Here’s What Happened When a Journalist Crashed a Wall Street Secret Society

Before we get into this post, let’s review the definition of Antisocial Personality Disorder according to the U.S. National Library of Medicine:

Antisocial Personality Disorder:  A mental health condition in which a person has a long-term pattern of manipulating, exploiting, or violating the rights of others. This behavior is often criminal.

Now for the symptoms:

Symptoms:

A person with antisocial personality disorder may:

  • Be able to act witty and charming
  • Be good at flattery and manipulating other people’s emotions
  • Break the law repeatedly
  • Disregard the safety of self and others
  • Have problems with substance abuse
  • Lie, steal, and fight often
  • Not show guilt or remorse
  • Often be angry or arrogant

How about treatment?

Treatment:

Antisocial personality disorder is one of the most difficult personality disorders to treat. People with this condition rarely seek treatment on their own. They may only start therapy when required to by a court.

Behavioral treatments, such as those that reward appropriate behavior and have negative consequences for illegal behavior, may hold the most promise. Certain forms of talk therapy are also being explored.

Exactly as many of us have said. Jail time and accountability are necessary to stop these people. Bailouts will only encourage continued sociopathic behavior, which is exactly what we have seen. Think about the above as you read the post below. Enjoy…

The following article by Kevin Roose was published late last night by New York Magazine, and it recounts what the journalist saw when he crashed Wall Street fraternity Kappa Beta Phi’s private party back in 2012. Some elements of his experience were already published a couple years back in a New York Times piece, but his latest article adds an additional perspective and recounts many outrageous aspects of the event I had never read before. This article is particularly important considering the recent trend of billionaires running around on financial television claiming they are being prosecuted for no reason.

Basically, it will confirm what everyone already thought. That a great many of these oligarch financiers are complete and total sociopaths and a menace to society.

From New York Magazine:

Recently, our nation’s financial chieftains have been feeling a little unloved. Venture capitalists are comparing the persecution of the rich to the plight ofJews at Kristallnacht, Wall Street titans are saying that they’re sick of being beaten up, and this week, a billionaire investor, Wilbur Ross, proclaimed that “the 1 percent is being picked on for political reasons.”

Ross’s statement seemed particularly odd, because two years ago, I met Ross at an event that might single-handedly explain why the rest of the country still hates financial tycoons – the annual black-tie induction ceremony of a secret Wall Street fraternity called Kappa Beta Phi.

It was January 2012, and Ross, wearing a tuxedo and purple velvet moccasins embroidered with the fraternity’s Greek letters, was standing at the dais of the St. Regis Hotel ballroom, welcoming a crowd of two hundred wealthy and famous Wall Street figures to the Kappa Beta Phi dinner. Ross, the leader (or “Grand Swipe”) of the fraternity, was preparing to invite 21 new members — “neophytes,” as the group called them — to join its exclusive ranks.

Yeah Ross, what’s not to love about a guy like you.

Looking up at him from an elegant dinner of rack of lamb and foie gras were many of the most famous investors in the world, including executives from nearly every too-big-to-fail bank, private equity megafirm, and major hedge fund. AIG CEO Bob Benmosche was there, as were Wall Street superlawyer Marty Lipton and Alan “Ace” Greenberg, the former chairman of Bear Stearns. And those were just the returning members. Among the neophytes were hedge fund billionaire and major Obama donor Marc Lasry and Joe Reece, a high-ranking dealmaker at Credit Suisse. All told, enough wealth and power was concentrated in the St. Regis that night that if you had dropped a bomb on the roof, global finance as we know it might have ceased to exist.

If you recall, last year Mr. Benmosche compared anger at Wall Street bonuses to the lynching of black people in the south. 

I’d heard whisperings about the existence of Kappa Beta Phi, whose members included both incredibly successful financiers (New York City’s Mayor Michael Bloomberg, former Goldman Sachs chairman John Whitehead, hedge-fund billionaire Paul Tudor Jones) and incredibly unsuccessful ones (Lehman Brothers CEO Dick Fuld, Bear Stearns CEO Jimmy Cayne, former New Jersey governor and MF Global flameout Jon Corzine). It was a secret fraternity, founded at the beginning of the Great Depression, that functioned as a sort of one-percenter’s Friars Club. Each year, the group’s dinner features comedy skits, musical acts in drag, and off-color jokes, and its group’s privacy mantra is “What happens at the St. Regis stays at the St. Regis.” For eight decades, it worked. No outsider in living memory had witnessed the entire proceedings firsthand.

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The Comcast/Time Warner Merger and the War Between Centralization and Decentralization

Or take the right to vote. In principle, it is a great privilege. In practice, as recent history has repeatedly shown, the right to vote, by itself, is no guarantee of liberty. Therefore, if you wish to avoid dictatorship by referendum, break up modern society’s merely functional collectives into self-governing, voluntarily co-operating groups, capable of functioning outside the bureaucratic systems of Big Business and Big Government.

-Aldous Huxley, in Brave New World Revisited (1958) 

Until recent years, the struggle between the forces of “centralization” and “decentralization” was more of a full on slaughter-fest than an actually battle or war. As Americans sat there blissfully asleep for decades, every facet of our lives has been carefully consolidated into the hands of a smaller and smaller group of corporations, and hence individual executives. This trend is undeniable in everything from food, banking, media and everything in between.

Myself and many others saw the financial crisis of 2008 as a gigantic wakeup call. The disasters caused by powerful financial institutions and the greedy people that ran them should have been used as a rallying cry to break these institutions up. To recognize the dangers of too much power in one particular place. This is especially important in something as crucial as banking. However, as we are all painfully aware, this is not what happened. Rather, the institutions were bailed out, the industry consolidated even more than it was before, and the perpetrators of the crisis emerged from it even more wealthy and powerful.

My personal focus on this website has been to expose the unique dangers presented by centralization in the financial industry and the monetary system. However, many others are dedicated to the equally important and disturbing trends in other industries. Consumer goods is one of these areas, and a very telling diagram went around late last year showing how 10 companies basically control everything you buy. Take a look below:

10corporations

Dangerous consolidation of the media is a trend that has also been discussed by many people on many occasions, and many of us by now have heard the stat that in the U.S. just six media giants control 90% of all TV, news, radio and film. Now that Comcast is set to buy Time Warner, the situation is about to get that much worse. The International Business Times made some poignant points:

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Video of the Day: F*ck the Fed

On this day, when the banker-cartel commonly known as the Federal Reserve is set to announce its latest decision in central planning, I thought it would be wise to revisit an old, yet classic video which calls out this neo-feudal institution for the state-sanctioned criminal enterprise it is.

Neal Fox summarizes my sentiments exactly with three simple words that say it all: F*ck the Fed.

Enjoy.

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Is NYPD Police Commissioner Ray Kelly is About to Take a Job at JP Morgan?

Thought the revolving door couldn’t get any worse? Think again. The Banana Republicization of these United States is now traveling at hyperloop speed. It’s one thing for folks at the SEC and Congress to jump ship for Wall Street, but the head of the country’s largest police force going to JP Morgan? This is particularly timely since it was just yesterday that I published an article titled: How the NYPD is in Bed with JP Morgan.

NYPDbankster

If this is true, what an incredible slap in the face to all New Yorkers. If you don’t get that you live in neo-feudalism by now, you never will.

From the New York Post:

Police Commissioner Ray Kelly is in advanced talks to take the top security job at JPMorgan Chase Inc. – and he may leave his current post before Bill De Blasio is sworn in, The Post has learned.

De Blasio, a sharp critic of Kelly’s stop-and-frisk policy, was widely expected to name a different top cop.

Kelly’s potential position with JPMorgan Chase would make him responsible for security at the giant financial firm, with emphasis on cyber-security, people familiar with the ongoing talks said.

Kelly’s new job could come with a seven-figure package of salary and bonuses.

Kelly has a great rapport with JPMorgan’s senior leaders, in particular Chief Executive Jamie Dimon.

NYPD spokesman John McCarthy would only say, “the story is false.”

Still confused about who runs this country? Enjoy your indentured servitude.

Full article here.

In Liberty,
Mike

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Eric Holder Just “Doesn’t Know”…Video of the Day!

If you are looking for a hilarious, short video to end the workweek with…look no further! Nothing sums up the state of disorder in the the union like watching Attorney General Eric Holder stumble when confronted on his incompetence and cronyism by the almost equally corrupt Congress.  Let’s cut the guy some slack though, he was probably too busy prosecuting banker crimes to be bothered with such trivial matters…

Robin Williams on Wall Street Junkies…Absolutely Hilarious!

The new Geithner $20 bill will be instead of “In God We Trust,” it’ll just say “Trust Me!” and it will have a picture of the monopoly man on it.

- Robin Williams in the priceless interview with Charlie Rose embedded below

This is from late 2009, but I had never seen it and it is nothing short of hilarious.  Guaranteed worth your time!

 

h/t to The Daily Bail for bringing the above video to my attention.

500 Tons of Paper Gold Dumped on Friday, What’s Next?

I wish I knew the answer to the above question.  As of the last year or so, I admittedly have not had a good feel about the direction of gold and silver prices.  I always thought that as things got more severe and more terminal, the prices of assets we see on our screens would be more and more quite intentionally disconnected from the reality on the ground due to increasingly aggressive, desperate and coordinated action by the power structure.  Looking back, it seems this really got underway in the fall of 2011, shortly after the U.S. treasury market was downgraded and gold shot up to over $1,900/oz.  I have gradually recognized my inability to call things in such manipulated financial markets, which is why I decided to step away and offer less commentary on these topics as things play out in the end game.

I do not think it is at all coincidental that Bitcoin and gold  (two currency threats to Federal Reserve power) both got smashed within a couple days of each other.  In the case of gold, it was a day after Obama had a private meeting with all of the key bankster oligarchs that 500 tons of paper gold, or about 25% of annual production was sold on the market.

As such, I think the interview below from Marin Katusa of Casey research is a great listen for anyone wanting to take a step back and look at the market. Enjoy!

Congress Moves to DEREGULATE Wall Street

The best part of this story is that Wall Street is, of course, anything but regulated. Nevertheless, the minuscule rules that do apply to the nation’s financial oligarchs are apparently just too much to bare.  It doesn’t seem to bother Congress that the TBTF banks are actively involved in offshore payday lending schemes with rates well over 500%, or that they destroyed multiple municipalities across the nation selling swaps, including picking away at the carcass of the once strong Detroit.  Nope, all that matters is that Congress’ pockets are lined with Federal Reserve Notes.  As expected, this is a bipartisan effort.  From the Huffington Post:

WASHINGTON — A bipartisan cadre of House lawmakers will move on legislation to deregulate Wall Street derivatives Wednesday, less than a week after Sen. Carl Levin (D-Mich.) released adevastating report on the multibillion-dollar derivatives debacle at JPMorgan Chase.

“It is incredible that less than a week after new JPMorgan Whale hearings detailed how the bank’s London office piled up risk, hid losses, and dodged regulatory oversight, that some House members are again supporting the weakening of derivative safeguards.”

It’s not incredible Carl, it’s called payoffs.

Yet in an era of partisan gridlock in the nation’s capital, Democrats and Republicans have come together to repeal or weaken those rules. Although Obama may not want to sign a standalone package of Wall Street deregulation into law, bipartisan legislation could be inserted into a broader bill that the president might find difficult to reject.

I’m sure it’ll be real difficult for Barry to sign.  About as gut wrenching as signing the NDAA.

At a congressional hearing last week, Wallace Turbeville, a former Goldman Sachs banker and current senior fellow at the public policy group Demos, testified on behalf of Americans for Financial Reform that exempting utilities from the rules would ultimately help Wall Street firms profit at the utilities’ expense.

“I had the uncomfortable opportunity to witness sales calls by derivatives specialists on governmental utilities,” Turbeville said. “I have seen the technique of fostering a sense of trust, encouraging an advisory relationship that can be exploited to sell an immensely profitable derivative when other alternatives could be better.”

The bills to be considered Wednesday also include legislation from Rep. Jim Himes (D-Conn.) — another Goldman alum — that would roll back Dodd-Frank’s ban on taxpayer support for some kinds of derivatives trades. Himes has defended his bill as a way to ensure that more regulators oversee derivatives, though the measure is opposed by the Americans for Financial Reform.

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Meet Mary Jo White: The Next SEC Chief and a Guaranteed Wall Street Patsy

Obama’s nominee to head the SEC, Mary Jo White, is just another gatekeeper appointed to make sure no one ever goes after the Wall Street crime syndicate.  As I have written about many times in the past, Obama does not nominate anyone to a high position of power in government who will not behave like a good little lapdog for Wall Street.

Despite Obama’s propagandist statement about how “you don’t want to mess with Mary Jo,” her background implies she will function as a useful servant to the financial oligarchs.  Forget for a second about that fact at her recent firm Debevoise & Plimpton LLP her clients included the usual suspects such as such as JPMorgan Chase & Co. (JPM), Morgan Stanley (MS), and UBS AG, but she is actually known as the prosecutor who popularized the “slap Wall Street on the wrist” approach.  From Bloomberg:

As Manhattan’s top federal prosecutor during the 1990s, Mary Jo White could have sought the corporate equivalent of the death penalty: indicting Prudential Securities Inc. for fraudulently marketing $8 billion in ruinous energy partnerships to small investors.

Instead, Prudential’s attorneys pressed White, who had earned notice as an aggressive litigator in terrorism and organized crime cases, to consider something less punitive. She ultimately accepted, agreeing to a $330 million fine and placing Prudential on probation, allowing it to avoid criminal charges.

White’s record on white-collar cases reveals a more practical streak. Her invention of corporate probation, or deferred prosecution, in the Prudential matter was later copied by scores of U.S. attorneys seeking punishment for a company without going to trial.

“Practical” means having no balls and laying down to Wall Street crimes.

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Interview with Dr. Dave Janda – February 2013: Solutions

This interview couldn’t have been timed more perfectly.  We sat down to talk literally fifteen minutes after I published my Mission Statement for 2013, which focuses on solutions to the plight we find ourselves in.  Enjoy!