Archive for December 12, 2008

That Bastard Muppet Assassin!

December 12, 2008

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A Fucking Muppet Assassin Stalks Me!

December 12, 2008

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And this rat bastard will probably get ten times as many Followers because he’s all sickly gooey smiley-smiley and is a fucking puppet too.

Chronicles Of Depression 2.0: #472: P$ychopaths

December 12, 2008

‘Financial psychopaths’ wreak havoc

With everything that has happened on Wall Street over the past 18 months, you’d think we had seen just about everything right? Wrong!

Two of the most remarkable frauds in the history of finance were exposed this week. They are just beginning to unravel and as such we don’t fully understand the magnitude of the crimes. But already I can tell you they are of epic, even cinematic, proportions. This is really from the “can’t make this stuff up” school of news. These two miscreants aren’t just every day corner-cutters, they are world-class whack.

Emphasis added by me.

Go to the article for the gruesome details.

Why did it take everyone so long to wake up the fact that people who want to swing around multi-billion-dollar dicks are not normal, are not sane, are creatures who should be locked out of the financial system?

A normal person comes into a windfall and it’s often more than enough. Someone who, for example. is a big lottery winner often doesn’t go around trying to pump up the volume on that. They know when they’ve been lucky, they know the value of money, they know themselves, and they’ve had a grounding in reality and in real, everyday life.

These people who pocket four-hundred million dollar bonuses from a Board of Directors they appoint — this is not normal greed. This is Ultra Avarice. This is Fuck You Sociopathology.

Previously here:

Ayn Rand: Discredited By Greenspan
Chronicles Of Depression 2.0: #351: Sociopaths
Chronicles Of Depression 2.0: #255: Jackals
Chronicles Of Depression 2.0: #238: Lottery
Chronicles Of Depression 2.0: #174
Chronicles Of Depression 2.0: #011

Chronicles Of Depression 2.0: #471: A-Word

December 12, 2008

Collapse of BCE plan fuels private equity industry concern

Fear of financial “Armageddon” is starving private equity of fresh funds, one investor warned on Thursday, after the collapse of the $41bn takeover of Canada’s BCE telecoms group marked a low for the industry.

The BCE deal would have been the world’s largest leveraged buy-out when it was announced in June 2007. Its collapse underlines how severely conditions have turned against private equity in the past 18 months.

The credit crunch has prompted banks to stop providing loans for buy-outs -– the lifeblood of private equity -– while market turmoil has made many investors incapable or unwilling to supply the cash needed for the equity portion of buy-outs.

As long as we are considering an Armageddon type of scenario, our hands are going to be tied for new funding in private equity,” Mark Boyle, head of private equity at the $140bn investment arm of Northwestern Mutual Life Insurance, told a conference on Thursday in London. “This environment has investment professionals so rattled they are thinking the unthinkable.”

Emphasis added by me.

These are the money professionals.

They see Doom.

Catching on yet?

Bank Collapse Watch: ALL OF THEM! AGAIN!

December 12, 2008

Jim Rogers calls most big U.S. banks “bankrupt”

NEW YORK (Reuters) – Jim Rogers, one of the world’s most prominent international investors, on Thursday called most of the largest U.S. banks “totally bankrupt,” and said government efforts to fix the sector are wrongheaded.

Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government’s $700 billion rescue package for the sector doesn’t address how banks manage their balance sheets, and instead rewards weaker lenders with new capital.

Dozens of banks have won infusions from the Troubled Asset Relief Program created in early October, just after the Sept 15 bankruptcy filing by Lehman Brothers Holdings Inc. Some of the funds are being used for acquisitions.

“Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt,” said Rogers, who is now a private investor.

Emphasis added by me.

Why does this surprise anybody?

More:

“What is outrageous economically and is outrageous morally is that normally in times like this, people who are competent and who saw it coming and who kept their powder dry go and take over the assets from the incompetent,” he said. “What’s happening this time is that the government is taking the assets from the competent people and giving them to the incompetent people and saying, now you can compete with the competent people. It is horrible economics.”

Emphasis added by me.

Welcome to Too Big to Fail 101. And now with all the forced mergers, we have Even Too Bigger to Fail!

Another stat:

Goldman Sachs & Co analysts this week estimated that banks worldwide have suffered $850 billion of credit-related losses and writedowns since the global credit crisis began last year.

Emphasis added by me.

That’s not even one-percent of the quadrillion lurking out there.

Some frank talk, finally:

“Governments are making mistakes,” he said. “They’re saying to all the banks, you don’t have to tell us your situation. You can continue to use your balance sheet that is phony…. All these guys are bankrupt, they’re still worrying about their bonuses, they’re still trying to pay their dividends, and the whole system is weakened.

Emphasis added by me.

Yep, gotta keep those bonuses flowing. No matter how fucked-up a job they’ve done and continue to do and plan to do in the future.

American taxpayer, drop your pants and bend over!

Previously here:

Bank Collapse Watch: ALL OF THEM!

Bank Collapse Watch: Haven Trust

December 12, 2008

24th bank failure: Fifth in Georgia
State regulators close Duluth, Ga.-based Haven Trust Bank, marking the 24th bank failure of the year.

NEW YORK (CNNMoney.com) — State regulators closed another regional bank in Georgia Friday, bringing the total number of failed banks this year to 24.

The Federal Deposit Insurance Corp. said the four branches of Duluth, Ga.-based Haven Trust Bank will reopen as Branch Banking & Trust on Monday. It was the fifth bank in Georgia to fail this year.

Haven Trust had total assets of $572 million and total deposits of $515 million. Branch Banking & Trust, which is based in Winston-Salem, N.C., agreed to assume all of the deposits for $112,000.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $200 million.

Emphasis added by me.

Haven Trust was number sixty on the List of Future Bank FAIL.

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Who will go FAIL next Friday?

Sony Misses Major eBook Opportunity?

December 12, 2008

Sony’s First Touchscreen Walkman Revealed

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Sony is set to debut a new 16 and 32GB drag and drop Walkman during CES 2009, according to trusted inside sources. This will be the most advanced music, video and photo Walkman music player ever released by Sony to date. While it was revealed before to Wired that Sony’s new Walkman would have Wi-Fi capabilities, we have now learned that Sony’s new Walkman will also be touchscreen and WQVGA. The touchscreen will not be the usual LCD, but a brilliant three inch OLED with a contrast ratio around 10k. OLED display capabilities in terms of color reproduction are far beyond the average LCD, which means 100% color reproduction across a wider viewing angle.

Emphasis added by me.

Here is what makes me angry:

Additionally, there will be a Youtube icon on the main screen that will allow full access to the website – search, pause, FF/RW included very similar to Youtube access on the iPhone/iTouch.

Wait. This is a WQVGA OLED screen with a CPU powerful enough to do YouTube video (and MP4!) — and there’s no Sony eBook software built-in?!

That doesn’t make any sense to me.

Both the BBeB and ePub file formats support reflowable text. The screen size doesn’t matter, they’ll work with it.

Sony is trapped in Western Union thinking here. Western Union famously turned away Alexander Graham Bell’s telephone, thinking it was in the telegraphy business — instead of the business of communication.

Sony is trapped in thinking eBooks = Sony Reader. No! It should be eBooks Everywhere. (By the way, Sony, do you bother to bundle the eBook Library software on all desktops and notebooks? Why not?!)

Here was a way for Sony to advance eBooks and to provide an immediate alternative to the wireless abominable Kindle — and it’s been lost.

Why not offer it as a future downloadable upgrade?

Since this will have a built-in web browser and WiFi, people should be able to access Project Gutenberg and other sites that offer web access to eBooks and could read that way.

But a major opportunity has been missed here!

Chronicles Of Depression 2.0: #470: Madoff

December 12, 2008

Prominent Trader Accused of Defrauding Clients

On Wall Street, his name is legendary. With money he had made as a lifeguard on the beaches of Long Island, he built a trading powerhouse that had prospered for more than four decades. At age 70, he had become an influential spokesman for the traders who are the hidden gears of the marketplace.

But on Thursday morning, this consummate trader, Bernard L. Madoff, was arrested at his Manhattan home by federal agents who accused him of running a multibillion-dollar fraud scheme — perhaps the largest in Wall Street’s history.

Regulators have not yet verified the scale of the fraud. But the criminal complaint filed against Mr. Madoff on Thursday in federal court in Manhattan reports that he estimated the losses at $50 billion. “We are alleging a massive fraud — both in terms of scope and duration,” said Linda Chatman Thomsen, director of the enforcement division at the Securities and Exchange Commission. “We are moving quickly and decisively to stop the fraud and protect remaining assets for investors.”

Andrew M. Calamari, an associate director for enforcement in the S.E.C.’s regional office in New York, said the case involved “a stunning fraud that appears to be of epic proportions.”

Emphasis added by me.

I was waiting for this story to pop with a write-up that would concisely summarize the point. Here it is:

But the essential drama is a personal one — one laid out in the dry language of a criminal complaint by Lev L. Dassin, the acting United States attorney in Manhattan, and a regulatory lawsuit filed by the S.E.C. According to those documents, the first alarm bells rang at the firm on Tuesday, when Mr. Madoff told a senior executive he wanted to pay his employees their annual bonuses in December, two months early.

Just days earlier, Mr. Madoff had told another senior executive he was struggling to raise cash to cover about $7 billion in requested withdrawals from his clients, and he had appeared “to have been under great stress in the prior weeks,” according to the S.E.C. complaint.

So on Wednesday, the senior executive visited Mr. Madoff’s office, maintained on a separate floor with records kept under lock and key, and asked for an explanation.

Instead, Mr. Madoff invited the two executives to his Manhattan apartment that evening. When they joined him there, he told them that his money-management business was “all just one big lie” and “basically, a giant Ponzi scheme.”

The senior employees understood him to be saying that he had for years been paying returns to certain investors out of the cash received from other investors.

Emphasis added by me.

I don’t give a shit that he’s 70.

He wagged his dick in contempt of everybody for decades.

Flay the bastard to death in public.

How many others are out there just like him that we don’t yet know about?

This Smells Like … Hope

December 12, 2008

Convicted paedophile stabbed to death, stripped and mutilated in suspected vigilante attack

A child sex offender was stabbed to death in a ‘ferocious’ attack in which his genitals were mutilated.

Andrew Cunningham was found naked and soaked in blood at his caravan home in Wandsworth, south London.

The 52-year-old, who had been jailed for raping a girl under 13, was recently accused of molesting a two-year-old.

He was found with multiple stab wounds to his head, neck and chest on the site of the Riverside Haulage company, where he worked as a truck driver.

Emphasis added by me.

The British police — which are the laughingstock of this blog — had better do their job right this time: leave it unsolved.

Chronicles Of Depression 2.0: #469: EU $267B

December 12, 2008

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