Swap Greek bonds for new ones worth half, isn’t a default so the banks profit from the CDS they sold but don’t have to pay up. Lie cheat and steal in action.
Posts under ‘Pensions’
KPIG Radio / The Profit Motive June 16
Philly Fed plunges into the red. DataQuick reports a 10+% decline in the California median home price. Goldamn Sachs lied to Congress and defrauded its clients.
State pension gap continues to grow
Between the unrealistic investment return expectations, bear market and looming MBS crisis. Pensions of all types will struggle to provide the benefits promised
KPIG Radio / The Profit Motive March 25
Shareholders sue to force the audit committees to investigate the foreclosure and mortgage practices of the banks. The SEC says the vote for audit will proceed.
KPIG Radio / The Profit Motive January 27
Social Security goes negative in 2011 and bankrupt in 2037, 4.652 trillion in trust funds are actually just IOU’s as per the CBO so benefits have to be paid out of taxes or its more debt.
KPIG Radio / The Profit Motive November 22
In plain English the banks are like Bernie Madoff as each of these MBS Trusts is essentially a Ponzi scheme of fictitious collateral and value. Despite this nobody is in jail.
KPIG Radio / The Profit Motive October 8
As to why the banks did this, all I can come up with is hubris as they figured their lobbyists owned Congress and they figured they could get a way with anything.
Public Pension Deficits?
According to a report by the American Enterprise Institute, public pensions are underfunded by more than $3 trillion. Following is a state-by-state interactive map I put together from the report.
Hi and welcome to The Profit Motive, I’m your host Caleb Lawrence. Once upon a time in America the media acted as the watchdog of the corporations and the state. In the modern era it’s all about ratings and profits, opinion has been substituted for news and frequently is presented as fact. Much like my daily radio show on KPIG 107.5 FM in Santa Cruz California and KPYG FM 94.9 Cayucos/San Luis Obispo California. A thousand Blogs were able to spot the current problems and many began discussing it years before it reached crises proportions. While there were exceptions, and these exceptions are becoming more common, the mainstream media failed to get it and largely continue to do so.
