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rockpaperscizzors

Two Michigan pension funds;the Police and Fire Retirement System of the City of Detroit and the Wayne County Employees' Retirement System, are Bear Stearns shareholders refuse to go silently into the night. The funds said Bear Stearns' directors violated their fiduciary duties in agreeing to the JPMorgan deal and should be forced to look for higher offers....Two Michigan pension funds had asked the court for a temporary restraining order to block the sale of 95 million Bear Stearns shares to JPMorgan.
http://www.reuters.com/article/mergersNews/idUSN3142960220080331?sp=true

Hmmmm, it seems that Bernanke, Paulson, and JP Morgan's Enron playbook ain't working. The little people whose pension funds are in jeopardy refuse to take it on the chin and be forced to work at McDonalds or Walmart as greeters as other pensionless pensioners did after Enron, Worldcom, and Tyco wiped out their retirement. In fact, pension fund managers may be forced by the workers to not invest their HARD EARNED LABOR (MONEY) in the gambling dens on Wall Street.

And Switzerland is under attack: Trying to Get the Swiss to Talk
GENEVA — Like Paul Revere, Konrad Hummler sounded the alarm last week as he made his way by train and by plane to his bank’s branches across Switzerland. This country’s storied role as secret banker to the world’s wealthy is under threat like never before, Mr. Hummler warned....Worried that the treasured discretion of Swiss banks is under assault, Wegelin’s foreign clients have been inquiring about their money.

Mr. Hummler says that this time, Switzerland may not be able to stop the rest of the world from prying open Swiss banking.
http://www.nytimes.com/2008/03/29/business/worldbusiness/29swiss.html?pagewanted=1

And Carl Levin, Barak Obama, and Norm Coleman Stop Tax Haven Abuse Act
A wide-ranging bill to combat tax havens has been introduced in the Senate and the House.
http://taxjustice-usa.org/index.php?option=com_content&task=view&id=113&Itemid=79

Germany has sprung the trap on the mouse that roared, Lichtenstein, and the pirates-bankers-CEO's, etc... are exposed and soon will have nowhere to hide their ill gotten gains. Governments with ballooning deficits into infinity have no other choice but to seize the pots of gold. The USA will follow Germany's lead.




MILO

WAIT TILL THE POLITICANS UNDER BRIBES AND PAY OF CORPS AND FOREIGNERS GET TO CREATE A MAKE WORK DEPRESSION SYSTEM AND FORCE US TO BORROW TO PAY FOR ROAD TARINGS AS INFRASTRUCTURE REPAIRS WITH 500 BUCK A BARREL OIL AND INTERESTS TO REINDENTURE THE SHEEPLE AND REINSTALL THIS CONTINUITY OF ECONOMICS AND GOVT...........FAILINGS..........

Elaine Meinel Supkis

Yes, Rock, I wrote about the Obama bill several weeks ago. The attacks on him in the media took off like a rocket the day after that news hit the wires.

Market Watcher

Excellent, excellent piece, Elaine. Your best so far in my all too rarely humble opinion.

You all might have missed the Barron's interview with Michael Fink, CEO of BlackRock (ticker is BLK). This guy is the insider's insider. Shucks, he is the insider's insider's insider.

Fink says that the current debt-solvency-pirate cove-derivative situation so much on our minds will lead inevitably in the direction of an ever larger percentage of the total world's capital becoming concentrated in progressively fewer institutions (and hands), Mr. Fink says. We are all going to be serfs, and we will all want to be cheerful, grateful serfs, or else, it seems.

A real barracuda. No insult to the fish intended.

The interview url is:
http://online.barrons.com/article/SB120674479501673045.html?mod=ba_car_twm

Market Watcher

HI, rockpaperscizzors,

Unless the Feds decide to pay off the Michigan retirement funds (with some of our future prosperity) those Michiganders are SOL. Without the Fed buying the $30,000,000,000 of Bear Stearns trash CDOs and CDSs Bear Stearns would not worth $2 a share but some immense negative number. This $30 billion (which also comes out of our future prosperity, what we will have of it) is part of the deal.

Actually the Bear, Stearns stockholders are darned lucky to get anything at all, nada, zip. Fortunately for the Michigan funds there were some important people involved (not some schmuck pension fund) so the price was set at $10 a share -

Elaine Meinel Supkis

I saw that interview. He is right. All the world's wealth will funnel into these tiny places.

A terrible aspect of money is, it comes from the Cave of Death. It also is very connected with lightning bolts. You see, the closer 'money' gets to infinity, the more it gets concentrated in one place only or several very tiny places, when the camel passes through the eye of the needle, when infinitely small intersects totally with absolute giganticness, when big is small, up is down, hard is soft and everything is the exact opposite,

THIS is when lightning hits. THIS is when the world inverts suddenly and a new matrix is born, violently.

I realized this state of being when I was 5 years old and hit by a very large lightning bolt. When all things are united AND at their most terminal, terrible utterly ultimate state of being, they are lightning bolts!


And Nature has this iron rule. Just as black holes suck down all matter, they BLOW UP. Very suddenly and incredibly violently. This is how the Universe was born.

So when we play with this thing which is only a representation of reality, we find we can make it do that which only black holes can do. And we are tempted to do this because we imagine tremendous wealth will be ours if we do the 'impossible'. Of course, this means we die.

Life is sharing this planet with the plants and animals who make this planet livable. The insects, the fishes, the trees, the flowers, living and loving and giving birth and accepting death: this is true wealth. And we can brave the Cave of Death only if we understand Life and trust and if we open our hearts to the least of living creatures, to the algae and the protoplankton who preceded us by 500 million years!

Life is wonderful. Life is fleeting. And yet, eternal. For it transcends time and space. It is the Other Realm which we call 'Heaven'. And the Guardians are very cat-like and vulturish. Libra's pets.

Dutch

Big Sister is coming.....

Market Watcher

Hi, Elaine.

You make me wish I could talk to you. Your metaphors are just beyond my grasp it seems. Possibly much further than just beyond my grasp, heh.

I am probably a rather literal minded analytical numerical type. I read history extensively and generally in source materials or close to it. I believe war and politics are one single thing and an unavoidable reality. I believe mankind is fallen and irredeemably sinful by choice. I know that a person who lies to others first lied to himself.

So, "the Guardians are very cat-like and vulturish. Libra's pets." There is truth there. (Reminds me that "libra" is latin for the balance scales as well as the word for "pound", as in "lb.") Justice will be served, and each will receive his or her due. I had an experience once that the Judgement would be a bit like putting on a pair of old well fitted shoes, so familiar, so appropriate, so completely fair. And yet, so merciful, so merciful.

Had another experience once. There were no words though communication was intense. I wanted to bring something away from my experience in words, something sayable, and what I came up (hours later) with is that I would never, never, never grasp at the Ring of Power. Tolkien's, the Nibelungen's, Sauron's Ring of Power.

Market Watcher

Darn, read your last again, makes sense FINALLY, OF COURSE, OF COURSE.

And unto Adam he said, Because thou hast of the tree, of which I commanded thee, saying, Thou shalt not eat of it: cursed is the ground for thy sake; in sorrow shalt thou eat of it all the days of thy life; Thorns also and thistles shall it bring forth to thee; and thou shalt eat the herb of the field; In the sweat of thy face shalt thou eat bread, till thou return unto the ground; for out of it wast thou taken: for dust thou art, and unto dust shalt thou return. Therefore the LORD God sent him forth from the garden of Eden, to till the ground from whence he was taken.

So he drove out the man; and he placed at the east of the garden of Eden Cherubims, and a flaming sword which turned every way, to keep the way of the tree of life.


Christian W

Another interesting piece by Ambromse Evans-Pritchard of the Telegraph.

Fed eyes Nordic style nationalizaton of US banks:

http://tinyurl.com/2577jn

Elaine Meinel Supkis

I saw that analysis, Christian W. Yes, but there is one problem. The Nordic countries are SOCIALIST. The US is FASCIST. So if the fascists run the banks, they use this for WARS.

End of story.

Christian W

I'm the same old Chris as before I just expanded my handle a bit to avoid confusion as Chris seems to be too common a name ;)

Elaine Meinel Supkis

My husband's name is Chris, too. Too many Chrises spoil the broth, eh?

MCC

There are two basic moral lessons here, and you do a good job (as always) in explaining them, Elaine. First: get-rich-quick almost always turns into get-poor-just-as-quick. Second: there is ultimately a price to be paid for turning your city/state/country into a tax haven (pirate cove). It's as simple as the saying, "There's no honor among thieves." If you try to make your economy prosperous by way of bribing pirates with tax credits, ultimately those pirates will either set sail for another port, or set fire to your port in a drunken orgy of violence, or both.

MCC

There are two basic moral lessons here, and you do a good job (as always) in explaining them, Elaine. First: get-rich-quick almost always turns into get-poor-just-as-quick. Second: there is ultimately a price to be paid for turning your city/state/country into a tax haven (pirate cove). It's as simple as the saying, "There's no honor among thieves." If you try to make your economy prosperous by way of bribing pirates with tax credits, ultimately those pirates will either set sail for another port, or set fire to your port in a drunken orgy of violence, or both.

Lee

You appear to have some really valuable insight into what's going on. Please dispense with the nonsense, "...throwing frogs in the air while blowing them up with firecrackers." and report the facts. I'm really interested in how and why, not your allegorical skills.

The Hermes Birkin

I follow you VIA GFC and I love your blog!

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