VOTE YOUR INCUMBENT OUT OF OFFICE!!!!
Most people in the US do not know the details of Europe's woes but they are about to be caught in the same scheme. Europe's collapse was not only from subprime mortgage fraud but for the southern Europeans there was sovereign debt fraud as well with a scheme by Goldman Sachs and DeutschBank of Germany. The idea was to create such a debt level as to force these social governments to disband Europe's social programs, privatizing the public sector as much as possible. So Goldman Sachs created a fraudulent financial vehicle to hide sovereign debt so these countries could take more and more debt until these fraudsters knew the governments would not be able to pay the debt......that is where the troika comes in and takes over the government-----AKA the rape of Europa. That is why you are hearing of catastrophic poverty and it was all based on fraud.
Well, these past few years have the financial columns filled with talk of the next bubble since Wall Street has impoverished everyone and no one wants to invest in the market because it is criminal. THAT BUBBLE IS MUNICIPAL BONDS......GIVING CITY AND STATE GOVERNMENTS CREDIT BEYOND THEIR BUDGETS TO LEVERAGE BONDS WELL BEYOND THEIR MEANS.......SOUND FAMILIAR TO THE STORY ABOVE? YOU BETCHA!!!!
Municipal bonds have always been the safest of investments and indeed many of people's pension plans are invested there for that reason. Now, Wall Street is going to make the Muni-market high risk as they create these instruments called credit bonds that leverage governments to high risk levels at a very dangerous economic time......sound like sub-prime loans and the House of Cards? IT IS THE SAME.
Baltimore and Maryland have been all in on all financial instruments that end in fraud and lost taxpayer/citizen money. O'Malley, Rawlings-Blake and Baltimore City Council have served Baltimore residents to Wall Street time and again. So this election saw several bond issues on the ballot and now we are seeing the announcement of this massive $2.4 billion school construction bond that will be a credit bond leveraged to the max. Wall Street needs the business and our Third Way pols are there to provide. What will happen if the recession returns and the economy collapses again as has been predicted in strong likelihood? Wall Street will control the schools finance with a city default and would be able to sell the schools to a private entity.......charter schools. THIS IS A SCENARIO THAT MAKES MORE SENSE THAN ANY.
VOTE YOUR INCUMBENT OUT OF OFFICE!!!!
THIS IS A LOOK AT HOW UGLY THINGS HAVE GOTTEN IN FINANCE. NO ONE TRUSTS ANYONE BECAUSE THEY ARE ALL CRIMINAL. BELOW IS A COMMENTER TO THE ARTICLE THAT HITS ON THE RIGHT IDEA.
Sounds more like the crook has finally acknowledged his defeat. It's easy to see his pattern: short on a Chinese company, openly question the company's financial statements, then make $million as investors flock from the company's stock.
It's a simple formula and it feeds on fear that people have on Chinese companies due to widespread Western media coverage of corporate corruption in China. When frantic selling occurs, it has the same effect as mass cash withdrawal on banks and can technically knock down a company -- saved the few that have generous cash reserves.
Block Gives Up on China Shorts, Says State Protects Fraud By Ye Xie, Tom Keene and Stephanie Ruhle - Nov 27, 2012 1:05 PM ET Bloomberg Financial
Carson Block, founder of Muddy Waters LLC, said he’s lost interest in betting against Chinese stocks and speculates the government is protecting fraudulent companies.
“China has gotten harder in the sense that the government has really taken the side of the fraud,” Block said in an interview on Bloomberg Television’s “Market Makers” program today. “The government is working with a number of these companies to try to conceal records that are public. When you are up against that sort of strength of the ability to revise history, it becomes difficult. That is one of the reasons we’re not that interested in China anymore.”
HOW DOES THAT DIFFER FROM AMERICA?
This is my comment to the article below:
Isn't it odd that given the history of systemic fraud in the financial sector that Baltimore wants to place its citizens again in the hands of Wall Street banks; more importantly regarding our schools? Baltimore has billions of dollars needing to come to the city that will easily pay for all schools to be renovated, no closing needed. Maryland courts ruled the state owes Baltimore and HBCU $800 million for decades of missing funds; the $25 billion mortgage fraud settlement, an interest payment towards hundreds of billions in Wall Street fraud brought $1 billion to Maryland of which the AG simply placed close to $700,000 in the state's general fund. These frauds were perpetrated overwhelmingly on communities now needing school renovation and as such that $700,000 needs to come to Baltimore and Prince George's County. A second round of subprime mortgage settlements will bring billions more to the area. We already have financial resources to easily pay all costs for renovating all Baltimore schools. Why enter into yet another agreement with a dubious character at a time when the economy is shaky and municipal budgets strained?
If Baltimore's mayor and city council enter this kind of agreement and the US falls into another recession, which is likely, Wall Street will receive control of these schools as the city defaults and Wall Street will sell ownership to private entities. That is why this credit bond leveraging is happening. Privatization of public schools.
WE NEED TO BE VERY PUBLIC ABOUT THE FACT THAT ALL PUBLIC OFFICIALS KNOW THIS IS A HUGE RISK AND BAD DEAL FOR THE CITIZENS OF BALTIMORE!!!! WE WILL BE PROSECUTING THIS ISSUE SOON!!!
City schools unveil 10-year renovation plan Twenty-six buildings to close; more than 100 to be rehabbed
By Erica L. Green, The Baltimore Sun 11:38 p.m. EST, November 27, 2012
In the next 10 years, Baltimore's school system will have a leaner, modernized look under a proposed $2.4 billion facilities plan that calls for closing 26 school buildings and upgrading 136 others in a large-scale face-lift of Maryland's oldest school infrastructure.
The plan, announced by CEO Andrés Alonso on Tuesday, would orchestrate the relocation of some schools to different buildings; others would cease to exist.
The first schools affected are four recommended to close at the end of the current school year: Baltimore Rising Star Academy, Garrison Middle, Patapsco Elementary/Middle, and William C. March Middle.
"There will be many difficult decisions, but all will place students in better buildings than they are in today," Alonso said in a news conference attended by the mayor and other political leaders. "Big picture: The plan is right for kids and necessary to take their progress to the next level."
The revamped system will allow for a more efficient use of space, Alonso said, adding that "every single one of those buildings will be equal to the need of our students."
But as news spread across the city, parents and educators in schools that could face closures grappled with the uncertainty of their students' futures.
"I'm totally shocked," said Dana Jones-Hines, who has a junior and a freshman at Northwestern High School, which is recommended for closing in 2015-2016. "I had anticipated my kids graduating from here. I am just mind-boggled right now."
The school board is expected to vote on the 10-year plan in January, and will also have to approve any school closures slated in a given year.
School board members who attended the news conference held at Calvin M. Rodwell Elementary School -- a school at 119 percent of its rated capacity and slated for a renovation -- supported the plan.
Board President Neil Duke said that the plan's announcement wasn't the time to "take a victory lap."
"A decade is too long," Duke said. "We have to hustle, folks."
"This is a day of reckoning," echoed School Board Commissioner Bob Heck. "This is our shot. There's no question about that."
The four schools recommended for 2012-2013 closures had building utilization rates between 20 percent and 50 percent, and have also struggled academically, school officials said. Fewer than 1,000 students will be affected by this year's proposed closures, officials said, and teachers will be shifted around to accommodate students who disperse to different schools next year.
The view from Garrison
As students and staffers at Garrison Middle School poured out of the building into a chilly afternoon after the final bell at 4:05, the community was just starting to digest the news.
Debra Powell, a special education paraprofessional, said the news shocked and unnerved her a bit -- she's two years from retirement and expected to finish her career at Garrison. Still, it wasn't a complete surprise.
Since joining the staff a year and a half ago, she'd heard rumors this might be coming.
"I guess I just didn't believe it would ever really happen," she said.
Powell was guardedly positive about the choice of Garrison. Although she said it is much safer than in the 1980s, when her nephews attended it, she also said it lacks the variety of after-school programs that students deserve.
Copyright © 2012, The Baltimore Sun
The American people are becoming more sophisticated in the politics of Wall Street and they know when the status quo is being maintained. It is why many democrats went to the polls to vote against their conscience in November…there were no choices. We have a severe case of the 3 monkey syndrome in our government now….see no evil; speak no evil; hear no evil and one would not expect Obama to change in mid-course. As you say he worked hard to make sure Wall Street remained unregulated, even going to Europe to decry tougher regulations on derivatives and even a bank tax to recover trillions in bank fraud. That is a team player!
So the American people are looking past the slate of candidates already put forward by the DNC…..candidates that are the status quo. We will be looking for and voting for new faces to lead the country back to first world status and free of the 3 monkey syndrome!
IS YOUR INCUMBENT SHOUTING LOUDLY AND STRONGLY AGAINST THIS? IF NOT, SHE/HE IS NOT WORKING FOR YOU AND ME!!!
Obama chooses SEC official Walter to lead agency Posted: 12:22 pm Mon, November 26, 2012
By Associated Press
WASHINGTON — President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to head the agency. Chairman Mary Schapiro will leave next month after a tumultuous tenure in which she helped lead the government’s regulatory response to the financial crisis.
Walter will take over at a critical time for the SEC, which is finalizing new rules in response to the 2008 crisis. She can serve through 2013 without Senate approval because she’s already been confirmed to the commission.
Obama will need to nominate a permanent successor before Walter’s term ends in December 2013. News reports have suggested that Mary John Miller, a top Treasury Department official, might be a potential candidate.
Walter, 62, a Democrat, was appointed to the SEC in 2008 by President George W. Bush. Earlier, she was a senior official at the Financial Industry Regulatory Authority, the securities industry’s self-policing organization. She served under Schapiro at FINRA, who led that group before becoming SEC chairman in January 2009.
“I’m confident that Elisse’s years of experience will serve her well in her new position,” Obama said in a statement.
Walter is likely to follow the path Schapiro established at the SEC, experts suggested.
At FINRA, Walter was Schapiro’s “right-hand person,” said James Cox, a Duke University law professor and expert on securities law. And as an SEC commissioner, Walter consistently voted with Schapiro on rule makings and other initiatives.
Cox said he wasn’t surprised that both of Obama’s choices to lead the SEC have come from an industry self-regulatory organization.
The Obama administration “is not an eager regulator of the securities markets,” he said.
Still, Schapiro’s challenges have probably been the most difficult any SEC chairman has faced, said John Coffee, a professor of securities law at Columbia University.
Schapiro took office after the Bernard Madoff Ponzi scheme and the financial crisis had eroded public and congressional confidence in the SEC. Since then, the agency has struggled with budgetary shortfalls.
“The Madoff scandal made Congress reluctant to fully fund the agency,” Coffee said.
Coffee said he thought Walter’s leadership of the SEC would closely resemble Schapiro’s.
Schapiro “has to be commended for working incredibly hard and against high odds” to maintain the agency’s budget, Coffee added. Still, the agency is “underfunded and overworked, and that’s not about to change.”
Reshaping the SEC
Schapiro will leave the SEC on Dec. 14. She was appointed by Obama in the midst of the worst financial crisis since the Great Depression. She also took over after the agency failed to detect the Madoff scheme.
Schapiro, 57, is credited with helping reshape the SEC after it was accused of failing to detect reckless investments by many of Wall Street’s largest financial institutions before the crisis. And she led an agency that brought civil charges against the nation’s largest banks.
In a statement Monday, Obama said, “The SEC is stronger and our financial system is safer and better able to serve the American people — thanks in large part to Mary’s hard work.”
But critics argued that Schapiro failed to act aggressively to charge leading individuals at those banks who may have contributed to the crisis. Consumer advocates questioned Schapiro’s appointment because she had led FINRA.
Under Schapiro, the SEC reached its largest settlement ever with a financial institution. Goldman Sachs & Co. agreed in July 2010 to pay $550 million to settle civil fraud charges that it misled investors about mortgage securities before the housing market collapsed in 2007. Similar settlements followed with Citigroup Inc., JPMorgan Chase & Co. and others.
The Goldman case came to symbolize a lingering critique of Schapiro’s tenure: No senior executives were singled out. The penalty amounted to roughly two weeks of earnings at Goldman. And Goldman was allowed to settle the charges without admitting or denying any wrongdoing, as were other large banks that faced similar charges.
Among the leading critics was U.S. District Judge Jed Rakoff, who questioned how the SEC could allow an institution to settle serious securities fraud without any admission or denial of guilt. Rakoff later threw out a $285 million deal with Citigroup because of that aspect of the deal.
Lawmakers and experts say Schapiro made the SEC more efficient, and they note that she fought for increased funding needed to enforce new rules enacted after the crisis. She often clashed with Republican lawmakers who had opposed the 2010 financial overhaul law and wanted to cut the SEC’s budget.
Schapiro also faced criticism over a key decision she made in response to the Madoff scandal. Madoff had been arrested a month before Schapiro took over at the SEC in January 2009.
Schapiro allowed her general counsel at the time, David Becker, to help craft the SEC’s policy for compensating victims. It was later discovered that Becker had inherited money his mother had made as a Madoff investor. Schapiro acknowledged in 2011 that she was wrong to have allowed Becker to play a key role in setting the policy.
The SEC’s inspector general concluded in a report that Becker participated “personally and substantially” in an issue in which he had had a financial interest. Some lawmakers complained that the affair further eroded the public’s trust in the SEC.
Cox, the Duke professor, said that after a strong first two years, the SEC under Schapiro became less effective.
“The wind was really taken out of (Schapiro’s) sails” by the political fallout from the Becker episode, Cox said. “I don’t think she really got her legs back under her after that.”
For example, Cox said Schapiro should have fought harder against legislation enacted in March that makes it easier for small start-ups to raise capital without having to comply immediately with SEC reporting rules.
Critics say the law went too far in removing SEC oversight, and might open the door to corporate scandals or to the sorts of deceptions that contributed to the financial crisis.