LIBOR Scandal — Videos

Posted on April 23, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Crime, Economics, Education, Federal Government, Foreign Policy, government, government spending, history, Inflation, Investments, Language, Law, liberty, Life, Literacy, Macroeconomics, media, Monetary Policy, People, Philosophy, Politics, Video, Wealth, Wisdom | Tags: , , , , |

libor-scandal

LIBORmanipulation-2

Spiegel-graphic-of-Libor-scandal

BBC_Libor_Scandal

Keiser Report: The Birth of a Scandal

LIBOR investigation by financier Martin Wheatley (10Aug12)

The Wheatley Review of LIBOR: Final Report

LIBOR Scandal More Than Fraud – Whole Game is Rigged

How Barclays manipulated the libor rates 

On the Edge with Max Keiser: Libor rigging crime

What is the LIBOR / OIS spread? – MoneyWeek investment tutorials

The LIBOR scandal: what it means for you – MoneyWeek Investment Tutorials

The Biggest Banking Scandal The World Has Ever Seen (6:47)

The Real Story Surrounding  LIBOR — A Worldwide Scandal—Is Now A Funeral

Max Keiser: Cancer is How They Will Take It All

[yuotube=http://www.youtube.com/watch?v=LHtLy3AfpMI]

Bernanke grilled on Libor scandal – Rough Cuts

BANKSTERS & Fraud, The LIBOR Scandal

Unknown LIBOR Fraud of The Century (Barclays)

WORLD BANKER MAKES STUNNING CONFESSION

Judge Napolitano: “LIBOR Scandal One of the Largest Bank Orchestrated Frauds in History”

The Department of Justice is reportedly deciding whether to charge banks over growing LIBOR interest rate fixes. The international investment bank Barclays Capital has already paid $450 million in fines for illegally manipulating the rates that banks charge each other to borrow money. That rate affects everything from credit cards to car loans and mortgage rates. Shepard Smith reported that it remains to be seen whether Treasury Secretary Timothy Geithner knew about the rate manipulation when he was head of the Federal Reserve Bank of New York.

Judge Andrew Napolitano explained the importance of the LIBOR interest rate, saying, “Think of it this way, the biggest banks in London each morning announce what they’re going to charge each other for money and that number is averaged … Whatever that rate is, is the baseline for millions of other loans and mortgages around the country.”

Libor scandal

The Libor scandal is a series of fraudulent actions connected to the Libor (London Interbank Offered Rate) and also the resulting investigation and reaction. The Libor is an average interest rate calculated through submissions of interest rates by major banks in London. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were.[3] Libor underpins approximately $350 trillion in derivatives. It is controlled by the British Bankers’ Association (BBA).[4]

The banks are supposed to submit the actual interest rates they are paying, or would expect to pay, for borrowing from other banks. The Libor is supposed to be the total assessment of the health of the financial system because if the banks being polled feel confident about the state of things, they report a low number and if the member banks feel a low degree of confidence in the financial system, they report a higher interest rate number. In June 2012, multiple criminal settlements by Barclays Bank revealed significant fraud and collusion by member banks connected to the rate submissions, leading to the scandal.[5][6][7]

Because Libor is used in U.S. derivatives markets, an attempt to manipulate Libor is an attempt to manipulate U.S. derivatives markets, and thus a violation of American law. Since mortgages, student loans, financial derivatives, and other financial products often rely on Libor as a reference rate, the manipulation of submissions used to calculate those rates can have significant negative effects on consumers and financial markets worldwide.

On 27 July 2012, the Financial Times published an article by a former trader which stated that Libor manipulation had been common since at least 1991.[8] Further reports on this have since come from the BBC[9][10] and Reuters.[11] On 28 November 2012, the Finance Committee of the Bundestag held a hearing to learn more about the issue.[12]

The British Bankers’ Association said on 25 September 2012 that it would transfer oversight of Libor to UK regulators, as predicted by bank analysts,[13] proposed by Financial Services Authority Managing Director Martin Wheatley‘s independent review recommendations.[14] Wheatley’s review recommended that banks submitting rates to Libor must base them on actual inter-bank deposit market transactions and keep records of those transactions, that individual banks’ LIBOR submissions be published after three months, and recommended criminal sanctions specifically for manipulation of benchmark interest rates.[15] Financial institution customers may experience higher and more volatile borrowing and hedging costs after implementation of the recommended reforms.[16] The UK government agreed to accept all of the Wheatley Review’s recommendations and press for legislation implementing them.[17]

Early reports of Libor manipulation

WSJ Libor study

Libor manipulation to lower rate

Hi Guys, We got a big position in 3m libor for the next 3 days. Can we please keep the lib or fixing at 5.39 for the next few days. It would really help. We do not want it to fix any higher than that. Tks a lot.

Barclays Bank trader in New York to submitter, 13 September 2006[18]

On 16 April 2008, The Wall Street Journal released a controversial article, and later study, suggesting that some banks might have understated borrowing costs they reported for the Libor during the 2008 credit crunch that may have misled others about the financial position of these banks.[19][20] In response, the BBA claimed that the Libor continued to be reliable even in times of financial crisis. Other authorities contradicted The Wall Street Journal article saying there was no evidence of manipulation. In its March 2008 Quarterly Review, the Bank for International Settlements stated that “available data do not support the hypothesis that contributor banks manipulated their quotes to profit from positions based on fixings.”[21] Further, in October 2008, the International Monetary Fund published its regular Global Financial Stability Review which also found that “Although the integrity of the U.S. dollar Libor-fixing process has been questioned by some market participants and the financial press, it appears that U.S. dollar Libor remains an accurate measure of a typical creditworthy bank’s marginal cost of unsecured U.S. dollar term funding.”[22]

A study by economists, Snider and Youle, in April 2010, however, corroborated the results of the earlier Wall Street Journal study that the Libor submissions by some member banks were being understated.[23] Unlike the earlier study, Snider and Youle suggested that the reason for understatement by member banks was not that the banks were trying to appear strong, especially during the financial crisis period of 2007 to 2008, but rather that the banks sought to make substantial profits on their large Libor interest-linked portfolios.[24] For example, in the first quarter of 2009, Citigroup had interest rate swaps of notional value of $14.2 trillion, Bank of America had interest rate swaps of notional value of $49.7 trillion and JP Morgan Chase had interest rate swaps of notional value of $49.3 trillion.[25] Given the large notional values, a small unhedged exposure to the Libor could generate large incentives to alter the overall Libor. In the first quarter of 2009, Citigroup for example reported that it would make that quarter $936 million in net interest revenue if interest rates would fall by .25 percentage points a quarter, and $1,935 million if they were to fall by 1 percentage point instantaneously.[26]

Central banks aware of Libor flaws

The Governor of the Bank of England, Mervyn King, by the end of 2008, described the Libor to the UK Parliament saying “It is in many ways the rate at which banks do not lend to each other, .. it is not a rate at which anyone is actually borrowing.”[27][28]

The New York Federal Reserve in July 2012, released documents dating back to 2007 which showed that they were aware that banks were lying about their borrowing costs when setting Libor and chose to take no action against them at that time.[29][30] Released minutes from the Bank of England indicated similarly that the bank and its deputy governor Paul Tucker were also aware as early as November 2007 of industry concerns that the Libor rate was being underreported.[31][32] In one 2008 document a Barclays employee told a New York Fed analyst, “We know that we’re not posting an honest Libor, and yet we are doing it, because if we didn’t do it, it draws unwanted attention on ourselves.”[30]

The documents show that in early 2008 a memo written by then New York Fed President Tim Geithner to Bank of England chief Mervyn King looked into ways to “fix” Libor.[33][34] While the released memos suggest that the New York Fed helped to identify problems related to Libor and press the relevant authorities in the UK to reform, there is no documentation that shows any evidence that Geithner’s recommendations were acted upon or that the Fed tried to make sure that they were. In October 2008, several months after Geithner’s memo to King, a Barclays employee told a New York Fed representative that Libor rates were still “absolute rubbish.”[30]

Regulatory investigations

The Wall Street Journal reported in March 2011 that regulators were focusing on Bank of America Corp., Citigroup Inc. and UBS AG in their probe of Libor rate manipulation.[35] A year later, it was reported in February 2012 that the U.S. Department of Justice was conducting a criminal investigation into Libor abuse.[36] Among the abuses being investigated were the possibility that traders were in direct communication with bankers before the rates were set, thus allowing them an unprecedented amount of insider knowledge into global instruments.[37] In court documents, a trader from the Royal Bank of Scotland claimed that it was common practice among senior employees at his bank to make requests to the bank’s rate setters as to the appropriate Libor rate, and that the bank also made on occasions rate requests for some hedge funds.[38] One trader’s messages from Barclays Bank indicated that for each basis point (0.01%) that Libor was moved, those involved could net “about a couple of million dollars”.[37]

The Canadian Competition Bureau was reported on 15 July 2012 to also be carrying out an investigation into price fixing by five banks of the yen denominated Libor rates. Court documents filed indicated that the Competition Bureau had been pursuing the matter since at least January 2011. The documents offered a detailed view of how and when the international banks allegedly colluded to fix the Libor rates. The information was based on a whistleblower who traded immunity from prosecution in exchange for turning on his fellow conspirators. In the court documents, a federal prosecutor for the bureau stated that the “IRD (interest-rate derivatives) traders at the participant banks communicated with each other their desire to see a higher or lower yen LIBOR to aid their trading positions”. The alleged participants are the Canadian branches of the Royal Bank of Scotland, HSBC, Deutsche Bank, JP Morgan Bank, and Citibank, as well as ICAP (Intercapital), an interdealer broker.[39]

 Fines for manipulation

Libor manipulation to raise rate

Pls go for 5.36 libor again, very important that the setting comes as high as possible … thanks.

Barclays Bank trader in New York to submitter, 29 July 2007[18]

On 27 June 2012, Barclays Bank was fined $200 million by the Commodity Futures Trading Commission,[5] $160 million by the United States Department of Justice[6] and £59.5 million by the Financial Services Authority[7] for attempted manipulation of the Libor and Euribor rates.[40] The United States Department of Justice and Barclays officially agreed that “the manipulation of the submissions affected the fixed rates on some occasions”.[41][42][43]

Barclays manipulated rates for at least two reasons. Routinely, from at least as early as 2005, traders sought particular rate submissions to benefit their financial positions. Later, during the 2007–2012 global financial crisis, they artificially lowered rate submissions to make their bank seem healthy.[6]

Following the interest rate rigging scandal, Marcus Agius, chairman of Barclays, resigned from his position.[44] One day later, Bob Diamond, the chief executive officer of Barclays, also resigned from his position.[45][46] Bob Diamond was subsequently questioned by the Parliament of the United Kingdom regarding the manipulation of Libor rates. He said he was unaware of the manipulation until that month, but mentioned discussions he had with Paul Tucker, deputy governor of the Bank of England.[47] Tucker then voluntarily appeared before parliament, to clarify the discussions he had with Bob Diamond. He said he had never encouraged manipulation of the Libor, and that other self-regulated mechanisms like the Libor should be reformed.[48]

On 19 December 2012, UBS agreed to pay regulators $1.5bn ($1.2bn to the US Department of Justice and the Commodity Futures Trading Commission, £160m to the UK Financial Services Authority and 60m CHF to the Swiss Financial Market Supervisory Authority) for its role in the scandal.[49] The investigations revealed that UBS traders had colluded with other panel banks and had made over 2,000 written requests for movements in rates from at least January 2005 to at least June 2010 to benefit their trading positions.[50] According to transcripts released by the U.K.’s Financial Services Authority, UBS traders also offered financial inducements to interdealer brokers to help manipulate rates by spreading false information. In one exchange between a UBS banker identified as Trader A and an interdealer broker, the banker wrote “if you keep 6s [i.e. the six month JPY LIBOR rate] unchanged today … I will f—ing do one humongous deal with you … Like a 50,000 buck deal, whatever … I need you to keep it as low as possible … if you do that …. I’ll pay you, you know, 50,000 dollars, 100,000 dollars… whatever you want … I’m a man of my word.” Subsequent trades between UBS and this broker generated more than $250,000 in fees to the broker.[51][52]

US Assistant Attorney General Lanny Breuer described the conduct of UBS’s as “simply astonishing” and declared the US would seek, as a criminal matter, the extradition of traders Tom Hayes and Roger Darin.[49] The bank has stated that these and other fines would probably result in a significant fourth-quarter loss in 2012.[49] The fine levied by the FSA, reduced due to the bank’s cooperation, was the largest in the agency’s history.[49]

Breadth of scandal becomes apparent

By 4 July 2012 the breadth of the scandal was evident and became the topic of analysis on news and financial programs that attempted to explain the importance of the scandal.[53] Two days later, it was announced that the U.K. Serious Fraud Office had also opened a criminal investigation into manipulation of interest rates. The investigation was not limited to Barclays.[54][55] It has been reported since then that regulators in at least ten countries on three different continents are investigating the rigging of the Libor and other interest rates.[56][57] Around 20 major banks have been named in investigations and court cases.[58]

Early estimates are that the rate manipulation scandal cost U.S. states, counties, and local governments at least $6 billion in fraudulent interest payments, above $4 billion that state and local governments have already had to spend to unwind their positions exposed to rate manipulation.[59] An increasingly smaller set of banks are participating in setting the Libor, calling into question its future as a benchmark standard, but without any viable alternative to replace it.[60]

 United States investigations

The United States Congress began investigating on 10 July. Senate Banking Committee Chairman Tim Johnson (D., S.D.) said he would question Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke about the scandal during scheduled hearings. Rep. Randy Neugebauer (R., Texas) of the House Financial Services Committee, wrote New York Federal Reserve (New York Fed) President William Dudley. He was seeking records of communications between the New York Fed and Barclays between August 2007 and November 2009 related to Libor-like rates.[61]

On 4 October 2012, Republican U.S. Senators Chuck Grassley and Mark Kirk announced that they were investigating Treasury Secretary Tim Geithner for complicity with the rate manipulation scandal. They accused Geithner of knowledge of the rate-fixing, and inaction which contributed to litigation that “threatens to clog our courts with multi-billion dollar class action lawsuits” alleging that the manipulated rates harmed state, municipal and local governments. The senators said that an American-based interest rate index is a better alternative which they would take steps towards creating.[62]

Federal Housing Finance Agency Inspector General and auditor Steve A. Linick said in a 3 November memo that Fannie Mae and Freddie Mac may have lost more than $3 billion because of the manipulation.[63]

 Parliamentary investigation

Appearing before Parliament on 16 July, Jerry del Missier, a former senior Barclays executive, said that he had received instructions from Robert Diamond to lower rates after Diamond’s discussions with bank regulators. He said that he had received information of a conversation between Diamond and Paul Tucker, deputy governor of the Bank of England, in which they had discussed the bank’s financial position at the height of the 2008 financial crisis. It was his understanding that senior British government officials had instructed the bank to alter the rates. Del Missier’s testimony followed statements from Diamond in which he denied that he had told his deputies to report false Libor rates. Speaking before Parliament the previous week, Tucker stated that he had shared concerns regarding Barclays Libor rates because the markets might view Barclays to be at risk if its Libor submissions continued to be higher than those of other international banks. In the midst of the Lehman Brothers collapse, there was concern the bank might need to be bailed out if the financial markets perceived it was a credit risk. Tucker told the committee, “I wanted to make sure that Barclays’ day-to-day funding issues didn’t push it over the cliff.”[64]

 Libor banks are sued in civil court

 Libor fixing operates as a cartel

Libor fixing a banking cartel

It’s just amazing how Libor fixing can make you that much money or lose if opposite. It’s a cartel now in London.

RBS trader in Singapore to Deutsche Bank trader, 19 August 2007[65]

In court documents filed in Singapore, Royal Bank of Scotland (RBS) trader Tan Chi Min told colleagues that his bank could move global interest rates and that the Libor fixing process in London had become a cartel. Tan in his court affidavit stated that the Royal Bank of Scotland knew of the Libor rates manipulation and that it supported such actions. In instant messages, traders at RBS extensively discussed manipulating Libor rates. In a released transcript of a 21 August 2007 chat, Jezri Mohideen, who was the head of yen products in Singapore, asked to have the Libor fixed in a conversation with other traders:[65]

Mohideen: “What’s the call on the Libor?”
Trader 2: “Where would you like it, Libor that is?”
Trader 3: “Mixed feelings, but mostly I’d like it all lower so the world starts to make a little sense.”
Trader 4: “The whole HF [hedge fund] world will be kissing you instead of calling me if Libor move lower.”
Trader 2: “OK, I will move the curve down 1 basis point, maybe more if I can.”

In another conversation on 27 March 2008, Tan asked that RBS raise its Libor submission and noted that an earlier lower figure that the bank had submitted had cost his team 200,000 pounds. In other released instant chats, Tan made it clear that the Libor fixing process had become a highly lucrative money making cartel. Tan in a conversation with traders at other banks, including Deutsche Bank’s Mark Wong said on 19 August 2007:[65]

Tan: “It’s just amazing how Libor fixing can make you that much money or lose if opposite. It’s a cartel now in London.”
Wong: “Must be damn difficult to trade man, especially [if] you [are] not in the loop.”

Mortgage rates manipulated on reset date

Homeowners in the US filed a class action lawsuit in October 2012 against twelve of the largest banks which alleged that Libor manipulation made mortgage repayments more expensive than they should have been.

Statistical analysis indicated that the Libor rose consistently on the first day of each month between 2000 and 2009 on the day that most adjustable-rate mortgages had as a change date on which new repayment rates would “reset”. An email referenced in the lawsuit from the Barclay’s settlement, showed a trader asking for a higher Libor rate because “We’re getting killed on our three-month resets.”[66] During the analysed period, the Libor rate rose on average more than two basis points above the average on the first day of the month, and between 2007 and 2009, the Libor rate rose on average more than seven and one-half basis points above the average on the first day of the month.[67]

The five lead plaintiffs included a pensioner whose home was repossessed after her subprime mortgage was securitized into Libor-based collateralized debt obligations, sold by banks to investors, and foreclosed. The plaintiffs could number 100,000, each of whom has lost thousands of dollars.[68] The complaint estimates that the banks earned hundreds of millions, if not billions of dollars, in wrongful profits as a result of artificially inflating Libor rates on the first day of each month during the complaint period.[67]

Municipalities lost billions due to rigging

The city of Baltimore and others in the US filed a class action lawsuit in April 2012 against Libor setting banks which alleged that the manipulation of Libor caused payments on their interest rate swaps to be smaller than they should have been.[69] Before the financial crisis, states and localities bought $500 billion in interest rate swaps to hedge their municipal bond sales. It is estimated that the manipulation of Libor cost municipalities at least $6 billion. These losses were in addition to $4 billion that localities had already paid to unwind backfiring interest rate swaps.[70]

Municipalities began using interest rate swaps to hedge their municipal bond sales in the late 1990s. At this time, investment bankers began offering local governments a way to save money on the sale of municipal bonds. The banks suggested instead of selling fixed interest rate bonds that local governments sell variable interest rate bonds which typically have interest rates as much as one percentage point lower than fixed interest rate bonds. For a municipal government this could mean saving as much as $1 million a year on the sale of a $100 million bond.[71]

In order to hedge costs on the sale of variable interest rate bonds, which can rise and fall with the market, local governments, such as Baltimore, purchased interest rate swaps which exchange a variable interest rate for a fixed interest rate.[72] In a swap deal, when the interest rate rises, the swap seller pays the local government the increased cost on the bond, while when the interest rate falls, the swap seller saves and pays the local government the decreased cost on the bond. The interest rate swap mechanism generally works well, however, between 2007 and 2010 the payments to local governments on their swaps artificially decreased but the cost on their bonds remained at actual market rates. This was because most interest rate swaps are linked to the Libor interest rate, while municipal bond rates are linked to the SIFMA Municipal Bond Index interest rate. During the financial crisis the two benchmark rates decoupled. Municipalities continued to pay on their bonds at the actual market Sifma rate but were paid on their interest rate swaps at the artificially lower Libor rate.[71]

Reactions and impact on banking regulation

The cost to colluding and suspect banks from litigation, penalties, and loss of confidence may drive down finance industry profits for years. The cost of litigation from the scandal may exceed that of asbestos lawsuits.[73]

 United States

US experts such as Former Assistant Secretary of the Treasury Paul Craig Roberts have argued that the Libor Scandal completes the picture of public and private financial institutions manipulating interest rates in order to prop up the prices of bonds and other fixed income instruments, and that “the motives of the Fed, Bank of England, US and UK banks are aligned, their policies mutually reinforcing and beneficial. The Libor fixing is another indication of this collusion.”[74] In that perspective they advocate stricter bank regulation, and a profound reform of the Federal Reserve System.

Former Citigroup Chairman and CEO Sandy Weill, considered one of the driving forces behind the considerable financial deregulation and “mega-mergers” of the 1990s, surprised financial analysts in Europe and North America by calling for splitting up the commercial banks from the investment banks. In effect, he says: “Bring back the Glass-Steagall Act of 1933 which led to half a century, free of financial crises.” [75]

 Europe

Mainland European scholars discussed the necessity of far-reaching banking reforms in light of the current crisis of confidence, recommending the adoption of binding regulations that would go further than the Dodd–Frank Act: notably in France where SFAF and World Pensions Council (WPC) banking experts have argued that, beyond national legislations, such rules should be adopted and implemented within the broader context of separation of powers in European Union law, to put an end to anti-competitive practices akin to exclusive dealing and limit conflicts of interest.[76][77] This perspective gained ground after the unraveling of the Libor scandal, with mainstream opinion leaders such as the Financial Times editorialists calling for the adoption of an EU-wide “Glass–Steagall II”.[78]

Naomi Wolf of The Guardian suggested in an editorial that the “notion that the entire global financial system is riddled with systemic fraud – and that key players in the gatekeeper roles, both in finance and in government, including regulatory bodies, know it and choose to quietly sustain this reality – is one that would have only recently seemed like the frenzied hypothesis of tinhat-wearers”.[79] Following Tim Geithner‘s promotion to Treasury Secretary, Wolf commented, “It is very hard, looking at the elaborate edifices of fraud that are emerging across the financial system, to ignore the possibility that this kind of silence – ‘the willingness to not rock the boat’ — is simply rewarded by promotion to ever higher positions, ever greater authority. If you learn that rate-rigging and regulatory failures are systemic, but stay quiet, well, perhaps you have shown that you are genuinely reliable and deserve membership of the club.”[79]

 Recommendations

The British Bankers’ Association said on 25 September that it would transfer oversight of Libor to UK regulators, as proposed by Financial Services Authority Managing Director Martin Wheatley and CEO-designate of the new Financial Conduct Authority.[14] On 28 September, Wheatley’s independent review was published, recommending that an independent organization with government and regulator representation, called the Tender Committee, manage the process of setting Libor under a new external oversight process for transparency and accountability. Banks that make submissions to Libor would be required to base them on actual inter-bank deposit market transactions and keep records of their transactions supporting those submissions. The review also recommended that individual banks’ Libor submissions be published, but only after three months, to reduce the risk that they would be used as a measure of the submitting banks’ creditworthiness. The review left open the possibility that regulators might compel additional banks to participate in submissions if an insufficient number do voluntarily. The review recommended criminal sanctions specifically for manipulation of benchmark interest rates such as the Libor, saying that existing criminal regulations for manipulation of financial instruments were inadequate.[15] Libor rates could be higher and more volatile after implementation of the reforms, so financial institution customers may experience higher and more volatile borrowing and hedging costs.[16] The UK government agreed to accept all of the Wheatley Review’s recommendations and press for legislation implementing them.[17]

Bloomberg LP CEO Dan Doctoroff told the European Parliament that Bloomberg LP could develop an alternative index called the Bloomberg Interbank Offered Rate that would use data from transactions such as market-based quotes for credit default swap transactions and corporate bonds.[80][81]

 References

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  41. ^ “Statement of Facts”. United States Department of Justice. 26 June 2012. Retrieved 11 July 2012.
  42. ^ Taibbi, Matt, Why is Nobody Freaking Out About the LIBOR Banking Scandal?, Rolling Stone, 3 July 2012
  43. ^ “Libor scandal: Seven banks face US questioning”. BBC. 16 August 2012.
  44. ^ Reuters (2 July 2012). “Barclays chairman resigns over interest rate rigging scandal”. NDTV profit. Retrieved 2 July 2012.
  45. ^ “Barclays boss Bob Diamond resigns amid Libor scandal”. BBC. 3 July 2012.
  46. ^ Ram, Vidya (4 July 2012). “Bob Diamond resigns as Barclays CEO”. Business Line. Retrieved 19 July 2012.
  47. ^ “Bob Diamond questioned by MPs on Barclays Libor scandal: as it happened”. The Telegraph. 4 July 2012. Retrieved 10 July 2012.
  48. ^ “Bank of England deputy governor Paul Tucker fights Libor accusations – as it happened”. The Guardian. 9 July 2012. Retrieved 10 July 2012.
  49. ^ a b c d “UBS fined $1.5bn for Libor rigging”. BBC. 19 December 2012. Retrieved 20 December 2012.
  50. ^ http://www.cftc.gov/PressRoom/PressReleases/pr6472-12
  51. ^ http://business.time.com/2012/12/20/libor-scandal-yep-its-as-bad-as-we-thought/
  52. ^ http://www.fsa.gov.uk/static/pubs/final/ubs.pdf pp.12
  53. ^ Capitalism Without Failure coverage of a discussion among Matt Taibbi, Eliott Spitzer, and Dennis Kelleher on Viewpoint with Eliot Spitzer on 4 July 2012 regarding the emerging Libor Scandal
  54. ^ Carla Main & Ellen Rosen (9 July 2012). Libor Criminal Probe, CFTC Exemptions, Canada. Businessweek. Retrieved 17 July 2012.
  55. ^ Treanor, Jill (6 July 2012). “Serious Fraud Office to investigate Libor manipulation”. The Guardian. Retrieved 10 July 2012.
  56. ^ David Enrich & Dana Cimilluca (15 July 2012). Missteps on Libor Doomed Barclays’s Leaders. The Wall Street Journal. Dow Jones & Company. Retrieved 17 July 2012.
  57. ^ http://www.bloomberg.com/news/2013-01-28/libor-lies-revealed-in-rigging-of-300-trillion-benchmark.html
  58. ^ “The rotten heart of finance”. The Economist. 7 July 2012. Retrieved 17 July 2012.
  59. ^ Darrell Preston (10 October 2012) “Rigged Libor costs states, localities $6 billion” Bloomberg
  60. ^ John Glover (8 October 2012) “Libor, Set by Fewer Banks, Losing Status as a Benchmark” Bloomberg Business Week
  61. ^ Reddy, Sudeep (11 July 2012). “Congress Joins Libor Probes: Focus Includes U.S. Regulators Who Knew About Problem as Early as 2007”. The Wall Street Journal. p. C2. Retrieved 11 July 2012.
  62. ^ HITC Business (4 October 2012) “Senators Launch Investigation Into Treasury Secretary Geithner’s Involvement In Libor Manipulation” (FOX Business)
  63. ^ Clea Benson (December 19, 2012) “Fannie Mae, Freddie Mac Libor Loss Tops $3 Billion in Audit” Bloomberg
  64. ^ Scott, Mark. “Former Senior Barclays Executive Faces Scrutiny in Parliament”. The New York Times. London.
  65. ^ a b c Tan, Andrea (26 September 2012). “RBS Instant Messages Show Libor Rates Skewed for Traders”. Bloomberg. Retrieved 30 September 2012.
  66. ^ Binham, Caroline (15 October 2012). “US Woman Takes on Banks Over Libor”. Financial Times. Retrieved 15 October 2012.
  67. ^ a b Touryalai, Halah (15 October 2012). “Banks Rigged Libor To Inflate Adjustable-Rate Mortgages: Lawsuit”. Forbes. Retrieved 15 October 2012.
  68. ^ Reuters (14 October 2012) “Home owners file class action suit versus banks over Libor: FT” Chicago Tribune Business
  69. ^ “In re: Libor-Based Financial Instruments Antitrust Litigation”. 2012 WL 1522306 (S.D.N.Y.) (Trial Pleading). United States District Court, S.D. New York. Retrieved 19 October 2012.
  70. ^ Preston, Darrell (8 October 2012). “Rigged Libor Hits States-Localities With $6 Billion: Muni Credit”. Bloomberg. Retrieved 19 October 2012.
  71. ^ a b Gandel, Stephen (11 July 2012). “Wall Street’s latest sucker: Your hometown”. Fortune. Retrieved 19 October 2012.
  72. ^ Rushe, Dominic (19 July 2012). “Baltimore and the Libor scandal: ‘We can’t leave any money on the table'”. The Guardian. Retrieved 19 October 2012.
  73. ^ Shawn Baldwin (26 October 2012) “LIBOR Liabilities: How litigation will drive down banks profitability for years to come” Forbes
  74. ^ Paul Craig Roberts and Nomi Prins (14 July 2012). “The Real Libor Scandal”. OpEd News. Retrieved 15 July 2012.
  75. ^ Denning, Steve (25 July 2012). “Rethinking Capitalism: Sandy Weill Says Bring Back Glass-Steagall”. Forbes. Retrieved 25 July 2012. Quoting interview on CNBC’s Squawk-Box.
  76. ^ (French)M Nicolas Firzli, Bank Regulation and Financial Orthodoxy: the Lessons from the Glass-Steagall Act, Revue Analyse Financière, Q1 2010, retrieved 8 January 2010
  77. ^ Nicolas J. Firzli quoted by Marie Lepesant (11 June 2012). “Le Modèle des Banques Françaises en Question”. Le Parisien (in French). Retrieved 12 June 2012.
  78. ^ “Restoring trust after Diamond”. Financial Times. 3 July 2012. Retrieved 15 July 2012. quoting FT Editorial Page.
  79. ^ a b Naomi Wolf (14 July 2012). This global financial fraud and its gatekeepers. The Guardian. Guardian News and Media. Retrieved 17 July 2012.
  80. ^ Michelle Price “Libor tender puts focus on data providers”, “Financial News”, 28 September 2012
  81. ^ Ben Moshinsky and Lindsay Fortado “U.K. Lawmakers Seek Speedy Overhaul of Libor Following Review”, Bloomberg, 28 September 2012

External links

Barclays Bank

Royal Bank of Scotland

UBS

Government

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Crime of the Century–Global Banking Cartel Grand Theft of American People Continues–The Hidden Inflation Tax–Videos

Posted on September 1, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Natural Gas, People, Philosophy, Politics, Rants, Raves, Regulations, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Unions, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , , , |

The Federal Reserve Explained 

Bank Bailouts Explained 

Quantitative Easing Explained

Clarke and Dawe – Quantitative Easing 

What is quantitative easing all about? 

Alan Greenspan ~ The Federal Reserve Is Above The Law

Dear America, Your Taxes Are Going Up 20%, Food and Gas Prices Will Skyrocket, Fed Drops Bomb On Us 

Exposing the Federal Reserve!

CURRENCY COLLAPSE Why The Government Won’t Act

CURRENCY COLLAPSE: How the US Government Is Destroying the Dollar

CURRENCY COLLAPSE: Interest Rates, The Fed, and History Repeating 

Press TV-On the Edge with Max Keiser-Global Banking Cartel-08-10-2010 (Part 1) 

Press TV-On the Edge with Max Keiser-Global Banking Cartel-08-10-2010 (Part 2) 

G Edward Griffin Creature From Jekyll Island A Second Look at the Federal Reserve 

The Creature From Jekyll Island (by G. Edward Griffin) 

Ron Paul on Understanding Power: the Federal Reserve, Finance, Money, and the Economy 

The US Economy is Doomed

Masters of the Universe, The Secret Birth of the Federal Reserve

“Bernanke Threatens The Congress”  We will cause an Economic Collapse if you audit the Fed!

Ron Paul to Ben Bernanke “What Would It Take For You To Admit You Were Wrong? 

Bernanke signals Fed ready to act

By Robin Harding in Jackson Hole

“…Ben Bernanke sent a clear signal that the US Federal Reserve was ready to do  more to support the US economy, saying that its condition was “far from  satisfactory”.

Speaking at the Fed’s annual gathering in Jackson Hole, Wyoming, Mr Bernanke  offered no direct promise of further intervention. But by spelling out the  feeble state of the economy, the Fed’s intention to be forceful and its range of  policy tools, he raised expectations of action in September.

“Taking due account of the uncertainties and limits of its policy tools, the  Federal Reserve will provide additional policy accommodation as needed to  promote a stronger economic recovery and sustained improvement in labour market  conditions,” said the Fed chairman on Friday.

The clearest hint that Mr Bernanke is ready to do more came from his  disappointment with the economy’s progress. He noted some recovery over the past  few years but said that improvement in the labour market has been “painfully  slow”.

He said “unless the economy begins to grow more quickly than it has recently,  the unemployment rate is likely to remain far above levels consistent with  maximum employment for some time”.

Much of the speech was taken up with a review of the Fed’s actions since the  financial crisis. Mr Bernanke argued that large-scale asset purchases aimed at  driving down long-term interest rates – known as quantitative easing, or QE – have worked.

“A balanced reading of the evidence supports the conclusion that central bank  securities purchases have provided meaningful support to the economic recovery  while mitigating deflationary risks,” he said.

Mr Bernanke reviewed four possible costs of additional asset purchases. He  said they could damage the function of securities markets, raise inflation  expectations, undermine financial stability or cause the Fed to make financial  losses. He said those costs were uncertain, but concluded: “At the same time,  the costs of non-traditional policies, when considered carefully, appear  manageable, implying that we should not rule out the further use of such  policies if economic conditions warrant.”

Paul Dales of Capital Economics in London, arguing that Mr Bernanke had paved  the way for a third wave of quantitative easing, said: “The speech comes across  as a staunch defence of the effectiveness of unconventional monetary policy.”

By midday, the S&P had rebounded from a drop after Mr Bernanke’s  comments, and closed up 0.5 per cent. The 10-year Treasury note rose, pushing  its yield 5 basis points lower to 1.58 per cent, as markets decided Mr  Bernanke’s comments did signal further easing.

Mr Bernanke argued that the Fed’s forecasts of future interest rates – it  anticipates rates staying low at least until late 2014 – illustrated its resolve  in supporting a recovery.

In one possible hint of future policy, he said that the current late-2014  date “is broadly consistent with prescriptions coming from a range of standard  benchmarks”, but that “a number of considerations also argue for planning to  keep rates low for a longer time than implied by policy rules developed during  more normal periods”. …”

http://www.ft.com/cms/s/0/540b1fe0-f374-11e1-9c6c-00144feabdc0.html#axzz25JoVb4VM

Background Articles and Videos

G. Edward Griffin   The Dangerous Servant   A Discourse on Government

 

Meltdown (pt 1-4) The Secret History of the Global Financial Collapse 2010 

Meltdown (pt 2-4) The Secret History of the Global Financial Collapse 2010

Meltdown (pt 3-4) The Secret History of the Global Financial Collapse 2010

Meltdown (pt 4-4) The Secret History of the Global Financial Collapse 2010

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The Progressive Radical Socialist Gang Are Robbing The American People Blind By Using The Federal Reserve And Banks To Create More Money To Devalue The U.S. Dollar Resulting in Inflation and Higher Prices For All Goods and Services!–Videos

Posted on April 22, 2011. Filed under: American History, Banking, Blogroll, Business, Communications, Crime, Culture, Demographics, Economics, Employment, Federal Government, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Public Sector, Rants, Raves, Security, Talk Radio, Taxes, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

The US Economy… is over. Gold + Silver – the only hope for Middle Class survival…

 

Marc Faber – Obama is a prostitute – Laughs at interviewer

 

 

 

Marc Faber on Inflation – “The Ben Bernanke is a Murderer of the Working & Middle Class!”

 

Peter Schiff 2011 – A Financial Earthquake is Next – Get Prepared! – Free Food Offer Below!

 

Peter Schiff – Predictions for 2011 – Dollar Is Collapsing

 

 

END FED Inflation Created By Gov Buying Bonds; QE2 ‘Wealth Effect’; Companies Game System; QE3

 

END FED Social Security Looted By Government And Banks; Fund By Transaction Fee On Derivitives

 

END FED Budget-Entitlements Scapegoating Welfare Moms&Senior Not The Big Issue The Bankers

 

 

END FED: Celente On Economic-Fed Ponzi Scheme; Economy To Fall Once Interest Rates Rise

 

 

Glenn Beck-04/21/11-A

Glenn Beck-04/21/11-B

 

Glenn Beck-04/21/11-C

Background Articles and Videos

END FED: Keiser Explains How Fed-Banks Create Revolutions & Genocide; Speculation, Food-Oil

 

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Economists

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Banking–Videos

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Obama’s Organized Crime Syndicate: ACORN, CCI, SEIU, TARP, GE, Cap and Trade?–Video Exposé

Posted on June 4, 2009. Filed under: Blogroll, Economics, Employment, Law, Links, People, Quotations, Rants, Raves, Regulations, Strategy, Video | Tags: , , , , , , , , , , , , , , , , |

obamacorn

Glenn Beck – Exposes ACORN

 

Glenn Beck, ACORN & Relation to Sanders of Golden West Financial 06/03/09
 
 

 

Glenn Beck – ACORN & SEIU using Thug Tactics?

 

Barack Hussein Obama and Friends – A History of Radicalism

 

Glenn Beck ACORN With Bill O’Reilly 05 28 09 Part 2

 

Glenn Beck Interviews Marcel Reid of ACORN 8 on Audit Request. 05 29 09

 

Glenn Beck & Judicial Watch Pres Tom Fitton, on ACORN Involvement in 2010 Census. 05 29 09

 

Matthew Vadum on Glenn Beck Program, May 13, 2009, part 1 of 2

 

Matthew Vadum on Glenn Beck Program, May 13, 2009, part 2 of 2

 

Kevin Whelan, ACORN Spokesperson

 

Barack Obama – ACORN Will Shape My Domestic Policy

 

OBAMA’S ACORN EXPOSED PART 1 OF 2

 

OBAMA’S ACORN EXPOSED PART 2 OF 2

 

SEIU Boss Puts Politicians On Notice

 

Political Payback: SEIU Influences Use of Stimulus Money in California

 

National Right to Work Talks Card Check On Lou Dobbs

 

Obama supports the Employee Free Choice Act

 

Former Union Organizing Director discusses Card Check

 

 US Federal Government Deficits

federal_spending

 

Stop Spending Our Future – The Crisis

 

Joe Stiglitz …explains how we got robbed by tarp 2

 

Inside Look – How Not to Fix the Financial System – Bloomberg

 

Is TARP a Criminal Enterprise ? part 1/2 

 

Is TARP a Criminal Enterprise ? part 2/2

http://www.youtube.com/watch?v=CtfhVdvrZkY 

 

Why Toxic Assets and Incompetent CEOs Persist (FRAUD) 1/3

 

Why Toxic Assets and Incompetent CEOs Persist (FRAUD) 2/3

 

Why Toxic Assets and Incompetent CEOs Persist (FRAUD) 3/3


 

GE Shareholder Meeting: Investors of Tanking Co. Outraged over NBC, MSNBC Bias

 

GE CORRUPTION: How GE Intends to Make Money from Stimulus Package and Obama Administration

 

Glenn Beck & Bill O’Reilly: GE, NBC & MSNBC in Corruption Racket with Barack Obama Admin?

 

Rep. Dingell on Cap and Trade

 

Cap and Trade: It’s an Energy Tax

 

Warren Buffett Slams “Cap and Trade” as a Regressive Tax on All Americans

 

Obama: My Plan Makes Electricity Rates Skyrocket

 

Kudlow Blasts Cap and Trade

 

MAJOR REDUCTIONS IN CARBON EMISSIONS ARE NOT WORTH THE MONEY DEBATE: PETER HUBER

 

You are invited to attend a Tea Party on July 4, 2009, Independence Day!

 

Join the Second American Revolution

 

we_the_people

The Meaning of Independence Day

Ayn Rand Center for Individual Rights

 

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

Millions of Rightwing Extremists To March On Washington D.C. Fair–Celebrating Independence Day Tea Parties and Chanting “Extremism in the defense of liberty is no vice!” 

 

Please Spread The Message of Liberty

liberty_bell1

 “Proclaim liberty throughout the land to all its inhabitants.”

 

 Let Freedom Ring  

 

 

 

Thomas Paine on to Washington

 

switchfoot-dare you to move(live)

Background Articles and Videos

Defending the American Dream

The U.S. Department of Injustice

By Michelle Malkin  •  June 5, 2009 09:56 AM

doj

“…My column today looks at the political corruption of the Obama Justice Department. With the crime-coddling crony Attorney General Eric Holder in charge, no one should be surprised, of course. Members of Congress who care about electoral integrity need to press the administration on who intervened in the New Black Panther Party case and why. Members of Congress who care about voter fraud need to press the administration on its decision to undermine Georgia voter verification rules. And members of Congress need to continue connecting the dots to ACORN and the larger plan to wield power to preserve and protect a permanent Democratic majority. …”

“…Former Justice Department official and voting rights scholar Hans Von Spakovsky added: “I have never heard of the Department dismissing a case it has already won by default. They have…sent the message that hurling racial epithets and slurs at voters and intimidating and threatening voters at the polls is fine with the Holder Justice Department – at least if you are African-American. I seriously doubt that would have happened if the races had been reversed in this case.” …”

http://michellemalkin.com/2009/06/05/the-us-department-of-injustice/

Document drop: The ObamACORN-Project Vote-nutroots axis

By Michelle Malkin 

“…Have you ever wondered why liberal blogs have shown zero interest in the coordinated corruption between the Obama campaign, ACORN, and its non-profit affiliates who are barred by law from engaging in partisan political activity?

Here’s an internal e-mail from Project Vote/ACORN lead official Nathan Henderson-James addressed to his “colleagues” — all editors and writers for the Left’s leading blogs, including Ezra Klein and Greg Sargent (now both working for the Washington Post). Henderson-James asks his colleagues for help in raising $850,000 for the Project Vote registration drive and thanks them for their “continued generosity and support” and “loyalty.” …”

http://michellemalkin.com/2009/06/02/document-drop-the-obamacorn-project-vote-nutroots-axis/

 

Document drop: The ObamACORN-Project Vote-NYTimes axis cont’d.

By Michelle Malkin

project_vote_logo  

 

“…As part of our ongoing look at the coordinated corruption between ACORN, Project Vote, and the Obama campaign, here’s another internal email between staffers discussing how to use the Obama donor list — and an April 2008 New York Times piece on Florida voter registration laws — to drum up more money and bodies for the Obama-promoting network: …”

“…Remember: Project Vote is a 501(c)(3) barred by law from engaging in political campaigning.

Background on the players: Nathan Henderson-James was the research director of Project Vote who served simultaneously as ACORN’s political strategist. He currently works on online campaigns at ACORN and was director of the “Strategic Writing and Research Department (SWORD)” at ACORN non-profit affiliate Citizens’ Services Inc (that’s the same outfit that the Obama campaign paid $800,000 to last year and failed to report to the FEC.) Karyn Gillette was the Ohio-based national Project Vote development director who also served as campaign consultant to the ACORN-friendly Democrat secretary of state in Ohio, Jennifer Brunner. Michael Slater was the deputy director of Project Vote who had served as an organizing team leader for District 1199 SEIU and as executive director of Minnesota ACORN. He’s currently executive director of Project Vote. Michael McDunnah is PV’s communications director. …”

http://michellemalkin.com/2009/06/02/document-drop-the-obamacorn-project-vote-nytimes-axis/

 

Barack Obama and the History of Project Vote

 

Holder undermines Georgia’s voter verification rules; ACORN cheers

By Michelle Malkin  

obamacorn

Photoshop credit: Leo Alberti

“…First, Attorney General Eric Holder and the DOJ protect the New Black Panther Party bullies who menaced a Philly voting station last fall.

Now, Holder and the DOJ are opening the voter fraud floodgates in Georgia. The Georgia secretary of state explains:

Obama Justice Department Decision Will Allow Non-Citizens to Register to Vote in Georgia
Decision Bars Georgia From Continuing Voter Verification Process

Georgia Secretary of State Karen Handel issued the following statement following the U.S. Department of Justice’s denial of preclearance of Georgia’s voter verification process:

Atlanta – “The decision by the U.S. Department of Justice (DOJ) to deny preclearance of Georgia’s already implemented citizenship verification process shows a shocking disregard for the integrity of our elections. With this decision, DOJ has now barred Georgia from continuing the citizenship verification program that DOJ lawyers helped to craft. DOJ’s decision also nullifies the orders of two federal courts directing Georgia to implement the procedure for the 2008 general election. The decision comes seven months after Georgia requested an expedited review of the preclearance submission.

“DOJ has thrown open the door for activist organizations such as ACORN to register non-citizens to vote in Georgia’s elections, and the state has no ability to verify an applicant’s citizenship status or whether the individual even exists. DOJ completely disregarded Georgia’s obvious and direct interest in preventing non-citizens from voting, instead siding with the ACLU and MALDEF. Clearly, politics took priority over common sense and good public policy. …”

http://michellemalkin.com/2009/06/02/holder-undermines-georgias-voter-verification-rules-acorn-cheers/

 

“ACORN is a criminal enterprise”

By Michelle Malkin  

“ACORN is a criminal enterprise.”

“…These are the five simple words that every conservative candidate and officeholder should be repeating often and loudly.

It’s about the fraud. It’s about the coordinated corruption. It’s about the effect on housing, the economy, and the entire electoral landscape.

Does the GOP get it yet? At least one Republican candidate does.

Kris Kobach, the former Bush administration national security/immigration enforcement official and constitutional lawyer, announced that he will run for Kansas Secretary of State last week. His prime motivation: stopping the ACORN racket: …”

http://michellemalkin.com/2009/06/01/acorn-is-a-criminal-enterprise/

 

Organized Crime

“… Organized crime or criminal organizations comprise groups or operations run by criminals, most commonly for the purpose of generating a monetary profit. The Organized Crime Control Act (U.S., 1970) defines organized crime as “The unlawful activities of […] a highly organized, disciplined association […]”.

Mafia is a term used to describe a number of criminal organizations around world. The first organization to bear the label was the Sicilian Mafia, known to its members as Cosa Nostra. In the United States, “the Mafia” generally refers to the Italian-American Mafia. Other organizations described as mafias include the Russian Mafia, the Chinese Triads, the Albanian Mafia, the Japanese Yakuza, the Neapolitan Camorra, the Mexican Mafia , and the French “Milieu”.

Some criminal organizations, such as terrorist organizations, are politically motivated (see VNSA). Gangs sometimes become “disciplined” enough to be considered “organized”. An organized gang or criminal set can also be referred to as a mob. The act of engaging in criminal activity as a structured group is referred to in the United States as racketeering. In the U.S., organized crime is often prosecuted federally under the Racketeer Influenced and Corrupt Organizations (RICO) Act.

http://en.wikipedia.org/wiki/Criminal_organization

 

National Crime Syndicate

“…The National Crime Syndicate was the name given by the press to a loosely-organized multi-ethnic organized crime syndicate, started in the 1930s, by Charlie “Lucky” Luciano, Meyer Lansky and other ethnic crime bosses based in New York City and New Jersey.

As revealed by the findings of U.S. Senate Special Committee in the 1950s chaired by Estes Kefauver, it was described as a confederation of mainly Italian and Jewish organized crime groups throughout the U.S.

According to some writers on organized crime, the Syndicate was founded or established at a May 1929 conference in Atlantic City, attended by leading underworld figures throughout the country, including Al Capone, Meyer Lansky, Johnny “The Fox” Torrio, Frank Costello, Joe Adonis, Dutch Schultz, Abner “Longy” Zwillman, Louis “Lepke” Buchalter, Vince Mangano, gambler Frank Erickson, Frank Scalice and Albert “Mad Hatter” Anastasia.[1] Others describe the Atlantic City meeting as a coordination and strategy conference for bootleggers.[2]

The supposed enforcement arm of the Syndicate was what the media dubbed Murder, Inc., a gang of Brooklyn thugs who carried out murders in the 1930s and 1940s for various crime bosses. It was headed by Jacob “Gurrah” Shapiro and Anastasia, who reported to commission members Lepke and Adonis. It included many infamous mobsters such as Bugsy Siegel, the man who would later “build” Las Vegas.

In his 1991 biography of Meyer Lansky, Little Man, journalist Robert Lacey argues that no National Crime Syndicate ever existed. “[J. Edgar] Hoover’s personal position, that the Mafia did not exist, has proven to be as erroneous as the Kefauver’s Committee’s belief in a national conspiracy.”[3]

…”

http://en.wikipedia.org/wiki/National_Crime_Syndicate

 

Chicago Outfit

“…The Chicago Outfit, shortened to “The Outfit” is a crime syndicate based in Chicago, Illinois, USA. Dating back to the 1910s, it is part of the United States phenomenon known as the Mafia; however, the Chicago Outfit is distinct from the “Five Families” of New York City, though all Italian-American crime families are ruled by The Commission.

The Outfit is the only criminal organization that has a monopoly on traditional organized crime in the city of Chicago, whereas the Five Families compete with each other for control of racketeering activities in New York. The Outfit’s control reportedly reaches throughout the western United States to places as far away as Los Angeles, California and parts of Florida. The Chicago Outfit is also known to have large control over neighboring states including Iowa, Wisconsin and other areas of the midwest

Unlike the “Five Families,” the Outfit has had other ethnic groups besides Italian Americans in its upper echelons since its earliest days. A prime example of this was the Jake Guzik (“Greasy Thumb”) who was the top “bagman” and “accountant” for decades until his death. He was Jewish and either Polish or Russian depending on the source. Another mobster was Japanese-American Ken Eto. To this day, the Outfit bears the influence of its best-known leader, Al Capone. In fact for decades after Capone had left the scene, the Outfit was known as “the Capone Gang” or “the Capones” to outsiders. The Outfit’s membership is moderately estimated to be between 300-400 made members comprising a core group with more than 1000 associates estimated. …”

http://en.wikipedia.org/wiki/Chicago_Outfit

Barack Obama & Organized Crime

“…As a community organizer Obama must have personally witnessed the human suffering inflicted by the mob-tied drug, gambling and prostitution rackets on the South Side, and later as a Chicago politician he must have been keenly aware of the corrosive effect on government resulting from mob influence. Organized crime long has permeated, if not defined, the Windy City, and is the subject of Gus Russo’s 2001 book The Outfit:  The Role of Chicago’s Underworld in the Shaping of Modern America.  Indeed, the political machine which produced Barack Obama historically was a mob front as detailed by Daniel T. Zanoza in his article “Will Obama Bring Daley Machine Roots to D.C.?”  And the so-called Family Secrets trial in 2007 which resulted in the conviction of several top members of the Outfit made it convincingly clear to any doubters that the mob in Chicago remained a viable but destructive force going into the 21st century…”

http://bitterqueen.typepad.com/friends_of_ours/2008/12/barack-obama-organized-crime.html

 

State Investigation of ACORN and Citizens Consulting Inc.

“…To:  Louisiana Attorney Citizens Consulting Inc General James D. Caldwell

WE, the undersigned citizens of the state of the State of Louisiana, do hereby petition and demand the following:

WHEREAS it is known that criminal charges have been filed against employees of the Association of Community Organizations for Reform Now, or more commonly referred to as ACORN, for voter registration fraud in 14 states, including 26 charges of compensation for registration of voters and 13 charges of being a “principal” in the incident in Nevada;

WHEREAS it is also publicly known Wade and Dale Rathke, former members or employees of ACORN, were caught embezzling over a million dollars from the coffers of the ACORN organization and have to date never been criminally charged with doing so;

WHEREAS it is also publicly known that the association called “Citizens Consulting Inc.” is the financial arm of the group ACORN and all organizations and groups that fall under it;

WHEREAS it is publicly known that the association named Citizens Consulting Inc., is located at 1024 Elysian Fields Ave, in the city of New Orleans, in the state of Louisiana;

WHEREAS it is also publicly known that the group ACORN is headquartered at the same address 1024 Elysian Fields Ave, in the city of New Orleans, in the state of Louisiana as the Citizens Consulting Inc;

WHEREAS it is also publicly known that Citizens Consulting Inc. is described as “ACORN’s campaign Consulting entity;”

WHEREAS it is also publicly known that Citizens Consulting Inc. receives all contributions and donations as well as grants and state and federal funds that are directed to the group ACORN, at its offices located at 1024 Elysian Fields Ave, New Orleans, LA;

WHEREAS it is also known that Citizens Consulting Inc. charges an “administration fee” for all contributions and donations, grants, state and federal funds that it receives in the name of ACORN and all groups that fall under the umbrella of ACORN;

WHEREAS it is not publicly known how much of an “administration fee” Citizens Consulting Inc. charges for administering these funds;

WHEREAS Citizens Consulting Inc. has repeatedly refused to give that information to any member of any board of directors of ACORN, to any employee of ACORN, to any member of any group that falls under ACORN’s umbrella, or to any one else inquiring into the amount or percentage that Citizens Consulting Inc. charges for administering these funds;

WHEREAS there is clear and convincing evidence supporting allegations of embezzlement and voter registration fraud against the group ACORN as well as of the Citizens Consulting Inc.’s refusal to provide information regarding it’s administration fees, it’s refusal to provide an audit of its financial books, and in general stonewalling any questions or inquiries into how it spends the contributions, donations, and the state and federal funds that it receives on behalf of the group ACORN, the citizens of the state of Louisiana hereby demand the following: …”

http://www.petitiononline.com/ACORNCC/petition.html

 

Citizen Consulting Inc.

“…Contact Information about Citizens Consulting Inc

Address: 1024 Elysian Fields Ave
New Orleans, LA,
70117-8402
Phone: 504-943-5954
Website: www.citizenscons… 

http://www.macraesbluebook.com/search/company.cfm?company=687961

 http://www.citizensconsulting.org/

Lou Dobbs – ACORN Fraud & Obama Ties

Lou Dobbs – ACORN Fraud & Obama Ties

 

Mafia-style President Pays Back His SEIU Muscle, Puts the Screws to Calif

“…Obama paid out at least $2,250,000 to the SEIU, the Service Employees International Union – the nation’s largest labor union. And SEIU COPE-PAC spent $13,355,389.00 on behalf of Barack Hussein.

Payback time for voter fraud and illegal campaign activity.

Between the SEIU and ACORN, the Chicago gangland style politician muscle for money and protection racket is all locked up. And now he is going nationwide with it.

More illegal harassment and intimidation – more blackmail from the thug-in-chief. …”

http://atlasshrugs2000.typepad.com/atlas_shrugs/obamas-mafia-presidency/

 

Unplugged: The SEIU chief on the labor movement and the card check

He’s signaling a truce with Culinary but has harsh words for its parent, Unite Here

“…In Andy Stern’s world view, bigger is better.

And better still if the center of that world is his 2-million-member Service Employees International Union.

To hear him tell it, two of the nation’s most progressive unions would not now be at war had they only listened to his advice five years ago. Back then, as Unite, the garment and apparel workers union, and Here, the hotel and casino workers union, considered merging, Stern suggested an alternative: join SEIU, which was surging forward as the country’s largest and fastest-growing union. …”

“…We have an affiliation agreement that is crystal clear. Workers United wasn’t going to let us anywhere near their Amalgamated Bank and we didn’t want to be near that bank. This is an asset that’s been in Unite’s control for 50, 60 years. Workers United’s assets are not SEIU’s assets. They brought it to the relationship and it’s theirs.

As for SEIU, every four years, two things happen: our union’s convention and our country’s presidential election. For four years we save our money and then on the fourth year we spend it all. If we were trying to be a bank and not an advocate for our members’ interests, our members would be really disappointed. We are not a savings institution.

We spent a fortune to elect Barack Obama — $60.7 million to be exact — and we’re proud of it. …”

http://www.lasvegassun.com/news/2009/may/10/stern-unplugged-seiu-chief-labor-movement-and-card/

George Soros and Acorn in the 2008 Elections

 

Intro to SEIU from Andy Stern

 

Andy Stern talks health care with Obama

 

Obama speaks to SEIU (9/17/2007) Part 1 of 5

 

Obama speaks to SEIU (9/17/2007) Part 2 of 5

 

Obama speaks to SEIU (9/17/2007) Part 3 of 5

 

Obama speaks to SEIU (9/17/2007) Part 4 of 5

 

Obama speaks to SEIU (9/17/2007) Part 5 of 5

More Perspective – TARP Nominee – Bloomberg

 

Organized crime penetrates the movie industry in the 1930s

 

Organized crime in Los Angeles in 1930s

 

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The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

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Voters Beware: The Radical Rules of Saul Alinsky and Leftist Democrats

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Big Bad Bureaucratic Bust: Government Intervention in Housing Caused Financial Crisis and Economic Recession–Progressive Government Failure!

US Federal Government Fails Stress Test–Insolvent: Time Has Arrived For Downsizing–Departments and Subsidies To Be Eliminated!

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Bailed Out Bank Trillion Dollar Derivative Exposure

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Obama Fully Supports Ending Secret Ballot For All Employees–Are Voters Next?–Employee Free Choice Act a.k.a. Card Check is Ballot Check Next?

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President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Amity Shlaes–Videos

Thomas E. Woods, Jr.–Videos

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Save Your Job and Life–Abolish The Environmental Protection Agency!

MAJOR REDUCTIONS IN CARBON EMISSIONS ARE NOT WORTH THE MONEY DEBATE–Videos

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Cap and Trade Carbon Dioxide Tax: Gore’s and Obama’s Revenge on The American People–Let Them Freeze and Sweat!

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Global Warming Books

Global Warming Sites

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The French Connection–Chicago Corruption Cesspool–Climate Change–Big Al and BO–Gore Obama–The GO Team!

Posted on December 10, 2008. Filed under: Art, Blogroll, Climate, Cult, Economics, Energy, Law, People, Politics, Quotations, Rants, Raves, Resources, Science, Talk Radio, Taxes, Technology, Video | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Governor Rod Blagojevich and President-elect Barack Obama

 

Governor Rod Blagojevich Was Arrested On Corruption Charges | Rezko – Obama Connection?

 

obama’s Chicago- Rod Blagojevich Invites People To Record Him

 

Exposing Blagojevich

 

Obama’s Chicago- Reports On The Arrest Charges Against Rod Blagojevich

 

Obama talks- Gov Blagojevich Political Scandal Dec 9th 2008

 

Axelrod says Obama talked with Blagojevich about who he wants to replace him

 

Obama speaks on Illinois Governor and Climate-Change 10 Dec 08

Connecting the Dots in the Corrupted Chicago Politics–Blagojevich, Rezko, Obama, Emanuel, Axelrod

 

Al Capone – The Untouchables

 

The Chicago Way

 

The french connection (1971) car chase

 

The climate in Chicago and Illinois politics just got very hot for the Chicago professional criminal class–Democratic politicians.

Instead of using the royal we, President-elect Barack Obama was quick to use the word I:

“I had no contact with the governor or his office, and so we were not — I was not aware of what was happening,”

So, who in the Obama family contacted Governor Blagojevich to make known BO’s pick to fill the Senate seat.

BO apparently wanted Valerie Jarrett and not Jessee Jackson Jr. to fill the Senate seat he resigned from recently.

Why did she suddenly backoff given the support of President-elect Barrack Obama?

Did she report back to Obama that the Governor was looking for some form of payoff for the appointment or “pay to play”?

If she did, then did President-elect report this to the FBI or US Attorney in Chicago?

 

Obama’s “Other Half”

 

Transition Update: Valerie Jarrett on Ethics Reform

 

Valerie Jarrett Obama’s secret campaign weapon

 

Valerie Jarrett’s Thoughts on Barack Obama

 

Looks like it is Jesse Jackson Jr. might be the French Connection and he is running scared.

 

Jesse Jackson Jr.’s Press Conference

 

Jesse Jackson Jr. Denies Offering Payment for U.S. Senate Seat

 

Jesse Jackson Jr on Cnn’s Larry King Live

Jackson is protesting too much.

The reporter should have asked Jackson when he said he was not a target of the investigation, whether he was a subject of the investigation?

I suspect he is a subject of the investigation and might be a future target if the scope of the investigation is expanded.

Did he speak with the Governor on a telephone in the same four years that he did not meet with him?

Observe that President-elect Obama was not as emphatic or forthcoming as Congressman Jackson as to what his “family”  or staff said to Governor Blagojevich.

Both Barack Obama and Jessee Jackson Jr. did not take any questions at their press conferences.  

Instead of being outraged and offended by the Governor’s behavior, Obama was “saddened” and “sobered”.

Who is the French Connection or the Obama family “we”  that was in contact with Governor Blagojevich regarding the Senator apppointment?

Were their conservations also captured on tape?

Were crimes committed?

Was someone setup?

Who flipped on the Governor and wore the wire?

Did Rezko give up someone close to the Governor who in turn gave them the Governor by wearing a wire? 

The timing of the announcement of the arrest is also suspect.

If there were crimes committed before the election, why were arrests not made then?

Why shut down the investigation and not let it run to see who pays for being appointed Senator?

Who is protecting who?

The irony and arrogance  of the Gore Obama press conference is President-elect Barack Obama aids and abetts the tax and investment fraud of man-made global warming requires a new cap and trade tax to save the planet –the biggest rip-off of the American people in a century!

Obama Carbon Tax Will Destroy Economy, Based on Hoax

 

Shikha Dalmia on Cap and Trade

 

Cost of Cap & Trade


 

The climate of earth has been changing since the formation of the planet.

Man-made climate change caused by carbon dioxide emission from the burning of fossil fuels such as coal and gasoline is a rounding error or immaterial in changing the climate of planet earth.

The junk science of climate computer models is being wrongly used to justify the biggest tax increase in US history, namely the cap and trade tax.

The professsional criminal class is trying to rip off the American people by increasing taxes on energy use and justifying it in terms of  “saving the planet”.

Neither the American people nor reputable scientists are buying man-made global warming.

The climate of the planet has turned cool to cold as solar activity declines and temperatures fall.

Note the change in wording from man-made global warming to man-made climate change.

The sun or variation in solar activity  is the primary driver of climate change! 

Unstoppable Solar Cycles

 

This video sets aside doomsday alarmism and political axe-grinding to look at the science behind the history of climate change on earth. An examination of early Viking colonies on Greenland, wiped out by a period of global cooling, enables scientists to draw important conclusions about our current phase in the climate cycle. What we learn in this program is that earth’s climate is always changing – from The Middle Ages and the “Little Ice Age” to the modern warming that has been going on since 1850 (well before human-generated CO2 began increasing in our atmosphere).

Dr. Willie Soon, an Astrophysicist from the Harvard-Smithsonian Center for Astrophysics and Dr. David Legates, a Climatologist from the Center from Climate Research at the University of Delaware provide an easy-to-follow review of current climate science, which suggests that the sun’s irregular patterns and other natural forces are the major sources of climate change.

 

Climate Change – Bob Carters 5 Tests of CO2 part 1

Professor Bob Carter makes an examination of whether Climate change is due to CO2 emissions with 5 straight forward tests
a must see video

 

Climate Change – Bob Carters 5 Tests of CO2 part 2

Professor Bob Carter makes an examination of whether Climate change is due to CO2 emissions with 5 straight forward tests
a must see video

 

Apparently the sun is not cooperating with the crime of the century.

Rumor has it that a new energy and climate change czarina will be appointed soon, namerly Carol M. Browner, an Al Gore global warming fanatic and his former Legislative Director.

 Carol M. Browner

“…Browner also has taken action against one of the nation’s most serious threats: global warming. She believes the country, working together, can address this problem in ways that grow our economy and improve our competitiveness. For example, under her leadership, EPA has built partnerships with thousands of businesses and organizations to use energy more efficiently. Just in 1997, these partnerships prevented the release of nearly 60 million tons of carbon dioxide, the primary contributor to global warming. At the same time, these measures saved businesses and consumers more than $1 billion. …”

http://www.epa.gov/history/admin/agency/browner.htm

She will responsible for coordinating  energy, climate and environmental issues and initiatives.

She appears to be just another lawyer that does not understand either economics or science but knows how to wreck the US economy and destroy jobs by advocating the carbon cap and trade tax.

 

Browner and Greener
Needless to say, the nation’s energy crisis is no longer Barack Obama’s top priority.By Max Schulz“…Browner served eight ferocious years as Bill Clinton’s

EPA chief, after having been Senator Al Gore’s legislative director. At EPA, she worked hand-in-glove with the nation’s politically minded environmental organizations (and now, handily enough, sits on the boards of several of them), and became known for favoring a heavy-handed regulatory agenda. Browner was the driving force behind the federal government’s effort to force GE to spend $490 million to dredge New York’s Hudson River to rid it of PCBs that — because they were buried under layers of silt — posed no environmental harm.

Browner’s push for overly stringent clean-air regulations drew cries of alarm from across the political spectrum. Chicago’s Democratic Mayor Richard Daley, for instance, warned that Browner’s regs would quash economic development in inner cities. Fortunately, many of the Browner EPA’s more aggressive actions were reversed in the legislature or through the courts — in fact, some of her employees wound up facing criminal charges for falsifying evidence and manipulating lab results. Far-left environmentalists are more likely to be cheered than troubled by that fact, of course.

What is generally missing from the Obama green team is a recognition of the critical need to increase the supplies of energy that power our economy. It’s one thing to pine for a day when everything runs on clean, green energy; it’s quite another to bravely acknowledge that fossil fuels like oil, natural gas, and coal (along with nuclear power) do the heavy lifting in our energy economy, and will continue to do so for years to come. Energy issues gathered steam over the summer because consumers were fed up with skyrocketing prices. When the economy picks back up, and demand for oil with it, prices will likely soar once more. Nothing in Obama’s impending selections suggests a desire to address those fundamental supply questions. …”

http://article.nationalreview.com/?q=NWQyZWEzOWQ3MTRhOTYxMzZjNDlkYTg5NzdhODRmOWM

 

Carol Browner – Embrace a Cap-and-Trade Requirement


 

 

Inside the Transition: Energy & Environment Policy Team

 

Carol Browner on Climate Matters Act

Energy & Environment, – America’s Role in the World

 

Browner likes to equate carbon dioxide emissions with sulfur dioxide emissions when advocating a cap and trade tax.

The problem is carbon dioxide is not a pollutant and sulfur dioxide is a pollutant.

Nor does carbon dioxide cause global warming or climate change.

The level of carbon dioxide in the atmosphere is a lagging result of climate change not the cause of climate change.

She will be a shill for proposing the largest tax increase in US history and say she is recommending this to “save the planet”.

 

George Carlin – Saving the Planet

 

The majority of the American people are not buying this junk science rubbish from the so called American elites.

20/20 Stossel- GMAB – Al Gore Global Warming Debate

 

Carbon Dioxide is Our Friend

 

Global Warming – Carbon Dioxide

 

The arrest of Governor Blagojevich for the crime of solicitation of bribery is chump change, a triffling sum of money.

Compare this  crime to both former Vice-President Gore’s and President-elect Obama’s continuing efforts to rip off the American people and wreck the American economy by imposing a cap and trade tax to “save the planet” from climate change.

Give me a break! 

The world is not running out of oil, just cheap oil.

ABC News : 20/20 : Myth : Is Oil Truly…

 

Build 500 nuclear plants over the next twenty-five years to produce over 95% of the United States’ electrical power requirements.

Gradually transition to electrical powered  vehicles as the nuclear power plants come on line and technology and innovation make electrical vehicles affordable.

This would lead to real energy independence for the United States of America.

Go nuclear! 

 

Background Articles and Videos

 

Obama reacts to Illinois governor’s arrest

 

 

Chicago Mob, JFK, & Cuba

 

Dirty Barack Obama

 

Obama and Rezko

 

Barack Obama – Tony Rezko Convicted – Political Fixer

 

Man vs. Mob

 

How to win an election (by Rep. Jesse Jackson Jr.)

 

 

Crooked Carol Browner: Obama’s ethically-challenged energy czar

By Michelle Malkin

“…On her last day in office, nearly eight years ago, Browner oversaw the destruction of agency computer files in brazen violation of a federal judge’s order requiring the agency to preserve its records. This from a public official who bragged about her tenure: “One of the things I’m the proudest of at EPA is the work we’ve done to expand the public’s right to know.”

Asked to explain her track-covering actions, the savvy career lawyer Browner played dumb. Figuratively batting her eyelashes, she claimed she had no clue about a court injunction signed by U.S. District Judge Royce Lamberth on the same day she commanded an underling to wipe her hard drives clean. Golly gee willikers, how could that have slipped by her? …”  

“…Is this a gamble the Obama administration wants to take? Browner has crossed the line and violated public trust before in her capacity as eco-chief. Early in her first term as EPA head, Browner got caught by a congressional subcommittee using taxpayer funds to create and send out illegal lobbying material to over 100 grassroots environmental lobbying organizations. Browner exploited her office to orchestrate a political campaign by left-wing groups, who turned around and attacked Republican lawmakers for supporting regulatory reform. These are the very same groups – anti-business, anti-sound science, pro-eco-hysteria – that Browner would be working arm in arm with as Obama’s “energy czar.”

This is regression we can’t afford. …”

http://michellemalkin.com/2008/12/12/crooked-carol-browner-obamas-ethically-challenged-energy-czar/

Breaking: Obama calls for Blago’s resignation

 by Ed Morrissey

“…Well, well, well.  It didn’t take long for Barack Obama to throw his former political ally Rod Blagojevich under the bus.  Obama spokesman Robert Gibbs announced just a few minutes ago that Obama wants Blagojevich to resign as governor of Illinois:

President-elect Barack Obama is calling for Illinois Gov. Rod Blagojevich to resign. Obama spokesman Robert Gibbs says the president-elect agrees with other prominent politicians that “under the current circumstances, it is difficult for the governor to effectively do his job and serve the people of Illinois.”

Blagojevich was arrested Tuesday, accused of scheming to enrich himself by selling Obama’s vacant Senate seat. The governor has authority to appoint the replacement. He denies any wrongdoing.

Obama had tried to avoid commenting on Blagojevich’s options yesterday, preferring to remain aloof and let the process work itself out.  Within 24 hours, Obama apparently changed his mind.  Why?  Perhaps David Axelrod’s remarks from last month unnerved the President-elect, and he decided that he had to get significant distance from Blagojevich. …”

http://hotair.com/archives/2008/12/10/breaking-obama-calls-for-blagos-resignation/

FULL CHARGES AGAINST ILLINOIS GOVERNOR ROD R. BLAGOJEVICH AND HIS CHIEF OF STAFF JOHN HARRIS ARRESTED ON FEDERAL CORRUPTION AT A STAGGERING LEVEL

“Illinois Gov. Rod R. Blagojevich and his Chief of Staff, John Harris, were arrested today by FBI agents on federal corruption charges alleging that they and others are engaging in ongoing criminal activity: conspiring to obtain personal financial benefits for Blagojevich by leveraging his sole authority to appoint a United States Senator; threatening to withhold substantial state assistance to the Tribune Company in connection with the sale of Wrigley Field to induce the firing of Chicago Tribune editorial board members sharply critical of Blagojevich; and to obtain campaign contributions in exchange for official actions – both historically and now in a push before a new state ethics law takes effect January 1, 2009.

Blagojevich, 51, and Harris, 46, both of Chicago, were each charged with conspiracy to commit mail and wire fraud and solicitation of bribery. They were charged in a two-count criminal complaint that was sworn out on Sunday and unsealed today following their arrests, which occurred without incident, announced Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois, and Robert D. Grant, Special Agent-in-Charge of the Chicago Office of the Federal Bureau of Investigation. Both men were expected to appear later today before U.S. Magistrate Judge Nan Nolan in U.S. District Court in Chicago.

A 76-page FBI affidavit alleges that Blagojevich was intercepted on court-authorized wiretaps during the last month conspiring to sell or trade Illinois’ U.S. Senate seat vacated by President-elect Barack Obama for financial and other personal benefits for himself and his wife. At various times, in exchange for the Senate appointment, Blagojevich discussed obtaining:

  • A substantial salary for himself at a either a non-profit foundation or an organization affiliated with labor unions;
  • Placing his wife on paid corporate boards where he speculated she might garner as much as $150,000 a year;
  • Promises of campaign funds – including cash up front …”

http://www.thechicagosyndicate.com/2008/12/full-charges-against-illinois-governor.html

 

Boomerang: The Democrat culture of corruption

By Michelle Malkin

“My syndicated column today looks at how the Democrat “culture of corruption” boomerang has returned to smack the donkeys right back in the face.

Snort-worthy: Guess what big national event is taking place in Chicago this week? The 30th annual COGEL (Council on Governmental Ethics Laws) Conference.

“…U.S. Attorney Patrick Fitzgerald called the breadth and depth of charges against Blagojevich and his Democratic Chief of Staff John Harris “staggering.” That’s an understatement. Anything that breathed was a potential shakedown target. It’s the Chicago way. Democrat Blago’s so dirty he’d hit up a children’s hospital for money. Oh, wait. He’s accused of doing that, too.

Democrat Blago allegedly conspired to use his power to appoint President-elect Barack Obama’s vacant Senate seat as a bargaining chip for financial payment. He explored trading on that authority for an appointment as Health and Human Services secretary or as an ambassador or for installment in a cushy union position. (He discussed his trading scheme with an unnamed “SEIU (Service Employees International Union) official” and unnamed “various consultants” in Washington.)

According to the criminal complaint released yesterday, he also tried to leverage his influence over the sale of Wrigley Field (owned by Tribune media company) in an attempt to get Chicago Tribune editorial writers who called for his impeachment fired — which illustrates the very perils of media/government entanglements I warned about in my newspaper bailout column last week. His wife, Patricia Blagojevich, was apparently in on the thuggery, too. Taking a break from her first lady duties advocating “on behalf of women and children,” she is heard in taped discussions about the Chicago Tribune/Wrigley Field deal telling a governor’s aide “to hold up that f**king Cubs sh*t. … F**k them.” …”

http://michellemalkin.com/2008/12/10/boomerang-the-democrat-culture-of-corruption/

 

Governor Accused in Scheme to Sell Obama’s Senate Seat

“…Mr. Obama, who Mr. Fitzgerald said was not implicated in the case, sought to put distance between himself and the governor during brief remarks on Tuesday afternoon and later in an interview with The Chicago Tribune, saying he did not discuss his Senate seat with Mr. Blagojevich.

“I had no contact with the governor or his office, and so we were not — I was not aware of what was happening,” Mr. Obama said. “And as I said, it’s a sad day for Illinois. Beyond that, I don’t think it’s appropriate to comment.”

Throughout his career, Mr. Obama has adroitly straddled the state’s bruising politics, forming alliances with some old-style politicians even as he pressed for ethics reform. But Mr. Obama had long been estranged from the governor, even though some in his political circle have had relationships with both of them, including Rahm Emanuel, his chief of staff, and Emil Jones Jr., the retiring State Senate president and a longtime mentor.

The federal accusations against Mr. Blagojevich go beyond the Senate question into what the authorities here described as a “political corruption crime spree.”

http://www.nytimes.com/2008/12/10/us/politics/10Illinois.html?_r=1

 

The Blagojevich Case: Why Did Fitzgerald Act Now?
A corruption investigation stopped short.

By Byron York 

“There are a lot of questions stemming from the criminal complaint detailing Illinois Gov. Rod Blagojevich’s alleged efforts to sell the Senate seat vacated by President-Elect Barack Obama. Who are the various advisers and potential candidates named in the 76-page complaint? What, if any, contacts did Blagojevich or his emissaries have with representatives of the Obama transition? And did Obama ever speak to Blagojevich about the issue? (Obama says he didn’t, and top adviser David Axelrod now says he was “mistaken” when he said the two men had, in fact, talked.)

But of all those questions, perhaps the most intriguing is why prosecutor Patrick Fitzgerald, whose office had been gathering astonishing evidence implicating Blagojevich and others, went public Tuesday with the criminal complaint and arrest of Blagojevich. Why not let the investigation go on, at least for a bit longer? At his news conference, Fitzgerald attributed his action to Blagojevich’s allegedly corrupt dealings involving a Chicago hospital, and corrupt dealings toward the Tribune company, and then added, “You take that, and what’s going on, and add it to the fact that we have a Senate seat that seemed to be as recently as days ago auctioned off to the highest bidder for campaign contributions and Gov. Blagojevich’s own words on the tape, on the bug, that set forth in the complaint talked about selling this like a sports agent. So we stepped in for a number of reasons.”

Later in his news conference, however, Fitzgerald suggested that the alleged Senate deal had come to drive the investigation — “When there’s a bunch of people scheming in private, and they think no one’s listening and no one’s aware of it, they can do a heck of a lot more than when someone goes and basically raids the crime in plot and airs what’s going on,” he said. And a reading of the criminal complaint suggests that events in the alleged Senate selloff might have been what tipped prosecutors toward action. As the investigation moved toward what appeared to be a climax, with perhaps a deal to be made for a Senate seat, a media report scared Blagojevich, who up to that point had displayed astonishingly brazen behavior. Blagojevich stopped the Senate-selling negotiations and began planning a legal defense — and Fitzgerald, his target now on the alert, went public a short time later. …”

http://article.nationalreview.com/?q=NzhiYmFlMDZiNzkxYmZlMThmMTZjNDJlYzYwM2ZhNjY

 

Illinois Governor arrested for attempted sale of Obama’s Senate seat

Thomas Lifson

“…The political cesspool which gave birth to Barack Obama’s political career has served up yet another scandal , this time involving the alleged attempted sale of the Senate seat President-elect Obama will soon vacate. The Chicago Tribune reports:

Gov. Rod Blagojevich and his chief of staff, John Harris, were arrested by FBI agents on federal corruption charges Tuesday morning.

Blagojevich and Harris were arrested simultaneously at their homes at about 6:15 a.m., according to Frank Bochte of the FBI. Both were awakened in their residences and transported to FBI headquarters in Chicago.

In one charge related to the appointment of a senator to replace Barack Obama, prosecutors allege that Blagojevich sought appointment for himseld as Secretary of Health and Human Services in the new Obama administration, or a lucrative job with a union, in exchange for appointing a union-preferred candidate.

Another charge alleges Blagojevich and Harris conspired to demand the firing of Chicago Tribune editorial board members responsible for editorials critical of him in exchange for state help with the sale of Wrigley Field, the Chicago Cubs baseball stadium owned by Tribune Co.

Details of the complaint against the two men here. …” 

http://www.americanthinker.com/blog/2008/12/illinois_governor_arrested_for.html  

 

Barack Obama & Chicago mob: next on Patrick Fitzgerald’s agenda?

“…Michael Sneed dropped a juicy hint in yesterday’s Chicago Sun Times.  To wit:

Sneed hears rumbles political fund-raiser/fixer Tony Rezko, who is now singing sweetly to the feds from his cell at the Metropolitan Correctional Center, has been talking about his “dealings” with a Chicago bank, which has political connections.

A Chicago bank with “political connections”?  Hillbuzz makes the case that it’s Broadway Bank, formerly run by youngster Illinois State Treasurer and Obama banker Alexi Giannoulias who . . .

1. financed Chicago mobster Michael “Jaws” Giorango;

2. reportedly served as banker for Obama’s 2004 Illinois Senate campaign and made a subprime loan in 1996 to Barack Obama for the purchase of a Chicago townhouse; and

3. surprisingly, bumped Rep. Charlie Rangel out of the Dem Convention in July.

With such a cast of characters — including slumlord and key Obama adviser Valerie Jarrett — surrounding the current poll leader for the U.S. presidency, the White House, after four years, might just look like the dilapidated, federally subsidized Chicago tenements in this Boston Globe expose: …”

http://iperceive.net/barack-obama-chicago-mob-next-on-patrick-fitzgeralds-agenda/

 

Chicago Democrats and The Chicago Mob

 By Steve Bartin

“…Chicago has had a Democratic Mayor since 1931,and today in 2008, 49 of 50 Chicago Aldermen are Democrats.This long post is about the Chicago Mob and the Democratic Party machine.
Former Alderman Dick Simpson, who’s now a professor at University of Illinois-Chicago, has some disturbing numbers on Chicago and Illinois politicians:

Since 1973, the U.S. attorney has indicted 30 aldermen and convicted 27 (one died before trial and two stand trial this spring).The Public Corruption and Accountability Project at UIC calculates that there have been more than 1,000 local and state governmental officials convicted since the 1970s. The “corruption tax,” or cost of government corruption for Cook County residents, is now more than $300 million a year, greater than the local government tax increases this year. We can’t really afford more local “Hired Truck” schemes, patronage hiring, or the state pension and driver license scandals of recent years.

Sounds like becoming an elected Alderman in Chicago has an unusual felony conviction rate,which certainly says something about the people who seek elected office in Chicago and the voters who put them in office.Yes,there have been many corrupt Aldermen in Chicago.But,one man stands above all other in terms of institutionalizing corruption in Chicago: Alderman Fred Roti.

Unless we understand the prolific criminal legacy of Alderman Roti,we can’t understand how today,in 2008,Alderman Roti along with his friends,relatives,and associates have turned Chicago’s city government into a racketeering enterprise.We must go back in time to a Chicago Tribune article on February 14,1982 titled BEST AND BRIGHTEST NO MATCH FOR OLD GUARD AT CITY HALL to understand the power of Alderman Roti:

Roti has placed nearly as many city employees on the payroll as the city personnel department,and many of them are his own family members.This is not a new trend under [Mayor] Byrne,however.Under former Mayors Richard Daley and Michael Bilandic,members of the Roti clan have always had spectacular success gaining public employment.Last fall it was disclosed that Roti family payrollers include his daughter,Rosemary,a press aide to Mayor Byrne at $25,992 a year;and Rosemary’s husband,Ronald Marasso,who had been promoted from city painter to $34,000 -a -year general manager of maintenance at O’Hare International Airport.Fourteen other Roti clan members were on various other city payrolls.Because of his ward number,Roti’s name is always called first during council roll calls,and he revels in that privilege.His initial response gives other administration alderman their cue as to what Roti-and,therefore,the mayor-wants.It’s often said that roll calls could stop after Roti votes-the outcome is already known.Roti,an affable fellow, controls the Chicago City Council with an iron fist.

Years later in May of 2006, The Chicago Sun-Times gave a more disturbing explanation of who Alderman Fred Roti really was:

Roti became 1st Ward alderman in 1968. He soon became one of the most powerful, well-liked and respected members of the City Council. Roti was also a “made member” of the mob, according to the FBI …” 

http://nalert.blogspot.com/2008/03/chicago-democrats-and-chicago-mob.html

 

When Corruption Was King

“…By the second half of the twentieth century, Chicago’s Mafia, known as The Outfit, was the most powerful Mob in the history of organized crime. While Mafia families warred among themselves on the East Coast, in Chicago they united into one monolithic force, not only controlling all major criminal activity in the city, but eventually, everything west of the Mississippi. They skimmed cash from casinos in Las Vegas and looted pension funds from two national unions, the Teamsters and the Laborers. The key to the Mob’s power in Chicago was their unprecedented ability to corrupt the city’s political and judicial leadership. Crooked judges threw out cases against Hit Men. Mobsters and Mob associates took top jobs in city government, including, at one point, Chief of Detectives for the Chicago Police Department. …”

http://www.whencorruptionwasking.com/chicago.html

 

What Happens to Chicago’s Top Mob and Corruption Fighter After the Presidential Election?

“…Despite the national media’s childlike fantasy that Illinois is something like Camelot—where the knights rise to power without staining their shining armor—we’re still neck deep in corruption and sleazy pay-to-play politics.

The Chicago Outfit, though wounded, still reaches out to friendly pols. The bipartisan Illinois Combine that runs things isn’t finished, though a Republican boss was indicted last week. The Democratic half of the Combine, Chicago’s Daley machine, is now poised to leverage the awesome power of the White House. And what the machine wants is control of the federal hammer in its backyard.

Readers keep asking me the same question: Will the next president keep Patrick Fitzgerald as the U.S. attorney in Chicago?

I really can’t say. What are political promises worth from politicians with debts to pay? But here’s what I do know. There is no story more important to the people of Chicago and of Illinois than the future of Fitzgerald, who has systematically hunted down the corruption.

Corruption the Chicago Way doesn’t only waste money and burden taxpayers. This isn’t only about isolated instances of graft and amusing, earthy rapscallions. That is a cartoon. The reality is that Illinois political corruption is an infection that spreads. The people either are numbed and deny it, or they feel pressured to suck up to their overlords. That’s not American. That’s positively Medieval.

That’s how important this is. Both John McCain and Barack Obama have promised to keep Fitzgerald here.

“If we lose him, we lose everything,” said a Chicago FBI agent wise in the ways of Chicago politics and its symbiosis with the Chicago mob. “I can’t imagine it happening. He’s the guy who pulls the trigger on all these investigations. If it happens, if they get rid of him, forget it.” …”

 

“…Another Chicago connection, U.S. Rep. Rahm Emanuel (D-Tomczak), is being rumored as a possible White House chief of staff. Emanuel would also look first to protect the mayor. Washington Beltway reporters won’t tell you this, because they must figure that what happens in Chicago stays in Chicago, but a few years ago, Emanuel was elected with the help of a massive patronage army of stooges on the City Hall payroll who pounded the precincts.

The fellow who directed this army for Emanuel is the corrupt former city water boss Donald Tomczak. He now sits in federal prison in Duluth, Minn., while Emanuel prepares to reform us all. It was Fitzgerald’s office that put Tomczak away.

Back in March, Obama visited the Tribune’s editorial board. He said that if elected president, he would keep Fitzgerald in place. …”

http://www.thechicagosyndicate.com/2008/11/what-happens-to-chicagos-top-mob-and.html

 

Web of Influence

 

“…The United States attorney’s office in Chicago accused Gov. Rod R. Blagojevich of having numerous schemes for profiting from his office. The affidavit contains details of a five-year investigation into public corruption and accusations of “pay to play” deals. This chart shows some of Mr. Blagojevich’s interactions with advisers, fund-raisers and other individuals, both named and unnamed. …”

http://www.nytimes.com/interactive/2008/12/09/us/20081209_corruption.html  

 

Will Chicago’s Mob History and Clout Mentality Follow Obama to the White House?

“The city of Chicago is one of the few major metropolitan areas that runs away from its past at every opportunity. Yet, indeed, the very construction of the city led to the term “underworld.” And with rampant corruption controlled by infamous individuals like “Big Jim” Colosimo, Al Capone, Paul “The Waiter” Ricca, Murray “The Camel” Humphrey and Tony “Joe Batters” Accardo, Chicago can hardly bury its past — no pun intended.

Since the turn of the 20th century, what Carl Sandburg referred to as the “City of Big Shoulders” was perhaps the center of organized crime in the United States. Though New York had its Syndicate and Detroit had the Purple Gang, many believe true power in America’s underworld was concentrated in something called the Outfit.

With the election of Barack Obama will come a great deal of history-laden baggage, which will make the movie “The Godfather” seem like a Walt Disney cartoon.

From David Axelrod, who was nurtured on the Daley Machine, to the political organizing, which Barack Obama so proudly claims a lineage, Chicago’s brand of one Party politics may be a model for the Obama administration in Washington, D.C.

It is no mistake the president-elect joined Rev. Jeremiah Wright’s South Side Chicago church. Obama wanted to learn the ropes of power politics and how it was played in the Windy City. There were no better teachers than Mayor Daley and his cadre of obliging aldermen who responded to the cracking of the political whip. A failure to do so would quickly leave them on the outside looking in — without protection from the media, the law and any other threat which loomed on the horizon. …”

http://www.thechicagosyndicate.com/2008/12/will-chicagos-mob-history-and-clout.html

 

Global Warming: How Hot Air and Bad Science Will Give You Staggeringly Higher Taxes and Prices

 

Cap-and-trade like Soviet-style central planning

 

Letterman – Politics – fun with palin, obama, blagojevich, the bailouts, bill clinton – 12-09-2008

 

 

Carol Browner

Carol M. Browner (born December 16, 1955) served as Administrator of the Environmental Protection Agency during the Clinton Administration in the United States and President-Elect Obama’s future Energy Czar. She is the longest-serving administrator in the history of the agency, staying through both terms of the Clinton presidency. …”

“…Browner received her undergraduate degree and law degree from the University of Florida in 1977 and 1979. In the early stage of her career, she worked for Citizen Action as its associate director and served as general counsel to the Florida House Committee on Government Operations.

Between 1986 and 1991, she served as a key aide to Senator Lawton Chiles and then-Senator Al Gore. Browner headed the Florida Department of Environmental Protection from 1991 to 1993.[1] “ 

http://en.wikipedia.org/wiki/Carol_Browner

 

Carol Browner Set to Be Obama’s Energy Coordinator (Update1)

“…President-elect Barack Obama is in the final stages of putting together his energy team, with former Environmental Protection Agency chief Carol Browner as his likely pick for a newly created position overseeing energy, climate and environmental issues, Democratic aides said. …”

http://www.bloomberg.com/apps/news?pid=20601087&sid=a1T31BGhDxT8&refer=home

 

Nuclear power in France

“In France, as of 2002[update], Électricité de France (EDF) — the country’s main electricity generation and distribution company — manages the country’s 59 nuclear power plants. As of 2008[update], these plants produce 87.5% of both EDF’s and France’s electrical power production (of which much is exported),[1] making EDF the world leader in production of nuclear power by percentage. In 2004, 425.8 TWh out of the country’s total production of 540.6 TWh was from nuclear power (78.8%).[1]

France is the world’s largest net exporter of electric power, exporting 18% of its total production (about 100 TWh) to Italy, the Netherlands, Britain, and Germany, and its electricity cost is among the lowest in Europe.[1][2]

In 2006, the French Government asked Areva and EDF to build a next generation nuclear reactor, the EPR (European Pressurized Reactor), at the Flamanville Nuclear Power Plant. This was followed in 2008 by an Presidential announcement of another new EPR, spurred by high oil and gas prices.[3] A site for that unit should be selected in 2009, and construction should start in 2011. …”

http://en.wikipedia.org/wiki/Nuclear_power_in_France

 

Nuclear power in the United States

“…As of 2007 in the United States, there are 104 (69 pressurized water reactors and 35 boiling water reactors) commercial nuclear generating units licensed to operate, producing a total of 97,400 megawatts (electric), which is approximately 20% of the nation’s total electric energy consumption. The United States is the world’s largest supplier of commercial nuclear power. …”

“…In recent years, there has been a renewed interest in nuclear power in the US. This has been facilitated in part by the federal government with the Nuclear Power 2010 Program, which coordinates efforts for building new nuclear power plants,[3] and the Energy Policy Act which makes provisions for nuclear and oil industries.[4][5]

As of April 2008, the NRC is expecting 23 COL applications for a total of 34 new plants.[6]

As of 2005[update], no nuclear plant had been ordered without subsequent cancellation for over twenty years. However, on September 22, 2005 it was announced that two sites had been selected to receive new power reactors (exclusive of the new power reactor scheduled for Idaho National Laboratory) and two other utilities have plans for new reactors.[7] There has also been an application for an early site permit at Exelon’s Clinton Nuclear in Clinton, Illinois to install another reactor as well as a reactor restart at the Tennessee Valley Authority Browns Ferry nuclear station.[8]

On September 25, 2007, South Texas Project filed the application for a Combined Construction and Operating License (COL). Two new GE-Hitachi ABWRs will be built adjacent to the existing PWRs.[9] This is the first application for a new nuclear plant in the US for nearly 30 years.[citation needed] This was followed in October, 2007 by TVA and NuStart filing for a COL for two Westinghouse AP1000s to be built at Bellefonte in Hollywood, Alabama.[10]

In April 2008 Southern Company signed an engineering and procurement contract with Westinghouse and Shaw Group for two AP1000s to be built at Vogtle in Georgia.[11] This is the first construction contract for a new nuclear power plant in the US to be signed since 1978.

However, MidAmerican Energy Company decided to “end its pursuit of a nuclear power plant in Payette County, Idaho.”[12] MidAmerican cited cost as the primary factor in their decision.

On August 26, 2008, it was reported that The Shaw Group and Westinghouse would construct a factory at the Port of Lake Charles at Lake Charles, Louisiana to build components for the Westinghouse AP1000 nuclear reactor. [13]

On October 23, 2008, it was reported that Northrop Grumman and Areva were planning to construct a factory in Newport News, Virginia to build nuclear reactors.[14]

 

Feb 2005 opinion poll regarding nuclear power in the USA.
Blue represents people in favor of nuclear power
Gray represents undecided
Yellow represents opposed to nuclear power

http://en.wikipedia.org/wiki/Nuclear_power_in_the_United_States

 

Electric Cars, Nuclear Power Seen as Top Non-Drilling Alternatives to Foreign Oil

“…With energy policy at the center of the current presidential campaign, voters believe electric or hybrid cars and nuclear power plants are more likely than solar or wind power to significantly reduce America’s dependence on foreign oil. Biofuels such as ethanol are seen as even less likely to help.

Still, the latest Rasmussen Reports national telephone survey finds that just 37% believe electric or hybrid cars are Very Likely to have such a positive impact. Thirty-two percent (32%) say the same about nuclear power; 25% are that optimistic about solar power, and 22% say wind power can accomplish the goal.

While none of these alternative energy sources are seen as overwhelmingly likely to reduce dependence on foreign oil, roughly two-thirds or more say each is at least somewhat likely to reduce U.S. reliance on oil from afar. …”

http://www.rasmussenreports.com/public_content/lifestyle/general_lifestyle/electric_cars_nuclear_power_seen_as_top_non_drilling_alternatives_to_foreign_oil

Electric vehicle

“An electric vehicle (EV) is a vehicle with one or more electric motors for propulsion. This is also referred to as an electric drive vehicle. The motion may be provided either by wheels or propellers driven by rotary motors, or in the case of tracked vehicles, by linear motors.

Unlike an internal combustion engine (ICE) that is tuned to specifically operate with a particular fuel such as gasoline or diesel, an electric drive vehicle needs electricity, which comes from sources such as batteries or a generator. This flexibility allows the drive train of the vehicle to remain the same, while the fuel source can be changed.

The energy used to propel the vehicle may be obtained from several sources, some of them more ecological than others:

It is also possible to have hybrid electric vehicles that derives energy from multiple sources. Such as:

Electric vehicles can include electric airplanes, electric boats, and electric motorcycles and scooters. …”

http://en.wikipedia.org/wiki/Electric_vehicle 

 

 

Who Killed The Electric Car?

 

The GM EV1

 

GM Unveils VOLT All-Electric Concept Car – Presented By The

 

Chevy Volt – Electric Car – Introduction

 

GM Volt and Toyota Prius on streets of Washington D. C.

GM Volt and Toyota Prius on streets of Washington D. C.

 

LOL

Penn & Teller Bullshit Nukes, Hybrids and Lesbians Part 1

 

Penn & Teller Bullshit Nukes, Hybrids and Lesbians Part 2

 

Penn & Teller Bullshit Nukes, Hybrids and Lesbians Part 3

 

 

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