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Segami
Segami's Journal
Segami's Journal
July 12, 2012
" The news on Wednesday that cities and states are suing some of the world's largest banks over Libor manipulation shows how this scandal could blow up into one of history's biggest bank frauds. That's because interest-rate manipulation might well have kept your town or state from hiring firefighters or teachers, from paving roads or paying for indigent care or after-school programs for your kids -- adding to the human suffering of the economic collapse these same banks caused in the first place. If it's any consolation, the lawsuits and fines over this manipulation could potentially cost the banks -- which include not only Barclays but Bank of America, JPMorgan Chase, Citigroup, and many more -- billions of dollars.
"This could get very ugly in a hurry for some banks," Peter Tchir of TF Market Advisors wrote in a note. And this could finally be enough to make Americans stop reacting to the Libor scandal with "a shrug," as Joe Nocera recently put it, and push them closer to believing what Robert Shapiro, founder of economic advisory firm Sonecon, calls possibly "the biggest financial fraud in history." Would it be enough, maybe, to finally cause banks to lose the argument that regulating them too much will hurt the economy?
The New York Times wrote Wednesday that several states, towns and other municipalities are rounding up posses of lawyers to sue big banks over their manipulation of Libor, a short-term interest rate that affects borrowing costs throughout the global economy. Barclays has admitted to manipulating the rate for years, paying $450 million in penalties. Other banks are under investigation for doing the same thing. The scandal has already engulfed Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke who have been asked to testify before a Senate subcommittee about rate manipulation.
The states and cities suing the banks often bought -- from some of the same banks they're suing -- credit derivatives called interest-rate swaps. The swaps protected them when Libor rose, but hurt them when Libor fell. If these states and cities can prove the banks manipulated Libor lower, then they could have a case that the banks owe them some money. Other potential litigants -- hedge funds, maybe -- bought derivatives that cost them money when Libor rose. Again, if they can prove that banks manipulated Libor higher, then they, too, could have a case that banks owe them money.
How much money are we talking?
Some of Wall Street's best thinkers have scoffed that such lawsuits will likely result in small potatoes, or maybe tater tots at best. It could be hard to suss out how much financial damage somebody really suffered from this, or how much any one bank -- or even more than one bank -- is responsible. And a lot of borrowers, maybe including the same states and cities suing the banks, arguably benefited when the banks manipulated Libor lower, because it lowered their borrowing costs. But the sheer vastness of the derivatives market makes this a potentially huge headache for the banks. There's a general estimate floating around that Libor affects about $800 trillion in notional derivatives -- that's "trillion," not "billion" or "million." Banks are not going to be on the hook for anything near that much, as the bulk of this amount is "notional" -- meaning, roughly, "not real."
cont'
http://www.huffingtonpost.com/2012/07/11/libor-scandal-lawsuits_n_1665708.html
.
LIBOR Scandal Could Turn 'UGLY' As U.S. CITIES BEGIN TO SUE
" The news on Wednesday that cities and states are suing some of the world's largest banks over Libor manipulation shows how this scandal could blow up into one of history's biggest bank frauds. That's because interest-rate manipulation might well have kept your town or state from hiring firefighters or teachers, from paving roads or paying for indigent care or after-school programs for your kids -- adding to the human suffering of the economic collapse these same banks caused in the first place. If it's any consolation, the lawsuits and fines over this manipulation could potentially cost the banks -- which include not only Barclays but Bank of America, JPMorgan Chase, Citigroup, and many more -- billions of dollars.
"This could get very ugly in a hurry for some banks," Peter Tchir of TF Market Advisors wrote in a note. And this could finally be enough to make Americans stop reacting to the Libor scandal with "a shrug," as Joe Nocera recently put it, and push them closer to believing what Robert Shapiro, founder of economic advisory firm Sonecon, calls possibly "the biggest financial fraud in history." Would it be enough, maybe, to finally cause banks to lose the argument that regulating them too much will hurt the economy?
The New York Times wrote Wednesday that several states, towns and other municipalities are rounding up posses of lawyers to sue big banks over their manipulation of Libor, a short-term interest rate that affects borrowing costs throughout the global economy. Barclays has admitted to manipulating the rate for years, paying $450 million in penalties. Other banks are under investigation for doing the same thing. The scandal has already engulfed Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke who have been asked to testify before a Senate subcommittee about rate manipulation.
The states and cities suing the banks often bought -- from some of the same banks they're suing -- credit derivatives called interest-rate swaps. The swaps protected them when Libor rose, but hurt them when Libor fell. If these states and cities can prove the banks manipulated Libor lower, then they could have a case that the banks owe them some money. Other potential litigants -- hedge funds, maybe -- bought derivatives that cost them money when Libor rose. Again, if they can prove that banks manipulated Libor higher, then they, too, could have a case that banks owe them money.
How much money are we talking?
Some of Wall Street's best thinkers have scoffed that such lawsuits will likely result in small potatoes, or maybe tater tots at best. It could be hard to suss out how much financial damage somebody really suffered from this, or how much any one bank -- or even more than one bank -- is responsible. And a lot of borrowers, maybe including the same states and cities suing the banks, arguably benefited when the banks manipulated Libor lower, because it lowered their borrowing costs. But the sheer vastness of the derivatives market makes this a potentially huge headache for the banks. There's a general estimate floating around that Libor affects about $800 trillion in notional derivatives -- that's "trillion," not "billion" or "million." Banks are not going to be on the hook for anything near that much, as the bulk of this amount is "notional" -- meaning, roughly, "not real."
cont'
http://www.huffingtonpost.com/2012/07/11/libor-scandal-lawsuits_n_1665708.html
.
July 11, 2012
" Mitt Romney told Fox News Wednesday that black leaders support him, but are afraid to say so publicly.
After his speech to the NAACP national convention Wednesday, Romney said he connected with black leaders in private and was assured that the loud and sustained booing he got for promising to repeal the health care reform law didn’t represent the feelings of all African American voters, even if they can’t say so in public.
“I spoke with a number of African-American leaders after the event and they said, you know, a lot of folks do not want to say they will not vote for President Obama but they are disappointed in his lack of policies to improve the schools,” Romney told Fox, according to a rush transcript. “The president has not been able to get the job done and people want to see someone would can get the economy going so I expect to get the African American votes, and at the end of my speech having a standing ovation was generous and hospitable and I believe we disagree on some issues like ‘Obamacare’ on a lot of issues people see eye to eye, they want someone getting the economy going.”
Polls show Romney has made no inroads with the African American electorate. He’s pulling single-digit support among black voters in the PollTracker Average. But by Romney’s account, it’s possible black voters are simply afraid to tell pollsters their real feelings.
http://2012.talkingpointsmemo.com/2012/07/mitt-romney-i-have-secret-black-supporters-video.php?ref=fpa
Romney: BLACK LEADERS OFFERED ME SECRET SUPPORT
" Mitt Romney told Fox News Wednesday that black leaders support him, but are afraid to say so publicly.
After his speech to the NAACP national convention Wednesday, Romney said he connected with black leaders in private and was assured that the loud and sustained booing he got for promising to repeal the health care reform law didn’t represent the feelings of all African American voters, even if they can’t say so in public.
“I spoke with a number of African-American leaders after the event and they said, you know, a lot of folks do not want to say they will not vote for President Obama but they are disappointed in his lack of policies to improve the schools,” Romney told Fox, according to a rush transcript. “The president has not been able to get the job done and people want to see someone would can get the economy going so I expect to get the African American votes, and at the end of my speech having a standing ovation was generous and hospitable and I believe we disagree on some issues like ‘Obamacare’ on a lot of issues people see eye to eye, they want someone getting the economy going.”
Polls show Romney has made no inroads with the African American electorate. He’s pulling single-digit support among black voters in the PollTracker Average. But by Romney’s account, it’s possible black voters are simply afraid to tell pollsters their real feelings.
http://2012.talkingpointsmemo.com/2012/07/mitt-romney-i-have-secret-black-supporters-video.php?ref=fpa
July 11, 2012
Time to fire the speech writer. What was that? You wrote the speech?
" Speaking at the NAACP convention in Houston, Texas, Mitt Romney once again contradicted himself. The presidential hopeful told conference-goers that he hopes to represent all Americans “of every race, creed, and sexual orientation.” However, Romney then went on to promise that he will “defend traditional marriage.” If Romney wishes to truly “represent” gay Americans, his consistent pledge to prevent their basic rights is not a good start. Ironically, Romney’s speech at the NAACP comes only weeks after the civil rights group voted to support marriage equality as a continuation of its historic mission to promote equal protection under the law.
http://thinkprogress.org/lgbt/2012/07/11/514734/mitt-romney-naacp-lgbt/
Mitt Romney CONTRADICTS HIMSELF In Front Of Marriage Equality-Endorsing NAACP
Time to fire the speech writer. What was that? You wrote the speech?
" Speaking at the NAACP convention in Houston, Texas, Mitt Romney once again contradicted himself. The presidential hopeful told conference-goers that he hopes to represent all Americans “of every race, creed, and sexual orientation.” However, Romney then went on to promise that he will “defend traditional marriage.” If Romney wishes to truly “represent” gay Americans, his consistent pledge to prevent their basic rights is not a good start. Ironically, Romney’s speech at the NAACP comes only weeks after the civil rights group voted to support marriage equality as a continuation of its historic mission to promote equal protection under the law.
http://thinkprogress.org/lgbt/2012/07/11/514734/mitt-romney-naacp-lgbt/
July 11, 2012
" Mitt Romney is scheduled to speak at the National Association for the Advancement of Colored People (NAACP) convention. He will purportedly focus solely on the economy, steering clear of addressing the controversial voter identification laws that the civil rights organization sees as “systematically suppressing voters of color, students and the elderly.” Indeed, Romney has previously backed the very efforts the NAACP opposes, saying, “I like Voter ID laws by the way… more of them,” ignoring the evidence that voter ID laws disproportionately disenfranchise African-Americans:
- A Center for American Progress investigation concluded that “these laws hinder voting rights in a manner not seen since the era of Jim Crow,” given that minorities (along the young and the poor) are more likely to be unable to acquire photo identification.
- Indeed, 25 percent of African-American voters lack the type of ID required to vote under these laws.
- Attorney General Eric Holder called the standard voter ID legislation “a new poll tax” after his Department of Justice found sufficient grounds under the Voting Rights Act to block ID laws in South Carolina and Texas due to their disproportionate impact on minority voters.
- Voter fraud, the problem Voter ID laws are ostensibly supposed to correct, is basically nonexistent. Even proponents of the legislation can’t point to any actual examples.
- Voter ID laws are occasionally justified in straightforwardly racist or partisan Republican terms.
- Romney may know all of this – he used to support an extraordinarily progressive approach to getting voters ID.
Civil rights leaders are already taking a hard look at Romney’s “abysmal” record on the issues as Governor of Massachusetts. One has to wonder whether he – or any other Republican – could hope to make inroads in the African-American community while supporting such blatant voter suppression tactics.
UPDATE - Romney did not address Voter ID laws in his NAACP speech.
http://thinkprogress.org/election/2012/07/11/514412/romney-supports-voter-id-laws-that-could-disenfranchise-25-of-african-americans/
Willard Romney SUPPORTS VOTER ID LAWS That Could Disenfranchise 25% Of African Americans
" Mitt Romney is scheduled to speak at the National Association for the Advancement of Colored People (NAACP) convention. He will purportedly focus solely on the economy, steering clear of addressing the controversial voter identification laws that the civil rights organization sees as “systematically suppressing voters of color, students and the elderly.” Indeed, Romney has previously backed the very efforts the NAACP opposes, saying, “I like Voter ID laws by the way… more of them,” ignoring the evidence that voter ID laws disproportionately disenfranchise African-Americans:
- A Center for American Progress investigation concluded that “these laws hinder voting rights in a manner not seen since the era of Jim Crow,” given that minorities (along the young and the poor) are more likely to be unable to acquire photo identification.
- Indeed, 25 percent of African-American voters lack the type of ID required to vote under these laws.
- Attorney General Eric Holder called the standard voter ID legislation “a new poll tax” after his Department of Justice found sufficient grounds under the Voting Rights Act to block ID laws in South Carolina and Texas due to their disproportionate impact on minority voters.
- Voter fraud, the problem Voter ID laws are ostensibly supposed to correct, is basically nonexistent. Even proponents of the legislation can’t point to any actual examples.
- Voter ID laws are occasionally justified in straightforwardly racist or partisan Republican terms.
- Romney may know all of this – he used to support an extraordinarily progressive approach to getting voters ID.
Civil rights leaders are already taking a hard look at Romney’s “abysmal” record on the issues as Governor of Massachusetts. One has to wonder whether he – or any other Republican – could hope to make inroads in the African-American community while supporting such blatant voter suppression tactics.
UPDATE - Romney did not address Voter ID laws in his NAACP speech.
http://thinkprogress.org/election/2012/07/11/514412/romney-supports-voter-id-laws-that-could-disenfranchise-25-of-african-americans/
July 11, 2012
RUSE - ploy, stratagem, tactic, scheme, trick,
gambit, cunning plan, dodge, subterfuge, machination, wile.
Fast Forward to 2012
Willard, by your OWN Blind Trust definition, you need to stop your ' tactics of dodgeing, scheming, tricking the public with your ploys and RELEASE YOUR TAX RETURNS !
TPM:
- Mitt Romney disavowed any responsibility for investments in the Cayman Islands and Bermuda, saying his personal finances are part of a “blind trust” that’s out of his control.
“I don’t manage them, I don’t even know where they are,” Romney told Radio Iowa Monday of his investment portfolio. “That trustee follows all U.S. laws, all taxes are paid as appropriate, all of them have been reported to the government. There’s nothing hidden there.”
“What’s important is if you are running for president is that the American people know who you are and what you’ve done and that you’re an open book,” Obama told a New Hampshire television station. “And that’s been true of every presidential candidate dating all the way back to Mitt Romney’s father.”
The late George Romney, former governor of Michigan, released a dozen years of tax returns ahead of his own presidential campaign, saying he wanted to dispel any doubts that he filed his taxes any differently in the year or two before his run.
http://2012.talkingpointsmemo.com/2012/07/romney-bermuda-swiss-cayman-blind-trust.php
1994 Willard Romney: " The BLIND TRUST Is An Age Old RUSE "
RUSE - ploy, stratagem, tactic, scheme, trick,
gambit, cunning plan, dodge, subterfuge, machination, wile.
Fast Forward to 2012
Willard, by your OWN Blind Trust definition, you need to stop your ' tactics of dodgeing, scheming, tricking the public with your ploys and RELEASE YOUR TAX RETURNS !
TPM:
- Mitt Romney disavowed any responsibility for investments in the Cayman Islands and Bermuda, saying his personal finances are part of a “blind trust” that’s out of his control.
“I don’t manage them, I don’t even know where they are,” Romney told Radio Iowa Monday of his investment portfolio. “That trustee follows all U.S. laws, all taxes are paid as appropriate, all of them have been reported to the government. There’s nothing hidden there.”
“What’s important is if you are running for president is that the American people know who you are and what you’ve done and that you’re an open book,” Obama told a New Hampshire television station. “And that’s been true of every presidential candidate dating all the way back to Mitt Romney’s father.”
The late George Romney, former governor of Michigan, released a dozen years of tax returns ahead of his own presidential campaign, saying he wanted to dispel any doubts that he filed his taxes any differently in the year or two before his run.
http://2012.talkingpointsmemo.com/2012/07/romney-bermuda-swiss-cayman-blind-trust.php
July 11, 2012
" Today the Presbyterian Church (USA)(2.3 million members) took a step toward divestment from for-profit health insurance companies in the US by instructing the appropriate committee of the General Assembly to begin a process of information gathering. The Mission Through Responsible Investing Committee (MRTI) is instructed by the General Assembly of the Presbyterian Church (USA) to request information and explanations of health insurance companies. This information will focus especially on the insurers' practices in regard to state and federal lobbying expenditures and political campaign contributions, government subsidies and profit margins, denials of claims, and top executives' compensation packages. Other directives include a conversation with the Board of Pensions, the overseeing body that works with the health care provider, to ensure that the church's health plan submits to the same standards that it asks of other insurers. Based on its analysis MRTI will evaluate the variance between church principles of universal access and affordability on the one hand and corporate objectives on the other. It will also assess the likelihood of significant change in corporate behavior.
In addition, the committee is to recommend measures to the appropriate Council of the church, including possible divestment from the health insurance companies, measures that will strengthen the integrity of the church's practice. The relevant committees and councils are requested to report on their action to the General Assemblies of 2014 and 2016, with an eye to guiding individual Presbyterians, congregations and mid-councils, in relation to their own investment holdings in this major part of the economy.
Finally, all official bodies are encouraged to continue to support cost-effective health coverage for all through the single payer (or expanded Medicare) model common elsewhere in the developed world, and to support making health care affordable and transparent.
The overture for this step originated with the Mid-Kentucky Presbytery, was joined by the Presbyteries of Albany, New York City, Long Island and West Jersey, and was approved overwhelmingly by the Committee on Health Issues of the General Assembly on July 3, 2012.
http://www.opednews.com/articles/USA-Presbyterian-Church-Ta-by-Johanna-van-Wijk-B-120710-434.html
.
USA Presbyterian Church Takes Step Toward DIVESTMENT From FOR-PROFIT Health Insurance Companies
" Today the Presbyterian Church (USA)(2.3 million members) took a step toward divestment from for-profit health insurance companies in the US by instructing the appropriate committee of the General Assembly to begin a process of information gathering. The Mission Through Responsible Investing Committee (MRTI) is instructed by the General Assembly of the Presbyterian Church (USA) to request information and explanations of health insurance companies. This information will focus especially on the insurers' practices in regard to state and federal lobbying expenditures and political campaign contributions, government subsidies and profit margins, denials of claims, and top executives' compensation packages. Other directives include a conversation with the Board of Pensions, the overseeing body that works with the health care provider, to ensure that the church's health plan submits to the same standards that it asks of other insurers. Based on its analysis MRTI will evaluate the variance between church principles of universal access and affordability on the one hand and corporate objectives on the other. It will also assess the likelihood of significant change in corporate behavior.
In addition, the committee is to recommend measures to the appropriate Council of the church, including possible divestment from the health insurance companies, measures that will strengthen the integrity of the church's practice. The relevant committees and councils are requested to report on their action to the General Assemblies of 2014 and 2016, with an eye to guiding individual Presbyterians, congregations and mid-councils, in relation to their own investment holdings in this major part of the economy.
Finally, all official bodies are encouraged to continue to support cost-effective health coverage for all through the single payer (or expanded Medicare) model common elsewhere in the developed world, and to support making health care affordable and transparent.
The overture for this step originated with the Mid-Kentucky Presbytery, was joined by the Presbyteries of Albany, New York City, Long Island and West Jersey, and was approved overwhelmingly by the Committee on Health Issues of the General Assembly on July 3, 2012.
http://www.opednews.com/articles/USA-Presbyterian-Church-Ta-by-Johanna-van-Wijk-B-120710-434.html
.
July 10, 2012
" The AFSCME, a union representing 1.6 million public service workers, on Tuesday uploaded a video to YouTube that humorously criticizes Republicans for their opposition to the Affordable Care Act.
The video, based on the intro to the 1970?s sitcom The Brady Bunch, claims that “working people don’t matter” to prominent Republicans like House Speaker John Boehner (OH), Republican presidential candidate Mitt Romney, Senate Majority Leader Mitch McConnell (KY) and Florida Gov. Rick Scott.
All the Republicans in the video have vowed to do whatever they can to repeal President Barack Obama’s health care reform law. Though the union insists it is non-partisan, the AFSCME has made it clear they will support President Barack Obama in the 2012 elections. They also support the Affordable Care Act.
“Even though the Supreme Court upheld the Affordable Care Act (‘Obamacare’), Speaker John Boehner and Republican leaders refuse to let go,” the union wrote on their website. “This week the U.S. House is set to vote — for the 31st time — on a bill to repeal the law. Enough is enough. It’s time to stop re-fighting political battles of the past and get to work on the economy.”
http://www.rawstory.com/rs/2012/07/10/afscme-mocks-the-boehner-bunch-in-new-video/
AFSCME MOCKS ‘The Boehner Bunch’ in New Video
" The AFSCME, a union representing 1.6 million public service workers, on Tuesday uploaded a video to YouTube that humorously criticizes Republicans for their opposition to the Affordable Care Act.
The video, based on the intro to the 1970?s sitcom The Brady Bunch, claims that “working people don’t matter” to prominent Republicans like House Speaker John Boehner (OH), Republican presidential candidate Mitt Romney, Senate Majority Leader Mitch McConnell (KY) and Florida Gov. Rick Scott.
All the Republicans in the video have vowed to do whatever they can to repeal President Barack Obama’s health care reform law. Though the union insists it is non-partisan, the AFSCME has made it clear they will support President Barack Obama in the 2012 elections. They also support the Affordable Care Act.
“Even though the Supreme Court upheld the Affordable Care Act (‘Obamacare’), Speaker John Boehner and Republican leaders refuse to let go,” the union wrote on their website. “This week the U.S. House is set to vote — for the 31st time — on a bill to repeal the law. Enough is enough. It’s time to stop re-fighting political battles of the past and get to work on the economy.”
http://www.rawstory.com/rs/2012/07/10/afscme-mocks-the-boehner-bunch-in-new-video/
July 10, 2012
"...Terry Bean, co-best man to Groom Barney Frank, and Nancy Pelosi, Democratic Leader of the U.S. House of Representatives, enjoy a dance at the wedding reception. Barney Frank married his long-time love, Jim Ready at a "no frills" wedding, followed by a joyous reception...."
.
Nancy Pelosi Busts a Move at Barney Frank Wedding Reception
"...Terry Bean, co-best man to Groom Barney Frank, and Nancy Pelosi, Democratic Leader of the U.S. House of Representatives, enjoy a dance at the wedding reception. Barney Frank married his long-time love, Jim Ready at a "no frills" wedding, followed by a joyous reception...."
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