Tags: Goldman Sachs

Your Wall Street Slumlord Arrives in Europe – Goldman and Other Financial Firms Launch “Buy to Rent” in Spain

Screen Shot 2014-08-29 at 3.15.21 PMLiberty Blitzkrieg was early in reporting on the trend of financial firms entering the U.S. residential real estate market with “all-cash” bids for tens of thousands of homes with the intention of turning former homeowners into permanent sources of rental income. The first of many pieces I published on the topic was in January 2013, titled: America Meet Your New Slumlord: Wall Street.

Now that the financial oligarchs have had their way with the U.S. property market, to the point that average citizens can’t even afford to own a home (Zillow recently showed that 1 in 3 homes are unaffordable), it appears they have turned their sights overseas. What better market for bailed-out bankers to feast on than Spain, with its 50%+ youth unemployment rate and a continued depressed real estate market.

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Fabrice “Fabulous Fab” Tourre to Teach Economics Class at University of Chicago

Just in case you thought for a second that the sorry discipline we call economics couldn’t stoop any further into the gutter of academic idiocy and irrelevance, think again. It’s now being reported that ex-Goldman Sachs trader Fabrice “Fabulous Fab” Tourre (recently convicted on six counts of securities fraud) will be teaching an honors economics class at the “prestigious” University of Chicago.

There’s nothing like an esteemed University setting the already culturally accepted example that ethics are for suckers. Stealing, cheating and corruption are the values most exalted in today’s world. It doesn’t matter how you achieve your wealth, as long as you attain it. After all, it’s not as if you’ll ever get in trouble for it as long as you work for a “Too Big to Jail” bank.

From the UK’s Telegraph:

Fabrice Tourre, the former Goldman Sachs trader convicted on six counts of securities fraud six months ago, will teach an honours class in economics at the University of Chicago this spring.

Mr Tourre’s weekly Thursday afternoon seminar, called “Elements of Economic Analysis”, is part of his studies for a PhD in economics, after he completed a masters in operations research at Stanford University.

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Why Obama Allowed Bailouts Without Indictments by Janet Tavakoli

The government’s bailout plan destroyed capitalism. In a capitalist system, those who stood to gain–and already made off with large gains—would have to bear the risk. The bailouts represented a corruption of capitalism. Crony capitalism violates the spirit of democracy established by the Founding Fathers of the republic known as the United States. I expressed these sentiments in a letter to the Financial Times on September 29, 2008.

- Janet Tavakoli

The following article by Janet Tavakoli is an excellent reminder of the extraordinarily destructive coup pulled off by financial oligarchs in fall of 2008, when the rule of law was suspended and total theft institutionalized. I have written many times about my experience on Wall Street when the bailouts happened. How I ranted and raved on the trading desk about how TARP marked the end of any semblance of free markets and that there was no turning back. How I was told to “take a walk around the block” to cool off.

All of the suffering and hardships the majority of Americans are experiencing today are directly related to the coup pulled off by the crony financial oligarchs in the fall of 2008, and all of the media and political minions that helped them do it. People realize we have become a Banana Republic and they have now lost all hope. That said, there should always be hope and we can certainly restore society to better days, but not until we remove our domestic cancers from their positions in the highest offices of government, finance and corporate America. That is what we must peacefully achieve.  Now here’s Janet Tavakoli:

In November 2008, President Obama was elected, and he was sworn in January 2009. The country was promised change and reform. Recently two democrats close to the top of President Obama’s administration made excuses to me for the lack of financial reform in the United States. Their separately related versions were remarkably similar, so similar they seemed scripted:

The administration made a bargain, and I’m not sure it was the right decision. The world was teetering on the edge of collapse. There was a crisis of confidence. There would have been unimaginable consequences. So bad even your imagination can’t handle the truth?

It was the lesser of two evils to let a lot of people get away scot free than to risk a collapse in confidence.  There were only two choices according to this narrative.

It was better to let a lot of people get away scot free than to have the first African American president take on the establishment while the country was deeply divided and he needed agreement on big things like ending wars, health care, Supreme Court nominees (and LGBT rights). There were lots of battles without taking on the financial establishment.  It seems to me that reforming our financial system is a big thing. As for at least two of the narrative’s big issues: health care costs are zooming up, and it looks as if we’re rattling our swords for another military conflict.

The president was elected in part on his promise to effect change on the really tough issues, and there was no better time than when the crisis was fresh, and he had a groundswell of popular support.

The most amusing thing about all of this is that people wanted President elect Obama to stick it to the financial oligarchs. Instead, he gave them trillions and offered immunity. More from Janet:

Instead of TARP, handing out money to cover banks’ losses, we could have forced creditors to accept a restructuring plan. This is what was done during the Great Depression. Creditors, i.e., debt holders including credit default swap counterparties, would have been compelled to accept a restructuring plan. That required partial forgiveness of debt in many cases and/or a debt for equity swap.

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Washington Post: “Markets Saved World” in 2012

This is a brilliant piece of propaganda.  Central Planners are trying with all their might to force people into behaviors and financial assets that are in direct contrast to their logic as well as long term financial well being.  This is the height of immorality, not to mention hubris.  In the end, there is no chance of any of this working as the reality on the ground will overwhelm all of the manipulations and lies of the corrupt oligarch class.

From the Washington Post/Bloomberg article “Almost All of Wall Street Got 2012 Wrong as Markets Saved World”:

Blankfein was more prescient. “I tend to be a little more positive than what I’m hearing from other people,” the 58-year- old CEO told Bloomberg Television in an April 25 interview at Goldman Sachs’s New York headquarters. “One of the big risks that people have to contemplate is that things go right.”

Well of course Mr. Blankfein was optimistic.  He knows he has the Treasury Department and the Federal Reserve in his back pocket and they will do whatever he says with one phone call.  Furthermore, if things go wrong you just get a bailout.  Crony Capitalism 101.  That’s how the World’s 100 Richest People Got $241 Billion Richer in 2012.

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28,000 “Cash For Gold” Outlets in Italy as Serfs are Forced to Sell

A couple of weeks ago I wrote about how the Portuguese citizenry was being forced to sell its gold in order to eat.  It seems that the Italians have now joined this illustrious club.  I mean what do you expect when you allow Goldman Sachs to impose technocrat dictator Mario “Three Card” Monti as your political leader?  Here are some excerpts from an article in The Globe and Mail:

Times are now so tough that Valerio Novelli, a ticket inspector on Rome’s buses, is planning to sell his old gold teeth.

“I can’t get to the end of the month without running up debts,” said Mr. Novelli, 56, who has to support an ex-wife and daughter. “I know I won’t get much, but I need the money.”

In a country suffering from economic crisis, buying gold off desperate people has become one of the few boom industries.

“Since I was a child I remember that gold was given as a gift on various occasions and people used to say: ‘Put it aside’,” said Ivana Ciabatti, who represents gold– and silversmiths at employers’ lobby Confindustria.

“We used to laugh at it, but they turned out to be right. Many families are surviving thanks to this gold.”

So people are barely surviving based on the gold passed down from generation to generation, yet the mainstream media here in the U.S. continues to mock gold constantly.  Got it.  How about this last line from the article:

The pawnbrokers, by contrast, can hardly keep up with business. They normally have the gold quickly melted down and sent abroad, making it one of Italy’s fastest growing exports. Official gold sales to Switzerland leaped 65 per cent last year to 120 tonnes, up from 73 tonnes in 2010 and 64 tonnes in 2009.

That’s not just gold being exported, that it wealth being exported.  China says thanks.  At least you protected your bankster class from taking a hit on their bond portfolios.

Meanwhile, this whole theme fits in perfectly with an article from The Telegraph yesterday with the fitting title “Unilever Sees ‘Return to Poverty’ in Europe.”  That article begins with:

Aug. 27 (Telegraph) – Unilever will adopt marketing strategies used in developing countries in order to drive future growth in Europe.

Then we find out that Unilever will market to Europeans like they do to Indonesians:

“In Indonesia, we sell individual packs of shampoo 2 to 3 cents and still make decent money,” said Mr Zijderveld. “We know how to do that, but in Europe we have forgotten in the years before the crisis.”

Once again, at least the banksters got bailed out at 100 cents on the dollar.  No wonder the elites laugh at the sheeple.

Read The Globe and Mail article here.

Read The Telegraph article here.

In Liberty,
Mike