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Post by oilipo on Sept 28, 2011 4:45:59 GMT -5
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Post by oilipo on Sept 28, 2011 5:34:25 GMT -5
THIS BETTER BE WHAT THE PLAN WAS ABOUT... ALL ALONG... (as deviant as it is, it actually makes sense) NIGHTMARE...articlesofinterest-kelley.blogspot.com/2011/09/trader-on-bbc-sounds-alarm-about-market.html [/size][/b] Tuesday, September 27, 2011
Trader on BBC Sounds Alarm About Market Crash ... Must Watch ... "The Government does not rule the World Goldman Sachs does... GS does not care about this rescue package...This economic crisis is like a cancer, be prepared act now.." (watch the video.... OIL) Trader on BBC Sounds Alarm About Market Crash
This segment on BBC may not go viral, but it seems to be getting traction, based on the e-mails (hat tip readers Paul S and Marcus) and alerts in the comments section.
This is not an entertaining Rick Santelli-style rant, it’s a cool assessment of how the Euromarket crisis is likely to end, which he thinks is very badly. The flummoxed reaction of the BBC host suggests that the trader, Alessio Rastani, was a booking mistake.
But consider his second message: that Goldman and people rule the world and like him don’t care about what happens to the real economy. A depression is just a great investment opportunity if you see it coming and position yourself accordingly. Rastani is the bland, reasonable face of predatory capitalism. The market is ruled by fear, PERCEPTION FOLKS IS EVERYTHING 99.9999% , and I have said this for years! Whether it's financial markets or media, or message boards, or misinformation. Good people must act now. BIG BOLD< LOUDLY, CLEARLY, DECISIVELY SO... STAND ON YOUR ROOFTOPS, AND LET THESE M'F:RS KNOW WHERE YOU STAND! THEY SAY GO LEFT, GO RIGHT.. I stated that also, BTW (lol)... Write, call , post who cares, as long as the message is decisive and well thought out.- do it all again. OIL
AIMVHO...EOM articlesofinterest-kelley.blogspot.com/2011/09/trader-on-bbc-sounds-alarm-about-market.html
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Post by oilipo on Sept 28, 2011 6:02:05 GMT -5
Glad that your wife is Ok, Mike. Thank goodness. Thank GOD, OIL
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Post by oilipo on Sept 28, 2011 6:25:09 GMT -5
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Post by oilipo on Sept 28, 2011 6:27:23 GMT -5
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Post by oilipo on Sept 28, 2011 6:29:03 GMT -5
gm kenny, my nephew...
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Post by oilipo on Sept 28, 2011 6:31:08 GMT -5
Bought this guy for "mom", my Mother in Law for Xmas. Whatcha thinK? Taking ideas for names now... Think it over... OIL
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Post by oilipo on Sept 28, 2011 6:53:27 GMT -5
The only thing that is going to bring the economy back, and yes many including myself have stated exactly this for years, is the liquidity of cash. Direct cash infusion from some unknown source today... FACT/ OIL, EOM..
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Post by skoondog on Sept 28, 2011 7:30:39 GMT -5
The only difference, actual evidenced differences that I can see with my eyes today are good shareholders throwing their hands up reduced to the capacity of giving the F up. To those who still remain silent day in and day out I say screw you ass+hull for your allowing "us all" to lose this war (the longer this takes, as the odds slip away,) and that is apparent. FYZ you, we in fact are losing. You knew it, and you wanted it this way. Screw you, those responsible.
We now know who you are, and so do you.
AIMVHO,
OIL I HOPE THEY KEEP THERE EYES OPEN, AND WATCH THEIR BACKS!! CAN'T NEVER TELL WHO WILL BE THERE. Skoondog
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Post by oilipo on Sept 28, 2011 8:25:47 GMT -5
Gm skoondog, hope that you're well. Absolutely, skoondog,... and with a pitchfork in one hand, and a 2 foot pork sausage in the other. Sorry, no picture this time. OIL
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Post by oilipo on Sept 28, 2011 9:06:45 GMT -5
Any pumping today? Out there? Please tell me no.
FWIW- My contract comes up shortly. It goes 30 days past the 100,000 page view point. I feel badly but ya know. If I renew I will certainly ask for compensation this time. I will also insist that no one mentions my name in PT rooms, and that no one prints my name on any forums. That has become an absolutely huge issue with my "corneetians.." It really has.
Well the meeting is this week for more negotiations. I will ask for salary, a car, probably food allowance, and gas card.
We shall see.
If I leave you will know why. The base salary is under 250k. To give you a hint.
OIL
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Post by alrich on Sept 28, 2011 10:33:58 GMT -5
* Germany slams ‘stupid’ US plans to boost EU rescue fund September 28th, 2011 08:12 am · Posted in NEWS (Iraq & World Currency) Germany slams ‘stupid’ US plans to boost EU rescue fund
Germany and America were on a collision course on Tuesday night over the handling of Europe’s debt crisis after Berlin savaged plans to boost the EU rescue fund as a “stupid idea” and told the White House to sort out its own mess before giving gratuitous advice to others. German finance minister Wolfgang Schauble said it would be a folly to boost the EU’s bail-out machinery (EFSF) beyond its €440bn lending limit by deploying leverage to up to €2 trillion, perhaps by raising funds from the European Central Bank. “I don’t understand how anyone in the European Commission can have such a stupid idea. The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense,” he said.
Mr Schauble told Washington to mind its own businesss after President Barack Obama rebuked EU leaders for failing to recapitalise banks and allowing the debt crisis to escalate to the point where it is “scaring the world”.
“It’s always much easier to give advice to others than to decide for yourself. I am well prepared to give advice to the US government,” he said.
The comments risk irritating the White House. US Treasury Secretary Tim Geithner has been a key driver of plans to give the EFSF enough firepower to shore up Italy and Spain, fearing a drift into “cascading default, bank runs and catastrophic risk” without dramatic action.
The danger for Germany is that America will lose patience, with unpredictable consequences. The US Federal Reserve is currently propping up the European banking system in a variety of ways, including dollar swaps. Markets across the world ignored the mixed signals about the true scope of EU rescue measures, convinced that EU leaders have a “grand plan” up their sleeves and will unveil the details after the Bundestag has voted on Thursday on the earlier July deal to revamp the fund.
France’s CAC-40 surged by 5.7pc, led by a 17pc rise for Societe Generale. Germany’s Dax was up 5.3pc. The FTSE 100 jumped 4pc in London, the biggest one-day rise this year. Oil jumped almost $4 in New York to $88 a barrel.
In Berlin, Chancellor Angela Merkel was fighting for her political life as the rump of lawmakers from her coalition vowed to reject the EFSF package, though the latest tally suggests she may squeeze by with her own majority. Angry dissidents suspect that secret plans are being withheld until after the vote.
Greek premier George Papandreou told German business leaders that his country would honour its austerity pledges, but also issued a veiled warning. “The persistent criticisms levelled against Greece are deeply frustrating, not only at the political level, where a superhuman effort is being made to meet stringent targets in a deepening recession, but frustrating also for the Greeks, who are making these painful sacrifices.”
“Drastic measures have had a dramatic impact on the living standards of our citizens. Many Greeks feel they have little left to give. If people feel only punishment and scorn, this crisis will become a lost cause,” he said.
Mr Papandreou’s Pasok party passed a crucial vote on Tuesday to raise property taxes, but at a high political price. The party’s approval rating has fallen to 15pc in the latest Mega poll.
However, Greece was confronted with a new threat as it emerged that several eurozone members are demanding the private sector absorb bigger losses than originally agreed as part of a second bail-out.
A deal struck in July would see creditors taking 21pc losses on their Greek debt holdings, adding around €45bn to the €109bn proposed second rescue. However, more than a third of the 17-member single currency bloc are now said to be demanding bigger haircuts for the private sector. Talk of revisions to the second bail-out may renew default fears as the IMF has yet to re-engage with Greece over the latest €8bn tranche of its initial €110bn rescue. Greece is at risk of running out of money by October 8, though analysts say the payment is almost certain to be made whether or not Greece has complied fully with the terms.
Greece has a trump card in rescue talks with the IMF-EU “Troika”. If it opts for a “hard default”, it could set off a chain reaction. Lorenzo Bini-Smaghi, an ECB board member, said those arguing that Europe’s banks could withstand a Greek default are misguided. “Similar views were held before Lehman. Those who say this have no idea how contagion works,” he said.
Analysts say the Troika will have to approve the next €8bn tranche of aid for Athens in October whether or not Greece has complied fully with the terms. It cannot risk a showdown before Europe’s banks have beefed up their capital base, or before the EFSF is fully equipped to defend the rest of the system.
Like a forced marriage, Europe and Greece must kiss and pretend.
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Post by alrich on Sept 28, 2011 12:33:49 GMT -5
www.michaelmoore.com/ Watch Michael Moore Live from the #OccupyWallStreet Protests on the Last Word with Lawrence O'Donnell
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Post by oilipo on Sept 28, 2011 15:00:12 GMT -5
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Post by siriusnews on Sept 29, 2011 1:06:00 GMT -5
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Post by oilipo on Sept 29, 2011 4:42:10 GMT -5
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Post by oilipo on Sept 29, 2011 5:27:14 GMT -5
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Post by oilipo on Sept 29, 2011 6:13:00 GMT -5
Seems like this is at the edge of having to come to an agreement within the Federal Government. "They" Global Trustees, Domestic, Foreign, anomalous vested interests, i.e., "hands in the pockets", are releasing the funds as they come upon agreements, and so the markets are tumbling daily. News media is picking up on the story, and further enhancing the drama, now that the OBAMA/BUSH ADMINISTRATION scam is out, busted wide open. IMHO, OIL
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Post by oilipo on Sept 29, 2011 6:25:27 GMT -5
Just release the cash dude, and your troubles are just about over! Heck, folks might even forgive the free airfare for the pooch... Obama Healthcare Plan: Justice Department Joins States In Call For Prompt Review Of Law "Risky Move Could Decide Obama's Fate" WASHINGTON — Raising prospects for a major election-year ruling, the Obama administration launched its Supreme Court defense of its landmark health care overhaul Wednesday, appealing what it called a "fundamentally flawed" appeals court decision that declared the law's central provision unconstitutional.
Destined from the start for a high court showdown, the health care law affecting virtually every American seems sure to figure prominently in President Barack Obama's campaign for re-election next year. Republican contenders are already assailing it in virtually every debate and speech.
The administration formally appealed a ruling by the federal appeals court in Atlanta that struck down the law's core requirement that individuals buy health insurance or pay a penalty beginning in 2014.
At the same time, however, the winners in that appellate case, 26 states and the National Federation of Independent Business, also asked for high court review Wednesday, saying the entire law, and not just the individual insurance mandate, should be struck down.
The Supreme Court almost always weighs in when a lower court has struck down all or part of a federal law, to say nothing of one that aims to extend insurance coverage to more than 30 million Americans.
The bigger question had been the timing. The administration's filing makes it more likely that the case will be heard and decided in the term that begins next week.
Repeating arguments it has made in courts across the country in response to many challenges to the law, the administration said Congress was well within its constitutional power to enact the insurance requirement.
Disagreeing with that, the 26 states and business group said in their filings that the justices should act before the 2012 presidential election because of uncertainty over costs and requirements.
On the issue of timing, their cause got an unexpected boost from retired Supreme Court Justice John Paul Stevens, who said voters would be better off if they knew the law's fate law before casting their ballots next year.
The 91-year-old Stevens said in an Associated Press interview that the justices would not shy away from deciding the case in the middle of a presidential campaign and would be doing the country a service. "It would be better to have that known about than be speculated as a part of the political argument," Stevens said in his Supreme Court office overlooking the Capitol.
Though the Atlanta appeals court struck down the individual insurance requirement, it upheld the rest of the law. The states and the business group say that would still impose huge new costs.
In another challenge to the same law, the federal appeals court in Cincinnati sided with the administration. In a separate Supreme Court filing Tuesday night, the Obama administration said it does not appear necessary to grant review of the Cincinnati case and the government added that consolidating the two cases could complicate the presentation of arguments "without a sufficient corresponding benefit."
The law would extend health coverage mainly through subsidies to purchase private insurance and an expansion of Medicaid. The states object to the Medicaid expansion and a provision forcing them to cover their employees' health care at a level set by the government.
The individual insurance mandate "indisputably served as the centerpiece of the delicate compromise that produced" the law, according to the states, with Florida taking the lead.
The administration said in the Atlanta-based 11th U.S. Circuit Court of Appeals that the law's changes in the insurance market, including requiring insurers to cover people without regard for pre-existing health conditions, would not work without the participation mandate.
The insurance requirement is intended to force healthier people who might otherwise forgo insurance into the pool of insured, helping to reduce private insurers' financial risk.
Both appeals stressed the importance of resolving the overhaul's constitutionality as soon as possible, which under normal court procedures would be by June 2012.
While a decision in that time frame would come in the midst of a heated presidential campaign, the NFIB said it is more important to resolve uncertainty about costs and requirements than drag out consideration into 2013 or beyond.
"When you talk to our members and other small-business owners about what is the biggest problem they're facing, they say uncertainty," said Karen Harned, executive director of the NFIB's legal division. "When you ask what, one of first answers is the health care law."
Stevens, who retired last year, said his former colleagues would not be affected by the potential impact of their decision on Obama's re-election chances.
"They'll decide it on the law. I'm totally convinced of that," he said.
Obama appointed Stevens' successor, Elena Kagan.
Stevens said that if he still had a vote on the court on timing, he would cast it in favor of hearing the case sooner rather than later. He would not say how he would vote on the issue of the law's constitutionality, although he said the court's 6-3 decision in a 2005 case involving medical marijuana seems to lend support to the administration's defense of the law.
Stevens wrote the opinion that held that the Constitution allows federal regulation of homegrown marijuana as interstate commerce. A central dispute in the health care case is over Congress's power under the Constitution's commerce clause to mandate the purchase of health insurance.
In addition to the competing rulings on the law's validity, a federal appeals court in Richmond, Va., ruled that it was premature to decide the law's constitutionality. Citing a federal law aimed at preventing lawsuits from tying up tax collection, that court held that a definitive ruling could come only after taxpayers begin paying the penalty for not purchasing insurance.
The administration suggested that the Supreme Court should consider that issue because of the appellate ruling.
The federal appeals court in Washington, D.C., also heard arguments in yet another lawsuit against the overhaul last week. That court has no timetable for its decision.
The other states aligned with Florida are: Alabama, Alaska, Arizona, Colorado, Georgia, Idaho, Indiana, Iowa, Kansas, Louisiana, Maine, Michigan, Mississippi, Nebraska, Nevada, North Dakota, Ohio, Pennsylvania, South Carolina, South Dakota, Texas, Utah, Washington, Wisconsin and Wyoming.www.huffingtonpost.com/2011/09/28/obama-health-law-justice-department_n_985859.html?ncid=webmail3
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Post by oilipo on Sept 29, 2011 7:01:04 GMT -5
Technology which was created by research and development $$$, creating more toy cars ultimately, which created more jobs building those toy cars... per Obama administration IMVHO, OIL
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Post by alrich on Sept 29, 2011 8:14:48 GMT -5
Basel Committee finalizes surcharge plan for large banks The Basel Committee on Banking Supervision finalized a plan to require the largest banks in the world to hold more capital to increase their ability to withstand crises. Leaders from the Group of 20 nations are expected to give their final endorsement in November. Reuters
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Post by stockmizer on Sept 29, 2011 8:17:00 GMT -5
Good Day Oil, another day closer! New York Sun Article, 9-26-11…”Plan To Return America To the Gold Standard Set To Be Offered at Washington” Posted on September 28, 2011 by kauilapele Okay, I’m not an “intensely into” money and finance person, but this article from the New York Sun (pointed out by Mike, thank you, Mike!) about someone (Lewis Lehrman, One-Time Member of Reagan-Era Gold Commission) proposing steps to return to the gold standard, really caught my eye. Many have talked about the world first transitioning to either metals-backed and/or real-stuff-backed money. So here’s someone actually proposing the steps to get there. I like it. ————————————————————————— Plan To Return America To the Gold Standard Set To Be Offered at Washington Lehrman, One-Time Member of Reagan-Era Gold Commission, Foresees Five-Year Transition By SETH LIPSKY, Special to the Sun | September 26, 2011 NEW YORK — The next big step in the gold standard debate is going to be taken next month at Washington, when one of the original members of the Reagan-era United States Gold Commission offers a five-step plan to return America to sound money. The architect of the plan, Lewis Lehrman, a businessman and scholar, will present his program in an address October 5 at a conference in Washington on the how to return to a stable dollar. He will outline a five-step program to return America to a gold-backed currency within five years. What is significant about the event is its aim of shifting the discussion to practical steps that could be taken to rescue the American monetary system. It comes as the value of the United States dollar has collapsed to record lows, sinking at one point this month to less than an 1,800th of an ounce of gold. The value of the dollar has recovered marginally in recent days, but still lurks below a 1,600th of an ounce of gold, a level that would have been nearly unimaginable — at least in policy terms — as recently as the start of President George W. Bush’s first term, when the dollar had a value of a 265th of an ounce of gold. “The stand-pat defenders of today’s paper-dollar system turn back every argument in favor of the gold standard by claiming that there’s no practical way to re-establish it,” says the editor of Grant’s Interest Rate Observer, James Grant. “What Lehrman has done is to devise a practical and persuasive plan to do just that.” He predicts “the ball is now — or soon will be — in the paper-money court as it has not been for a long time.” In recent months, a growing chorus of serious observers have started to speak in favor of the restoration of a link between the dollar and gold. Some of them have been establishment figures, such as the president of the World Bank, Robert Zoellick, who in November last year startled the debate by issuing in the London Financial Times an op-ed piece suggesting there might be a role for gold in a reformed monetary system. Since then a number of the nation’s most respected journalists — led most notably by Mr. Grant — have come out publicly for a return to the gold standard. Mr. Grant’s demarche came on the op-ed page of the New York Times. Several Republican candidates for president, ranging from Congressman Ron Paul to Congresswoman Michele Bachmann and Governor Perry, among others, have signaled that they view that the restoration of a sound dollar as being a component of returning America to the path of economic growth and full employment. Mr. Lehrman, however, is the first of the leading figures in the debate to step forward with a plan, which he is expected to lay out in the Washington conference on a stable dollar. The conference is being hosted by the Heritage Foundation think tank. Mr. Lehrman’s plan is elaborated on at length in a book his institute will publish next month called, “The True Gold Standard: A Monetary Reform Plan Without Official Reserve Currencies.” Although Mr. Lehrman was once a member of the United States Gold Commission, the plan he will announce next month has no official status. But when Mr. Lehrman was with the Commission, he co-authored with Dr. Paul a famous dissent, which made the case for gold and has been widely consulted in the decades since the Commission majority made its recommendation to continue with a system of fiat money, which in turn, advocates of stable money argue, culminated in America’s current travail. The first step Mr. Lehrman will speak of in Washington would be for America to announce the “unilateral resumption of the gold monetary standard” at “a date certain,” as Mr. Lehrman put it to earlier this month in a wire to The New York Sun. What Mr. Lehrman means is that the U.S. dollar would “be defined by law as a certain weight unit of gold” and the “Treasury, the Federal Reserve, and the entire banking system” would be “obligated” to “maintain the gold value of the dollar.” Mr. Lehrman foresees a transition in which, on the date that Congress authorizes the resumption of unrestricted convertibility between dollars and gold, Federal Reserve Bank notes and American dollar bank demand deposits would be “redeemable in gold on demand at the statutory gold parity.” Step two in the Lehrman Plan would be the minting by the Treasury and authorized private mints of what Mr. Lehrman calls “legal tender gold coin in appropriate denominations, free of any and all taxation.” The taxation point is a key one. Currently, if the value of the dollar collapses while one is holding gold coins, one can be taxed when one spends those coins. That the act of spending exposes one to a tax is a controversial feature of the current system of fiat money. So intense have been feelings on the point that a movement to remove state-level capital gains taxes on gold coins has already begun in the states. Utah was this year the first to formally take such a step. The third step Mr. Lehrman will propose at Washington is an international monetary conference that would, as Mr. Lehrman sketches it, “to provide for the deliberate termination of the dollar-based official reserve currency system and the consolidation and refunding of foreign official dollar reserves.” He reckons that the international agreement to be negotiated would “inaugurate the reformed international monetary system,” or what he calls the “multilateral currency convertibility to gold, without official reserve currencies.” Step four would be the establishment by the conference of gold as “the sole means by which nations would settle residual balance of payments deficits.” The idea would be to designate gold, “in place of reserve currencies, as the sole official monetary reserve asset.” Once official foreign currency reserves were consolidated and refunded, Mr. Lehrman argues, “ table exchange rates would result.” Finally, the fifth step would be that so-called “floating” and “pegged-undervalued exchange rates,” as Mr. Lehrman terms them, would go out of use, and the “reformed international monetary system would establish and uphold stable exchange rates and free and fair trade — based on the mutual convertibility to gold of major currencies.” One headwind Mr. Lehrman’s plan might face is any sign that value is starting to flow back into the dollar. In recent days the value of the dollar has risen somewhat, though not by a large amount in percentage terms. If the trend continues, it is possible it could take some of the steam out of the movement for monetary reform. This is one of the reasons momentum fell away from monetary reform at the start of the Reagan administration. Even while the Gold Commission was meeting, the new chairman of the Federal Reserve Board at the time, Paul Volcker, was putting in place the regime that defeat the great inflation into which the country had been plunged in the 1970s. The conference in Washington, however, is pursuing a strategy designed to get past the question of which way the dollar is moving at any given moment to the question of what many believe to be the paramount principle, namely the stability of the dollar in terms of gold. That is, its usefulness as a measure of value. Mr. Lehrman stresses that a true gold standard is as effective in preventing deflation as it is against inflation, a point that may become central, if the value continues to flow into the dollar. kauilapele.wordpress.com/
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Post by siriusnews on Sept 29, 2011 10:17:11 GMT -5
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Post by centcomusa on Sept 29, 2011 12:05:55 GMT -5
Hi Oil, Here is a pump from another board but the last paragraph at the bottom sounds par for the course. You know by now that when you hear these from (the in the know guys) you just have to LOL. We all hope and pray the dominos continue hitting the next. By the way, one thing about Poof is the D9 bulldozer analogy is more like the speed of this project. centcomusa Re: Rumors and everything else « Reply #16 Today at 10:56am » -------------------------------------------------------------------------------- sunbeam777 God of Diamonds member is offline Joined: Mar 2010 Gender: Male Posts: 895 Re: ***Rumor Discussion Thread*** « Reply #122 Today at 7:57am » -------------------------------------------------------------------------------- pooch1: Principal & Signatory of WGS spoke earlier. pooch1: Playback number: (209) 647-1699 pooch1: access code: 622189 pooch1: its long pooch1: boy he just said cmkx in a week Report to Mod - Link to Post - Back to Top Logged -------------------------------------------------------------------------------- Here ya go: from mill board: pj DIAMOND JEDI Member Info Status: offline Joined: Jan 2006 Posts: 597 Reputation: 191 [ Cool | Not Cool ] Contact Icons Principal and Signatory of WGS spoke earlier.. « Reply #76 Today at 1:21am » -------------------------------------------------------------------------------- Principal and Signatory of WGS spoke earlier this evening to the GS folks. He is also an author of the White Hats Report. The following is a recording of that call which was over 4 hrs long: Playback number: (209) 647-1699 access code: 622189 ---- A few items of interest from the question/answer session with Tman: Questioner: "I was a little bit late getting on the call so I'll catch up later with the recording, but I did hear the part where you said something about CMKX funds... it really was not necessary to know where the funds come from because it is going to be over next week? Does that mean the GS are going to be announced.... because if it is lowest on the 12th tier.." Tman: When the GS complete then everything else falls like dominos behind it. Until GS, nothing else should happen. -- "Settlements are on their way. We are negotiating. We do anticipate, as of about a 1/2 hr ago(approx 8:30 PM EST) when I was on my nightly update, closure here within a few days. And I always say that is predicated upon somebody on the other side having a better idea, and then we start over again." --- How does this tie to the dinar? "It has been long stated that the Global Settlements have to be completed first before the dinar can be completed. Why is that? Because the United States is bankrupted. It does not have the funds to meet its commitments--contractual or otherwise." -- Questioner: "A few minutes ago you did say, 'Obama is no longer a problem and we already have found a way around him' and quote unquote, 'it has started'. And then you mentioned that other fella.. that if he did not get notified of his PP then he probably is not getting one. So, that seems to indicate that most people have gotten their message albeit under non-disclosure at that time so they cannot say anything. So, to me that kinda sounds like things have started." Tman: "You are a sharp and articulate woman". -------------------------- PJ Re: Signatory of WGS will speak at 10 PM EST in pt « Reply #79 Today at 1:46am » -------------------------------------------------------------------------------- I just received an edited version of the MP3. So, perhaps permission will be given to release. Report to Mod - Link to Post - Back to Top Logged -------------------------------------------------------------------------------- You Only Live Once, And If You Do It Right, You Only Have To Live Once... You Have To Be Crazy, To Not Even Look At This Stock.. WE WILL HAVE OUR DAY IN COURT...JWLOB jboydwv Diamondologist member is offline Joined: Jun 2010 Gender: Male Posts: 453 Re: ***Rumor Discussion Thread*** « Reply #125 Today at 8:50am » -------------------------------------------------------------------------------- Bet the ranch this is what we will hear come next week ..... ""Settlements are on their way. We are negotiating. We do anticipate, as of about a 1/2 hr ago(approx 8:30 PM EST) when I was on my nightly update, closure here within a few days. And I always say that is predicated upon somebody on the other side having a better idea, and then we start over again." and then we start over again!!!! Read more: tfant53.proboards.com/index.cgi?action=display&board=general&thread=6632&page=2#32303#ixzz1ZMR4GN1T
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Post by alrich on Sept 29, 2011 12:41:37 GMT -5
I posted this because I got a Letter from my brokerage about a worthless penny stock in my Account. When I read that After 6 years, the DTCC will make a stock Worthless; and this November 2011 is only 2 months away from November 2005 when CMKM Diamonds was Officially Revoked. Just a thought about the DTC trying to pull something on us like that. A voluntary program:DTC destroys certificates only after obtaining permission from the participant that holds a position in that security. “Destruction is voluntary on the part of the participant,” said Joseph Clemente, DTCC product manager, Asset Services. DTC has regularly moved to destroy certificates that have been non-transferable for at least six years. Clemente added that six years was deemed an appropriate waiting period by the industry to make sure the issuer of a non-transferable security does not become active again. Once six years have passed and the positions have been moved to DTC via its “position removal” or PREM function, the security is automatically placed on a list of issues that are eligible for destruction. This list is then distributed via an Important Notice to DTC participants, who have three months to review and determine if there is any reason for not destroying the listed certificates. Benefits of destruction Destroying certificates benefits customers by allowing them to avoid the $11 per security, per month surcharge DTC assesses firms having a position in a security that’s been non-transferable for more than six years. It also allows firms to remove the position from their books and records as well as eliminate the security from the statements they send to their customers. While $11 may not seem like a lot, those surcharges can accumulate quickly. Clemente said one major brokerage firm was assessed more than $1 million in surcharges in 2008 because it failed to authorize destruction of its non-transferables. “Cost-saving is a great incentive to get rid of these worthless certificates,” said Clemente. After the three-month review period passes, all of the certificates with a PREM designation are removed from the vaults’ shelves, placed in boxes and scheduled for destruction. The shredder awaits The certificates are eventually shredded by a huge machine inside a tractor-trailer by an outside firm hired by DTC. The company brings its truck to DTCC headquarters to conduct the shredding, which is overseen by DTCC Operations and Security staff. The truck visits DTCC about three times a year, depending on when a sufficient inventory of shredder-ready certificates builds up. DTC destroyed approximately 22,000 certificates during the most recent shredding last December, according to Thomas Joyce, DTCC director, Securities Processing. The resulting shredded paper was then recycled. Here’s an illustration of how the shredding process works. In January, DTC released a list of a new batch of 107 issues that have been non-transferable for six years. By the end of January, a total of 11,123 certificates belonging to those issues had been authorized for destruction. These certificates will be removed from the vaults’ shelves in April and will be shredded some time after that. Before they are destroyed, electronic records of destroyed certificates are created and stored in case the securities they represent become active again. With this new batch of 11,123 certificates, the total number of certificates that have either been shredded or removed for shredding will reach 1,006,352. @ Issue Index March 2010 noahltl1.proboards.com/index.cgi?action=display&board=cmkx1&thread=2303&page=2
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Post by oilipo on Sept 30, 2011 4:29:07 GMT -5
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Post by oilipo on Sept 30, 2011 4:47:00 GMT -5
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Post by oilipo on Sept 30, 2011 5:44:13 GMT -5
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Post by oilipo on Sept 30, 2011 6:35:16 GMT -5
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Post by alrich on Sept 30, 2011 15:13:32 GMT -5
Subaccounts now squarely on SEC's radar Commission alert about possible abuses linked to subdivided account arrangements
By Liz Skinner
September 30, 2011 3:45 pm ET
Brokers are on notice: The Securities and Exchange Commission is concerned that trading through subaccounts might be used to hide money laundering, insider trading and other serious financial abuses.
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Related to this story •Jackson National Life Insurance is No. 1 in adviser satisfaction •Insurers using nimble approach to shield VA holders' assets •Challenges are ahead for variable annuity sales: Cerulli Photo Galleries •The 10 states with the most CFPs The commission's inspections and examinations staff issued an alert yesterday warning that it will be looking closely at the controls and procedures in place at brokerages that offer these accounts because officials believe they are ripe for manipulation.
Customers who open master accounts with a broker-dealer often subdivide it so individual traders or groups of traders can use it. In some cases, the subaccounts may be so divided that the customer and the firm where the account is held might not even know the identity of the traders in the subaccounts, the SEC staff said. Oftentimes, these accounts are opened by limited liability companies, limited liability partnerships or another broker-dealer, the staff alert said.
“Although master/subaccount arrangements have legitimate business purposes, some customers may use them as vehicles for illegal activity or in an attempt to avoid or minimize regulatory obligations and oversight,” said Carlo di Florio, director of the SEC's Office of Compliance Inspections and Examinations.
The alert includes recommendations for brokers to make sure they are complying with the SEC's new market access rule. That rule, which took effect in July, requires procedures to limit the risk of offering market access to customers, including master/subaccounts.
The new rule is one factor in the staff's decision to issue the alert, said George Kramer, Mr. di Florio's senior counsel. The other issue: Staff investigators have uncovered cases that have raised concerns about the market access customers have to these accounts, he said.
A call to the Securities Industry and Financial Markets Association, which represents broker-dealers, wasn't returned.
Some customers “structure their accounts with the broker-dealer this way in an attempt to avoid or minimize regulatory obligations and oversight,” the alert said. Promoters of these types of accounts often target potential traders in the U.S. and abroad by promising increased leverage and lower capital requirements than would be allowed if these people were day traders at a registered broker-dealer, the alert noted.
In one case, the commission charged a Raleigh, N.C., brokerage with failing to comply with an anti-money-laundering rule that requires broker-dealers to identify and check the identities of customers and to document its methods for checking.
The firm, which had 99% of its customers living outside the U.S., allowed subaccount holders to have direct control over securities transactions in the accounts and the foreign entity that held the master account didn't have any involvement in the trades, the SEC alleged. The firm, which was not identified by the regulator, settled the SEC complaint by agreeing to pay a $25,000 fine.
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