Seriously, where the f*ck was the SEC? Where the f*ck IS the SEC? Where are the congressional hearings? Where's the office raids? Where's the frog-marches? Where are the state Attorneys General? Where's the Justice Department? Where's law enforcement?
Enough is enough. It's time for the arrests to start. Laws have been broken, criminals are running free (and being handsomely compensated), and the US appears to be a banana republic, and no longer a nation of laws.
Here's the new Cramer video (someone get this up on youtube OK?) - thanks bubble girl.
Cramer on the Banks: 'Where's the SEC?!'
Why isn't the Securities and Exchange Commission getting more involved in the whole banking sector writedown situation? Especially since the numbers are likely to get worse, not better? That's what Jim Cramer, CNBC's resident stock guru, wants to know.
"It's all fiction!" he declared during a forceful exchange (see it in full in the accompanying video) on CNBC's "Squawk Box."
"How can we have these levels of fiction in financials after Sarbanes-Oxley? How do people get away with this? How do they live with themselves?"
"I'm fed up with it. The American people should be fed up with it. And the SEC should be fed up with it," Cramer said.
"This is what the SEC is supposed to protect us from," he added.
January 17, 2008
As banks write down billions and billions, Jim Cramer joins HP in asking - "WHERE THE FLYING F*CK WAS THE SEC? SARBANES-OXLEY ANYONE? ANYONE?"
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35 comments:
oh yeh, like i am going to worry about what this liar is saying now. give me a break. and just how long did it take before he said there was a problem with the builders? and subprimes? and banks? just how long was it? right up to the last minute perhaps? yeh, he lost his credibility then , if he ever had any. so now we know, he is for himself and his hedge fund buddies before john q public.
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I usd to work for a very large law firm's auditor''s liability dept. I knew a very high level atty that went down bec of Enron. The SEC is a rubber stamp. There are many companies that blatently ignore the GAAP.
The executives cook the books, the auditors get paid to look away, then the investment bankers get paid to push this junk like a crack dealer.
If the SEC ever had the manpower and desire to lift up the rock that hides corporate america's trash the financial markets would be in for loooong tail spin.
Mistakes were made, but that's no reason we shouldn't continue to govern...just think of all the nasty things out there that we're protecting you from.
How do they live with themselves?"
Surely Cramer knows that if you want to work on Wall Street, selling their toxic garbage, when you apply at the employment office you must: CHECK YOUR SOUL AT THE DOOR.
Cramer was in the racket. He knows this. He's playing dumb. He's doing the populist "I'm looking out for the little guy" act. Cramer knows Goldman Sachs, et al is not filled with honest people.
I remember seeing Orangelo Mozillo on Jim's show early last year. Jim was saying CountryWide was a buy and not to worry about all the shares Orangelo was selling. Something to the effect that Orangelo was getting close to retirement and it wasn't unusual.
Jim is just another carnival barker. Yell whatever it takes to get people into the tent as loud as you can.
When is the march on Washington?
.
I remember when I was a kid (48 now),
My mom wrote checks like a pro. She never kept track of her balance, dad did that. She was one of those, "How can i be out of money when I still have checks"? She was overdrawn quite a few times or late with payments, mind you nothing ever over about $50 to $100.
The bank had fits over this. But because she had a very large account they learned to deal with it.
But she use to get phone calls from the bank president, threatening letters you name it.
Now we have billions going bad and nothing is being done?
.
We need a new Rudy Giuliani to prosecute the Wall Street Mafia.
Cramer's full of something ... I'm just not sure what it is.
He often laces his comments with smart literary analogies, then turns around and pumps stocks in the face of frightening market conditions.
Whatever - he was convincing on this one.
And his comments on the sovereign wealth funds: that's the next field of controversy.
>> When is the march on Washington?
Not now - American Idol is on tonight...
The best part of the "rant" is when Cramer admits that all the derivative paper was/is "crap".Not just bundled mortgages but all the paper going back 15 years! They even reference the Orange County bankruptcy from 1994.
$700 trillion in derivatives outstanding and it's all "crap"!
How can they do anything other than put the entire system into bankruptcy reorganization. There is no sane alternative.
Las Vegas Default Highlights Commercial-Property Crunch
By Jennifer S. Forsyth, Michael Corkery and Tamara Audi
Word Count: 1,026 | Companies Featured in This Article: Deutsche Bank, Merrill Lynch
The credit crunch that roared through the residential real-estate market is starting to bite commercial projects, too.
Yesterday, Ian Bruce Eichner, the developer of a twin-tower casino resort in the heart of Las Vegas, defaulted on a $760 million loan from Deutsche Bank AG after he failed to get refinancing. The default on the loan supporting the $3 billion Cosmopolitan Resort Casino is a signal of trouble for Mr. Eichner, who gained notice during an earlier real-estate downturn in the early 1990s when he lost several projects in New York City.
Owners and developers of some of the country's choicest
Proof that what we are seeing is not a housing collapse but a collapse of the bankrupt post Bretton Woods monetary system.
Quote from major financial conference.
"Over the last few years monoline insurers haveplayed an important role in the rapid growth ofCollateralised Debt Obligations (CDOs). Themarket for CDOs has grown significantly sincetheir inception in the late 1980s, although the bulkof the growth occurred during the later half of1990s, making CDOs the fastest growing segment of the structured finance universe"
Mistakes were made, but that's no reason we shouldn't continue to govern...just think of all the nasty things out there that we're protecting you from.
When you see a currupt smuck like Cramer finding god and throwing his currupt baker buddies and our currupt government under the bus it is time to be very afraid. This guy has always been an insider and knows whats coming and how soon. He is trying to crawl into the womens only life boat. Move over Boooooosh, Chaney, McShitStain, Clintons, Gullifag, Reed, Polosi and all the rest. You people better have an outboard on that boat because the dumb greedy animals known as the American people are beginning to understand not what you did, but that their trough is empty. Very Very ouch!!!
Have a nice 08.
Does anyone remember when some Arab businesses (from Dubai, or Bahrain, or whatever) wanted to invest in / buy up American seaports?
The response was... "We're not going to let any Ay-rabs take over nothin!"
Essentially, the US was not willing to accept US dollars for hard assets. THIS was the day that the American dollar started to tank!
What? Is money from Dubai not as valid as money from somewhere else? This gave a loud and clear signal that the US was no longer open for business.
So what happens when the country that prints the money refuses to accept the money they printed? Essentially - that money becomes worthless - hence the free fall.
Well, the final nail has been put into the coffin:
http://apnews.myway.com/article/20080115/D8U6J17O2.html
The Supreme Court has just mandated that jigging the stock prices (ala mOrangzilla) and committing fraud against investors is... OK.
I just love reminiscing about all the stock market junkies on here who kept saying "INVEST,INVEST...BUT,BUY"
By the time they realize that they've been duped... they won't even be able to sue for fraud... even in class action.
HAHAHAHAHAHAHAHAHAHAHAHA
WELL...DUH...GEE YA THINK??
This is Standard Operating Procedure in the USA, and he knows it. He was the first one screaming about lowering interest rates. He doesn't give a rats a** about anything, EXCEPT RATINGS AND HIS PAYCHECK!! Believe me!!! This country is run by a bunch of liars and criminals who promote another bunch of liars and criminals, who are both in turn fleecing the guy hard at work trying to make a living for his family and trying to believe in the system. We used to blame the blacks, now we blame the illegals. It's all BS. Turn off your TV's and stop being manipulated by the system. You'll see things much differently after awhile, because reality will set in when you stop letting yourself be programmed and manipulated by the government controlled media.
Make no mistake about it, democracy is just a word. Just because you call it a democracy, doesn't mean that it is a democracy. They are creating a socialist government in this country, and that's a fact, Jack!!! And you so called 'Patriots' who are going to try and tell me "America, Love it or Leave It" I have two words for you: SCREW YOU!!!
It time to put a Constitutionalist Party in control. Where are they! For sure you won't see them on TV!!!
Hey MALCUM, Amerika here. Your comment about my spelling exposes you as a mental midget who is overwelmed by his own AHHHH wit. I can't help but notice about 90% of the comments flow in the same direction. You come out of left field with a comment that has nothing to do with the subject matter but Rather everything to do with your wanna be wit. I knew guys like you in school. The cheer leaders were constantly kicking their ass. They never got over it.
did i read that there was 20 years of world income in derivitives out there?
Best qoute
"The terriost funds, or the communist funds?"
Nobody cares about the fraud and corruption until people start losing money.
Jymkata
Now that snake-oil salesman Cramer's audience ratings are sinking faster than the dollar, he became Mr. Righteous. Nice try Cramer. I guess desperate times require desperate measures to pump up ratings.
Isn't that the same guy who, according to his own book confession, was bribing annalists to manipulate the market while he was a Hedge Fund "trader"? He's sooooo in favor of Sarbanes-Oxley now. Sure Cramer, we believe you.
What we need is a good, repeat GOOD, emperor. Someone who'll execute a few thousand investment bankers, hang Mozilo at half time of the Super Bowl. Y'know, some good old-fashioned Roman rough justice. Exile Dubya to Mongolia.
«Nobody cares about the fraud and corruption until people start losing money.»
Grover Norquist wrote very eloquently about the consequences of some Republican social engineering:
http://www.prospect.org/web/page.ww?section=root&name=ViewWeb&articleId=11699
«The 1930s rhetoric was bash business -- only a handful of bankers thought that meant them. Now if you say we're going to smash the big corporations, 60-plus percent of voters say "That's my retirement you're messing with. I don't appreciate that". And the Democrats have spent 50 years explaining that Republicans will pollute the earth and kill baby seals to get market caps higher. And in 2002, voters said, "We're sorry about the seals and everything but we really got to get the stock market up."»
The same he writes about the baby seals applies to accounting standards, toxic mortgages, lonans and whatever. All those home and stock owners have a conflict of interest with a sound economy. The end result is that the party of inflation is today much much bigger than 30 years ago asay.
Welcome to shock capitalism.
This is the endgame of the Bolsheviks of radical deregulation, the huffy and hysterical Ayn Randites, and the Wall Street Journal-op-ed hypercapitalist bootlickers.
All the regulatory agencies have been targeted by Norquist's right-wing shocktroops, paid to NOT do their jobs. Intentionally, as policy.
Just look at the recent Supreme Court decision. What do you think Roberts and Alito were put in there for? The shock capitalists don't give a crap about abortion---they want to eliminate all normal people's rights which get in the way of massive income extraction.
"consumers" aren't considered citizens, workers. They're an oil well to be drilled and exploited until they're depleted. And then they move on to another country.
Cramer is conflicted. He, in his heart sort of wants to do the right hting, but he is also cynical and knows everything you have to do to make money.
At least he doesn't defend the system, he just says how it is.
Far worse are the ideologues and goebbelite propagandists; Larry Kudlow, Heritage Foundation etc, and all of Fox News.
They'll piss on you and then tell you to "be happy, it's raining Eau de Versace!"
e.g. "Why does Jim Cramer hate successful Americans?"
Nobody cares about the fraud and corruption until people start losing money.
Jymkata
Actually, some people do. In the USA, they're called "liberals".
"All the regulatory agencies have been targeted by Norquist's right-wing shocktroops, paid to NOT do their jobs. Intentionally, as policy."
Right on!
A system of legalized crime that is now feeding on itself.
What a cesspool of corruption!
"These guys in Wall Street make me want to puke. They make money in good times in straight business, but they make bad times worse with their fraud. During national elections, they finagle indexes and make money there too. See the 2006 midterm US elections and the alteration of the GSCommodity Index weight for gasoline from 9% to 2%, sparking a major selloff going into the November voting period. They make money with insider information on Plunge Protection Team maneuvers to intervene on markets. They made money in selling Initial Public Offerings for major Chinese banks in 2006, like ICBC bank, on sweet deals undoubtedly laced with scummy reciprocation among government officials. Now they make money in brokering deals to sell off American corporation interests. Such is the nature of the Fascist Business Model, loaded with corruption, cronyism, inefficiency, influence peddling, and unprosecuted fraud, eventually leading to a transformation of the political system toward totalitarianism."
--Jim Willie CB
http://www.goldenjackass.com/
I noticed the 'shill'cramer said Wells Fargo isnt working with 'fiction' - he insists they are working with 'fact'. That is just plain nonsense - Wells Fargo is one of the biggest subprime lenders out there - under WaMu and Countrywide.
The 'shill' didnt see the housing bubble until it popped in his face. Two years ago he was touting homeownership and telling people to buy as many homes as you can because its great to use 'other peoples money' for leverage (the banks) Now, he's all over the financials and screaming its all fiction...
Anon said:"oh yeh, like i am going to worry about what this liar is saying now. give me a break. and just how long did it take before he said there was a problem with the builders? and subprimes? and banks? just how long was it? right up to the last minute perhaps? yeh, he lost his credibility then , if he ever had any. so now we know, he is for himself and his hedge fund buddies before john q public."
Exactly right Anon. Couldnt have said it better...
He's the biggest shill there is.
"Exile Dubya to Mongolia."
Exile is what Dubya is hoping for. Why else would he buy his huge ranch in Paraguay?
What he's afraid of is being trapped in the U.S., where eventually the masses will realise his involvement in selling the nation to the highest bidder, with the resultant loss of jobs overseas.
I suggest that he be chained to a lamp-post in an area most affected by the "outsourcing" of manufacturing. Perhaps Detroit, or Flint, Michigan?
I might also suggest daily "simulated drowning" (waterboarding), to find out just what he was thinking when he sold us out, but to me it sounds too much like torture.
Let's just impeach the idiot, and see where that leads.
Another anti-Mozilo web site:
DisinviteMozilo.com
http://disinvitemozilo.com/
Wow! I've always known Jim for being a passionate guy...
Thank you Jim for opening up your eyes to the TRUTH surrounding this ridiculously sad situation!
Anonymous said...
>>>This guy has always been an insider and knows whats coming and how soon. He is trying to crawl into the womens only life boat. Move over Boooooosh, Chaney, McShitStain, Clintons, Gullifag, Reed, Polosi and all the rest.
January 17, 2008 5:50 PM
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Oh-my-God!!! That was classic literature... Loved it!
Thank you for giving me a good hearty laugh! ;)
Wow! I've always known Jim for being a passionate guy...
He may very well be a passionate guy. He is also a bullshitter. He was sucking up the commissions left and right in his earlier days, and now he is using his show to pimp his books. Now, he decides to throw caution to the wind and tell it like it is. Sorry, Cramer, but your're about 3 or 4 years too late (or longer).
>>>Now, he decides to throw caution to the wind and tell it like it is. Sorry, Cramer, but your're about 3 or 4 years too late (or longer).
January 18, 2008 8:47 PM
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I totally agree with you about his behavior and self-interest.
However, you have to admit it IS GREAT to hear him speak 93.555% of the TRUTH for 20 minutes for all the World to hear on CNBC and via the internet.
Our country has sooooo many regulatory agencies that are being paid by us and they're sitting on their a$$es doing squat! Talk about a WASTE of money, seriously. Why are they even their??? Let's see, we have:
SEC, FBI, CIA, FEMA, etc etc
Who needs some political nut on tv telling us what America is thinking? YOU GUYS ARE GREAT! You tell it "like it is". I love your anger, your humor, and your insight as to what is happening to our once great country. I'd love to see some of you guys on CNBC going after some of those wall streeters and economists. Sadly, I think we are in a financial mess that won't be healed without a lot of pain for your average citizen. I have lived through many recessions and downturns, but this one seems to be escalating into more than just your average recession. I am not too hopeful at this time. The trouble all goes back to government catering to big corporations and lobbyists.
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