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tv   [untitled]    April 19, 2011 7:30am-8:00am EDT

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it's all still here in moscow grad lines here all t. a friend jeff fischel calls for ground troops sent in libya despite the un resolution it's a basing sounds on. sproles fights three four wars president some people see finds himself struggling to gain support for the libyan campaign. a critically ill russian a convict is pleading to end his life he's a severe diet pepsi cola get treatment in jail officials are adamant that euthanasia will mean pounds in the country. and veterans in georgia say the country
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they fought for how the bronze in them with no pensions being forced to survive on fifteen dollars a month the soldiers recently tried to protest between like a fog or just take. time that's the cards report reveals how bad investments advice could have boosted profits for some companies say cheap. geyser this is because the report be so over liberal asian army global sewer rock song this past week i was in dublin at a place called the grand social to a packed house people came down to listen about the message of the global silver liberation army and if you want me to come to your town send me an e-mail kaiser
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report at r t t v are you there is no place on the globe that should not hear this message will be there and will be our rocking good time let's get the latest let's go to space there are her quarter you were quarter back we've been talking about the global financial crisis led by the global financial terrorists and they are in the news today max goldman sachs misled congress after duping clients says levin senator levin alleges that goldman tried to artificially depress the mortgage market in two thousand and seven to amass a short positions and goes on to detail structured securities that goldman marketed to investors saying the firm's interests were aligned with fairest only they weren't why would goldman deny what is so obvious that you were engaged in a huge sure the year two thousand and seven why would they deny it. because they
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gained at the expense of their clients in the used abusive practices to do with that's right the firm allegedly knowingly and let's be honest they surreptitiously sold as mr eleven calls them deals to people knowing that they would collapse in value they made bets against the collapsing value and they made a mockery of their clients why anyone go. business was goldman it was a client of goldman sachs i mean there are fraudsters look at this facebook deal and he saw the state of art but goldman violated s.t.c. laws they offered a facebook insider deal the more than five hundred investors the f.t.c. what was their response as they say oh risk prosecutors goldman you broke the law now they're f.t.c. said maybe we should revise the law to accommodate all the facts so that's the problem goldman sachs' him break the law if lloyd blankfein went down to the post office any slit some old ladies throw out he would get off scot free because he
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would say to prosecute me a systemic rats risk to prosecute me it's a threat to national security and if i push comes to shove i'm going to change the law and make c.e.o. of wall street bankers legal to slit all ladies throats their own touchable it's worse than the mafia these guys are absolutely untouchable they're a cancer and you've got to purge him. so the michigan democrat also said federal prosecutor should review whether to bring perjury charges against goldman sachs c.e.o. officer lloyd blankfein and other current and former employees who testified in congress last year levin said they denied under oath that goldman sachs took a financial position against the mortgage market solely for its profit statements the senator said are untrue so what are you serious sponsor the specific case max oh about this specific situation oh well let me say this about that replay cars a report from the period when he was making that testimony and i said explicitly on
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this program that he was going i thought i said ben little thing no because i lied you perjured himself ok that's the reality of it is you being you know so the panel said goldman sachs relied on abusive sales practices it wasn't right for conflicts of interest and in particular in the case of one c.d.o. hudson mezzanine funding two thousand and six dash one goalless x. told investors its interests were aligned with theirs well the firm held one hundred percent of the short side yeah ok well we've been reporting on this for months the firm has outrageously gone around all the existing securities laws to make billions of dollars remember wall street last year pay themselves one hundred forty billion dollars in bonuses by extracting my rent seeking by larceny by pilfering you know how many synonyms i need to string together before i get the
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point where they most would just go down the street with a code knock old ways on the head steal their money this is their business plan if you took away fraud out of the american business bad out of the u.k. business plan but no company whatsoever it was entirely on freud lloyd blankfein it is schmuck and he's the worst of the worst the guy can't even tie shoes without breaking the law i don't know how i don't eat meat burning made up look like mother teresa can. i heard of this guy carl levin himself can't say he has to be prosecuted he's recommending this and fartman of justice actually pursue a case against lloyd blankfein for perjuring himself which i think is still a crime in the united states i don't know how he's going to get out of that in terms of systemic risk argument oh i mean what is coral love and want to shut up a million dollars two billion dollars whatever it is gold will pay it because it's a club doctor see there's no justice call love will pursue this because he's a wimp he's a weak man he won't do anything he did not honor you know whatever nice not to have accepted the department of justice so they're responsible for pursuing the case
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against. against lloyd blankfein if carl levin says he believes there's a case it's up to the department of justice whether or not they pursue him ok you're right i get it it's going to cost twenty million and my cross parity million to get the whole department of justice whatever the price is both matter don't pay the price polson could go in front of congress and extort seven hundred fifty billion dollars to bail out of the goldman sachs how much would it cost a pile up to pay off at the department of justice ten billion forty billion it is printed up out of their pockets with all potential three occurred say there's no justice there because the rule of law well as we reported last week however as well that the department of justice never even pursued while kovi a bank which laundered four hundred billion dollars of mexican drug money and they didn't pursue a criminal case that's right facing herbert they could move four hundred billion
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boat a good crowd money right out of the department of justice of bones and their response to. the war that come pretty our coke i don't believe in just the other thing that is emerged in this new report out by carl levin is e-mails show how great lippman built deutsche bank's five billion sub fine short duping c.d.o. fools so this is gay. lippmann of deutsche bank and again they were targeted along with goldman sachs as being the worst transgressors of of all known like legitimate conduct by a bank and selling derivatives and they found e-mails where he was selling to investors vines that he said blows yikes quote i didn't see that half of these are crap and the rest are ok he calls them a pig c.d.o. then he shorted it covered this sort by duping c.d.o. fools so he said that they were the c.e.o.'s that he was selling were crap and that
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they needed to sign a fool to sell it to but i think there are it's a daisy chain of frog they repackage the same garbage over and over again they sell to the same company pension funds managers who are given a huge supply of vodka and cocaine to look the other way while they buy so suspicious. crappy c.d.o. products that they vary in a pension account and then a year later the government or say we have a crisis we don't have enough money to pay our pensioners they don't mention the fact that the reason they have no money is because it disappeared thanks to blankfein goldman sachs that other smarter you mention and some corrupt money manager and head fund manager and pension fund manager they're calling together to defraud the american people to defraud the global economy to steal billions hundreds of billions of dollars then laugh in the face of people while they're doing it well you know there is a big move by the republicans to water down any of their already watered down frank god act in which these derivatives are supposed to be you know given some light of
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day by being traded on or on an exchange but. you know there's nothing really to protect us from. same thing happening nothing on the on the rise and i think i mean there are these reports and and vague statements that perhaps lloyd blankfein should be charged for perjury he should be fired for perjury what about murder mass murder destroying a global financial system murdering the entire middle class oh yeah well you know the point was made that the entire middle class is being murdered with the help of ben bragging over the federal reserve of his little minions over there lloyd blankfein and the rest and of course they do much damage then then any terrorist organization like al qaida or any other groups are peanuts they're pikers compared to the mass murder the stopping the middle class thanks to these bankers on wall
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street and of course like any theological fanaticism any religious extremism the people who get murdered by these folks consider themselves martyrs so merican who are dying because miami real estate down terminal velocity toward collapse las vegas real estate now terminal velocity into collapse they're dying in the streets and they say thank you lloyd blankfein for making me a martyr for your extremist cause how pathetic is that that's why i'm sort of america myself buying gold and silver the hell with them they're not worth saving but here's one person looking to resolve the situation jim grant america well it's all for debt by returning to the gold standard let's take a listen to what jim grant told king world news jim how will the u.s. finally resolve its deficit problems well if my mind will resolve them necessarily so i undertake the steps storyteller to prefer to kill you because we have forty years of failed result of. the distro and the only way to do it
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is to reinstitute currency convert a filter which was right there put. something like. honestly you know to school for it right well the dollar will never be restored to any respectable place in a global economy it will become extinct and the gold standard will still be talked about as the dollar is replaced by a global currency probably an s.t.r. related bank or a type b i yes denominated global unit of exchange and are going to try to float another one hundred trillion dollars of the bad debt and this war between paper pushers and the psychos on wall street and the gold bugs like jim grant will continue and the price of gold will continue to go higher i must just came out and said gold going to sixteen hundred dollars this year on it's way to ten thousand dollars so we're going to five hundred dollars so your pastor self what side you
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want to be on you want to be on the side of worthless paper or escalating in price precious metals it's up to you stacy her that's all the time for we have thanks again for being on the kaiser report thank you max don't go away much more coming your way so stay right there. tonight.
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i welcome back to the guys reports on how to go to new york and talk with jenna to have a koli of time callie structured finance janet is an expert on weapons of mass financial destruction otherwise known as derivatives she is also the author of dear mr buffett what an investor learns one thousand two hundred sixty one miles from wall street journal welcome back to the kaiser report i-max how are you. jones out of koli since we spoke less the time has got out there mr warren buffett apparently he's not wearing any shorts tell us about the departure of is heir apparent and the whiff of front running insider trading what it says about the bigger picture and u.s. banking jets have a calling oh max this isn't a case of telling the truth slowly i think you're aware that warren buffett issued a press release and them all talking about the departure of david so call who was the head of made america and energy and david so call. was also
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somebody who looked at acquisition candidates for berkshire hathaway now a as the facts are coming out it appears that he was in meeting with citi group bankers on december thirteenth and the next day he bought shares in a country called hoover saw in a company called loopers all the day before the citi group bankers understood that they were talking to david so call in his capacity as an officer of berkshire hathaway in a capacity of an officer who evaluates potential acquisition candidates for sure hathaway. that seemed to be their clear understanding and in that meeting david sokol asked for a meeting with the president of lubrizol. so he sought that meeting and on december seventeenth we now find out through bloomberg news that on december seventeenth the city group bankers gave feedback to david so that the president of lubrizol you
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know was going to bring berkshire hathaway's interests forward to the board of directors at lubrizol so it's pretty clear that he had information that the public didn't have that this was a potential acquisition candidate for berkshire hathaway and in the past the stock prices of acquisition candidates of berkshire hathaway have popped up so after all of this go around david sokol is going shares loopers all saying that he had an interest in it for his personal account before he met with the city group bankers none of this sounds plausible but what is really harmful to berkshire hathaway is the attitude taken by charlie munger and warren buffett who have always said that we hold ourselves to the highest standard of corporate governance and we wouldn't tolerate this kind of behavior and the press release looks an awful lot like covering up and excusing insider trading in their press release form buffett said that it is and yet neither david sokol nor i believe that he did anything unlawful
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here's a problem with that i actually believe he did something unlawful now that's my opinion but it's also the opinion of a lot of other professionals now i don't speak for them i'm speaking solely for myself so the problem is that the press has gotten on to this for a couple of reasons one of the reasons is that within that memo uncharacteristically warren buffet said if anyone has questions about this i'm going to refer them to this press release to the cinema well in the past is always talk about transparency and how he's willing to entertain any question at the shareholders meeting so. cheney question apparently not on this topic so why the lack of transparency here right well i mean one both as i've been saying all along and we've talked about this before is overrated if you strip out a lot of the back channel dealing in the insider trading the market relation the cozy relationship with goldman sachs and the banks on wall street is that from his
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performance you're back to you know not much better than the s. and p. so i want to get what they what warren buffett though unlike other shysters connected to wall street he's got this first saw out of the you know grandfather who is above the fray and who is everybody's you know really the moral rectitude is to be emulated but we find out if you know the day is like everybody else now i want to bump up its recent testimony to congress in which you claim that nobody could have seen the collapse of the housing market coming so moody's and other rating agencies were excused for giving mortgage backed securities aaa ratings this seems like outright duplicity of one buffett's part without a shadow of a doubt because you know i'm glad you brought that up max because you're aware that i wrote this book called dear mr buffett about the financial crisis where it's contrasting the principles of benjamin graham that warren buffett just follows and charlie munger spoused to what happened during the financial crisis and i think the
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preliminary draft of my manuscript came out in july two thousand and eight i sent it to warren buffett he looked at it he liked it and in there of course i'm a big critic of the rating agencies and all along i've been criticizing the rating agencies one time they just refused list in february of two thousand and seven i wrote a letter to the f.c.c. and by the way he. gives me feedback on it and i wrote to the f.c.c. saying that the rating agency should have her an arrest her own designation revoked that the aaa ratings were phony i gave an example of a phony product that was rated triple a that within a year the principles of the. just lost ninety percent of their principle and i was warning about it when the product first came out was rated aaa and that was in my letter to the f.c.c. which is still on their website so it's not as if he didn't have the facts in hand yet right right or has done wonders so bluntly eleanor jump in there i mean if you see his letters every day they go letters two or three times for people who point
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out that bernie madoff was a huge projects game and should be shut down they didn't act on it. and these letters are captured regulator they're understaffed yes and i think you're being very much of the i think you're being a little unfair to the f.c.c. of course they have acted they acted to help cover up like way way let me let me couldn't write their tone totally because just this past week we have a situation with goldman sachs goldman sachs broke the law they sold facebook insider stock for more than five hundred investors without giving full disclosure of financial details that's a good specificity law the response of the f.c.c. was to say well maybe we should rewrite the law only voice what somebody wrote is mark i go to the job do i say george my defense is that you need to rewrite that law what was what why did why doesn't warren buffett goal of such j.p. morgan what about complying with the law you know max a camera got so upset it moved while you were talking i agree with you and the s.c.c. is allow them to get away with form over substance arguments and you know they're
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just simply not doing their job well they are doing their job their job as they see it they just haven't announced everybody with their job is and it's to enable coverups to basically distract people with non issues to you know nails people on minor issues issue minor fines and then declare victory you know we're being totally punk here by the regulators the f.c.c. should have been disbanded very shapiro who was the head of finra if you look at senator his track record investors would lose arbitration in the ones that they won they would recover less than their their losses move on to what colby a great man all by one. as far go which of course is. warren buffett's banker in california. a one hundred sixty million dollar fine for laundering nearly four hundred million in mexican drug money why no prosecution. well you know i think there's been no prosecution because again of our captured regulators when you look
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at the horrific press that this is gotten were basically well kofi was laundering money for a mexican drug cartel that is killing next to consider a sentence so basically the united states has helped aid and abet this through. vehicles like money money laundering through a kofi and mccovey i think by the way wasn't alone in that but these are very serious issues and that's not the only serious issue that we had to recall that we'll call you about golden west those you know loans from golden west many of them were just circling the drain at the time that well kovi of gold and last they were securitizing those loans they had a problem with the c.d.o. is that. put together because he was also acting essentially media for toxic c.d.o. from other investment banks they were scratching each other's backs because he was marketing the commercial paper too which was a toxic structured product put out by barclays and they were marketing that up and down the california coast and they're being sued right and left over that this
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thing to have just one governance problem just one kind of management problem it was riddled with management problems and you know our treasury and the fed allowed a merger of of bangkok covielle first of all with goldman last and then look over you with wells weakening stronger banks and of course you know a lot of behind the scenes double dealing was done to accommodate a merger between wells and we'll call it including an unconstitutional change of the tax rules to allow will be able to write off losses rather to write write off losses write on the first letter. first there are a hundred billion first four hundred billion in mexican drug money laundering then you've got hundreds of billions in lost laundering affectively accounting fraud again go via again part of wells fargo again over you know under warren buffett's watch this guy is really just burning made off with a nice shirt with
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a nicer suit maybe you know i should correct that well now this is burning man i think good food makes i think have to be careful what you hope people accountable for because i look to the wells management mccovey management for that but with with warren buffett his lack of it is what i would call a reverse moral suasion is what's really been the problem because he has a lot of influence a very high profile a lot of capital and goodwill built up over years through brilliant p.r. and in managing that very effectively up till now in some cases he's had some warts on that is jonathan while of bloomberg was happy to point out for us and as john gapper said in a recent financial times article basically to the international community he looks like the he and charlie munger look like the beverly hillbillies of finance you know talking spewing out these big platitudes but now when you look behind the
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platitudes you find out that there's something darker going on and i kind of trace that back to august two thousand and eight when i really saw this fall off the cliff warren buffett was on a town hall panel after david walker's piece called i.o.u.'s a talking about the big debt the u.s. government was getting into and this is a month before the balance and warren buffett broke ranks with everybody on the panel including david walker pete peterson a number of other people on the panel and he was the only one that broke ranks and he basically tried to minimize and undermine the entire message of the movie and of the panel and basically he said the united states you know we're good for it we can . our way out of all of this big debt but i think he knew that the fannie and freddie bailouts were coming and that the aig bailout was coming and i think that's why he did it because it was going to be this huge windfall instead of prosecutions of people who financial kiss' in the direction of wall street and i think he knew about it and i think that's why he did that and ever since then his dialogue has
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spanned to minimize the damage to investment bankers instead of saying oh i can't you know look at these micro issues like who should be prosecuted i'd like reform of the tax code you know what the tax code can't touch and not because he's already sequestered his own assets and taken advantage of previous tax rulings so there's a huge wave of hypocrisy and the appearance of i'm doing the right thing meanwhile unfortunately too much of the. public dialogue has been against the right thing and now that this insider trading number has come out a lot of people in the press first of all they were confused they were actually ready to believe that there isn't an insider trading issue here because warren buffett said so that's how powerful this p.r. is until lot of rational people just said oh please you're not buying that obviously there's a huge insider trading issue here should be investigated and if david so called doesn't go to jail and if warren buffett doesn't seem to be covering up it's not
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because it didn't happen it's because we haven't captured regulatory system i saw the response of buffett in two thousand and eight and it was quite shocking and he himself famously that all the time goes by where you're getting sued and that's why i went out of the way two thousand and eight and it caught up with warren buffett warren buffett couldn't they couldn't keep up with the losses and it was exposed to deal with goldman sachs was a complete sham that embarrassed the government and embarrassed every american really that he would get this privilege insider deal to help out a bank that committed fraud and should have been these guys lloyd blankfein should be in jail already there's warren buffett holding him up as a moral. example and is quite sharp was a shocking all right we'll just have a caller thanks so much for being once again the kaiser report that's going to do it by next our and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert i want to thank my guests janet samak only just i mean email please do so at kaiser reported r.t. t.v.
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dot ru until next time this is nice guys are saying.
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