"There was nothing accidental about the
"Auction-rate preferred securities is the largest
fraud ever perpetuated by Wall
Street on investors." - Harry Newton
"This has gone beyond Greece, at this point, the
markets smell the blood, and they're picking off each weak link." - Win Thin,
senior currency strategist at Brown Brothers Harriman committing of the Greek
meltdown of 2010
"I think that virtually everybody associated with
the financial world contributed to it. Some of it stemmed from greed, some from
stupidity, some from people saying the other guy was doing it." - Warren Buffet
on the meltdown
"Over the last 20 years American financial
institutions have taken on more and more risk, with the blessing of regulators,
with hardly a word from the rating agencies, which, incidentally, are paid by
the issuers of the bonds they rate.
Group, Fannie Mae,
General Electric and the municipal
bond guarantors Ambac Financial and MBIA all had triple-A ratings.
pursuit of their own short term earnings, they did exactly the opposite of what
they were meant to do: rather than expose financial risk they systematically
disguised it. " - Michael Lewis & David Einhorn
Moody's and Fitch control 98% of the US
debt ratings market.
From the start
of 2007 until September 2008
Moody's Investors Service
downgraded more than $449 billion in marketable securities similar to Gemstone
VII or 82% of all those outstanding.
Moody's also downgraded more than
three-quarters of collateralized debt obligation
securities it once rated AAA.
The three credit rating corporations
graded Lehman Brothers
debt A-1 the day it filed for bankruptcy.
regulators depend on credit grades to monitor the safety of $450 billion of
bonds held by US insurance companies.
The rating companies reaped a
bonanza in fees earlier this decade as they worked with financial firms to
manufacture collateralized debt
On Sept. 16, one day after the three credit rating
firms downgraded American
International Group double-A score by two to three grades, private contract
provisions that American
International Group had with banks around the world based on credit rating
changes forced the insurer to hand over billions of dollars of collateral.
Credit raters are paid by the companies whose debt they analyze so the
ratings reflect a bias.
Credit raters are likely to charge $400 million
in fees to taxpayer's for TALF credit ratings.
competition, in the 1970s
ratings agencies were allowed to switch from having investors pay for ratings
to having the issuers of debt pay for them.
That led the ratings
agencies to compete for business by currying favor with
investment banks that would pay
handsomely for the ratings they wanted. Wall
Street paid as much as $1 million for some ratings, and ratings agency
This new revenue stream swamped earnings from ordinary
ratings." - Kevin G. Hall
"In 2001, Moody's had revenues of $800.7
million; in 2005, they were up to $1.73 billion; and in 2006, $2.037 billion.
The exploding profits were fees from packaging and granting the
top-class AAA ratings, which were supposed to mean they were as safe as US
government securities." - Lawrence McDonald
abjectly failed in serving the interests of investors.
benefited from the monopoly
status achieved with a tremendous amount of assistance from regulators." -
SEC Commissioner Kathleen Casey
Five days before filing for bankruptcy
Richard Severin Fuld Jr. assures
investors that Lehman
Brothers has $42 billion in liquidity.
"How does $42 billion vanish
in five days. Did Lehman officers know
of harbingers of doom they weren't
sharing?" - Roger Parloff
September 2008 Until
September, the month of the Lehman Brothers
bankruptcy, the Federal Reserve had
held the expansion of the Monetary Base
US Treasury Secretary Timothy Franz Geithner, decides to let
fail "to teach a lesson".
On October 7, 2008, the Federal Reserve
announced that it was using its emergency authority under Section 13(3) of the
Federal Reserve Act to establish a Commercial Paper Funding Facility.
By the end of October, the Federal Reserve had purchased more than $100
billion in commercial
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author feels that the falsification of reality outside personal experience has
forged a populace unable to discern propaganda from
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international corporate cartel through their
agents who wish to foist a corrupt version of reality on the human race.
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encouraged to develop a personal relation with the Creator and Sustainer
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industrial military entertainment complex and is responsible for the collapse
of morals, the elevation of self-centered behavior and the destruction of
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American social mores and values
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buttons which have been preprogrammed into the population through prior
corporate media psychological operations. The results have been the destruction
of the family and the destruction of social structures that do not adhere to
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further consolidates their power and which further their purposes.
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