burgeoning welfare state into a rapidly expanding, highly intrusive and deeply entrenched police state, linked to the most developed technological innovations.
The ‘Great Transformation’ occurred exclusively from above, organized by the upper echelons of the civil and military bureaucracy under the direction of the Executive and his National Security Council. The ‘Great Transformation’ was not a single event but a process of the accumulation of powers, via executive fiats, supported and approved by compliant Congressional leaders. At no time in the recent and distant past has this nation witnessed the growth of such repressive powers and the proliferation of so many policing agencies engaged in so many areas of life over such a prolonged period of time (a time of virtually no internal mass dissent). Never has the executive branch of government secured so many powers to detain, interrogate, kidnap and assassinate its own citizens without judicial restraint.
Who is the winner of sanctions game?
Kourosh Ziabari
Less than a week ago, the European Union put into effect its comprehensive oil embargo against Iran upon which the member states had reached an agreement on January 23.
The EU's unilateral sanctions come after the United States targeted Iran with a set of sanctions against the country's Central Bank and a number of individuals and companies and threatened to penalize the foreign firms and banks which have financial transactions with Iranian counterparts.
World Economies on Life Support
by Stephen Lendman
Since crisis economic conditions erupted in fall 2007, resolution has been sorely lacking.
US corporations and America's super-rich benefitted from over $3 trillion in tax cuts.
Anywhere from $9 trillion to double or triple that amount went to bankers that caused the crisis.
Ordinary Americans have been largely left out. The nation's economic engine stalled. Recovery is more illusion than reality. Increasingly it looks dangerously troubled. More on that below.
Financial analyst Martin Weiss said he's "never seen anything like the whirlwinds and dark clouds now encircling the so-called advanced economies of the world."
Is Syria Worth World War III?
By Timothy V. Gatto
The question of Syria’s problems resulting in a nuclear holocaust is real, not imagined. According to the NATO treaty the treaty states that an attack on a NATO member is regarded as an attack on all NATO members.
“By joining NATO you receive the protection of The Alliance in exchange for your willing defense in times of need. An attack against one NATO member is an attack against all of NATO”. (http://cybernations.wikia.com/wiki/North_Atlantic_Treaty_Organization)
Washington's Man in Tripoli
by Stephen Lendman
Mahmoud Jabril takes over as Libya's new leader. He heads its puppet government.
Sham elections installed him. The process was farcical. Illusion substituted for reality. Obama called his ascension "another milestone in the country's transition to democracy."
EU leaders hailed "Libya's first free elections." They called them the "dawn of a new era." Scoundrel media acclaimed the end of the Gaddafi nightmare.
A democratic facade masks New World Order neoliberal fundamentalism. Its holy trinity is eliminating public services, predatory capitalism writ large, and repression enforcing the message to non-believers.
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