Posted on 02/13/2009 5:45:51 AM PST by rightwingintelligentsia
I have a cousin who was at Merrill during this period and he told me two months ago there was rampant talk up and down the corporate ladder of our financial system being under attack then. Their first suspect: Soros.
Have they no souls?
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In a word........NO. They are utterly evil.
Except there is an itty-bitty problem - there was a legitimate triggering mechanism. You have to apply Occam's razor here - an electronic panicked bank run in response to bad news is the simplest explanation. And you also have to demonstrate how a few individuals could control $500 billion in money market funds to be able to coordinate such a conspiracy.
Well, it seems upper management at his company had unwittingly been doing just that with their piss-poor risk management.
I’m getting a lot of private email asking where to look for low hanging fruit. I like:
http://finance.yahoo.com/q?s=EXM
as a starting point as it gives a quick picture of the company. Note that you can change the company symbol on the page. I’m simply using the URL that posted if you selected one of the stocks I mentioned (e.g., EXM).
Oh, what a relief -- the SEC's looking into it . . /s :(
In a word........NO. They are utterly evil.
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Yes, they are.
If Soros or someone knew there was a glitch in the electronic systems, he could have triggered it and let it happen. For him a win win, he makes a fortune and McCain goes down. Funny how that worked out so well for everyone but the little guy.
Pray for America
I agree. Really frustrating.
but, but, but I thought we supposed to buy high sell low
I am not sure what disturbs me more...the run on the banks....or the absolute silence from the media concerning the event....
No, no, no. That's what the government does.
If Bernanke and the boys knew that there was a run of $550 billion it wouldn’t come out of thin air and they would know where the demand was coming from. Why doesn’t some enterprising journalist ask him?
This story is an interesting....but I think you will find that there are “man gates” on all computer systems that are used for money transfer...an outside user has to clear a real live person before the transaction is completed, in other words there is no direct connection from the outside to the internal pot of gold.....
In addition, many agencies monitor the internet traffic, for money transfers related to drug traffic, terrorism, and other illegal traffic...
I am not saying it didn’t happen, but I find it difficult to accept....
Yeah, and ask where the $550 billon went.
Hey your Freepers.........pride yourselves on Research
Note in 2007, under heavy Lobby Pressure the “uptick” rule was abolished......in a nutshell allowed “bear” raids on Lehman, GS etc to become very easily done by a hedge fund.
The ability to do this made it very easy for the “engineer” of this meltdown to drop the value of Money Market funds under the magic 1.00 level...once done computer selling took over and panic......
and in a few days the surge put on by Palin/McCain melted away and by golly the fix was in
I saw this happen live on CNBC. People seem to have forgotten that a money market “broke the buck” the day of this bank run. That had happened only once before, and investors were already jittery.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5O2y1go1GRU
Does not reporting M3 have anything to do with this?
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