You may be aware that some plus or minus 600 million dollars of client money is presently missing from trading accounts held at bankrupt MF Global.
The following is an advertisement that MF Global has recently run at Barron's among other publications.
The most important political office is that of the private citizen.
Publicity is justly commended as a remedy for social and industrial diseases. Sunlight is said to be the best of disinfectants; electric light the most efficient policeman.
Those who won our independence... valued liberty as an end and as a means. They believed liberty to be the secret of happiness and courage to be the secret of liberty.
The greatest dangers to liberty lurk in the insidious encroachment by men of zeal, well meaning but without understanding.
Experience teaches us to be most on our guard to protect liberty when the government's purposes are beneficent.
To declare that in the administration of criminal law the end justifies the means to declare that the Government may commit crimes in order to secure conviction of a private criminal would bring terrible retribution.
If we desire respect for the law, we must first make the law respectable.
Our government... teaches the whole people by its example. If the government becomes the lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy.
If you would only recognize that life is hard, things would be so much easier for you.
In the frank expression of conflicting opinions lies the greatest promise of wisdom in governmental action.
Neutrality is at times a graver sin than belligerence.
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.
“Official truth is not actual truth.”
“Power tends to corrupt and absolute power corrupts absolutely.
“Progress, the religion of those who have none.”
“Political atheism: End justifies the means. This is still the most widespread of all the opinions inimical to liberty.”
“Divided, or rather multiplied, authorities are the foundation of good government.”
“Bureaucracy is undoubtedly the weapon and sign of a despotic government, inasmuch as it gives whatever government it serves, despotic power.”
“Bureaucracy tries to establish so many administrative maxims that the minister is as narrowly controlled and guided as the judge.”
“It is bad to be oppressed by a minority, but it is worse to be oppressed by a majority.”
“There should be a law to the People besides its own will.”
“Democracy generally monopolizes and concentrates power.”
“Americans dreaded democracy and contrived their constitution against it.”
“For it is a most striking thing that the views of pure democracy...were almost entirely unrepresented in [the American] convention.”
“The true natural check on absolute democracy is the federal system, which limits the central government by the powers reserved, and the state governments by the powers they have ceded.”
“Limitation is essential to authority. A government is legitimate only if it is effectively limited.”
“Authority that does not exist for Liberty is not authority but force.”
“The will of the people cannot make just that which is unjust.”
“A convinced man differs from a prejudiced man as an honest man from a liar.”
“By liberty I mean the assurance that every man shall be protected in doing what he believes is his duty against the influence of authority and majorities, custom and opinion.”
“It is easier to find people fit to govern themselves than people fit to govern others.”
“The danger is not that a particular class is unfit to govern. Every class is unfit to govern.”
Who/What is the Treasury Borrowing Advisory Committee (TBAC)?
The Treasury Borrowing Advisory Committee ("Borrowing Committee”) of The Securities Industry and Financial Markets Association (SIFMA) is an advisory committee governed by federal statute that meets quarterly with the Treasury Department. The Borrowing Committee’s membership is comprised of senior representatives from investment funds and banks. The Borrowing Committee presents their observations to the Treasury Department on the overall strength of the U.S. economy as well as providing recommendations on a variety of technical debt management issues. The Securities Industry and Financial Markets Association does not participate in the deliberations of the Borrowing Committee.
Treasury Borrowing Advisory Committee Members
Matthew E. Zames
JP Morgan Chase
383 Madison Avenue
New York, NY 10179
Goldman, Sachs & Co.
200 West Street
New York, NY 10282
Vice Chairman, CEO, Asset Mgmt.
One Wall Street
New York, NY 10286
Richard A. Axilrod
Moore Capital Management, Inc.
1251 Avenue of the Americas
New York, NY 10020
Ian G. Banwell
CEO & CIO
Round Table IMC
214 North Tryon Street
Charlotte, NC 28202
1776 I Street NW
Washington, DC 20006
Executive Vice President
Dodge & Cox
555 California Street
San Francisco, CA 94104
Paul Tudor Jones II
Co-Chairman & CIO
1275 King Street
Greenwich, CT 06831
Walter J. Muller III
Chief Investment Officer
Bank of America
600 Peachtree Street
Atlanta, GA 30308
Jeffrey S. Phlegar
1345 Avenue of the Americas
New York, NY 10105
Executive VP, CFO
New York, NY 10036
840 Newport Center Drive
Newport Beach, CA 92660
55 East 52nd Street
New York, NY 10055
Head of Fixed Income Sales, Americas
600 Washington Boulevard
Stamford, CT 06901
Stephen A. Walsh
Chief Investment Officer
Western Asset Mgmt. Co.
385 East Colorado Blvd.
Pasadena, CA 91101
Now, here's the question you gotta ask yourself.
Who's interests are being discussed when the Treasury Borrowing Advisory Committee meets with the Borrowing Committee.
Which of course, is what I keep sayin' ..... still.
If anyone can figure out the signature on the cartoon, I'd like to link it to the source.
When somebody posts or comments at our Facebook page, I usually go over and skulk their page.
I found this photo over at Tina C's page and thought it was just the best thing I've seen in a long time.