Michael Porter, 24, works full time selling DirectTV, has camped at the Occupy Oakland site for the last 8 days.
When somebody starts telling you the game is rigged in favor of the "Big Banks", this is exactly what they're talking about.
Click anywhere below for the entire Robert Lezner, Forbes article where you will learn that Former Goldman Sachs star trader, United States Senator, Governor of New Jersey, well know Obama bundler and MF Global CEO John Corzine met no fewer that 10 times with the Commodity Futures Trading Commission in order to see to it that this vile rule of the supposed government regulator, did not change as a result of Dodd-Frank.
After an intense day of investigation, I have just discovered that a CFTC (Commodity Futures Trading Commission) rule(1.29) allowed Jon Corzine’s MF Global to use the margin and cash in customers heretofore segregated accounts to amass a risky $6.3 billion investment in European sovereign debt that backfired. Nor did Corzine have the obligation to inform any of these customers he was gambling with their money. Or that he was intending to keep all the profits for himself and his troubled firm. Nothing for the customers.
The language of Rule1.29 allows “The investment of customer funds in instruments described in 1.29 shall not prevent the futures commission merchant (MF Global) or clearing organization so investing such funds and retaining as its own any increment or interest resulting therefrom.” Increment refers to any trading profits or gains.
The criminal division of the Justice Department in New York — as well as the SEC and the CFTC and members of Congress– are investigating whether any laws were violated and if so, whether any criminal charges can be brought. As of 3pm today, there has been no sign of the missing $633 million. My sources believe it was probably grabbed by the institutions that made the margin calls on MF Global as the European bonds sank in value.
This shocking loophole, which is available to all commodity traders, whether giant ones like Goldman Sachs or members of commodity exchanges, means that huge risks are being taken with money that does not belong to the trading firms– without the customers having any idea of the danger they are in. As Andy Abraham, a futures trader in Israel put it to me today; “this means they can take segregated funds and leverage them to kingdom come. It means nothing is safe.”
This rule, which has been in effect since 1974, is shocking and highly irregular since it allows any futures dealer to use customers money for its own selfish purposes– and never inform its customers it is doing so. What’s even more unfair is that the dealer(MF Global) gets to keep all the income and the trading profits, if any from a transaction that uses other people’s money– not its own house capital. That is unless some prior arrangement about sharing profits was made privately beforehand with the client. None of the MF Global clients I’ve spoken to today had the foggiest notion about this arrangement– which at minimum is outrageously unfair to the rule that the customer comes first. All losses must be made up by the dealer, which in this case may be totally impossible.
Just a small example of the rot that is our government.
First the stupidity.
Then the thuggery.
Cold, miserable weather must be settling in around the northern hemisphere as people have seemingly moved back indoors and have gone back to bombing us with stuff.
Sad, but good for us.
Here's some of the better stuff we were bombed with this week.
For some reason, it's been an incredibly rich week for video.
Here is some of the better short video we've either subscribed for or had sent our way.
Thanks to Somebody who sent us the Battle for Brooklyn stuff and didn't want to be identified in any way.
We figure he/she's embarrassed to associated with us.
Wealth disparity in China is far more profound than it is in America.
The following thought has been spreading across the length and width of China
If one percent of American people own 90% of the wealth, one ten-thousandth of the Chinese people own 90% of the wealth.
Who should be occupying what?
The phrase "Occupy ......." has been banned on all search engines across all of Communist China.
If you feel compelled to mess with the banks any way you can, this kid ... don't be offended, I've attained that age where damn near everybody's a kid to me ... has an extremely clever, nonviolent idea.
The following is an interview from the makers of and some bits of a trailer for the movie Battle of Brooklyn, a documentary on the acquisition of the land for and subsequent construction of Barclays Center and one of the more eggregious examples of the use of eminent domain for private profit you will encounter.
Unfortunately, around here Christmas comes with winter.
We're giving this one some serious thought.
The following video shows Oakland police deliberately firing teargas cannisters and/or flash grenades into a crowd of people seeking to help a seriously injured protester.
Finally from Colorlines.com, click on the photo for a short and well done piece from Robert Levato concerning recent issues with Oakland's police department and the resultant election of Oakland's first Asian mayor and her subsequently appointed Black police chief.
It seems post racial America has truly arrived.
Apologies if the formating is strange on your screen.
Try as I might, I couldn't lose the box around the above quote.
To quote Mike Krieger, www.ZeroHedge.com 10/20/2011
“The reason the liberal mainstream corporate media demonized the Tea Party is because it threatens the status quo.
The reason the conservative corporate mainstream media demonizes Occupy Wall Street is because it threatens the status quo.
These are textbook divide and conquer strategies being used on the American people.
Do not fall for it. ( My emphasis.)
Yesterday I read a really interesting Gallup poll that stated: ‘Not surprisingly, Americans who consider themselves supporters of the Occupy Wall Street movement (26% of all Americans) are more likely to blame Wall Street than the federal government for the nation's economic problems.
Supporters of the Tea Party movement (22% of Americans) are overwhelmingly likely to blame the government.’
What is most compelling to me is that 26%+22% = 48% so basically almost a majority.
All we need to do is teach people that Washington D.C. and Wall Street are now the same corrupt entity.
They are one gigantic rogue trader sucking the lifeblood out of America.
If we can unite these forces, which I can say with certainty agree on the important issues, we can put an end to the status quo and free ourselves of this bondage.”
This one's maybe not quite as good.
Although ... when you think about it some ..... they might be the same thing.