financial fiascoes

Singapore Ups the Ante

There is no doubt that there is an emerging  contest open now for becoming the  next and new World Financial Center. The opportunity broke with  the breakdown of financial responsibility on Wall Street and European financial centers plus the caving of  fiscal discipline [consistently running increasing budget deficits over the past 5-10 years]by many developed …

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Goldman Sachs on Ethics

There is a a fascinating post on Goldman Sach’s committment to Ethics at the Financial News: Goldman Sachs, which publishes an ethics code on its website that emphasizes its “integrity and honesty”, adds a rider that reads: “From time to time, the firm may waive certain provisions of this Code.” Yes indeed, the sound of …

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Saints Preserve US – US Senate Rescues Wall Street Gambling Dens!

MarketWatch has just reported that the Senate has made it safe to bet big and naked on Wall Street. An amendment to the Finance Reform Bill that would have outlawed  Naked CDS – Credit Default Swaps that are pure bets on what will happen on default positions taken by others; this prudish amendment has thankfully …

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Is the Wall Street Banking Game Fixed ?

There is strong evidence that what has been suspected is true – the Big Banking Game is Fixed. And you thought the top US Banks had to fight to survive in one of the toughest and most coldly efficient banking markets. But diverse financial media players like China Post, Bloomberg, Iranian Financial Times,  NYTimes,  and …

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Financial Reforms List: Comparison NYTimes vs Takethe5th

The NewYork Times in an editorial today has published its bottom-line financial reforms. This past week Takethe5th also listed the financial reforms and prosecutions that had to be implemented to dispel the notion that Congress had  been bought out by Wall Street. After all, Financial Industry lobbying and campaign contributions have exceeded $110 million for …

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The Public Whippings of Goldman Sachs

The pillory or public whipping post went out of fashion in England and Europe by the 1830’s but non-public whippings, usually in prisons, occurred until the 1960’s in various jurisdictions including the US[see wikipedia for back-ground reference here]. However, the US has not abandoned Verbal Whippings in Congress. Congress has used its Congressional Hearings mechanisms …

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Wall Street’s Made-off with the Money Culture

What is becoming increasingly apparent and broadcasted ever more widely across all media is that the culture at the top tier US banks, hedge funds, and financial firms is an anything goes, casino gambling culture. $50B fraudster Bernie Madoff was not an isolated aberration but symptomatic of Wall Street’s greedy gambling addiction. Just one example, …

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