Peter Schiff, CEO of Euro Pacific Capital (and accurate economic forecaster) appearing on ‘Huckabee’ explaining his congressional testimony about government regulations making ‘hiring one of the riskiest things to do in the U.S.’ and how in 2008, his brokerage firm was growing and a regulatory body, FINRA, fined him $15,000 for hiring too many people too fast. “I didn’t realize that I didn’t have regulatory permission to grow my business that fast…and I got into trouble when I didn’t stop hiring when I was told to.”
This story goes even farther down the ‘Are You Freakin’ Kidding Me?’ lane…
Peter Schiff spent $500,000 in legal fees proving that he had made an honest mistake when he did not stop hiring when instructed to. (more…)
Some readers have wondered why LM has not been running down rabbit holes lately. Rest assured, I have been, and my spousal unit, the RedLemur has joined me in the labyrinth. Readers and researchers that have been down rabbit holes chasing the truth will understand the need to take a break from the darkness once in a while, as it has a tendency to make one physically and emotionally ill.
We have been trying to post the first article in a new series for the last three days, but every time we actually get a handle on the beast, another doorway in the labyrinth opens with even more connecting facts. The age and tentacles on this particularly wicked creature even surprised me, and that is why we have spent extra time connecting the dots before publishing.
Slowly but surely, the American public is awakening to the ‘Master Class’ and their control of the ‘little people’s’ lives through the debt burden of the Federal Reserve and the US Government. A major aspect of the progressive movement that brought us the Fed and the progressive income tax has been and still is eugenics.
The people involved in the following stories are by no means the starring actors, they are just carrying out the tenets of long dead elitists. Also, keep in mind that the Bilderberg Group is the distraction meant to draw your attention away from the other groups hiding in plain sight, (and I am working to prove that they are being funded with your tax dollars).
I wish that I could say that this is just the imaginings of an overactive researcher mind, but after looking at the cast of characters, the organizations, and the money – I cannot.
America’s richest people meet to discuss ways of tackling a ‘disastrous’ environmental, social and industrial threat
John Harlow, Los Angeles SOME of America’s leading billionaires have met secretly to consider how their wealth could be used to slow the growth of the world’s population and speed up improvements in health and education.
The philanthropists who attended a summit convened on the initiative of Bill Gates, the Microsoft co-founder, discussed joining forces to overcome political and religious obstacles to change.
Described as the Good Club by one insider it included David Rockefeller Jr, the patriarch of America’s wealthiest dynasty, Warren Buffett and George Soros, the financiers, Michael Bloomberg, the mayor of New York, and the media moguls Ted Turner and Oprah Winfrey.
These members, along with Gates, have given away more than £45 billion since 1996 to causes ranging from health programmes in developing countries to ghetto schools nearer to home.
They gathered at the home of Sir Paul Nurse, a British Nobel prize biochemist and president of the private Rockefeller University, in Manhattan on May 5. The informal afternoon session was so discreet that some of the billionaires’ aides were told they were at “security briefings”.
Stacy Palmer, editor of the Chronicle of Philanthropy, said the summit was unprecedented. “We only learnt about it afterwards, by accident. Normally these people are happy to talk good causes, but this is different – maybe because they don’t want to be seen as a global cabal,” he said.
Some details were emerging this weekend, however. The billionaires were each given 15 minutes to present their favourite cause. Over dinner they discussed how they might settle on an “umbrella cause” that could harness their interests.
The issues debated included reforming the supervision of overseas aid spending to setting up rural schools and water systems in developing countries. Taking their cue from Gates they agreed that overpopulation was a priority.
This could result in a challenge to some Third World politicians who believe contraception and female education weaken traditional values.
Gates, 53, who is giving away most of his fortune, argued that healthier families, freed from malaria and extreme poverty, would change their habits and have fewer children within half a generation.
At a conference in Long Beach, California, last February, he had made similar points. “Official projections say the world’s population will peak at 9.3 billion [up from 6.6 billion today] but with charitable initiatives, such as better reproductive healthcare, we think we can cap that at 8.3 billion,” Gates said then.
Patricia Stonesifer, former chief executive of the Bill and Melinda Gates Foundation, which gives more than £2 billion a year to good causes, attended the Rockefeller summit. She said the billionaires met to “discuss how to increase giving” and they intended to “continue the dialogue” over the next few months.
Another guest said there was “nothing as crude as a vote” but a consensus emerged that they would back a strategy in which population growth would be tackled as a potentially disastrous environmental, social and industrial threat. (emphasis mine)
“This is something so nightmarish that everyone in this group agreed it needs big-brain answers,” said the guest. “They need to be independent of government agencies, which are unable to head off the disaster we all see looming.”
Why all the secrecy? “They wanted to speak rich to rich without worrying anything they said would end up in the newspapers, painting them as an alternative world government,” he said. (Remember that phrase.)
I am absolutely sick to death of an administration and a government that actually thinks that they can fix the problems they created. The insanity of allowing the District of Criminals to continue proposing legislation that will create even bigger problems than we have now is making my per day Advil intake increase. At what point are we going to be able to chop the federal government down to size? Obama and crew are now proposing limits on the big banks, and before you get ready to throw something at me because I’m not jumping on the “Kill Wall Street” bandwagon, hear me out. I can’t stand Wall Street, but I understand that what has transpired was because of the socialist laws that Congress passed back in the ’90’s, and the resulting drive for profits which the free market is based on. Do you realize the number of ‘little people’ invested in those banks for their retirement and how a congress (because of their economic and capitalist ignorance), sold those peoples’ futures down the river?
Would you agree or disagree that the same people that gave us the housing bubble, namely Congress, should be the ones to create even more legislation (with unintended consequences) to fix the problem? Can anyone explain to me why politicians are creating banking legislation? Other than becoming millionaires while in office, what actual real life experience do they bring to the table? Has Barney Frank been a CEO of a Fortune 500 company? Does he, in his heart of hearts, understand how business actually grows and thrives? No? Then why is the US Government, which is one of the largest corporations in the world being run by total economic morons. Is it okay with you to let them regulate the banks when you understand that they are just people who ran for political office, and are then able to vote to raise the credit card limit on the country anytime they want because the alternative is too frightening to even consider? The current and former congresses have brought America to the brink of financial collapse, and now they want to tell the banks how to ‘act right’ according to liberal left policies?
They brought us the Community Reinvestment Act that was beefed up in the ’90’s which required banks to make quotas on mortgages to low income buyers or suffer hefty fines. Nice 20/20 hindsight of what occurs when leveling the playing field according to socialist standards instead of capitalist standards.
They have added almost $3 Trillion in debt in the last year and are on the verge of adding $2 TRILLION more just to get through to 2011. AYFKM? The American Public told Bush, Obama, and Congress not to bail out the banks because we saw what was coming; us lowly simpletons. Now we are mired in a total clusterf*** with an administration that wants to abolish capitalism but can’t quite figure out how to kill it because 76% of the American People are CAPITALISTS!
Capitalism is not the enemy; socialist driven Congresses are. Small and large businesses are trying to survive the regulations being placed on them by the government by shipping jobs to other countries because of union legacy costs, insanely high taxes, expensive manufacturing, etc., etc., etc.!
Now, the socialists economic imbeciles are attempting to cage the beast again using socialist ideas, and the beast will just flow around the bars because capitalism isn’t against the law…yet.
Big banks have already begun poking the holes in Obama’s new rules—holes they expect their banks to pass through basically unchanged.
The president promised this morning to work with Congress to ensure that no bank or financial institution that contains a bank will own, invest in or sponsor a hedge fund or a private equity fund, or proprietary trading operations unrelated to serving customers for its own profit.
But sources at three banks tell us that they are already finding ways to own, investment in and sponsor hedge funds and private equity funds. Even prop trading seems safe.
A person familiar with the operations of one big Wall Street bank said it expects that new regulation will affect less than 1% of its overall business.
The key phrase is “operations unrelated to serving customers.” The banks plan to claim that much of the business in which it engages is related in one way or another to serving customers. Even proprietary trading, for instance, can become related to customer service if it is done through internal hedge funds in which some outside clients are permitted to invest.
One insider at a bank pointed to JP Morgan Chase’s ownership of the hedge fund Highbridge Capital. It is thought that under a strict “no hedge funds” rule, Highbridge would have to be sold off. But under the rule proposed by the Obama administration, Highbridge can be retained by JP Morgan because outside clients are permitted to invest in it.
A still more devious way is to have a banks own employees be the customers who are invested in the internal hedge funds. That way trading operations can remain closed to outsiders while the regulatory requirement of relating the trading to customer service is met. Goldman Sachs is rumored to be considering this approach. (Goldman isn’t commenting on the regs right now.)
Why don’t we ask a bazillionaire (i.e. capitalist) what he would do with the big banks, and “too big to fail”? Warren Buffet, 1.21.2010
I am pretty much freakin’ speechless at the moment. Maybe Goldman has figured out that without small business, they are screwed, and after Blankein’s comment about doing God’s work, they are really screwed without the apology and cash on the barrel head. Now if there was someway to have Goldman and SEIU neutralize each other, I think we would be ahead of the game.
The $500m investment includes a $200m contribution to community colleges, universities and other institutions to give grants to small business owners to further their education.
It will funnel $300m through community development financial institutions to increase lending and technical assistance available to small businesses.
In addition, Goldman Sachs executives, in partnership with national and local business organizations, will aid small businesses with advice, technical assistance and professional networking opportunities.
An advisory council co-chaired by Mr Blankfein will oversee the initiative. Mr Buffett, Goldman’s largest shareholder, and Harvard Business School Professor Michael Porter will serve as co-chairs.
“Our recovery is dependent on hard working small business owners across America who will create the jobs that America needs,” Mr Buffett said in a statement. “I’m proud to be a part of this innovative program which provides greater access to know-how and capital — two ingredients critical to success.”