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By Tyler Durden
Last Friday, we were impressed by Goldman’s brazenness when the bank, whose alumni have populated virtually all prominent central banks, announced it had hired the former president of the EU Jose Manuel Barroso, as a non-executive chairman and advisor, in what was a clear move to lobby for even more clout within a Europe that is suddenly teetering on the edge of chaos, and where Goldman’s proximity will come in very lucrative when the Eurozone finally tips over.
Needless to say, Barroso’s decision to join Goldman was the peak of hyporcisy when one considers the following speech he had given just years earlier: “In the last three years, Member States – I should say taxpayers – have granted aid and provided guarantees of € 4.6 trillion to the financial sector. It is time for the financial sector to make a contribution back to society”
It appears that the Portuguese bureaucrat only had problem with the financial sector’s taxpayer bailout if it was not his multi-million sallary that was the use of proceeds.
However, while outside criticism of Barroso’s hypocrisy was is most certainly to be expected from outsiders, we were pleasantly surprised, and quite amused, when we saw that none other than French President Francois Hollande on Thursday became the most senior critic of former European Commission chief Jose Manuel Barroso’s decision to take a job at the investment bank Goldman Sachs.
Hollande noted that Barroso was running the European Union’s executive arm at the time of the U.S. subprime home-loans crisis, which has been blamed for the 2007-2008 global financial crisis.
He said Goldman Sachs was “one of the main institutions” involved in selling subprime debt, and also noted the U.S. bank’s role helping Greece establish credibility about its finances in the early 2000s. Understandably he did not bring up ECB head Mario Draghi who at the time was at Goldman himself, and was actively selling swap to Athens to help it mask its debt.
Earlier this week the French government called on Barroso to walk away from the job and the European Ombudsman called for the EU to tighten rules on commissioners taking appointments on leaving office.
“It’s not about Europe, it’s about morality,” said Hollande in his annual interview to mark Bastille day, France’s national day.
“Legally, it’s possible, but morally, it’s about the person, it’s morally unacceptable.”
For once we find outselves in total agreement with the French socialist.
Then again, we eagerly await Barroso’s reponse now that it has been revealed that Hollande himself has been quite generous with taxpayer funds himself, spending $11k per month in taxpayer funds on his own personal hairdresser as we reported yesterday. We assume that the retort of Goldman’s latest hire to yet another glaring instance of French presidential hypocrisy by the man whose own banks were bailed out in the crisis, and who singlehandedly defined “shampoo socialism” will be sufficient comic – and scathing – that it will need no help from us.
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By Tyler Durden
Stocks shrugged off Carney's disappointment and focused on what Bernanke, Mester, Kuroda, and Abe had to say…
The S&P 500 is as overbought as at any local high in the last year…
Notably the last two days have seen the same opening squeeze of shorts as before but unlike before, “Most Shorted” stocks have faded weaker for the rest of the day…
Small Caps underperformed…
And Small Caps are lagging post-Brexit while Trannies are soaring…
The last 12 days 8-plus percent surge in the S&P is the greatest since Oct 2011 – the last time Bernanke saved the world with FX Swap Lines…
This time he was at it again with a new masterplan…
Bernanke, who met Japanese leaders in Tokyo this week, had floated the idea of perpetual bonds during earlier discussions in Washington with one of Prime Minister Shinzo Abe’s key advisers. Abe advisor Etsuro Honda said that during an hour-long discussion with Bernanke in April the former Federal Reserve chief warned there was a risk Japan at any time could return to deflation. He noted that helicopter money could work as the strongest tool to overcome deflation, according to Honda. Bernanke noted it was an option. The implication, as we said last week when we previewed just this “big thing” is that Japan is indeed set to be the first testing ground of helicopter money in the modern financial system.
JPMorgan sparked some exuberance in financials… which finally snapped the sector green post-Brexit… this is the 7th straight Up-Day for financials – longest streak in 15 months…
But the decoupling is becoming farcical again…
VIX briefly flash-crashed this morning as Carney disappointed – dropping to 12.14 – the lowest since 8/5/15!! (VIX is down 11 of the last 13 days)
High yields bonds recovered all of the Icahn “Danger Ahead” losses (but not seem to have found resistance at this key level…
As HY Energy credit has decoupled notably from Oil prices…
But then again so have Energy stocks…
Treasury yields rose notably across the entire complex with the long-end underperforming…
With desk chatter of considerable 30Y selling which sparked the biggest 2s30s steepening since Dec 2nd 2015…
The USD Index limped lower today as GBP strength (Carney didn't cut) and JPY weakness (more buffoonery) offset each other…
Commodities had a quiet day with PMs slightly lower and copper and crude marginally higher..
<img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/11/20160714_EOD15_0.jpg" style="width: 600px; height:
Source: Stocks Soar Most Since 2011 Fed Rescue As Bernanke’s Masterplan Is Unveiled
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Posted July 14th, 2016 in Uncategorized.
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By Tyler Durden
Submitted by Mac Slavo via SHTFPlan.com,
Did Attorney General Loretta Lynch lie about or obfuscate her role in clearing Hillary in the investigations concerning the handling of classified emails on her private server?
Is there a quid pro quo among the two women, in which Lynch could have been promised a role in the next Clinton Administration in exchange for her help in calling off potential criminal charges that might derail Hillary’s campaign.
Lynch claims there is no such relationship. But she also refused to answer at least 74 of Congress’ questions about her private meeting with former President Bill Clinton and her relationship with the Clintons and/or their staff.
Recall, that the announcement that Hillary was off the hook, as it were, came immediately after the Attorney General and former president met.
As The Daily Caller reported at the time:
Department of Justice officials filed a motion in federal court late Wednesday seeking a 27-month delay in producing correspondence between former Secretary of State Hillary Clinton’s four top aides and officials with the Clinton Foundation and Teneo Holdings, a closely allied public relations firm that Bill Clinton helped launch.
The Republican-led Congress, which has of course been very aggressive in spotlighting Hillary Clinton’s misdeeds, attempted to clarify the involvement of Attorney General Lynch.
Rep. David Trott (R-MI) claims that he had his staff count the number of times that Attorney General Loretta Lynch either ducked questions or didn’t give an appropriate response during her testimony before Congress.
“I knew you weren’t going to answer our questions today, and I apologize for wasting so much time here, because it’s really not been very productive. And I asked my staff to count the number of times today you would say ‘I can’t answer that question’ or refuse to give an appropriate response. It’s happened 74 times so far.”
“Really, it’s either one of two things: Either you’re trying to avoid the appearance of impropriety, in which case you should have recused yourself, or you’re trying to protect Hillary Clinton”
As example to this, Loretta Lynch refused an entire line of questions from Rep. Jason Chaffetz about whether or not it was hypothetically legal or illegal to retain classified information.
Despite the straightforward nature of this questioning, Attorney General Lynch refused to even acknowledge whether or not it is illegal to lie under oath.
Wow. This is stonewalling of epic proportions.
Loretta Lynch Refuses to Say Whether It’s Illegal to Lie Under Oath
Of course, we know that no one in Washington would intentionally engage in corruption, and that relationships in government are nothing more than interactions between representatives of the people… yeah, right.
Source: Loretta Lynch Ducks 74 Questions From Congress: "Avoiding Appearances Of Impropriety Or Protecting Hillary?"
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Posted July 14th, 2016 in Uncategorized.
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By Tyler Durden
Submitted by Claire Bernish via TheAntiMedia.org,
A hotly-contested decision by law enforcement to use a drone robot to blow up a U.S. citizen, who allegedly carried out the murders of five police officers in Dallas, just got exponentially more controversial – because, according to Dallas Police Chief David Brown, the “whole idea was improvised in about 15 to 20 minutes.”
Already igniting fury around the country for neglecting any semblance of due process, the use of the “Remotec model F-5” to deliver a pound of C-4 explosive to decimate suspected shooter Micah Xavier Johnson as he targeted police in a sniper-style attack, has been revealed by the police chief as a hastily-plotted … whim.
Brown’s disturbing offhand comment came during a press conference in which the model of the “mechanical tactical drone”—clarified as the “Remotec Andros Mark V-A1″—was finally made public, in an apparent attempt to quell constitutional rights’ advocates ire over the unprecedented move by police.
While Johnson’s cold-blooded attack on random police officers in one of the most progressive and reform-minded forces in the country landed an official black mark in the annals of American history, the—as many advocates warn—egregious violation of his human and constitutional rights as the first U.S. citizen blown up in this manner earned police, themselves, a similarly notorious mark.
Obviously, the controversy doesn’t end with a model name—the drone isn’t the issue for most people outraged over its use; rather, the fact a citizen was bombed without so much as a nod of consideration for his human, civil, or constitutional rights that has people steamed.
As Daniel McAdams for the Ron Paul Institute keenly noted, following the now-apparent improvised and hasty decision by law enforcement to explode Johnson:
“The media and opinion leaders are presenting us with a false choice: if we question the use of drones to kill Americans—even if we suspect they have done very bad things—we somehow do not care about the lives of police officers. That is not the case. It is perfectly possible to not want police officers to be killed in the line of duty but to wholeheartedly reject the idea of authorities using drones to remotely kill Americans before they are found guilty.”
Noting police originally suspected a different person altogether of perpetrating the attacks, McAdams implored the country to consider the ramifications of setting such a precedent—and, considering the disclosure of the nearly impromptu decision to use this drone, that warning should be an imperative.
Perhaps we all need to familiarize ourselves with this drone’s mechanics now that this dystopic precedent has been set.
Manufactured by the military-industrial complex’s darling, Northrop Grumman, this tactical robot “is driven by a human via remote control, weighs 790 pounds and has a top speed of 3.5 mph,” as the Washington Post described. “It carries a camera with a 26x optical zoom and 12x digital zoom. When its arm is fully extended, it can lift a 60-pound weight. The ‘hand’
Source: Decision To Blow Up US Citizen With Robot Was Improvised In Less Than 20 Minutes
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Posted July 14th, 2016 in Uncategorized.
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By Tyler Durden
Four months ago, Saudi Arabia went “nuclear” when it emerged that Congress was preparing legislation which would allow plaintiffs to sue the Kingdom for its involvement in the September 11, with Saudi officials going so far as threatening to liquidate their holdings of US reserves. In the subsequent weeks, the legislation was quietly killed, however an open topic remained: the classified “28 pages” that were part of the 2002 Congressional report which allegedly disclose Saudi involvement in the worst terrorist attack on US soil ever.
To be sure, this wouldn’t be the only smoking gun: as we posted in April, another report, also known as “Document 17″ linked the Saudi Embassy In Washington To Sept 11. As such, Saudi involvement is largely taken for granted. The only thing that has been missing is an official policy stance.
That may changed tomorrow because as CNN reports, citing sources, the classified pages detailing alleged Saudi Arabia government ties to the 9/11 hijackers will be released as early as Friday by Congress.
Known as the “28 pages,” the document was part of a 2002 Congressional investigation of the 9/11 attacks and has been classified since the report’s completion.
Sources said there are still some procedural steps that need to be taken before the release.
Under pressure from the victims’ families and lawmakers, President Barack Obama said in April his administration would declassify the pages. That same month, Director of National Intelligence James Clapper said mid-June was a realistic target date for their release.
Former Senator Bob Graham, who chaired the committee that carried out the investigation, recently told CNN that when he personally went to the President in April to advocate for the release, he was told a similar timeframe was possible. “I was told on April 12th that the decision as to whether to release the pages would be made before June 12th,” Graham told CNN. “Well, we’re now well beyond that date and no decision as to whether a decision is going to made has been released.”
Graham said the White House was no longer returning his calls. “Immediately after June 12th, I began calling the White House to ask what is the new date for the decision to be made and a half dozen telephone calls have not been returned,” he said.
So will the pages be just the usual mish mash of ineligible, redacted text? “Sources told CNN that intelligence agencies, law enforcement and the State Department have all reviewed and approved the release of the 28 pages with “minimal redactions.””
However, a White House official told CNN, “This is a Congressional document, which we expect ultimately would be released by the Hill once the (Director of National Intelligence) has reviewed it.”
Last week, Democratic and Republican House members called on the White House to fulfill its promise to declassify and make the pages public, introducing a new bill to do so if the president doesn’t act.
“If the Obama administration does not move forward then we need to pass (the legislation)
Source: Congress To Release Classified "28 Pages" Detailing Saudi Involvement In 9/11 As Soon As Friday
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Posted July 14th, 2016 in Uncategorized.
Posted July 14th, 2016 in Uncategorized.
