One would think that TBTF bank CEO’s would have learned from Lloyd Blankfein’s epic blunder when he stated that Goldman Sachs was doing God’s work in an interview- inciting a firestorm of negative publicity for the bank…
One would think.
It appears that Bank of America CEO Brian Moynihan must have missed the memo.
In an interview with Charlie Rose airing last night, Moynihan made the Blankfein mistake. [Read more...]
CNBC Original takes a revealing look at Wall Street’s most powerful and profitable bank fighting to restore its reputation through a one-hour documentary reported by CNBC is David Faber.
CNBC takes viewers inside the firm is tightly knit corporate culture of extraordinarily driven professionals to help explain both its success and the reasons why it is come under such widespread criticism. The program looks at how Goldman Sachs’ aggressive trading culture has come under scrutiny both in Washington, D.C. and on Main Street, amid accusations that the investment bank misled investors. Faber reveals how Goldman Sachs benefited from controversial deals before, during and after the global economic crisis. The one-hour documentary also considers Goldman Sachs’ unparalleled presence in Washington. Numerous executives from Henry Paulson to Robert Rubin and Jon Corzine have left Goldman Sachs over the years to take on influential roles in government. Faber speaks to critics who question whether the firm’s presence in Washington gave it an unfair advantage in surviving the global financial crisis.
Full Vampire Squid documentary is below: [Read more...]
In the midst of gold and silver’s relentless attacks last week by the cartel, we wrote that investors should be prepared for a potential bottom in gold and silver on or around Monday 2/25, options expiration in both gold and silver.
Goldman seems to have validated that call this morning, as only one day after March options expiration, the Vampire Squid has advised clients to sell gold, slashed its 2013-2014 outlook for gold to $1450/oz, and called for an end to the gold bull market. [Read more...]
Rolling Stone’s Matt Taibbi & former financial regulator William Black discuss the government’s recent $8.5 billion settlement with TBTF banks including Bank of America and JP Morgan over foreclosure fraud and robo-signing.
Taibbi argues the government did not just bail out Wall Street, but also lied on the financial sector’s behalf, calling unhealthy banks healthy and helping banks cover up how much aid they were getting. The settlement will end an independent review of all foreclosures, meaning the banks could be avoiding billions of dollars in further penalties, in addition to criminal prosecution. [Read more...]
The legendary Jim Sinclair (who called the current bull market before anyone over a decade ago) has long maintained that the bullion banks would make the lions share of the profits in this massive secular bull market, not the average gold investor.
Sinclair has sent an alert to metals investors today, advising that the current massive take-down in the metals is the end-game, and the Great Train robbery is in progress in which the Goldmans of the world will go massively long in gold.
Sinclair states that as soon as the bullion banks have grabbed every last available ounce of gold they can lay their hands on, gold will EXPLODE to $3,500.
MUST READ! [Read more...]
The legendary Jim Sinclair sent an email alert to subscribers this weekend, warning that dollar based entitlement payments will be reduced to nearly meaningless levels on a single day, and that the result will also solve the health care cost crisis in the US, by accelerating the attrition of pensioners and removing the most sick from the equation.
Sinclair seems to agree with our statement that Blythe Masters may be responsible for the greatest loss of human life in history when the derivatives collapse is complete.
Regarding the timing of the collapse of the dollar, Sinclair states: Timing is a question of when our masters via Goldman Sachs decide to pull the plug on confidence in the US dollar.
Sinclair’s full alert below: [Read more...]
Former Deutsche Bank managing director Stephanie Rhule interviewed former Goldman Sachs Managing Director Greg Smith on Bloomberg this week. From start to finish, the interview represents perfectly what you can and cannot expect from mainstream financial news outlets. You may get great coverage of the markets, but what you will not get is hard hitting interviews that expose fraud, illegality, corruption and unethical behavior on Wall Street. MF Global coverage by both major financial news networks already cemented this fact into living memory.
During the entire interview, Stephanie Rhule deflected the criticisms made by Greg Smith, against not only his former employer but the TBTF financial community as a whole, and instead chose to pivot each time into an attack on his reputation or by questioning his motivations. There was not a single time when she engaged him on his criticisms of Wall Street.
To pervert the words of Richard Nixon: “We are all Muppets Now.” [Read more...]
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