Write this down. Desperately trapped banks and financials having led the charge today is good indication panic over LIBOR is reaching a fevered pitch whose quieting requires all caution be thrown to the wind. This coming from the Glass-Steagall opposition camp gives further indication the president probably had better watch his back, as reason be damned likely is a sentiment traveling on a two-way street in a town where the sheriff has implied Glass-Steagall is wanted, dead or alive. Words to this effect resounded in the Financial Times of London on July 3, 2012.
Today's surge came on the heals of JP Morgan Chase dressing up its 2nd quarter earnings with one-time gains so painfully trying, disgust was even aired on CNBC (see "Word on the Street" below). Thus, even the cover story "explaining" today's outsized rally among the living dead substantiates likelihood that, momentous changes are on the doorstep.
Yet another bad sign is Eliot Spitzer appearing today on CNBC to defend his charge of fraud leveled against AIG's former chief alchemist, Hank Greenberg...
Looks like the FT's call for Glass-Steagall finally is sinking in. After all, Spitzer has his own show on the "Al Gore channel" where he can air his dirty laundry. And this he has been doing...
- ‘The mob learned from Wall Street’: Eliot Spitzer on the ‘cartel-style corruption’ behind Libor scam
- The trouble with Libor: What the Fed knew about the bank scam and when
- Why consumers have a right to be angry about Libor and bank business models could be in trouble
- Is the Libor scandal just an excuse for politicians to target greed on Wall Street?
- If the New York Fed didn't know about Libor, then what purpose does it serve?
- 'The timing couldn't be worse': Why the Libor scandal could lead to tougher Wall Street regulation
Anyone wanna bet that, with the demise of securitizations tied to the "housing bubble" and the pending demise of securitizations tied to the "student loan bubble" finance tied to the private prison system in the United States of Make Work & Money Grab might become the new gold standard of taxpayer swindle?
And here is living proof prison uniforms have no coattails. The Green Mile evidently has been reduced to blood-red inches.
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