WASHINGTON: ‘ Hillary Clinton blames Republicans for Inequality in US ‘

#AceNewsReport – WASHINGTON:June.13: Clinton announced her candidacy by blaming Republicans for the fact that inequality in the US has been increasing and Wall Street managers and CEOs have expanded their share of the economy while overlooking how that trend started during her husband’s administration.

Hillary Clinton officially announced her candidacy today saying that she intends to reshape the US economy so it works for more Americans rather than just those on the wealthier end of the spectrum. However, she overlooked her husband’s role in bank deregulation that led to an increase in inequality and the crash of 2008.

“These Republicans trip over themselves promising lower taxes for the wealthy and fewer rules for the biggest corporations without regard for how that will make income inequality even worse,” Clinton said in her speech.

The Republican candidates in the 2016 cycle are continuing to push for the same damaging policies, Clinton argues.

“They pledge to wipe out tough rules on Wall Street, rather than rein in the banks that are still too risky, courting future failures. In a case that can only be considered mass amnesia.”

The choice of Roosevelt Island, named after and dedicated to Franklin Delano Roosevelt stands as an ironic symbol given that Hillary Clinton’s husband, President Bill Clinton, undid key legislation that Roosevelt enacted to end The Great Depression and rein in runaway financial institutions.

President Clinton’s tenure was characterized by financial deregulation which set the stage for the expanded deregulation during the administration of George W. Bush, during the end of which the economy crashed. Clinton signed the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation Roosevelt had put in place. Bill Clinton also signed the Commodity Futures Modernization Act, exempting credit-default swaps from regulation.

Bill Clinton would likely have a significant advisory role should the couple return to the White House. 

@AceNewsServices

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#barack-obama, #george-h-w-bush, #george-w-bush, #goldman-sachs, #hillary-clinton, #jon-corzine, #republican-national-committee, #robert-rubin, #united-states, #wall-street

` @GSElevator loses his book deal as he goes down to ground level ‘

#AceFinanceNews says that the man behind a popular Twitter account that appeared to provide a rare insider look at Goldman Sachs has lost his book deal after revelations the former banker never actually worked at the firm.

Banker John Lefevre gained Internet fame through his @GSElevator account, where he posted dialogue he claimed to have overheard in the elevators of the top global investment firm, angering many at Goldman Sachs and other Wall Street executives.

Lefevre, formerly of Citibank, had remained anonymous for three years, until The New York Times revealed his identity last week.

“In light of information that has recently come to our attention since acquiring John Lefevre’s ‘Straight to Hell,’ Touchstone has decided to cancel its publication of this work,” the division of Simon & Schuster said in a statement.

Goldman responded to the news with some humour. “Guess elevators go up and down,” it posted on its Twitter account.

#AFN2014

#gselevator, #goldman-sachs, #john-lefevre, #mes, #new-york-times, #simon-schuster, #touchstone, #twitter, #wall-street

” Financial World Shaken by `Death’s of Four Banker’s Apparent Suicides’ in one Week”

#AceNewsServices says `Financial World Shaken’ by `Four Bankers‘ Apparent Suicides in one Week.

The apparent suicide death of the chief economist of a US investment house brings the number of financial workers who have died allegedly by their own hand to four in the last week.

2russell-investments-chief-economist-dead.si50-year-old Mike Dueker, who had worked for Russell Investment for five years, was found dead close to the Tacoma Narrows Bridge in Washington State, says AP.

Local police say he could have jumped over a fence and fallen 15 meters to his death, and are treating the case as a suicide.

Dueker was reported missing by friends on January 29, and police had searched for him.

A Sheriff’s spokesman said investigators learned that he was having problems at work but did not elaborate.

Jennifer Tice, a company spokeswoman declined to comment, however said, that Dueker was in good standing at Russell.

We were deeply saddened to learn today of the death,” Tice said in an e-mail on Friday. “He made a valuable contributions that helped our clients and many of his fellow associates.

Dueker joined Russell Investment in 2008. He wrote for Market Outlook financial services publications, forecasting the business cycle and the target federal funds rate. He is the creator and developer of a business cycle index that forecast economic performance published monthly on the Russell website.

He was previously an assistant vice president and research economist at the Federal Reserve Bank of St. Louis, and is ranked in the top 5 percent of published economists.

Over the past two decades he wrote tens of research papers mostly on monetary policy, according to the bank’s website.

His most-cited paper was “Strengthening the case for the yield curve as a predictor of U.S. recessions, published in 1997 while he was a researcher at the Federal Reserve.

He was a valued colleague of mine during my entire tenure at the St. Louis Fed,” said William Poole, the bank’s ex-president. Everyone respected his professional skills and good sense.

Dueker held an undergraduate degree in math from the University of Oregon, a master’s degree in economics from Northwestern University and a Ph.D. from the University of Washington.

Streak of bankers’ deaths

Dueker’s apparent suicide was the fourth among financial experts in a week.

A 58-year-old former senior executive at Deutsche Bank AG, William Broeksmit, was found dead on January 26 in his home after an apparent suicide in South Kensington in central London.

The next day, January 27, Tata Motors managing director Karl Slym, 51, was found dead on the fourth floor of the Shangri-La hotel in Bangkok. Police said he could have committed suicide. Mr. Slym was staying on a 22th floor with his wife, and was attending a board meeting in the Thai capital.

Another tragic incident occurred on January 28, when a 39-year-old Gabriel Magee, a JP Morgan employee, died after falling from the roof of its European headquarters in London.

The offices of JP Morgan in the Canary Wharf district of London (Reuters/Simon Newman)The offices of JP Morgan in the Canary Wharf district of London (Reuters/Simon Newman)

While creating fortunes, City and Wall Street jobs are notorious for extra-long working weeks and huge amounts of stress. In a move to ease the tension some of the world’s biggest lenders like Bank of America, Goldman Sachs, JP Morgan and Credit Suisse have told junior staff to take more time off.

Some European countries like Belgium and the Netherlands have reduced the working week from 40 to 30 hours without damaging their economies, while in Germany an average worker puts in 35 hours a week and is the world’s fourth largest economy.

 

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#acenewsservices, #bangkok, #dueker, #federal-reserve-bank-of-st-louis, #general-motors, #goldman-sachs, #london, #russell, #russell-investment, #tacoma-narrows-bridge, #tata-motors, #wall-street

US:”Banks Have Set Aside Extra Money to pay for `Potential Legal Costs in Part Due To JP Morgan Chase & Co’ Bad Mortgage Business”

#AceFinanceNews says according (Reuters) – Several large U.S. banks have set aside extra money to pay for potential legal costs in part because of JPMorgan Chase & Co’s massive $13 billion settlement with U.S. authorities over bad mortgages, according to two sources familiar with the situation.

The size of the JPMorgan settlement, which the government called the largest in U.S. history, led many banks to realize that the cost of resolving some of their own legal problems was likely to be higher than they had initially believed, the sources said.

Justice Department officials have said in public statements they want to use the JPMorgan settlement as a template for deals with other banks.

Bank of America, Citigroup, Goldman Sachs and Morgan Stanley all added hundreds of millions of dollars to funds they have set aside to pay for the cost of litigation, including legal fees, fines and settlements. All four banks are facing mortgage-related investigations by federal prosecutors located in different parts of the country.

The increase in such funds impacted the fourth quarter results of the banks published this week, surprising many analysts.

#banks, #chase-co, #citigroup, #federal-prosecutors, #goldman-sachs, #jpmorgan, #justice-department, #litigation, #morgan-stanley, #reuters, #us

” Why Goldman Sachs’ Says Stock Market Will Decline Further in 2014″

#AceNewServices says according to a recent news article in CNBC and provided for this purpose by AP, they have said: Why has Goldman Sachs chosen this moment to publicly declare that stocks are overpriced? Why has Goldman Sachs suddenly decided to warn all of us that the stock market could decline by 10 percent or more in the coming months? Goldman Sachs has to know that when they release a report like this that it will move the market. And that is precisely what happened on Monday. U.S. stocks dropped precipitously.
So is Goldman Sachs just honestly trying to warn their clients that stocks may have become overvalued at this point, or is another agenda at work here?

To be fair, the truth is that all of the big banks should be warning their clients about the stock market bubble. Personally, I have stated that the stock market has officially entered “crazy-town territory”. So it would be hard to blame Goldman Sachs for trying to tell the truth. But Goldman Sachs also had to know that a warning that the stock market could potentially fall by more than 10 percent would rattle nerves on Wall Street. Read More: http://www.activistpost.com/2014/01/why-is-goldman-sachs-warning-that-stock.html#more

#acenewsservices, #ap, #cnbc, #goldman-sachs, #over-valued, #stock-market, #stocks

Ted Cruz’s Wife is Playing the Long Game in the Hope of not Attracting Attention

English: Ted Cruz at the Republican Leadership...

English: Ted Cruz at the Republican Leadership Conference in New Orleans, Louisiana. (Photo credit: Wikipedia)

INFOWARS:  The establishment specializes in the old fashion bait-and-switch. It knows the people are sick and tired of government as usual and they want change. Obama was billed as Mr. Hope and Change. But once installed in the White House, he immediately continued and expanded the Bush agenda, that is to say the agenda of the political establishment. Barry, like his predecessor, is little more than a frontispiece, a tele-prompter reader for the elite.

Now that we’re fed up with Obama, it is time for the next round of phony change. That change will likely be represented by reformulated Tea Party Republicans Ted Cruz and Rand Paul.

“The Republican establishment despises Ted Cruz. And that’s great news for the senator from Texas: It’s the most prominent sign that he’s the front-runner for the GOP presidential nomination,” the National Journal opined last week.

The faux government shutdown with its intense partisan squabbling and meticulously orchestrated theatrics provided Cruz and the reformulated Tea Party Republicans with a stage to present themselves as the answer to politics as usual. According to the script, a staid GOP dominated by the likes of old guard John McCain and John Boehner is afraid of Cruz and the supposedly renegade faction of Tea Party activists in the House. But it’s all show business.

For all his allure as an outsider, Canada-born Ted Cruz is in fact an insider playing a role similar to the one Barack Obama played back in 2008 when his handlers portrayed him as the hope and change candidate out of nowhere.

Cruz’s insider connection is a family affair. His wife, Heidi, is a Goldman Sachs vice president in Houston, Texas, according to her LinkedIn profile. She also served as an economic advisor for the Bush administration. In 2011, a Cruz campaign spokesman portrayed Heidi as “an expert on North American trade,” in other words she is savvy when it comes to globalist transnational trade deals like NAFTA, the single most destructive government move against the American worker in history.

#aceworldnews, #banksters, #barack-obama, #cruz, #goldman-sachs, #john-boehner, #john-mccain, #linkedin, #rand-paul, #ted-cruz

How The Economy Collapsed As Goldman Sachs Thrived

 

Borrowing Under a Securitization Structure

Borrowing Under a Securitization Structure (Photo credit: Wikipedia)

 

English: Sign of the times - Foreclosure

English: Sign of the times – Foreclosure (Photo credit: Wikipedia)

 

I received a message courtesy of a news alert from New York Times on the morning of April 24 2010 saying breaking news alert. Now remember it was in 2008 when all hell was let loose on our economies and this was now 2010!

 

But the real story goes back to late 2007 as the mortgage crisis gained momentum and many banks were suffering losses! A fact that had never ever happened since well the great depression of 1930’s that started as this extract shows –

 

Extract One –

 

Economic historians usually attribute the start of the Great Depression to the sudden devastating collapse of US stock market prices on October 29, 1929, known as Black Tuesday;[9] some dispute this conclusion, and see the stock crash as a symptom, rather than a cause, of the Great Depression.[3][10]

 

Even after the Wall Street Crash of 1929, optimism persisted for some time; John D. Rockefeller said that “These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again.”[11] The stock market turned upward in early 1930, returning to early 1929 levels by April. This was still almost 30% below the peak of September 1929.[12]

 

 We never saw a return to so-called prosperity but in fact learned to embrace borrowing and lending as a way of life! Was this to protect our interests as consumers or just to play us like a game of chess, my personal believe is to play us and my reason will become clear very soon.

 

So let us return to this news alert of how as banks were suffering losses, Goldman Sachs executives traded email messages saying that they were making ” some serious money” betting against the housing markets!

 

It went onto say the emails released Saturday morning by the Senate Permanent Subcommittee on investigations, appear to contradict some of Goldman‘s previous statements that left the impression that the firm lost money on mortgage related investments!

 

It concluded in saying that in the emails Lloyd C Blankfein the banks chief executive, acknowledged in November of 2007 that the firm had indeed lost money initially. But it later recovered from those losses by making negative bets, known as short positions, ” enabling it to profit as housing prices fell and homeowners defaulted on their mortgages”

 

The final comment tells us all ” Of course we didn’t dodge the mortgage mess ” he wrote ” We lost money, then made more than we lost because of short’s”

 

As matters progressed it was revealed in statements made by people involved such as David A Viniar- In another message, dated July 25, 2007, David A. Viniar, Goldman’s chief financial officer, reacted to figures that said the company had made a $51 million profit from bets that housing securities would drop in value. “Tells you what might be happening to people who don’t have the big short,” he wrote to Gary D. Cohn, now Goldman’s president.

 

The sheer fact that betting on the fact of a falling mortgage market that could so easily have been manipulated by such cavalier attitudes to lending with the growing sub-prime market overheating! With of course the inevitable consequence of defaults was seen as a ” Gold Man” opportunity to make a lot of money, off the backs of people drowning in debt!

 

The additional factors of that selling short and buying long but in this case they had lent long at good over the top interest rates and now were selling short the borrowers.

 

Having used products designed with the intention of investment and utilising them to sell money and then to capitalise on the fact that people were failing to pay, it was a win win situation for making money. The fact that a number of companies set-up specifically to lend in this market were partners of Goldman Sachs made it so much easier and once it was all over just let them fall into bankruptcy or administration as examples of risky lending. This of course left the door open for tighter and tighter financial regulation. The fact that the banks would say yes but all the time having made their money in huge investments, they could now divest themselves of outside investors [The People] and concentrate on internal product design having learned how from this crisis. If they could make a billion then they could make a trillion by tweaking control of their products and sell them through ” third-party intermediaries” who should it all go wrong they would carry the can. As we all saw with a number of smaller financial companies going to the wall!

 

The world eventually recovered from the 1930’s crash and again in the 1990’s [ which  l will cover in more depth in another post] but this disaster is still not over! It looms like a black cloud daily overhead, blighting our lives and the imminent words uttered by governments and politicians alike about austerity. The fact is a lot of people suffered and some are still suffering from the 2008 crisis, but a lot made a lot of money and they made it out of manipulation of your savings, investments and borrowing! They never suffered like so many they have just got wise to the fact of how to avoid taxation and also make more money!

 

So in conclusion l say these banks and especially Goldman Sachs cannot fail not they are too big but they are like so many corporate entities, they know how to manipulate the system and most worrying how to manipulate people, using the simple watchwords! WANT – AND – GREED !

 

 

#david-viniar, #goldman, #goldman-sachs, #great-depression, #john-d-rockefeller, #new-york-times, #united-states, #wall-street-crash-of-1929