gets his unsatisfied
marika
secretary. Just saw a talking head on Fox make more than an appropriate
deal about this. He suggested it was almost life or death.
Now why, if in fact, Obama can't do a thing about it til January. It's not
like Bush will say to him o sure come on in the White House and start
mucking about get comfy with the controls
The newspapers are mentioning a few potentials.
They also mentioned corzine, currently the governor of New Jersey
in another article and shockingly PAULSON, the evildoer current treasury
secretary
who I suppose is in the running because they fear he is the only who
knows what has been done thus far and who may destroy it before he
leaves because of anger
besides money, it's all he has left in terms of power
I'd go with Oneill
Corzine's weak spot. Notice they are talking about a market crash from way
before today, I think they mean the one from around when the dot coms went
bust
What's worse - Paulson took over for Corzine at Goldman Sachs
.washtimes.com/national/20020717-574068.htm
July 17, 2002
Corzine tied to stock scheme
By Dave Boyer
THE WASHINGTON TIMES
Sen. Jon Corzine, whose Wall Street expertise plays a
key role in Democrats' strategy on corporate responsibility,
led an investment banking firm that is being accused of
inflating stock prices in the 1990s and contributing to the
market crash.
Senate Majority Leader Tom Daschle lately has kept Mr.
Corzine at his side frequently as Democrats call on
President Bush to get tougher with corporate executives who
fraudulently inflate company earnings to boost stock prices.
"I think he's made a stellar contribution," said Sen.
Paul S. Sarbanes, Maryland Democrat and author of a bill
approved Monday by the Senate that would increase the
penalties for corporate wrongdoers.
But Goldman Sachs, the firm that Mr. Corzine left as
chairman in May 1999, has been a target of class-action
lawsuits and accusations by a former broker who complained
to the Securities and Exchange Commission that the
investment house engaged in a scheme to force unwitting
investors to pay artificially high prices for certain
stocks.
Mr. Corzine, New Jersey Democrat, said he knew nothing
about such schemes when he ran the firm from 1994 to 1999.
"I don't believe there is ever going to be anything
that sticks about us at Goldman Sachs forcing anybody to buy
anything," Mr. Corzine said in an interview. "Goldman Sachs
never forced anyone to buy anything when I was chairman, I
can tell you that."
But Nicholas Maier, who was syndicate manager of the
Wall Street firm Cramer & Co. from 1996 to 1998, told SEC
investigators in the spring that Goldman Sachs routinely
forced him to buy stocks at inflated prices if he wanted to
purchase shares of an initial public offering (IPO).
"Goldman, from what I witnessed, they were the worst
perpetrator," Mr. Maier said. "They totally fueled the
[market] bubble. And it's specifically that kind of behavior
that has caused the market crash. They built these stocks
upon an illegal foundation - manipulated up, and ultimately,
it really was the small person who ended up buying in."
For example, Mr. Maier told the SEC that Goldman Sachs
would offer him shares of a new company's IPO at the
initial, low price of $20 per share only if he agreed to
purchase "aftermarket" shares of the same company at $100
each. In turn, he would sell the shares of the higher-priced
stock to small investors.
"None of these aftermarket orders had anything to do
with what I honestly valued a company to be worth," Mr.
Maier said. "Goldman created the convincing appearance of a
winner, and the trick worked so well that they seduced
further interest from other speculators hoping to
participate in the gold rush. The general public had no idea
that these stocks were actually brought into the world at
unnaturally high levels through illegal manipulation."
marika
gained some notoriety when as former
Harvard President he said that women aren't fit to be scientists.
It's sort of amazing how both the democrats and republicans have been ready
to forgive and cast PC ness aside in order to allow this guy to run the
financial world.
I've heard it said that even his enemies he's the single most brilliant
economics mind in the world.
Maybe. But is his focus too theoretical and too economic or is his
brilliance capable of adjustment along practical lines.
then there's Paul Volcker who pushed the rates 20 percent during the
Carter Administration.
This is from five years ago.
"One of the most alarming answers comes from Paul Volcker, Alan
Greenspan's immediate predecessor as chairman of the Federal Reserve. He
recently said that he thought there was a 75% chance of a currency
crisis in the United States within five years."
[he was very nearly right, wasn't he]
It is easy to see how this might happen. America's current-account
deficit is running at a record 6% of GDP this year, and on existing
policies it will continue to widen. America's net foreign liabilities
are already 23% of GDP, and economists at Goldman Sachs calculate that
this figure will reach more than 60% by 2020, even if the
current-account deficit stabilises at 5% of GDP (see chart).
[good heavens, there goes Goldman Sachs. Does anyone get the feeling that
Goldman Sachs really rules the world?]
Other countries, such as Australia and New Zealand, have sustained large
external deficits for long periods, but America's borrowing is much
bigger in absolute terms. It is eating up around 75% of the excess
saving of Japan, China, Germany and other countries with current-account
surpluses. If the dollar did not have the advantage of being the world's
main reserve currency, America would already be in serious trouble.
Instead, the willingness of Asian central banks to lend to the United
States has allowed its deficit to keep growing for longer. Nevertheless,
the deficit is unsustainable: sooner or later it will need to shrink,
and that will involve a cheaper dollar."
Full story here:
http://www.livejournal.com/users/collounsbury/245044.html
"marika" <marik...@gmail.com> wrote in message
news:7JqdnXYEKIOQcInU...@rcn.net...