Investigators wondered why the agency had let Madoff run billions in suspicious trades without ever checking them out. The SEC responded by saying it lacked sufficient resources. Then, New York Senator Schumer said he would propose a measure to increase the agency’s spending power by 75%…
September 8th, 2009 | Bill Bonner | 2 comments | ContinuedAll Posts Tagged With: "madoff"
Madoff Astonished SEC Didn’t Verify His Claims
In response, the SEC says it “doesn’t have the resources” necessary to keep an eye on “the exploding number of financial firms.”
September 7th, 2009 | Bill Bonner | 0 comments | Continued
Feds Begin Buying U.S. Treasuries Bonds
Do you remember how it works, dear reader? When you buy a U.S. Treasury bond, you pay for it with real money – or, at least as real as dollars get. Money changes hands. No net increase in the money supply. But when the Fed buys a Treasury bond it creates the money to buy it…and thus the money supply increases.
March 26th, 2009 | Bill Bonner | 1 comment | Continued
What Did the Feds Think When They Gave AIG Money?
One member of Congress – Senator Grassley – retreated from his call for AIG executives to commit suicide. It would be all right with him if they just showed a little contrition, he says now.
But all over the world – and especially in Washington DC – the mobs are out in the streets with liquor on their breath and ropes in their hands.
March 19th, 2009 | Bill Bonner | 3 comments | Continued
A Country of Madoffs
This week began with a squabble. John Thain was sacked as head of Merrill Lynch after giving out $4 billion in bonuses – just before announcing $15 billion in losses for the 4th quarter of ‘08. (…)Then Citigroup announced that it had bought a new corporate jet for $50 million. Seemed a bit rich for a company that had just lost $8.3 billion. What sort of devilry is this? Where can you can lose billions…take billions in handouts from taxpayers… and still coddle executives with new planes and million-dollar ‘bonuses?’ Penalties would seem to be more appropriate…
January 30th, 2009 | Bill Bonner | 0 comments | Continued
Put Bernie Madoff at the Treasury!
It is a documented fact that neither the present U.S. Secretary of the Treasury – Hank Paulson – nor the incoming man – Tim Geithner – had a clue about what was happening last year. They didn’t seem to understand how America’s system of imperial finance – the system that undergirded expanding world trade – actually worked…
January 14th, 2009 | Bill Bonner | 2 comments | Continued