Thursday, June 3, 2010
A notable character recommends Wall Street Sux:
Would YOU TRUST this MAN?? CLICK PLAY to see who it is and what STAEMENT he makes!!
Wednesday, May 26, 2010
Pity the Poor, Misunderstood Rating Agencies
Pity the Poor, Misunderstood Rating Agencies
http://www.wallstreetsux.com/blog/
Posted on May 24, 2010 by David
We ask little, really of our independent rating agencies beyond honesty.They are not perfect, none of us are, and it’s opinion, after all, that they peddle, so if they are wrong about a company or a stock or security once in a while, well, what the hell, it is what is it. As long as they are being honest with us . . . which, of course, THEY ARE NOT!
Think of the big three financial sector rating agencies, Moody’s, Standard & Poors and Fitch and imagine how they got so big, how they get to cozy up with the boys on The Street. By rating bonds? Come on, no one pays that kind of money for basic research like this. The fact is that the rating clowns make a bundle when they give a good rating to a security thier pals on the street are pushing. Plus they don’t want to hinder their ability to get other biz from the big banks clamoring for A1 Ratings on all their crap. So, when they were shown buckets of dubious financial tools, they basically took the banks’ words for it and pronounced them all AAA rated, even those mortgage backed securities that we all watched drop to nothing,
And, now listen, they not only pronounced these as good as gold while things were not quite too bad, they went on and on and on to keep that rating even as the entire world watched them flow down the tubes, thus convincing more and more folks to pony up the cash only to see it fly down that toilet rat hole called Wall Street. Even now, after showing their cards already when the big bust first went down, they still can’t help themselves when it comes to greed. A few clowns at Moody’s accidently rated some European derivatives (derivatives being, in a nutshell . . . incomprehensible investment tools that benefit ABOSOLUTELY no one except the Wall Street banks who create and sell them) even though they knew that the high rating occured because of a computer glitch! I mean, come on, fix the friggin’ computer, put the rating where it should be and let’s move on . . . but no, these guys just cannot help themselves.
And who is trying to come to the rescue, although, as a senator we have to be leery, but Al Franken, Senator from Minnesota, true blue democrat/liberal and former Saturday Night Live writer. Al is actually at least going through the motions of trying to make these rating agencies honestly rate things, which is really all we want them to do (and what they find harder and harder to stick with). Al is proposing an amendment that will create a Credit Rating Agency Board, essentially a commitee that would make issuers of a particular kind of security use a certain rating agency with which THERE IS NOT A CLOSE TIE. In other words, the banks can’t just go to Bob up the block and say “gimme AAA1 or we stop writing you checks”. The banks will have a rating agency selected for them, one that might just actually read all the crap out there and decide something like “shit, no, this stuff is garbage, sorry bank.” In fact, what this legislation may do is level the playing field for the hundreds of honest, hardworking, smart rating agencies that are simply left out of the large equation by the big banks who have no relationship with them and, therefore, don’t want to play with them as they just might be honest.
We here at Wallstreetsux.com are with you, Al. You may not have always made us laugh, and you are, after all, now part of the government, but we hope you’re honest and able to make some changes before they chew you up and spit you out.
It’s absurd, it’s crazy, it’s so obviously lousy from the ground up that it’s amazing it just goes on and on and on and the banks and rating agencies begin to wonder whether they are trusted. But they just keep pulling shenanigan after shenanigan (might be the first time I ever wrote that word down, kind of fun, you should try it some time) and flushing our money down their toilets . . . sucking it up at the end, getting fatter and fatter and more and more bloated like a landfill piled high with shitty diapers and bags of dog crap that will stink and smell for decades.
Wall Street Sux, folks, they change the paradigm, they control the gov’t, they lie, they mislead, they steal under the guise of profit and they’ll eat us all alive if we don’t do something. Make a statement, buy a magnet, buy a tee shirt, show them what you think.
http://www.wallstreetsux.com/blog/
Posted on May 24, 2010 by David
We ask little, really of our independent rating agencies beyond honesty.They are not perfect, none of us are, and it’s opinion, after all, that they peddle, so if they are wrong about a company or a stock or security once in a while, well, what the hell, it is what is it. As long as they are being honest with us . . . which, of course, THEY ARE NOT!
Think of the big three financial sector rating agencies, Moody’s, Standard & Poors and Fitch and imagine how they got so big, how they get to cozy up with the boys on The Street. By rating bonds? Come on, no one pays that kind of money for basic research like this. The fact is that the rating clowns make a bundle when they give a good rating to a security thier pals on the street are pushing. Plus they don’t want to hinder their ability to get other biz from the big banks clamoring for A1 Ratings on all their crap. So, when they were shown buckets of dubious financial tools, they basically took the banks’ words for it and pronounced them all AAA rated, even those mortgage backed securities that we all watched drop to nothing,
And, now listen, they not only pronounced these as good as gold while things were not quite too bad, they went on and on and on to keep that rating even as the entire world watched them flow down the tubes, thus convincing more and more folks to pony up the cash only to see it fly down that toilet rat hole called Wall Street. Even now, after showing their cards already when the big bust first went down, they still can’t help themselves when it comes to greed. A few clowns at Moody’s accidently rated some European derivatives (derivatives being, in a nutshell . . . incomprehensible investment tools that benefit ABOSOLUTELY no one except the Wall Street banks who create and sell them) even though they knew that the high rating occured because of a computer glitch! I mean, come on, fix the friggin’ computer, put the rating where it should be and let’s move on . . . but no, these guys just cannot help themselves.
And who is trying to come to the rescue, although, as a senator we have to be leery, but Al Franken, Senator from Minnesota, true blue democrat/liberal and former Saturday Night Live writer. Al is actually at least going through the motions of trying to make these rating agencies honestly rate things, which is really all we want them to do (and what they find harder and harder to stick with). Al is proposing an amendment that will create a Credit Rating Agency Board, essentially a commitee that would make issuers of a particular kind of security use a certain rating agency with which THERE IS NOT A CLOSE TIE. In other words, the banks can’t just go to Bob up the block and say “gimme AAA1 or we stop writing you checks”. The banks will have a rating agency selected for them, one that might just actually read all the crap out there and decide something like “shit, no, this stuff is garbage, sorry bank.” In fact, what this legislation may do is level the playing field for the hundreds of honest, hardworking, smart rating agencies that are simply left out of the large equation by the big banks who have no relationship with them and, therefore, don’t want to play with them as they just might be honest.
We here at Wallstreetsux.com are with you, Al. You may not have always made us laugh, and you are, after all, now part of the government, but we hope you’re honest and able to make some changes before they chew you up and spit you out.
It’s absurd, it’s crazy, it’s so obviously lousy from the ground up that it’s amazing it just goes on and on and on and the banks and rating agencies begin to wonder whether they are trusted. But they just keep pulling shenanigan after shenanigan (might be the first time I ever wrote that word down, kind of fun, you should try it some time) and flushing our money down their toilets . . . sucking it up at the end, getting fatter and fatter and more and more bloated like a landfill piled high with shitty diapers and bags of dog crap that will stink and smell for decades.
Wall Street Sux, folks, they change the paradigm, they control the gov’t, they lie, they mislead, they steal under the guise of profit and they’ll eat us all alive if we don’t do something. Make a statement, buy a magnet, buy a tee shirt, show them what you think.
Saturday, May 22, 2010
Credit Default SCAMS brought to you by our Wall Street pals
http://www.wallstreetsux.com/blog/?p=13
Credit Default SCAMS brought to you by our Wall Street pals
Posted by David on May 22, 2010
Let’s say you hate your boss, you buy life insurance on him, a million bucks, then you shoot his nasty ass, get away with it, collect a mil, nice, no? Well, maybe, but it can’t happen. That’s because you do not have an INSURABLE INTEREST in your boss. He ain’t you, he ain’t supporting you, there’s no connection besides the fact that you don’t like him so the law does not allow you to buy life insurance on him, simple, right?
Yeah, too simple. So simple, in fact, that the Wall Street gang knew they had to get around that law when they created Credit Default Swaps, which are insurance, plain and simple. If they were called insurance, which they are, anyone issuing them would have been required to have enough cash on hand to back those “policies” up. Wall Street knew that if they called it insurance they’d have to require that cash from purchasers, which would not be great for business. Tough to sell a product requiring the customer to keep a pile of cash in reserve “just in case”. So Credit Default Swaps were created which are really bets that the credit a company has will, well, default, pretty simple.
So, let’s call it what it really is, a wager that a company is going go south, bankrupt or at least into lousy condition, the lousier the better for the owner of those swaps. You, if you’re the purchaser, are buying an interest in a company going down the tubes. Isn’t that nice? Isn’t that just the American (at least the Wall Street of America) way?
Let’s not confuse this with selling a stock short. That’s a different animal, at least you are possibly counteracting overvalued securities, which sort of keeps the market humming and the marketeers honest (or as honest as they can be which, let’s face it, ain’t all the sweet). No, Credit Default Swaps are greed, pure and simple, and some companies deemed “too big to fail” covets them like my nine year old covets Twizzlers. AIG, a group of geniuses who were supposed to be insuring everything from from homes to ships to lives to Credit Default Swaps, peddled them like cigarettes to soldiers at war, pressing them onto the world and making major big bucks until it suddenly all went down the tubes.
What happened? Well, all those companies who’s credit was being bet on to default, defaulted. And who was holding the bag after selling all those swaps? Well, AIG, American International Group, those high and mighty insurers of the world except THESE SECURITIES WERE NOT INSURED! So slowly down the tubes did AIG float until YOU bailed them out. And now they might just need more, they are doing none too well, have paid back less than a fraction of what they borrowed and probably never did.
The upside is that you now own a piece of this behemoth. Try using that to get yourself a seat at the corner office. Or even entry into the building. See how far it gets you.
Get OUTRAGED PEOPLE, they are pulling the wool over your eyes, they are telling you they are regulating, that things are getting better, that we’ll be back on top of the world any day now, just leave the government and Wall Street to work it out.
We know where that has gotten us before, we know where it’ll get us again.
WALLSTREETSUX! Buy a magnet, buy a tee shirt, go to the website and make a statement before it is too late.
Credit Default SCAMS brought to you by our Wall Street pals
Posted by David on May 22, 2010
Let’s say you hate your boss, you buy life insurance on him, a million bucks, then you shoot his nasty ass, get away with it, collect a mil, nice, no? Well, maybe, but it can’t happen. That’s because you do not have an INSURABLE INTEREST in your boss. He ain’t you, he ain’t supporting you, there’s no connection besides the fact that you don’t like him so the law does not allow you to buy life insurance on him, simple, right?
Yeah, too simple. So simple, in fact, that the Wall Street gang knew they had to get around that law when they created Credit Default Swaps, which are insurance, plain and simple. If they were called insurance, which they are, anyone issuing them would have been required to have enough cash on hand to back those “policies” up. Wall Street knew that if they called it insurance they’d have to require that cash from purchasers, which would not be great for business. Tough to sell a product requiring the customer to keep a pile of cash in reserve “just in case”. So Credit Default Swaps were created which are really bets that the credit a company has will, well, default, pretty simple.
So, let’s call it what it really is, a wager that a company is going go south, bankrupt or at least into lousy condition, the lousier the better for the owner of those swaps. You, if you’re the purchaser, are buying an interest in a company going down the tubes. Isn’t that nice? Isn’t that just the American (at least the Wall Street of America) way?
Let’s not confuse this with selling a stock short. That’s a different animal, at least you are possibly counteracting overvalued securities, which sort of keeps the market humming and the marketeers honest (or as honest as they can be which, let’s face it, ain’t all the sweet). No, Credit Default Swaps are greed, pure and simple, and some companies deemed “too big to fail” covets them like my nine year old covets Twizzlers. AIG, a group of geniuses who were supposed to be insuring everything from from homes to ships to lives to Credit Default Swaps, peddled them like cigarettes to soldiers at war, pressing them onto the world and making major big bucks until it suddenly all went down the tubes.
What happened? Well, all those companies who’s credit was being bet on to default, defaulted. And who was holding the bag after selling all those swaps? Well, AIG, American International Group, those high and mighty insurers of the world except THESE SECURITIES WERE NOT INSURED! So slowly down the tubes did AIG float until YOU bailed them out. And now they might just need more, they are doing none too well, have paid back less than a fraction of what they borrowed and probably never did.
The upside is that you now own a piece of this behemoth. Try using that to get yourself a seat at the corner office. Or even entry into the building. See how far it gets you.
Get OUTRAGED PEOPLE, they are pulling the wool over your eyes, they are telling you they are regulating, that things are getting better, that we’ll be back on top of the world any day now, just leave the government and Wall Street to work it out.
We know where that has gotten us before, we know where it’ll get us again.
WALLSTREETSUX! Buy a magnet, buy a tee shirt, go to the website and make a statement before it is too late.
Wednesday, May 19, 2010
The Goldman Sachs Geniuses
The Goldman Sachs Geniuses
Our pal Lloyd Blankfein, CEO of good ol’ Goldman Sachs, paragon of Wall Street ethical standards, came out with a real doozy at the Goldman Sachs annual meeting recently . . . “Questions have been raised that go to the heart of this institution’s most fundamental value: HOW WE TREAT OUT CLIENTS.”
Lloyd, as my daughter would say, “uh Duh” (duh being a two or sometimes three syllable word). On the one hand, it’s good that you seem to have caught on to this. On the other hand what the hell did you expect? Where have you been hiding? Is your pool so deep, your mansion so big you got lost in it? We keep hearing about how brilliant you and your greedy bastard minions are, how you created these incredibly complex, arcane investment vehicles but you’re only finally beginning to realize that THE WHOLE WORLD IS PISSED OFF AT YOU? And that NOBODY TRUSTS YOU? Well, except, of course, your pal John Paulson who led you by your dollar sniffin’ nose to build some investment vehicles guaranteed to pay billions, not millions or hundreds of millions, but BILLIONS, for him and for you and Goldman as long as you kept pumping out the crap that you knew was going to fail.
Lloyd pal, remember Wamu? Used to be a pretty big bank. Remember how you pushed and pushed and pushed it on investors who TRUSTED YOU to lead them down the prudent or at least not impudent path while you and your boys were betting that it would fail? Remember what happened? IT FAILED, Lloyd, it FAILED like that hair transplant you thought was gonna make you cute to the girls by the watercooler, FAILED like Tiger walking past a checkout girl at the local Piggly Wiggly, FAILED like a bank who had too many toxic mortgages to survive.
And you’re just catching on that you’re losing the trust of your clients? This might all be laughable if there weren’t pension funds and charitable organizations who were foolish enough, or naive enough to trust you and your ilk. But it’s not laughable, is it? It’s disgusting and pathetic and terrifying if you have all your hard earned retirement funds in a pension that is on the brink of failure. You SCREWED your clients, Lloyd, so that you could get yourself a bigger pool or another house or Mercedes or whatever the hell you guys spend all that money on.
Sandy Weill, your fatcat genius partner in crime once said he expected to be remembered the way Andrew Carnegie is remembered, as a captain of American industry! But Carnegie built something, he built a company, US Steel, that helped physically build this country. You, and Sandy have built NOTHING, have accomplished nothing for the development of this country besides stuffing your five thousand dollar suits with bills. You have been a drain on the lifeblood of this country.
Everyone realizes this, Lloyd, where the hell have you been hiding?
Wall Street Sux!
Gov’t regulation-Regulation Shmegulation!!!
Regulation Shmegulation!
Just what, exactly does anyone really think our government is going to do to rein in the unalloyed greed that has become Wall Street? Let’s break down the issue:
1 – Wall Street has become nothing more than a machine to make money for ITSELF, don’t ever kid yourself that they have any best interests in mind except their own. Once they were given the opportunity to “gamble,” they slowly dropped all interest in helping the economic engine of this country. The rift grows in America and it’s due, in large part, to the deification of greed led by the Wall Street fatcats.
2 – Wall Street banks, led by the paragon of ethical Wall Street practices (now there’s an oxymoron if I ever heard one) Goldman Sachs, will shove every extra dollar they can get their grubby fingers on at our “representatives.” We know that the first job of any politician is to get reelected and they can’t get reelected in this country without mucho moolah so who are they going to listen to when push comes to shove?
3 – Lip Service, that’s all we’ll get, lip service about regulating Wall Street who will scream about the end of capitalism, and civilization, as we know it while whispering to our congresstoadies that they need the money, don’t they? And you know who they’ll listen to, don’t you?
4 – So we will get a watered down set of regulations that will be emasculated by the courts with little or no REAL change happening. The legislation is short on specifics and long on possible interpretation. Don’t expect much, folks, or you’ll be disappointed.
In the meantime, 25%, a quarter of the people in this country, the greatest country in the world, the foundation of worldwide freedom, the prosperous leader of the free world, went hungry last year. That’s right, a quarter of Americans had to make a choice at one point last year between eating and paying a bill . . . and the Wall Street Fatcats are digging bigger pools, building bigger yachts, and taking bigger raises from our bailout money.
Jobs lost forever, teachers being fired, states and entire COUNTRIES verging on bankruptcy.
Wall Street Sux!
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